2016-380 Housing - Veronica J. Stevens - Subordination Agreement

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d0ltp- 44,5;t�- PiN: 9778-97-9205 TMBL: Prepared by and Return to: Annette M.Moore, Staff Attorney,Orange County Attorney's Office,Post Office Box 8181,Hillsborough,North Carolina 27278 STATE OF NORTH CAROLINA SUBORDINATION AGREEMENT COUNTY OF ORANGE THIS AGREEMENT made and entered into this the 12 day of July 2016, by and between John Roberts, Trustee for Orange County, "Lender" of"Grantor," whose address is 200 S. Cameron Street, Hillsborough, North Carolina 27278 ("Lender"), to Veronica J. Stevens, whose address is 218 Broad Street, Carrboro,North Carolina 27510-1810 "Obligor"). WITNESSETH WHEREAS, Lender is the beneficiary of a Promissory Note in the principal amount of $22,500 secured by a deed of trust and executed by the Obligor in favor of Lender, said deed of trust having been recorded July 25, 2000, in Book 2110 at Page 68, Orange County Registry ("the County Deed of Trust"). WHEREAS, Obligor now desires to borrow money from Mortgage Electronic Registration Systems, Inc. as nominee for Quicken Loans Inc. ("Quicken Loans"), whose address is 1050 Woodward Avenue, Detroit, Michigan 48226-1906, the sum of which is $76,026.00; which includes closing costs and fees and secures the same by the execution of a Deed of Trust upon the land hereinafter described; and. WHEREAS, Obligor can procure said loan only upon the condition that the County Deed of Trust be subordinated to the lien of the Deed of Trust in favor of Quicken Loans ; and WHEREAS, Lender is willing to subordinate the County Deed of Trust recorded at Book 2110, Page 68 to Quicken Loan's Deed of Trust. NOW, THEREFORE, in consideration of the sum of One ($1.00) Dollar in hand paid, the receipt of which is hereby acknowledged and in consideration of the premises, Lender hereby covenants and agrees that Obligor may execute to Quicken Loan, a Deed of Trust upon the land hereinafter described to secure a note given by Obligor to Lender and such Deed of Trust, dated