Orange County NC Website
Browse       Search
DocuSign Envelope ID:CD9F8982-55C9-4553-9BE5-F346295164C5 <br /> III. LIEN POSITION <br /> 1. At the time of the Orange County Loan closing the County's loan will be subordinate to <br /> the existing BB&T construction loan and will be subordinated to the NC Housing <br /> Finance Agency RPP Loan (whether closed at the time of Orange County Loan or <br /> subsequent to such closing). At the time of the permanent loan closing the BB&T <br /> Construction Loan will be paid off an the Orange County Loan will be subordinate to the <br /> NC Housing Finance Agency, the RPP Loan and the State Employees Credit Union <br /> Foundation Loan. <br /> 2. Orange County hereby acknowledges that the terms and conditions of its (i) HOME <br /> Program Development Agreement, (ii) Promissory Note, (iii) Deed of Trust and Security <br /> Agreement and (iv) Declaration of Restrictive Covenants (collectively referred to as <br /> "Orange County Loan Documents"), for Greenfield Place in Chapel Hill shall be and are <br /> expressly subordinated to the following exceptions to title that encumber the property, as <br /> described in the Orange County Loan Documents: (1) Deed of Trust, Assignment of <br /> Rents and Leases, and Security Agreement dated October 11, 2016 from Greenfield <br /> Workforce Housing, LLC for the benefit of Branch Bank and Trust Company securing a <br /> construction loan in the original principal amount of $8,000,000 and recorded in Book <br /> 6202, Page 453, Orange County Registry; (2) Deed of Trust, Assignment of Rents and <br /> Leases, and Security Agreement from Greenfield Workforce Housing, LLC for the <br /> benefit of North Carolina Housing Finance Agency securing a loan (RPP) in the original <br /> principal amount of$1,000,000 to be recorded in the Orange County Registry. <br /> Orange County further acknowledges and agrees that Greenfield will obtain permanent <br /> financing from the State Employees Credit Union Foundation, in the expected original <br /> principal amount of $2,822,875 ("SECUF Loan"), that shall be documented by, but not <br /> limited to, a (i) Deed of Trust, (ii) Assignments of Lessor's Interest in Leases, Rents and <br /> Profits and (iii) Regulatory Agreement, that shall be recorded on the public records in <br /> Orange County("SECUF Loan Documents"). <br /> Orange County agrees to enter into a subordination agreement, subordinating the lien, <br /> operation and effect of the Orange County Loan Documents to the lien, operation and <br /> effect of the SECUF Loan Documents upon closing of the SECUF Loan. Upon request <br /> by Greenfield, Orange County shall enter into a subordination agreement with respect to <br /> the RPP Loan. <br /> IV. TIMELINESS <br /> The Owner shall complete the Project within eighteen (18) months from the date of this <br /> Agreement. However, in the event of any alterations or additions or of circumstances beyond the <br /> control of the Owner, which in the opinion of the Director of the County's Department of <br /> Housing, Human Relations and Community Development will require additional time for <br /> completion of the Project, then in that case, the time of completion shall be extended by the <br />