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PIN: 9778-38-6896 TMBL: <br /> Prepared by and Return to: Annette M. Moore, Staff Attorney,Orange County Attorney's Office, Post Office Box <br /> 8181, Hillsborough,North Carolina 27278 <br /> STATE OF NORTH CAROLINA <br /> SUBORDINATION AGREEMENT <br /> COUNTY OF ORANGE <br /> THIS AGREEMENT made and entered into this the day of by and <br /> between John Roberts, Trustee for Orange County, "Lender" of"Grantor," whose address is <br /> 200 S. Cameron Street, Hillsborough, North Carolina 27278 ("Lender"), to Jane Tuohey, whose <br /> address is 100 B Pine Hill Drive, Carrboro,North Carolina 27510 "Obligor"). <br /> WITNESSETH <br /> WHEREAS, Lender is the beneficiary of a Promissory Note in the principal amount of <br /> $22,500 secured by a deed of trust and executed by the Obligor, Jane Tuohey, in favor of Lender, <br /> said deed of trust having been recorded July 26, 2001, in Book 2321 at Page 227, Orange County <br /> Registry ("the County Deed of Trust"). <br /> WHEREAS, Obligor now desires to borrow money from Branch Banking and Trust <br /> Company, whose address is 100 N. Elliott Road, Chapel Hill, North Carolina 27514, the sum of <br /> which is $60,000; which includes closing costs and fees and secures the same by the execution of <br /> a Deed of Trust upon the land hereinafter described; and. <br /> WHEREAS, Obligor can procure said loan only upon the condition that the County <br /> Deed of Trust be subordinated to the lien of the Deed of Trust in favor of Branch Banking and <br /> Trust Company ; and <br /> WHEREAS, Lender is willing to subordinate the County Deed of Trust recorded at <br /> Book 2321, Page 227 to Branch Banking and Trust Company's Deed of Trust. <br /> NOW, THEREFORE, in consideration of the sum of One ($1.00) Dollar in hand paid, <br /> the receipt of which is hereby acknowledged and in consideration of the premises, Lender hereby <br /> covenants and agrees that Obligor may execute to Branch Banking and Trust Company, a Deed <br /> of Trust upon the land hereinafter described to secure a note given by Obligor to Lender and <br /> such Deed of Trust, dated 120 , in the principal amount of$60,000, recorded in Book <br />