Agenda - 08-19-08- 4z - Laserfiche WebLink

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1~ WHEREAS, Borrower has requested that the Orange County and the Orange County Trustee execute this Agreement. NOW, THEREFORE, in consideration of the aforesaid purpose and of making a loan to Borrower, and for other valuable consideration, the sufficiency of which is hereby acknowledged, Orange County and the Orange County Trustee hereby agree as follows: 1. Orange County hereby consents to the Construction Loan and the conveyance of a lien upon the Property to Southland for the benefit of SunTrust as security for the repayment thereof pursuant to the Orange County Deed of Trust. 2. Orange County and the Orange County Trustee hereby subordinate the lien of the Orange County Deed of Trust to the lien of the SunTrust Deed of Trust and all future advances secured by the SunTrust Deed so that the SunTrust Deed of Trust shall be a lien and chazge superior to the lien and charge of the Orange County Deed. 3. Orange County hereby represents and warrants to SunTrust that {i) the Orange County Trustee is presently serving as trustee under the terms of the Orange County Deed of Trust; (ii) the outstanding principal balance of indebtedness secured by the Orange County Deed of Trust is $ ;and {iii) the indebtedness secured by that certain Deed of Trust dated as of February 17, 1998, in favor of Orange County Trustee, and recorded at Deed Book 1730, Page 22, Orange County Registry has been paid in full. 4. This Agreement shall be binding on the successors and assigns of Orange County and the Orange County Trustee, and shall inure to the benefit of SunTrust and its successors and assigns. Except for the terms of this subordination agreement, the rights of the parties of Orange County and the Orange County Trustee in and to the Orange County Deed of Trust and the note secured thereby are and shall be in full force and effect. [Remainder of Page Intentionally Left Blank] KCI3CM 249163.2 2