Orange County NC Website
Browse       Search
3 <br />SUBORDINATION AGREEMENT <br />Prepared by and return to: Stephen B. Miller, Alexander & Miller, L.L.P. <br />P. O. Box 3200, Chapel Hill, NC 45215-3200 <br />P1N: 9880-22-3617 and 9880-22-4757 <br />Tax Map Ref.: <br />NORTH CAROLINA, ORANGE COUNTY <br />THIS SUBORDINATION AGREEMENT (this "Agreement"), is made the day of <br />2008, by and between ORANGE COUNTY ("Orange County") and <br />GEOFFREY E. GLEDHII,L, Trustee (the "Orange County Trustee"), and SUNTRUST BANK <br />{"SunTrust"); <br />WITNESSETH: <br />WHE1tEAS, SunTrust has agreed to make a construction loan to FREEDOM HOUSE <br />RECOVERY CENTER, INC., formerly known as Freedom House, Inc. ("Borrower") in an amount <br />not to exceed $1,718,000 (the "Construction Loan"); and <br />WHEREAS, the Construction Loan is secured by a Deed of Trust in favor of Southland <br />Associates, Inc., as Trustee, for-the benefit of SunTrust, recorded at Book ,Page , <br />Orange County Registry ("SunTrust Deed of Trust"), which evidences a lien upon the property being <br />described therein (the "Property"); <br />WHEREAS there is currently a prior Deed of Trust on the Property, dated March 31, 1998, <br />executed by Borrower in favor of the Orange County Trustee, and recorded in Book 1730, Page 490, <br />Orange County Registry (the "Orange County Deed of Trust"), which instrument secures an <br />indebtedness of $337,000.00 therein described, evidenced by a promissory note; and <br />WHEREAS, Borrower can procure the Construction Loan from SunTrust only upon the <br />condition that the lien of the Orange County Deed of Trust is subordinated to the lien of the SunTrust <br />Deed of Trust so that the SunTnzst constitutes a superior lien on the Property; and <br />KCIICM 249163.2 <br />