Orange County NC Website
<br />SUBORDINATION AGRLEU~NT <br />Prepared by and return to: Stephen B. Miller, Alexander & Miller, L.L.P., <br />P. 0. Box 3200, Chapel Hill, NC 45215-3200 <br />PIN: <br />NORTH CAROLINA, ORANGE COUNTY <br />THIS SUBORDINATION AGREEMENT, made this the day of <br />2008 by and between ORANGE COUNTY (hereinafter <br />"Noteholder") and GEOFFREY E. GLEDHILL, Trustee, parties of the first <br />part, and ORANGE WATER AND SEWER AUTHORITY (OWASA), party of the <br />second part; <br />W I T N E S S E T H: <br />WHEREAS, FREEDOM HOUSE RECOVERY CENTER, INC. (formerly known as <br />FREEDOM HOUSE, INC.) executed a promissory note to Noteholder in the <br />amount of three hundred thirty seven thousand dollars ($337,000), <br />which promissory note is secured by a deed of trust recorded in Book <br />1730, Page 490, Orange County Register of Deeds; and <br />WHEREAS, OWASA has agreed to construct lines of pipe and mains <br />of a sewage system upon the property encumbered by said Deed of <br />Trust; and <br />WHEREAS, FREEDOM HOUSE RECOVERY CENTER, INC. has agreed to grant <br />OWASA an easement upon said property to construct the sewage system; <br />and <br />WHEREAS, the sewage system will be constructed only upon the <br />condition that the aforesaid existing Deed of Trust is subordinated <br />to the lien of OWASA evidenced by the easement; and <br />WHEREAS, FREEDOM HOUSE RECOVERY CENTER, INC. has requested that <br />the parties of the first part execute this subordination agreement <br />and the parties of the first part have agreed to such subordination; <br />