Agenda - 08-19-2008- 4z - Laserfiche WebLink

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