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Home My WebLink AboutANIC SUBORDINATION AGREEMENT SUNSET VILLAS .. . , Attachment number 1 Page 1 of 1 Book 01167:0128 Augusta - Richmond County 200800905303/06/2008 11 :55:50.00 $16.00 AGREEMENT 1111111111111111I111111111I111111111111111111111111111I11111 2008009053 Augusta - Richmond County Return to: Leonard O. Fletcher, Jr. Fletcher, Harley & Fletcher, LLP Post Office Box 2084 Augusta, Georgia 30903-2084 STATE OF GEORGIA ) ) ) SUBORDINATION AGREEMENT COUNTY OF RICHMOND) THE UNDERSIGNED, AUGUSTA, GEORGIA, by and through the Augusta-Richmond County Commission, is the holder and owner of that certain Deed to Secure Debt dated March 31, 2006 (the "Security Deed") , recorded in Deed Book 1050 at pages 1330 in the Office of the Clerk of the Superior Court of Richmond County, Georgia, made by AUGUSTA NEIGHBORHOOD IMPROVEMENT CORPORA nON (as Grantor therein) to secure an indebtedness of $850,000.00, which SeclU'ity Deed conveys the propel1y described on Exhibit" A" attached hereto and made a part hereof (the "PropertylJ). THE SAID bon'ower has applied for a loan in the sum of $2,500,000,00, to be secured by a ~eed to Secure Debt conveying said property to GEORGIA BANK & TRUST (hereinafter designated as the "LenderlJ). The said Lender has declined to make such loan unless said outstanding Security Deed shall be subordinated to said new loan and the deed securing same. THEREFORE, in consideration of ONE DOLLAR ($1,00) in hand paid and other good and valuable consideration, and in consideration of the consummation of said loan by Lender in reliance upon this instrument, the Undersigned does hereby subordinate aU right, title or interest under the Security Deed, or otherwise, in and to the Propel1y, as against the Deed to Secure Debt in C:\Docnmenls and Settings\Erill\My Docllmenls\Eriu DocumentslReal Estate\subordination_sgreement[IJ.doc Item # 64 .. , j' Book 01167:0129 Augusta - Richmond County I 2008009053 03/06/2008 11 :55:50,00 . Attachment number 1 Page 1 of 1 favor of Lender provided, however, that the subordination provided for herein shall only be applicable to the Deed to Secure Debt in favor of Lender referred to herein securing the loan to be made by Lender to Borrower iIi a principal amount not to exceed $2,500;000,00 plus all interest accrued thereon, all costs of collection and any advances made by Lender to pay taxes, assessments, insurance or to repair, maintain or preserve the Property, This Subordination Agreement shall be binding upon the successors and assigns of the Undersigned, and shall operate to the benefit of the holder of Lender's Deed to Secure Debt, the successors and assigns of said holder, and any p~haser at any foreclosure sale thereunder, and shaH apply with like force and effect to any renewal thereof THE DEED TO SECURE DEBT shall remain otherwise in full force and effect. ,.- ......." WITNESS the hand and seal of the undersigned this 5 th day of Jc....&J ,2008, AUGUSTA, GEORGIA By: ~~ As its: 11 A1t W- JS;k Signed, sealed and delivered in the presence of: ./ I ^" A_ {> ",,3.. ~.r_ - ',..... if <....,....-\.l;.V f"LFlt:1-r:~ ~:Ii ,-.. .J ;l t~ 'tl ~~. " . .~...,'__:::,_. }~ .:; ;;- A: v"',' rJ" }. .~ vr ~,A ~ ~ 'C~T. .,"" If '.. ""t'IIep \~J'~\. fil'''tr!.: A' '(i~ ~~S0\)4lttO<t6 ..#' ~~\ CEOW:;')l'>',~. ~""bl:aLa."""~~ J~N j{j ~~m~$~ na1t9l!J /n()/{~ ~?F" P~lic o ary"Pubi!c, ~o!umbia County, Georgia My Commission Expires July 27, 2010 "'-~.~~ .,4"-.... '::""':!.-:~oJ/,,,=,~ C:\Docllmellts and Settings\ErinlMy DoclIments\Erin Documents\Real Estate\subordiulItioll_lIgreement[l ].doc Item # 64 Feb 14 08 11:48a . Fleeoher Harle~ Fleeoher 7067244730 p.3 ,. Book 01167:0130 Augusta - Richmond County 2008009053 03/06/2008 11 :55:50,00 f)~'~ EXI:I.IBn' "A" "1 t; ALL, that lot, tract or parcel of land, lying, being and situate in Augusta-Richmond County, Georgia, containing 9.54 acres and de..o;;ignatcd as Tax Parcel "058-3-108-00-0" on that certain plat prepared for Augusta Neighborhood Improvement COlporc1l.ion by Bennie C. Harbin, RL.S., dated December 6,2005, and revised March 30,2006, which is recorded in the Officc ofthc Clerk of the Superior Court of AU~1a-Riclunond County, Georgi~ in Book 2, page 250; reference is hereby made to said plat for a more complete and accurnre description as to 1he metes, boun~ location and distances of said property, This property is known as 1750 Essie McIntyre Boulevard under the current system of numbering in Augusta-Richmond County, Georgia Being the same property conveyed in the following decdl\: 1. Being a portion of that certain property described in that certain deed from M'atjorie B. Howard and 1. G. Howard, Sr. to Sunset Villa. Inc, dated Januaty 31, 1969, and being recorded in the aforesaid Clerk's Office in Deed Book 36D, page 714. 2. Being the same property being described in that ccrmin deed from J. G. Howard to Sunset Villa, me, daled June 30, 1969, and being recording in the aforesaid Clerk's Office in DccdBook 36V, page 440. . AI.$O, all that Jot, traet or parcel of land, lying, being and situate in Augusta-Richmond County, Georgia, containing 2.08 acres and designated as Tax Parcel "058-1-142-00-0" on that certain plat prepared for Augu.o;;ta Neighborhood Improvement Corporation by Bennie C, Harbin. RL.S" dated December 6, 2005, and revised March 30,2006, which is recorded in the Office of1he Clerk of the Superior Court of Augusta-Richmond County, Georgia, in Book 2, page 250; refc:rcnce is hereby made to said plat for a more complete and accurate description a~ to the metes, rounds, location and distances of said property, This property is being known as 1755 &sic Mcintyre Boulevard under the current system of numbering in Augusm-Riehmond County, Georgia This being the same property being described in that certlln deed from Marjorie B. Howard to . Sunset Villa, rne, da1ed March 6, 1968, and being rccordcd in the aforesaid Clerk's Office in Deed Book 34Z, page 679, ALSO that lot" tract or parcel of land, lying. being arid situate in Augusta-Richmond County, " Georgia, containing 0.74 acres and designated as Parccl"A" on that certain pia! prepared for Augusta Neighborhood Improvement Cor.porc:t1ion by Bennie C. Harbin, n.s., datcxl December 6,2005, and revised March 30, 2006, which is recorded in the Office of the Clerk of the Superior Court or' Augusta-Richmond County, Georgia, in Book 2, page 250; reference is hereby made to said plat for a more complete and accurate description as to tl-tc metes, bou."lds, location and cfist..a..'1CCS of said prcp:rty, Feb 14 08 11:48a Fletoher Harle~ Fletoher 7067244730 , ' Book 01167:0131 Augusta - Richmond County 2008009053 03/06/2008 11 :55:50,00 p.4 A~J- ~ .-ttJ I , ' .. . . J " . , ' , Being the same property described in that certain Corrective Deed of Assent dated October 8, 1998, and being recorded in the aforesaid Clerk's Office in Realty Reel 614, p3gc 2036, Said property is dcsigmtted as Tax Parcel "058-1-168-00-0" according to the Tax Assessor of Augusta-Richmond County, Georgia, and is known as 1760 Essie McIntyre Boulevard under the current ~)'stem ofnumberlng in Augusta-Richmond County, Georgia.. Filed in this office: Augusta - Richmond County 03/06/2008 11 :~5~5Q.QO Elaine C.-Johnson Clerk of Superior Court