HomeMy WebLinkAboutEARL PALMER ALMETIA PALMER
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After recording return to:
Randolph Frails, PC
211 Pleasant Home Rd.
Suite A-1
Augusta, Ga 30907
SUBORDINATION AGREEMENT
The undersigned is the holder and owner of a Security Deed made by Earl Palmer and wife, Almetia Palmer
(hereinafter designated as the borrower), to Augusta Richmond County Georgia dated May 18, 2001, recorded
May 30, 2001 Deed Book 731, Page 2328, Richmond County, Georgia Records, which was made to secure an
indebtedness of 10,000.00.
The said borrower has applied for a loan in the sum of $82,800.00, to be secured by a security deed conveying said
property to Fremont Investment & Loan (hereinafter designated as the lender). 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
the same.
THEREFORE, in consideration of ONE DOLLAR ($1.00) in hand paid by the said borrower to the undersigned, and
in consideration of the consummation of said loan in reliance upon this instrument, the undersigned hereby waives
and subordinates all rights, title or interest under said outstanding security deed above set forth, or otherwise, in or to
the property therein described, as against said loan to be so made by the said lender, so that the security deed to be
executed by the said borrower to the said lender shall convey title to said property superior to said outstanding
security deed of the undersigned and superior to the indebtedness thereby secured. This subordination agreement
shall be binding upon the transferees and assigns of the undersigned, and shall operate to the benefit of the grantee in
said security deed, the successors and assigns of said grantee, and of any purchaser at any foreclosure sale
thereunder, and shall apply with like force and effect to any renewal thereof.
The said outstanding security deed now held by the undersigned shall remain otherwise in full force and effect, the
waiver and subordination herein provided being limited in application to the proposed loan herein set forth, or any
renewal thereof.
WITNESS the hand and seal of the undersigned, this the
ftJl;
day of June, 2005.
Signed, sealed and delivered in the presence of:
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Notary Pt@iC -
Notary Public, Columbia County, Georgia
My Commission Expires Aug. 1, 2006
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