HomeMy WebLinkAboutFrancis C. Heslen
Augusta Richmond GA
DOCUMENT NAME: R~Da~ t. \-\e8\-(X)
DOCUMENT TYPE: O<j'(e,eAYleD+-
YEAR: ~l
BOX NUMBER: O~
FILE NUMBER: \3\~u
NUMBER OF PAGES:
5
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. \fINCENT M. DAVISON, JR .
ATTORNEY AT LAW
POST OFFICE BOX 211065
AUGUSTA, GA 30917
(706) 863-6800
94-368
STATE OF GEORGIA }
COUNTY OF RICHMOND }
SUBORDINATION AGREEMENT
The undersigned is the holder and owner of a Security
Deed from FRANCIS C. HESLEN dated July 13, 1993, and recorded
in the Office of the Superior Court of Richmond County,
Georgia, in Realty Reel 431, at page 2212, given to secure an
indebtedness in the original principal amount of $16,932.00.
FRANCIS C. HESLEN has applied for a loan in an amount
not to exceed Forty Thousand ($40,000.00) Dollars to be
secured by a Security Deed to FIRST BANCORP MORTGAGE, or its
designated assignee, to be dated in June, 1997. FIRST BANCORP
MORTGAGE, or its designated assignee, has declined to make
such loan unless said outstanding Security Deed held by the
undersigned shall be subordinated to said new loan and the
deed securing same.
THEREFORE, in consideration of One ($1.00) Dollar in
hand paid by the said FRANCIS C. HESLEN to the undersigned,
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and'in consideration of the consummation of said loan in
reliance upon this instrument, the undersigned hereby waives
and subordinates all 'right, 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 FIRST BANCORP MORTGAGE, or its designated
assignee, so that the Security Deed to be executed by the said
Borrower to the said National Mortgage Investments Co., Inc.
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 successors and assigns of
the undersigned, and shall operate to the benefit of the
Grantee in said Security Deed, its successors and assigns of
said Grantee, and of any purchaser at any foreclosure sale
thereunder. aRa sRall apply with like force aRQ effect to aay
rORew3.1 th9X'Qof.
The said outstanding Security Deed now held by the
undersigned shall remain otherwise in full force and effect,
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the waiver and subordinat_ion herein provided being limited in ^~
application to the proposed loan herein set forth. or l!lRY'lf
rCRml3.1 thereof.
IN WITNESS ,WHEREOF, THE CITY OF AUGUSTA COMMUNITY
DEVELOPMENT HOUSING REHABILITATION PROGRAM has caused these
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presents to be executed by its proper officer and its
Corporate Seal affixed this
17
day of June I 1997.
AUGUSTA-RICHMOND COUNTY COMMISSION FOR
THE CITY OF AUGUSTA
COMMUNITY DEVELOPMENT
HOUSING REHABILITATION
PROGRAM
(L. S . )
BY:
AS OR
BY:~
AS: OF COMMISSION
(L. S . )
SIGNED I SEALED AND DELIVERED
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This documeQ.t approved as to
legal sufficiency and form.
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IN THE PRESENCE OF:
Y)O-,<~ I,) 'fn~~~
SIG ATU OF WITNESS
SIGNATURE 0 NOTARY PUBLIC,
STATE OF GEORGIA
MY COMMISSION EXPIRES: /cR-5 -e:q;,/
{AFFIX NOTARY SEAL}