HomeMy WebLinkAboutFrankie C. Morgan And Bertha M. Jones
Augusta Richmond GA
DOCUMENT NAME: ~,(Oi(\'?-\C:- e-. mD,(~ J... ~-\hA m Jooe0
DOCUMENT TYPE: ~"( -E~ern-et\T
YEAR: ~l
BOX NUMBER: 0\...\
FILE NUMBER: \ 6L\LoU\
NUMBER OF PAGES: ---->.~
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NOV 1 8 19!J7 ~
Lee W. Prather
3540 Wheeler Road, Suite 210
Augusta, Georgia 30909
State of Georgia
AUGUSTA-RICHMOND COUNTr
ADMINISTRATOWS OFFJCE
County of Richmond
SUBORDINATION AGREEMENT
The undersigned is the holder and owner of a Security Deed from Frankie Carl
Morgan and Bertha M. Jones dated April 13, 1993 and recorded June 8, 1993 in the
Office of the Clerk of Superior Court of Richmond County, Georgia, in Realty Reel 422,
at page 526, given to secure an indebtedness in the original principal amount of
$20,928,00.
Frankie Carll Morgan has applied for a loan in an amount not to exceed Fifty Four
Thousand Three Hundred ($ 54,300.00) Dollars to be secured by a Security Deed to TMS
Mortgage, Inc dba The Money Store, or its designated assignee, to be dated in November
6, 1997. TMS Mortgage, Inc. dba The Money Store, or its designated assignee, has
declined to make such loan unless said outstanding Security Deed held by the
undersigned shall bt~ subordinated to said new loan and the deed securing same.
THEREFORE, in consideration of One ($1.00) Dollar in hand paid by the said
Frankie Carl Morgan and Bertha M. Jones to the undersigned, 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 TMS Mortgage, Inc. dba The Money Store, or its designated
assignee, so that th(: Security Deed to be executed by the said Borrower to the said TMS
Mortgage, Inc. dba The Money Store 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, and shaH 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.
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IN WITNESS WHEREOF, THE CITY OF AUGUSTA COMMUNITY
DEVELOPMENT HOUSING REHABIUT A nON PROGRAM has caused these
presents to be executed by its proper officer and its Corporate seal affixed this 6th day of
November, 1997.
THE CITY OF AUGUSTA
COMMUNITY DEVELOPMENT
HOUSING REHABILITATION
PROGRAM
eM))
BY: ~Jll~I-S.)
AS ITS: Clerk
SIGNED, SEALED AND DELIVERED
IN THE PRESENCE OF :
Thia docUIltnt approved II
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SIGNA OF WITNESS
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_rARYPUBLIC
STATE OF GEORGIA
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MY COMMISSIQN EXPIRES:
~. ~ncl County. GeorgIa
My Commlsslon expires Dec. 5, 2001