HomeMy WebLinkAboutHousing And Neighborhood Development Department Housing Rehabilitation
Augusta Richmond GA
Oo.CUMENT NAME: f-\.~\~ ~ 0~i~~ \.;c,\o.ca:} b(ve IO\,iYlcn"-
~='\~.. "e.-ho.l>I \~h()\~
DOCUMENT TYPE: ~ee ment
YEAR:02
BOX NUMBER: 17
FILE NUMBER: I (93 Cf 0
./
NUMBER OF PAGES: :S
b c...fC\(&n ei~
e,
GE Supply
COf1j ~ ~
~~ ~ -k JjAJ,,&
TO ORDER, CALL 404-736-8422 OR FAX 404-733-2584
I
J
't,
RETURN TO:
" H. Wilson Hayn~s, Jr.
Wilhelmi, Haynes, LLC
237 Davis Road
Augusta, GA 30907
Our File No. 02-1108CRE
E~A: L .'f'/Q r,
~
APPROVED
AUG 0 6 ZOOl
(AUGUSiA.R\CHM2~Q.~~ COMMIS~O!l.L
.,_.~....--
STATE OF GEORGIA )
)
COUNTY OF RICHMOND)
CROSS REFERENCE TO:
BOOK 593, PAGE 486
RICHMOND COUNTY, GA
SUBORDINATION AGREEMENT
.
The Undersigned, AUGUSTA-RICHMOND COUNTY HOUSING AND
NEIGHBORHOOD DEVELOPMENT DEPARTMENT HOUSING REHABILITATION
PROGRAM, is the holder and owner of that certain Security Deed dated April 8, 1998 (the
"Security Deed") made by DINA M. ABRAHAM (as Grantor therein) ("Borrower") to the
Undersigned (as Grantee therein), recorded in the Office of the Clerk of Superior Court of
Richmond County in Reel 593, page 486, securing an indebtedness in the original principal
amount of $26,089.00, which Security Deed conveys the property described on Exhibit "A"
attached hereto and made a part hereof (the "Property").
Borrower has applied for a loan from Usher Paint and Supply Co., Inc. ("Lender")
in the amount of $38,000.00 to be secured by a first priority Deed to Secure Debt
conveying the Property to lender dated July 15, 2002 and recorded in said Clerk's office
at Book , page (the "lender's Security Deed"). lender has
agreed to make such loan conditional upon the agreement of the undersigned to
subordinate the Security Deed to the lender's Security Deed such that' the Lender's
Security Deed has first priority status.
THERf;FORE, in consideration ofTen and No/100 ($10.00) Dollars and other good
and valuable consideration, and in reliance upon this instrument, the receipt and
sufficiency of which are hereby acknowledged, the Undersigned does hereby subordinate
all of its right, title or interest under the Security Deed, or otherwise, in and to the Property,
as against the Lender's Security Deed, provided, however, that the subordination provided
for herein shall only be applicable to the lender's Security Deed securing the loan to be
, .\i .~
\
'j
;-
made by Lender to Borrower in a principal amount not to exceed $38,000.00, 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 purchaser at any foreclosure sale
thereunder, and shall apply with like force and effect to any renewal thereof.
The Security Deed shall remain otherwise in full force and effect.
Witness the hand and seal of the undersigned this _ day of
2002.
Signed, sealed and delivered in the
presence of:
770~ tU ma~
unOffiCia~
' 'Wlft/
AUGUSTA-RICHMOND COUNTY HOUSING AND
(~~~~)t~~D DEVELOPMENT DEPARTMENT -0
_ OU~BILI ATION PROGRAM
'!;I By: ~
'As Its:
fJt~\ O"V
(CORPORATE SEAL)
~
'I
,
~
EXHIBIT "A"
All that parcel, piece or lot of land, together with improvements thereon, situate,
lying and being in the City of Augusta, Richmond County, Georgia, fronting a
distance of 40.0 feet on the south side of Ellis Street and extending back
between parallel lines a distance of 161.33 feet and being more particularly
shown and designated as Lot 10, Block F, on a plat of Augusta Land Company
which is recorded in the Office of the Clerk of Superior Court of Richmond
County, Georgia, in Realty Book 7E, pages 40-41, and as also shown on a
more recent plat dated July 3, 1994, prepared for Dina M. Abraham by Larry A.
Godfrey, Sr., which is recorded in said Clerk's Office in Reel 464, Page 427.
Reference is hereby made to said plats for a more complete and accurate
description as to the metes, bounds and location of said property.
..
, FROM': USHER ' FAX NO. : 912-897-9419
r. . JUl-l6-02 a3:BS ~M CROWN ~O~T4AGE INC
.~ ,
_ .. 16 2002 06:24PM P2
, ,
T0686~~980 P.B2
BAXLEY CHEW, ESQUIRE
3'7 DAVIS BOAD
TlNEl. GA 30"7
RE: DINA CRA WlORD fie. DINA ABRAHAM
. CHEW AND OTHERS THIS MAY CONCERN,
WALTON USHER, PUSIDENT OF lTSHER PAINT AND SlTPPL Y CO. INC., AND
ENDER OF RECORD FOR THE AFORE MENTIONED TRANSACTION. DO
.REBY ACKNOWLEDCEAND ACClPI' THE TERMS OF THE ESCROW
GREEMINT, ALLOWINC UNTIL SEFl'EMBER 15, %00% IN LIEU 0' RECEIPT OF
tIBORDINATlON AGREItM~ FROM AUGUST A HOUSlNC A..'m
IUTAnON.
ALTON USHER.