HomeMy WebLinkAboutPeregrine and Hale
Augusta Richmond GA
DOCUMENT NAME: ye:,YeJj'< \ f\e...., c\ \\oJ ~
DOCUMENT TYPE: Llj'(~t
YEAR:
BOX NUMBER: 08
FILE NUMBER: \aC1l5
NUMBER OF PAGES: l.9.
RETURN TO:
BERNARD S. DUNSTAN, JR,
DUNSTAN, DUNSTAN & CLEARY, P.c.
P. O. BOX 204690
AUGUST A, GEORGIA 30917
Phone: (706) 860-9983
R-96-9263
*********************************************************************************
STATE OF GEORGIA
)
)
)
SUBORDINATION AGREEMENT
COUNTY OF RICHMOND
WHEREAS, THE AUGUSTA-RICHMOND COUNTY COMMISSION-COUNCIL,
as successor through consolidation to the City Council of Augusta, hereinafter referred to as
"COMMISSION-COUNCIL", is the Grantee in that certain Deed To Secure Debt from
PEREGRINE & HALE, a South Carolina general partnership, hereinafter referred to as
"PEREGRINE & HALE", which Security Deed conveys property in Augusta, Richmond
County, Georgia; known as the Cotton Exchange Building (the "Mortgage Property"). Said
Security Deed is dated October 18, 1988; and is in the original principal amount of $150,000.00;
and is recorded in the Office of the Clerk of Superior Court of Richmond County, Georgia, in
Realty Reel 298, pages 539 ("Second Security Deed"), Said Security Deed by its terms is
subject and subordinate to a Security Deed from PEREGRINE & HALE to WILLIAM W.
MOORE and SHALOMETTE MOORE dated September 23, 1988, in the original principal
amount of $300,000.00 and which Security Deed is recorded in aforesaid Clerk's Office in
Realty Reel 296, page 1026 ("First Security Deed"); and,
WHEREAS, PEREGRINE & HALE also conveyed on September 23, 1988, to
AUGUSTA TOMORROW, INC. a Third Security Deed in the original principal amount of
-1-
$40,187.45, which Security Deed is recorded in aforesaid Clerk's Office in Realty Reel 296,
page 1029; and
WHEREAS, PEREGRINE & HALE wishes to obtain a new first mortgage loan from
GEORGIA BANK AND TRUST COMPANY OF AUGUSTA in the principal amount of
$325,000.00, repayable within two (2) years from the date of making same, and if the new first
mortgage loan is not paid in full within two (2) years from the date of making same, then to
renew same on an amortized basis not to exceed $325,000.00 in principal and not to exceed ten
(10) years from the date ofrenewal, and as an inducement to the COMMISSION-COUNCIL and
AUGUSTA TOMORROW, INC. for this Subordination, WILLIAM W. MOORE and
SHALOMETfE MOORE, individually and as Holders of the First Security Deed, have agreed
to subordinate their existing First Security Deed to the loan to be made by GEORGIA BANK
AND TRUST COMPANY OF AUGUSTA and the Security Deed securing same (the "New
Security Deed "), and also to the Second and Third Security Deeds held by the COMMISSION-
COUNCIL and AUGUSTA TOMORROW, INC. respectively,
NOW THEREFORE, for and in consideration of the sum of Ten Dollars ($10.00) and
other valuable consideration, in hand paid by PEREGRINE & HALE to WILLIAM W. and
SHALOMETfE MOORE, the COMMISSION-COUNCIL and AUGUSTA TOMORROW, INC.
and the prepayment by PEREGRINE & HALE, INC. of the sum of $25,000.00 to the principal
owing the COMMISSION-COUNCIL on the Second Security Deed hereinbefore described, the
receipt and adequacy of which is hereby acknowledged, WILLIAM W. and SHALOMEITE
MOORE, the COMMISSION-COUNCIL and AUGUSTA TOMORROW, INC. do hereby
declare their respective Security Deeds, above described, to be inferior, junior, subordinate and
-2-
subject to, in all respects, the New Security Deed to be conveyed by PEREGRINE & HALE to
GEORGIA BANK AND TRUST COMPANY OF AUGUSTA in the principal amount of
$325,000.00, hereinbefore described, together with any extension, renewals, modifications or
amendments thereto (not to exceed $325,000.00 in principal and an amortization of ten [10]
years from the date of extension, renewal, modification or amendment), and WILLIAM W.
MOORE and SHALOMETIE MOORE do hereby further declare their First Security Deed
above described to be inferior, junior, subordinate and subject to, in all respects, the Second
Security Deed in favor of the COMMISSION-COUNCIL and the Third Security Deed in favor
of AUGUSTA TOMORROW, INC. hereinbefore described, together with any extension,
renewals, modifications or amendments thereto. It is the intention of the parties that upon
conveyance of the New Security Deed by PEREGRINE & HALE to GEORGIA BANK AND
TRUST COMPANY OF AUGUSTA and the execution and delivery of this Subordination
Agreement by the parties hereto, that the priority of the Security Deeds encumbering the
Mortgage Property, be as follows:
1. New Security Deed of PEREGRINE & HALE to GEORGIA BANK AND
TRUST COMPANY OF AUGUSTA in the principal amount of $325,000.00;
2. Security Deed of PEREGRINE & HALE to THE AUGUSTA-RICHMOND
COUNTY COMMISSION-COUNCIL, as successor through consolidation to the
City Council of Augusta, dated October 28, 1988, in the principal amount of
$150,000.00, recorded in aforesaid Clerk's Office in Realty Reel 298, page 539;
3. Security Deed of PEREGRINE & HALE to the AUGUSTA TOMORROW,
INC., dated September 23,1988, in the principal amount of $40, 187.45, recorded
-3-
in aforesaid Clerk's Office in Realty Reel 296, page 1029;
4. Security Deed of PEREGRINE & HALE to WILLIAM W. and SHALOMETTE
MOORE, dated September 23, 1988, in the principal amount of $300,000.00,
recorded in aforesaid Clerk's Office in Realty Reel 296, page 1026.
WILLIAM W. MOORE and SHALOMETTE MOORE, the COMMISSION-COUNCIL
and AUGUSTA TOMORROW, INC, expressly acknowledge and agree that should the new first
mortgage loan not be paid in full within two (2) years of the date of making same, GEORGIA
BANK & TRUST COMPANY OF AUGUSTA shall have the option to renew the then existing
balance and amortize said refinance for a term not to exceed ten (10) years from the date of
renewal, without the necessity of any further consent or subordination by WILLIAM W.
MOORE and SHALOMETTE MOORE, the COMMISSION-COUNCIL or AUGUSTA
TOMORROW, INC.
IN WITNESS WHEREOF, the parties hereto have affixed their hands and seals or
caused these presents to be executed by and through their duly authorized corporate officers or
representatives and their seals affixed hereto the date and year adjacent to their respective
signatures.
Signed, sealed and delivered
~f/~
u~__
Notary Public, State of_Q~~~
.-,'c ""~;'('~))
.. .t.t. .~. l-'.~,t. Ft'~ ' "
,.:";\"':~jJ .a..rr.c.... - ~"')~.."~\
,q \')0.... ft.- .r. .'.'
7~~ lGo \. '," J,\
~ ti;,~,.,f ,. r.....- ,,., i'~ t...... .\
,.' I"! , ." " (...
'"' - \ ',' '. ~
(' L\ 0 ." ,
~ ~,;. , ;,':
,- (j I .., ,...
4 .-f\ '0) .....;..... .". ,'. :
'" ...... nD~' .'.-" ""','
f <:,:..0.0,-+1"0' . .. It. ...:J' ". '/
t,\ .~? .~.J'''l' '"".." ...:,' "
..~,~.b ..o..,.,~ ~f",,,,:.,,
("'~ ""'to CO\)~....I.
'\\ ":-t.... '-' _' ,;.........
PEREGRINE & HALE
By:t4t:t1i.1J~../ v ~EAf E'M1J}~tU4E'3,(L.
AS ITS:
r
BY: ()Jcfb~t1J, ~.~ 6fW~I4-L rA:-~r.vbl(
AS ITS:
(SEAL)
DATE EXECUTED:
1-1<'11
-4-
.
otary Public, State . . t!A!~F'/:f"""
..,~ V'( ~
.-:-~ _.'~ :.!:>..' OT~ to.: 1'::, '::;.
.:.~' ~ or \~o;.
~ as EXPIRES ~ 'i
~ GEORGIA '~',
~ \ ,- SEPT. 7.1_, ~ f ' DATE EXECUTED:
~~).. ~l'?'n~~C i
.J.. \,.:. '- UJ:)1..I ..~ ~
''', r;fA ~""-oo; ON ,"
'.. '~IO C ....
".:".~UND \\,,,
Signed, sealed and deliv~'lIl1\""\
in !3=:i:-/ tL-
~~
Notary Public, State of Georgia
,...~~'1l~~
,~~ S. OUf,;;~ll'
_ -~ ......-... (."':~, '...?>
, .T' e. . ,'" '~
, ~ ," ..... . ~;';; ?J
t/ll!4:.. ,..,~r "~;.1~
, ~! '~'Y- ~ i-d);: ~.? 1: t:, :I~
-! /:)U-..- : 1, f' '3
DDMIMOORE.SUB ~.'~\\t<\ 8~.J"',9 l,".f,
." ~~ ,,+- ,,'\.. .'
R96-9263 ~ ..:q .J.~ 'f:;'~~" I,~ ,.'/
..... "';U'IY ~'"a" ,,;.. .~'
~V^ e&OI\'G.- t"'~"'-
~''''''''-'[) R~\~"" :,"
\.I("~, Cv.,.,..
......~.....'.:.~...:t..
Signed, sealed and delivered
in the presence of:
Unofficial Witness
Notary Public, State of Georgia
AUGUSTA-RICHMOND COUNTY
COMMISSION-COUNCIL
BY:
AS ITS: Mayor-Chairman
A TrEST:
AS ITS: Clerk
(SEAL)
DATE EXECUTED:
AUGUSTA TOMORROW, INC.
BY: tf'JA1. ~~~.
AS ITS: ~
BY: ~~, ~yt., -::>..
AS ITS: '6~ M--t()-^(t~\t~~~
(SEAL) ..,.....
I L /2. ~ /9"~'~H'i\\\" ,
I I
,-
!JJU~ 1M ~
WILLIAM W. MOORE
5tA~MKA /
SHALOMETTE IOORJ["'
(L. S . )
(L. S.)
DATE EXECUTED: I-It[' 71
-5-
"
Signed, sealed and delivered
inthepr ~
Unoffi 'at Witness
"o:-.~
Notary PublIc, S e of GeorgIa
Signed, sealed and delivered
in the presence of:
Unofficial Witness
Notary Public, State of Georgia
Signed, sealed and delivered
in the presence of:
Unofficial Witness
Notary Public, State of Georgia
DDM/MOORE.SUB
R96-9263
BY'
AS
r;wJP0
'ttJ
(SEAL)
DATE EXECUTED:
AUGUSTA TOMORROW, INC.
BY:
AS ITS:
BY:
AS ITS:
(SEAL)
DA TE EXECUTED:
(L. S,)
WILLIAM W. MOORE
(L. S.)
SHALOMETTE~100RE
DATE EXECUTED:
-5-