HomeMy WebLinkAboutSUBORDINATION AGREEMENT_ JESSICA HARRIS SUBORDINATION AGREEMENT
Return To: Orchard Street Settlements, LLC
Prepared by: Rebekah Staats,Esq.
615 West Lacey Road
Forked River, NJ 08753
NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY
INTEREST IN THE PROPERTY BECOMING SUBJECT TO AND OF LOWER PRIORITY
THAN THE LIEN OF SOME OTHER OR LATER SECURITY INSTRUMENT.
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SUBORDINATION AGREEMENT
THIS SUBORDINATION AGREEMENT is made this 2544'day of OC„f'ObEf, 2016, by
AUGUSTA GEORGIA HOUSING AND COMMUNITY DEVELOPMENT DEPARTMENT
("Subordinated Lienholder"), with a place of business at 925 Laney Walker Blvd., 2nd Floor,
Augusta, GA 30901.
WHEREAS, JESSICA HARRIS, executed and delivered to Subordinated Lienholder, a
Security Deed (the "First Security Instrument") dated July 31, 2015 and recorded August 6,
2015, in Book 1496 Page 288 as instrument #2015035114, of the official property records of
RICHMOND County, GEORGIA as security for a loan in the amount of$5,000.00 (the "First
Loan"), which First Security Instrument is a valid and existing lien on the real property
described on Exhibit "A" attached hereto.
WHEREAS, JESSICA HARRIS, executed and delivered to Subordinated Lienholder, a
Security Deed (the "Second Security Instrument") dated July 31, 2015 and recorded August 6,
2015, in Book 1496 Page 294 as instrument #2015035116, of the official property records of
RICHMOND County, GEORGIA as security for a loan in the amount of$2,500.00(the "Second
Loan"), which First Security Instrument is a valid and existing lien on the real property
described on Exhibit "A" attached hereto.
WHEREAS, JESSICA HARRIS ("Borrower") executed and delivered to Oceanside Mortgage
Company and/or Secretary of Housing and Urban Development, ("Lender"), a deed of
trust/mortgage in an amount not to exceed $_112,433.00 , which deed of trust/mortgage is
dated and recorded in Mortgage Book Volume , Page_, as Instrument No.
, in the records of Gwinnett County, Commonwealth/State of Georgia (the "Third Security
Instrument") as security for a loan(the "Third Loan");
WHEREAS, it is a condition precedent to obtaining the Third Loan that the lien of the
Third Loan shall unconditionally be and remain at all times a lien or charge upon the land
hereinbefore described, prior and superior to the lien of the First and Second Loan; and
WHEREAS, Lender is willing to make said loan provided the lien securing the Third
Loan is a lien or charge upon the described property prior and superior to the lien of the First
and Second Loan and provided that Subordinating Lender will specifically and unconditionally
subordinate the lien of the First Loan to the Second Loan and unconditionally subordinate the
lien of the Second Loan to the Third Loan; and
WHEREAS, it is to the mutual benefit of the parties hereto that Lender make such a loan
to Borrower; and Subordinating Lender is willing that the lien securing the Third Loan shall,
when recorded, constitute a lien or charge upon said land which is unconditionally prior and
superior to the lien securing the First and Second Loan.
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NOW, THEREFORE, it is agreed that in consideration of one dollar and other good
and valuable consideration, the adequacy and receipt of which is hereby acknowledged,
Lienholder agrees to subordinate and make Lienholder's Lien subordinate in all respects to
Oceanside Mortgage Company's Lien,provided that under no circumstance shall Lienholder's
lien be in any lower position than that of a second lien holder position. It is hereby declared,
understood and agreed as follows:
(1) That the Third Security Instrument, and any renewals or extensions thereof,
shall unconditionally be and remain at all times a lien or charge on the property
therein described, prior and superior to the First and Second Security
Instrument.
(2) That Lender would not make the Third Loan without this subordination
agreement.
(3) That this agreement shall be the whole and only agreement with regard to the
subordination of the First and Second Security Instrument to the Second and
Third Security Instrument and shall supersede and cancel, but only insofar as
would affect the priority between the security instruments hereinbefore
specifically described, any prior agreements as to such subordination
including, but not limited to, those provisions, if any, contained in the First
and Second Security Instrument above mentioned, which provide for the
subordination of the lien to another security instrument, deed of trust or
mortgage.
Subordinating Lender declares, agrees and acknowledges that
(a) It consents to and approves (i) all provisions of the note and Third Security
Instrument in favor of Lender above referred to, and (ii) all agreements, including
but not limited to any loan or escrow agreements, between Borrower and Lender for
the disbursement of the proceeds of the Third Loan;
(b) Lender making disbursements pursuant to any such agreement is under no
obligation or duty to, nor has Lender represented that it will, see to the application
of such proceeds by the person or persons to whom Lender disburses such proceeds
and any application or use of such proceeds for purposes other than those provided
for in such agreement or agreements shall not defeat the subordination herein made
in whole or in part; and
(c) It intentionally and unconditionally waives, relinquishes and subordinates the
lien of the First and Second Security Instrument in favor of the lien or charge upon
said land of the Third Security Instrument and understands that in reliance upon,
and in consideration of, this waiver, relinquish and subordinate specific loans and
advances are being and will be made and, as part and parcel thereof, specific
monetary and other obligations are being and will be entered into which would not
be made or entered into but for said reliance upon this waiver, relinquishment and
subordination.
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NOTICE: THIS SUBORDINATION AGREEMENT CONTAINS A PROVISION
WHICH ALLOWS THE PERSON OBLIGATED ON YOUR REAL PROPERTY
SECURITY TO OBTAIN A LOAN A PORTION OF WHICH MAY BE EXPENDED
FOR OTHER PURPOSES THAN IMPROVEMENT OF THE LAND.
LN WITNESS WHEREOF,the parties have set their hands and seals as of the date first written above.
AI i tST: AUGUSTA,GEORGIA
By:___Iciita, /�
Pi H die Davis Date:
APis Mayor
A .
By: 1� �
1 10 A �.., iL Ad 0�- 041i.
I�j� e Allen Jacks•, Date: p�
r, is Adniinistr.
f
B: VI\ ♦ltmms,.. Date: I 2
/ ) L.,
lerne W --,---,-7 'tor
HoMg&Commun' velopment Department
it
Approved As To Form By: /044*
� Z� ��
' Date:Andrew G.Magid
/
General Counsel
STATE of CO ' 1G
COUNTY of ,&*% mo e. SS;
On the o nd
day of apYembeir ,20 1 (Q before me, the u
personally appeared ndersigned officer,
A1l� �f WLICher,\e., who acknowledged himself/herself to be
the 1 iec:A-1 a of AUGUSTA GEORGIA HOUSING AND
COMMUNITY DEVELOPMENT DEPARTMENT, and that as such, being authorized to do so,
executed the foregoing instrument for the purposes therein contained by signing the name of
the Corporation by himself/herself as
In Witness Whereof, I have hereunto set my hand and Seal.
My Commission Expires
My Commission Expires May 25,2019 .1_, II "
ib-
Notary Public , ���•``,-„,FAReg.„
I, hereby certify that the precise resident of the within named Mortgagee is: .���P p►RY y ,��'�
55 Main Street, Toms River, NJ 08753 •
:� �S
El itrizoitf) Cli
•
Agent of Mortgagee #44ftgat
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THE LAND REFERRED TO HEREIN BELOW IS SITUATED IN THE COUNTY OF
GWINNETT,STATE OF GEORGIA,AND IS DESCRIBED AS FOLLOWS:
ALL THAT TRACT OR PARCEL OF LAND LYING AND BEING IN LAND LOT 27 OF THE
5TH DISTRICT, GWINNETT COUNTY, GEORGIA, AND CONTAINING 8,17 ACRES IN
THE CITY OF SNELLVILLE, GEORGIA, AS PER PLAT RECORDED IN PLAT BOOK L,
PAGE 276,AND BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:
BEGINNING AT AN IRON PIN CORNER ON THE ORIGINAL LAND LOT LINE THAT
SEPARATES LAND LOT 27 AND LAND LOT 6 AND SAID POINT OF BEGINNING BEING
1120 FEET NORTHWEST FROM A POINT WHERE LAND LOTS 5 AND 6, 27 AND 28
CORNER; THENCE NORTH 30 DEGREES 31 MINUTES WEST 351.9 FEET TO AN IRON
PIN CORNER; THENCE NORTH 64 DEGREES 04 MINUTES EAST 1133.8 FEET TO
LENORA CHURCH ROAD; THENCE IN A SOUTHEASTERLY DIRECTION 256.8 FEET TO
AN IRON PIN; THENCE SOUTH 59 DEGREES 14 MINUTES WEST 1147.5 FEET TO THE
POINT OF BEGINNING.
Parcel ID:R5027 001E
Commonly known as 2597 Lenora Church Road,Snellville,GA 30078
However,by showing this address no additional coverage is provided