HomeMy WebLinkAboutSUBORDINATION AGREEMENT_ CLAYTON ANDREWS Page 1 of 3
Clayton Andrews
SUBORDINATION OF MORTGAGE/DEED OF TRUST
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.
THIS AGREEMENT is made this 3 O*'' day of h^2� 2016
By AUGUSTA GEORGIA HOUSING AND COMMUNITY DEVELOPMENT DEPARTMENT (hereinafter "Lien-
holder")whose address is 925 Laney Walker Boulevard, 2"d Floor,Augusta,GA 30901.
AND
M&T BANK CORPORATION, a New York state corporation (hereinafter"Lender")whose address is 475
Crosspoint Parkway, Getzville, NY 14068.
RECITALS
1. Grantee/Lien-holder now owns or holds interest as grantee/beneficiary of a certain
SUBORDINATE MORTGAGE/DEED OF TRUST, dated FEBRUARY 28,2011 and recorded on March 8,2011
as INSTRUMENT NO.2011013311 IN Book 01294 Page 1439 in the office of the Register of Deeds,in and
for the County of Richmond,State of GA, in the original amount of$21,554.70 and now showing as a lien
on certain premises with a property address of:
1207 Pine Street,Augusta,GA 30901
Which premises are more fully described in Exhibit A attached hereto and incorporated herein by
reference ("Property");
2. Clayton Andrews, ("Owner") is the present owner of the Property and is about to
execute a Mortgage/Deed of Trust and Note in the sum of an amount not to exceed$87,708.11 in favor
of the Lender.
3. Lender is willing to make such loan to Owner provided that Lender obtains a first lien on
the Property and Grantee/Lien-Holder agrees to unconditionally subordinate its lien to the lien in favor of
Lender in the manner hereinafter described.
Page 2 of 3
Clayton Andrews
SUBORDINATION OF MORTGAGE/DEED OF TRUST
NOW, THEREFORE, it is agreed that in consideration of one dollar and other good and valuable
consideration, the adequacy and receipt of which is hereby acknowledged, Lienholder agrees to
subordinate and make Lienholder's Lien subordinate in all respects to M&T Bank's Lien, provided that
under no circumstances shall Lienholder's lien be in any position than that of a second lien holder position.
Grantee/Lien-holder, AUGUSTA RICHMOND COUNTY, HOUSING AND COMMUNITY DEVELOPMENT
DEPARTMENT, further agrees that:
1. Lien-holder, AUGUSTA RICHMOND COUNTY, HOUSING AND COMMUNITY DEVELOPMENT
DEPARTMENT, will not exercise any foreclosure rights with respect to the property and will not exercise
or enforce any right or remedy which may be available to Mortgagee with respect to the Property without
prior written notice to the Lender M&T BANK CORPORATION. All such notices should be sent to:
M&T BANK CORPORATION
475 Crosspoint Parkway
Getzville, NY 14068
2. This agreement is made under the laws of the State in which the Property is located. It cannot
be waived, changed or terminated, except by a written document signed by both parties. This
Agreement shall be binding upon Grantee/Lien-holder and the heirs/representatives, successors and
assigns of Lien-holder, and shall inure to benefit of and shall be enforceable by Lender and its successors
and assigns: Grantee/Lien-holder waives notice of Lender's acceptance of this Agreement.
Page 3 of 3
Clayton Andrews
IN WITNESS WHEREOF,the parties have set their hands and seals as of the date first written above.
ATTEST: AUGUSTA, GEORGIA
/,By' Date: (a 30 ! Ya
/4e/12 Hardie Davis
6//0$ As Its Mayor
By: 6 I 0 ' .(/v��
�. Dater
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•nice Allen Jackson el
A is Administrator
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I Date: 5 1 24 /(p
Ha 111 orne Welcher,Jr., Direc'stir
Housing & Community Developlent Department
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6
Approved As To Form By: /V �� - ,,�/ Date: �
Andrew G. Mackenzie
6
General Counsel
EXHIBIT A
LEGAL DESCRIPTION
ALL that lot, tract or parcel of land, with improvements thereon, situate, lying and being
in the County of Richmond, State of Georgia, fronting 47.74 feet,more or less, on the West side
of Pine Street, and extending back on its northerly boundary line of 71.41 feet, more or less, and
extending back on its southerly boundary line 68.93 feet, more or less, with a rear width of 51.24
feet, more or less. Being known and designated as lot three on a plat prepared by Southern Land
Surveyors, Inc. on January 5, 2010 and recorded in the office of the Clerk of Superior Court of
Richmond County, Georgia, in Realty Book 6, Page 5; reference is made to said plat for a more
complete and accurate description as to the metes, bounds and location of said property.
Said property is conveyed subject to Neighborhood Covenants and Restrictions provided for
Heritage Pine, recorded in Book 1292, Page 1122.
Map and Parcel No.: 046-4-750-01-1