HomeMy WebLinkAboutSUBORDINATION AGREEMENTS_ TOI JACKSON_ 4114 WANDERING WAY Recording Requested By&
When Recorded Mail To:
Carrington Title Services,LLC
6200 Tennyson Parkway, Suite 110
Plano,TX 75024
Title Order No. 68794MLD
SUBORDINATION AGREEMENT
APN: 1670527010
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,made ,20 ,by TOI JACKSON,Owners of the land hereinafter
described and hereinafter referred to as"Owners",and AUGUSTA,GEORGIA HOUSING AND COMMUNITY
DEVELOPMENT DEPARTMENT,present Owner and holder of the mortgage and note first hereinafter
described and hereinafter referred to as"Beneficiary";
WITNESSETH
THAT WHEREAS,TOI JACKSON did execute a mortgage dated 11/30/2015,covering real property known as
4114 Wandering Way,Augusta,GA 30906,County of Richmond,State of Georgia:
All that lot or parcel of land,together with improvements thereon, situate,lying and being in the
State of Georgia, County of Richmond,being known and designated as Lot 44,Parcel A, Section
3-F of Woodvalley Estates Subdivision upon a plat thereof prepared for C.J. Singleton by
Ayercorp Engineers,dated April 20, 1995, filed for record in the office of the Clerk of Superior
Court of Richmond County,Georgia in Realty Reel 489,Pages 1404-1405;reference is hereby
made to plat for a more complete and accurate description as to the metes,bounds and location of
said property.
to secure a note in the original sum of$2,500.00 dated 11/30/2015,in favor of AUGUSTA,GEORGIA HOUSING
AND COMMUNITY DEVELOPMENT DEPARTMENT which mortgage was recorded on 01/20/2016,in Book
01516 Page 0989,Official Records of said county; and
WHEREAS,Owner has executed,or is about to execute,a mortgage and note in the sum not to exceed$84,893.00,
Loan#1701360339,dated ,in favor of CARRINGTON MORTGAGE SERVICES,
LLC.,its successors and/or assigns,as their interest may appear,hereinafter referred to as"Lender",payable
with interest and upon the terms and conditions described therein,which deed of trust is to be recorded concurrently
herewith;and
APN: 1670527010
WHEREAS, it is a condition precedent to obtaining said loan that said mortgage last above mentioned shall
unconditionally be and remain at all times a lien or charge upon the land hereinbefore described,prior and superior
to the lien or charge of the mortgage first above mentioned;and
WHEREAS, lender is willing to make said loan provided the mortgage securing the same is a lien or charge upon
the above described property prior and superior to the lien or charge of the mortgage first above mentioned and
provided that Beneficiary will specifically and unconditionally subordinate the lien or charge of the mortgage first
above mentioned to the lien or charge of the mortgage in favor of Lender;and
WHEREAS, it is to the mutual benefit of the parties hereto that Lender make such loan to Owner: and Beneficiary is
willing that the mortgage securing the same shall,when recorded,constitute a lien or charge upon said land which is
unconditionally prior and superior to the lien or charge of the mortgage first above mentioned.
NOW, THEREFORE, in consideration of the mutual benefits accruing to the parties hereto and other valuable
consideration, the receipt and sufficiency of which consideration is hereby acknowledged, and in order to induce
Lender to make the loan above referred to,it is hereby declared,understood and agreed as follows:
Augusta, Georgia Housing And Community Development Department agrees to subordinate and make their
Lien subordinate in all respects to Carrington Mortgage Services, LLC's Lien, provided that under no
circumstance shall Augusta,Georgia Housing And Community Development Department's lien be in any lower
position than that of a third lien holder position.
That said mortgage securing said note in favor of Lender, 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 lien or charge of the mortgage first above mentioned.
That Lender would not make its loan above described without this subordination agreement.
That this agreement shall be the whole and only agreement with regard to the subordination of the lien or charge of
the mortgage first above mentioned to the lien or charge of the mortgage in favor of lender above referred to and
shall supersede and cancel, but only insofar as would affect the priority between the mortgages hereinbefore
specifically described, any prior agreement as to such subordination including, but not limited, those provisions, if
any, contained in the financing statement first above mentioned, which provide for the subordination of the lien or
charge thereof to another deed or deeds of trust or to another mortgage or mortgages.
Beneficiary declares,agrees and acknowledges that
He/She/They consent(s) to and approves (i) all provisions of the note and mortgage in favor of Lender above
referred to, and(ii)all agreements,including but not limited to any loan or escrow agreements, between Owner and
Lender for the disbursement of the proceeds of Lender's loan;
Lender, in 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 who 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;
He/She/They intentionally and unconditionally waives, relinquishes and subordinates the lien or charge of the
mortgage first above mentioned in favor of the lien or charge upon said land of the mortgage in favor of Lender
above referred to and understands that in reliance upon, and in consideration of, this waiver, relinquishment and
subordination, 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;and
An endorsement has been placed upon the mortgage first above mentioned that said mortgage has by this instrument
been subordinated to the lien or charge of the mortgage in favor of Lender above referred to.
APN: 1670527010
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.
IT IS RECOMMENDED THAT PRIOR TO THE EXECUTION OF THIS SUBORDINATION
AGREEMENT,THE PARTIES CONSULT WITH THEIR ATTORNEYS WITH RESPECT THERETO.
Signed,sealed and delivered in the presence of:
AUGUSTA,GEORGIA HOUSING AND
COMMUNITY DEVELOPME -
NT DEPARTMENT WITNESS SIGNATURES:
By ct".•/L`
H•iii IE DAVIS,as its Mayor A — Witness#1
By: AU._ �i r: A'
LA.,____
J• ip
! ALLEN JAC Printed Name
as • • dministrator
By:,„ _s_. .101".... Witness#2
HAT 1 RNE WELC :2"'• i irector
Housing : Community Develo, 'nt Department
Printed Name
Approved as to form By:
/�/[' / / Date: V)U h
ANDREW .MA 'KE'A ZIE,General Counsel
nn (ALL SIGNATURES MUST BE ACKNOWLEDGED)
STATE OF b•2Ocio1 GL,
COUNTY OFA;Qh mond
I, ,NQ-cash a 1,,i(,' ( , a Notary Public in and for the state of Georgia [or other officer, as the
case may be], residing in the county nd state aforesaid, do certify that Hardie Davis, as the Mayor of August,
Georgia, Janice Allen Jackson, as ' s Administrator, and Hawthorne Welcher, Jr., as Director of AUGUSTA,
GEORGIA HOUSING AND COMMUNITY DEVELOPMENT DEPARTMENT,who are personally known to
me, this day appeared before me personally and did acknowledge that they did sign, seal, and deliver the foregoing
instrument of their own free will and accord,for the purposes therein named and expressed.
In Witness Whereof, I have hereunto set my hand and official seal,this iL day of ,
20 11 .
Witness my hand and official seal,
Signature LA 144IL/ 11(1"t A /i '`�,`oWiCFq `4*i
IV Conn on Expires May 25,2019 0 �Q t1AAj ' s
'
Prepared By: N. a�..
Express Legal Dox,LLC c/o Buddy Huntley,Esq. �. PUt3� er''4
4.6
40 Peachtree Valley Rd, Suite 2233,Atlanta GA 30309 '•`N O +�•`
ssBONDG .*
Recording Requested By&
When Recorded Mail To:
Carrington Title Services,LLC
6200 Tennyson Parkway, Suite 110
Plano,TX 75024
Title Order No. 68794MLD
SUBORDINATION AGREEMENT
APN: 1670527010
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,made ,20 ,by TOI JACKSON,Owners of the land hereinafter
described and hereinafter referred to as"Owners",and AUGUSTA,GEORGIA HOUSING AND COMMUNITY
DEVELOPMENT DEPARTMENT,present Owner and holder of the mortgage and note first hereinafter
described and hereinafter referred to as"Beneficiary";
WITNESSETH
THAT WHEREAS,TOI JACKSON did execute a mortgage dated 11/30/2015,covering real property known as
4114 Wandering Way,Augusta,GA 30906,County of Richmond,State of Georgia:
All that lot or parcel of land,together with improvements thereon,situate,lying and being in the
State of Georgia,County of Richmond,being known and designated as Lot 44,Parcel A,Section
3-F of Woodvalley Estates Subdivision upon a plat thereof prepared for C.J. Singleton by
Ayercorp Engineers,dated April 20, 1995,filed for record in the office of the Clerk of Superior
Court of Richmond County,Georgia in Realty Reel 489,Pages 1404-1405;reference is hereby
made to plat for a more complete and accurate description as to the metes,bounds and location of
said property.
to secure a note in the original sum of$5,000.00 dated 11/30/2015,in favor of AUGUSTA,GEORGIA HOUSING
AND COMMUNITY DEVELOPMENT DEPARTMENT which mortgage was recorded on 01/20/2016,in Book
01516 Page 0986,Official Records of said county; and
WHEREAS,Owner has executed,or is about to execute,a mortgage and note in the sum not to exceed$84,893.00,
Loan#1701360339,dated ,in favor of CARRINGTON MORTGAGE SERVICES,
LLC.,its successors and/or assigns,as their interest may appear,hereinafter referred to as"Lender",payable
with interest and upon the terms and conditions described therein,which deed of trust is to be recorded concurrently
herewith;and
APN: 1670527010
WHEREAS, it is a condition precedent to obtaining said loan that said mortgage last above mentioned shall
unconditionally be and remain at all times a lien or charge upon the land hereinbefore described,prior and superior
to the lien or charge of the mortgage first above mentioned;and
WHEREAS, lender is willing to make said loan provided the mortgage securing the same is a lien or charge upon
the above described property prior and superior to the lien or charge of the mortgage first above mentioned and
provided that Beneficiary will specifically and unconditionally subordinate the lien or charge of the mortgage first
above mentioned to the lien or charge of the mortgage in favor of Lender;and
WHEREAS,it is to the mutual benefit of the parties hereto that Lender make such loan to Owner: and Beneficiary is
willing that the mortgage securing the same shall,when recorded,constitute a lien or charge upon said land which is
unconditionally prior and superior to the lien or charge of the mortgage first above mentioned.
NOW, THEREFORE, in consideration of the mutual benefits accruing to the parties hereto and other valuable
consideration, the receipt and sufficiency of which consideration is hereby acknowledged, and in order to induce
Lender to make the loan above referred to,it is hereby declared,understood and agreed as follows:
Augusta, Georgia Housing And Community Development Department agrees to subordinate and make their
Lien subordinate in all respects to Carrington Mortgage Services, LLC's Lien, provided that under no
circumstance shall Augusta,Georgia Housing And Community Development Department's lien be in any lower
position than that of a second lien holder position.
That said mortgage securing said note in favor of Lender, 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 lien or charge of the mortgage first above mentioned.
That Lender would not make its loan above described without this subordination agreement.
That this agreement shall be the whole and only agreement with regard to the subordination of the lien or charge of
the mortgage first above mentioned to the lien or charge of the mortgage in favor of lender above referred to and
shall supersede and cancel, but only insofar as would affect the priority between the mortgages hereinbefore
specifically described, any prior agreement as to such subordination including, but not limited, those provisions, if
any, contained in the financing statement first above mentioned, which provide for the subordination of the lien or
charge thereof to another deed or deeds of trust or to another mortgage or mortgages.
Beneficiary declares,agrees and acknowledges that
He/She/They consent(s) to and approves (i) all provisions of the note and mortgage in favor of Lender above
referred to, and(ii)all agreements,including but not limited to any loan or escrow agreements,between Owner and
Lender for the disbursement of the proceeds of Lender's loan;
Lender, in 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 who 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;
He/She/They intentionally and unconditionally waives, relinquishes and subordinates the lien or charge of the
mortgage first above mentioned in favor of the lien or charge upon said land of the mortgage in favor of Lender
above referred to and understands that in reliance upon, and in consideration of, this waiver, relinquishment and
subordination, 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;and
An endorsement has been placed upon the mortgage first above mentioned that said mortgage has by this instrument
been subordinated to the lien or charge of the mortgage in favor of Lender above referred to.
APN: 1670527010
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.
IT IS RECOMMENDED THAT PRIOR TO THE EXECUTION OF THIS SUBORDINATION
AGREEMENT,THE PARTIES CONSULT WITH THEIR ATTORNEYS WITH RESPECT THERETO.
Signed,sealed and delivered in the presence of:
AUGUSTA,GEORGIA HOUSING AND
COMMUNITY DEVELOPMENT 1 , ' • 'T )ENT WITNESS SIGNATURES:
By.
HARD AVIS,as its Mayo Witness#1
By: Al i!J U ' 11 ,
JANIC r LEN JAC ON Printed Name
as its • ta,4
1.1._,i'strator
By: _VIII Witness#2
HAW OI E WELCHER, '
Housing& ommunity Developme 1 i • 'artment
Printed Name
Approved as to f9r�m�By:
I;/u n)e4 Date: I( 2 Ii X 7
ANDREW.MACKENZIE General Counsel
(ALL SIGNATURES MUST BE ACKNOWLEDGED)
STATE OF &O'.9 i C2_
COUNTY OF r 1 en moncl
I, N a�Qsha lAcTart ,a Notary Public in and for the state of Georgia[or other officer, as the
case may be], residing in the county a d state aforesaid, do certify that Hardie Davis, as the Mayor of August,
Georgia, Janice Allen Jackson, as ' Administrator, and Hawthorne Welcher, Jr., as Director of AUGUSTA,
GEORGIA HOUSING AND COMMUNITY DEVELOPMENT DEPARTMENT,who are personally known to
me,this day appeared before me personally and did acknowledge that they did sign, seal,and deliver the foregoing
instrument of their own free will and accord,for the purposes therein named and expressed.
In Witness Whereof,I have hereunto set my hand and official seal,this I Litay of ,
201 1.
Witness my hand and official seal,
1 /1441 %O;°go, INICP4 +
Signature ;,��@ma ,„•°"... R��+•..
*Commission Expires ht;y 25,,�31 ••
lel
a A!/B�•,C' c:
Prepared By: ++ .k..
Express Legal Dox,LLC do Buddy Huntley,Esq. ++• _14b
40 Peachtree Valley Rd,Suite 2233,Atlanta GA 30309 I,*PNo�CO5 %
�I,.$400