HomeMy WebLinkAboutSUBORDINATION AGREEMENT - CHIQUITA V. BEARD RECORDING REQUESTED BY: •
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SUBORDINATION AGREEMENT
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 this_day of , 2017 by CHIQUITA V. BEARD, owner of the
land hereinafter described and hereinafter referred to as"Owner", and AUGUSTA, GEORGIA
HOUSING AND COMMUNITY DEVELOPMENT DEPARTMENT, present owner and holder of a
Mortgage/Deed of Trust and Note first hereinafter described and referred to as"Beneficiary".
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 FIRST GUARANTY
MORTGAGE CORPORATION'S Lien, provided that under no circumstance shall Lienholder's
lien be in any lower position than that of a second lien holder position.
WITNESSETH
THAT WHEREAS, CHIQUITA V. BEARD, did execute a Mortgage/Deed of Trust, dated MARCH 31,
2014 To AUGUSTA, GEORGIA HOUSING AND COMMUNITY DEVELOPMENT
DEPARTMENT covering:
All that tract,lot or parcel of land with improvements thereon,situate,lying and being in the State of Georgia,
County of Richmond,being known and designated as Lot 4,The Auburn at Sand Ridge,as shown on plat
prepared by H. Lawrence Graham,March 13,2007 and recorded in the Office of the Clerk of the Superior Court
of Richmond County,Georgia in Book 3,page 266,reference being hereby made to said plat for a more
complete and accurate description as to the metes,courses,bounds and location of said property.
Said property being known under the present system of numbering in Richmond County,Georgia as 2897 Pepperdine
Drive,Hephzibah,Georgia 30815
To secure a Note in the sum of $14,000 dated MARCH 31, 2014, in favor of AUGUSTA, GEORGIA
HOUSING AND COMMUNITY DEVELOPMENT DEPARTMENT,which
Mortgage/Deed of Trust was recorded on APRIL 3, 2014
as Instrument No. 2014017895 of Official Records of said county;
and
WHEREAS, Owner has executed, or is about to execute, a Deed of Trust/Mortgage and
note in the sum of $109,091.00 dated in favor of FIRST GUARANTY MORTGAGE
CORPORATION, hereinafter referred to as"Lender", payable with interest and upon the terms and
conditions described therein, which Deed of Trust/Mortgage is to be recorded concurrently
herewith; and
WHEREAS, it is a condition precedent to obtaining said loan that said Deed of
Trust/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 Deed
of Trust/Mortgage first above mentioned; and
WHEREAS, Lender is willing to make said loan provided the Deed of Trust/Mortgage
securing the same is a lien or charge upon the above described property prior and superior to the
lien or charge of the Deed of Trust/Mortgage first above mentioned and provided that Beneficiary
will specifically and unconditionally subordinate the lien or charge of the Deed of Trust/Mortgage
first above mentioned to the lien or charge of the Deed of Trust/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 Deed of Trust/Mortgage securing the same shall, when
recorded constitute a lien or charge upon said land which is unconditionally prior and superior to
the lien charge of the Deed of Trust/Mortgage first above mentioned.
SUBORDINATION
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:
(1) That said Deed of Trust/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 Deed of Trust/Mortgage first above mentioned;
(2) That Lender would make its loan above described without this Subordination
Agreement;
(3) That this agreement shall be the whole and only agreement with regard to the
subordination of the lien of charge of the Deed of Trust/Mortgage first above
mentioned to the lien or charge of the Deed of Trust/Mortgage in favor of Lender
above referred to and shall supersede and cancel, but only insofar as would affect
the priority between the Deeds of Trust hereinbefore specifically described, any
prior agreements as to such subordination, including, but not limited to, those
provisions, if any, contained in the Deed of Trust/Mortgage first above mentioned,
which provide for the subordination of the lien or charge thereof to another Deed or
Deed of Trust/Mortgage or to another mortgage or mortgages.
Beneficiary declares, agrees and acknowledges that:
(a) He/she consents to and approves (I) all provisions of the Note and Deed of
Trust/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;
(b) 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 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;
(c) He/she intentionally and unconditionally waives, relinquishes and subordinates the
lien or charge or the Deed of Trust/Mortgage first above mentioned in favor of the
lien or charge upon said land of the Deed of Trust/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
(d) An endorsement has been placed upon the Note secured by the Deed of
Trust/Mortgage first above mentioned that said Deed of Trust/Mortgage has by this
instrument been subordinated to the lien charge or the Deed of Trust/Mortgage in
favor of Lender above referred to.
SUBORDINATION
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 IMPORVEMENT OF
THE LAND.
IN WITNESS WHEREOF,the parties have set their hands and seals as of the date first written above.
ATTEST: AUGUSTA,GEORGIA
,
By: _ v Date: let/ '��,// ou/
Achi Hardie Davis 1
s Its Mayor
31tlit •
�,..� 3 L2 ,-] r 1
By: A , _ Q'f Date:
. 'ce Allen Jackson ,
• is Administrator
By: -.. Date: 1 I-1
Ha . ,me Welcher,Jr. fi irector I
Housing&Community I velopment Department
Approved As To Form By: 4 ./ Date: 1 I 1
Andrew G.Mack a'nzi3't9',e
General Counsel
STATE OF •, �.
}ss.
County of' ,\C„\r'\ �► �
On R060n, cam`1 ao- \-1 before me,10(E eASS 1(t euersigned,
a Notary Public in and for said State, personally known
to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s)
is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the
same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the
instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the
instrument.
WITNESS and official seal
4\1\116A My Commission Expires May 25,2019
Notary Public in and for said County an. St e
Notary's name (Must be typed or legibly prin ed)
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STATE OF Q 1
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County of \ t . .. '� �► If +'RI:
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SIGNATURE OF OWNER(S)
Chiquita V Beard
On before me, the undersigned,
a Notary Public in and for said State, personally known
to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s)
is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the
same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the
instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the
instrument.
WITNESS my hand and official seal
Notary Public in and for said County and State
Notary's name (Must be typed or legibly printed)
8 X434:1508 Augusta-Richmond County
2010,.,896 ONp31?A141015:45.02
356.00 SECURITY DEED
i®®ur11rIuIIIu
2014017895 Augusta-Richmond County
Intangible Tax$42.00
After Recording,return to:
Frails&Wilson
211 Pleasant Home Road,Suite Al
Augusta,GA 30907
14-00023-R
SECURITY DEED
GEORGIA,RICHMOND COUNTY THIS INDENTURE made this $1` day of MARCH,
2014 between CHnw1TA V.BEARD of Richmond County,Georgia,hereinafter called Grantor,which term,
wherever herein used, shag include heirs,executors,administrators and assigns of such Grantor, and
AUGUSTA,GEORGIA HOUSING AND COMMUNITY DEVELOPMENT DEPARTMENT whose address is 925 Laney-
Walker Blvd.,2n0 Floor,Augusta,Georgia 30901,hereinafter called Grantee,which term,wherever herein
used,shall Include its successors and assigns;
WITNESSETH, That Grantor, for and in consideration of the sum of FOURTEEN THOUSAND AND 00/100
Dou.ARs($14,000.00)in had paid by Grantee, receipt of which is hereby acknowledged, does hereby
grant,bargain,sell,assign,and convey to Grantee:
ALL that tract, lot or parcel of land, with improvements thereon, situate,
lying and being in the State of Georgia,County of Richmond,being known
and designated as Lot 4, The Aubem at Sand Ridge, as shown on a plat
prepared H. Lawson Graham, March 13, 2007 and recorded in the Office
of the Clerk of the Superior Court of Richmond County, Georgia in Book 3,
page 266, reference being hereby made to said plat for a more complete
and accurate description as to the metes,courses, bounds and location of
said property. •
Said property being known under the present system of numbering in
Richmond County, Georgia as 2897 Pepperdine Drive, Hephzibah,
Georgia 30815.
Tax Map Number. 151-2-004-00-0
This Security Deed Is second and subordinate to that certain Security Deed from
Grantor to First Bank Mortgage,a Division of First Sank of Georgia dated March
31 ,2014,given to secure an original principal indebtedness of$111,986,00 and
recorded M the Office of the Clerk of theuperior Court of Richmond County,
Georgia in Deed Book/qify ,page(s) /yf .
THIS CONVEYANCE INCLUDES ALL of the following:(I)all building,structures and other improvements
now or hereafter located thereon or on any part or parcel thereof and all fixtures affixed or attached,
actually or constructively, thereto; (ii) and all singular the tenements, hereditaments, easements and
appurtenances belonging thereunto or in any wise appertaining thereto and the revision and reversions,
remainder or remainders thereof; (iii)all rents, issues, income,revenue and profits accruing therefrom,
whether nor or hereafter due;(iv)all accounts and contract rights nor or hereafter arising in connection
with any part or parcel thereof or any buildings, structures or improvements now or hereafter located
thereon,including without limitation all accounts and contract rights in and to all leases or undertakings to
lease now or hereafter affecting the land or any buildings, structures,or improvements thereon; (v)all
minerals,flowers,crops,trees,timber,shrubbery and other emblements now or hereafter located thereon
or thereunder or on or under any part of parcel thereof;(vi)all estates,rights,title and interest therein,or
in any part or parcel thereof;(vii)all equipment,machinery,apparatus,fittings,fixtures whether actually or
constructively attached thereto and including all trade, domestic and ornamental fixtures, furniture,
furnishings and all personal property of every kind or description whatsoever nor or hereafter located
thereon,or in or on the buildings,structures and other improvements thereon,and used in connection
with the operation and maintenance thereof,and all additions thereto and replacements thereof;and(viii)
all building materials, supplies, goods and equipment delivered thereto and placed thereon for the
purposes of being affixed to or installed or incorporated or otherwise used in the buildings,structures or
other improvements now or hereafter located thereon or any part or parcel thereof.
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Sock 01434:1509 Augusta-Richmond County
2014017895 04/03/2014 10:15:45.02
To have and to hold all of said property,together with all rights,members and appurtenances thereof,to
Grantee In fee simple,and Grantor warrants that he is the owner thereof,has a good title thereto,and a
right to convey the same and that it is unencumbered and he will forever defend the title o Grantee
against the lawful claims of all persons whomsoever.
This instrument Is a deed passing title and is made under the provisions of the laws of the State of
Georgia to secure a debt evidenced by a note of even date herewith made by Grantor to Grantee for the
principal sum of Fouerw THousAtim AND 001100 DOUARS ($14,000:00), with interest as therein
provided,said note being due as follows: Note dated MARCH 31 ,2014 in the amount of$14,000.00
with a maturity date of MARCH at .2034.
This instrument shall secure the indebtedness herein described,any extensions or renewals thereof In
whole or in part,whether evidenced by new notes,extensions agreements or otherwise,the obligation to
pay attorney's fees as provided In any such note or agreement and also any other advances which may
be made by Grantee to or on behalf of Grantor and any indebtedness or liability of Grantor to Grantee of
whatever kind and however the same may be created,specifically including,but not limited to,any liability
as endorser,surety,grantor,or indemnitor.
Grantee shah be subrogated to the claims and liens of all persons whose claims or Hens are discharged
with the proceeds of this loan or any other advances to,or on behalf of Grantor.
Grantor waives and renounces of himself and family all homestead and the exemption rights under the
Constitution and laws of this State of United States.
Unless Grantee provides written consent thereto and such consent is recorded in the public deed records
of the Clerk of the Superior Court of the County in which the Security Deed is recorded,Grantor shall not
grant, bargain,convey, transfer,assign,exchange or sell all or any portion of Grantor's Interest in the
Premises prior to the satisfaction and release by Grantee of the Security Deed.
Grantor agrees that he will promptly pay all taxes,assessments,other governmental levies,and charges
of every character that may accrue against said property;that he will keep the improvements on said
premises insured by a policy containing fire and lightning and extended coverage insurance and any
other coverage required by Grantee in a least the amount of his indebtedness to Grantee in an insurance
company or companies acceptable to Grantee with loss payable clause in favor of, and in form
acceptable to Grantee;that the policies will be deposited with Grantee;that if a loss occurs he will give
immediate written notice to Grantee and Grantee may make proof of loss if not made promptly by
Grantor,and each insurance company concerned is hereby authorized and directed to make payment for
such loss directly to Grantee instead of to Grantor and Grantee jointly,and the proceeds may be applied
by Grantee at its option to the reduction of payments of the indebtedness hereby secured or to restoration
or repair of the damaged property, or both; that he will maintain and keep the premises and all
improvements thereon in first class condition and repair and will not commit or permit waste. Grantee
may require life insurance to be procured and assigned to it by Grantor as additional collateral and
Grantor agrees that he will deliver the policies to Grantee and that he will promptly pay all premiums
thereon as they become due. •
If Grantor shall default in paying any of said taxes or assessments or providing or paying for such
insurance or making such repairs,Grantee may at its option,pay such taxes or assessments or procure
or pay for such insurance or make such repairs and all expenses so incurred shall be repayable on
demand, shall be secured by this deed,and shall bear interest at the higher rate per annum then being
charged with respect to any part of the indebtedness secured hereby from the time of disbursement by
Grantee until repayment by Grantor.
Should Grantor default in the prompt payment of any amount secured hereby,or in the due,and prompt
observance by Grantor of any covenant or undertaking herein contained, all amounts secured hereby
shall, at the option of Grantee,become immediately due and payable,time being of the essence of this
agreement,and Grantee may enter upon said premises,take possession and collect the rents and profits
thereof, and before or after entry may sell said described property or any part thereof in one or more
sales on any day, whether legally designated for public sales or not, at public auction before the
courthouse door in the county of which the property or any part of the same is situated to the highest
bidder for cash,first giving notice of the time and places of said sale or sales by advertisement thereof
once a week for four weeks in some newspaper published in said county,all other notice being hereby
waived by Grantor, the thereupon Grantee may execute and deliver to the purchaser or purchasers
sufficient conveyance of said properly in fee simple, divesting all rights of Grantor, which conveyance
shall contain recitals as to the happening of any default upon which the exercise of the power of sale
depends,and said recitals shall be binding and conclusive upon the Grantor. The power of sale shall not
be exhausted until all of said property has been sold and a deed delivered to and accepted by the
purchaser. Grantee, its agents, representatives, successors or assigns, may bid and purchase at any
such sale and collect the proceeds thereof,which shall be applied;first,to pay the costs and expenses of
v3
w. (T 01434:1510 Augusta-Richmond County
2014017895 04/03/2014 10:15:45.02
said sale and the expenses of protecting the property;second,to pay the indebtedness hereby secured;
and third,to pay the surplus,if any,to Grantor.
Grantor covenants that upon commencement of any legal proceeding to realize on the security of this
instrument,Grantee may apply for and be entitled as a matter of right to the appointment of a receiver to
take charge of and hold said property and the rents,issues and profits thereof for the benefit of Grantee
without consideration of the value of the property conveyed as security or the solvency of any person or
persons obligated for the payment of such amounts,all without notice to Grantor,
The powers herein granted are coupled with an interest and are irrevocable by death or otherwise. All
powers,rights,and options herein granted are applicable to and may be exercised by any agent or legal
representative of Grantee, or its Immediate or remote successors, assigns, or transferees and their
respective heirs,legal representatives and agents,and are cumulative of any remedies to which Grantee
may otherwise be entitled under the laws of Georgia.
The terms and conditions set forth in Exhibit"A", if any, attached hereto are incorporated herein and
made part hereof by reference.
IN WITNESS THEREOF, Grantor has hereunto set his/her hand and affixed his/her seal,the day and
year first above written.
Signed,Sealed,and Delivered in the Presence of:
Witness B 01,,. .Beard
Yn t ,A1LMa,
Notary Public,State ofGeorgia`���1ifiN►q��� Borrower.0�' e W
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Filed in this office:
Augusta-Richmond County
04/03/2014 10:15:45.02
Elaine C Johnson
Clerk of Superior Court •