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HomeMy WebLinkAboutSUBORDINATION AGREEMENT BETWEEN AUGUSTA, GA THROUGH HOUSING AND COMMUNITY DEVELOPMENT AND CRYSTAL IVEY Record and Return To: Prepared by: Kenneth N. Smolar,Esq. PC Law Associates 200 Fleet Street,Suite 6100 Pittsburgh,PA 15220 Georgia Bar ID: 111708 Order No.: VC23409GA Tax ID Number: 108-0-474-00-0 County of: Richmond SPACE ABOVE FOR RECORDER'S USE SUBORDINATION AGREEMENT This subordination agreement is made this day of , 20 by AUGUSTA, GEORGIA HOUSING AND COMMUNITY DEVELOPMENT DEPARTMENT, whose address is ("Mortgagee"), and VILLAGE CAPITAL AND INVESTMENT, LLC, whose address is ("Lender"). RECITALS A. Mortgagee is the owner and holder of a certain note in the amount of$2,500.00 and interest,__—_ secured by a certain mortgage for that sum and interest, made by CRYSTAL IVEY to Mortgagee, dated February 9, 2016 and recorded on February 12, 2016, in the Register of Deeds Office of Richmond County, Georgia, in Book 1519, at Page 748, and covering the following- described premises: SEE EXHIBIT "A" ATTACHED HERETO AND INCORPORATED BY REFERENCE HEREIN Said premises having an address of: 3433 McAlpine Drive, Augusta, GA 30906 B. CRYSTAL IVEY, whose address is 3433 McAlpine Drive, Augusta, GA 30906 ("Borrower"), has applied to Lender for a loan to be made to Borrower in the amount not to exceed $74,576.00 and to be evidenced by a promissory note secured by a mortgage covering the herein described real property. C. To induce Lender to make the loan, it is necessary that the mortgage held by Mortgagee is subordinated to the lien and the mortgage about to be granted to Lender as set forth above. In consideration of the matters described above, and of the mutual benefits and obligations set forth in this agreement, the parties agree as follows: SECTION ONE (SUBORDINATION) Mortgagee covenants, consents, and agrees with Lender that the above-mentioned mortgage held by Mortgagee is and shall continue to be subject and subordinate to the lien of the mortgage about to be made to Lender as stated above. SECTION TWO (LOAN TERMS) The terms of the loan from Lender to Mortgagor are as follows: New loan, in the amount not to exceed $74,576.00. Mortgagee agrees that its mortgage as set forth herein shall be subordinate to Lender's mortgage under these terms, it being understood that the subordination hereunder does not in any way alter, diminish or otherwise limit Mortgagee's rights under its mortgage. SECTION THREE (BINDING EFFECT) This agreement shall be binding on and inure to the benefit of the respective heirs, legal representatives, successors and assigns of the parties. In all references herein to any parties, persons, entities or corporations, the use of any particular gender or the plural or singular number is intended to include the appropriate gender or number as the text of the within instrument may require. 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 VILLAGE CAPITAL AND INVESTMENT, LLC's Lien, provided that under no circumstance shall Lienholder's lien be in any lower position than that of a second lien holder position. [SPACE INTENTIONALLY LEFT BLANK] IN WITNESS WHEREOF, the Mortgagee has signe sealed and executed this Subordination, the day and year first above written. 11" lCH Mq X410 B MORIi e AVGU:`-�� • P a' t Z 1�' N AND C M .Tl�T � =saEEL�P ENT D PA .�xa c' pli �,. ,- s ISeal) . .4112.-- �1NICE ALLEN JO KSON •! its Administrato B : g • '-•i �, THOS E WE k ER, JR. Dir or of Housing& • unity Dev. Approved as to Form By: A i tillieklEW G. MAC eZIE Signed, sealed and delivered General Counsel In the presence of: V)(24,94/ 4) --7)C9k,-ez,z4, VIA 14 Y Unofficiaitness(print name below) I��=� ��'v/IivcY 42 / ..,,,,i le 40•11), N; : ild;611cuP�l� Notary Public ,‘..�Cy wrr • ®»T *-..•000000.*'* My commission expires My�$$b Expires May 25,2019 IN WITNESS WHEREOF, the parties have set their hands and seals as of the date first written above. EXHIBIT A-LEGAL DESCRIPTION All that lot or parcel of land, together with all buildings and improvements thereon, situate, lying and being in the State of Georgia, County of Richmond, being known and designated as Lot 49, Alexander Woods, as shown on a plat recorded in the Office of the Clerk of the Superior Court of Richmond County, Georgia, in Realty Reel 390, Page 80. Reference is hereby made to said plat for a more complete and accurate description as to metes, bounds and location of said property. Parcel ID Number: 108-0-474-00-0 Commonly known as: 3433 McAlpine Drive, Augusta, GA 30906 • • Book 01519:0748 vugusta-Richmond County FINDLAY & ED ENFIELD 201600399114. SECURITY 6 37:09.01 $14.00 SECURITY DEED ATTORNEYS AT LAW 111111111111111111111111111 1030 JIMMIE DYESS PARKWAY•SUITE 4 2016003991 Augusta-Richmond County AUGUSTA,GEORGIA 30909 (706) 855-7085 HOME-HAP AUGUSTA,GEORGIA SECURITY DEED CDPL GEORGIA,RICHMOND COUNTY THIS INDENTURE made thisq day of February,2016 between Crystal Ivey of Richmond County,Georgia,hereinafter called Grantor,which term,wherever herein used,shall include heirs,executors,administrators and assigns of such Grantor,and Augusta,Georgia Housing and Community Development Department whose address is 925 Laney-Walker Blvd,2nd 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 TWO THOUSAND FIVE HUNDRED and 00/100 Dollars in hand paid by Grantee,receipt of which is hereby acknowledged,does hereby grant,bargain,sell,assign and convey to Grantee:All that certain real estate in the State of Georgia and County of Richmond This Security Deed is third and subordinate to that certain Security Deed from Grantor to 15t SECURITIES FINCANCIAL,INC dated F1b'(U4S\c,2016,given to secure an original principal indebtedness of $"15 100k•00 and recorded in the Office of the Clerk of the Superior Court of Richmond County, Georgia in Deed Book /579 , '736) page(s) THIS CONVEYANCE INCLUDES ALL of the following:(I)all buildings,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)all and singular the tenements,hereditaments,easements and appurtenances belonging thereunto or in any wise appertaining thereto and the reversion and reversions,remainder or remainders thereof;(iii)all rents,issues,income,revenue and profits accruing therefrom,whether now or hereafter due;(iv)all accounts and contract rights now 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,shrubberyand other emblements now o 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,apperfatus,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 now 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 purpose 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. 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 of 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 TWO THOUSAND FIVE HUNDRED and 00/100 Dollars ($2,500.00), with interest as therein provided,said note being due as follows:Note dated FEBRUARY 1,2016 in the amount of$2,500.00 with a maturity date of JANUARY 1,2021. This instrument shall secure the indebtedness herein described,any extensions or renewals thereof in whole or in part,whether evidenced by new notes, extension 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 being limited to,any liability as endorser,surety,grantor,or Indemnitor Grantee shall be subrogated to the claims and liens of all persons whose claims or liens are discharged with the proceeds of this loan or any other advances to, or on behalf of grantor. 20160039 02/12/2016 13:37:09.01 Grantor waives and renounces for himself and family all homestead and the exerrrpnon rights under the Constitution and laws of this State or 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 at 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 property in fee simple,divesting all rights or 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 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. In the event of foreclosure or deed in lieu of foreclosure of the First Mortgage,or full repayment of the Affordable second,any provision herein or in any collateral agreement restricting the use of the Property,or restricting the Borrower's ability to sell the Property,shall automatically have no further force or effect on subsequent owners or purchasers of the Property. Any Person,including his successors and assigns,(other than the Borrower or related entity or person to the Borrower)receiving title to the Property through a foreclosure or deed in lieu of foreclosure of the First Mortgage shall receive title to the Property free and clear from such restrictions. 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 k � ►aA ARI\ r (SEAL) Witness , Borrow : CRYSTAL IVEY t•. %' A 9'` 2 irrr Comm.Exp. i<r; 8/26/19 :0' BL n• N44 o C®VJ (SEAL) Notary P i blic,State of Georgia Borrower Book 01519•' 0 Augusta-Richmond County 2016003b41 02/12/2016 13:37:09.01 Exhibit"A" ALL THAT LOT OR PARCEL OF LAND, together with all buildings and improvements thereon, situate,lying and being in the State of Georgia,County of Richmond,being known and designated as Lot 49,Alexander Woods, as shown on a plat recorded in the Office of the Clerk of the Superior Court of Richmond County, Georgia, in Realty Reel 390,page 80. Reference is hereby made to said plat for a more complete and accurate description as to metes, bounds and location of said property. SAID property is conveyed subject to any and all applicable easements, restrictions and covenants recorded in said Clerk's Office. Tax Map and Parcel No.:108-0-474-00-0 Filed in this office: Augusta-Richmond County 02/12/2016 13:37:09.01 Elaine C Johnson Clerk of Superior Court