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SllBORDJNATION AGREKYENT
THIS AGREEMENT of and entered into thi.
the /~ day of , 1961, b1 and bfltueen
SIN~EFINlNG . e corpora on, authorized to
transact business as a fo In corporation in the State of Florida
(hereinafter referred to as SinclairW)! and FIRST FEDERAL SAVINGS
AND LOAN ASSOCIATION. Vero Beach, Florida (hereinafter referred
to as "Loan AssociationW);
WITNESSETH THAT
WHEREAS. on August 24, 1954 EDWARD B. ,TRAUB SR., and ETHEL
M. TRAUBt his wifet (hereinafter reterred to as 'Lessors.), exe-
cuted and delivered unto SINCLAIR REFINING COYPANY a leas8 for a
period of TEN (lO) YEARS, commencing January 26, 1955, at a rental
of 'tWO HUNDRED ($200.00) DOLLARS per aonth, the -premises and gaso-
line and oil filling and service station improvements located
thereon, situate at the Southeast corner of the intersection ot
Orange AT.nue and 15th Street, in the City of Fort Pierce, County
of st. Lucie and State ot Florida, more particularly described in
said lease, which lease is recorded in Deed Book 194, Pages 381-
398, inclusiTe, in the office of the Clerk of the Circult Court
of St. Lucie County, Florida, reference to which is hereby made;
and
WHKREAS, Lessors desire to obtain a loan fro. the Loan Associ-
ation, securing said loan with a first mortgage deed on the premises
covered by the aforesaid lease; and
WHEREAS, the Loan Association has agreed to make said loan
subject to certain conditions, one of which is the subordinetion
by Sinclair of its lease to the Vortga~e Deed to be executed by
Lessors in faTor of said Loan Associatlon.
NOW THEREFORE in consideration of the premisea and the aum
of ONE AND NO/lOa t$l.OO) DOLlAR paid by Loan Association to Sinclair,
receipt whereof is hereby a~nowledged, Sinclair agrees to and with
Loan Association aa followl:
That the afore-mentioned leaae shall be and hereby now is made
subject and subordinate to the Mortgage Deed from Lelsorl to Loan
ASlociation and to any renewal, replace.entl or substitution thereof.
The proTision in laid lease which permitl the Lels.e (Sinclair)
to deduct fro. the rental par-ent. an, iod.bt.dnell due it b1 the
said Leslors il hereb1 waiTed in faTor of Loan AIsociation so that
aaid Loan ASlociation '" prooeed to collect the rent. in coapliance
with itl rightl under said Mortgage Deed and under any alli~nt
of rents Which it '" hold; PROVIDED. how'Ter, that Sinclair Ihall
baTe the right toVappl, saia rents in payaent of &DJ indebtednes.
dpe it trom tessorl by realon of &D1 .onies adTaDOea tor axpensel
lncur~ea by Sinclair in prot.cting its l.asehola 'Itat. b1 rlason
of -7 a.fault on the part of Lellor. in the pertol'll&DC' of ana
oo~ll&Doe with the cOTenanta, obligation. and conditlonl i.po.ea
upon Leasors una.r and b1 Tirtu. of the te~ of saia l.al..