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SUBORDINATION AGREEMENT
THIS AGREEMENT, made this 26th day of February, 1963,
between THE PURE OIL COMPANY, an Ohio Corporation, hereinafter called
..
the party of the first pan, and FIRST FEDERAL SAVINGS AND LOAN
ASSOCIATION OF INDIAN RIVER COUNTY, a corporation existing under the
laws of the United States. of America, having its office at Vero Beach, Florida
hereinafter called the party of the second part, WITNESSETH:
WHEREAS, Indian River Spreader Service, executed a Lease to
party 'of the first part, as Lessee, on property described in said Lease,
.....
which Lease was dated November 20, 1961, and recorded January 19, 1962,
,
in Official Record Book 27, page 651,' St. Lucie County, Florida, records,
and,
WHEREAS, L. L. Chambley and J. H. Chambley, d/b/a looian
River Spreader Service, and Betty Jean Chambley and Elsie Lee Chambley,
their wives, respectively ~ executed a mortgage to party of the second part,
which mortgage covered property, a part of which is de3cribed in said Lease
aOOve mentioned, which mortgage was dared February 22, 1963, and
secured the sum of $11,000.00, and,
WHEREAS, said party of the second pan has declined to close
said loan for $11,000.00, under said mortgage dated February 22, 1963,
because of the existence of said Lease above r.1entioned, unless and until the
lien of said Lease shall be subordinated to the lien of the said mortgage dated
February 22. 1963, and said party of the second part will not disburs~ and
pay proceeds of said mortgage dated February 22, 1963, except on the
condition that said Lease be subordinated.
NOW, THEREFORE, Party of the first part, for and in consider
ation of the sum of $1. 00 and other valuable considerations paid by the party
of the second part, the receipt whereof Is hereby acknowledged, and in order
to induce the said party of the second part to close the loan under said
mortgage dated February 22, 1963, have and hereby do in all respects
eubordinate the lien of aaid Lease to the said mortgage for $11,000.00, dated
Februa.ry 22, 1963, and do hereby agree and consent that the said Lease. shall
Huth 4; Smith, Attorney. At law, Vera aeaen, Florida "
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