HomeMy WebLinkAbout1727 _ • . . _ _ _ _ _ _ ~ . - - - . _ - - - - ~ -
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; ~ . SUBORDINATION AGREEMENT :
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. THIS AGRBEMENT~ 1Y18d6 L~8 Z3 rd ~ d8y Of J~lIIUBry~ 1964~ i
: between ZHE PURE OIL CON~PANY, an Ohio Corporation, hereinafter called
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~ ~ the party a~ the firet part, and FIRST FEDERAL SAVINGS AND LOAN _ ~
` ASSOCIATIQN OF INDIAN RNER COUN'I'Y, a oorporatian exiating under the ~
' laws pt the LTiiited States of Ainerica, having its office at Vero Beach, Florida =
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~ . hereinafter called the party of the seoond part, WITNESSEZ~i;
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~ . WfiEREAS, Indian River Spreader 5ervice, executed a Lease to
; ~ party of the first paxt, a8 Lessee, an praperty described ia said Lease,
; ~ which Lease was dated ~Tovember 20, 1961, and rECOrded January 19, 1962,
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i , in Official Record Book Z7, page 651, St. Lucie County, Florida, reoords,
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' WHEREAS, L. L. Chambley and J. H. C~ambley, d/b/a Indian
River Spreader Service, and Betty Jean Chambley and Elsie Lee Chambley,
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i their wives, r~~pectively, executed a mortgage tio party of the second part, I
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; which mortgage covered property, a part ~of ~which ig described in said Lease '
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; ~ a.bove mentioned, which mortgage was dated February 22, 1963, and record
~ • in Official Reoord Book 57, page 676, St. Lucie County, Florida, records,
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and which mortgage secured payment of the sum of ~11, 000. 00; a.nd,
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WHEREAS, L. L. Ghambley and j. H. Chambley, d/b/a Indian
y River Spreader Service, and Betty Jean Chambley and Eleie Lee C~ambley, -
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' their wives, respectively, euecuted an Open-End Advance Note to said party .
of the seoond part, which note is secured by the above deseribed mortgage, d
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which said note is dated January 23., 1964, and secures payment of ~ i, 600. 00
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WHEREAS, eaid party af the seco~nd part has decliaed to close
y said loan for $ i, 600, oo becauae af the existence of eaid Lease reoorded
~ in Official Record Book 27, page 651, St. Lucie County, Flac ida, unless and
unt31 the lien of said Lease shall'be subordinated to the lien of eaid mortgage
; dated February 22, 1963, and said note dat~i January 23 , 1964, and party
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~ ~ , of the aecond part wi11 not disburse and pay proceeds af said note dated
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~ ~ i Heath b Smith, Attorneys At lew, Vero a~ad~, Florida ~~~tK ~q
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