HomeMy WebLinkAbout0137 2. That ifA.LDO H. ZANDER, does hereby eubordinate
the lien and operation o~' the mortgage recorded in Offioial
aecord Book 55 8t p88e 268-~ of the public recorda of St.
Lucie County, Florida, to the thr~e canatruction mortgages
in favor of U1~IT~D STATTS STEEL CORPORATION, II~TITED STATES
S~EEL HOM~S DIVISIOK, more particularlq dea~r~bed above,
in the same maarier and effect as if eaid mortgage~ had
been dated ~nd filed for public record prior to end in
advanae of the mortgage held by the said WAZDO H. ZAN]~R,
thus Qausin.g the said mortgage recorded in Official Recard
Boog 55 at page 268-E of the public reeorde of St. I+ucie
County, Florida ta be a third lien on said premi$es.
3. Th~t WALDO H. ZANDER, does hereby subordinste
the lien and aperation af the mortgage reoorded in Official
Record Book 55 at page ZbB--B of the nublic records of St.
Lucie County, Florida, ta the three cons~ruction mortgages
~ in favor of IINITED STATES SrEEL CORPORAT~ON, UNITED STATES
STEEL HOMEB DIQISION, more partioularly deseribed above,
in the $ame manner and effeat as if said mortgagee had
been dat~d and filed fnr publie reaord prior to and in
advance of the mnrtgsge held by the $aid WALDO H. ZANDER,
thus causing the said mortgage recorded in 4fficial 8eaord
Book 55, at page 268-B of the public records o~ St. Lucie
j County, Florida to be a fourth lien on s~id premises.
4. ~hat CQI+LEGE PARK ESTATES DEVELOPMENT CORPORA_
TION, does hereby subord~.nate the lien and operation of
the mortgage recorded in Official Aecord Book 1~7 at
gage ~~7 of the public records of St. Luai~unty,
Florida, ~o-~he three Qonstr~:ction mortgages in favor
of UNITED STATES STEEZ CORPORATION, U1~~TED STATES STEEL
HOI?~ES DIgISION, more particularly deseribai above, in
the same ffianner and effect ~s if said mortgage~ had been
dated and ~~~ed for public record prior to and in ad,vance
of the mor~gage held by the $aid COLLEGE PARK ESTATES
DEVELOPYENT COR.POR.ATION, ~hu~ causin~ the s~id mort age
, recarded in OffiQial, $ecard Book ~17 a~ page 57~
of ~he publia records of St. Luoie ~ount~, Florida,~o~
be a fif~h lien on said pr~mises.
F
~ 5. That PHIZIP G. NOURSE, as Escrow Agent, be and
E he is hereby suthorized to surrender the partial releases
; heretofore entrusted ta ~.im, releasia~g the three lots
I described herein from the subordinateci ~ortgages, upon
~ payment to the said PHII,IP NOURSE, as E~crow Agent,
the sum of Z12,400.04 plus accrued interest, ~n the form
of a CAS~iIEB'S CHECK drawn upon a loaal bank, and that
the said PHILIP G. NOIIRSE, as Escrow Agent is further
authorized to disburse said funds in accordance with the
closin~ sta~ement issu~d as a resul~ of this transaction,
6. That the subordir~a~io~s herein are canditioned upnn
the sai~ payment of the ~12,OOQ.00 to the Escrow Agent
within. ninety (9U) days from the date hereof, and that
time is of the essenee of this contract.
7. That the subordination~ her~in are further
conditioned that nothing herein aontained sha11 in anywis~e
. impair,alter or diminish the effect, lien or enaumbrance
~ of the Mort~ages recarded in Official $e~ord Baok 69 at
pa~e 684, Officisl Record Book 55 at page 268--E and
Of£icial Record BoAk 55, g~ page 268-By an the remainixig
p~rt of said mortgaged premises, not hexe~~ described, Qr
any of the rights and remedies of the hald~rs thereof.
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