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to pay for such 3mprovements and to pay off and satisfy the said
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existing first mortgage to First Federal Sa.vings and Laan Associa- ;
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tion of For± Pierce. And
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~'i WHEREAS~ third party has agreed to grant a$14,000.00 ;
anortgage loan unto secon~ part3es provided that such mortgage
shall be a val3d and en.forceable first mortgage lien upon the
abdve described property. And ~
k'HEREAS, second par~ies have request~d first parties
to execute this 5ubordination in order that the exis~ing second
m~rtgage held and owned by first parties will be inferior ~n ~
dignity and a suboxdinate lien to said proposed mortg~~ge to be '
given from second parties unto third party; with first parties
being agreeable to such procedure.
NOW THEREF'ORE, in consi~eration: og the premises and in
f urther consideration of the sum of $10.00 and other valuable
consideration to them in hand paid, the receipt whereof i5 hereby
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acknoravledged, first parties do hereby agree with sec~nd parties ;
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and third party, to and do hereby in every xespect subordinate and`
declare their right, title and intexest in said second martgage ~
owned and held by them, da.ted August 13, 1962, recorded in Official
Records 3ook 43, Page 4.85 of the Pub13c Records of St. Lucie '
County~ Florida and encumt~ering the ~ereinabave described property9`
to be in.~erior in diynity and ~ subordinate 13.en to any mortgage ~
hereinaf~er qiven by second parties unta third party encumbering
the above des~ribed property, provided the same shall not exceed
the principal sum of $14,000.00 and provided that the said existing;
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mortgage upon the above describ~d property to First Federal S~.vings
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and Laan ~,ssociation of Fort Pi~rce is paid, discharged and satis-~
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fi~d af record.
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IN WITNESS WHEREOF, said first parta.es have hereunto '
; se~ thei.r hands a.-~d ~eals the day and year first above written. i
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