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SUBORDINATION AGREEMENT
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'I~-iIS AGREEMENT, signed this /O % day of May, 1966, betwee~
FIRST PRESBYTERIAN CHURC~i OF FORT PIERCE, FLORIDA, a ~
~ co oration existin under the laws of the State of Florida, party of the
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first part, and FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF
INDIAN RIVER COUNTY, a corporation under the laws of the United States, `
party of the second part, WITiVESSE'IIi: ;
'111AT WHEREAS, said party of the first part was on August
1, 1945, owner of Lot 2, Block C, West End Addition, in the City of Fort :
Pierce, Florida, and on that date, by Quit-Claim Deed, conveyed said
lot to First Baptist Church of Fort Pierce, Florida, a corporation, which
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said deed is recorded in Deed Book 139, page 98, St. Lucie County,
Florida, records.
AND WHEREAS, said deed contained a reservation as follows:
"'Ihat should the said party of the second part neglect ;
the property hereby conveyed for a longer term than
6 months or cease to use same as a place of public
worship, then and in that event, this conveyance shall :
be and become void, and the said property shall revert .
to, and belong to, the First Presbyterian Church of
Fort Pierce, Florida, its successors and assigns, as
! though this conveyance had not been made ;
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~ '11IAT WHEREAS, West Side Baptist Church of Fort Pierce, a
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. corporation, as the owner of said lot, executed a mortgage to said party
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of the second part on the lot hereinabove described, which lot is subject
to the reservation hereinabove quoted, and which mortgage was dated
February 11, 1966, recorded February 16, 1966, in Official Record Book
138, page .423, public records of St. Lucie County, Florida, which secures
the sum of $40, 000. 00.
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~ AND WHEREAS, party of the second part has declined to close ~
~ said loan under said mo~tgage because of the eaistence of said reservation ;
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~ hereinabove quoted unless and until the said reservation shall be sub-
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ordinated to the lien of said mortgage, and party of the second part will ,
. not disburse and pay proceeds of said mortgage except on the condition
that said reservation be subordinated to the lien of said mortgage. ,
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Heatfi & Smith, AtMrr~sys At Law, Vero Beach, Florids ~
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