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1Q8353
SUBORDINATION AGRHEMHNT
THIS SU~Rp INAT~ON AGRFiBMBNT made aad entered into thia
~ Vineyard Industrias, Inc., assignea of
day of June, 1966, by/PHILIP W. VINBYARD sad YBRNON
F. YINBYARD, herein called Pirst Party, and FRANCaiIS~B RBALTY
INTBRSTATB CORPORATION, an Illinoi~ corporation, herein called
Second Party.
W I T N B 3 S B T H:
WIEiERFAS, the First Party is the sub-lessee of a portion
of those lands situate in St. Lucie County, Piorida, described
as the West 6 feet of Lot 16 and all of Lots 1?, 18 and 19, of
Block B, of the Revised Plat of Cobb*s Park Subdivision, as
per plat thereof on file in Plat Book 8, page 54, of the public
records of St. Lucie County, Plorida, the same having been
acquired by a sub-lease from the 3econd Party, dated November
/3 g' ~ ~-J
23, 1965, and recorded in O. R. Hook at page
of the public records of the aforesaid County; and
WHEREAS, the Second Party and others have executed a
first mortga.ge deed on the aforesaid lands to the PLORIDA
BANK AT FORT PIERCE, Fort Pie rce, Florida, which secures a
promissorq note in the amount of $60,000.00 to said Bank;
~ and
E
' WHEREAS, said Bank is not willing and will not make the
loan of said ~60,000.00, to secure which the aforesaid mortga.ge
deed was given by the Second Party and others, unless said
mortgage is a first mortgage, prior in dignity in every respect
to the aforesaid sub-lease.
NOW, 1fIERBFORE, in consideration of the aforesaid and in
consideration of the sum of One Dollar and other good and
valuable consideration, receipt of which is acknowledged by
~ each of the parties hereto from said Bank, the First Partq and
~
~ the Second Party do hereby, jointly a.nd severally, agree and
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