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SUBORDINATION AGRH&MBNT .L~~~
1HIS SUHORDINATION AGRBBMB~IT, made and entered into this
~ day of , 1966, by 01H0 H. SMIIHBR and HBLHN A.
SI?iITHBR, his Mife, herein called First Party, and FRANCHISB
RBALTY INTERSTATB COItPORATION, an Illinois corporation, here-
in called Second Party.
W I T N B S S B T H s
WHBREAS, the Pirst Partq is the fee simple title awner
to those lands situate in St. Lucie County, Plorida, described
as the West 6 feet of Lot 16 and all of Lots 17, 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, Florida; and
WHBREAS, the First Party has entered into and executed a,
ground lease on the aforesaid lands with the Second Party, said
lease being dated March 12, 1965, and recorded in O. R. Book /S,j''
at page of the public records of the af oresaid County;
and
WHERFAS, both the First Part y and Second Party have
; executed a first mortgage deed on the aforesaid lands to_the
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~ PLORID~A HANK AT FORT PIERCB, Port Pierce, Florida, which
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E secures a promissory note in the amount of $60,000.00 executed
by the Second Partq and others to said Bank; and
WHEREAS, said Bank is not wiliing and will not make the
loan of said $60,000.00, to secure which the aforesaid mortgage
deed was given by the First Party and the Second Party, unless
said mortgage is a first mortgage, prior in dignity in everq
respect to the aforesaid ground lease.
NOW, 1HEREFORE, in consideration of the aforesaid and in
~ consideration of the sum of One Doilar and other good and valu-
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abl!<consideration, receipt of which is acknowledged by each
of the partie s hereto from said Bank, the F irst Party and the
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