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SUBORDINATION AGREEMENT
THIS SUBORDINATION AGREEMENT made this 15th day of
February, 1967, between D, A. D. , INC. , a corporation existing under the
laws of Florida, party of the first part, and FIRST FEDERAL SAVINGS AND
LOAN ASSOCIATION OF INDIAN RIVER COUNTY, a corporation under the
laws of the United States of America, party of the second part, WITNESSETH:
THAT WHEREAS, EMMA FULLER, a widow, executed a mortgage
to the D. A. D. , INC. , a Florida corporation, on property described in said
mortgage, which mortgage was dated December Z, 19b2, and recorded
in Official Record Book 60, Page 181, Public Records of St. Lucie County,
Florida, Apri14, 1963.
THAT WHEREAS, EMMA FULLER, a widcw, executed a mortgage
to said party of the seoond part on property covered by the mortgage above
mentioned, which mortgage was dated October 29, 1962, recorded in Official
Record Book 50, Page 106, St. Lucie County Public Records, and given to
secure payment of the sum of ~3, 150.00; and
WHEREAS, said EMMA FULLER, a widow, executed an Open-End
Advance Note, secured by the said mortgage dated October 29, 1962, executed
; to said party of the second part, which said note is dated January Z0, 1967,
I
and securing payment of $1, 500. 00, and
WHEREAS, party of the second part has declined to close said
loan for $1, 500. 00 because of the existence of said mortgage dated December 2
1962, recorded in Official Record Book 60, Page 181, Public Records of St.
Lucie County, Florida, April 4, 1963, until and unless the lien of said
mortgage shall be subordinated to the lien of said mortgage dated October 29,
1962, and said note dated January 20, 1967, and party of the second part
will not disburse and pay proceeds of said note ~ated January 20, 1967, except
on the condition that said mortgage dated December 2, 1962, be subordinated
to the lien of said mortgage to the party of the second part insofar as the same
F
800K164 ~f~~0~
Smith, Heath, Smith b O'Haire, Attorneys At Law, Vero Beach, Florida
x. -d ~„r'~-..~. t
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