HomeMy WebLinkAbout1152 .
• ' ~ ~ ~oey° :
~ 162261
. : #
,
SUBORDINATION AGREEMENT ~
'I~iIS EEMENT, made this Z9th day of November, 1967, i
Dl,'MOND ~
betwee~ A. ~ ERWIN, 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, party of the second
part, WITNES~E'I~-i;
WHEREAS, EDENLAWN PLANTATION, INC. , a Florida
corporation, executed a mortgage to the party of the second part on
property described in said mortgage, which mortgage was dated May 22,
1962, and recorded in Official Record Book 37, page 532, public records
~ of St. Lucie County, Floric~a, securing the principal sum of ~40, 000. 00; ~
and which mortgage was assigned to party of the first part by Assignment ;
of Mortgage, dated July 20, 1964, recorded in Official Record Book 95,
page 97, public records of St. Lucie County, Florida, and ~
WHEREAS, said EDENLAWN PLANTATION, INC. . a Florida ~
- s
' : corporation, executed a mortgage to said party of the second part on i
property covered by the mortgage above mentioned, which mortgage was ;
dated November 9, 1967, recorded in Official Record Book /L 9 Page :
public records of St. Lucie County, Florida, and given to secure :
~
~
the payme: ~.t of the sum of $30, 000. 00. ~
' i
~ WriE~tE~S, party of the second part has declined to close
~
said loan for $30, 000. 00, under said mortgage dated November 9, 1967, ;
,
;
- because of the existence of said mortgage for $40, 000. 00, unless and
: until the lien of said mortgage shall be subordinated to the lien of said
~
~
mortgage dated November 9, 1967, and party of the second part will not
disburse and pay proceeds of said mor~gage dated November 9, 1967,
except on the condition that said prior mortgage be subordinated. `
~
NOW THEREFORE, party ~f the first part, for and in ~
~ consideration of the sum of $ t. 00 and other valuable considerations gaid ~
- by party of the second part; the receipt wher~of is hereby acknowledged,
and in order to induce said party of the second part to close the loan under s
8~~16~ P~c~1140
, Smith, Heath, Smith d~ O'Haim, Attorneys At Law,- Vero Beach, Florida