HomeMy WebLinkAbout1519 R . ~ 1625t~9 f
DINATION AGREEMEI~iT
KNOW ALL MEN BY THES~ PRESENTS;
WHEREAS, rort Pierce Port and Airport Authority, a special taxing
district, did by ~ieed dated October 10, 196T, recorded in O. R. Book 169,
page 19 of the public records of St. Lucie County, Florida, convey unto
FREEDOM YACAT CO~riPANY, a Florida corporation, the title to real pro-
perty situate in St. Lucie County, Florida, described as follows:
Lots 1 and 2, Block 3, AIRPORT INDUSTRIAL PARK,
UNIT ONE as per plat thereof on file in Plat Book 12,
at page 40 of the public records of St. Lucie County, Florida
subject to a reverter clause as follows:
Provided, however, that if a Butler-type building approximately
41' x 120' to be appraved by the Grantor, is not constructed by
the Grantee within six (6) months from this date and a bost~ manu-
facturing business is not started by the Grantee within said period,
title to said lands shall revert to the Grantor, its successors or
assigns. Provided further, that if the Grantae does not expand
its business so as to require the use of said Lot 2 within a period
of five ( 5) years from this date, the title to said Lot 2 shall revert
to the Grantor, its successors or assigns.
AND WHEREAS by the hereinbefore described deed of conveyance ~
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the grantor expressly agreed to subordinate ita reversionary interest as
above set forth to the liens of valid first ancl second mortgages encumbering
said real property to First Federal Savings and Loan Association of Fort
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Pierce, and Richard K. Davis, respectively,
AND WHEREAS Freedom Yacht Company has requested Fort Pierce
Port and Airport Authority to now subordinate its reversionary interest to the #
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lien and operation of said mortgages, the same being hereinafter more
particularly identified and described;
NOW, THEREFORE, in consideration of the sum of ~1,00 and other ~
valuable considerations inuring to the undersigned from First Federal
Sa~ings and Loan Association of Fort Pierce, a corporation, and Richard
K. Davis, respectively, Fort Pierce Port and Airport Authority, does
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hereby subordinate all of i~ts right, title, and interest, present or future, ~
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