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WHEREAS, the Charter and by-laws of Mortgagee require its .
real estate loans to be senured by first liens upon the unqualified fee
simple title to its security;
NOW, THEREFORE, the premises considered and in the further
consideration of the sum of $10.00 each, to the other in hand paid, the
receipt whereof is hereby, by each party hereto, duly acknowledged, it
is agreed as follows:
1. Lessee, at the request of Owner and Mortgagee and for the
stated consideration does, by this agreement, subordinate all of its right,
title and interest in and to the hereinabove described real property to the
lien and operation of the mortgage executed by Owner to Mortgagee dated
March 19, 1968, recorded in O. R. Book 171, page 195, St. Lucie County,
Florida records in the same manner and with the same effect as though the
lease agreement from Owner to Lessee dated December 9, 1966 recorded
in O. R. Book 162, page 309, St. Lucie County, Florida, public records
had been recorded subsequent in time to the recording of the mortgage deed
to which subordination is hereby made.
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~ 2. That if default be made by Owner under the terms and covenants
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~ of Owner's mortgage and note to Mortgagee, or either of them, Lessee shall,
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at all tiunes, have the free right and privilege of rectifying such default,
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and the cost thereof shall be applied to the rents reserved unto Owner
under said 2ease agreement.
~ b essee of the o tion to urchase
~ 3. In the event of the exercise y L p p
~ granted in said lease agreement, the Lessee, at its option, may elect to
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acquire the leased premises subject to the then remaining balance of the
~ mortgage debt in which event the option purchase price shall be reduced
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~ 8ooK1`l1 PAGE 994 -
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