HomeMy WebLinkAbout1314 . • ~ • GERALD S.IAMES ~ ~ ' . '
Prepared by: ~mey at Law
1143f South 2nd Street 1s6?224
COLLATER~C~ORITY AGRTEMENT AND ASSIGNMENT OF MORTGAGE
THIS AGREH~.ENT, Made and entered into this ~ day of
, 196$, by and between KFN F. GORDY, First Party,
M~RYL M. GORDY, Second Party, and ST. LUCIT COUNTY BANK, Third Party.
WITN~SSTTH:
WHBREAS, ST. LUCIE COUNTY BANR, Third Party, is oxner and holder
of an unsecured promissory note dated March 11, 1967, in the original
sum of SEY~N THOUSAND ($7,000.00) Dollars, bearing six per cent (6~)
interest, said note executed by K~N F. GORDY, No. 3266, and
WHEREAS, ST. LUCIE COUNTY BANK h~~ requested security for the
above described note, and
WHEftEA5, First Party, REN F. GORDY, and Second Party, MERYL M.
GORDY, ha~e made convepances of certain property formerly owned by
the entirety between First and Second Party, but pursuant to pending
divorce First Party has transferred the Gordy Grove property unto
Second Party, and
WHEREAS, pursuant to the aforesaid property settlement agreement
between First and Second Party, and further the sale af GOftDY GR4V~S
, unto VARN GRODES, INC., the second Party herein is the o~?ner and
holder of a certain Second Mortgage recorded in 0. R. Book 170, page
2602, and
' WHTREAS, the Thi~d Party is the owner and holder of a First
I
! Mortgage covering the aforesaid GORDY GROVES property, and
E
~
a
; WHEREAS, the KEh F. GORDY home place is located on said grove
~
t
~ property, and
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~ WHER~AS, said home place was not conveped in the aforesaid trans-
action to VARN GROVES, INC., and
WHSREAS, the Second Party, MERYL M. GORDY, desires to have said
~ home place released from the said First Mortgage held by the ST. LUCIE
~ COUNTY BANK, and
~
~ WNEREAS, Second Party, MERYL M. GORDY, desires to accommodate
~
~ Third Party, ST. LUCIE COUNTY BANK, by assigning the above described~
~
~ mortgage as temporary and secondary collateral securitp for the note ~
above referenced, and
WHEREAS, Third Party acknowledges that it holds the sum of ap-
proximately TWEATY-ONE THOUSAND ($21,000.00) Dollars in escroK, sub~ect
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~ BooK 171 ~c~ 1312 . ,
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