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to court determination of the exact portion of xhich sum shall be
payable to First Party, KEN F. GORDY, and
WH~REAS, First Party agrees that upon court determination or
other agreement the first prcceeds received by First Party in and
to the aforesaid sum of money shall be payable to ST. LUCI$ COUNTY
BANK in discharge and payment of said REN F. G4RDY note.
NOW, THEREFORE, IN CONSIDERATION OF THE FOftEG~JING, IT IS
AGRSED AS FOLL~f~TS :
1. Second Party, M~sRYL M. ~ORDY, herein assigns as temporary
and secondary collateral security for the $7,000.00 KEN GORDY note
No. 3266 and any interest thereon, that certain Mortgage executed the
llth day of March, 196$, by VARN GROVES, INC., payable to MERYL M.
GORDY, recorded in 0. R. Book 170, page 2602, unto Third Party,
ST. LUCIE COUNTY BANR.
2. First Party, KEN F. GOi~DY, agrees that upon court adjudi-
cation and~or settlement of pending GORD~C-ASHLEY litigation, the
escrow sum of $21,000.00 held by Third Party or any portion thereof
shall be first released unto Third Party in payment of the KEN F.
, GOftDY Promissory Note No. 3266.
3. First Party, KEN F. GORDY, and Third Party, ST. LUCIE COUNTY
BANK, agree and acknowledge that the escrow sum of $21,000.00 shall
be primary collateral for the KEN F. GORDY Note No. 3266; Third Party,
~ ST. LUCIE COUNTY BANK further agrees to look to t:~s primary collatera3
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E for first payment; that the promissory note secured by the assigned
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~ Mortgage herein and payments thereunder shall not be applied to the
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~ reduction of the KEN F. GORDY Note No. 3266 until court adjudication
and/or settlement of pending GORDY-ASHLEY litigation wherein that
portion of escrow sum adjudicated unto REN F. GOftDY shall at all times
be primary collateral.
4. That in the event the REN F. GORDY proceeds of the $21,000.00
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~ escrow funds are insufficient to fullp pay the KEN F. GORDY Promissory
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~ Note No. 3266, the assigned Mortgage herein and Promissory Note there-
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~ under shall in that event become pri.mary collateral for payment of
~ the KEN F. GORDY Promissory Note No. 3266.
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~ 5. That upon payment from the escrox funds of the note in full,
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