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SUBORDINATION AGREEMENT
THIS AGREEMENT, signed this 3~' day of , 1968,
~ between FIRST PRESBYTERIAN CHURQ-i OF FORT PIER , FLORIDA,
a corporation existing under the laws of the State of Florida, party of the
Hrst part, and FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF
INDIAN RIVER COUN'TY, a corporation under the laws of the United States,
party of the second part, WITNESSETH:
'IfiAT WHEREAS, said party of the first part was on August
1, 1945, owner of Lot 2, Block C, West End Addition, in the City of
Fort Pierce, Florida, and on that date, by Quit-Claim Deed, conveyed
said lot to First Baptist Church of Fort Pierce, Florida, a corporation,
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which said deed is recorded in Deerl Book 139, page 98, St, Lucie County, ~
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~ Floricla records, i
. ee ntained a reservation as follows: ~
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H E R E A S, s a i
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"Zhat should the said party of the second part neglect f
the property hereby conveyed for a longer tierm than ~
six months or cease to use same as a place of public
- ~ worsh~p, then and in that event, this conveyance shall
; be and become void, and the said prop~rty shall revert
to, and belong to, the First Presbyterian Church of
; Fort Pierce, Florida, its successors aud assigns, as
j ~ though this conveyance had not been made. " ' ~
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ii WHEREAS, West Side Baptist Church of Fort Pierce, a ;
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~ corporation, as the owner of said lot, executed a mortgage to said party !
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~ of the second part on the lot hereinabove described, which lot is subject ; ~
t to tfie reservation hereinabove quoted, and which mortgage was dated May i
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7, 1968, recorded in Official Record Book 171, page 2607, Public Records ~
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~j of St. Lucie County, Florida, which mortgage secures the principal sum ~
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~ of $11, 500.00; which is a Second Mortgage and subject to Mortgage between~
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the same parties, dated February 11, 1966, recorded in Otficial Record ~
Book 138, page 423, public records of St. Lucie County, Florida, which ~
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mortgage secures the principal sum of ~40, 000.00, and by agreement ' `
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between the parties, said two mortgages are merged. ~
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WHEREA~, party of the second part has declined to close i
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This instrument was prepared by George?iHeath of ~
Smith, Heath, Smith b O'Haire, Attorneys At taw, P. O. Box 518, Vero B~a~,~{~s 32960 ~ ~
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