HomeMy WebLinkAbout2686 ` ~ ,
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~ SUBORDINATION AGREEMENT ~
. This is an Agreement between PROPERTY MANAGEMENT ;
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GROUP, INC., LANDMARK VILI~AS, INC., VILLA DEL SOL, INC., a
condor.zinium and the`JENSEN BEACH BANK, Jensen Beach, Florida. ~
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BACKGROUND LANDMARK VILLAS, INC. is prepared to ~
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begin construction of an additional condominium~apartment build- '
ing on the real property situate in St. Lucie County described '
on Schedule "A" hereto attached and by reference made a part ~
hereof. ~The JENSEN BEACH BANK has agreed to loan LANDMARK VILLAS,
INC. the funds necessary to accomplish the afaresaid construction.
VILLA DEL SOL, INC. by reason o~ a lease recorded in Official
Record Book~182, page 1384, Public Records of St. Lucie County,
Florida, has the right to use a portion of.the property described
~ on Schedule "A"; such property having been leased to LANDMARK
VILLAS, INC. by PROPERTY MANAGEMENT GROUP, INC. in lease recorded
in Official Record Book 182, page 1373, Public Records of St.
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Lucie County, Florida. The JENSEN BEACH BANK has requested
LANDMARK VILLAS, INC., VILLA DEL SOL and PROPERTY MANAGEMENT
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` GROUP, INC. to subordinate their right, title and interest in
the property described in Schedule "A" to the lien of the
mortgage to be given to the JENSEN BEACH BANK.
NOW THEREFORE the parties agree as follows:
1. The leases, and the rights created therein, specified
above shall be subject and subardinate to any mortgage, to
the~JENSEN BEACH BANK, now or hereafter placed af record when
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such mortgage encumbers~all or part of the real property described
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in Schedule "A". Such subordination shall be to the full extent ~
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of all debts and charges secured by any such mortgage to the
JENSEN BEACH BANK and to anyr ranewals or;extensions of all or
, ~ - This instrument was prepared by:
• E. SNOW MARTIN, JR. of
. MARTIN AND MARTIN
' 910 Arcade Building
~ Lakeland, Florida 33801 ~
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