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SUBORDINATION AGREEMENT
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. WHEREAS. under date of August 25~ 1969. a Mortgage was given
by I01iIlA LAND AND GENERAL DEYELOPMENT CORPORATION, INC. , a
I Minnesota cor oration authorized to do businees in the State of Florida. to
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NORFOLK DREDGING COMPANY, a Virginia corporation, which mortgage
~was recorded September 26, 1969. and recorded in Official Records Book
180, page 401. St. Lucie County, Florida, Public Records, and which Mortga e
covers t~he property as therein described and of which mortgage reference is
hereby made for a more particular description of said real property; and ~
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~ WHEREAS, FIRST NATIONAL BANK OF STUAR T, a national ~
banking association of Stuart~ Florida. has agreed to make a morLgage loan ~
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to OUTDOOR RESORTS OF AMERICA, INC. , a Tennessea corporation. in
the amount of 1~vo Hundred Thousand (~200, 000. 00) Dollars hereinafter called
"New Mortgage", covcring only that portion of the said property lying easterl~y
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of the centerline of State Road AlA and extending from said centerline to the ~
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~ Atlaatic Ocean, provided the first mortgage to that portion of the real proper
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E ia aubordinated to it; and ~
; WHEREAS, the undersigned, ia order to induce the as king 'of ~
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~ the New Mortgage loan, and in consideration of the sum of One Dollar (~1. 00) f
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; and other good and valuable consideration, desiree to eubordinate only that !
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~ portion of the property lying easterly of the centerline of State Road AlA ~
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s ~ covered by its mortgaga to t~e new mortgage. ~ `
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~ ; NOVIr, THEREFORE, in consideration of the premisea. the ~
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~ mortgage "firet described above ia by tbia i~strument eubordinated and made ;
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inferior to the _mortgage to be given to FIRST NATIONAL BANK OF STUART; ~
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! a national banking asaociation. of Stuart, Flarida. la$t described abova, on !
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