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- SUBORDINATION AGRSEMSNT
~ WHERSAS, under date of January 12, 1970, a Mortgage qiven
by OUTDOOR RESORTS OF AMSSRICA, INC., a Tennessee oorporation, to
IOWA LAND AND GBNERAL D$VSLOPI~NT CORPORATION, INC., S Minnesot8
vorporation authorized to do businesa in the State of Florida,
which mortqaqe was recorded January 29y1970, and reoorded.in ~
Official Records Book 182, Paqe 1658 , St.Lucie County, Florida,
public records, and which mortgage oovers the following described
real property lyinq and being in St. Lucie County, Rlorida:
(See Exhibit "A" attached hereto and made a part hereof by.reference)
WHERSAS, FIRST.NATIONAL BANK OF STUART, a national banking
association of Stuart, Florida, has agreed to make a mortgaqe loan
to OUTDOOR RBSORTS OF AI~RICA, INC., a Tennessee corporation, in
the amount of Two Hundred Thousand ($200,000.00) Dollars herein-
after called "Ne w Mortgaqe", coveri~q a11 that part of the property
above described lyinq Easterly of State Road AlA on Hutchinson Island,
provided the mortqaqe first described is subordinated to it; and
WHBREAS, the undersigned, in order to induce the making of
~ the New Mortgage loan, and in consideration of the sum of One
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~ Dollar ($1,0~ and other qood and valuable vonsiderations, desires
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to subordinate its mortgas~e to the New Mortgage;
~ _ NOW, THEREFORE, in oonsideration of the premises, the mortgage
first described above is by this instrument subordinated and made
inferior to the mortqage to be qiven to FIRST NATIONAL BANR OF STUART,
a national banking association of Stuart, Florida, last described
~ above, on those lands hereinabove described lyinq Easterly of State
~ Road AlA on Hutchinson Island, Florida. .
~ I EVAC~~
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~ • (~MN AtJD CRARY, F.A.. AITORtiFYS
apl fiist tvo~~al G:inR 6~,:,~,
, 6TW1FtT, FI,OR?GA 3.N94
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