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SUBORDINATI ~N AGREfiMENT
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TH~S A~GRFfiM ENT, rr~ade this lst day oi October , `
i~
19 70 , between William L. Stewart an_d MarY F S
ewa
:ty his ,wife
nart ;eSOi the firet part~ and FIRST F~DERAL SAVINGS AND LOAN
' ASSOCIATION OF 1NDIAN RIVER COUNTY, a corporation under the laws `
of the United States, party o! the second part~ W1TN~SSfiTH:
WHfiRfiAS, WILLIAIVI~ STRONG and RUBY S. STRONG, his wife
~ss
executed a mortgage to the part
es of the first part. ~n property described
in said mortgage~ which mortgage was dated Ivlay 18, 1966 .
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end tecorded May_24, 1966 . io Official Record
~~r~~ ~r~ ~~~.~~i~ -
Book 14~~ page 2~~ St. Lucie ~public reoords~
which said mortgage secures payrr,eqt uf tbe sum of $3, 700. 00 {
WHEREAS, eaid WILLIAM J. STRONG and RUBY S. STRONG, his wife
executed a mortgage to said party of the secs~nd part on property covered a
by the mortgage above mentioned~ which mortgage wae dated September
21, 1970 ~ recarded September 23, 1970 , i~ Official
Recurd Bcok
~8~~ page 705 ~ St. Lucie County
publf~ records. aad give:~ to secure payment of the eum of $6, 300. 00 .
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WHEREAS~ party of the second parc has declic~ed to close
said loan for $6, 300. 00 under said mortgage dated Sep~ r
21, 1970 ~ because of the existence of said mortgage for ~
~3~ ~ , unlese and unti~ the lie~ of said mortgage shall be
eubordi~ated to the lien of said mortgage dated SeptembEr 21,
1~370 ,
~ ~r?d party of the eec~nd part will aot disburse and pay proceeds of eaid
rr~ortgage dated ~eptember 21, 1970 , excepc o~ the conditioa
that eaid prior mortgage be eubordinated.
N~W, THERBFORfi, partl~ of the firat part~ for a~d in t
consideration of tt~e eum of ~1.00 and other valuabte consideratione
paid by party of the second part. the receipt whereof ie her~by
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acknowledged, a~ i~ ozaer co i~:duce said party of the secoad part to ~
4 cloee the loan uc~der sai~d mortgage dat~ed Se tember 21, 1970 .
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