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SUBOR~INATION AGREEMEN7 j~~~
This agreement entered into this 5th day of November , 1971,
by and between Barnett Bank of Winter Haven, N. A., formerly American National
Bank and Trust Company, Winter Naven, Florida, (hereinafter referred to as "Bank"),
and W. 7. Warren r, and He~en H. arren
, he~eina ter ca e "Borrower"
and * ~
tin;1~~ St:~tPC cn~~oratiQa , hereinafter called "Lender"
W I T N E S S E T H;
WHEREAS, "8ank" has heretofore made a loan to '
W. T. Warren ~r. and Helen H. Warren
, in t e amount of
One Hundred Sixtv-eiqht Thousand and no/100 ~ollarg
as evidenced by Note dated ~anuarv 30. is67 , which loan was secu~e by,
among other things, one Mortgage executed by y, T. Warren_ .Ir. ~ Helen H_ Warren
, dated {p/2/ 7 ,
recorded in the Office of the Clerk of Circuit Court,
County, Florida, on 10l2/62 , in Official Records Sook 7_
Page 20 thru 26 , and-recor ed in O~~ice~-Clerk of Circuit Court, Indian River
County, F a., on /2/62 in OR Book 156 Page 303 thru 309 and~ ~
MIHEREAS, Said "Borrower" W. T• Wa~ren, Jr, Helen H. Varr_r,
, now desires ro borrow the sum
of One lluncire~i Thousand arx~ No/1~)Ct ($ln(~,On(!,(x~ ~
from the aforesaid "Lender" and wishes to secure said toan by a mortgage prima~y
to the mortgage in favor of "Bank"; and
WHEREAS, "Bank" is agreeable to the aforesaid "Borrower" borrowing the
sum of $ 1(>O ,O<)Ci, t)~~ f rom the aforesa i d"Lender" and i s agreeabl e to
subord i nat i ng i ts mortgage to that cer tai n mortgage dated ;~~v mbe r l,~ 1~•? 1.
executed by _y~, T. Warren. Jr. a~nd Heten }i. Warren
; , to 1 tSf FPdPZ~11 Savi nnc
E ~nci t ~an Assuciat i~n of Fort Pierce
; secur i ng i ndebtedness of $ 1 c~c~yt~(~t~ ,(N) ~ ~ record~d Novemhe r 2, 1971
' in the Office of the Clerk of Circuit Court, 5t. t_ucig County, Florida
in Official Records Book 1<~~ , Page 2 3~,~ , only to the extent of the
; original amount of said loan of $~~s~~,i~nn,,.~, to be loaned by "Lender" to
~ "8orrawer".
NOW, THEREFORE, in consideration of the premises and other good and
valuable consideration, the sufficiency and receipt of which is hereby acknow-
ledged the parties contract, covenant and agree as foilows: '
l. "Bank's" mortgage lien under its aforesaid Mortgage dated ~0/2/62
is hereby subordinated to that certain Mortgage dated 11/1 7l
, in favor of Fir~t ~e<iera; ~vin^s anci l.c~an A~sociati<~n
c~* Fort ~'ierce , as referred to above~ securing a loan
in the amount of $~{~+i'~'~~-~j~~
2. "(.ender" hereby agrees to lend unto the "Borrower" the sum of
S in~ under the terms and cond i t i ons as p rov i ded i n the aforesa i d
Mortgage entered into by and between "Borrower" and "Lender" dated ~i/f ~t
, and recorded as aforesaid.
3. "Lender" does hereby agree and covenant to make no furcher adva~ces
to the said "Borrower" which advances would be secured by the aforesaid Mortgage
other than the original S ~r~~~,~)~~t;,~?t~ loan to be made, without the prior
written co~sent of "Bank".
4. "gor~ower" hefeby agrees and consents to "Bank's" subordin~t+on of
its aforesaid lien to that of the "Lender" under the terms and conditions as
aforementioned.
7his Agreement shal) inure to the benefit of and be binding upon the -
parties hereto and their respective heirs, successors and assigns.
* Supplemental Agreement dated 1/30/67 recorded with Clerks of Circuit C~Lrts as
follows: Indian River County, Fla., OR Book 248 Page 124-i26 and St. Lucie Courty,
Fla. QR Book 164 ~~y s 1307-1309.
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