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" SU80RDINATION AGRE~IT
THIS AGREBltSI~IT, made and entered into this ~ day of
April, 1972, by and among aOLIDAY O<JT IN ~RICA ~T ST. LUCIB,
INC., a Florida corporation (hereia~fter.referred to as "Holiday
Out"); ANDREW ELLISON, SUCCBSSOR TRUSTES (hereinafter referred to
as "Trustee"?;~and CITIZENS B~ANR OF PaIi~! BEACH CaUNTY, a national
bankinq association (hereinafter referred to as 'Citiaens Bank').
WITNESSETH:
WHEREAS, Holiday Out executed and delivered those two cer-
tain mortqages (hereinafter referred to as "Ellison Mortgaqe'),~
the first in the original sum of $195,000.40 dated July 25, 1967,
filed Auqust 16, 1967 in OR Book 167 at page 2238 of the public
records of St. Lucie County, Florida, and the other in the oriq-
inal suaa of $216,750.00 dated July 25, 1957, filed August 16,
1967, in OR Book 167 at paqe 2243 of the public records of St.
Lucie, Florida, which two said foregoinq mortqages Were subse-
quently consolidated by the Modification Aqreement dated June 16,
1971, filed July 26, 1971, in OR Book 194 at page 625 and aqain
. modified by the Second Modification Agreement dated April
1972, filed in OR Book 01 at page /3 of the public re-
cords of St. I,ucie County, Florida, encumberinq certain property
located in St. Lucie County, Florida, and qiven to secure pay-
ment of certain promissory notes in the original principal sum
totaling $411,750.00; and
WHEREAS, Citizens Bank has aqreed to make a mortgage loan
to Holiday Out in the amount of $200,000.00 coverinq the proper-
ty above described (hereinafter referred to as the "Mortgaged
Premises") and more particularly described in Exhibit "A" attached
. hereto and by reference made a part hereof provided the mort-
gages first described held by Trustee as subordinated to it; "
NoW, TSEREFORE, for and in consideration of the premises and
the sum of Ten and no/100 Dollars ($10.00) in hand paid by Citi-
zens Bank to Holiday Out and Trustee, the receipt and sufficiency
This instrument prepared by:
Tracy N. i~liller = -
3445 Peachtree Rd., N.E. ~ R r
atlanta, Gat. ~00~~1 11NpE,~~~ '
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