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~RSAS, said mortgage provided that as to the cer-
tain portion of said parcel of real estate, to wit, that part ot
Tract No. 1 in the mortgage description lyinq east of State Road i
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AlA extending to the ahores of the Atlantic Ocean, Iowa w~ould
subordinate said mortgage to the lien of a mortgage givan to a
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recognized f inancial institution for the purpose of peratanently ~
f inancing the coat oE improveaaenta on said real estate; and
~RSAS, the Asaociation is willing to make Reeorte
or ite aeeigna a loan on said tract of land~whi~h ie the eubject
of the eubordination agreement in order to erect certai.,u imp~rove-~
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menta, providing that Resorts or its aseigns givee Aeeociatfon a~
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mortgage on said realty which would constitute a firat lien on ~
the same. Said mortgage shall be not in eacess of $1,480,000.00. ~
NOW, T~ERSFORE, in consideration of the gre¦tiee• and
~ the aum of One Dollar ($1.00) paid by Reaorts to Iowa, raceipt ~
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of which is hereby acknowledged, Iowa does hereby agree and
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covenant with Association, its euccessors and aseigne, that when
said mortgage to be executed by Reaorta, or its aeeigrle, to Ae-
~ eociation, as aforesaid, shall be executed and recorded in the
~ Public Records of St. Lucie County, Florida, the mortgage fraa
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~eeorts to Aesociation upon the following described real eatate
I lying and being in St. Lucie County, Florida, and furthelr being
the same real estate which is the subject matter of the sub-
ordination agreemaent deacribed above:
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