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REC[~~~ `~FRI~IED .
1911 OEC 22 PM 2:44 ~~~~~~Q3
SUBORDINATION AGREEMENT
R ~~~PN NARRIS
ClERi( CIRC~¢;~S, Westglen Corporation, A Florida corporation,
the developer and owner of Westglen Subdivision, according to the
plat thereof filed in Plat Book 14, Page 51, public records of
St. Lucie County, Florida, did impose and cause to be recorded
in the public records of St. Lucie County, Florida, a Declaration
of Party Facilities for Westglen recorded in Official Record
Book 176, Page 491, and re-recorded in Official Record Book 176,
Page 2231 public records of said county and did impose and cause
to be recorded a Declaration of Restrictions for Westglen as
recorded in Official Record Book 176, Page 493, public records
of St. Lucie County, Florida, which said Declaration of Party
Facilities for Westglen and said Declaration of Restrictions for
Westglen apply to Lots 1-40 inclusive of said subdivision, and
WHEREAS, Security Federal Savings and Loan Association
of Indiar~ River County has agreed to make a mortgage loan to
Westglen Corporation, which loan is in the amount of ~16,000.00
and is secured by the mortgage recorded in Official Record Book
207, Page 1888, public records of St. Lucie County, Florida,
covering Lots 5, 6, 35 and 36 of said subdivision, and
WHEREAS, in order to induce Security Federal Savings
and Loan Association of Indian River County to make said mortgage
loan and in compliance with the requirement made by said lending
~ . institution, Westglen Corporativn has agreed to subordinate the
t lien and operation of said Declaration of Party Facilities and
said Declaration of Restrictions to the lien and operation of
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~ the above-described mortgage in favor of Security Federal Savings
~
and Loan Association of Indian River County.
NOW, THEREFORE, in consideration of the foregoing
and the sum of $1.00 and other good and valuable considerations,
the receipt and sufficiency of which is hereby acknowledged by
Westglen Corporation, the undersigned, Westglen Corporation, a
Florida corporation does hereby subordinate the lien and operation
I of said Declaration of Party Facilities and said Declaration of
OFF~CIAL REC~R~'
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LAW OFFICES GOUIq COOKSEY, fENNEII, MPLEBY d McKlNNON VERO BEACH, fIQRIDA
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