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26841'7
SUBORDINATION AND SUBSTITUTE COLLATERAL AGREEMENT
THIS AGREEMENT made and entered into by and between
SYBIL LEVITA CULVERHOUSE, as Trustee under the Last Will
and Testament of B. A. BROWN, deceased, and SYBIL LEVITA
CULVERHOUSE, individually, First Party, and RANDOLPH A.
HEARST, joined by CATHERINE C. HEARST, his wife, Second
Parties,
WITNESSETH:
That, for and in consideration of the folZowing mutual
covenants, and representations between the parties, they do
hereby enter into this Substitute Collateral Agreement as
follows;
~ 1. Whereas, First Party is mortgagee and Second Parties
are mortgagors under that certain mortgage, recorded in
Official Record Book 72, page 699, St. Lucie County, Florida,
public records; and
2. Whereas, the above described mortgage secures the
payment of a promissory note executed in favor or mortgagee,
under the original date of September 20, 1963, in the prin-
cipal amount of $53,011.36; and -
3. Whereas, there is a present principal due under the
above described note of $23,855.12, together with accrued
interest at six percent (6$) per annum; and
4. Whereas, mortgagors, in accordance with modification
~ ~
i agreement, entered into by and between the parties, modifying
the above original mortgage, recorded in Official Record
' Book 181, pages 767 through 776, St. Lucie County, Florida,
public records, whereunder prepayment rights and/or othexwise
subordination for purpose of refinancing was agreed by such t
modification; and
_
. ~~:f ~~~~5 ~-~parca by
- ,~-.f r~ ItJ, `Zjj~ ``1 N[ILL ORIFFIN JCFFRIES i LLOYD Q~
, l , e 1'~ Q PA6E~66~
. ~ CNARiERED DOV~ ~
P. O~ B07c 1270. iORT PIERCE. FIORIDA 334~0 - TEIEPHONE (3051 464-8200
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