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into this agreement as a third party, escrow agent as follows: ;
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The Mortgagee hereby irrevocably ~
appoints First National Bank of ;
Fort Pierce to hold the above sub- ;
stitute collateral. That mortgagee !
shall not have actual or construc-
tive control over the substitute s
collateral other than the right _
solely to receive payment of annual
principal and interest in the iden-
ti~al sum as is presently due under
the original promissory note above
referenced.
That the intent of this provision is to prohibit mortgagee
from having right to, control over, or otherwise being charged
with receipt of the principal balance due under the mortgage
obligation and/or constructive receipt thereof. The mortgagee
divests herself of all right to and receipt of the substitute
collateral principal other than herein provided. In considera-
tion of the above substitute collateral as above described, the
mortgagee, shall and does hereby subordinate and render inferior
that certain mortgage from mortgagors to and in favor of The ;
Federal Land Bank of Columbia, as recorded in O. R. Book z z o ,
page public records of St. Lucie County, Florida.
Z. That the aforesaid subordination is hereby given with
the specific understanding that in the event of default by
mortgagors, their successors or assigns, under the above re-
ferred to mortgage The Federal Land Bank of Columbia, that
' mortgagee, upon such default, shall have the right to make any `
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installments due by mortgagors and such default shall consti-
~ tute a default under the terms of the mortgac~ee's mortgage,
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and any payment made by mortgagee toward sums due in default
' shall be credited against mortgagee's mortgage balance. These '
' rights shall be cumulative to mortgagee.
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NEIIL ORIFiIN JEFFRIEB S LLOYD ~ RK2~O PAGE~~~
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CNAR7ERED
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