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Sn~•.ts & L•orren ~
aC~O fl~st Naiicn3t l3ank Quil.~ing
Nliaml, Flottda 33131
SUBORDINATION AGREEMENT
WHEREAS, HARRISON LAND DEVELOPMENT, INC., a Florida
corporation, is the owner and holde~ of that certain mortgage
in the face amount of $400,000.00 from HUTCHINSON ISLAND
LIMITED PARTNERSHIP, a Florida Limited Partnership,. to
HARRISON LAND DEVELOPMENT, INC., a Florida corporation, dated
August 31, 1972, recorded September 1, 1972, in O. R. Book 3
.
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206, Page 117 of the Public Records of St. Lucie County, ;
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Florida, which mortgage encumbers real property in St. Lucie i
County, Floriaa, as described in Exhibit A attached hereto; '
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_ WHEREAS, First Vatianal City Bank has agreed to
make a mortgage loan to HUTCHINSON ISLAND LIMITED PARTNERSHIP,
a Florida Limited Partnership, in the amount of $5,000,000.00,
hereinafter called the "new mortgage" covering the property
above-described, provided the mortgage first described above f
is subordinated to it; and -
WHEREAS, the undersigned, in order to induce the
making of the new mortgage loan, and in consideration for
' the sum of $10.00 and other good and valuable considerations, `
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i desires to subordinate its mortgage to the new mortgage;
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~ NOW, THEREFORE, in consideration of the foregoing
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~ premises, HARRISON LAND DEVELOPMENT, INC., a Florida cor-
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~ poration, does hereby subordinate and declare its mortgage
~ first described above to be inferior in dignity and a
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~ subordinate lien tq the new mortgage last described above
to be given to First National City Bank in the principal
su~r~ of $5,000,000.00.~
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~ IN WITNESS WHEREOF, HARRISON LAND DEVELOPMENT,
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INC., a Florida corporation, has caused this instrument
~ to be duly executed by its authorized officers on the ~
'F~
~t
5.:~
_ day of December, 1973.
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~ Signed, sealed and de~i,.~red
in the presenCe of:: HARRISO LAIvD LOPbSENT,
~ /1 ,;;:i~u ; .r, ~ INC.
. V BY v~'?
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