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SUBORDiNATION OF MORTGAGE
AGREEMENT, made the 2~_~day of April, 1974, between
Realty Holding Corp., a Wisconsin corporation, party of
the first part, and American City Bank s Trust Company, N.A. ,
a national banking association, party of the second part.
WITNESSETH: Whereas, the said party of the first part
now owns and holds the following :nortgage and the note se-
cured thereby:
Mortgage dated the 27th day of March, 1974, made by Ft.
Pierce Construction Corp., a Florida corporation, to Realty _
Holding Corp. in the principal sum of 5226,000.00 and recorded
in the Official Records Book 225, page 2388, of the public
records of St. Lucie County, Florida, covering preraises here-
inafter mentioned or a part thereof and
WHEREAS, the present awner of the premises :~ereinafter
mentioned has executed in favor of the said party of the
second part, a mortgage to secure the principal sum of
One Million Four Hundred Eighty-two Thousand Dollars ($1,482,000)
and interest, covering premises described in Schedule A
attached hereto and as described in said aa~ gage, and such
r?ortgage is dated the ~ daY of , 1974, and
is recorded in the Official Records B , page• Z,.Z.33
of the public records of St. Lucie Coun~y, F orida; and
WHEREAS, said party of the second part requires tnat
the mortgage held by the party of the first part be sub-
ordinated in the manner hereinafter mentioned,
~ VOW THEREFORE, in consideration of the premises and to
~ induce said party of the second part to accept said mortgage
; and also in consideration of One Dollar paid to the part of
the first part, the receipt whereof is hereby acknowledged,
the said party of the first part hereby covenants and agrees
with said party of the second part that the mortgage held by
~ the party of the first part be and shall continue to be sub-
~ ject and subordinate in lien to t.'~e lien of the mortgage of
~ the party of the second party for One yiillion Four Hvndred
~ Eighty-two Thousand Dollars (S1,482,000) and interest and
3~~, to all advances heretofore made or which hereafter may be
made t!:ereon (including but not limit~ed to all sur,lss advanced
for the purpose of paying brokerage cor~issions, mortgage
- recording tax, documentary stamps, fee for examination of
title, surveys, and any other disbursements and charges in
- connection therewith) to the extent of the last-mentioned
amount and interest, and all such advances may be ~ade with-
- out notice to the party of the first part, and to 3ny exten-
sions, renewals, and modifications thereof. =
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This agreement shall bind and enure to the benefit of the
parties hereto, their respective heirs, personal representatives,
- successors and assigns.
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