HomeMy WebLinkAbout1902 . ~ ,
~9gs ~
18 ~
~
~
SUBORDINATION AGREEI~NT
WHEREAS, by Lease Agreenent dated the 7th day of July, 1971, and
recorded in Official Record Book 196, page 1494, et seq., public
records of St. Lucie County, Florida, Sybil Levita Culberhouse, and
George H. Culverhouse, her husband, and George fl. Culverhouse, Jr.
i
aad Irene Culverhouse, his vife, and John Bradford Culverhouse, a
single nan, leased unto Amoco Production Company 6380 acres of land, more '
I
or less, situate in 5t. Lucie County, Florida, more particularly des-
cribed in said Lease, for the purpose of investigating, exploring,
prospecting, drilling and mining for and producing oil, gas and all
other-~inerals and other rights and privileges appurtenant thereto, as
more fully set out in said Lease; and
WHBREAS, T6e Federal Land Bank of Columbia is the owner and holder
of a first mortgage covering lands described in said Lease from Sqbil
Levita Culverhouse and husband, George H. Culverhouse, Sr., George H.
Culverhouse, Jr. and wffe, Brenda Irene Culverhouse, and Joha Bradford
Culverhouse, a single man, dated November 26, 1969, and recorded in
0. 8. Book 181, page 2731, public records of St. Lucie, Florida; and
i
~ _
WHEBF.AS, Amoco Production Company desires that The Federal Land Bank
i
e
~ of Columbia subordinate the lien of its mortgage to the oil and mineral
~
rights granted to the said Lessee pursuant to said Lease Agreement; aad _
WHEREAS, The Federal Lan~ Bank of Columbia is agreeable to such sub-
ordination provided that should test well drilled by Amoco Production Company
in accordance with the terms of said lease agreement prove to be co~ercially
- productive, the proceeds in the sum of one-eighth (1/8) of the gross
~ production enuring to the benefit of the Lessor, shall be distributed
~
~ on the following formula: The Federal Land Bank of Columbia and Lessor
shall establish fair market value by appraisal and the ratio of the prin-
~ ci al and interest under the said Bank's mortgage shall be determined
~ p
~
~ based on said appraised value, and the said Bank shall be entitled to
~
~
~ distribution of that percentage of the mortgage principal and interest
~ versus market value fram all receipts. The balance of receipts from pro-
~ duction, subject to the terms of the said lease shall be paid to Lessor,
~ ENT WAS PREPAREO BY U~C ~
THIS INSTRUM Z~
~ MARY FRANCES DEWELL, P. O. BOX 1499 Be~K PI~G.
~ ~Q~t1(~($U~. $OUT~( CAROUNA 292D2
~ ~O -r~!'~/~,/ U
~ _ _
~ ; -