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SUBORDINATION AGRSEMENT
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- WHEREAS, under date of May 1, 1976, a Purchase Money
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Mortgage was given by C. F. SHAWVER CONSTRUCTION COMPANY, INC., ~
a Florida corporation, 309 Denver Avenue, Stuart, Florida, to ~
ERNEST O. BORGLIN and CAROLYN K. BORGLIN, his wife, 2985 Peter- ~
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; boro, Orchard Lake, Michigan, 48033, which Mortgage was recorded ~
' ' June
on the lst day of 1976, in Official Records Book~ S3 .
~ Page J~~ in the Public Records of St. Lucie County, Florida, and
which Mortgage covers the following described real property lying
' and being in St. Lucie County, Florida:
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~ Lot 23, Block 71, SOUTH PORT ST. LUCIE ~
UNIT FIVE (5), a Subdivision according ~
to the Plat thereof as recorded in Plat ~
Book 14, Pages 12 and 12A through 12G ~
_ of the Public Records of St. Lucie
County, Florida. ?
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WHEREAS, FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF i
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MARTIN COUNTY, Florida, has agreed to make a construction loan ~
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i to C. F. SHAWVER CONSTRUCTION COMPANY, INC., a Florida corpor-
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! ! ation, in the amount of ~~aty 'liiw ~nsarl and No/100 ($42,000.00) ;
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; Dollars, hereafter called the "New Mortgage" covering the prop- ~
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; ~ erty above described, provided the i~Iortgage first described is ~
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~ subordinated to it; and ~
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~ WHEREAS, the undersigned, in order to induce the making !
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of the New Mortgage loan, and in consideration for the sum of One ~
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($1.00) Dollar, and other good and valuable consideration, desire !
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~ to subordinate their Purchase Money Mortgage to the New Mortgage; i
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" NOW, THEREFORE, in consideration of the premises, the ;
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~ Purchase Money Mortqage first described above is, by this in- ;
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~ strument, subordinated and made inferior to the New Mortgage to
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~ be given to C. F. SHAWVER CONSTRUCTION COMPANY, INC., last
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~ described above. _ ~
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~ BARRANCO, ~ARLSON ANO DANIEL, P• A., P. O. BOX 1919, STUART~ FLORIDA 334~4 ' ~
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