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HomeMy WebLinkAbout0842 r~as. ls~~.u~ ~ w~s pc~pae~rd bT Rrtta~~ T~ SAt1EQ, YE :IOW i 6URNSTEIN ' ~ 1)20 Nurison St~et ~ Namr. MYRON H. BURNSTEIN - 3"~~s~s Nollywpod~ Flaid~ 3.~0?Q - SALT~. YESLOW b sqIWST$Qf ~ 19Z0 Ha~rLos BarN ~ Holl~?oad. ~'lalda S30Q0 ~ SUBORDINATION AGRTEMENT ~ . ~ - . ,•~~a ' ~ WHSR$AS, the underaigned is the owner and.holder;-. of that ' cert~~.n mortqaqe executed by AAZBN KREIS and MARZ$ KREIS, hi$ wifs, r ROHER',~ A. SPPBRSON and GLORIA $PP$RSON, his wife to RUSSELL SSAL, JR., ~ to ap~ure an oriqinal indebtedness of $240,000.00, said mortqage beinq dated the 31st day of Decetaber, 1975, filed in O. R. Book 251, Paqe 310, of the Pablic Recorc~s of St.~Lucie County, Florida, eaid ~tlOitt~qe encumberinq lands situate in St. Lucie County, F1or~.da! eind ' , . .t. - . F WHER$AS, the undersigned and said AAZBN IQtEIS and MARIB ~KRBfS, ~his•-~ife and ROBERT A. EPP$R30N and GLORIA $PP$RSON, hia wife, did ~ -~th8ree~ter enter into a l~ortgage Modification Aqree~aent wherein'the parties thereto aqreed that said recorded Mortqage Deed would encuna- ber not only the property described in Schedule "A", attached hereto, ~ but a18o the'property described in Schedule "B", attached hereto, and; W88RSAS, a portion or all of the lar~ds aforedescribed have been mortgaqed by AAZEN KREIS and MARIB KRSIS, his wife; ROBSRT A. $PPSRSON ~ and GLORIS BPPSRSON, his wife and TORTLR RS$F ASSOCIATBS, INC. to HOMS FBD$RAL SAVINGS AND I~OAN ASSOCIATION OF HOLLYWOOD, (hereinaf•ter calle8 the Association) to secure a mortqage loan of $1,300.000.00, ~ said mortgage to the Association being dated J'une S, 1976 and filed in O. R. Book 253, Paqe 1304, Public Records of St. Lucie County, a Florida; and ~ WHEREAS, the undersigned has heretofore executed a Subordina- tion Aqreeznent, dated June 8, 1976, recorded in O. R. Book 253, Page _ 1915, Public Records of St. Lucie County, Florida; and _ ~ ; - WHEREAS, an additional mortqaqe of a21 or a portion of the lands ~ : heretofore encumbered by the Association's mortgage dated July 18, 1977, has been executed by Turtle Reef Associates, In~., to the Association, to - secure a mortgage loan of $800,000.00, said mortqage being filed ~in O. R. Book 271 , Paqe 9$7 , of the Public Records of St. Lucie County, Florida; and ~ WSSREAS, the mortgage liens held by the Association have been i spread each over the other by an agreement dated July 18,1977 and = recorded in O. R. Book 2~, Page 993 , of the Public Records of St. Lucie County, Florida; and WAEREAS, the Association requires a superior lien for its indebtedneas aforesaid and will not diaburse or complete the funding ~f the $800,000.00 loan aforesaid,uhless this Subordination Agreement has been executed; NOW, THSREFOIt$, For and in consideration of One Dollar, in hand paid by the Aseociation, receipt whereof is hereby acknowledg~d, and to induce the Association to diaburse the proceeds of its mortgaqe loan aforedescribed, the undersigned do.hereby, represent, warrant, covenant and ~gree as follows: , ` 1. Th"at the mortqage held by the undersigned and described in the first paragraph of the preamble of thig Indenture, together with the indebtedneas secured thereby, is owned by the undersigned and that neither aaid mortgaqe nor said indebtedness has been assigneci, trans- ferred, or pledqed to any~person whaasoever, so that the unders~qned has full riqht, and authority to execute this Subordination Agreement. ~ - 1 - . ~~GK~+~ V PA~F ~ ~ ~ , - .