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. SUBORDINATION AGREEMENT {
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WHEREAS, under date of May 29, 1973, a mortqage was given
by INDIAN RIVER FOODS, INC., a Florida corporation, to JOHN
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HANCOCK MUTUAL LIFE INSURANCE COMPANY, a Massachusetts corpo- ~
ration, which mortqage was recorded on May 29, 1973, in O.R. ~
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Book 214, page 1935, public records of St. Lecie County, ~
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Florida; and ~ ~
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WHEREAS, said mortgage requires the consent of the mortgagee ~
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to any secondary financing and inferior liens; and -
WHEREAS, said mortgage encumbers not only equipment existing
as of the date thereof, but also encumbers all equipment subse-
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quently installed on the mortgagor's premises; and ;
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WHEREAS, INDIAN RIVER FOODS, INC., has completed a substan- ,
- tial expansion of its plant involving the installation of the
following described piece of personal property to-wit: :
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One•40,000 pound per hour T.A.S.T.E. Evaporator, 5 effect,
7 stage, thermally accelerated, short-time evaporator,
manufactured by Gulf Machinery Company. The installation ~
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I! of said evaporator having been completed on or about ~
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~ December 18, 1978; and '
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; WHEREAS, INDIAN RIVER FOODS, INC., desires to finance said
; capital expansion by way of a loan from Sun Bank of St. Lucie
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3 County in the amount of $750,000.00; and
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WHEREAS, said lending institution, as a prerequisite to
said loan, requires that it be vested with a first lien on the
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~ newly installed evaporator described above.
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~ NOW, THEREFORE, in consideration of the increase in value :
~ ~ of its collateral-and other good and valuable consideration, ~
~ ' JOHrI HAr:COCK ::t3TUAL LIF~ IPISQRAi7C~ C02•IPA2J'~, a I•iassachusetts
~ corpc~ration, does hereby consent to the foregoing mortgage .
~ loan and.does hereby agree that its lien on the evaporator
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described above shall be inferior and-subordinate to the lien !
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