HomeMy WebLinkAbout0971 ~ ~ ~:3~~J54 ~ / ~ ;
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SUBORDINATION AGREEN~t~IT . ~
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WHEREAS, heretofore CAL KOVENS, Individually and d/b/a Searstown ~
Shoppiag Center, did execute a Mortgage Deed to LEON COHEN, Trustee,encumberi
the following described property:
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SEE F,XHIBIT "A" ATTACHED HERETO ANll MADE A PART HEREOF. ~ ~
which said Mortgage was in the amount of ONE MILLION AND NO/J.00 ($1,000,000.00) ~
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DOLI,ARS, dated September 14, 1977, and filed for record on September 27, 1977, ~
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in Official Records Book 274, at Page 2722, of the Public Records of St. Lucie ~
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County, Florida; and,
WHEREAS, thereafter, on condition that said Mortgage be subordinated ±
Fin the manner hereinafter set forth, the said CAL ROVENS, Individually and ~ II
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~d/b/a 5earstown Shopping Center, did execute a certain Mortgage-in favor Qf !
~JOSEPH P. KOSOW, securing a Note in the amount of FIVE MILLION AND NO/100----- ~
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~($S,OOO,OOO.UO) Dollars------- ~ which Martgage Was dated January 29, 1979 ~ j
a }{filed for record on Januarq 31, 1979 , in Official Records Book 302
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~ =at Page 1667 , of the Public Records of St. Lucie County, Florida; and, {
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~~==ti ~i WEIEREAS, the safd JOSEPH P. ROSOW would not consummate said Mortgage ~ f-
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i~loan unless his Mortgage was a first aortgage upon the sub3ect premises;
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NOW, TEiEREFORE, in consideration of the premises and of ONE ($1.00) ,
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lDOLLAR in hand paid and in order to induce the.said JOSEPH P. KOSOW to close i i
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~said mortgage loan aforedescribed, LEON COHEN, Trustee, hereby covenants
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„ 1. That the Mortgage above described as being executed by CAL ROVENS, ~
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~Individually and d/b/a Searstown Shopping Center, to the said LEON COHEN, 3!
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'Trustee, as aforesaid, be, and the same is hereby made inferior and subordinate~
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~ 'to the said mortgage deed executed by CAL KOVENS, Individually and d/b/a ~
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lSearstown Shopping Center to JOSEPA P. ROSOW,~as aforesaid, 3ust as though said ~
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- a ;;mortgage to JOSEPH P. KOSOW were executed and recorded prior to the execution
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- ~ ~iof said Mortgage aforedescribed to the said LEON CONEN, Trustee. ~
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_ :C 2. This Agreement shall be binding upon the successors and assigns + i
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} d 3. In all other respects said I~:ortgage is ratified and confirmed. ~
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IN WITNESS WHERBOF, the parties hereunto set their hands and seals i i
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, this 31st day of January, 1979. i ~
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Signed sealed ivered ~ !
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E in resence f y ,
EOtl COHEN, Trus tee • ~ ~
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j LAW OFf L8. EYER. WE188. RO 6. ApKIN. SHEPPAI~D ~ BHOCKETT. P.A. I ~
` FINANCIAL F<DERAL YUILQINO. MIAMI YEACM, i60Ri0A ~313~ ~
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