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SUBORDINATION AGREEMENT
RNOW ALL MEN BY THESB PRESENTS, that ERSRINE CONTRACTING
CORPORATION, an Ohio corporation, the holder of a certain
Mortgage given by OCEAN TOWERS DEVELOPMENT CORPORATION, a Florida
corporation, dated Auqusto~~~ 1979, filed August 3 0, 1979, and
recorded in Official Records Boob/S , Page ~/60~f, St. Lucie County,
Florida, Public Records, which Mortgage covers the following described
real property situate in St. Lucie County, Florida, to-wit:
SEE EXHIBIT "A" ATTACHED HERETO AND MADE A PART HEREOF
For and in consideration of the sum of TEN DOLLARS ($10.00) and
other good and valuable consideration from~the said OCEAN TOWERS
DEVELOPMENT CORPORATION, and MELLON BANR, N.A., receipt of which is
Ohio corporation, does hereby subordinate the lien and the operation
of the said Mortgage made by OCEAN TOWERS DEVELOPMENT CORPORATION to
ERSKINE CONTRACTING CORPORATION, an Ohio corporation, to the Mortgage
from OCEAN TOWERS DEVELOPMENT CORPORATION to MELLON BANK, N.A., dated
August 29, 1979, filed August 30, 1979, and recorded-~in Official
Records Book'/~ , Page`/6/~, St. Lucie County, Florida, Public Records,
which Mortgage secures the sum of SIX MILLION EIGHT HUNDRED EIGHTY-NINE
THOUSAND SEVEN HUNDRED and NO/100 DOLLARS ($6,889,700.00), to the same
extent as though said MELLON BANK, N.A. Mortgage had been executed
and recorded prior to the execution and recording of the aforesaid
Mortgage from OCEAN TOWERS DEVELOPMENT CORPORATION to ERSKINE
CONTRACTING CORPORATION, an Ohio corporation.
Further, the said Mortgage given by OCEAN TOWERS DEVELOPMENT
CORPORATION to ERSKINE CONTRACTING CORPORATION, an Ohio corporation,
is hereby subordinated to such future advances and/or subsequent
mortgages which may be made by and between OCEAN TOWERS DEVELOPMENT
~ CORPORATION to MELLON BANK, N.A., including any extensions, modifi-
cations or renewals, replacements or refinancings thereof, provided
the total principal sum secured by all such mortgages, does not
exceed SIX MILLION,. EIGHT HUNDRED EIGHTY-NINE THOUSAND SEVEN HUNDRED
DOLLARS 6 , 8 89 , 7 00.0 0) . ThM I,Mnr.wa rnpon~d !r
J4HPi A. D~IRLSON. ESQ.
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