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SUBORDINATION AGREEMENT
WHEREAS, under the date of January 30, 1979 a mortgage
was given by DALE V. COLEAN and MARLENE M. COLEAN, his wifeF-
to W. R. LAUGHON, which mortgage was recorded on the 7th day
of March, 1979 in O.R. Book 304 at Page 1832, in the Public
Records of St. Lucie County, Florida, and which mortgage
encumbers the following-described real property lying and _
being in St. Lucie County, Florida:
A portion of Lot 15, Block 4, Section 12, Town-
ship 37 South, Range 40 East of ST. LUCIE GARDENS
as recorded in Plat Book 1, page 35, public records
of St. Lucie County, Florida, more particularly
described as follows:
Commencing at the point of intersection of the- -
North line of said-Lot 15 with the~west line of
Lennard Road which said point is 25 feet westerly -
(measured on said lot line} from the northeast cor-
- ner of said Lot 15, thence South along the west line
of said Lennard Road for a distance of 240 feet to the
point of beginning; thence westerly-168.04 feet to
a point on -the east right-of-way line of U.S. Highway
#1, said point being 300 feet south (as measured
along said east right-of-way line) of the intersection _ ,
of the north line of said Lot 15 with the east right-
of-way line of U.S. Highway #1; thence north Westerly
along said east right-of-way line for a distance of
~ 100 feet; thence easterly 215.20 feet to a point on
the west line of Lennard Road said point being 145.10
feet South of the North line of said Lot 15; thence
South along the West line of Lennard Road for a
distance of 94.90 feet to the point and place of _
beginning. -
SUBJECT to zoning, restrictions and easements of record.
WHEREAS,- SUN BANK OF ST. LUCIE COUNTY has made a mortgage
loan to DALE V. COLEAN-and MARLENE M. COLEAN, his-wife, in the
amount of $60,000, which encumbers the property above described;
and -
WHEREAS, in paragraph 8 of the above-described mortgage
the undersigned agreed to subordinate said mortgage to the lien
of a mortgage given to an institutional lender within 12 months
3
from the date thereof; and
F
WHEREAS, the undersigned has approved the plans for the
improvements and landscaping to be placed upon the above-
described real property by the said DALE V. COLEAN and MARLENE M.
COLEAN, his wife;
se~`31~-
N[ILL ORIlIIN J[FFRI[d i LLOYD
CNAiiT E17E0
P. O~ BOII 1270. FORT PIERCE. iLORIDA 33450 -TELEPHONE (306)464-0200