HomeMy WebLinkAbout1980 r
01-2306I987/Port St. ~
~~~®?7 Lucie Lanes
SUBORDINATION AGREEMENT
KNOW ALL MEN BY THESE PRESENTS that DAVID G. WILLBUR INSURANCE, INC.,
a Florida corporation, the owners and holders of those certain mortgages
and the indebtedness secured thereby, executed by PORT ST. LUCIE LANES,
INC., a Florida corporation, described as follows:
(a) Mort~age dated February. 23, 1978, securing two notes: one
for 37,355.00 payable February 23, 1979, together with 8%
per annum payable at maturity; and one far $37,355.00
payable at maturity; and one for $37,355.00 payable February
23, 1980, together with 8% per annum until paid, interest
payable annually, as recorded in Official Record Book 282
at page 1234 of the Public Records of St. Lucie County,
Florida; and
(b) Mortgage to Mortgagee dated February 23, 1978_, securing a
promissory note in the amount of $14,113.23, payable on
January 15, 1979, together with 8% per annum, interest pay-
able on maturity, as recorded in Official Record Book 282 at
page 1238 of the Public Records of St. Lucie County, Florida.
Each of the said mortgages encumbering real property in St.
Lucie County, Florida, described as follows:
Lot 2, Block 3, MODEL LAND COMPANY SUBDIVISION, as
per plat thereof on file in Plat Book 1, Page 41, of
the Public Records of St. Lucie County, Florida, less
and excepting therefrom the following parcels:
1. The North 100 feet thereof.
2. The East 300 feet of the South 200 feet of the
North 300 feet thereof.
3. The East 300 feet of the North 189 feet of the
South 199 feet thereof;
Said mortgages having been modified and consolidated by
Agreement dated July 10, 1978, and recorded in O.R. Book
290, page 851, public records'rrf St. Lucie County, Florida.
At the request of said mortgagor and in consideration of the sum of
Ten ($10.00) Dollars and other valuable considerations inuring to the
undersigned from First Federal Savings and Loan Association of Fort Pierce,
do hereby subordinate the-lien and operation of said mortgages to the lien
and operation of that certain mortgage, and the indebtedness secured there-
by executed by the said mortgagor to FIRST FEDERAL SAVINGS AND LOAN
ASSOCIATION OF FORT PIERCE under date of September 20, 1979, recorded in
O.R. Book 318;'at page 1593, St. Lucie County, Florida, public records,
securing the sum of $150,000.00, and encumbering the above described real
property, in the same manner and effect as if said mortgage had been dated
and filed for public record prior to and in advance of the mortgage held
- by the undersigned which is hereby subordinated.
IN WITNESS WHEREOF, we have hereunto fixed our hands and seals this
~~day of~~l~~-~L~ 1979.
Signed, sealed and delivered in the DAVID G. WILLBUR INSURANCE, INC.
presence of•
ha.~~~ By (SEAL)
David ~ bur, Pre dent
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