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SUBORDINATION AGREEMENT
THIS AGREEMENT, made and entered into this day of
November, 1979, by, between and among OCEAN DUNES DEVELOPMENT
CORPORATION, a Florida corporation, (hereinafter referred to
as "Ocean Dunes") c/o Sotolongo Development Corporation, i
Suite 203, Bessemer Building, Sewalls Point, Jensen Beach,
Florida; JAMES J. PARDIECK, AS TRUSTEE, (hereinafter referred
to as "Pardieck"). 1850 Palm Beach Road, Stuart, Florida 33494;
and NATIONAL BANK OF NORTH AMERICA, a national banking associa-
tion, (hereinafter referred to as "National Bank"), having an
office located at 44 Wall Street, New York, New York.-
W I T N E S S E T H#
WHEREAS, Ocean Dunes is the owner of a certain parcel of
real estate more particularly described in Exhibit "A", (Premises)
attached hereto and made a part hereof; and
WHEREAS, Ocean Dunes has executed and delivered to Pardieck
a Promissory Note dated November 15, 1978 in the amount of Five
Hundred Twenty-five Thousand and 00/100 ($525,000.00) Dollars
(hereinafter referred to as "Pardieck Debt") which Note is secured
in the amount of Five
` by a Mortgage of the premises of even date
Hundred Twenty-five Thousand and 00/100 ($525,000.00) Dollars
(hereinafter referred to ws "Pardieck Mortgage") which Mortgage
has been recorded in the Office of the Clerk of the Circuit Court
in and for St. Lucie County, State of Florida, in Official Records
Book 298, Pages 1515-1517; and
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WHEREAS, Ocean Dunes has applied for and National Bank has
approved a loan, subject to certain terms and conditions, in the
amount of OneMillion Six Hundred Thousand and 00/100 ($1,600,000.00)
Dollars, (hereinafter referred to as "Loan"), the proceeds of
which are to be utilized for the construction of twenty-eight (28) r
residential condominium units and related amenities; and
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