HomeMy WebLinkAbout2325 WHERAS, the loan is evidenced by a Promissory Note bear-
ing even date herewith in the amount of One Million Six Hundred
Thousand and 00/100 ($1,600,000.00) Dollars, (hereinafter
referred to as "National Bank Indebtedness"), executed and
delivered by Ocean Dunes to National Bank, said Note being
secured by a Mortgage on the premises bearing even date here-
with, (hereinafter referred to as "National Bank Mortgage"),-in
the amount of One Million Six Hundred Thousand and 00/100
($1,600,000.00) Dollars, which Mortgage is intended to be
recorded in the Office of the Clerk of the Circuit Court in
and for St. Lucie County, State of Florida; and
WHEREAS, Anthony Sotolongo a/k/a Tony Sotolongo and James
J. Pardieck (hereinafter referred to as "Guarantors"), have un-
conditionally guaranteed repayment of the National Bank Indebted-
ness; and
WHEREAS, National Bank has agreed to advance the proceeds
of the loan in stages in accordance with the provisions of a
certain Building Loan Agreement between National Bank and
Ocean Dunes bearing even date herewith (hereinafter referred
to as "Loan Agreement"); and
~ WHEREAS to induce National Bank to disburse all or an
y
part of the proceeds of the loan, Pardieck has agreed to sub-
I
ordinate the lien of the Pardieck Mortgage to the lien of the
National Bank Mortgage and to subordinate the Pardieck Debt to
the National Bank Indebtedness as hereinafter set forth.
NOW, THEREFORE, in consideration of the mutual covenants
and agreements set forth herein and to induce National Bank to
advance all, or any part of the proceeds of the loan, and for
the sum of Ten and 00/100 ($10.00) Dollars, paid by National
Bank to Ocean Dunes, Guarantors, and Pardieck, receipt whereof
is acknowledged, and for other good and valuable consideration,
the parties hereto agree as follows:
1. All of the statements hereinabove set forth are in-
corporated herein by reference. i
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