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. SUBORDINATION AGREEMENT
THIS AGREEMENT, Made and entered into this ~ day
of Novenber, 1979, by, between and among ISLAND VILLAGE OF HUTCHINSON
ISLAND DEVELOPMENT CORPORATION, a Florida corporation, (hereinafter
referred to as "Island Village") c/o Sotolongo Development Corpor-
ation, Suite 203, Bessemer Building, Sewalls Point, Jensen Beach,
Florida, ERSKINE FLORIDA PROPERTIES, INC., a Florida corporation,
(hereinafter referred to as "Erskine Florida"), and ERSKINE CON-
TRACTING CORPORATION, an Ohio corporation, (hereinafter referred
to as "Erskine Contracting"), c/o W. R. Scott, Esquire, 700 Colorado
Avenue, Stuart, Florida, and PENNAMCO, INC., a Delaware corporation,
(hereinafter referred to as "Pennamco"), having its principal offices
located at 555 City Line Avenue, Bala Cynwyd, Pennsylvania.
W I T N E S S E T H:
WHEREAS, Island Village has or is about to become 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, Island Village has executed and delivered to Erskine
Florida and Erskine Contracting, each as to an undivided one-half (1/2)
~ interest therein, a Promissory Note in the amount of one hundred ninety-
.two thousand and 00/100 ($192,000.00) Dolalrs (hereinafter referred to
as "Erskine Debt") which Note is secured by a Mortgage of the premises
bearing even date herewith in the amount of one hundred ninety-two
thousand and 00/100 ($192,000.00) Dollars (hereinafter referred to as
"Erskine Mortgage") 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
g WHEREAS, Island Village has applied for and Pennamco has
approved a loan subject to certain terms and conditions in the amount
of One million, three hundred sixty-five thousand and 00/100
R
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x ($1,365,000.00) Dollars, (hereinafter referred to as "Loan"), the
proceeds of which are to be utilized for (1) acquisition of the
premises (the Erskine Debt representing the balance of the cost of
acquisition), and (2) construction of thirty-two (32) townhouse
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