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residences; and -
.WHEREAS, the loan is evidenced by a Promissory Note bearing
even date herewith in the amount of One million, three hundred sixty-
five thousand and 00/100 ($1,365,000.00/100) Dollars, (hereinafter
referred. to as "Pennamco Indebtedness"), executed and delivered by
Island Village to Pennamco, said Note being secured by a Mortgaqe on
the premises bearing even date herewith, (hereinafter referred to as
"Pennamco Mortgage"), in the amount of One million. three hundred
sixty-five thousand and 00/100 ($1,365,000.00/100) Dollars, which
Mortgaqe 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, Tonv Sotolongo and Faith Sotolongo, his wife,
(hereinafter referred to as "Guarantors"), have unconditionally
guaranteed repayment of the Pennamco .Indebtedness; and
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WHEREAS, Pennamco has agreed to advance the proceeds of
the loan in stages in accordance with the provisions of a certain
Construction Loan Agreement between Pennamco and Island Village,
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bearing even date herewith (hereinafter referred to as "loan agree-
ment"); and
WHEREAS, to induce Pennamco to disburse all, or any part
of the proceeds of the loan, Erskine Florida and Erskine Contracting
have agreed to subordinate the lien of the Erskine Mortgage to the
lien of the Pennamco Mortgage and to subordinate the Erskine Debt to
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the Pennamco Indebtedness as hereinafter set forth. ~
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~ NOW, THEREFORE, in consideration of the mutual covenants }
~ and agreements set forth herein and to induce Pennamco to advance
all, or any part of the proceeds of the loan, and for the sum of '
Ten and 00/100 ($10.00/100) Dollars, paid by Pennamco to Island ~
Village, Guarantors, Erskine Florida and Erskine Contracting, receipt ~
whereof is acknowledged, and for other good and valuable consideration,
the parties hereto agree as follows:
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1. All of the statements hereinabove set forth are in-
r corporated herein by reference.
2. The Erskine Mortgage is and shall continue to be
subject and subordinate in lien_to the lien of the Pennamco Mortgage,
as to any and ail sums advanced or hereinafter advanced on said
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