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Pennamcp Mortgage and any renewals, modification, or extension there-
of, or to the Pennamco Indebtedness, or Loan Agreement, it being in-
tended by Pennamco and Erskine Florida and Erskine Contracting that ~
from the time of deliver of the Pennamco Mort a e b Island Villa e
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to Pennamco, it shall be and become a superior and prior lien on the
premises to the said Erskine Mortgage and that Pennamco shall be en-
titled to priority of payment out of any fund arising out of the sale
of the premises, and shall be entitled to all rights and remedies to
the same extent as if the said mortgage had in fact been later in date,
delivery and recordation to that of the Pennamco Mortgage.
3. Erskine Florida and Erskine Contracting will take no
action (a) to assert, collect or enforce all or any part of the Erskine
Debt, except as provided in paragraph seven (7) herein, or (b) to
realize upon any collateral for the Erskine Debt, until it shall have ~
first given Pennamco notice of the default of Island Village, and the
default is not cured within thirty (30) days from the date of receipt
thereof. ,
4. Island Village and Guarantors may pay the amount, or
any amount, on account of, or give any collateral or security for
the Erskine Debt to Erskine Florida and Erskine Contracting or either
of them.
5.- This Subordination Agreement and all obligations here-
; under or with respect thereto of Island Village, Guarantors, Erskine
Florida and Erskine Contracting shall continue in full force and effect
until the Pennamco Debt is paid in full, notwithstanding any action
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which Pennamco or others, with the consent of Pennamco, may take or
refrain from taking with respect to the Pennamco Debt, or any collateral
therefore, or any agreement or agreements (including guarantees) executed
in connection therewith.
6. This agreement shall inure to the benefit of and be bind- °
in u on the arties hereto and their res ective heirs successors and
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5 assigns. The parties hereto agree that at the time of final closing of
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the Pennamco Loan that Erskine Florida and Erskine Contracting shall de-
posit with John A. Darlson, Esq., Agent for Chicago Title Insurance Company,
~ at 959 So. Federal Highway, Stuart, Florida, (hereinafter referred to as
"Escrow Agent"), executed Releases for each of the thirty-two (32) town-
houses and one (1) Release covering the entire mortgage premises, to be held in r
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