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SUBORDINATION AGREEMENT ~ r
THIS AGREEMENT made and entered into this 3 day of
January, 1980, by and between FISHERMAN'S WHARF RESTAURANT,
INC., a Florida corporation, Party of the First Part; and
COLIN CAMPBELL and COLIN CAMPBELL, JR., Parties of the Second
Park;
WITNESSETH:
WHEREAS, the Party of the First Part is the record owner
of certain lands lying, being and situate in St. Lucie County,
Florida; and
WHEREAS, the Parties of the Second Part are the owners of
a certain mortgage dated May 12, 1978,, and recorded in the office
of the Clerk of the Circuit Court on May 16, 1978, in 0. R. Book:
287, at Page 180, which mortgage was executed by the Party of '
the First Part and was given to secure the payment of
$92,300.00; and
WHEREAS, the Party of the First Part has executed and
delivered a certain mortgage on the above-described premises to
First Savings and Loan Association of Okeechobee County,
~i which mortgage was given to secure the payment of $31,500.00,
i
and was duly recorded in the office of the Clerk of the Circuit
i
E Court in and for St. Lucie County, Florida, in 0. R. Book 3~-3
at Page ~ ~ and
WHEREAS, the mortgage last mentioned is inferior to the
€ lien of the first above mentioned mortgage; and
E
~ ~ WHEREAS, the Party of the First Part has undertaken certain
E
~ improvements upon the said premises which will be of benefit
i
and increase the security of the Parties of the Second Part. The
E said First Savings and Loan Association of Okeechobee County
i ~ r
is not willing to make such loan unless the mortgage owned and
held by the Parties of the Second Part is made subordinate and
inferior to the mortgage of said association; and
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