HomeMy WebLinkAbout0543 + !
~ii
~Y:bam ~ I
~~os/so a
' ~ ~ ~S
SUBORDINATION INDENTURE
THIS SUB0RDINATION AGREEi~ENT, made this ~,3 ~ day of ,
1980, by HAMPSTAD MORTGAGE CORPORATION, LTD., an Alberta, Canada Corporation,
CILVORD MORTGAGE CORPORATION, LTO., a Canadian Corporation, 211919 HOLDINGS,
LTD., a Canadian corporation, INDIVIDUAL INVESTMENT CORPORATION, a Canadian
CREDIT
corporation, DARMAC/CORPORATION, a Canadian corporation, and CAN-Am MORTGAGE ,
CORP., LTD., a Canadian corporation, ACE MORTGAGE CORP., a Canadian corpora-
tion, all hereinafter referred to as "Mortgagee".
WITNESSETH:
WHEREAS; Kent Development, Ltd., a Florida limited partnership, is the
owner of the following described lands, situate, lying and being in St. Lucie
County, Florida, to-wit:
lot 6, in Block 2, PORT ST. LUCIE INDUSTRIAL PARK UNIT
ONE, according to the Plat thereof, as recorded in Plat
Book 16, Page 27, 27A-27F of the Public Records of St.
Lucie County, Florida.
did execute and deliver to the Mortgagees, a mortgage on said land dated June - .
25, 1979, and recorded in Official Records~Book 312, Page 244, of the Public
Records of St. Lucie County, Florida, said mortgage securing the payment of
One~Million Two Hundred Thousand (E1,200,~0.00) Dollars; and
I WHEREAS, Hampstad Mortgage Corporation, Ltd. executed a Memorandum of
i Participation Agreement, recorded in Official Records Book 319, Page 1193, of
the Public Records of St. Lucie County, Florida, which Memorandum of Partici-
pation Agreement reflected that all of the Mortgagees are participants in the
mortgage heretofore described and being subordinated hereby; and
WHEREAS, Kent Development, Ltd., a Florida limited partnership desires to
borrow from the Sun Bank of St. Lucie County, the sum of One Hundred Fifty
Thousand (;150,000.00) Dollars, and as security therefor to execute and
deliver a first mortgage on the real property aforedescribed; and
WHEREAS, the said Mortgagees desire to aid the said Kent Development,
' Ltd., a Florida limited partnership, to secure the said mortgage from the said
• Sun Bank of St. Lucie County.
NOW, THEREFORE, in consideration of the premises and in consideration of
the sum of One (51.00) Dollars in hand paid to said Mortgagees, the receipt
1 aoo ~ eacE 543