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SUBORDINATION AGREEMENT
THIS AGREEMENT, •ade this 2nd day of July, A.D. 1980, between
ERRA GORPORATION,.of P 0 Box 1569, Rirk Freeport Building, Grand Cayman
Cayman Islands, a company duly organised and existing under the Laws
of the Cayman Islands, hereinafter called party of the first part',
and-BAY ASSOCIATES, INC. (formerly Sandpiper Bay, Inc..), a Nevada
corporation, P 0 Box 4373, Fort Pierce, Florida 33454, hereinafter
called 'party of the second part`. .
IN WITNESS WHEREOF, the said party of the first part, the
owner and holder of the following described mortgage, to wit:
.Mortgage Deed dated August 12, 1977 securing a note of
$250,000 recorded in O.R. Book 273, Page 1027, in the
office of the Circuit Court Clerk's Office of St.
. Lucie County, State of Florida on the property described
in Exhibit "A" attached,
'for and in consideration of $1.00 and other valuable consideration,.
to it in hand. paid by said party of the second part, hereby post-
pones and subordinates the lien, operation and effect of the above
described mortgage owned by party of the first part in favour of
the following described mortgage, to wit:
Mortgage Deed to Part St. Lucie Bank, Port St. Lucie,
Florida to secure a note in the net amount of $75,000
payable over a five-year term, _
so as ~to make the said mortgage last aforesaid a prior lien on the
property described~in said mortgages.
IN WITNESS WHEREOF,- said party of the first part has here-
unto set their hand and seal the day and year first above written.
The Common Seal of ERRA CORPORATION ) ERRA CORPORATION
was hereunto affixed by a duly ) Per: Cayman Directors~Ltd.
authorised Officer of Cayman ) -
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Directors, Ltd. Director and by ) Per:
Di: .~a
t ~rt'•'
Cayman Management Services LTD. , _ - ) Per : Cayman Ma~~gj~i~,#~~$~rvi ces
Secretary in the presence of ) ~ e= -
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