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SUBORDINATION AGREEMENT
PREPARED BY: ~~'~
PHILIP J. MORGAN
BRINKLEY, McNERNEY & MORGAN
P, 0. BOX 11022
FnRT LAUDERD,'~LE, FL 33339
THIS AGREEMENT, made this ~~ day of November, 1980, by WINDJAMMER,
INC., hereinafter referred to as Mortgagee, and W. MICHAEL BRINKLEY,
as Trustee, hereinafter referred to as Mortgagor:
W I T N E S S E T H:
WHEREAS, Mortgagee is the owner and holder of a certain Mortgage
executed by Mortgagor to Mortgagee to secure an original indebtedness
of TWO HUNDRED SIXTY NINE THOUSAND AND 00/100 ($269,000.00) DOLLARS,
said_Mortgage being dated July 19, 1980, and filed for record in
Official Records Book 334, Page 2629, of the Public Records of St.
Lucie County, Florida, said Mortgage encumbering the following
described property
The South 180' of the North 430' (as measured
along State Road AlA) lying entirely East of
AlA of Government Lot 2, Section 12, Township
37, South, Range 41 East, St.Lucie County,
Florida.
WHEREAS, the above described Mortgsge'is a third Mortgage, junior
only a certain Mortgage from Robert G. McInerney and Jean J. McInerney,
husband and wife, Jensen Beach Bank, dated May 28, 1971, recorded
May 28, 1971, in Official Records Book 192, Page 2374, with an
approximate remaining principal balance of $15,718.18, and that
certain Mortgage from Windjammer, Inc., to Robert G. McInerney, and
First National Bank and Trust Company of Stuart, as Conservator of
the estate of Jean J. McInerney, absentee, dated July 2, 1974, recorded
~July~17,~19 64 Official Records Book 229, Page 2385, both of the
Public Records of St. Lucie County, Florida.
WHEREAS, Robert G. McInerney and First National Bank and Trust
Company of Stuart, Florida, as Conservator of the estate of Jean J.
McInerney, absentee, has accelerated the remaining sums due under the
above described Mortgage and Promissory Note secured thereby;
WHEREAS, Mortgagor, Charlo Corporation, Richard A. Pfordresher,
and Leslie M. Kovach, have applied to First National Bank and Trust
Company of Stuart for a loan in the amount of TWO HUNDRED FIFTY
THOUSAND AND 00/100 ($250,000.00) DOLLARS, to be utilized to pay off
the Mortgage held by Jensen Beach Bank and Robert G. McInerney and
First National Bank and Trust Company of Stuart as Conservator of the
estate of Jean J. McInerney, absentee, and for the additional purpose
,344 0~ d38
BR1.4TKLEY• AlcNERNEY 8~ aiORGA\ • 2881 Fast Oakland Pact Bodevard, Fort Lauderdale, Florida 33339 • 1305) 588-0800
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