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of financing construction of expanding the present improvements,
renovations and remodeling.
WHEREAS, First National Bank and Trust Company of Stuart• has
agreed to make the TWO HUNDRED FIFTY THOUSAND AND 00/100/'~
($250,000.00) DOLLARS loan on the condition that its Mortgage will
be a first lien against the above described property;
NOW, THEREFORE, in consideration of the premises and to induce
First National Bank and Trust Company of Stuart to make such a loan
for the purposes of expanding the improvements, renovations and re-
modeling of the subject property, the Mortgagee and the Mortgagor
agree as follows:
1. That the Mortgagees Mortgage filed for record July 15,
1980, in Official Records Book 334, Page 2629, of the Public Records
of St. Lucie County, Florida, shall be a subordinate and inferior
lien against the subject premises to the mortgage lien of the
First National Bank and Trust Company of Stuart in the amount of
TWO HUNDRED FIFTY THOUSAND AND 00/100 ($250,000.00) DOLLARS,~-
2. That the Mortgagor shall indemnify and save harmless
Mortgagee from and against any and all loss and expenses suffered,
extended or incurred by reason of a default in the First National
Bank and Trust Company of Stuart Mortgage.
3. Any default in the First National Bank and Trust Company
Mortgage described above which exists for a period of time exceeding
thirty (30) days shall constitute a default under Mortgagee's Mortgage
dated July 10, 1980.
4. That Mortgagee agrees to execute such further documents as
may be required to effectuate this subordination.
5. That Mortgagee hereby consent to the improvements, remodeling
and renovations contemplated by Mortgagor with part of the loan proceeds.
6. That the Mortgage held by Mortgagee shall never be more
inferior than a second Mortgage.
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BRI.'~1KLEY• 1~cNERNEY il< ~tORGA,Y • YH81 Enst Oakland Park Bodevard, Fort I~aderdale• Fbrida 333x9 • {305) 588-0600 ,
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