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SUBORDINATION AGREEMENT
On September 12, 1980, ROY P. THOMAS, JR, entered into
an "AGREEMENT NOT TO SELL, TRANSFER OR ENCUMBER" to RALPH H. GALLOTT,
which said Agreement was duly recorded in 0. R. Book 340, Page 2448,
Public Records of St. Lucie County, Florida, on October 14, 1980;
and
WHEREAS, said ROY P. THOMAS, JR. is borrowing Twenty
Thousand Dollars ($20,000.00) from SOUTHEAST FIRST NATIONAL BANK
OF FORT PIERCE, and as security for the payment of said loan has
executed and delivered to SOUTHEAST FIRST NATIONAL BANK OF FORT
PIERCE a second mortgage bearing the date of the day of
December, A. D., 1980, which said second mortgage encumbers the
real property which was the subject matter of said "AGREEMENT NOT
TO SELL, TRANSFER OR ENCUMBER"; and
WHEREAS, said RALPH H. GALLOTT ever since September 12,
1980 has been and now is the sole owner and holder of said "AGREEMENT
NOT TO SELL, TRANSFER OR ENCUMBER" from said ROY P. THOMAS, JR.;
W I T N E S SET H:
NOW, THEREFORE, in consideration of the sum of One Dollar
($1.00) and other valuable considerations to him in hand paid,
receipt whereof is hereby acknowledged, said RALPH H. GALLOTT hereby
acknowledges and agrees that as to him the said "AGREEMENT NOT TO
SELL, TRANSFER OR ENCUMBER", and as to his rights and interests
thereunder, and that whatever interest or rights he may have in
or to said real property under said "AGREEMENT P10T TO SELL, TRANSFER
OR ENCUMBER" from said ROY P. THOMAS, JR. to said RALPH H. GALLOTT,
hereinabove described, is subordinate and inferior to the lien of
said second mortgage from said ROY P. THOMAS, JR. to said SOUTHEAST
FIRST NATIONAL BANK OF FORT PIERCE.
That the legal description of the property which is the
subject matter of said "AGREEMENT NOT ~0 SELL, TRANSFER OR ENCUMBER"
and is encumbered by the second mortgage from said ROY P. THOMAS, JR.
to said SOUTHEAST FIRST NATIONAL BANK OF FORT PIERCE, is that certain
property hereinafter described, to wit:
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