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SUBORDINATION AGREEMENT
THIS AGREEMENT made this / ~ day of December, 1980,
between SOUTHEAST FIRST NATIONAL BANK OF FORT PIERCE (hereinafter
called the "Bank"), and JOHN M. SOUZA and ELSIE M. SOUZA, his wife,
(hereinafter called the "Subordinating Creditor'), and GARY J.
STEELE and NANCY E. STEELE, his wife, (hereinafter called the
"Borrowers");
W I T N E S SET H:
WHEREAS, the Bank has made or will make a loan to the
Borrower; and
WHEREAS, note evidencing said loan is or will be secured
by a mortgage on that certain real property located in St. Lucie
County, Florida, described as follows:
Part of an unnumbered lot in Block 1, of M. E.
GOLDSMITH'S ADDITION, according to the plat
thereof as recorded in Plat Book 2, Page 6,
as morn particularly described ~s follows:
Begin at the SW corner of Lot 5, Block 1, run
thence E along the N line of Orange Avenue 150
feet to Place of Beginning and from said Place
of Beginning run N along the E line of Lot 3,
of said Block 1, a distance of 155 feet, thence
run E 65.14 feet, thence run S a distance of
155 feet, thence run W 65 feet to the Place of
Beginning;
and
WHEREAS, the above-described real property was encumbered
by a mortgage given by MAURICE SNYDER to LOUISE H. GAINES, dated
the 6th day of January, 1977, and recorded as aforesaid in 0. R.
Book 262, Page 1392, Public Records of St. Lucie County, Florida
on January 12, 1977; which mortgage was given to secure a promissory
note from MAURICE SNYDER to LOUISE H. GAINES in the original princi-
pal sum of Fifty Thousand Dollars ($50,000.00); and
WHEREAS, a second mortgage was given by GARY J. STEELE
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and NANCY E. STEELE, his wife, to JOHN M. SOUZA and ELSIE M. SOUZA,
his wife, dated the 1st day of August, 1980, and recorded as afore-
said in 0. R. Book 335, Page 2967, Public Records of St. Lucie
County, Florida on August 4 1980; which mortgage was given to .-
secure a promissory note from GARY J. STEELE and NANCY E. STEELE,
his wife, to JOHN M. SOUZA and ELSIE M. SOUZA, his wife, in the
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