HomeMy WebLinkAbout2234original principal sum of Forty Thousand Dollars ($40,000.00); and
WHEREAS, said GARY J. STEELE and NANCY E. STEELE, his
wife, are borrowing Forty-four Thousand Six Hundred Forty-four and
80/100 Dollars ($44,644.80) from SOUTHEAST FIRST NATIONAL BANK OF
FORT PIERCE and as security for the payment of said loan have
executed and delivered to SOUTHEAST FIRST NATIONAL BANK OF FORT
PIERCE a mortgage bearing the date of the /~ day of December,
1980; which mortgage encumbers the real property encumbered by the
mortgages hereinabove described; and
WHEREAS, said JOHN M. SOUZA and ELSIE M. SOUZA, his wife,
have ever since the 1st day of August, 1980, been and now are the
sole owners and holders of the above-described second mortgage from
GARY J. STEELE and NANCE E. STEELE, his wife; and
WHEREAS, it is the desire and iteration of the parties
hereto to subordinate the lien and operation of the second mortgage
above recited from GARY J. STEELE and NANCY E. STEELE, his wife,
to JOHN M. SOUZA and ELSIE M. SOUZA, his wife, recorded in 0. R.
Book 335, Page 2967, Public Records of St. Lucie County, Florida,
for the full balance thereof, to the lien and operation of the
third mortgage above recited from GARY J. STEELE and NANCY E. STEELE,
his wife, to SOUTHEAST FIRST NATIONAL BANK OF FORT PIERCE, dated
the ;~c: day of December, 1980;
IJOW THEREFORE, in consideration of the making of the
aforesaid loan to the Borrowers by the Bank, and in consideration
of the benefits accruing to the Subordinating Creditors including
consideration in the sum of One Dollar ($1.00) and other valuable
consideration, receipt whereof is hereby acknowledged, said Sub-
ordinating Creditors hereby acknowledge and agree that as to the
mortgage from Borrowers to the Bank, dated the ,~; day of December,
1980, and as to the rights and interests thereunder, the said
mortgage dated the v_ day of December, 1980 from the Borrowers
to the Bank is and shall be a valid second mortgage and lien on the
real property described above and that whatever interest or rights
they may have in or to said-real property under that certain mortgage
from the Borrowers to the Subordinating Creditors hereinabove
described, is subordinate and inferior to the lien of said mortgage
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