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5136Q9
MORTGAGE SUBORDINATION AGREEMENT
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AGREEMENT made this ~- day of , 198~, by
and between MARLIN R. HEMPHILL and JANE . HE HILL, his wife,
and RAYMOND G. HEMPHILL and PEARL C. HEMPHILL, his wife, here-
inafter referred to as the "Mortgagee", and SUNBLEST DEVELOPMENT,
INC., a Florida corporation, hereinafter referred to as the
"Mortgagor". _
WHEREAS, Mortgagee is the owner and holder of certain
notes dated August 14, 1979, secured by a mortgage executed
by Mortgagor in favor of Mortgagee dated August 14, 1979, and
recorded August 27, 1979 in Official Records Book 315, page
775, St.~Lucie County, Florida, public records, encumbering
certain lands in St. Lucie County, Florida, including the
following described parcel,to-wit:
SEE ATTACNED EXHIBIT "A" [7HICH IS MADE A PART HEREOF
BY REFERENCE; and,
WHEREAS, FIRST N~lRItv: BANK AND TRUST COMPANY OF THE. PALM
BEACHES, hereinafter referred to as "Lender", has agreed to
ma:e a construction loan to Mortgagor in the amount of
$750,000.00, to be secured by a mortgage covering the above
described parcel of land together with other lands located in
St. Lucie County, Florida; and,
WHEREAS, in order to induce Lender to make such loan it
is necessary that the mortgaqe held by Mortgagee be subordinated
to the lien of the mortgage ~out to be made to Lender with
respect to the parcel of land described above;
NOW, THEREFORE, in consideration of the premises and in
consideration of Ten ($10.00) Doll.ars in hand paid by Mortgagor
to Mortgagee, it is agreed as follows:
l. Subordination. Mortgagee hereby covenants, consents,
and agrees that the aforesaid mortgage held by Mortgagee is
and shall continue to be subject and subordinate in lien
to the lien of the mortgage about to be made to Lender with
respect to the parcel of land described above.
2. Effect of Subordination. The effect o£ this subordin-
ation shall be that the new mortgage to Lender shall be a first
mortgage o n the parcel of land described above and the aforesaid
mortgage from Mortgagor to Mortgagee shall be a second mortgage
on said parcel. In all other respects the. terms and conditions
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