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SUBORDINATION AGREEMENT
THIS AGREEMENT made and entered into this 19 ~ day of February.
1981, by and between ANNA CELINE TOWNSEND, Party of the First Part; and
PENINSULAR MORTGAGE COMPAN`Y OF FORT PIERCE. a Florida corporation, Party
of the Second Part;
WITNESSETH:
WHEREAS, the Party of the First Part is the record owner of certain
lands lying~ being and situate in St. Lucie County, Florida~ more
particularly described as follows:
~ Lot 25, Block I, MARApILLA ESTATES, according to the
Plat thereof, recorded in Plat Book 8, Page.77, of
t"v the Public Records of St. Lucie Coun~y, Florida;
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~ ~ and
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. WHEREAS~ the Party of the Second Part is the owner and hoZder of
T
,, a certain mortgage at~d note secured thereby, dated October 3, 1980, and
:
: filed of record on October 13, 1980, in O. R. Book 340, at Page 1980~
; of the public records of St. Lucie County~ Florida, in the original
,` ~rincipal sum of $13,000.00; and ~ ~
A`
WHEREAS, the Party of the First Part has executed and delivered a
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~ certain morCgage on the above-referenced premises to First Savings and
Loan Association of Okeechobee County, Florida, which mortgage was given
to secure the repayment of $41,200.00, as evidenced by a nate of even
date, said tnortgage having been duly recorded in the office of the Clerk
of the Circuit Court in and for St. Lucie County, Florida, in 0. R. Book
.3 ~~ , at Page v? 8S ~; and
WHEREAS, First Savings and Loan Associatian of Okeechobee County
was not willing to accept the above-referenced mortgage unless and until
the mortgage and note secured thereby owned and held by the Party of the
Second Part was made subordinate and inferior to the mortgage of the
said Association; and -
WHEREAS, the said First Savings and Loan Association of Okeechobee
County is willing to make such loan attd to accept said mortgage providing
the mortgage securing such loan is made a prior lien upon the real
property described in Exhibit A attached hereto and incorporated by
g~~-K 348 P~~E 2~31E
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