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SUGORI?INATION AGREEMENT 13,`~~~s ~
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This Agreement made thi~ • d' ' day of December, 1964, ~
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bettveen W. J. PIOWATY d/b/a SERVICE MOR'I'GAGE CO. party of the fi~rst
~ part, and FIRST FEDERAI.. SAVINGS AND LOAN ASSQCIATI~N OF INDIAN
! R~VER COUNTY, a corporation under the lase of the United States, party of ~
~ the second part, WITNESSETH:
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THAT' WHEREAS, Victor L. Martin, Sr. and Helen M. Martin, ;
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his wife, executed a martgage to said party of the ~irst part on property "
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. covered by said mortgage, which morcgage was dated October 15, 1964, and ;
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recorded in Official Record Book 101, page 59, St, Lucie County public ~
' ~ records and which said mortgage secures payment of the sum of $1, 850.00, ~
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~ . 'IHAT WHEREAS, said Victor L. Martin, Sr, and Helen M.
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- Martin, his wife, executed a mortgage to said party of the second part on ~
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~ property covered by the mortgage above mentioned, which said mortgage
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was dated June 1, 1960, recorded in Official Record Book under Clerk`s ?
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File #85716, St. Lucie County records, and which said mortgage secured '
~ _ the principal sum of $8, i00. 00; ~
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~ AND WHEREAS, said Victor L. Martin, Sr. , and Helen M. .
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Martin, his wife, executed an Open-End Advance Note, ~ secured by the said
~ mortgage dated June 1, 1960, to said art of the second art which said
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note i~ dated November 20, 1964, and securing payment of $200. 0~0,
~ AND WHEREAS, party of the second part has declined to clase ~
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~ ~ said loan far $200 because of the existence of said mortgage recorded in ;
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~ Official Re~cord Baok 101, page 59, St. Lucie Ccsunty records, unless and `
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~ until the lien of said mortgage shall be subordinat~d to the lien of said ;
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; mortgage dated June 1, 1960,~ and said note dateci November 2U, 1964, ' {
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and party o~ the second part will nat disbur$e and pay proceeds of said ~
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note dated November 20, 1964, except on the condition that said mortgage
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~ dated Qctober ~5, 1964 be subordinated to the lien of said mortgage to the ~ j
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i - party of the second part insofar as the same secures payment of the
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