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#84-105-C
SUBORDINATIQN Q~ ~ORTGAGE
W~iEREAS, Focus Real Estate Ff~nance Co. , a Delaware corpora-
tion ("Focus"), is tha Mortgaqee of that certair~ Junior Mortgage
with Security Aqreement and Assiqnment of Leases and Cash Col-
lateral ("Mortgage") wherein The Sands Ocean View Development,
The' Sands Lake View View Development, The Sands Point and The t
Sands Plaza, all Florida general partnarships are the Mortgagors,
xecorded with the St. Lucie Caunty, Florida Recorder of Deeds on
May 31, 1384, as Documen~ Number 658655 in O.R. Book 433 at Pages
1744-1789, and which encumhered that real property and improve-
ments described therein. The Mortgage was modified on May 1,
1985 by document recorded as number 705864 in O.R. Book 464 at
pages 1339-1349 and by document recorded as number 705865 in O.R.
Book 464 at pages 1350-13~3 in St. Lucie County, Florida and
Mortgage herein shall mean the Mortgaqe as so modified;
WHEREAS, Harbor Federal Savings and Loan Association
("Harbor") is the Mortgaqee of that certain (a) Mortgage and
Sec~zrity Agreement dated as of February 5, 1981, recorded in O.R.
Book 349 at Page 1325, of the Public Records of St. Lucie County,
Florida and which encumbered that real property and improvemQnts
described therein; (b) ~iortgage and Security Agreement dated as
of August 12, 1982, and recorded in O.R. Book 382, Page 1720 of
the Public Records of St. Lucie County, Florida and which encum-
bered that real property and improvements thereto described
therein; (c) Mort~age ana Security Agreement dated as of April 2,
1982, recorded in Book 374 at Page 773 of the Public Records of
St. Lucie County, Floriaa, and which encumbered ~hat real
property and improvements therein described; (d) Mortgage and
Security Agreement dated as of November 2, 1983, recorded in O.R.
Book 415 at Page 2604 of the Public Records of St. Lucie County,
Florida, and which encumbered that real property and improvements
therein described; (e) Mortgage and Security Aqreement dated as
of January 5, 1984, recorded in O.R. Book 420 at Page 2915 of the
Public Records of St. ~ucie County, Florida, and which encumbered
that real property and improvements therein described; (f)
Mortgage and Security Ac~reement dated as of April 2, 1982, re-
corded in O.R. Book 374 at Page 764 of the Public Records of St.
Lucie County, Florida and which encumbered that real property and
; improvements therein described; (g) Mortgaqe anc! Security Agree-
; ment dated as of Auqust 2, 1982, recorded in O.R. Book 374 dt
~ Page 753 of the Pu~lic Recards of St. Lucie County Florida, and
which encumb~red that real property and improvements therein
~ ~ described; and (h) Mortgage and Security Agreement dated as ef ~
~ June 30, 1983, recorded in O.R. Book 404 at Paqe 2802, of thE
~ Public R~cords of St. Lucie County, Florida and which encumbered
~ that real property and improvements therein described.
WHEREAS, Mortgagors have applied to Harbor for an additional ~
loan of up to $4,600,000 at an interest rate not to exceed ~
~ Citibank (N.Y.) Prime plus 1.5$, floating, with a maturity of ~
, to be secured bX the real property and improve-
~ ments described in the Mortgages and Security Agreements
~ described in the immedi.ately preceeding paragraph which Harbor
has a~reed to advance upon the condition that Focus subordinate
~ the lien of its Mortgage to the up ta $4,600,000 advance of
Harbor; ~
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NOW, THEREF~RE, in consideration of the premises and the j
mutual promises of the parties and Ten and no/100ths ($10.00)
Dollars in hand paid by Mortgagors to Focus, the receipt and suf-
~ ~~ciency of which are hereby acknowledged by Focus, and at the '
~ request of Mortg~sgors, Focus hereby unconditionally subordinates ~
the lien of its Mortgage to that of Harbor's mortgaqe securing
its up to $4,600,000 loan as above-described, which mortqage was
;`o~K 50~ ~A~E 9~S
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