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SUBORDINATION AGREEMENT ~~j~48~t
WHEREAS, unc;er date of July 2Z, 1978, a mortrage was given .
by MARK ~TEVENS and BETTY J. STEVENS, his wife, as trustees and
ii~dividually, CHARLES TEEI.ON and CARCL TEF.L,ON, his wife, and
HOWARD OHL and MARY OHL, his wife, to STEPHEN A. v3ILLI~IM5 and ~
SHIRLEY M. WHILLIAMS, his wife, which mortgage was recorded in ~
Official Record Book 294, Page 410 of the Public Records of St. j
5
Lucie Ca~nty, Florida, and H•hich mortgage covers the following
described real property lying and being in St. Lucie County,
Florida:
The following ~escribed real property, LESS AND EXCEPT
the East 490 feet thereof:
Begin at the Northeast corner af Lot 1, Block 4, of Plat
No. l, ST. LUCIE GARDENS, Section 12, Township 3"7 South,
Range 40 East, as per plat thereof, on file in Plat Book
l, Page 35, of the Public Records of St. Lucie County,
Florida; and run thence South on the East line of said
Lot 1(or West line of County road righ~ of way) 200
feet; t:~ence West parallel to the Nortr~ line of said Lot
1 ta the East line of U.S. No. 1(State Road No. 5);
thence Northwesterly along said right of way to the
North line of Lot 4 in said block and section, township
3nd range; thence East to the point of beginning; LESS
AND EXCEPT the North 20 feet and the East 20 feet
thereof .
WHEREAS, SUIv BANK OF ST. LUCIE COUNTY has agreed to make a
mortgage loan to CANE-SLOUGH CORPORATION, a Florida corporation,
Lesses, and MARK E. STEVENS and BETTY J. STEVENS, his wife, as ~
Trustees, and individuaily, CHARLES TEELON and CAROL TEELON, his
wife, and HOWAR~ OHL and MARY OHL, his wife, Fee Simple Owners,
in the amount of $370,000.00, hereafter calle3 the "new
mortgage," cover~ng the property above des~ribed, provided the
mortgage first described is subardinated to it; and
~ WHEREAS, the undersigned, in order to induce the making of
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~ the new m~rtgage loan, and in consid~ration for the sum of $1.00,
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and ather good a~d valuable consi~erations, desires to
_ t' subordinate their mortgage to the new mortgage;
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