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SUBORDINATION, NON-DISTURBANCE
r~~n ~mTAT~1~t~FT~T A~AFRMFNT
Y
THIS AGREEMENT, made this day of November, A.D.,
1986, between SOUTHEAST BANK, N.A., whose address is 300
. Southeast 6th Street, Fort Pierce, Florida 33450, (hereinafter -
called "Lender"y, and RHEINLANDER INSTRUMENT CORP. OF FLORIDA,
whose address is 2601 Industrial Avenue ~3, Fort Pierce, Florida
33450, (hereinafter called "Tenant").
W I T N E S S E T H:
WHEREAS, Lender is about to ma~ce a loan to LAKE INDUSTRIAL ~
~~ItP., (~~~~eina€ter called "Landlord") in the oriqinal principal
amount of ONE HUNDRED FIFTY THOUSAND DOLLARS ($150,000.00), to be
secured by a mortgage which now or hereafter will encumber the
real estate more particularly described therein, and which
mortgage is or w~ll be recorded in the Public Records of St.
Lucie County, Florida (the "Mortgage"); and
WHEREAS, the Landlord's interest in the premises is or will
be encumbered by the Mortgage and Tenant has required the
execution of this Agreement as a condition to the performance of
its obligations under the Lease, and Tenant and Lender deem it to
be in their best interests to make the agreements herein set
forth;
NOW, THEREFORE, in consideration of the premises and the sum
of One Dollar ($1.00) each to the other in hand paid, receipt
whereof is~hereby acknowledged, Lender and Tenant do hereby
mutually covenant and agree as follows:
1. Provided Tenant is not in default under the terms of
` the lease (beyond any period given Tenant to cure such default,
' and after notice, if any, required by the Lease), then:
' A. The right of possession of Tenant to the premises
~ shall not be affected or disturbed by Lender in the exercise of
~ any of its rights under the Mortgage or the note secured thereby;
~ nor shall Tenant be named as a party defendant to any foreclosure
~ of the lien of the Mortgage, nor in any other way be deprived of
; its rights under the Lease. The term "Lender" shall include all
~ persons deriving title to the property by, through, or unc~er
~ Lender.
~ B. In the event that Lender acquires title to the
~ mortgaged property by the exercise of any remedy provided for in
the Mortgage or otherwise, the Lease shall not be terminated or
affected thereby and Lender hereby covenants that any sale of the
mortgaged property by it or pursuant to the judgment of any c4urt
- in an action to enforce the remedies provided for in the
Mortgage, shall be made subject to the Lease and the rights of
Tenant thereunder; and Tenant covenants and agrees to attorn to
Lender as its new landlord.
2. If Lender succeeds to the interest of Landlord under
~ the Lease, Lender shall be bound to Tenant under all of the
terms, covenants and conditions of the Lease, and Tenant shall,
from and after Lender's succession to the interest of Landlord
under the Lease, have the same remedies against Lender for the
breach of any agreemen~ contained in the Lease that Tenant miqht
hav~ had under the Lease against Landlord if Lender had not
succeec~ed to the interest of Landlord; provided, however, that
Lender shall not be:
~
, (i) liable for any act or omission of any prior
~ landlord (inaluding Landlord); or
(ii) subject to any off~ets or defenses which
Tenant might have against any prior landlord (including Landlord)
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LArY OFPICES OP SNLLD & NSSSSH. P• A., ~00 B~~II~~Q~~-~JN HAHY HLD(3., Fi. PIS~CE~ 1~I.OEIDA a3460 ~30b) 466~¢330
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