HomeMy WebLinkAbout0958 - ' . ' '0'272C Prepared eyj . y
, j~` WARNER; FOX, SEEL~Y & DUNGEY, P.A. '
~ 86fi6'79 '
SUBORDINATION~ NON-DISTURBANCE
AND ATTORNMENT AGREEMENT
THIS DOCUMENT, made this 18~1~. clay of November, 1987, -
between BARNETT BANK OI~ ST. LUCIE COUNTY, whose address is 900
East Prima Vista Boulevard~ Port St. Lucie, Florida 34984
(hereinafter called "Lender"1, and RYDER TRUCK RENTAL, INC., a
Florida corporation, whose address is 3600 N.W. 82nd Avenue,
Miami, Florida (hereinafter called Tenant").
W I T N E S S E T H:
WHEREAS, Lender is about to make a loan to FRSDERiCR
WESSELL (hereinafter called "Landlord") in the original
principal amount of $50,000.00 to be secured by a mortgage
which now or hereafter will encumber the real estate more
particularly described therein, and which mortgage is or will
be reaorded in the PubZic Records of St. Lucie County, Florida
(the "Mortgage")t 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 perfoxmance
of its obligations under the Lease, and Tenant and Lender deem
it to b~ in their best interests to make the agreements herein
set forth~
NOW, THEREFORE, in consideration of the premises and the
s~m 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 ce~re such default,
and after notice, if any, required by the Lease), then:
ta) The right of possession of Tenant to the
premises shall not be af£ected or distu#bed by Lender in the
exercise of any of its rights under the Mortgage or the note
secured ther~by; 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" sha11 include a21 persons deriving ti~le to the
property by, through, or under Lender.
(b) In the event that Lender acquires title to the
mortgaged property by the exercise of any remedy provided for
iri the Mortgage or otherwise, the Lease shall not be terminated
or affected thereby and Lender hereby covenan~s that any sale
of the mortgaged property by it or pursuant to the judgment of
any court in an action to enforce the remedies provided for in
the Mortgage, shall be made sub~ect to the Lease and the rights
o£ Tenant thereundert and Tenant covenants anc3 agrees to attorn
to Lender as its new lanalord.
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 Lanalord
under the Lease, have the same remedies against Lender for the
breach of any agreement contafned fn the Lease that Tenant
might have had under the Lease against Landlord if Lender had
' not succeeded to the.interest of Landlord= provide8, however,
! that Lender shall not be:
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