HomeMy WebLinkAbout0985 ST 49,180 ~
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SUAORDINATION AGREFMF.NT
m'~--- ~„~nr~?•_Ta±~;~n A~rrPPmr~nt- executed this 20th day of
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January, 1988, by JOSEPH J. LACEi, hereinafter calZec~ the "Mort-
gagee."
WHEREAS, under date of January 20, 1988, a purchase money
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mortgage was given by JSL EQUITY CORP., a Florida corporation ~
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(hereinafter called "Borrower") to ~he Mortgagee, which mortgage ~
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was recorded on the " day of January, 19~3f3, in Uf"riciai ~
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Record Book Page of the public records of St. ~
Lucie County, Flurida and which mortgage c~vers the following
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described real property lying and being in St. Lucie County, ~
Florida: ~
s.
The North 225.1 feet of the South 321.1 feet af ~
that part of the Northeast quarter (NE of the ~
Southwest quarter (SW 4) lying East of U.S. No. 1,
in Section 15, Township 35 South, Range 40 East, ~
St. Lucie County, Florida. ~y~_3//~ D~ ~ y
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WH~REAS, GENER~IL i•10TORS ACCEPTANCE CORPORATION, a New York a
~a
a
corporation, its successors and/or assigns, hereinafter called ;
,
"GMAC", has agreed to make a mortgage loan to Borrower in the ~
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a
original principal amount of $850,000.00, hereinafter called the 4
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"New Mortgage," coverinq the real praperty described above, ~
provided the mortgage in favor of Mortgagee is subordinated to
the New Mortgage; and ~
WHEREAS, ~he Mortgagee in order to induce the making of the '
New Mortgage loan, in consideration of the sum of One ($1.Q0)
Do11ar and other good and valuable cor~sideration, the adequacy
and receipt of which is hereby acknowledged, desires to subordi-
nate its mortgage to the Neca Mortgage;
NOW, TfiEREFORE, in consideration of the premises, the
mortgage in favor of Mortgagee is by this instrument subordina~ed
and made inferi~r to the New Mortgage, including but not limit~d
to all funds disbursed and to be disbursed pursuant to the
promissory note secured by the New Mortgage as well as any and
all funds disbursed pursuant to the future advance clause of the
New Atortgage .
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- E~~KS ~
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