HomeMy WebLinkAbout0948
, ' • I
Vti~~
(7 ~ ~ • , 1 O ~ v I~
I
SUBORDINATION AGREEMENT I'
THIS SUBORDINATION AGREEMENT is made and execu~ed as of this
day of January, 1988, by NATIONAL HEALTHCORP L.P., a limited
partnership, successor of NATIONAL HEALTH CORPORATION, a ,
Tennessee corporation, (hereinafter "NHC"), in favor of THIRD
NATIONAL BANK IN NASHVILLE, as Trustee, a national banking
associatian ("Third, National"), and THE TORONTO-DOMINION BANK, '
Chicago Branch, a national banking association, (the "Tornoto- '
Dominion"). '
i
W I T N E S S E T H: i
WHEREAS, Florida Convalescent Centers, Inc., a Florida I
corporation ("FCC") is the owner of certain real property
situat~d in St. Lucie County, Florida, leyally described as
follows (the "Property"):
Lot 2, in Block A, of lst REPLAT OF PORT ST.
LUCIE SECTION FIFTY, according to the Plat
thereof as recarded in Plat Boak 24, at Page
9, of the Public Records of St. Lucie County,
Florida; being a portion of Tract "D"
according to the Plat of PORT ST. LlJCIE
SECTION ETFTY, according to the Plat thereot,
as recorc3ed in P~at Book 20, at Page 14, of
the Public Records of St. Lucie County,
Florida; being and lying in Section 1,
Township 37 South, Range 40 East, City of Port
St. Lucie, St. Lucie County, Florida.
and
WHEREAS, FCC financed the acquisition of the Property and
the construction of a nursing home facility thereon by the
issuance of St. Lucie County, Florida of $5,400,OQO.OU in
industrial development revenue bonds ithe "Bonds"); and ~
WHEREAS, to secure the oblig ation of FCC to pay the ;
principal of, and interest and premium, if any, on the Bonds E'CC ~
executed and delivered to St. Lucie County, Florida, that certain I
Mortg age and Security Agreement (the "St. Lucie County Mortg age")
dated as of July 2, 1986, and recorded in Official Records Book
S05 at Page 2232 of the Public Records of St. Lucie County,
Elorida, encumbering the Property; and
WHEREAS, the St. Lucie County Mortgaye was assigned by that
certain Assignment of Mortg age and Security Agreement to Third
National Bank in Nashville, N ashville, Tennessee, as Trustee, and
Sun Bank, National Association, Orlando, Florida, as Co-Trustee,
which assignment was recorded in Official Records Book 505 at
Page 2250 of the Publ ic Records of St. Lucie County, Florida; and
WHEREAS, FCC executed and delivered a certain Mortgage Deed
~o I~ational tiealth Corporation, and its subsidiary, F.M.S.C.,
In~., to secure certain obligations (the "NHC Mortg ac~e"),
encumbering the Property recorded in Official Records Book 521 at
Page 1375 of the Public Recards of St. Lucie County, Florida; and
WHEREAS, FCC arranged to refinance the Bonds (the "Refunding
Bonds") and to pay off and satisfy the St. Lucie County Mortgage
and to execute and deliver to Third National and Toronto--Dominion
a Martgage and Security Agreement ( the Refundiny Mortgage" ) in
the principal sum of $5,528,712.33; and
THIS INSTRUMENT PREPARED BY:
ROGER FRIEDBAUER
Shutts & Bowen ~ ~~p
100 Chopin Plaza, 16th Floor g~;,~K ~ f~ FAGr. U
Miami,.Florfda 33131
_