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WHEREAS, as further security for the repayment of the
principal o~, and interest and premium, if any, on the Refunding
eonds, Toronto-Dominion is issuing its letter of credit (the
"Getter of Credit" and
WHEREAS, St. Lucie County would not have agreed to issue its
Refunding Bonds without the Letter of Credit of Toronto-Dominion;
and
WHEY2EAS, Toronto-Dominion would not have agreed to issue the
Letter of Credit unless NHC subordinates the NHC Mortgage to the
Refunding Mortgage; and
WHEREAS, NHC, in order to induce Toronto-Dominion to issue
its letter of credit, NNC has agreed to subordinate the NHC
Mortgage to the Refunding Mortgage, and to any modiEications, ,
extensions or renewals of the Refunding Mortgage. '
NOW, THEREFORE, in consideration of the issuance of the
Refunding Bonds by St. Lucie County, and the issuance ot the
L~tter of Credit by Toronto-Dominion, and for TEN DOLLARS ~
($10.00) and other good and valuable cor~sideration, receipt and }
sufficiency of which is hereby acknowledged, NHC does hereby ±
ag ree as f ol lows : i
1. NHC does hereby subordinate (and does hereby declare to
be subordinate) the lien of the NHC Mortgage to the lien of the
Refunding Mortgage, and to all modifications, extensions and
renewals of the Refunding Mortgage in the same manner as ir the I
execution and recording of the Refunding Mortgage occurred prior
in time to the execution and recording of the NHC Mor~g age. I
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2. This Subordination Agreement may not be changed ar
altered orally. It shall bind and inure to the beneEit of the
parties hereto and their respective successors and assigns. ~
IN WITNESS WHEREOF, NHC has executed this Subordination as
of the date set forth above.
~ . NATIONAL HEALTHCORP L.P.
a Limited Partnership i
By: NN SOP, INC, na ing General Partner ~
W'tnessed ~y: By: ~
- Senior Vice President
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STATE OF TENNESSEE ) ~
I~ COUNTY oE RUTHERFORD ) !
~ The faregoing instrume t w g a~know~edc~ed betore ~ne this 25th
~F. La che r. eni r Vice Presi e
j day of January, 1988, by I~c., Planaging GeneraY ~~~'~~ier of
National HedlthCorp L.P., a limited partnership, and successor°;q~`
' National Health Corporation, a T~nnessee corporation. •
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NO ARY PUBGIC
My Commission Expires: - .
May 22, 1990 ~`~~.Q`~~ ; „
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gaox 573 PAGE 949
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