HomeMy WebLinkAbout0693 l; thence South 100 feet, more or less, to the Point of
Beginning. Plus parcel B as per attached plot plan.
- A memorandum of said lease being recorded in the public records
of St. Lucie County, Florida, in O.R. Book 540, Page 174, and
same is attached hereto as Exhibit "B" and made a part hereof.
WHERSr?S, the above described properties are one in the same
property in spite of the different legal descriptions; and
WHERSAS, the Owner has executed, or is about to execute, a
mortgaqe and note in the sum of Two Hundred Thousand Dollars
($200,000.00), dated December 28 , 1989, in favor of FIRST
NATIONAL BANK AND TRUST COMPANY OF THE TREASURE COAST, referred
to below as the Lender, which mortgage is recorded in Official
Records Book 571 , page 1836 , of the public records of St.
Lucie County, Florida; and
WHEREAS, it is a condition precedent to obtaining the loan
that the mortgage shall be, and remain, a lien or charge upon the
land described above, prior and superior to the lease described
above, the leasehold estate created thereby set forth therein;
and
. WHffitEAS, the Tenants do not have any interests in the
property other than as set forth in the lease agreement and
extensions attached hereto as Exhibit "A", and Tenants do not
have any options to purchase the subject property; and
NOW, THEREFORE, in consideration of the premises and to
induce the said FIRST NATIONAL BANK AND TRUST COMPANY OF THE
TREASURE COAST to make said loan to Owner, and also in
consideration of the sum of TEN AND NO/100 DOLLARS ($10.00) to
Tenants in hand paid by the Owner, receipt of whereof is hereby
acknowledged, it is hereby declared, understood and agreed as
follows:
1. The mortgage securing the note in favor of the Lender,
~ and any renewals or extensions of the mortgage, shall be and
~ remain at all times a lien or charge on the land prior and
; superior to the lease, the leasehold estate created thereby, and
i to all rights, privileges, and conditions therein contained. ~
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~ 2. The ~enants declare and acknowledge that they hereby ~
F intentionally waive, relinquish, and subordinate the priority ~
and superiority of the leasehold estate created by the lease ~
` referred to above. Tenants also declare and acknowledge that ~
~ they understand that in reliance upon and in consideration of
~ this waiver, relinquishment, and subordination specific loans ~
and advances will be made, and as a part and parcel thereof, ~
~ specific monetary and other obligations will be entered into by ~
~ third-parties which would not be made or entered into but for
~ reliance upon this favor, relinquishment, and subordination. ;
,
~ {
3. Owner and Tenants do hereby severally and respectively, j
~ and do by these presents, subordinate and make inferior in lien
~ and dignity, the above-described lease between Norman A. Kelly
and Vereen L. Kelly, his wife, and Tenant to that certain ~
~ mortgage dated the 28th day of December , 1989, given
by Owner to FIRST NATIONAL BANK AND TRUST COMPANY OF THE TREASURE ~
COAST, in the principal amount of $200,000.00 and recorded in ~
- O.R. Book 671 , beginning on Page 1836 , of the Public j
Records of St. Lucie County, Florida. '
~
E 4. The unde~signed parties do hereby authorize and empower
~ ROBERT L. SEELEY, of WARNER, FOX, SEELEY & DUNGEY, Attorneys,
~ P.A., to fill in the Official Records Book and Page Number of the
~ mortgage to be given by Owner to FIRST NATIONAL BANK AND TRUST
~ COMPANY OF THE TREASURE COAST, in connection with the aforesaid
~ loan of $200,000.00 referred to above, when the said mortgage is
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~ BooK 674 ~ 693
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