SUBSCRIPTION AND PLEDGE AGREEMENT
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SUISPRIPTI,ONAND PLB~GB ~GREBMRNT
This,Sub.crlpt~on and Pledge Agreement entered into this
"'3 <5 day of May. 1912
WIT N B S S B T H:
WHBRBAS, the under.i..ed are lnteree.ted in a development
located in PiD.lla,;c.u~ty, Flori.. known as Clearwater Mall, and
WHBRBAS.ia,:,rder tofu.l'ther enlarge the $ife of said
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project they p'Jrcha,.ct 1l~. real ..ti.te an4.mprovemeJlts thereon
known as the Jllorida'i,Gar-4en Apartaen.ts, and
WHB~AS, the i.,rovemen*.. located thereon. must be removed
{,rom the prems.. raledla orde"to carry out their proposed
developmellt, and
WHERBAS, ..,. ,".Ve give. ,,1U\4,:doaateds'.i,d:lmprovements to
the City of Clearwater by,B!ll 01 Sale dated April 11, 1972, and
WHBRBAS, lb. C$.ty of Clearwater has tr._.ferred the
improvements tbe,r'o' toCLlARWATBR Z3S, INC. a PIAj)rida corporation
not-for-profit, aDd
WHBUA~, CLBAA.~T.R., 23$, INC. inten.s;~o remove said
improvement. 1;91 ,,;I!;a:''''U,. r.a1".....te it owns $1 'tuate in Pinellas
COlPlty, Flor14. ud after IlOV~nl the same to 'rehabilitate and
i.prove said i..,~""l1t. I.oi~at: they will qualify for insurance
by the Federal,:ijeusi'l Admi.-istl'ation un~l'Section'235 of~\he
Fede,ral Housing Act, ,JlJ1d
""""." "tMBR!.~"':ii_N"'2$S;,,:I1\IC.,'..y ,;Q.q\..J,t.!!'d ,..ffic!.ent
funds to carry out th. .~V~:a" improvements .and rehabilitation of
said improvements, and
WHER~.:.tAe unde,..igDed real~ze the benefit to themselves
and to the CQJRDIunity as aw:l:l!ole in tbe successful completion of
this project.
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NOW,THEJUJ'Ob,ve the Wldersig...d. jointly and severally.
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in consideraticmof tkebenefit.t,sultiA. from the.oYing of said
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ijulldings and i;lIpI'OY.t...~. to 09t'lelve. aDd to tbe,cC),aaunity, and
in c_sideratioR of e..m otb~,s pledge, horeby s,ub,lc:rlbe, pledge,
und.er1:ak. and ~gr.e ,"OP"', ,.,on delland t luch sums at lIay be
requi:red by CLiAlWalTIR.2$5, IMC. a non-profit Florida corporation,
to ,comple,to th.,~.j,.t,l'''..'J.y known as nChes.peake Villas". ..
I'eq~ired by 1the,P'.'."l HOld 1..' Author! ty ;Iubj ect 'Co the l111.1..tion
,~..t no aao,~t 'in.~c... of '100.00 pel"e~.pleted:hoU$ing unit will
bepald. There, aTe,te.tDt1y ,anticipated to be 57C~Jlpleted
hO\lSing unitslat~.'l1oj.ct an~ in no eVent will tbt:s Subscription
and. pledge alr"'en~,;i. yalid;'for a .sum ia excess of $28 ,500.00.
Subject further!.~~.'a.re.,...t_ that .ach. of the un~rsign..d shall
pay the followina pe,tpntales,o'. the total-:.U\ount l'eq,uired to be
paid:
W1J,.LX. G. BLACQURN
WAtLACJa W. BLA~~
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GLiMH,):). ~ON
Rl.~f). A. LBAllDIU
IN Wlnts':i$r:WHBRBOPt4. parties ,her~to have hereunto set
the! rhancia .-4t:.....~"!th., daYatld yearf1 Tst above v.ii t ten.
Wlt.nesses:
31 1/2.
37 lIZ'
12 1/1'
12 1/lt"1
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