SUBORDINATION AGREEMENT
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SUBORDINATION AGREEMENT
CITY' c.::I.ERc' -vJh
THIS AGREEMENT, made and entered into this ~ day of
mA-Y
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municipal corporation
19 ~~ by and between the City of Clearwater, a
chartered under the laws of the State of Florida (hereinafter referred
to as "City") and the Bank of Clearwater, Clearwater, Florida, a cor-
poration organized and existing under and by virtue of the laws of the
United States of America (hereinafter referred to as "Bank").
WITNESSETH:
WHEREAS, on the 10th day of December, 1956, City did convey by
deed of conveyance to the Clearwater Chamber of Commerce, a not for
profit corporation organized and existing under the laws of the State
of Florida, the following described real property located in
Clearwater, Pinellas County, Florida:
That part of Lots Five (5) and Six (6) in Block "B" of
John R. Davey, et al. resubdivision of "EARLL, MUMFORD, ROSE
& STARR'S SUBDIVISION IN CLEARWATER HARBOR, according to the
plat of said resubdivision as recorded in Plat Book 1,
page 87, public records of Hillsborough County, Florida,
to-wit:
Beginning at the northeast corner of said Lot Five (5) and
running thence west along the northern boundary of said Lot
Five (5) to a point which is 11 feet and 2-1/8 inches west
of the northeast corner of said Lot Five (5), for a point of
beginning, thence west along to the northern boundary of
said Lot Five (5) and Six (6) to a point which is five (5)
feet eight and one-eighth (8-1/8) inches west of the north-
west corner of said Lot Five (5), thence southerly to a
point in the south boundary of said Lot Six (6) which point
is 8 feet and 8 inches west of the southwest corner of said
Lot Five (5), thence run east along the south boundary of
said Lot Six (6) and said Lot Five (5), to a point in the
south boundary of said Lot Five (5), which point is 14 feet
2 inches west of the southeast corner of said Lot Five (5),
thence northerly to a point of beginning.
WHEREAS, said deed of conveyance was duly recorded in O.R. Book
338, pages 342 through 344 of the Public Records of Pinellas County,
Florida, and
WHEREAS, said deed of conveyance provided that the property
therein described was deeded to the Grantee, the Clearwater Chamber of
Commerce, solely to be used and maintained as the location for a
Chamber of Commerce office or building for the City of Clearwater con-
sistent with the purposes of such organization as described in its
present Charter of Incorporation, and the Grantor, The City of
Clearwater, reserved unto itself and its legal Successors all right of
reversion in and to said property in the event of the discontinuance
of
the use and maintenance of such property as aforesaid, and
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WHEREAS, the Clearwater Chamber of Commerce is now desirous of
executing a first mortgage encumbering said property in favor of Bank,
in order to obtain necessary funds to remodel and improve the struc-
tureslocated on this property, and
WHEREAS, Bank has declined to accept such mortgage unless City
shall specifically agree to and shall subordinate its reversionary
interest and all its rights and interest in the herein described pro-
perty under and by virtue of the above referred to deed of conveyance,
to said mortgage, and
WHEREAS, it is agreeable to City to execute such subordination
agreement;
NOW, THEREFORE, City, in consideration of the sum of One Dollar
($1.00) and other good and valuable considerations to it in hand paid,
the receipt of which is hereby acknowledged, does hereby agree with
Bank hereto as follows:
1. City hereby specifically agrees to and does hereby in every
respect subordinate and declare inferior any reversionary interest,
right or interest of any kind which it may have in the herein
described property, under and by virtue of that certain Deed of
Conveyance, executed December 10, 1956, between City and the
Clearwater Chamber of Commerce, to the lien of any mortgage which
within 90 days of the date hereof, might be placed against said pro-
perty by the Clearwater Chamber of Commerce, in favor of Bank, not to
exceed the sum of $96,000.00. In view of the reversionary interest of
City in said property, Bank agrees to notify City of any default under
said mortgage and grant City ten (10) days therefrom in which to
correct said default.
2. The obligations and benefits under this agreement shall
extend to the legal successors and assigns of the respective parties
hereto.
IN WITNESS WHEREOF, City has caused these presents to be executed
in its name by its City Manager and City Clerk, countersigned
by its Mayor - Commissioner, and its corporate seal to be hereunto
attached, the day and year first above written and Bank has caused
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these presents to be executed in its name by its duly authorized
officer and its corporate seal to be hereunto attached, the day and
year first above written.
Countersigned, ~) ~~
Mayor-Commissioner
By
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City Clerk
In the Presence of:
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As '. t Cl y
correctness
In 2;2";: ~ ft/~
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As to Bank .
"Bank"
BANK OF CLEARWATER
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By
STATE OF FLORIDA )
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COUNTY OF PINELLAS )
BEFORE ME, the undersigned authority, personally appeared
Charles F. LeCher , as Mayor-Commissioner of the City of
Clearwater, and he acknowledged before me that he executed the above
and foregoing Subordination Agreement, as an act and deed of the City
of Clearwater, for the purposes therein expressed. Dated this 5th
day of May , 1982 at Clearwater, Pinellas County,
Florida.
\~A1,~t1 ~~~
Notary Public' -
My Commission Expires:
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COUNTY OF PINELLAS
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.o..S'1'hTE OF FLORIDA
BEFORE ME, the undersigned authority, personally appeared
Anthony L. Shoemaker , as City Manager of the City of
Clearwater, and he acknowledged before me that he executed the above
and foregoing Subordination Agreement, as an act and deed of the City
of Clearwater, for the purposes therein expressed. Dated this 4th
day of May , 19 82 at Clearwater, Pinellas County,
Florida.
twly Commission
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Notary Public / ,<.' _.
Ex pi res )lot,;'!{ Pu1;::c (' IB'" , A 'd : --....:
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y B~~~/s.~'on Expires Aug. 15, 19tt~
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STATE OF FLORIDA )
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COUNTY OF PINELLAS )
BEFORE ME, the undersigned authority, personally appeared
Lucille Williams , as City Clerk of the City of
Clearwater, and he acknowledged before me that he executed the above
and foregoing Subordination Agreement, as an act and deed of the City
of Clearwater, for the purposes therein expressed. Dated this 5th
day of May , 19 82 at Clearwater, Pinellas County~
Florida.
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Notary PubllC .': .
My Commission
. Nofary Pu"!;c co,. '" .' "" ., La
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My Commissicn ...,>i5. 1984
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STATE OF FLORIDA )
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COUNTY OF PINELLAS )
BEFORE ME, the undersigned authority, personally appeared
Thomas A. Bustin , as City Attorney of the City of
Clearwater, and he acknowledged before me that he executed the above
and foregoing Subordination Agreement, as an a~t and deed of the City
of Clearwater, for the purposes therein expressed. Dated this 4th
day of May , 19 82 at Clearwater, Pinellas County,
Florida.
Nofary PutF. <r;.'. c' c', I t l
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Y ommi5~;~; ~;;c'~"'" ,5 1934
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Notary PubllC:. _
My Commission Expires:
STATE OF FLORIDA )
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COUNTY OF PINELLAS )
BEFORE ME, the undersigned authority, personally appeared
C. D. Carley, Jr. , as President of the Bank of
Clearwater, and he acknowledged before me that he executed the above
and foregoing Subordination Agreement, as an act and deed of the B~k
of Clear~~, for the purposes therein expressed. Dated this ~
day of I "'-r · 19 rUt Clearwater. Pinellas County,
Florida.
My Commission Expires:
NOTARY PUBLIC STATE OF FLORIDA' -4-
BONDeD TH;ZU GEt'~ER.\L L'EU~ANG UND .
MY COMMISSION E"PUS APR 30 1786
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Notary PUblfP.T