AMENDMENT TO SUBORDINATION AGREEMENT
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I AMENDMENT TO
SUBORDINATION AGREEMENT
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THIS AGREEMENT, made and entered into this Ib day Of~ ~
1982, by and between the City of Clearwater, a municipal corporation
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
State of Florida (hereinafter referred to as "Bank").
WITNESSETH:
WHEREAS, City executed a Subordination Agreement in favor of Bank,
dated the 5th day of May, 1982, for the purpose of subordinating City's
reversionary interest in the following described property to the Bank's
first mortgage placed against the following described property, dated
the 6th day of
May
, 1982, to wit:
That part of Lots Five (5) and Six (6) in Block "B of
John R. Davey, et aI, 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 Subordination Agreement subordinated City's
reversionary interest in this property to Bank to the extent of
$96,000.00;
WHEREAS, the actual loan being secured by mortgage on this
property is in the original principal amount of $103,224.50
WHEREAS, it was and is the intention of the parties hereto to
subordinate City's reversionary interest to the full amount of the
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origina 1 mortgage from Bank to the Clearwa ter Chamber of Commerce;
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NOW, THEREFORE, the parties hereto do expressly agree to amend
Paragraph 1 of the Subordination Agreement, dated the 5th day of
May, 1982, to read 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 des-
cribed property, under and by virtue of
that certain Deed of Con-
veyance, executed December 10, 1956, between City and the Clearwater
Chamber of Commerce, to the lien of that mortgage dated the 6th
day of
May
, 1982, and recorded in O.R. Book 5345
page
785
Official Records of Pinellas County, Florida, in
the original principal amount of $103,224.50
, in favor of Bank.
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.
In all other respects the Subordination Agreement dated May 5,
1982, and the terms and conditions contained therein shall remain
in full force and effect, except as expressly modified by this
Amendment thereto.
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 these presents
to be executed in its name by its duly authorized officer and its
corporate~sea-l-to-be-he-r:eunto-attached_, ...t.h~qqYC3P9year first above
written.
In the Presence of:
BY:
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City Clerk
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BANK OF CLEARWATER
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In the Presence of:
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As to Bank
By:
STATE OF FLORIDA
COUNTY OF PINELLAS
BEFORE ME, the undersigned authority, personally appeared
Clades LeCher , as Mayor-Commissioner of the City of
Clearwater, and he acknowledged before me that he executed the above
and foregoing Amendment to Subordination Agreement, as an act and deed
of the City of Clearwater, for the purposes therein expressed. Dated
this 17th day of September , 1982, at Clearwater, Pinellas
County, Florida.
Notary P"\/:rf:".." "I ~Q;rA..RY_~
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My Commis s ion Expires: My Com",is':)i1 i.,~:.,s Crt ~,' "~R3
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.Bonded fiy ArneriLi.ln tile) &. C[lsualty COilit).:Jny
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STATE OF FLORIDA
COUNTY OF PINELLAS
BEFORE ME, the undersigned authority, personally appeared
Anthony L. Shoemaker , a s City Ma nager of the City of
Clearwater, and he acknowledged before me that he executed the above
Amendment to Subordination Agreement, as an act and deed of the City
of Clearwater, for the purposes therein expressed. Dated this 17th
day of Septemher , 1982, at Clearwater, Pinellas County, Florida.
My Commission
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STATE OF FLORIDA
COUNTY OF PINELLAS
BEFORE ME, the undersigned authority, personally appeared
Lucille Williams , as City Clerk of the City of
Clearwater, andshe acknowledged before me thatshe executed the above
and foregoing Amendment to Subordination Agreement, as an act and deed
. ---of- tIle -City of C-lea-rwa ter, for-the purposes -t-he-reinexpressed. ,DaLe_d___
this 17th day of September , 1982, at Clearwater, Pinellas
County, Florida.
My Commission
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Expire s: ~otary Public State of Florida at \ qt
My CommiHicn Expires Ocl-. 3t,19 3
~nded d) Al,}('~i...dn hIe i C~wJa:l., COr.i~~'
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STATE OF FLORIDA
COUNTY OF PINELLAS
BEFORE ME, the undersigned authority, personally appeared
Thomas A. Bustin , as City Attorney of the City of
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Clearwater, and he acknowledged before me that he executed the above
and foregoing Amen~~ent to Subordination Agreement, as an act and deed
of the City of'Cl~arwater, for the purposes therein expressed. Dated
this 17th day of Septemher , 1982, at Clearwater, Pinellas
County, Florida.
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My Commission
Notar
Ex pi re s : N'otllry PU~rK: State. of Rorida at tar
My CommISsion ExpIres Oct. 31, 1983
Il!>nd~d 8y """.ri"'n fi~ Ii, ~.,u.lly Company:
STATE OF FLORIDA
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 Amendment to Subordination Agreement, as an act and
deed of the Bank of Clearwater, For the purposes therein expressed.
Dated this 20th day of Sp-prpmhpr , 1982, at Clearwater, Pinellas
County, Florida.
My Commission Expires:--
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Notary Public
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~OTAltY PU8lfCSTATEOF F[OR1~
IONDtiO tH~U GENERAL INSURANCE UNO I
MV 'OMMISSION EXPIRE~ APR, ~.Q 19.8~.
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August 31, 1982
Mr. J. Ed RObbins, Jr.
Exeoutive Vice President
Greater Clearwater Chamber of Commerce
P. O. Box 2457
Clearwater, Fl. 33517
Re: Amendment to Subordination Agreement
Dear Mr. Robbins:
We are enclosin~ herewith three originals of the above document
which have been fully executed by the City. Please have the Bank
of Clearwater execute the documents and return one copy to this
offioe.
If you have any questions, please call me at 462-6684.
Very truly yours,
Lucille Williams, CMC
City Clerk
Sue Lamkin
Assistant City Clerk
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GREATER CLEARWATER
CHAMBER of COMMERCE
August 25, 1982
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CITY MANAGEr
Mr. Anthony Shoemaker
City Manager
City Hall
112 S. Osceola Avenue
Clearwater, Fl. 33516
Dear Tony:
As you recall, sometime ago the Chamber requested from the City
an Amendment to Agreement having to do with our taking out a
new mortgage. The original amount of that mortgage was to have
been $96,000, but was changed to $103,224.50 properly authorized
by the City and included in the accompanying copy of Amendment
to Agreement.
In connection with this, the Bank of Clearwater, the lending
institution, requested an Amendment to Subordination Agreement.
For whatever reason these two documents were not executed at the
same time.
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Please have the accompanying Amendment to Subordination Agreement
properly executed in triplicate, sending one copy to the Bank of
Clearwater, one copy to the Chamber and retain one copy for your
records.
If you have any questions, please call me.
Sincerely,
&d-
J. Ed Robbins, Jr.
Executive Vice President
enclosure
128 N. OSCEOLA AVE,
Po. [30X 2457.
CLEARWATER, FL 33517
813/461-0011
Support Chamber Members. . . They Support Our Community