AMENDMENT TO SUBORDINATION AGREEMENT (2)
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SOHOTA AND ZSCHAU, P. A.
ATTORNEYS AT LAW
.JULIUS .J. ZSCHAU
CORPORATION AND BUSINESS LAW
REAL PROPERTY LAw
WIL.LS ESTATES AND ESTATE PLANNING
.JOS EF>H .J. SOROTA,.J R.
TAXATION
WILLS ESTATES AND ESTATE PLANNING
CORPORATION AND BUSINESS LAW
SUITE A
COUNTRYSIDE PROFESSIONAL CENTER
2515 COUNTRYSIDE BOULEVARD
CLEARWATER, FLORIDA 33515
(SI3) 796-2525
HENRY,J. KULAKOWSKI, ,JR.
RONALD R. GOLLER
REAL PROPERTY LAW
CORPORATION AND BUSINESS LAW
November 22, 1982
Mr. J. Edward Robbins, Jr.
Executive Vice President
Greater Clearwater Chamber
of Commerce
P.O. Box 2457
Clearwater, FL 33517
Re: Bank of Clearwater Loan
Dear Ed:
As we have discussed, the legal description contained in the
Amendment to Subordination Agreement dated September 16, 1982 was
incorrect. I am sending you a copy of that Amendment for your
reference.
In order for us to issue the final loan title policy to the
Bank of Clearwater, I must modify this legal description so as
to insure a proper subordination of mortgage to the property currently
owned by the Chamber. I therefore prepared the Modification to
Amendment to Subordination Agreement, which I sent to you on
November 18. If it meets with your approval, this document should
be taken to the City for execution, returned to me for recording,
and upon recordation, we will issue the final policy to the Bank
of Clearwater.
Thank you for your cooperation.
Sincerely,
JJZ/car
Enclosures
AND ZSCHAU, P.A.
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I AMENDMENT ~,~ 14 3 6 2 7
SUBORDINATION AGREEMENT
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n.R. 54 0 q PAGE
~95
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THIS AGREEMENT, made and entered into this I ~ 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
S ta te of Florida (here ina fter referred to a s "Bank")'!J I :"4 7G21~-j r: I
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WITNeSSETH:
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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 f
John . Davey, et aI, resubdivision of "EARLL, FORD, ROSE
& STAR'S SUBDIVISION IN CLEARWATER HARBOR, a ording to the
plat of id resubdivision as recorded in E at Book 1,
page 87, lic records of Hillsborough unty, Florida,
to wit:
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corne of said Lot Five (5) and
rthern boundary of said Lot
feet and 2-1/8 inches west
Lot Five (5), for a point of
ong to the northern boundary of
(6) to a point which is five (5)
feet eight and one-e.ghth -1/8) inches west of the north-
Lot Five 5), thence southerly to a
point in the sou boundary of aid Lot Six (6), which point
is 8 feet and inches west of tR southwest corner of said
Lot Five (5) thence run east alon the south boundary of
said Lot S' (6), and said Lot Five ), to a point in the
south bou ary of said Lot Five (5), w 'ch point is 14 feet
2 inches west of the southeast corner 0 aid Lot Five (5),
thence northerly to a point of beginning.
WHEREAS, said Subordinat.ron Agreement subordinated City's
reversionary interest in this property to Bank to the extent of
$96,000.00;
WHEREAS, the actua 1 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
. .....4\
original
mortgage from Bank to the Clearwater Chamber of Commerce;
,. , Preoared.mz. Robert W. Wilson / P.A.
~...". . RETURN TO: BANK OF ClEA~WA rF! ,
. '.. . Commercial lOlln Dl.jJr,
~',,,,?:,,~r~_~e~,~79~15' 7 (J(- /1/ i;iO__@3J
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O.R.5 404 PAGE ~ 9 C
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
, 198?, 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 th~se present
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
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written.
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In the Presence of:
As to City
correctness
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"IJank" , O.R. 5 4 0 {PAGE 497
BANK OF cLEARWATER
In the Presence of:
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As to Bank
By:
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STATE OF FLORIDA
COUNTY OF PINELLAS
BEFORE ME, the undersigned authority, perso~al1y appea~ed ), _',~ ~,'
Charl e!': T,pC.hPT , as Mayor-Commissioner of the City"!'ofo ,~,~
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 C1earwate~.,...~,.Pit\ellas
County, Florida. ...:',::.\ ~': ',: . .>.....
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My Commis s ion Exp~res: My (o;;)m;5~i_i1 E;:;::/C5 Od. 31. 1'133
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STATE OF FLORIDA
COUNTY OF PINELLAS
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BEFORE ME, the undersigned authority, persona lly appeared.' ./. ,
Anthony L. Shoemaker .~ , as. C~ty Manager.o.(Jhe.rGi.tY,. ot.,.
Clearwater, and he acknowledged before me that he executed ihe'.abov.e:'" _ I
Amendment to Subordination Agreement, as an act and deed'~~ the City
of Clearwater, for the purposes therein expressed. Dated~1~rl~:17th
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day of September , 1982, at Clearwater, Pinellas ..~p~nt:.~il~~1o-:r;:~da.
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My Commission Expires: A'orary ~~IC. ~lareo1F7M
My Commission Expires Od 31 1983
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STATE OF FLORIDA
COUNTY OF PINELLAS
My Commission Expires:
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BEFORE ME, the undersigned authority, personally appear.e.p
Lucille Williams , as City Clerk of ~he City of
Clearwa ter, and~e acknowledged before me tha t.she executeJ~ the above
and foregoing Amendment to Subordina tion Agreement, as art~a'ct and deed
of the City of Clearwater, for the purposes therein expressed. Dated
this 17th day of September , 1982, at Clearwater, Pinellas
County, Florida. ii.<:.>>:"::,;'.""
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li(OI.ry Public S N~ t ~ 1:' Pu b I ic
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My CommISSIon EllpireJ Od, 31. 1983
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STATE OF FLORIDA
COUNTY OF PINELLAS
BEFORE ME, the undersigned authority, personally appeared
Thomas A. Ru!':tin , as City Attorney of the City of
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Q,R. 5 q 0 ~ PAGE 498
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 C1earwate.t',,~:p~{)'ellas
County, Florida. ..,<.;~J' L "
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My Commission .expires:M ary u~',c: Slolle of Florida a' larOf' ':l
~d~::':Sl"n Expires Del. 31, 1983 ~~'" ...........,. ;,',- ',~~ \ t-.\",......
mc.lIun t". ~ Celuelt, Campen,. I.".'~"l;":;':~~~:~.~.~-:''':.'
STAT E OF FLORIDA
COUNTY OF PINELLAS
BEFORE ME, the undersigne(j authority, personally appeared
C. D. Carley. Jr. , as P~esident 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 September , 1982, at Clearwater, Pinellas
County, Florida.
My Commission Expires:
Notary
NOT ARY PUBLIC 5T A TE OF FLORID~
80NDED THRU GENERAL INSURANCE UNO I
MY. (.OMMI5~O~ WIRES lIP! ~Q 128~..
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