WILLIE FRANKLIN
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SUBORDINATION AGREEMENT
This Subordination Agreement is made this 19th day of May,1989, by and
between the CITY OF CLEARWATER, FLORIDA, hereinafter called Existing Mortgagee,
and AABCO Mortgage Loans and Investments. Inc., whose address is 1345 So.
Missouri Avenue, Clearwater. Florida, hereinafter called New Mortgagee.
WHEREAS, Willie B. Franklin. Elease Calhoun, and Leola L. Fails are the Owners
of a certain lot or parcel of land situated in Pinellas County, Florida, more
fully described as:
LOT TEN (10), Block .C., AVONDALE SUBDIVISION. accordingt-othe map or IP:/lt
thereof as recorded in Plat Book 7, Page 40. the Public Records of Pinellas
County, Florida
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AND WHEREAS, the above named owners acquired the property as beneficiaries of
the Estate of Stella C. Robinson, deceased, subject to a mortgage encumbering
the property and securing the payment of $15.000.00, which mortgage now has a
balance due and payable in the amount of $14.896.50, and which mortgage was
recorded on December 26, 1985, in the Office of the Clerk of the Circuit. Court
of Pine lIas County, Florida. in O.R. Book 6139, Page 2291,
AND WHEREAS, the Owner. Willie B. Franklin. has or inte11d,e.. te .enter. into a
mortgage transaction with the New Mortgagee. encumberir..gthe p~,operty. securing
the payment of $13 ,ODD . 00, together wi th interest. wliic;h mO!'tga:geis .intended
to be recorded in the Official Records of Pinellas CQ\1nty ,Florida, and.' ~!hich
proceeds are to be distributed $4,000.00 to Elease Calhow:;.:.a.nd $4,001). UO to
Leola L. Fails as payment in full for their interests in the.-prciperty and for
their Quit Claims in favor of Willie B. Franklin,
AND WHEREAS, the Parties to this Subordination Agreement desire and agree
that the lien of the mortgage to the Existing Mortgagee shall be subordinated
to, and shall at all times hereafter be considered inferior to, the lien of the
mortgage to the New Mortgagee, PROVIDED THAT THE MORTGAGE TO BE RECORDED BY THE
NEW MORTGAGEE IS A FULLY AMORTIZING. 15 YEAR FIXED RATE MORTGAGE WITH NO BALLOON
REQUIREMENT.
NOW THEREFORE, in consideration of the sum of Ten Dollars and Other Good and
Valuable Consideration, the receipt of which is acknowledged by execution of
this Agreement, the Parties agree as follows:
1. The lien of the mortgage of the ExistiIlg Mortgagee is hel:8by <mbordinated
and postponed in lien payment and distribution on any judicial sale of the
property to the lien of the New Mortgagee to the full extent and aggregate
amount of all advances made or to be made by the New Mortgagee thereunder.
2. This Subordination shall have the same force and effect as though the
mortgage to the New Mortgagee had been executed, delivered, and recorded in the
Official Records prior to the execution. delivery, and recordation of the
mortgage in favor of the Existing Mortgagee.
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Witnesses: AABCO Mortgage Loans and Investments,
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STATE OF FLORIDA )
COUNTY OF PINELLAS )
Inc.
Its: Vice-President
(Title)
BEFORE ME, personally appeared Richard A. Theil ,as
Vice-President of AADCO Mortgage Loans and Investments, Inc.,
to me known to be the individual described in and who executed the foregoing
instrument on behalf of said Corporation, and who acknowledged before me the
execution of the same freely and voluntarily, for the purposes therein
expressed.
WITNESS my hand and official seal
this .6fL'1!{.y of nll ~mL ',,,.;;989,,
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My commission expires:
91..., PuWk. State of rtorida
My commission Expires Feb. 23, 1992
Ioneled Thill Troy foin. In.uronce Inc.
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