BRANCH SUNSET ASSOCIATES LIMITED
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SUBORDINATION AGREEMENT
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This Subordination Agreement (this "Agreement") is made
as
of
the
1"-"
day
of
~,
1989,
by
BRANCH
SUNSET
ASSOCIATES, LTD., a Georgia limited partnership, ("Borrower"),
and THE FIRST NATIONAL BANK OF ATLANTA, a national banking
association ("Lender").
R E C I TAL S
1. Borrower and Lender are parties to a Mortgage and
a Security Agreement dated December 17, 1987, recorded in
Official Records Volume 6646, page 1100, public records of
Pinellas County, Florida
(the "Mortgage"), and a Second
Mortgage and Security Agreement dated December 17, 1987,
recorded in Official Records Volume 6646, page 1123, public
11 Rf.CORDINarecords of Pinellas County, Florida (the "Second Mortgage").
ACCT/()OO
R~O~
FEES __
2.
Borrower
has
granted
an
easement
to
the
City
of
l\nr:
pre; . ,___~learwater, Florida, over, under and across a portion of
PIC
DOC
----the
mortgaged
property
(the
"Easement" ) .
A
copy
of
the
fNT __
TOTAL Easement is attached hereto as Exhibit "A".
~,~-
f}
The City of Clearwater has requested, and Lender and
~
'~orrower have agreed, to enter into this Agreement to reflect
'~ ~~
~ ~ the unconditional subordination of the First Mortgage and
~~ r0 the Second Mortgage to the Easement as hereinafter provided.
~ j NOW, THEREFORE, in consideration of the premises, Borrower
. C>-:~
'J and Lender hereby agree as follows:
'no
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...
~ 1. Lender hereby unconditionally subordinates the
~
W First Mortgage and the Second Mortgage to the terms and
Q:
conditions of the Easement.
2. This Agreement shall be governed by and construed
in accordance with the laws of the State of Florida, and
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shall inure to the benefit of and be binding upon the parties
herein and their respective successors and assigns.
IN WITNESS WHEREOF, the parties hereto have executed
this Agreement as of the day and year first above written.
Signed, sealed and delivered
in the presence of:
,
BRANCH SUNSET ASSOCIATES, LTD.
.,
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44Y:
Branch Sunset, Ltd., as
sole general partner
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By: Branch Sunset Partne
Ltd., its sole g~
Partner ...,,;;.;;.:'\\\\\\1\111"1111'"
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By: RHL Inv .!.- . ~~\.~'a.<htial<l,y..,
Inc. ':....,~f.~~~~1\~1:
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By: -"'-- ..:." .", rjj" ,~ :::
Ri chard H. Lee, PrJ(s.l<de!a..+- ....\ t; I
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cf~~. ce~
Presid. .: .,""
~ g:: ~ t- ~t;..r;~df;~f~ik'
STATE OF GEORGI~'1';;:'~~""iiF<;,.,~j
COUNTY OF f:Ul:m @~~I:(ivti.~::\
The foregoing instrument was acknowledged b~"if!~~~;;i:i1ir;~~"
this 11- day of ~, 1989, by Richard H. Lee, aJf~~:'t:he
President of RHL Investment Company, Inc., a general partner
of Branch Sunset Partners, Ltd., a Georgia limited partnership,
a~ . the general ~artner of Branch Sunset, Ltd., a GeoEgJ;:9,;,
llml ted partnershlp, as the general partner of Branch $. ,
Associates, Ltd., a Georgia limited partnership,f:
of the corporation and each partner hip. .Ip:~{,:,
THE FIRST NATIONAL
STATE OF GPJp..fciA
COUNTY OF ruli Y7
Commission
i"~': -':-;;"
. Th~ foregoing ins~rument was acknowledged b~fbre me
thlS 1tt day of may[ h , 198.9..... by ma::-t p. L07.2
~ President of The First ,N~ional Bank of Atla' a, a
national banking association,.~~;,! ' alf of the association.
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EXHIBIT "A"
EASEMEN'l'
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FOR AND IN CONSIDERATION of the sum of One Dollar ($1.00)
cash in hand paid to it, the receipt of which is hereby
acknowledged, and the benefits to be derived therefrom,
o
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BRANCH SUNSET ASSOCIATES, LTD.
does hereby grant and convey to the 'CITY OF CLEARWATER,
FLORIDA, an easement over, under and across the following
described land, lying and being situated in the County of
Pinellas, state of Florida, to-wit:
LEGAL DESCRIPTION - 40 FOOT DRAINAGE AND UTILITY EASEMENT
The east 40 feet of all that tract of land described as
follows;
Lot I of Blackburn's subdivision according to the map or
plat thereof recorded in Plat Book 24, page 62, of the
Public Records of Pinellas County, Florida, less the East
180 feet thereof and subject to existing road right-of-
way, and less and except those lands heretofore conveyed
to Publix Super Markets, Inc., a Florida corporation, to
First Federal Savings and Loan Association of Clearwater
as evidenced by that certain conveyance dated October 5,
1970, recorded October 12, 1970, in Official Record Book
3409, pages 572 and 573, public records of Pinellas
County, Florida.
AND
That part of Lot 12, Blackburn's subdivision, lying south
of State Road 588 and North of County Road 50, according
to the map of plat thereof as recorded in Plat Book 24,
page 62, public records of Pinellas County, Florida.
AND
The Northerly 1033.01 feet of the Northeast 1/4 of the
Southeast 1/4 of Section 6, Township 29 South, Range ,16
East, which lies East of the Florida Power Corporation
easement, less the East 100 feet thereof for road right-
of-way.
The above described parcels being also described as
follows:
Being a part of the Northeast 1/4 of the Southeast 1/4 of
Section 6, Township 29 South, Range 16 East also being a
part of Lots 1 and 12, Blackburn's Subdivision as recorded
in Plat Book 24, page 62 of the public records of Pinellas
County, Florida, lying South of the new alignment of
Sunset Point Road (also known as State Road No. 588) also
that part of vacated Sunset Point Road (old alignment)
described as follows:
Begin at the Northeast corner of the Northeast 1/4 of the
Southeast 1/4 of Section 6, Township 29 South, Range 16
East for the point of beginning; thence run SOl007'39"W,
along the section line 1033.01 feet; thence S89051'33"W,
1110.10 feet to a concrete monument found on the Easterly
line of the Florida Power Corporation easement as recorded
in O.R. Book 1466, page 156, of the public records of
Pinellas County, Florida; thence N01011'29"E, along said
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Easterly line of the Florida Power easement, 1039.62 feet
to an iron rod set on the Southerly right-of-way line of
said Sunset Point Road (also known as State Road No, 588);
thence along a curve to the left, chord bearing
N70 57'29"E, 23.71 feet, arc 23.71 feet and radius 1502.23
feet to a set nail disk, thence N19 25'31W, 10.00' feet to
a set nail disk; thence N70 34'29"E, 192.56 feet to an
iron rod set; thence N19 25'31"W, 10.00 feet to an iron
rod set, thence N70 34'29"E, 263,86 feet to an iron rod
set, thence along a curve to the right, chord bearing
N74 35'48"E, 193.89 feet, arc 194.05 feet and radius
1382.23 feet to a set nail and disk; thence SOl 03'19"W,
234.98 feet to a nail found on the East-West center line
of said Section 6; thence Na9 51'29"E, along said East-
West center line, 480,02 feet to the point of beginning.
Less the East 100.00 feet for road right-of-way.
This easement being for drainage and utility
installation and maintenance.
The Cl'rY OF CLEAHWA'l'ER, FLORIDA, shall have the right
to enter upon the above described premises and to construct,
install and maintain thereon any water lines and to inspect and
alter such water lines from time to time; provided, however,
that the Grantor hereunder hereby reserves the right to use the
above-described property for uses not inconsistent with the
City of Clearwater's use of the easement granted hereunder,
including, without limitation, the Grantor's right to use all
or a portion of said property for paved parking; provided
further that the City of Clearwater shall restore any portion
of the above property damaged in the course of the exercise of
its rights hereunder,
The rights and obligations hereunder shall inure to the benefit
and burden of the parties, hereto and their respective heirs
and successors-in-interest.
IN WITNESS WHEREOF, the party hereto has caused these
presents to be duly executed by its officer thereunto
authorize~ and its seal to be hereunto affixed, this e........ ~
day of Je~~~, 1988.
BRANCH SUNSET ASSOCIATES, LTD.
By:
Branch Sunset, Ltd., its
sole General Partner
By:
Branch Sunset Partners, Ltd.
its sole General Partner
By:
RilL Investment Company, Inc.
A ~ne~al partner, J
(j~~ ~'-.
Richard H. Lee
President
By:
. ........ :
. '11
.
. .
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lOR 59 7 8 PC I 0 9 4
..
STATE OF GEORGIA
COUNTY OF FULTON
Before me, the undersigned authority, this day personally
appeared Richard B. Lee to me well known and known to me to be
the individuals described in and who executed the foregoing
instrument as General Partner of Branch Sunset Partners, Ltd.,
named in the foregoing instrument, and he acknowledged to and
before me that he executed said instrument on behalf of and in
the name of said partnersllip as Gene~al Partner of Branch
Sunset Ltd., the sole General Partner of Branch Sunset
Associates, Ltd.; that they are duly authorized by said
partnership to execute said instrument and that said instrument
is the free act and deed of said partnership.
IN WITNESS WHEREOF
my official seal this
1988.
I hare hereunto set ITjY hand
It\l day of ~pJ(n\JJ~lI
~UV;Jtf.l~ bvoa,{/vP
Notary Public
and affixed
, A.D.
My Commission Expires:
Notary Public, Fullon County, Georgia
M~en L:Kpire& JlIly 1 S. 1990
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