SUBORDINATION OF MORTGAGE AGREEMENT
PREPARED BY ANDItJrf~:
HARRY S. CLINE, Esquire
Macfarlane, Ferguson &
McMullen
625 Court Street, Suite 200
Post Office Box 1669
Clearwater, FL 33757
KEN BURKE, CLERK OF COURT
PINELLAS COUNTY FLORIDA
INST# 200720312706/15/2007 at 11:01 AM
OFF REC BK: 15843 PG: 233-239
DocType:AGM RECORDING: $61.00
SUBORDINATION OF MORTGAGE AGREEMENT
THIS SUBORDINATION OF MORTGAGE AGREEMENT [the "Agreement"]
is executed effective the 24th day of January, 2007, by and between GREATER
CLEARWATER CHAMBER OF COMMERCE, INC., a Florida non-profit
corporation, whose mailing address is: 1130 Cleveland Street, Clearwater, FL 33755,
hereinafter referred to as the "Chamber", SEBASTIAN DORNER and ELIZABETH
DORNER, his wife, whose mailing address is: 1180 Gulf Boulevard, Clearwater, FL
33767, hereinafter referred to as the "Borrower", and COMMUNITY
REDEVELOPMENT AGENCY OF THE CITY OF CLEARWATER, whose
mailing address is: 112 Osceola Avenue, Clearwater, FL 33756, hereinafter referred to as
"Lender" ,
WIT N E SSE T H:
WHEREAS, the Borrower is the owner in fee simple title of that certain real
property situate, lying and being in Pinellas County, Florida, and being more particularly
described in Exhibit "A" attached hereto and by this reference made a part hereof [the
"Property"]; and
WHEREAS, the Borrower extended two (2) mortgages to the Chamber incident to
acquiring the Property on the attached Exhibit "A", the First Mortgage being dated July
20,2006 and duly recorded in O.R. Book 15260, page 1410, public records of Pin ell as
County, Florida [the "First Mortgage"] and that certain Performance Mortgage being
dated July 20. 2006 and duly recorded in O.R. Book 15260. page 1425. public records of
WHEREAS, Lender has requested that the Chamber execute this Agreement
subordinating the terms and provisions of its Second Mortgage to the said Loan and
Mortgage to Lender, with the express understanding that the said First Mortgage shall
remain a first priority on the said Property, all of which is agreeable to the Chamber; it is
NOW, THEREFORE, for and in consideration of the premises, and other good
and valuable considerations in hand paid to the Chamber, receipt of which is hereby
acknowledged by the Chamber, and to induce Lender to make the Loan to the Borrower,
the parties hereby hereby covenant and agree as follows:
1. Recitals. The recitals set forth above are true and correct and are
incorporated herein by reference.
2. Abbreviations and Definitions. The abbreviations and definitions ofthe
parties set forth in the preamble and in the recitals will be used for purposes of this
Agreement.
3. Exhibit. The exhibit attached to this Agreement is by this reference made
a part hereof.
4. Subordination. The Chamber does hereby agree that its interest in the said
Second Mortgage as to the said Property is hereby made subject, subordinate and inferior,
in all respects, to the lien of Lender's Mortgage, incident to the Loan, whether now or
hereafter funded. The subordination in favor of Lender of the right, title and interest of
the Chamber is without restriction or limitation to the amount of the indebtedness. The
Lender may extend, modify or postpone the time and manner of payment and
performance of the said Mortgage. Also, incident to said Subordination, Chamber agrees
that it waives any right or ability to extend additional credit through the First Mortgage,
whether by a Future Advance, secondary financing and consolidation or otherwise.
5. Default. The Chamber represents and warrants to Lender that it is the
owner and holder of the hereinabove identified First Mortgage and Second Mortgage, and
that no defaults presently exist thereunder. The Chamber will not seek to foreclose its
First Mortgage until and unless the following first occurs:
f~'\ _ ...J_..c'___1.4- ___~~__ ~~~...J__ ........:...J l\./f.....-+._....___ .......1-.:......1- .:...... _......+ ........._........J. ......_
such event of default and the manner and time period in which to correct the same
[or if such non-monetary default cannot be reasonably cured within the thirty (30)
day period, then if Lender does not commence to cure such non-monetary default
within the thirty (30) day period and thereafter diligently and continuously pursue
to proceed to cure such non-monetary default.
It is intended by this paragraph that the Borrower shall have the opportunity to cure a
default within the applicable curative periods set forth. The Lender shall have the right,
but without the obligation to do so, to cure any event of default under the First Mortgage.
6. Notices. Any written notice, demand or request that is required to be
made hereunder shall be served in person, or by registered or certified mail, return receipt
requested, or via facsimile transmission at its address, or at its facsimile number set forth
below, as follows:
Chamber:
Greater Clearwater Chamber of Commerce
1130 Cleveland Street
Clearwater, FL 33755
FAX #7 cAi-4WQ -d Wl.\
With copy to:
Stephen Williamson, Esq.
Johnson, Pope, Bokor, Ruppel & Bums
Post Office Box 1368
Clearwater, FL 33758-1368
FAX# (727)441-8617
Borrower:
Mr. and Mrs. Sebastian Domer
1180 Gulf Boulevard
Clearwater, FL 33767
FAX # (727)
With copy to:
Harry S. Cline, Esq.
Macfarlane Ferguson & McMullen
Post Office Box 1669
"""__"___~_..L.___ T'T "",...,~,.., 1 .cfn.
7. Modification. This Agreement shall not be modified or amended
exception in writing between the Lender, Borrower and Chamber.
8. Binding. This Agreement shall be binding upon the Chamber and the
Borrower and their respective successors and assigns and shall insure to the benefit of
Lender and its successors and assigns.
IN WITNESS WHEREOF, the parties hereto have set their hands and seals the
day and year first above written.
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pri~Name ~YLl~Gt:i"~V}1t luxll>~'<:-(
As to "Borrower"
~~~A~A#;
GREATER CLEARWATER CHAMBER
OF COMMERCE, INC., a Florida non-
profit corporation
By: fij h, JA C~Ik::,C<V\,
j~~ $~
""SEBASTIAN DORNER
, - ~
&}~rt,~ ()~1,a1
ELIZ ETH ORNER
COMMUNITY REDEVELOPMENT
AGENCY OF THE CITY OF
CLEAR~TER . J '/1 /. J
D.,. ~/.A~ Y ~
STATE OF FLORIDA
COUNTY OF PINELLAS
I HEREBY CERTIFY, that on this day personally appeared before me, an officer
duly authorized to administer oaths and take acknowledgments,
ELIZABETH COLEMAN as President / CEO of GREATER
CLEARWATER CHAMBER OF COMMERCE, INC., a Florida non-profit corporation,
to me personally known or who has produced as
---
identification and who did take an oath, and known to me to be the individual described
in and who executed the foregoing instrument and he/she acknowledged before me that
he/she executed the same for the purposes therein expressed on behalf of the company.
WITNESS my hand and official seal at Clearwa~er, sad County and SI.ate, th...iS
29th day of May ,2007.
J ~ rJ !JJi/lL
Notary Public
Print Name Kathleen A. 0 'Hearn
My Commission Expires:
R"p ~ Kathleen A. O'Heam
. ~ ; My Commission 00224974
'\:Of",o'I' ExpIres July 20.2007
STATE OF ILLINOIS
COUNTY OF COO k:
I HEREBY CERTIFY, that on this day personally appeared before me, an officer
duly authorized to administer oaths and take acknowledgments, SEBASTIAN DORNER
and ELIZABETH DORNER, his wife, to me pe~onally kn-2wn or who have produced
as identification and who did take an oath, and known to
me to be the individuals described in and who executed the foregoing instrument and they
acknowledged before me that they executed the same as their free act and deed and for
the purposes therein expressed.
WITNESS my hand and official seal at
State, this 1'-1 day of M Pr ~ , 2001.
, said County and
STATE OF FLORIDA
COUNTY OF PINELLAS
I HEREBY CERTIFY, that on this day personally appeared before me, an officer duly
authorized to administer oaths and take acknowledgments, f"R4r1K if. MBBIJe1> of
of the COMMUNITY REDEVELOPMENT AGENCY OF
THE CITY OF CLEARWATER, to me p~ or who has produced
as identification and who did take an oath, and known to
me to be the individual described in and who executed the foregoing instrument and
he/she acknowledged before me that he/she executed the same for the purposes therein
expressed.
WITNESS my hand and official seal at Clearwater, said County and State, this
..31 day of H4L/ ,200yl
~G.~
~. /I1t:t /////'
Notary Publ~
Print Name <:::::JJ/4/Je.
My Commission Expires:
~~y 1''',." DIANE E MANNI
~ ~M' MY COMMISSION # 00526033
~Ofl\CI" EXPIRES: Mar. 6, 2010
(407) ~153 Florida Notary Servlce.com
h: \data\aty\hsc\clearwatercentre\subordmtg, doc
EXHIBIT A
The East 23.00 feet of Lot 15, all of Lots 16 through 19, inclusive, together with the West
17.00 feet of Lot 20 and that part of Lot 28 which lies West of the Southerly extension of
the Eastern line of the West 17.00 feet of Lot 20, all in Block A, Bassedena Subdivision,
as recorded in Plat Book 6, Page 26, Public Records of Pin ell as County, Florida.
That part of Lots 3 and 4, which lies East of a Southerly extension of the Westerly line of
the Easterly 23 feet of Lot 15, Block A, Bassedena Subdivision, as recorded in Plat Book
6, Page 26, Public Records of Pin ell as County, Florida; the East 23 feet of Lot 4; Lots 5
and 6, Lot 7 and the West 32 feet of Lot 8, LESS that part of Lots 7 and 8 that lies East of
a Southerly extension of the Eastern line of the West 17 feet of Lot 20, Block A, of the
aforesaid Bassedena Subdivision, all in H. A. Kilgore's Subdivision, as recorded in Plat
Book 3, Page 58, Public Records of Pin ell as County, Florida; LESS the South 11.0 feet
for right of way.
SAID PARCEL BEING FURTHER DESCRIBED AS FOLLOWS:
Commence at the Northeast corner of Lot 27, Block A, Bassedena Subdivision, as
recorded in Plat Book 6, Page 26, Public Records of Pinellas County, Florida, and run
thence South 57056'20" West along the Southerly right of way line of Northeast
Cleveland Street, 183.00 feet to the Point of Beginning; thence South 32003'40" East,
256.58 feet; thence South 00015'45" West, 112.76 feet to a point on the North right of
way line of Cleveland Street; thence along said North right of way line, North 89044' 15"
West, 175.00 feet; thence North 00015'45" East along the Eastern boundary ofthat part
of Lot 4, described in O.R. Book 4755, Page 1571, Public Records of Pine lias County,
Florida, 127.50 feet; thence North 32003'40" West, 150.55 feet to a point on the
Southerly right of way line of Northeast Cleveland Street; thence North 57056'20" East
along said Southerly right of way line, 140.00 feet to the Point of Beginning, lying in the
Northeast 1/4 of the Northwest 1/4 of Section 15, Township 29 South, Range 15 East,
Pinellas County, Florida.