MORTGAGE SUBORDINATION AGREEMENTTHIS INSTRUMENT PREPARED BY
AND RETURN TO:
Terry Malcolm -Smith
City of Clearwater
Economic Development & Housing
P. O. Box 4748
Clearwater, FL 33758-4748
MORTGAGE SUBORDINATION AGREEMENT
THIS SUBORDII)TION AGREEMENT (hereinafter referred to as "Agreement"), made
and entered into this c23 day of December, 2020, by and among CHRISTOS N. FOURNELIS &
PATRICIA M. FOURNELIS, husband and wife, whose address is 2040 N. Keene Road,
Clearwater, Florida 33755 (hereinafter referred to as "Borrower"); and the City of Clearwater,
whose address is P. O. Box 4748, Clearwater, Florida 33758-4748, (hereinafter referred to as
"Subordinating Party"); in favor of Bank of America N.A., and/or its successors and assigns,
whose address is 7105 Corporate Dr. Building C, Plano, Texas 75024, (hereinafter referred to
as "Lender")
RECITALS
WHEREAS, the Borrower is the owner of that certain real property described in Exhibit
"A" attached hereto and made a part hereof by reference (hereinafter referred to as "Property")
located in Pinellas County, Florida; and
WHEREAS, the Subordinating Party has an interest in the above described Property by
virtue of that certain Mortgage and Note in the amount of Thirty -Six Thousand Nine Hundred
Ninety Dollars and 50/100 ($36,990.50), originally given by Borrower to the Subordinating Party,
dated the 27th day of March, 2008 and recorded 2nd day of April, 2008 in O.R. Book 16203,
Page 830 et seq., in the Public Records, Pinellas County, Florida; and
WHEREAS, the Lender has agreed to make a loan to the Borrower in the amount of Eighty
Eight Thousand Eight Hundred Dollars and 00/100 ($88,800.00-) to be secured by the Property,
provided that Lender is given a first lien priority in and to said Property, which lien is to be superior
to the interest of the Subordinating Party as described above; and
WHEREAS, the Subordinating Party desires to subordinate its interest in the Property to
the interest created in the Lender by virtue of its contemplated mortgage and other loan
documents.
Mortgage Subordination Agreement between the CITY OF CLEARWATER, CHRISTOS N. FOURNELIS and PATRICIA M.
FOURNELIS, husband and wife, and BANK OF AMERICA, N.A. Page 1 of 5
NOW, THEREFORE, for and in consideration of the mutual covenants herein contained,
as an inducement to Lender to make the above loan, and for other good and valuable
consideration, the receipt of which is hereby acknowledged, the parties agree as follows:
1. Recitals. The above recitals are true and correct and are incorporated herein by reference.
2. Subordination. Subordinating Party hereby covenants, consents and agrees with Lender
and hereby does subordinate and make inferior its interest in and to all of the Property to the lien
of Lender in said Property under Lender's mortgage and other loan documents, given to secure
Lender's loan above described, together with all modifications, extensions and renewals
thereof and all future advances thereunder. Lender agrees to provide Subordinating Party with
notice of any default on the part of Borrower under Lender's mortgage and other loan documents
and does herewith grant unto Subordinating Party the right to cure any such default within thirty
(30) days of receipt of such notice. No legal action to enforce the mortgage or otherwise shall be
taken by Lender without first notifying Subordinating Party and, in the event of a forced sale of
collateral, it is agreed by all parties hereto that any surplus resulting from such forced sale shall
inure to the benefit of Subordinating Party so long as its interest in the collateral has not been
extinguished.
The satisfaction of that certain mortgage secured by the subject property, held by Decision
One Mortgage Company, LLC, originally recorded November 30, 2004, at O.R. Book 13969, Page
998, Official Records of Pinellas County, Florida shall be fully satisfied and released as a condition
precedent to the effectiveness of the Subordination.
3. Non -Waiver. No waiver by Lender under its mortgage or other loan documents, delivered
by Borrower in regard to the Property described in Exhibit "A" shall affect this Agreement which
shall at all times remain in full force and effect.
4. Future Advances. In the event future advances are made to the Borrower in excess of the
loan amount of Eighty -Eight Thousand Eight Hundred and 00/100 ($88,800.00), then this
Subordination Agreement shall be applicable only to the aforestated loan amount, and any
advance made in excess of this shall not have a superior lien position to the mortgage of the
Subordinating Party.
5. Notice. Any and all notices required or contemplated hereunder shall be provided by
certified United States Mail, or hand delivery, to the parties at the addresses stated above.
6. Governing Law. This Agreement shall be governed by the laws of the State of Florida and
shall inure to the benefit of and be binding upon the parties hereto and their respective successors
and assigns, and shall be enforced only in a court of competent jurisdiction in Pinellas County,
Florida.
7. Severance. The invalidity or unenforceability of any portion of this Agreement shall in no
way affect the remaining provisions and portions hereof.
Mortgage Subordination Agreement between the CITY OF CLEARWATER, CHRISTOS N. FOURNELIS and PATRICIA M.
FOURNELIS, husband and wife, and BANK OF AMERICA, N.A. Page 2 of 5
8. Attorney's Fees. In the event that either party seeks to enforce this agreement or to
interpret any provision of this agreement, by law or through attorneys at law, or under advice
therefrom, the parties agree that all costs including reasonable attorney's fees (including charges
for paralegals and others working under the direction or supervision of such attorneys), whether
or not suit is brought, and whether incurred in connection with settlement, trial, appeal, bankruptcy
or other creditor's proceedings or otherwise, shall be awarded to the prevailing party.
9. Binding Effect. This agreement shall bind the successors, heirs and assigns of the parties
hereto.
10. Captions. The paragraph captions used throughout this agreement are for the purpose
of reference only and are not to be considered in the construction of this agreement or in the
interpretation of the rights or obligations of the parties hereto.
11. Time. Time is of the essence to this agreement.
12. Entire Agreement. It is agreed that this document contains the entire agreement between
the parties as to the matters herein contained and the agreement shall not be modified in any
respect except by an amendment in writing signed by all parties hereto.
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Mortgage Subordination Agreement between the CITY OF CLEARWATER, CHRISTOS N. FOURNELIS and PATRICIA M.
FOURNELIS, husband and wife, and BANK OF AMERICA, N.A. Page 3 of 5
IN WITNESS WHEREOF, the parties hereunder have set their hand and seal the day and
year first above written.
App v d as tg,form:
en Kohler
Lead Assistant City Attorney
(STATE OF FLORIDA)
The foregoing instrument was acknowledged before me b means ofhysresence
or 0 online notarization, this laa\ \�2r0 (date) by ' ap
j` /ii�fa o nr e
i-iie� ity Manager
of the City of Clearwater, who is personally known to me or who has
produced (type of i en i Ica ion as I en i ication.
WITNESS my hand and official seal this aks-'s- day of b“.s24v\ S 20W .
CITY OF CLEARWATER, FLORIDA
By:
William B. Horne II
City Manager
U v.n,\n o'1CW0 ( Gn
\ \next$ cJ W it \ takfv,
By:
--frit - Rosemarie Call
City Clerk
Print/Type Name:
Notary Public
''iv Scott Burrows
;�_ COMMISSION # GG261179
EXPIRES: October 1, 2022
",` Banded Thru Avon Notary
Mortgage Subordination Agreement between the CITY OF CLEARWATER, CHRISTOS N. FOURNELIS and PATRICIA M.
FOURNELIS, husband and wife, and BANK OF AMERICA, N.A. Page 4 of 5
EXHIBIT "A"
(Legal Description of Property)
The Land is described as follows:
Lot 7, WINDSOR PARK, according to the map or plat thereof recorded, as recorded in Plat
Book 58, Page 29, Public Records of Pinellas County, Florida.
Parcel ID: 02-29-15-98280-000-0070
Mortgage Subordination Agreement between the CITY OF CLEARWATER, CHRISTOS N. FOURNELIS and PATRICIA M.
FOURNELIS, husband and wife, and BANK OF AMERICA, N.A. Page 5 of 5