BARNETT BANK- POLITIS-ANASTASOPOULOS-E&G INVESTORS INC
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SUBORDINATION AGREEMENT
THIS SUBORDINATION AGREEMENT (the "Agreement") is entered into this .3/~Tday of
January, 1989, by BARNETT BANK OF PINELLAS COUNTY, a Florida banking corporation (the
"Lender"), in favor of the CITY OF CLEARWATER, FLORIDA, (the "Grantee"), and is made
in reference to the following facts:
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.~ ~ p.; ~ (B) Lender has made a first mortgage loan to Fee Owner in the original principal
.:9 ~ ~ s am?unt ,of EIGHT HUNDRED FIFTY ~OUSAND AND NO/lOO DOLLARS ($8~0,000.00) ,(the "Loan")
J~, ~ ~ WhICh IS secured, among other thIngs, by a note, mortgage and certaIn other Instruments
< c3 ~ ~ of security executed by Fee Owner in favor of Lender (collectively the "Instruments of
::i (3 i Security"). Certain of such Instruments of Security, and specifically the mortgage,
"0 ~ encumber the fee simple title of Fee Owner in the Property.
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(A) GREGORY POLITIS, ELIAS ANASTASOPOULOS and E & G INVESTORS, INC., a Florida
corporation (collectively the "Fee Owner") 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").
(C) The Fee Owner has granted to Grantee an easement to construct, install and
maintain drainage, utilities and sidewalks upon the Property by virtue of that certain
Easement between Grantee and Fee Owner, which is dated January 27, 1989, and is recorded
in Official Records Book 6958 ,beginning at Page 0423 , of the Public Records of
Pinellas County, Florida, (the "Easement").
NOW THEREFORE, for and in consideration of the premises, and for other good and
valuable consideration in hand paid to Lender, receipt of which is hereby acknowledged,
the Lender does hereby covenant and agree as follows:
1. Subordination. Lender does hereby agree that its first mortgage lein and all
other right, title' and interest in the Property which is encumbered by Lender's
Instruments of Security, is hereby made subject, subordinate and inferior to the
Easement in favor of Grantee.
2. Default. Lender hereby warrants and represents to Grantee that it is the
~ current owner of the Lender's interest in the Instruments of Security and that no
!;;;: defaults presently exist thereunder.
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~ to 3. Modifications. This Agreement shall not be modified or amended except in
o ~ 8 ~ writing between Lender and Grantee.
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~ d ~ ii 4. Benefit. This Agreement shall be binding on Lender and its successors and
~ >-u: c::assigns and shall inure to the benefit of Grantee and its successors and assigns.
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~'",~ IN WITNESS WHEREOF, the Lender has executed this Agreement on the day and year
\ ~ 6':first above written.
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dSigned, sealed and delivered
in the resence of:
By:
STATE OF FLORID
COUNTY OF PINELLAS
r' The foregoing instrument was acknowledged before me this a day of
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January, 1989, by \J\l8'it-.J\D~ P Sk,\( 1~~ , the -:::e VILE: President of
BARNETT BANK OF PINELLAS COUNTY, a lorida banking corporation, on behalf of the
corporation.
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LEGAL DESCRIPTION
PARCEL A
Lots 7, 8, and 16 through 20 inclusive, Block B, BAYSIDE SUBDIVISION NO.5,
according to plat thereof recorded in Plat Book 38, pages 38 and 39, Public
Records of Pinellas County, Florida.
PARCEL B
Lots 9 through 13 inclusive, and 15, Block B, BAYSIDE SUBDIVISION NO.5,
according to plat thereof recorded in Plat Book 38, pages 38 and 39, Public
Records of Pinellas County, Florida.
EXHIBIT "A"