1787 Subordination Agrmt Pie in the Sky jtj � q
Prepared by and return to:
Jennifer D. Cockcroft, Esquire
Stenstrom, McIntosh, Colbert, &Whigham P.A.
1001 Heathrow Park Lane
Suite 4001
Lake Mary, Florida 32746
(407) 322-2171
Tax Parcel Identification Number: 25-19-30-5AG-0304-0020
SUBORDINATION AGREEMENT
THIS INDENTURE made this 144*� day of ,lu 1�i 2016, between THE
CITY OF SANFORD, a Florida municipality, whose address is 300 N. Park Avenue,
Sanford, Florida 32771 (hereinafter referred to as "CITY"), and PIE IN THE SKY,
INCORPORATED, whose address is 107 West First Street, Suite 100, Sanford, Florida
32771 (hereinafter referred to as "PIE IN THE SKY"):
WHEREAS, the Parties entered into an Agreement on the 14th day of September,
2010, providing for loan subsidy funds in order to redevelop the Property generally
addressed as follows: 107 West First Street located in the City Limits of the City of
Sanford, Florida and which is owned by PIE IN THE SKY, titled: City of Sanford Loan
Subsidy Agreement and Grant of Lienhold Interest — Pie in the Sky, Incorporated, the
terms of which gave City a Lienhold interest in the Property; and
WHEREAS, by virtue of the Agreement entered into by the Parties, the City is the
owner and holder of a Lienhold interest on the property owned by PIE IN THE SKY on
the following described real property (hereinafter the "Property"), which Lien
(aforementioned City of Sanford Loan Subsidy Agreement and Grant of Lienhold Interest
— Pie in the Sky, Incorporated) is recorded in Official Records Book 7451 Pages 190-197
of the Public Records of Seminole County, Florida, which Lien encumbers the Property,
more particularly described as follows:
Parcel Identification Number: 25-19-30-5AG-0304-0020
Legal Description:
Part of Lot 2, Block 3, Tier 4, E.R. Trafford's Map of the Town of Sanford as
recorded at Plat Book 1, Pages 56 through 64, inclusive, of the Public
Records of Seminole County, Florida, that is beginning at the Southeast
corner of Lot 2, run West 48.1 feet, thence Northwesterly to the Northwest
corner of said Lot 2, thence East 49.6 feet to the Northeast corner of said
Lot 2, thence South to the Southeast corner of said Lot 2 and to the point
of beginning.
WHEREAS, Section 2-369 of the Code of Ordinances of the City of Sanford as
amended by Ordinance Number 2016-4384 on the 12th day July, 2016, provides that
recipients of loan subsidies from the City of Sanford who enter into agreements with
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SUBORDINATION AGREEMENT
commercial banks or other financial institutions after June 1, 2006 may have their
Agreement and Lienhold interest placed in secondary position to the position of the
bank/financial institution; and
WHEREAS the party of the second part, PIE IN THE SKY, has entered into a
mortgage agreement with Wells Fargo Bank, National Association, a National Bank.,
Business Real Estate Financing, 3033 Elder Street, Boise, ID 83705, (Loan Ref#: 3350-
39654), in the amount of Three Hundred Thirty-Eight Thousand and No/100th Dollars
($338,000.00) to be secured by a first mortgage encumbering the above described
premises, and the said mortgagee has required the party of the second part, as a
condition precedent to making of said mortgage, that the City subordinate its Lien and all
its rights thereunder to the mortgage to be placed upon said property by the mortgagee
and the City is agreeable to such subordination; and
ACCORDINGLY, IN CONSIDERATION OF the sum of One Dollar ($1.00) and
other valuable consideration in hand paid by the party of the second part to the City,
receipt whereof is hereby acknowledged, the City does hereby subordinate the aforesaid
Lien held by it and all its rights there under to the mortgage to be placed upon the above
described premises by the mortgagee for the benefit of the party of the second part, in
the amount of Three Hundred Thirty-Eight Thousand and No/100th Dollars ($338,000.00)
which mortgage is to be placed upon said premises by the said mortgagee.
ATTEST.- CITY OF SA FO ORIDA
lm f2ALr1 _'V
C -P$rter, City Clerk Jeff Triplett, Aay r
et goue iri, 1�a1 f Date:
WV
Approved as to form and legal sufficiency.
aiam L .Colbert, City Attorney
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SUBORDINATION AGREEMENT
A TTES T.- Owner/Pie In The Sky, Incorporated
vaif J.-C—ran i a s Theodore M. Cranias
Secreta,,'yNice-Presiden President/Treasurer
%ec(and WitSignature
&IC&7� a 'r)
Printed Name Of Witness
Acknowledgment
State Of Florida
County Of Seminole
The foregoing was sworn to and subscribed before me this day
Of jui�) , A.D. 2016, by THEODORE M. CRANIAS, as President of Pie In the
Sky, Inc., and VAN J. CRANIAS as Secretary of Pie In the Sky, Inc., who is personally
known to me or who produced 'FJOY'00 fNr)veVS Ljofj,�Se, as
identification and who did execute the foregoing document under oath or affirmation.
Witness my hand and official seal in the County and State aforesaid this day
of '.�u A.D. 2016.
Notary Seal:
Notary Public, State of Florida
My Commission Expires: P-7
"AIM"
TRACI R.HOUCHIN
MY COMMISSION#FF 042947
EXPIRES:August 24,2017
Bonded Thru Bu*Notary Services
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SUBORDINATION AGREEMENT