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HomeMy WebLinkAboutL 6981 P 227 ------------- I LIDER6981 PAGE2 NO CONSIDERATION SUBORDINATION AGREEMENT AGREEMENT made this 21st day of July 19 71 between THE NORTH FORK BANK AND TRUST COMPANY, a banking corpor- II ation organized and existing under and by virtue of the laws of the State of New York having an office and principal place of business at Mattituck, New Yor I, hereafter designated as the party of the first part, and the KONG ISLP;ND LIGHTING COMPANY, a New York corporation duly organized and existing under and by virtue of the Laws of the State of New York, having its principal o �I office at 250 Old Country Road, Mineola, Nassau County, New York, herein- ! o �^ after designated as the party of the second part. cc3 w C i WITNESSETH: WHEREAS, the said party of the first partis the owner and holder of a certain mortgage covering property hereinafter described or i J a art thereof, which mortgage is dated June 2 1969 a 1_ � � P7, and was recorded in the Office of the Clerk of the County of Suffolk , �II on June 30, 1969 in Liber 56-33- -of,Mortgages, at page 253 W F I T 4 thereof. i u: ch WHEREAS, LAWRENCE LISO and FLORENCE LISO A �Iis the fee owner of the aforesaid mortgaged property which property is in Southold , Town of Southold County of i� Suffolk , State of New York, and shown on a map entitled Map of Land Surveyed for Lawrence & Florence Liso f�xlx�x�oCvs�x�xtix�cX�I�xkxo� �tit��x�Sttxti3FEx xkK7)of 1Cxl2x S IP X�tSR !I • WHEREAS, the aforesaid fee owner is about to execute a certain instrument conveying easements and rights of way affecting portions of said property to the party of the second part as shown on "Exhibit A" annexed hereto and made part hereof. WHEREAS, on condition that the said mortgage be subordinated ii as hereinafter provided, the party of the second part agrees to erect and maintain pole lines for the distribution of electricity, and/or pipes for the I transmission of gas, and/or underground conduits for the distribution of electrical energy on, over, under, across, through and along the said easements and rights of way as it deems necessary in order to provide electric and/or gas service, all in accordance with the provisions of its filed tariff schedules, I I NOW, THEREFORE, in consideration of the premises and to induce said party of the second part to install and maintain its equipment as aforesaid and also in consideration of One Dollar paid to the party of the first part by the party of the second-part; the receipt whereof is hereby acknowledged, the said party of the first part hereby covenants and agrees with the said party of the second part that the said mortgage held by the said party of the first part be and shall continue to be subject and subordinate to II the aforesaid grant of easements and rights of way about to be made by the owner of the said premises in favor of the party of the second part hereto. I 11 20-21659-14o-524 Rage H1 FC-5852 f UIV RECORDED AUG 6 1971 LESTER M. ALBERTSON (� M_ Clerk of Suffolk.ComtM