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OCT 24 1984 <br />BOOK 58 pnF 7?6 7 <br />the County subordinate the reverter clause over to another <br />lender. <br />Attorney Paull advised that the subordinate agreement would <br />be written so that the reverter clause automatically kicks backs <br />in when the mortgage is satisfied. <br />Mr. Beindorf pointed out that there would be a facility <br />worth approximately $500,000, which could go to public auction. <br />He reminded the Board that the Humane Society has been in <br />existence in Indian River County for over 25 years. <br />Director Thomas had no problem with paying $100,000 for a <br />$500,000 building, but pointed out that something could happen <br />where the building was never completed. However, he understood <br />that the Humane Society has a good deal of cash on hand that <br />could be put up for escrow. <br />ON MOTION by Commissioner Bowman, SECONDED by <br />Commissioner Bird; Chairman Scurlock being absent <br />and Commissioner Wodtke having left the meeting <br />temporarily, the Board by a vote of 3-0, authorized the <br />execution of a subordination agreement with respect to <br />Paragraph 2 in the Quit -Claim Deed to the Humane <br />Society, and authorized the Chairman's signature. <br />AGREEMENT WILL BE PUT ON FILE IN THE OFFICE OF THE CLERK WHEN <br />FULLY EXECUTED AND RECEIVED <br />TRI -PARTY AGREEMENT BETWEEN HRS, SHERIFF'S DEPT. AND IRC <br />The Board reviewed the following memo dated 10/15/84: <br />24 <br />