July 2024 subordination and intercreditor agreement

What the record says#

• The recorded agreement concerns Construction Loan Services II LLC, EB-5 United Okeechobee LLC, and the developer.

  PDF page 1

• The agreement describes the senior loan at $28,039,591.17 and the subordinate EB-5 loan at a $100 million maximum. The field for current subordinate outstanding balance is blank. The described loan maximum differs from the $25 million maximum in the January 2024 recorded mortgage.

  PDF pages 1, 2

• The subordinate lender agrees to senior priority for the described liens and repayments, with an exception allowing regular scheduled payments while the borrower is not in default and restrictions on balloon payments, acceleration and prepayments.

  PDF pages 2, 3

• The subordinate lender must release a sold unit when the senior lender releases that unit, subject to the stated provisions, and respond within five business days of a written release request. This clause is not evidence of a completed sale or an actual recorded release.

  PDF page 3

• The agreement includes restrictions on subordinate enforcement, notice and cure provisions, and cross-default terms. Its existence does not establish an actual default or enforcement action.

  PDF pages 3, 4

How to read this record#

The later recorded termination addresses this agreement after assignment of the senior mortgage.

The form refers to Okeechobee County in its recitals, although the instrument is recorded in Glades County and the project is documented there. The form wording is not treated as a change in project location.

County index description#

SUBORDINATION AND INTERCREDITOR AGREEMENT

The supplied name searches matched the To field in the county index. The source context below preserves the matched names and search scope. Index labels do not substitute for the parties’ roles stated in the document.

Related recorded instruments#

• 202422002203 · July 2024 construction mortgage: $28,039,591.17
• 202422000492 · Original EB-5 construction mortgage
• 202622000043 · Termination of the 2024 intercreditor agreement

In the project timeline#

• August 13, 2024 · Recorded: July 2024 subordination and intercreditor agreement

Reporting using this record#

• Named participants and the roles public sources support

Retrieve the original#

Search the Glades County official-records portal using instrument 202422002205, or book 406, page 504. County image-session links can expire.

Summaries identify the source pages. The original PDF controls if a transcription differs. Glades County records have been checked through Oct 28, 2026; see the collection scope. Acquisition dates and the limits of earlier collection batches remain in the source entries.