201200071 - Laserfiche WebLink

Browse

� �� A� �� n� �� '� � � � x �. z -a �� a � � .i`a'r � � � �, � c� r _- .� rn c� 0� � � j i' �S o � O O 0 = C, ..� �� Z B �� r�+rn � nl � � I ', � � � r" D SUBORDINATION AGREEME �„ � ° �' v � THIS AGREEMENT made and executed this �.3 day;� ecem�er, 20Y'T��y HOME FEDERAL SAVINGS AND LOAN ASSOCIATION (� 1S� ISLAl�D, hereinafter referred to as "Subordinating Creditor" (whether one or more), for the benefit of HOME FEDERAL SAVINGS AND LOAN ASSOCIATION OF GRAND ISLAND, hereinafter referred to as "Secured Party". WITNESSETH: WHEREAS, Eric A. Benson and Jeanette L. Benson, husband and wife, (whether one or more), hereinafter referred to as "Debtor", have granted to the Subordinating Creditor a Mortgage or Deed of Trust dated May 14, 2008, and filed in the office of the Ha11 County Register of Deeds, as document no. 200804356 in respect to that real estate described in the attached Exhibit A; and WHEREAS, Eric A. Benson and Jeanette L. Benson, husband and wife, (whether one or more), hereinafter referred to as "Debtor", have granted to the Subordinating Creditor a Mortgage or Deed of Trust dated November 10, 2010, and filed in the office of the Hall County Register of Deeds, as document no. 201008560 in respect to that real estate described in the attached Exhibit A; and WHEREAS, the Secured Party has agreed to enter into a loan transaction with the Debtor, whereby certa.in funds are to be advanced to the Debtor conditional upon the Debtor providing the Secured party with a first lien in respect to the above described real estate, hereinafter referred to as the "Collateral"; and WHEREAS, the Subordinating Creditor is willing to subordinate any lien it may have in respect to the Collateral by reason of Subordinating Creditor's Mortgage or Deed of Trust of record to perfect security whenever and wherever filed in order to assure the Secured Party of a first lien position in and to the Collateral; NOW, THEREFORE, it is agreed: 1. The Subordinating Creditor hereby consents to a subordination of its priority position to the Secured Party and agrees that its lien in respect to the Mortgage or Deed of Trust hereinabove described, if any, shall at all times be secondary to the extent herein provided and subject to the lien of the Secured Party in respect to the Collateral. 2. The Subordinating Creditor hereby consents to the Debtor granting Secured Party a first lien in all the Collateral as described above to secure indebtedness to be advanced to Debtor by Secured Party, in the original principal amount of Four Hundred Thousand and �/100ths Dollars ( �, recorded as Doc Thirteen two hundred Ninety=Five (.$413,295.00) 3. So long as an obligation is outstanding from Debtor to the Secured Party for indebtedness evidenced by Promissory Notes or other instniments of indebtedness to the extent herein provided in Paragraph 2, the Secured Party's interest in the Collateral shall have priority over the lien of the Subordinating Creditor in that collateral, and the Subordinating Creditor's interest in that Collateral is, in all respects, subject and subordinate to the security interest of the Secured Party to the extent of the principal sum yet owning to Secured Party in respect to the indebtedness described in Paragraph 2 along with interest and costs allocable thereto, however evidenced. 4. So long as any portion of the described obligation to the Secured Party is outstanding and unpaid, the provisions of the Deed of trust or other instrument of security between the Debtor and the Secured Party are controlling as to the collateral in which Secured Party is to have a first security interest, including any time there is a conflict tN O �".� � v O O 0 -.� t-► il �A Y -;► � � S `°� /d � � 201109922