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<br /> SUBORDINATION AGREEMENT
<br /> ��_..t
<br /> NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY �
<br /> INTEREST IN THE PROPERTY BECOMING SUBJECT TO AND OF LOWER
<br /> PRIORITY THAN THE LIEN OF SOME OTHER OR LATER SECURITY //����
<br /> INSTRUMENT.
<br /> THIS AGREEMENT, made this 27th day of April, 1998, by Brian E. and Rosalyn
<br /> M. McDermott, owner of the land hereinafter described and hereinafter referred to as
<br /> "Owner," and United Nebraska Bank, present owner and holder of the Deed of Trust and
<br /> Note first and hereinafter described and hereinafter referred to as "Beneficiary;" :
<br /> WITNESSETH:
<br /> THAT, WHEREAS, Brian E. and Rosalyn M. McDermott, husband and wife, did
<br /> execute a Deed of Trust dated April 29th,1996, to United Nebraska Bank/Grand Island,
<br /> United Nebraska Bank as Trustee, covering:
<br /> LOTS SEVEN (7), EIGHT (8) AND NII�iE (9), ANIICK ACRES, HALL COUNTY, :
<br /> NEBRASKA.
<br /> to secure a Note in the sum of $6,031.50, dated April 29, 1996, in favor of United
<br /> Nebraska Bank/Grand Island, which Deed of Trust was recorded June 27, 1996, as
<br /> Document Number#96-105039, Official Records of Ha11 County; and
<br /> WHEREAS, Owner has executed, or is about to execute, a Deed of Trust and
<br /> Note in the sum of$136,000.00, dated Apri127, 1998, in favor of United Nebraska Bank, :
<br /> hereinafter refened to as "Lender," payable with interest and upon the terms and :
<br /> conditions described therein, which Deed of Trust is to be recorded concurrently herewith; :
<br /> and
<br /> IT IS RECOMMENDED THAT,PRIOR TO THE EXECUTION OF THIS
<br /> SUBORDINATION AGREEMENT, THE PARTIES CONSULT WITH THEIR
<br /> ATTORNEYS WITH RESPECT THERETO.
<br /> WHEREAS, it is a condition precedent to obtaining said loan that said Deed of :
<br /> Trust last above mentioned sha11 unconditionally be and remain at all times a lien or charge
<br /> upon the land hereinbefore described, prior and superior to the lien or charge of the Deed :
<br /> of Trust first above mentioned; and
<br /> WHEREAS, Lender is willing to make said loan, provided the Deed of Trust :
<br /> securing the same is a lien or charge upon the above-described property prior and superior :
<br /> to the lien or charge of the Deed of Trust first above mentioned and provided that :
<br /> Beneficiary will specifically and unconditionally subordinate the lien or charge of the Deed :
<br /> of Trust first above mentioned to the lien or charge of the deed of Trust in favor of :
<br /> Lender; and :
<br /> WHEREAS, it is to the mutual benefit of the parties hereto that Lender make such :
<br /> loan to Owner; and Beneficiary is willing that the Deed of Trust securing the same shall,
<br /> when recorded constitute a lien or charge upon said land which is unconditionally prior :
<br /> and superior to the lien or charge of the Deed of Trust first above mentioned. :
<br /> NOW, TI�REFORE, in consideration of the mutual benefits accruing to the :
<br /> parties hereto and other valuable consideration, the receipt and sufficiency of which
<br /> consideration is hereby acknowledged, and in order to induce Lender to make the loan :
<br /> above refened to, it is hereby declared, understood, and agreed as follows: :
<br />
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