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_— <br />..__ <br />�� <br />�� <br />� <br />� - <br />N � <br />0 �� <br />� �� <br />U� � <br />� �� <br />� = <br />� <br />�� <br />� <br />- <br />��� <br />r� <br />� <br />. <br />� <br />�;' � <br />� <br />� <br />REfURN TO: <br />Home Federal Savinp.s & Loan <br />P O Box 1009 <br />Giand Is A1E 68802 <br />!1 <br />� <br />� <br />� <br />.. <br />� <br />\ <br />� <br />c �� <br />� <br />SUBORDINATION AGREEMENT <br />�.., <br />C� <br />Z ��� <br />r � <br />� l_ � <br />a ° <br />rrrn 'J <br />� � <br />� � rn <br />� <br />q W <br />C] < <br />P�'7 ,� <br />O � <br />� <br />n � <br />� � <br />C A <br />z � <br />--i <br />'� o <br />o � <br />� � <br />= m <br />n m <br />r � <br />r A <br />� <br />� <br />D <br />� �� <br />N <br />Cl'1 <br />N <br />O <br />F--� <br />N <br />O <br />H <br />C.J'1 <br />�� <br />+.� <br />� <br />�l <br />� <br />� <br />� <br />°<A <br />1�0'� <br />� <br />� <br />� <br />THIS AGREEMENT made and executed this �� day of February, 2012, by and between HOME � I� ••� � <br />FEDERAL SAVINGS AND LOAN ASSOCIATION OF GRAND ISLAND, hereinafter refened to as � <br />"Subordinating Credito�" (whether one or more), and HOME FEDERAL SAVINGS AND LOAN ASSOCIATION <br />OF GRAND ISLAND, hereinafter refeaed to as "Secured Party". <br />WITNESSETH: <br />WHEREAS, L,arry A Lambert and Brenda L Lambert, (whether one or more), hereinafter referred to as <br />"Debtor", has grauted to the Subordinating Creditor a Mortgage or Deed of Trust dated May 28, 2010, and filed of <br />record in the office of the Hall County Register of Deeds, on the 9th day of June, 2010, as Document No. <br />201003974 in respect to that real estate described as: <br />Lot Forty Seven (47), Indianhead Seventh Subdivision, in the City of Grand Island, Hall County, Nebraska. <br />WHEREAS, the Secured Party has agreed to enter into a loan transaction with the Debtor, whereby certain <br />funds are to be advanced to the Debtor conditional upon the Debtor providing the Secured Party with a first lien in <br />respect to the above described real estate, hereinafter referred to as the "Collateral"; and <br />WHEREAS, the Subordinating Creditor is willing to subordinate any lien it may have in respect to the <br />Collateral by reason of Subordinating Creditor's Mortgage or Deed of Trust of record to perfect security whenever <br />and wherever filed in order to assure the Secured Party of a first lien position in and to the Collateral; <br />NOW, TI�REFORE, it is agreed: <br />1. The Subordinating Creditor hereby consents to a subordination of its priority position to the Secured <br />Party and agrees that its lien in respect to the Mortgage or Deed of Trust hereinabove described, if any, shall at all <br />times be secondary to the extent herein provided and subject to the lien of ihe Secured Parly in respect to the <br />Collateral. <br />2. The Subordinating Creditor hereby consents to the Debtor granting Secured Party a first lien in all the <br />Collateral as described above to secure indebtedness to be advanced to Debtor by Secured Pariy, in the original <br />principal amount of Two Hundred Forty-Five Thousand Five Hundred Thirty-Five Dollars ($245,535.00) recorded <br />in the office of the Hall County Register of Deeds on the 1_"1�'�` day of , 2012, as <br />Document No. �,c� � O 0 2.451 • <br />3. So long as an obligation is outstanding from the Debtor to the Secured Party for indebtedness evidenced <br />by Promissory Notes or other instruments of indebtedness to the extent herein provided in Paragraph 2, the Secured <br />Pazty's interest in the Collateral shall have priority to over the lien of the Subordinating Creditor in that Collateral, <br />and the Subordinating Creditor's interest in that Collateral is, in all respects, subject and subordinate to the security <br />