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201203901 <br />effective as to any sum whose repayment is presently secured or which may in the future be secured by the <br />Existing Security Instrument. <br />Subordinating Lender hereby subordinates the lien of the Existing Security Instrument, and all of its <br />modifications, extensions and renewals, to the lien of the Senior Lender's Security Instrument. This <br />Agreement is effective as to any sum whose repayment is presently secured or which may in the fixture be <br />secured by the Existing Security Instrument. <br />B. Appointment of Substitute Trustee If Applicable <br />The Existing Security Instrument names N/A <br />as Trustee and the Subordinating Lender as Beneficiary. The Existing Security Instrument provides that the <br />Subordinating Lender may designate and appoint a substitute Trustee in place of any other trustee by an <br />instrument recorded among the appropriate land records. <br />The Subordinating Lender hereby removes N/A <br />as Trustee and designates and appointsN/A <br />as substitute Trustee <br />with the same powers and duties as were originally vested in the Original Trustee under the Existing Security <br />Instrument <br />C. General Terms and Conditions <br />Binding Effect — This Agreement shall be binding upon and inure to the benefit of the respective heirs, legal <br />representatives, successors and assigns of the parties hereto and all of those holding title under any of them. <br />Nonwaiver <br />N/A This Agreement may not be changed or terminated orally. No indulgence, waiver, election or non - <br />election by New Lender or the trustee(s) under the New Security Instrument or related documents <br />shall affect this Agreement. <br />=This Agreement may not be changed or terminated orally. No indulgence, waiver, election or non - <br />election by Senior Lender or the trustee(s) under the Existing Security Instrument or related <br />documents shall affect this Agreement. <br />Severability — The invalidity or unenforceability of any portion of this Agreement shall not affect the <br />remaining provisions and portions of this Agreement. <br />D. Signatures and Acknowledgements <br />The Subordinating Lender, through its authorized officer, and the Trustee if applicable, individually or through its <br />authorized officer or other representative, have each set their hand and seal as of the Effective Date above unless <br />otherwise indicated. <br />(ACKNOWLEGEMENT PAGE FOLLOWS) <br />SUBORDINATION ONLY/PC_NE (rev 06202011) Page 3 of 4 <br />