201209437 - Laserfiche WebLink

Browse

201209437 . � TH1S AGREEMENT(the"AgreemenP'),effective as of the Effective Date above, is made by and among the Subordinating Lender,Ownen and the Senior Le�der named above. STEVEN R.BECK AND THERESA M.BECK,HUSBAND AND WIFE,WHO ACQUIRED TITLE AS STEVEN R.BECK AND THERESA M.OLSER,AS TENANTS IN COMMON (individually and collectively the"Owner") own the real proper[y located at the above Property Address(the"Property"). The Subordinating Lender has an interest in the Property by vir[ue of a Real Estate Deed Of Trust(With Future Advance Clause)given by the Owner,covering that real property,more particulazly described as follows: s��,b,t A ��,e� �1�� which document is dated the 25th day of February, 2005,which was filed in Instrument#0200502658 at page /a (or as No.N/a)of the Records of the Office of the Register of Deeds of the County of HALL, State of Nebraska (the"Existing Securiry Instrument").The E�cisting Securiry Instrume�t secures repayment of a debt evidenced by a note or a line of credit agreement e7ctended to S1'EVEN R BECK and THERESA M HECK(individually and collectively`Borrower")by the Subordina in Lender. �J�'-�T� �d 3f �al� The Senior Lender h greed to make a new loan or amend an xisting loan in the original principal amount NOT to exceed$118,442.0&(�tlte"New Loan or Amended Loan"),provided that the New Loan or Amended Loan is secured by a first lien mortgage on the Properly(the"New Security InstrumenP') in favor of the Senior Lendec If the New Loan or Amended Loan exceeds[his amount,the Subo�dination Agreement is VOID. The Subordinating Lender is willing to subordinate the lien of the Existing Security Insfitment to the lien of the New Security Instrumen[under the terms set farth in this Agreement. NOW,THEREFORE,for and in consideration of the above recitals,the covenants herein contained,and For good and valuable consideration,the receip[of which is hereby acknowledged,the parties agree as follows: A.Agreement to Subordinate Subordinazing Lender and Trustee,if applicable,hereby subordinates the lien of the Existing Security Instrument,and all of its modifications,e�ctensions and renewals,to the lien oFthe New SecuriTy Instrument. This Agreement is effective as to any sum whose repayment is presently secured or which may in the future 6e secured by tkte Ewsting SecuriTy Instrument. B. Appointment of Substitute Trustee IjApplicable The Existing Security Inshvment names N/A,as Trustee and the Subordinating Lender as Beneficiary.The 6xisting Security Instrument provides tha[the Subordina[ing Lender may designate and appoint a su6stitute Trustee in place of any other trustee by an inshwnent recorded among the appropriate land records. The Subordinating Lender hereby removes N/A as Trustee and designates and appoints N/A as substitu[e Trustee with the same powers and duties as were originally vested in the Original Trustee under the E�cisting Securiry Instrument. C. General Terms and Conditions Binding Effect—This Agreement shell be binding upon and inure to the benefit of the respective he'vs, legal representatives, successors and assigns of the parties hereto and all of those holding title under any of them. Nonwaiver—This Agreement may not 6e changed or terminated orally.No indulgence,waiver,election or non-elec[ion by New Lender or the Wstee(s)under the New Security Instrument or rela[ed documents shall afFect this Agreement. HE360 SUB-NE(rev 20120217) Page 2 of 3 0000000000562577