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201210585
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Last modified
8/19/2014 2:21:34 PM
Creation date
12/14/2012 8:08:53 AM
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DEEDS
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201210585
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Nome Federal Bank <br />PO Box 1009 <br />Grand Island NE 88802 -1009 <br />NOW, THEREFORE, it is agreed: <br />n <br />t i t <br />I et 0 <br />0 <br />Cs) <br />0) <br />� U) <br />C D <br />Cr" <br />-< <br />c <br />O <br />CJ'7 <br />co <br />U) CJ <br />r -- <br />SUBORDINATION AGREEMENT <br />THIS AGREEMENT made and executed this 2n day of November . 2012 , by _ UNION SANK <br />AND TRUST COMPANY , hereinafter referred to as "Subordinating Creditor" (whether one or more), <br />for the benefit of HOME FEDERAL SAVINGS AND LOAN ASSOCIATION OF GRAND ISLAND, hereinafter <br />referred to as "Secured Party". <br />WITNESSETH: <br />WHEREAS, Roland W Gawrych and Heather M Gawrych, (whether one or more), hereinafter referred to <br />as "Debtor", has granted to the Subordinating Creditor a Mortgage or Deed of Trust dated July 13. 2009 , and <br />filed in the office of the Hall County Register of Deeds, on the 24'" day of July. 2009 , as Document <br />No. 200906080 in respect to that real estate described as: <br />Lot Twenty Six (26), 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 />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 the Secured Party 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 Party, in the original <br />principal amount of One Hundred Fifty Five Thousand Three Hundred Fifty and 00 /100ths Dollars <br />($155.350.00), recorded in the office of the , H 1 County Register of Deeds on the day of <br />November. 2012 , as Document No. c.o a O 99 $ 1 <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 />Party'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 />interest of the Secured Party to the extent of the principal sum yet owing to Secured party in respect to the <br />indebtedness described in Paragraph 2 along with interest and costs allocable thereto, however evidenced. <br />N <br />r✓ <br />i• <br />c1 <br />
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