201210586 - Laserfiche WebLink

Browse

RETURN TO: Home Federal Savings & Loan PO Box 1009 Grand Island, NE 68802 NOW, THEREFORE, it is agreed: z n Z Lot Nine (9), in Farmington Subdivision, Hall County, Nebraska. SUBORDINATION AGREEMENT THIS AGREEMENT made and executed this I a te day of December, 2012 by and between HOME FEDERAL SAVINGS AND LOAN ASSOCIATION OF GRAND ISLAND, hereinafter referred to as "Subordinating Creditor" (whether one or more), and HOME FEDERAL SAVINGS AND LOAN ASSOCIATION OF GRAND ISLAND, hereinafter referred to as "Secured Party". WITNESSETH: WHEREAS, James M Milby and Anayansi V Milby, (whether one or more), hereinafter referred to as "Debtor", has granted to the Subordinating Creditor a Mortgage or Deed of Trust dated December 21, 2011 and filed of record in the office of the Hall County Register of Deeds, on the 1 lth day of January, 2012 as Document No. 201200276 in respect to that real estate described as: WHEREAS, the Secured Party has agreed to enter into a loan transaction with the Debtor, whereby certain funds are to be advanced to the Debtor conditional upon the Debtor providing the Secured Party with a first lien in respect to the above described real estate, hereinafter referred to as the "Collateral"; and WHEREAS, the Subordinating Creditor is willing to subordinate any lien it may have in respect to the Collateral by reason of Subordinating Creditor's Mortgage or Deed of Trust of record to perfect security whenever and wherever filed in order to assure the Secured Party of a first lien position in and to the Collateral; 1. The Subordinating Creditor hereby consents to a subordination of its priority position to the Secured Party and agrees that its lien in respect to the Mortgage or Deed of Trust hereinabove described, if any, shall at all times be secondary to the extent herein provided and subject to the lien of the Secured Party in respect to the Collateral. 2. The Subordinating Creditor hereby consents to the Debtor granting Secured Party a first lien in all the Collateral as described above to secure indebtedness to be advanced to Debtor by Secured Party, in the original principal amount of One Hundred Thirty Thousand and 00 /100ths Dollars ($130,000.00), recorded in the office of the Hall County Register of Deeds on the (I 4 day of December, 2012 as Document No. -a.0 1 ...1c)(--1-9 S • 3. So long as an obligation is outstanding from the Debtor to the Secured Party for indebtedness evidenced by Promissory Notes or other instruments of indebtedness to the extent herein provided in Paragraph 2, the Secured Party's interest in the Collateral shall have priority to over the lien of the Subordinating Creditor in that Collateral, and the Subordinating Creditor's interest in that Collateral is, in all respects, subject and subordinate to the security interest of the Secured Party to the extent of the principal sum yet owing to Secured Party in respect to the indebtedness described in Paragraph 2 along with interest and costs allocable thereto, however evidenced.