201405299 - Laserfiche WebLink

Browse

0 (s) V' '2- §- N cc) _ 3 N F 2 SUBORDINATION AGREEMENT Lot Nine (9), Lincoln View Estates Subdivision, in the City of Grand Island, Hall County, Nebraska, a /k/a 1115 E. 9 St. COMES NOW the City of Grand Island, Nebraska, secured party /beneficiary and hereby partially subordinates its trust deed /real estate lien recorded December 31, 2002 on the following described real estate: It is the intent of this Agreement that the trust deed for amounts loaned by Home Federal Savings and Loan Association of Grand Island to Victor M. Henriquez (Borrower) that was filed May 23, 2014 as Instrument Number 201403068, shall be superior to the trust deed /real estate lien of the City of Grand Island, its successors and assigns recorded December 31, 2002, up to the amount of $75,000.00 plus interest and amounts advanced to protect the collateral. Thereafter, the City of Grand Island's lien shall have priority. It is further understood that this subordination shall include all current obligations, extensions, renewals, advances or modifications made by the City of Grand Island, Nebraska to Borrowers which is secured by the trust deed /real estate lien recorded December 31, 2002 as Document Number 200214704 in the records of the Register of Deeds of Hall County, Nebraska. Nothing in this Subordination Agreement is intended as a promise to provide financing or make advances to Borrowers by the City of Grand Island, Nebraska and it is not the intention of the City of Grand Island, Nebraska to warrant or guarantee the obligations of Borrowers but merely to partially subordinate its lien interests under the instrument recorded at Document Number 200214704. It is understood that Home Federal Savings and Loan Association of Grand Island intends to lend funds to Borrowers but that the subordinated amount is not to exceed $75,000.00 plus interest and amounts advanced to protect the collateral. c \1