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<br /> Ext�ibit B
<br /> 7$- U U 32 g 6 SUBORDINATION AGREEMENT
<br /> KNOW ALL MGN BY THESE PRESENTS: That Mark Schuele and Phyllis Schuele for
<br /> valuable conaideration, the receipt of which is hereby acknowledged do hereby �
<br /> subordinate to the mortgage referred to hereinafter their interest in that
<br /> certain lease between Mark Schuele and Phyllis Schuele (hereinafter "LESSOR")
<br /> and Mid-Nebraska Quality Foods, Inc., (hereinafter "LESSEE") dated April 22,
<br /> 1977, pertaining to the following described property:
<br /> Situated in the Ci[y of Grand Island, in the County o£ Hall, in the
<br /> State of Nebraska, and being described as follows:
<br /> A tract of land located in the Southeast Quarter of the Southeast
<br /> Quarter (SF3y 5ESy) of Section Twenty-One (21), Townahip Eleven (11)
<br /> North, Range Nine (9) West of the 6th P.M., in Hall County, Nebraska,
<br /> more particularly described as follows:
<br /> IIcginning nt n point Seven tiundred Seven nnd Pive-Tenths (707.5) feet
<br /> South of the Southeast corner of Pleasant Home Subdivision, said point
<br /> being Thirty-Three (33.0) feet West of the East line of said Sec[ion
<br /> Twenty-One (21); thence Weaterly parallel to [he South line of said
<br /> Pleasant Home Subdivision a distance of Two Hundred Sixty-One (261.0);
<br /> tlience Souttierly parallel to the East line of said Section Twenty-One
<br /> (21), a distance of One Hundred Thirty-Four (134.0) feet; thence
<br /> Easterly parallel to the South line of said Pleasant Home Subdivision,
<br /> a distance of Two Hundred Sixty-One (261.0) feet; thence Northetly
<br /> parallel to the East line of said Section Twenty-One (21), a distance
<br /> of One Hundred Thirty-Four 4134.0) feet, to the place of beginning,
<br /> nnd containing 0.71 acres, more or less.
<br /> The mortgage to which said LESSOR subordinates hereby is that certain mortgage
<br /> from Mid-Nebraska Qunlity Foods, Inc. , as mortgngor, to The First National Bank
<br /> of Grand Island, Grand Island, Nebraska, as mortgagee, dated February 28, 1978,
<br /> and filed and recorded as follows: Instrument Number 78-001149 in the Office
<br /> of the Register of Deeds, Hall County, Nebraska.
<br /> The express purpose of such subordinution shall be to enable said mortgagee to
<br /> fully exercise its rights in accordance with the terms of said mortgage, provided
<br /> however, that under no circumstances whatsoever shall this subordination be
<br /> construed so as to allow said mortgagee to deprive LESSOR of his ownership of the
<br /> underlying fee by judicial action or otherwise, unless payment is made by said
<br /> mortgagee to said LESSOR under the te rms and of an amount determined as set forth
<br /> liereinafter.
<br /> :��
<br /> In the event of default by the LESSEE in the performance of 1ts obligations pursuant
<br /> to the provisions of said mortgage on the building, LESSOR hereby gives the right to
<br /> the mortgagee to purchase tlie land for "fair market value." Zf a voluntary agreement
<br /> between the LESSOR and said mortsagee ns to the "fair market value" cannot be arrived
<br /> at, three appraisers' shall be selected to determine said "fair market value" of the
<br /> lund. One nppruiser ls to be chosen by the LESSOR, one by the mortgagee, and these
<br /> two appraisers are tlien to choose n ttiird apprni.ser. The cost of the apprniaere
<br /> ahall be shared equally by the parties. If L ESSOR is not satisfied with the "fair
<br /> market value" as detcrmined by said appraisers, LESSOR shall have the first option
<br /> [o pay off the first mortgage on said building, and mortgagee shall assign all its
<br /> right, title and interest in and to said building to LESSOR.
<br /> IN WITNESS WHEREOF, the said Mark Schuele and Phy11is Schuele have hereunto set
<br /> their hands and seale on the �(�- day of I;�L� , 1978.
<br /> Signed in the presence of:
<br /> r -____------_____--__------- --�y��� .� v..�
<br /> Mark Schuele
<br /> l�� Uy�//GQ(,✓_ X�y�n'
<br /> - ..�..�.�__.._�..�...__.�_.�_�.� �.._.�._�_ .__..'_"'_�_ _�_J���'�_.�sc_.�_—�].L�-��.. �
<br /> , �, Q Phyllis Schuele
<br /> STATE OF �!'t � ,� ��.�� . ,.�_= ,�
<br /> � courixsr oF '���-c'� ��?�`,., I �'� � �
<br /> c:. J '�`
<br /> . On this Z(k'' � ' ��}�''�o A 1978, before me, the undersigned, a
<br /> Notary Publid •ky trom�nissfoti ,d and qualified for and residing 1n said County,
<br /> m�
<br /> personally c�np+Ma�R�S��le�'=.apd Phyllis Schuele, husband and wife, to me known '
<br />� to be the idefi,ti�gl peP§ons�lat>ose names are afffxed to the foregoing instrumenc ' �
<br /> as Lessors and''uclfppy�,e,dg�►d�Ghe same to be their voluntary act and dced.
<br />� �..,,�.:,.
<br /> EWitness my hand and Notarial Seal the day+an ye��st above written.
<br /> !
<br /> //k,/C�l'�NICIS�L L'Y�,�� �'�� ' �) ' j ' �
<br /> =�'r�i�ir.li-;.. -----------__Notary Public
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