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Subordination Agreement (Conventional)
<br />Fannie Mae
<br />Form 6414
<br />08 -14
<br />201603854
<br />dated March 20, 1997 executed by GILI, LLC ( "Original First Borrower "), predecessor -in-
<br />interest to Borrower, in favor of Grand Island Area Housing Corporation, predecessor -in- interest
<br />to Subordinate Lender ( "Original Subordinate Lender "), as assumed by Borrower,
<br />recapitalized and amended and restated in its entirety by that certain Promissory Note and
<br />Novation in the amount of $930,000 between Borrower and Subordinate Lender dated as of June
<br />22, 2016 (together, the "First Subordinate Note ") and to allow the First Subordinate Loan to
<br />continue to be secured by a Deed of Trust dated October 2, 1996 recorded May 14, 1997 as
<br />Instrument No. 97- 103711 in the office of the Register of Deeds of Hall County, Nebraska as
<br />assigned to Subordinate Lender via an Assignment recorded November 13, 2012 as Instrument
<br />No. 201209529 in the office of the Register of Deeds of Hall County, Nebraska, as affected by
<br />that certain Deed of Trust Assumption dated as of June 22, 2016 recorded immediately prior
<br />hereto in the office of the Register of Deeds of Hall County, Nebraska (collectively, the "First
<br />Subordinate Mortgage "). We note that the interests of Original Subordinate Lender in the
<br />Promissory Note dated March 20, 1997 were acquired by Nebraska Housing Developers
<br />Association ( "NHDA ") pursuant to a decree dissolving Original Subordinate Lender found as
<br />Case No. CI 12 -373 in the District Court of Hall County, Nebraska and NHDA assigned its right,
<br />title and interest in and to such note to Subordinate Lender by Assignment of Instrument dated
<br />October 23, 2012.
<br />D. Borrower has also requested Senior Lender to permit the continued existence of
<br />that certain subordinate loan in the amount of $1,133,000.00 (the "Second Subordinate Loan")
<br />from Subordinate Lender to Borrower, as evidenced by a Promissory Note in the original
<br />principal amount of $390,000 dated November 30, 1998 executed by GI Cherry Park, Ltd. Two
<br />( "Original Second Borrower "), predecessor -in- interest to Borrower, in favor of Original
<br />Subordinate Lender, as assumed by Borrower, recapitalized and amended and restated in its
<br />entirety pursuant to that certain Promissory Note and Novation in the amount of $1,133,000
<br />between Borrower and Subordinate Lender dated as of June 22, 2016 (together, the "Second
<br />Subordinate Note ") and to allow the Second Subordinate Loan to continue to be secured by a
<br />Deed of Trust dated November 30, 1998 recorded December 30, 1999 as Instrument No. 99-
<br />112288 in the office of the Register of Deeds of Hall County, Nebraska as assigned to
<br />Subordinate Lender via an Assignment recorded November 13, 2012 as Instrument No.
<br />201209528 in the office of the Register of Deeds of Hall County, Nebraska, as affected by that
<br />certain Deed of Trust Assumption dated as of June 22, 2016 recorded immediately prior hereto in
<br />the office of the Register of Deeds of Hall County, Nebraska (collectively, the "Second
<br />Subordinate Mortgage "). We note that the interests of Original Subordinate Lender in the
<br />Promissory Note dated November 30, 1998 were acquired by Nebraska Housing Developers
<br />Association ( "NHDA ") pursuant to a decree dissolving Original Subordinate Lender found as
<br />Case No. CI 12 -373 in the District Court of Hall County, Nebraska and NHDA assigned its right,
<br />title and interest in and to such note to Subordinate Lender by Assignment of Instrument dated
<br />October 23, 2012. Hereinafter, the First Subordinate Loan and the Second Subordinate Loan are
<br />collectively referred to as the "Subordinate Loan "; the First Subordinate Note and the Second
<br />Subordinate Note are collectively referred to as the "Subordinate Note "; and the First
<br />Subordinate Mortgage and the Second Subordinate Mortgage are collectively referred to as the
<br />"Subordinate Mortgage ".
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<br />© 2014 Fannie Mae
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