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201606626
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Last modified
7/3/2017 5:40:31 PM
Creation date
10/4/2016 3:57:08 PM
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DEEDS
Inst Number
201606626
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THIS SUBORDINATION OF LEASE (this "Agreement ") is made this 30 day of <br />September, 2016, by and among 1803, LLC, a Nebraska limited liability company ( "Landlord "), <br />GREGG YOUNG CDJR, INC., a Nebraska corporation ( "Tenant "), and ALLY BANK (Ally <br />Capital in Hawaii, Mississippi, Montana and New Jersey) ( "Bank "). <br />RECITALS: <br />201606626 <br />A. Tenant has entered that certain unrecorded lease dated October 1, 2016, as <br />amended from time to time (the "Lease "), with Landlord, as lessor, covering all or a portion of <br />the premises described in the Lease, located at 1803 and 1903 S. Locust Street, Grand Island, <br />Nebraska 68801 (the "Property"), as more particularly described in Exhibit A attached hereto <br />and made a part hereof by this reference. <br />B. Bank has agreed to make a loan to Landlord in an amount of $2,400,000.00 <br />secured by a Deed of Trust dated of even date herewith and to record concurrently herewith by <br />and between the Landlord and Bank, encumbering the Property (together with any amendments, <br />renewals, increases, modifications, substitutions or consolidations, collectively, the "Security <br />Instrument "). <br />C. Tenant and Bank desire to confirm their understanding with respect to the <br />Lease and the Security Instrument, and to have Landlord confirm its agreement therewith. <br />NOW, THEREFORE, in consideration of the premises, the covenants, conditions, <br />provisions, and agreements set forth herein and other good and valuable consideration, the receipt <br />of which is hereby acknowledged, Bank, Tenant and Landlord mutually acknowledge, represent, <br />and agree as follows: <br />(1) The Lease and any extensions, modifications or renewals thereof, including but <br />not limited to any option to purchase or right of first refusal to purchase the Property or any <br />portion thereof, if any, is and shall continue to be subject and subordinate in all respects to the <br />Security Instrument and the lien created thereby. In the event of any inconsistency between the <br />Lease and the Security Instrument, the Security Instrument controls. <br />(2) Tenant agrees that: <br />(a) Upon notice to it by Bank, it will pay all rents thereafter becoming due under <br />the Lease to Bank; <br />CHI 67442063v4 2 <br />
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