|
Y,
<br />c rn(, (*`\
<br />y a n ='�
<br />M cn t -} -
<br />n
<br />CD
<br />rn CD C2-
<br />rn Q N Q -n C=)
<br />® M �
<br />rn '` -0 D 07 O ,yy.
<br />d Z3
<br />CD
<br />Cn
<br />1
<br />200106146 SUBORDINATION AGREEMENT cn (n rn a
<br />o
<br />THIS AGREEMENT made and executed this 12`h day of June, 2001, by and between HOME FEDERAL SAVINGS AND
<br />LOAN ASSOCIATION OF GRAND ISLAND, hereinafter referred to as "Subordinating Creditor" (whether one or more), and
<br />HOME FEDERAL SAVINGS AND LOAN ASSOCIATION OF GRAND ISLAND, hereinafter referred to as "Secured Party ".
<br />WITNESSETH:
<br />WHEREAS, DAVID E BARTLETT and MARSHA R BARTLETT, (whether one or more), hereinafter referred to as
<br />"Debtor ", has granted to the Subordinating Creditor a Mortgage or Deed of Trust dated April 20, 2000 and filed of record in the office
<br />of the Hall County Register of Deeds, on the Is' day of May, 2000, as Document No. 200003440 in respect to that real estate
<br />described as:
<br />LOT TWO (2), SUSSEX PLACE THIRD SUBDIVISION, IN THE CITY OF GRAND ISLAND, HALL COUNTY,
<br />NEBRASKA.
<br />WHEREAS, the Secured Party has agreed to enter into a loan transaction with the Debtor, whereby certain funds are to be
<br />advanced to the Debtor conditional upon the Debtor providing the Secured Party with a first lien in respect to the above described real
<br />estate, hereinafter referred to as the "Collateral "; and
<br />WHEREAS, the Subordinating Creditor is willing to subordinate any lien it may have in respect to the Collateral by reason of
<br />Subordinating Creditor's Mortgage or Deed of Trust of record to perfect security whenever and wherever filed in order to assure the
<br />Secured Party of a first lien position in and to the Collateral;
<br />NOW, THEREFORE, it is agreed:
<br />1. The Subordinating Creditor hereby consents to a subordination of its priority position to the Secured Party and agrees that
<br />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
<br />provided and subject to the lien of the Secured Party in respect to the Collateral.
<br />2. The Subordinating Creditor hereby consents to the Debtor granting Secured Party a first lien in all the Collateral as
<br />described above to secure indebtedness to be advanced to Debtor by Secured Party, in the original principal amount of One Hundred
<br />Fifty Thousand and 0 /100ths Dollars ($150,000.00), recorded in the office of the Hall County Register of Deeds on the / day
<br />of 12001, as Document No. Q00 /D Sga 9
<br />3. So long as an obligation is outstanding from the Debtor to the Secured Party for indebtedness evidenced by Promissory
<br />Notes or other instruments of indebtedness to the extent herein provided in Paragraph 2, the Secured Party's interest in the Collateral
<br />shall have priority to over the lien of the Subordinating Creditor in that Collateral, and the Subordinating Creditor's interest in that
<br />Collateral is, in all respects, subject and subordinate to the security interest of the Secured Party to the extent of the principal sum yet
<br />owing to Secured Party in respect to the indebtedness described in Paragraph 2 along with interest and costs allocable thereto,
<br />however evidenced.
<br />4. So long as any portion of the described obligation to Secured Party is outstanding and unpaid, the provisions of the Deed
<br />of Trust of other instrument of security between the Debtor and the Secured Party are controlling as to the Collateral in which Secured
<br />Party is to have a first security interest, including any time there is a conflict between it and the provisions of any lien instrument
<br />granted to the Subordinating Creditor by the Debtor.
<br />5. This Agreement is a continuing, absolute and unconditional agreement of subordination without regard to the validity or
<br />enforceability of the Promissory Notes or other instruments of indebtedness between the Debtor and the Secured Party evidencing
<br />sums due or documents granting a security interest in the Collateral, irrespective of the time or order of attachment or perfection of the
<br />security interest in the Collateral or the order of filing the Deeds of Trust or other instruments of security with respect to the Collateral.
<br />6. This Agreement shall remain in full force and effect and is binding upon the Subordinating Creditor and upon its
<br />successors and assigns, so long as any portion of the sums secured as described in Paragraph 3 are outstanding and unpaid.
<br />7. The Subordinating Creditor agrees that the Promissory Notes or other instruments of indebtedness of the Debtor
<br />evidencing the obligation between the Debtor and the Secured Party may from time to time be renewed, extended, modified,
<br />compromised, accelerated, settled or released, without notice to or consent by the Subordinating Creditor.
<br />Barry G. and rom, President and CEO
<br />HOME FED RAL SAVINGS AND LOAN
<br />ASSOCIATION OF GRAND ISLAND
<br />"SuboAnatinte Q? editor"
<br />Barry G. andsArom, President and CEO
<br />HOME FED AL SAVINGS AND LOAN
<br />ASSOCIATION OF GRAND ISLAND
<br />"Secured Party"
<br />
|