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JUL -19 -01 THU 10;05 HOME FEDERAL SAVINGS FAX NO, 13083829235 P,02
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<br />THIS AGREEMENT trade and executed this day of .SL'! y P7 by The Equitable Building & Loan
<br />Association, FSB, Beneficiary, hereinafter referred to as "Subordinating Creditor" (whether one or more), for the bonofit of 11OIvf - --
<br />FEDERAL SAVINGS AND IRAN ASSOCIATION OF GRAND ISLAND, hereinafter referred to as "Secured Patty".
<br />WITNESSETH: r
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<br />WHky --bAS, THOMAS J HERMAN and EMILY A HF,RMAN, (whether one or more), hereinafter rofOrrod to as "Debtor", \..
<br />has -muted to the Subordinating Creditor a Mortgage or Deed of Trust dated November 30, 2000, and filed in the office of the Hall
<br />County Register of Deeds, on December 6, 2000 as document # 200010555 in respect to that real estate described as:
<br />LOT ELEVEN (11) IN BLOCK "A" PARK VIEW SUBDIVISION, IN THE CITY OF GRAND ISLAND, HALL
<br />COUNTY, NEBRASKA
<br />WHEREAS, the Secured Party has agreed to enter into it 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 lion in respect to the above described real
<br />estate, hereinafter referred to as the "Collateral "; and
<br />WHEREAS, the Subordinating Creditor is wiIiing to subordinate any lieu 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 h=by consents to a subordination of its priority position to the Secured Party and agrees that
<br />its lien in ru;speet to The Mortgage or Deed of Trust hereinabove dmnbed, if any, shall at all times be secondary to the extent herein
<br />Provided and subject to the lien of the Seeurcd Parry iu 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 Oue hundred
<br />and nineteen thousand dollars and no /100 Dollars ($119,000.00).
<br />3. So long as an obligation is outstanding thorn the Debtor to the Secured Party for indebtedne.« evidenced by Promissory
<br />Notes Or other instruments of indebtedness to the extentt herein provided in Paragraph 2, the Secured Party's interest is the Collateral
<br />shall have priority to over the lien of the Subordinating Creditor in than 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 patty in respect to the indebtedness descnbed in Paragraph 2 along with interest and costs allocable thereto, however
<br />evidenced,
<br />D 4. So long as any portion of the described obligation to the Secured Party is outstanding and unpaid, the provisions of the
<br />eed of Trust or other mstr ament of security berwom the Debtor and the Secured party are controlling as to the Collateral in which
<br />Secured party is to have $fast security interest, including any time there is a conflict between it and the provisions of any lien
<br />instrument panted to the Subordinating Creditor by the Debtor.
<br />5, This Agreement is a conemuing, absolute and unconditional agreement of subordination without regard to the validity or
<br />enforceability of the Pronussory Notes or other instruments of indebtedness between the Debtor and the Secured Party evidonc,ag
<br />sums duce or documents granting a security interest in the Collateral, irrespective of the time or order of attachment or perfective, of the
<br />security interest in the C011ateral 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 />succassors and assigns, so long as auy portion of the sums secured as described in Paragraph 3 are outstanding and unpaid.
<br />7. The Subordinating Creditor and agrees that the Promissory NOW or other instruments of indebtedness of the Debtor
<br />evidencing the obligation betwen the Debtor and the Secured party may from time to time be renew extended, modified,
<br />compromised, accelerated, settled or released, without notice to or consent by the Subordinating C
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<br />SUBORDINATION
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<br />THIS AGREEMENT trade and executed this day of .SL'! y P7 by The Equitable Building & Loan
<br />Association, FSB, Beneficiary, hereinafter referred to as "Subordinating Creditor" (whether one or more), for the bonofit of 11OIvf - --
<br />FEDERAL SAVINGS AND IRAN ASSOCIATION OF GRAND ISLAND, hereinafter referred to as "Secured Patty".
<br />WITNESSETH: r
<br />c�
<br />WHky --bAS, THOMAS J HERMAN and EMILY A HF,RMAN, (whether one or more), hereinafter rofOrrod to as "Debtor", \..
<br />has -muted to the Subordinating Creditor a Mortgage or Deed of Trust dated November 30, 2000, and filed in the office of the Hall
<br />County Register of Deeds, on December 6, 2000 as document # 200010555 in respect to that real estate described as:
<br />LOT ELEVEN (11) IN BLOCK "A" PARK VIEW SUBDIVISION, IN THE CITY OF GRAND ISLAND, HALL
<br />COUNTY, NEBRASKA
<br />WHEREAS, the Secured Party has agreed to enter into it 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 lion in respect to the above described real
<br />estate, hereinafter referred to as the "Collateral "; and
<br />WHEREAS, the Subordinating Creditor is wiIiing to subordinate any lieu 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 h=by consents to a subordination of its priority position to the Secured Party and agrees that
<br />its lien in ru;speet to The Mortgage or Deed of Trust hereinabove dmnbed, if any, shall at all times be secondary to the extent herein
<br />Provided and subject to the lien of the Seeurcd Parry iu 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 Oue hundred
<br />and nineteen thousand dollars and no /100 Dollars ($119,000.00).
<br />3. So long as an obligation is outstanding thorn the Debtor to the Secured Party for indebtedne.« evidenced by Promissory
<br />Notes Or other instruments of indebtedness to the extentt herein provided in Paragraph 2, the Secured Party's interest is the Collateral
<br />shall have priority to over the lien of the Subordinating Creditor in than 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 patty in respect to the indebtedness descnbed in Paragraph 2 along with interest and costs allocable thereto, however
<br />evidenced,
<br />D 4. So long as any portion of the described obligation to the Secured Party is outstanding and unpaid, the provisions of the
<br />eed of Trust or other mstr ament of security berwom the Debtor and the Secured party are controlling as to the Collateral in which
<br />Secured party is to have $fast security interest, including any time there is a conflict between it and the provisions of any lien
<br />instrument panted to the Subordinating Creditor by the Debtor.
<br />5, This Agreement is a conemuing, absolute and unconditional agreement of subordination without regard to the validity or
<br />enforceability of the Pronussory Notes or other instruments of indebtedness between the Debtor and the Secured Party evidonc,ag
<br />sums duce or documents granting a security interest in the Collateral, irrespective of the time or order of attachment or perfective, of the
<br />security interest in the C011ateral 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 />succassors and assigns, so long as auy portion of the sums secured as described in Paragraph 3 are outstanding and unpaid.
<br />7. The Subordinating Creditor and agrees that the Promissory NOW or other instruments of indebtedness of the Debtor
<br />evidencing the obligation betwen the Debtor and the Secured party may from time to time be renew extended, modified,
<br />compromised, accelerated, settled or released, without notice to or consent by the Subordinating C
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<br />"Subordinating Cr 'tor•'
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