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r 89'' 103815 SU80RDINATI011 AGREElQCNT THIS SUBORDINATION AGREEMENT is entered into this I?..4 day of 1989 by and between Teak Associated Investments, Inc , aAorporation,, and Thomas R. Whitmore and L. Paul Comeau, for the benefit of Champlain Valley Federal Saving* and Loan Association, a federally chartered savings and loan association. RECITALS: A. Champlain Valley, by virtue of an Assignment from Continental Mortgage Company, a Nebraska corporation, is holder of;h Promissory Note dated December 5, 1984 in the original principal amount of One Million Fifty Thousand Dollars ($1,050,000.00) executed by Grand Island South Investors, a Nebraska general partnership (the "Note "), which Note is secured by a Deed of Trust in property located in Grand Island, Nebraska, as legally described on Exhibit "A" attached hereto and incorporated herein by reference (the "Property "), which Deed of Trust, dated December 5, 1984 is recorded in the office of the Re# ster of Deeds of Hall County, Nebraska as Document No. 84- 006468; and .9. Pursuant to the terms of an Assamaption, and Modification AgeRent dated April 30, 1987 and recorded in 'the office of ..the Register of Deeds of Hall County, Nebraiska on June 4, 1987' as Docnaent No,, 87- 103276, Teak Associated Investments, Inc. assu"d the. obligations under said Note and Deed of Trust as a result,- of the purchase or the Property from Grand Island South Invedtdit i, and C. Champlain Valley has been requested to modify the t. nma of the Note and Deed of Trust to, among other things; modify the rate of interest to be paid by the borrower thereunder, modify the term of the loan, and reduce the principal balance thereof; and D. Champlain Valley has respired, as one of the conditicris of said modification, that all..'liens and security intereists securing the Note and Deed of Trust be and remain prior and superior to all other liens and security interests a;gFainst the _ Property, including that certain judgment lien of Thomas E. Whitmore and L. Paul Comeau pursuant to a Judgment filed in the District Court of Hall County, Nebraska as Case No. 4449 entitled NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 1. The judgment lien of Thomas E. Whitmore and L. Paul Comeau, pursuant to a Judgment filed in the District Court of r` R .