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<br />- 5U80RDINATION AGREEMEIIT --"'�
<br /> . . � �
<br /> � f THIS AC3REEMENT made und e.cecuted this 17'�day ofFebruary,1999,by and becween HOME FEDEftI►l SAVINGS � �
<br /> AND LOAN ASSOCIATION OF aRAND 1SLAND,hereinafter rcferred to as"Subordirnating Creditor"(whather one or more),and � '''
<br /> �� : � HOME F&DERAL SAV INICIS AND LOAN ASSOCIATiON OF URAND ISLAND,hereinafter refem>d to as"Secured Party". � p
<br /> WlTNESSETH: _-
<br /> -�:, J, '�` WEIEREAS,CHAItLES F PFEIFER and CHRISTINE RPFEI�BR,(whather one or more).hen:inaRar refomed to as _
<br />:t;;�':; " "Debtor",has�t'anted to the Subordinating Creditor a Mortguge orDeecl of Truat dated I�-ne t O,l997,und filed of t�teard in th�ofi�ce =_
<br />-�;;;��'� �� of the Hall County Register of Deeds,on the 18'"day of July,i 997,as Documant No.97-i05738,in respect to that real estate !�t•_
<br />_ '.,. ;"•�;�1�' descr�bed es: �.;
<br /> „ ��,� �� —
<br />�, ,,..., ,
<br /> `;" . LOT THIRTEEN(13),BLOCK TWO(2),IMPBRIAL VILLACiE SUBDIVISION,C1TY OF aRAND ISLAND.HALL
<br />_�� __ _
<br /> r'�f ,. , COUNIY,NEBRASKA.
<br /> �.
<br /> ._._
<br />' WHEREAS,the Secured Party has agreed W enter into u loan uansaction with the Da6tor,whereby certain flutds are to be
<br /> � ` advanced to the Debtor condittonal upon the Debtor provIding the Secured Party w►th a fint lien in respect to the above descdbed real
<br /> r`�' `' estate.hereinaRer referred w asthe"Col(steral";and
<br /> �.� �5� ..�Y
<br />�� �� WHF.REAS,the SubordinatinR Cred(wr is willln�to subordlnate any Iten It may hsve in respect to tho Collateral by reason of
<br /> �"�"�`�'���' SubordlnatIng Creditor's Mortgage or Deed of Tcust of record to p�rfect secutity whenever and wherever fiied in order io ass�;ca�'aa °
<br /> j�r ��' �.�4r Secured Ptirrty of a flrst lien positton in end to 3he Collateral;
<br />��..,�.... •i _
<br />-�`"'�.t",r�'y NOW.THEREFOItE,it isageed:
<br />��y ,'
<br />'��"�``�'`"�' 1. The Subordinating Creditor hereby wnsents to a sabordination of its prioriry pc�sition to the Secured�'"�rty and agr+ees thet
<br /> �' F�-•,•a•1 2..:
<br />=`--'�= ����� ,, it�Ifen in respect to the Mort�ege or Deed of Trust hereinabove dacribed,if eny,shall at all t[mcs be secondary to the extent here n
<br />�t,,. ._,r.. rz.i
<br /> i"'_' x pmvided and subject to the lien of the Secured Party in respect w�he Collataral.
<br />�i�s.... !� '�'�; .
<br />=�------ 2. 'Ihe SubordinatiregCrediton c�reby consents to the Debtor gronting Secured Party a first tien in a!I the Collateral as
<br />+.-...._Y�
<br /> `°'`..°,.p� descr[bed nbove to secure indebtedness to be advanced to Debtot Ey Secured Petry.a Deed oF Trust dated Feb�uary l7,1999,in e
<br /> y:��ri�:.
<br />=�^^��, ' — orl�inal princlpal amount of�y 9'hnusand and No/100 Dollars(540,000.00).recor+ded.inthe office of the,�_Ca��7'
<br />'--m�-�.� Re�tst�er of Deeds on the�_day of�,19�as Docuinent No. - �' •
<br /> ----���•� 3. So long es an obligation is outstnnding from the Qeb�r to the Secured Party for inde �nass evidenced by Promissory
<br />-�F`-'=�r���'�° Notes or other Instruments of irtdebtedness to the extent herefn provtded in Paragraph 2,Ehe Secur:d���rty's interest in the ColleterAl
<br /> - -_-_--- shall have pdodty to over the lfen of the SubordinatinII Creditoa In that Collatesral,and the Subordinatin$Crediwr's intere.st in that
<br />-__.._- -- CoSlau�rol is,!n alt respects,subject and subordinate ro tho securlry tnterest of the Secw�ed Party to thc extent of t�a��rtnclpal sum yet
<br />'��t���� owtng to Secured Perty in respect to the indebtedness descrlbed ip Paragraph 2 alonII with interest and costs allactsb".L�l►erew, ._
<br /> -- -__-:�{�,;.zs,� ho�vever evidenced
<br /> ..�'�''°- : 4. So long as any prndon of the described obligation to Securc:d Party ia oatstanding and un�n�d,the provlsfona of the Dee�
<br />�'�=� of Trust of other inswment of security betwecn the Debtor end Uia Secured Party tu�conaolling as W thc Collateral in which Sec�ued
<br />_'ti�,� party fs to have a firat securtty interost,including any time there b a confl[ct between it and the pmvisions of any lien instrument
<br /> v�-..��:;W�,,,� �ranted to the Subordinnting Creditor by the Debtor.
<br /> --�::�_:;,.:t;� g, Th;s pgreement is a conttnutng,absolute and uncondidonul a�reeraont of subordination widtout regr�rd to the valtdity or _
<br /> � '°''°'t`� enforceabil[ty of the Promi:say Notes or other instruments of indebtednoss between thc Dabtor and tho Secured Party avidenc(n�;
<br /> . —"Anlii:,t
<br />�-�—x����� - sums due or documents grandng a secur[ty interest in the Collaterel,tiraspecrivo of tho tima or order of attnohment or perfecnon of the
<br /> ,'��+Yf'. .
<br />_��.:.;:^;;�;^ securiry interest in the Collatcrn!or the order of filing the Deeds of'IYust or othor instiumonta of security wdth�rospect to the Colloteral.
<br /> ��t.:,�';." '� 6. Thi�Ag�reement shell remain in full force and tffectand ia binding upon tha Subotdinuting CtBditor and upon its
<br />.,..... . . ,..
<br />�.� .� ���� � successois and sssig�s,so long as any portion of tho sums secured�deseribed tn Pare�rnph 3 nre outatandina and unp
<br /> -•". ` �;'•. ` i'.
<br /> _y,i��� ,- 7. The Subord{nutingCreditoT a�r�es that the Promissory Notes orothor instnimonta of indobtedness of the Debtor
<br /> s:_ � . '•s•r'��A44lg; �� evidencing the mbligotian between the Debtar c�nd the Secured Perty may tirom dmo to timo be r�nowpd,extended,mudlfied,
<br />,.,r��.- , b � compromised,accelerated,senled or released,without notice to a consent by tho 3ubordinating Creditor.
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<br />"�i . '�r#!?,"4:�':�} Btury G. d ,Pres dent end CEO 4
<br /> NnMF F��� L sAVIN(iS AND LOA1V
<br />'j'F_..vi��__�-� -
<br /> i;+ '`• • � ASSOCIA ION mF ND iSLAND �;
<br />`f: :' • "�ubo i t redito�' ;;
<br /> . . ., � � `:
<br />' " ^ Barry G. d m,Prestdent and CEO -:
<br />-�� " ' � �� HOMiE FEDE L SAVINdS AND[.OAN _
<br /> ; , ASSOCIA ION OF C3RAND ISLAND _
<br /> . "Secumd PaRy" __
<br /> E
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