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<br /> SUBORDINATION AGREEMENT �' C7
<br /> THIS AGREEMENT made and executed this 13 day of_APRIL , 1999_,by and between HOME FEDERAL ---�
<br /> SAVINGS AND LOAN ASSOCIATION OF GRAND ISLAND,hereinafter referred to as"Subordinating Creditor"(whether one or�—'
<br /> more),and HOME FEDERAL SAVINGS AND LOAN ASSOCIATION OF GRAND ISLAND,hereinafter referred to as"Secured O
<br /> Party„ � c.j
<br /> WITNESSETH:
<br /> WHEREAS,KATHLEEN A GOODNER,A SINGLE PERSON,hereinafter referred to as"Debtor",has granted to the
<br /> Subordinating Creditor a Mortgage or Deed of Trust dated_FEBRUARY 1 F_ , 1999_,and flled of record in the office of the
<br /> County Register of Deeds, in respect to that real estate described as:
<br /> SEE ATTACHED
<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 Subardinating 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 ganting 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 principai amount of
<br /> FORTY-FIVE THOUSAND,FIVE HUNDRED DOLLARS AND NO/100 Dollars($_45,500.00�.
<br /> ,TO BE A FI ST MORTGAGE/DEED OF TRUST UPON THE PREMISES,RECORDER ON THE �?f�j DAY
<br /> DAY OF �l f/� , 19�_,as document no._ 99�/��� .
<br /> 3. . So long as an obligation is outstanding from the Debtor to the Secured Party for indebtedness evidenced by
<br /> Promissory Notes or other instruments of indebtedness to the extent herein provided in Paragraph 2,the Secured Party's
<br /> interest in the Collateral shall have priority to over the lien of the Subordinating Creditor in that Collateral,and the
<br /> Subordinating Creditor's interest in that Collateral is, in all respects,subject and subordinate to the security interest of
<br /> the Secured Party to the extent of the principal sum yet owing to Secured Party in respect to the indebtedness described
<br /> in Paragraph 2 along with interest and costs allocable thereto,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 an trom, President and CEO
<br /> HOME FE RAL SAVINGS AND LOAN
<br /> ASSOC ATION OF GRAND ISLAND
<br /> " ub inati r ditor"
<br /> �
<br /> Barry G. and rom, President and CEO
<br /> HOME FED L SAVINGS AND LOAN
<br /> ASSOCIA ION OF GRAND ISLAND
<br />
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