200400792 - Laserfiche WebLink

Browse

200400792 delivered to Subordinated Lienholder, a Deed of Trust/Mortgage (the "Existing and Continuing Security Instrument') in the sum of $26,903.89 dated 06/17/1998 , and recorded in Book Volume n/a, Page_n/a, as Instrument No. 98- 106333, in the records of HALL County, State of NE, as security for a loan (the "Existing and Continuing Load'), which Existing and Continuing Security Instrument is a valid and existing lien on the real property located at 1008 West 5th Street, Grand Island, NE 68801 and further described on Exhibit "A," attached. WHEREAS, LEE S. PHOUTHAVONG and CHERYL C. PHOUTHAVONG ( "Borrower ") executed and delivered to Midfirst Bank, ( "Lender "), a deed of trust/mortgage in the sum of Q, �0 f which deed of trust/mortgage (the "New Security Instrument') is intended to be recorded herewith in the records of HALL County, State of NE as security for a loan (the "New Load'); WHEREAS, it is a condition precedent to obtaining the New Loan that the lien of the New Loan shall unconditionally be and remain at all times a lien or charge upon the land hereinbefore described, prior and superior to the lien of the Existing and Continuing Loan; and WHEREAS, Lender is willing to make said loan provided the lien securing the New Loan is a lien or charge upon the described property prior and superior to the lien of the Existing and Continuing Loan and provided that Subordinating Lender will specifically and unconditionally subordinate the lien of the Existing and Continuing Loan to the lien of the New Loan; and WHEREAS, it is to the mutual benefit of the parties hereto that Lender make such a loan to Borrower; and Subordinating Lender is willing that the lien securing the New Loan shall, when recorded, constitute a lien or charge upon said land which is unconditionally prior and superior to the lien securing the Existing and Continuing Loan. NOW, THEREFORE, in consideration of the mutual benefits accruing to the parties hereto and other valuable consideration, the receipt and sufficiency of which consideration is hereby acknowledged, and in order to induce Lender to make the loan above referred to, it is hereby declared, understood and agreed as follows: (I) That the New Security Instrument, and any renewals or extensions thereof, shall unconditionally be and remain at all times a lien or charge on the property therein described, prior and superior to the Existing and Continuing Security Instrument. (2) That Lender would not make the New Loan without this subordination agreement.