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<br /> 9 � 10 6 516 SUBORDINATION AGREEMENT � � � �
<br /> THIS AGREEMENT made and executed this 24 day of_June , 1999_,by and between HOME FEDERAL ��
<br /> SAVINGS AND LOAN ASSOCIATION OF GRAND ISLAND,hereinafter referred to as"Subordinating Creditor"(whether one or d
<br /> more),and HOME FEDERAL SAVINGS AND LOAN ASSOCIATION OF GRAND ISLAND,hereinafter referred to as"Secured ('����
<br /> Party". \'
<br /> \
<br /> WITNESSETH:
<br /> WHEREAS,FRANK D SMUTNY and DIANE E SMUTNY,(whether one or more),hereinafter referred to as"Debtor",has
<br /> granted to the Subordinating Creditor a Mortgage or Deed of Trust dated December 2,_, 1999,and filed of record in the office of
<br /> the Hall County Register of Deeds,on the 14'�' day of January,as Document No 98-100314, in respect to that real estate
<br /> described as:
<br /> LOT FIVE(5),IN VILLA MAR DEE SUBDNISION OF LOT TWELVE(12)OF THE SUBDIVISION OF LOT NINE(9)
<br /> AND ALL OF LOTS SEVEN(7)AND EIGHT(8)IN WINDOLPH'S SUBDIVISION OF PART OF THE NE1/4NW1/4 AND
<br /> PART OF NW1/4NE1/4 OF SECTION FOURTEEN(14),TOWNSHIP ELEVEN(11)NORTH,RANGE NINE(9)WEST OF THE
<br /> 6T"P.M., HALL COUNTY,NEBRASKA
<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 Debtar 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 Subordinating Creditor is willing to subordinate any lien it may have in respect to the Coilateral 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 granting Secured Party a first lien in all the Collaterai as
<br /> described above to secure indebtedness to be advanced to Debtor by Secured Party,in the original principal amount Of
<br /> FIFTY-TWO THHOUSAND StUEN HUNDRED QOLLARS /00 Dollars52 9700.00 recorded ' the office ofthe Hall County
<br /> Register of Deeds on the � DAY OF 1��19�,As Document No. - d .
<br /> 3. So long as an obligation is outstanding from the Debtor to the Secured Party for indebtedness evidenced by Promissory
<br /> Notes or other instruments of indebtedness to the extent herein provided in Paragraph 2,the Secured Party's interest in the Collatera(
<br /> sha(1 have priority to over the lien of the Subordinating Creditor in that 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 Party in respect to the indebtedness described in Paragraph 2 along with interest and costs allocable thereto,
<br /> 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 subordipation 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. and trom, President and CEO
<br /> HOME FED RAL SAVINGS AND LOAN
<br /> ASSOC TION OF GRAND ISLAND
<br /> "Subordinating Creditor"
<br />
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