|
' m = �
<br /> * r^� ,
<br /> w . . � Cl S � � c�` �
<br /> �, ~ m c�n � � � r� � � � c°
<br /> '� � S 'r�'n � .---�� ��„ � G.
<br /> �j R�-RECORDED � ? � � Z �. �'
<br /> �
<br /> 99 1069�5 � � � �
<br /> o � �° � � �
<br /> � N N �� � �
<br /> � ,,..� �� ~ Z
<br /> 99 106515 °° � "' °
<br /> SUBORDINATION AGREEMENT
<br /> THIS AGREEMENT made and executed this 24 day of_JiJNE , 1999_,by and between HOME FEDERAI�----�
<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 � �
<br /> Party,>
<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 OCTOBER_28 , 1999 ,and filed of record in the
<br /> office of the_HALL_County Register of Deeds,as document NO. 96-108432 in respect to that real estate described as:
<br /> PARCEL ONE: LOT EIGHTEEN(18),MEHRING AND GIESENHAGEN SECOND SUBDNISION,A REPLAT OF LOT TWO
<br /> (2),MEHRING AND GEISENHAGEN SUBDNISION,HALL COUNTY,NEBRASKA
<br /> PARCEL TWO: LOT FNE(5),VILLA MAR DEE SUBDIVISION OF LOT TWELVE(12)OF THE SUBDIVISION OF LOT
<br /> NINE(9)AND ALL LOTS SEVEN(7)AND EIGHT(8)IN WINDOLPH'S SUBDNISION 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 /> 6TH 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 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 Subordinating Creditor is willing to subordinate any lien it may have in respect to the Collateral by reason of
<br /> Subordinating Creditor's Mortgage ar 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 Collateral as
<br /> described above to secure indebtedness to be advanced to Debtor by Secured Party, in the original principal amount of F IFTY-TWO
<br /> THOUSAND AND SE11EN HUNDRED DOLLARS NO Dollars(, ,700.O�J RECORDED IN THE O�I E OF T E HA L �*�
<br /> COLJNTY REGISTER OF DEEDS ON THE �c� day of C�� 19�.As document Na � d J"��.
<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 Collateral
<br /> shall 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 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 /> ***and R r corded Deed of Trust fiied Barry G. d rom, President and CEO
<br /> l� � ��� as Doctiment No. HOME FED L SAVINGS AND LOAN
<br /> �- ASSOCI ION OF GRAND ISLAND
<br /> "Subordinating Creditor"
<br /> I
<br />
|