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<br /> SUBORD[NATION AGREEMENT'
<br /> THIS AGREEMENT made and executed this 14�" day of_JULY____ ____, 1999__, by and between HOMG �
<br /> FEDERAL SAVINGS AND LOAN ASSOCIATION OF GRAND ISLAND, hereinafter referred to as"Subordinating Geditor" �(�
<br /> (whether one or more),and HOME FEDERAL SAVWGS AND LOAN ASSOCIA'TION OF GRANU ISI.ANU, hercinal�tcr reterred �`
<br /> to as"Secured Party". �
<br /> WITTIESSE'I'H:
<br /> WHEREAS, RORY DJERNES and LORI DJERNES,(whether one or more),hereinafter referred to as"Debtor", has granted
<br /> to the Subordinating Creditor a Mortgage or Deed of Trust dated JANUARY 29TH , 1997 ,and filed of record in the
<br /> office of the___HALL_County Register of Deeds,on the__I 1 _____day of___ FF.,BRUARY , 1997_, as Docwnent No.
<br /> _97-100930 in respect to that real estate described as:
<br /> THE SOUTH ONE HUNDRED EIGHTY-THREE AND FOUR TNETHS FEET'(183.4')OF THE NOR"['li "fHRGE
<br /> HUNDRED SIXTY-S1X AND EIGHTH TENTHS(366.8')FEET OF LOT NINE(9) IN GEER SUBDIVISION BEING A PAR"T O�
<br /> 'TFIE NORTHEAST QUARTER OF SECTION NINE(9),TOWNSHIP ELEVEN (1 1)NOR'I'H, RANGF,NING(9) WGS'T OF"I'fif:
<br /> (��� P.M., IN GRAND 1SLAND, 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 conditiona►upon t�e 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 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 Collateral as
<br /> described above to secure indebtedness to be advanced to Debtor by Secured Party, in the original principal atnount of POR'I'Y-
<br /> EIGFIT THOUSAND DOLLARS AND NO/100 Dollars($_48,000.00 ), recorded
<br /> in the office of the �, County Register of Deeds on the �Qt� day of _, 19�_, as
<br /> Uocument No. - Q
<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 instru►nents of indebtedne�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 /> S. 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 orthe time.or order of attachment or perlection 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. 'T'he 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 /> �- � - -
<br /> Barry . S dstrom, President and CEO
<br /> HOME FE ERAL SAVINGS AND LOAN
<br /> ASSO IATION O � GRAND ISLAND
<br /> "S rdin in reditor"
<br /> Barry . S dstrorn, President and CEO
<br /> HOME FEDERAL SAVINGS AND LOAN
<br />
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