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<br /> � � 91- 1 U8558 _
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<br /> �w._���_
<br /> �,w.,.,f . Collateral de+scribed in paragraph 1 of this Subordina�iQn Agree- - -----
<br /> . •.�� ment. "�` -
<br /> � �,,,.�..E.�,�`��....--
<br /> ----- . 3. So long as an obligation is outstanding from hhe Debtor _� _ -- __
<br /> to the Secured Party for indebtedness evidenced by Pxomiasory
<br /> � Notes or other instrumants og indebtedness, the Secuxed Party's _=____
<br />,,, � . interest in the Collateral shall have priocity t4 the ex�ent of = _
<br /> � �� the outstanding obligation owing to the 3ecuxed ParGy by reason ���� ,_
<br /> � of the above-mentioned Promissory Notes or othar ins�rum�nts of ���••���'?�'=•
<br /> ..�.�3��'`
<br /> � indebtedness over the lien of the Subordinating Credi�or in that ��.,�w��=--
<br /> � Collateral, and the Subordinating Creditor's inter�s� in that `•����;;!���-�_�=_
<br /> . ...,.
<br /> � � � � Collateral is, in all respects, subject and subordinaCe �o the � ,}y....
<br /> ' � � extent of the obligation outstanding and unPaid �o the security ����__,..;
<br /> interest of the Secured Party, however evidenced. "���^ - -
<br /> .•, �'�_..�,;��;_.-
<br /> ' � 4. So long as any portion of an obligation ia ou�standing .,��,;�,L�^
<br /> � °,'. , ., , . .._��:—
<br /> , � and unpaid, the provisions of the Hortgage or Deed o� Trust _a;�,��
<br /> ' �'� � ' between the Debtor and the Secured Party are controlling as to • ��,;,.:_--.-
<br /> . „ „ ��.�3..1
<br /> the Collateral fn which Sacured Party is to have a f irst security �� � �;��,;�";�.T,.,
<br /> . '•� ... � � �'� , .'�,•.,,,. . ,�,� �;
<br /> , �,, in�erest and in all cases in which there is a conflict between it .,� ,.;;:�;�•,;,i�s�,;f'�
<br /> � �� �-''��.� .. and the provisions of any tiortgage or Deed of Trust grantad to ,•;�:���:.,..:��i���-^�`
<br /> � �1� t.;�;';'"�`,. � the Subord inating Cred itor by the Debtor. ��,���:�,�r�-.,�—
<br /> '�,a;�;�;• .:�,6: ,;,us�p,.
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<br /> .�� �.. � 5. This Agreement is a continuing, absolute and uncondi- ,`,t� ,�th.,'
<br /> ,~1�., �:,,'..,-.
<br /> . tional agreement of subordination without regard to the validity •. � � x
<br /> �` •�i<:'`:���.,, or enforceability of the Promissory Notes or other instruments oE --��•��::�•' �
<br /> t.,,,tr�,.�.�� ,
<br /> ';:;����:,..___ indebtedness between the Debtor and the Secured Party evidencing ��, ..: . �. ..,, �
<br /> � �'i • � sums due or documents granting a se�urity i�terest in thc Collat- , '�=--'"�x
<br /> F.,__�. — •=-,.-r;r,"�'�.
<br /> , eral, irrespective of the time or order of attachment or perfec- �.��� `
<br /> . ,...
<br /> � tion of the security interest in the Collateral or the order of ��.:��'�:•
<br /> !i f il ing the Deeds of Trus t or t�tortgagea with respec t to the « � ,.,�;� : -
<br /> Collateral . `��
<br /> t . 6. This Agreement shall remain in full force and effect and 1 . '��
<br /> � is binding upon the Subordinat ing Cre d i tor an d upon i t s s u c c e s- �:
<br /> sors and assigns, so long as any portion of an obligation from ' ��" ���
<br /> .,�,..,��:
<br /> . � the Debtor to the Secu red Party is ou ts tand ing and unpa id. � .s� .;
<br /> . � 7. The Subordinating Creditor agrees that the Promissory � � . -
<br /> ' � Notes or other instruments of indebtedness of the Debtor evi- ' � .
<br /> � � � r dencing the obligation between the Debtor and �he Secured Party,
<br /> may from tine to time be renewed, extended, modified, compro-
<br /> miaed� accelerated, settled or released, without notice to or , � �,.�, ,.
<br /> ' consent by the Subordinating Creditor. ' �
<br /> ,
<br /> � 1 • �� HOP'IE F�pERAL SAUINGS AND LOAN ASSOCIATION � .,,,�,s',.�'
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<br /> � •.,,�� - "Su or�inating Cred itor"
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