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<br /> AGRE�MENT BUSORI�INI�ITING REAL PRGPEI'.'�Y LZEN
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<br /> This�c,�resment is made thi ay oP . ..--- __. : _ ._
<br /> by an� between the Clty of Gra�nd Ialand, a Mu�iaipal Corparatian,
<br /> ,�. ��� herein referrad to as the City and Overland National Bank, whiah
<br />�;r il haB a prinaipai plaae of businese i� Ha11 Caunty, Nebraska, herein �
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<br />� referred to as Lender.
<br />- The partiea recite and declare thats
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<br /> • , . . f A. The City is the owner and holder of a aertain HOME Rental
<br /> ,�, ��-���::� property rehabilitation 11en dated December 2, 1993, which Lien is
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<br /> � ,•.,, ��;...„.,-�.�:; reaorded in tihe Real Eatate Records of Hall Couaty, Nebraska, an �===i
<br /> Y�#%"::���'�=�:"°��' �1.. January 28, 1994, a� Doaument No. 94-100789 of that County, �
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<br /> ° aovering, in part, the following described propertys „�J,___ _
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<br /> � South 25.1 feet of East 14.1 feet of Lot 7, South 25.1 feet of � �,
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<br /> Lot 8, North 6 feet of 8outh 31.1 feet of �ast 6� ieet af Lot 8• .;-�Y ,. - _
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<br /> ' Block S5, Original Town, City of Grand Island, Hall County. 'r:;�"� * ,
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<br /> � .. B. Lender i.s about to loan the sum oP Fi p*v Thous nd and ti�� :>
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<br /> r�»nn �o].]ars lS5o 000.001 on a Note and Deed of Trust seauring • . �
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<br /> such Note to provide for the payment of a Note to Overland National ; �f; •
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<br /> _ � Deed of Trust tiled against the above desaribe8 '+"`� _r�
<br /> s � Bank saaured by a .�����
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<br /> � , property, reaorded in the Real Estate Records of Hall County, '�,�}�'
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<br /> _' ' _ : � . Nebxaska, on February 17, 1994, as Document No. 94-101397. E : .p`_^V., _ _
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<br />' _ .. C. To induce Lender to make such loan, ft is necessary that i ; .��:;:,:`,,.._��,
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<br /> ��, '' �„ � the Lien heid by the City, described fn Section A above, be !. .
<br /> subordinated to the lien of the Deed of Trust about to be made in ( �
<br /> ' favor of the Lender as beneffcfary as set forth above as it appliea 1_.
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<br />_ � � to the above described property only. `
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<br /> ��� � # , For the reasons set forth above, and consideration of the �
<br /> r% mutual cavenants and promfses of the parties hereto, the City and , .
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<br /> • Lender covenant and agree as follows: ,
<br /> ' �� � 1. �ubordi.natio�._ City hezeby covenants, consents and '
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<br /> �. agrees with Lender that �ne above-menLioneu J.1�31� �a p�.M �••�--
<br /> `, � " ' . continue to be subject to ar�d subordinate in lien ta the lien of �
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<br /> � �; �� the Deed of Trust about to be made to Lender stated above.
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