|
UNILATERAL SUBORDINATION AGREEMENT
<br />M
<br />0
<br />WHEREAS, the parties to this agreement are the old tender, namely Platte Valley State o
<br />Bank & Trust Company, its Successors and Assigns, hereinafter called LENDER #1; and the
<br />new lender, namely Geneva State Bank, hereinafter called LENDER #2 and Shafer Properties,
<br />L.L.C., hereinafter called BORROWER,
<br />WHEREAS, BORROWER is the owner of the real estate, hereinafter called
<br />PROPERTY described as:
<br />Tract 1
<br />Lot 3, Crane Valley 4th Subdivision, in the City of Grand Island, Hall County, Nebraska.
<br />Tract 2
<br />Lot 4, Crane Valley 4th Subdvidion, in the City of Grand Island, Hall County, Nebraska.
<br />WHEREAS, BORROWER has executed a Note in a principal amount of $80,135.50,
<br />secured by Deed of Trust in favor of LENDER #1, covering the PROPERTY, Tract 1 recorded
<br />on January 28, 2004 as Inst. No. 200400826 and Tract 2 recorded on January 28, 2004 as Inst.
<br />No.200400824, in the office of the Register of Deeds of Hall County, Nebraska.
<br />WHEREAS, BORROWER will be executing or has executed a Note in a principal
<br />amount not to exceed $1,300,000.00 to be secured by a Mortgage/Deed of Trust in favor of
<br />LENDER #2, covering the PROPERTIES, and to be recorded in the office of the Register of
<br />Deeds of Hall County, Nebraska.
<br />NOW THEREFORE, in consideration of $1.00 and other valuable consideration, receipt
<br />whereof is hereby acknowledge, LENDER #1 agrees to subordinate its liens as shown and
<br />referred to above, to the lien of LENDER #2 as shown and referred to above, but only to the
<br />extent of the principal amount of the new lien as shown in the above paragraph, plus any accrued
<br />interest, taxes, insurance or costs advanced to protect its security.
<br />Dated this 23rd day of August, 2004.
<br />Platte Valley State Bank & Trust Company (LENDER #I)
<br />By
<br />Phil Landon, error Vice President
<br />STATE OF NEBRASKA )
<br />)SS:
<br />COUNTY OF HALL )
<br />Acknowledged before me this Z3 day of ele , 2004 by Phil Landon its Senior
<br />Vice President of Platte Valley State Bank & Trust Company on behalf of said corporation.
<br />X ERAL NOTARY � of Nebraska
<br />MICHAEL SANDSTEDT
<br />My Comm. Exp• Aug. 19, 2006 N' P 1c
<br />s D
<br />m
<br />C
<br />_
<br />�a
<br />z
<br />C'3 Cn
<br />H
<br />m
<br />D
<br />y
<br />Cz n
<br />'�
<br />GO
<br />�,
<br />� �
<br />CL
<br />_.
<br />CD
<br />H
<br />.,
<br />D
<br />°�
<br />r
<br />M 1
<br />^yN„
<br />ry
<br />t- D
<br />GO
<br />O
<br />°
<br />n
<br />cn
<br />CD
<br />W
<br />en
<br />°°
<br />200408548
<br />z
<br />0
<br />UNILATERAL SUBORDINATION AGREEMENT
<br />M
<br />0
<br />WHEREAS, the parties to this agreement are the old tender, namely Platte Valley State o
<br />Bank & Trust Company, its Successors and Assigns, hereinafter called LENDER #1; and the
<br />new lender, namely Geneva State Bank, hereinafter called LENDER #2 and Shafer Properties,
<br />L.L.C., hereinafter called BORROWER,
<br />WHEREAS, BORROWER is the owner of the real estate, hereinafter called
<br />PROPERTY described as:
<br />Tract 1
<br />Lot 3, Crane Valley 4th Subdivision, in the City of Grand Island, Hall County, Nebraska.
<br />Tract 2
<br />Lot 4, Crane Valley 4th Subdvidion, in the City of Grand Island, Hall County, Nebraska.
<br />WHEREAS, BORROWER has executed a Note in a principal amount of $80,135.50,
<br />secured by Deed of Trust in favor of LENDER #1, covering the PROPERTY, Tract 1 recorded
<br />on January 28, 2004 as Inst. No. 200400826 and Tract 2 recorded on January 28, 2004 as Inst.
<br />No.200400824, in the office of the Register of Deeds of Hall County, Nebraska.
<br />WHEREAS, BORROWER will be executing or has executed a Note in a principal
<br />amount not to exceed $1,300,000.00 to be secured by a Mortgage/Deed of Trust in favor of
<br />LENDER #2, covering the PROPERTIES, and to be recorded in the office of the Register of
<br />Deeds of Hall County, Nebraska.
<br />NOW THEREFORE, in consideration of $1.00 and other valuable consideration, receipt
<br />whereof is hereby acknowledge, LENDER #1 agrees to subordinate its liens as shown and
<br />referred to above, to the lien of LENDER #2 as shown and referred to above, but only to the
<br />extent of the principal amount of the new lien as shown in the above paragraph, plus any accrued
<br />interest, taxes, insurance or costs advanced to protect its security.
<br />Dated this 23rd day of August, 2004.
<br />Platte Valley State Bank & Trust Company (LENDER #I)
<br />By
<br />Phil Landon, error Vice President
<br />STATE OF NEBRASKA )
<br />)SS:
<br />COUNTY OF HALL )
<br />Acknowledged before me this Z3 day of ele , 2004 by Phil Landon its Senior
<br />Vice President of Platte Valley State Bank & Trust Company on behalf of said corporation.
<br />X ERAL NOTARY � of Nebraska
<br />MICHAEL SANDSTEDT
<br />My Comm. Exp• Aug. 19, 2006 N' P 1c
<br />
|