|
SUBORDINATION AGREEMENT
<br />THIS AGREEMENT made and executed this s'd day of October, 2004, by The
<br />Meadows Apartment Homes, L.L.C., A Nebraska Limited Liability Company, hereinafter
<br />referred to as "Subordinating Creditor" (whether one or more), for the benefit of HOME
<br />FEDERAL SAVINGS AND LOAN ASSOCIATION OF GRAND ISLAND, hereinafter
<br />referred to as "Secured Party".
<br />WITNESSETH:
<br />WHEREAS, Reis Construction, Inc., (whether one or more), hereinafter referred
<br />to as "Debtor ", has granted to the Subordinating Creditor a Mortgage or Deed of Trust
<br />dated June 29, 2004, and filed in the office of the Hall County Register of Deeds, as
<br />document no. 200407478 in respect to that real estate described as:
<br />LOT THIRTY (30), COUNTRY MEADOWS SUBDIVISION, IN THE CITY OF
<br />GRAND ISLAND, HALL COUNTY, NEBRASKA
<br />WHEREAS, the Secured Party has agreed to enter into a loan transaction with the
<br />Debtor, whereby certain funds are to be advanced to the Debtor conditional upon the
<br />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
<br />have in respect to the Collateral by reason of Subordinating Creditor's Mortgage or Deed
<br />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
<br />priority position to the Secured Party and agrees that its lien in respect to the Mortgage or
<br />Deed of Trust hereinabove described, if any, shall at all times be secondary to the extent
<br />herein 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
<br />Secured Party a first lien in all the Collateral as described above to secure indebtedness to
<br />be advanced to Debtor by Secured Parry, in the original principal amount of Seventy -Five
<br />Thousand and 00 /100 Dollars ($75,000.00).��(,�. 69&6
<br />3. So long as an obligation is outstanding from Debtor to the Secured Party
<br />for indebtedness evidenced by Promissory Notes or other instruments of indebtedness to
<br />the extent herin provided in Paragraph 3, the Secured Party's interest in the Collateral
<br />shall have priority over the lien of the Subordinating Creditor in that collateral, and the
<br />Subordinating Creditor's interest in that Collateral is, in all respects, subject and
<br />subordinate to the security interest of the Secured Party to the extent of the principal sum
<br />yet owning to Secured Party in respect to the indebtedness described in Paragraph 2 along
<br />with interest and costs allocable thereto, however evidenced.
<br />M
<br />CD
<br />N
<br />O
<br />O
<br />O
<br />co
<br />co N
<br />C-n Z
<br />O
<br />=a
<br />M
<br />z
<br />N
<br />-T,
<br />n
<br />N
<br />7C
<br />=
<br />1
<br />-c
<br />00
<br />�1 -
<br />rr�
<br />o
<br />r �
<br />cn
<br />�
<br />C.3
<br />D
<br />Ct0
<br />Cn
<br />CA
<br />SUBORDINATION AGREEMENT
<br />THIS AGREEMENT made and executed this s'd day of October, 2004, by The
<br />Meadows Apartment Homes, L.L.C., A Nebraska Limited Liability Company, hereinafter
<br />referred to as "Subordinating Creditor" (whether one or more), for the benefit of HOME
<br />FEDERAL SAVINGS AND LOAN ASSOCIATION OF GRAND ISLAND, hereinafter
<br />referred to as "Secured Party".
<br />WITNESSETH:
<br />WHEREAS, Reis Construction, Inc., (whether one or more), hereinafter referred
<br />to as "Debtor ", has granted to the Subordinating Creditor a Mortgage or Deed of Trust
<br />dated June 29, 2004, and filed in the office of the Hall County Register of Deeds, as
<br />document no. 200407478 in respect to that real estate described as:
<br />LOT THIRTY (30), COUNTRY MEADOWS SUBDIVISION, IN THE CITY OF
<br />GRAND ISLAND, HALL COUNTY, NEBRASKA
<br />WHEREAS, the Secured Party has agreed to enter into a loan transaction with the
<br />Debtor, whereby certain funds are to be advanced to the Debtor conditional upon the
<br />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
<br />have in respect to the Collateral by reason of Subordinating Creditor's Mortgage or Deed
<br />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
<br />priority position to the Secured Party and agrees that its lien in respect to the Mortgage or
<br />Deed of Trust hereinabove described, if any, shall at all times be secondary to the extent
<br />herein 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
<br />Secured Party a first lien in all the Collateral as described above to secure indebtedness to
<br />be advanced to Debtor by Secured Parry, in the original principal amount of Seventy -Five
<br />Thousand and 00 /100 Dollars ($75,000.00).��(,�. 69&6
<br />3. So long as an obligation is outstanding from Debtor to the Secured Party
<br />for indebtedness evidenced by Promissory Notes or other instruments of indebtedness to
<br />the extent herin provided in Paragraph 3, the Secured Party's interest in the Collateral
<br />shall have priority over the lien of the Subordinating Creditor in that collateral, and the
<br />Subordinating Creditor's interest in that Collateral is, in all respects, subject and
<br />subordinate to the security interest of the Secured Party to the extent of the principal sum
<br />yet owning to Secured Party in respect to the indebtedness described in Paragraph 2 along
<br />with interest and costs allocable thereto, however evidenced.
<br />M
<br />CD
<br />N
<br />O
<br />O
<br />O
<br />co
<br />co N
<br />C-n Z
<br />O
<br />
|