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SUBORDINATION AGREEMENT
<br />"PHIS SUBORDINATION AGREEMENT is made this day of October
<br />2004 by The city of Grand Island, __� Nebraska
<br />(" SubordinatedLienbolder "),witita place of business at 100 E. lst, Grand Island, NE
<br />68801
<br />WHEREAS, Eleanor F. Bennett
<br />qub,jec .-..Pr 22 Fast 9th Strept
<br />_ Int. Seven (7) Lincoln View Estates
<br />Grand Island NE
<br />executed and delivered to Subordinated Lienholder, a Deed of Trust/Mortgage (the "First. Security
<br />Instrument ") in the sure of, S 12 , 053 dated Oct 4 , 2002 , and recorded Oct 7 , 2002
<br />in Book Volume 200210700 , Page , as security for a loan (tltc "First Loan "), which First
<br />Security Instr unent is a valid and existing lien on the real property described on Exhibit "A" attached hereto.
<br />WHEREAS, t.l.Mannr r.' BAnn4tt
<br />( "Borrower ") executed and delivered to -
<br />( "Lender "), a deed of. trust/mortgage in the sum of itch deed of tnusUmortgage
<br />is intended to be r corded herewith oi• is recorded in Book l" Volume Page — as
<br />Instrument No. , in the records of 11. _ County, State of9t,ra -
<br />(the "Seca d � ri�1� i nt'�,tys�se urity For a lt)au (tire "Second Loan");
<br />;HEIZEAS, it is a condition precedent to obtaining the Second Loan that the lien of the Second Loan
<br />shall unconditionally be and remain at all limes a Gen or charge upon the land hereinbefore described, prior
<br />and superior to the lien of the First Loan; attd
<br />WHEREAS, Lender is willing to make said loan provided (lie lien securing the Second Loan is a lien
<br />or charge upon the described property prior and superior to the lien of the First Loan and provided that
<br />Subordinating [_ender will specifically and unconditionally subordinate die lien of the First loan to the
<br />Second Loan; and
<br />WHEREAS, it is to the mutual benefit of the parties hereto that lender make such a loan to Borrower;
<br />and Subordinating Lender is willing that the lien securing the Second Loan shall, when recorded, constitute it
<br />lien or charge upon said land which is unconditionally prior and superior to the lien securing the First Loan.
<br />NOW, THEREFORE, in consideration of the mutual benefits accruing to the parties hereto and other
<br />valuable consideration, the receipt and sufficiency of which consideration is hereby acknowledged, and in
<br />order to induce Lender to make the loan above referred to, it is hereby declared, understood and agreed as
<br />follows:
<br />(1) That the Second Security Instrument, and any renewals or extensions thereof, shall unconditionally
<br />be and remain at all times a lien or charge on the property therein described, prior and superior to the
<br />First Security Instrument.
<br />(2) That Lender would not make the Second Loan without this subordination agreement.
<br />(3) That this agreement shall be the whole and only agreement with regard to the subordination of the
<br />First Security Instrument to the Second Security Instrument and shall supersede and cancel, but only
<br />insofar as would affect the priority between the security instruments hereinbefore specifically
<br />describe4 any prior agreements as to such subordination including, but not limited to, those provisions,
<br />if any, contained in the First Security Inswment above mentioned, which provide for the subordination
<br />of the lien to another securi ty instrument, deed of trust or mortgage.
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<br />SUBORDINATION AGREEMENT
<br />"PHIS SUBORDINATION AGREEMENT is made this day of October
<br />2004 by The city of Grand Island, __� Nebraska
<br />(" SubordinatedLienbolder "),witita place of business at 100 E. lst, Grand Island, NE
<br />68801
<br />WHEREAS, Eleanor F. Bennett
<br />qub,jec .-..Pr 22 Fast 9th Strept
<br />_ Int. Seven (7) Lincoln View Estates
<br />Grand Island NE
<br />executed and delivered to Subordinated Lienholder, a Deed of Trust/Mortgage (the "First. Security
<br />Instrument ") in the sure of, S 12 , 053 dated Oct 4 , 2002 , and recorded Oct 7 , 2002
<br />in Book Volume 200210700 , Page , as security for a loan (tltc "First Loan "), which First
<br />Security Instr unent is a valid and existing lien on the real property described on Exhibit "A" attached hereto.
<br />WHEREAS, t.l.Mannr r.' BAnn4tt
<br />( "Borrower ") executed and delivered to -
<br />( "Lender "), a deed of. trust/mortgage in the sum of itch deed of tnusUmortgage
<br />is intended to be r corded herewith oi• is recorded in Book l" Volume Page — as
<br />Instrument No. , in the records of 11. _ County, State of9t,ra -
<br />(the "Seca d � ri�1� i nt'�,tys�se urity For a lt)au (tire "Second Loan");
<br />;HEIZEAS, it is a condition precedent to obtaining the Second Loan that the lien of the Second Loan
<br />shall unconditionally be and remain at all limes a Gen or charge upon the land hereinbefore described, prior
<br />and superior to the lien of the First Loan; attd
<br />WHEREAS, Lender is willing to make said loan provided (lie lien securing the Second Loan is a lien
<br />or charge upon the described property prior and superior to the lien of the First Loan and provided that
<br />Subordinating [_ender will specifically and unconditionally subordinate die lien of the First loan to the
<br />Second Loan; and
<br />WHEREAS, it is to the mutual benefit of the parties hereto that lender make such a loan to Borrower;
<br />and Subordinating Lender is willing that the lien securing the Second Loan shall, when recorded, constitute it
<br />lien or charge upon said land which is unconditionally prior and superior to the lien securing the First Loan.
<br />NOW, THEREFORE, in consideration of the mutual benefits accruing to the parties hereto and other
<br />valuable consideration, the receipt and sufficiency of which consideration is hereby acknowledged, and in
<br />order to induce Lender to make the loan above referred to, it is hereby declared, understood and agreed as
<br />follows:
<br />(1) That the Second Security Instrument, and any renewals or extensions thereof, shall unconditionally
<br />be and remain at all times a lien or charge on the property therein described, prior and superior to the
<br />First Security Instrument.
<br />(2) That Lender would not make the Second Loan without this subordination agreement.
<br />(3) That this agreement shall be the whole and only agreement with regard to the subordination of the
<br />First Security Instrument to the Second Security Instrument and shall supersede and cancel, but only
<br />insofar as would affect the priority between the security instruments hereinbefore specifically
<br />describe4 any prior agreements as to such subordination including, but not limited to, those provisions,
<br />if any, contained in the First Security Inswment above mentioned, which provide for the subordination
<br />of the lien to another securi ty instrument, deed of trust or mortgage.
<br />Cam'
<br />
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