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In consideration of the covenants contained in this agreement the City of Grand
<br />Island, Nebraska agrees to and does hereby covenant that the mortgage to the City of
<br />Grand Island made by David A. Grinnell, Jr. and Michelle A. Grinnell, husband and wife,
<br />dated and recorded April 30, 1998, as Document no. 98- 104089 of the Records of Hall
<br />County, Nebraska is hereby subordinated other mortgage or in favor of New Century
<br />Mortgage, its successors and assigns. The legal description of the property is more
<br />particularly described as:
<br />SEE EXHMT "A"
<br />The intention of the agreement is that the mortgage or Deed of Trust made to New
<br />Century Mortgage, its successors and assigns is to be considered a mortgage or deed of
<br />trust superior to the mortgage of the City of Grand Island as more particularly set forth
<br />above with the express understanding that New Century Mortgage, its successors and
<br />assigns is loaning David A. Grinnell, Jr. and Michelle A. Grinnell, husband and wife, the
<br />sum of approximately $70,000.00, more or less, and New Century Mortgage, its
<br />successors and assigns will secure the loan on the home located on the above described
<br />property and that upon completion of this loan, will pay or refinance the first lien holder
<br />Commercial Federal Mortgage Corporation, and the third lien holder Pacesetter
<br />Corporation, a mortgage or deed of trust dated and recorded April 30, 1998 as document
<br />no. 98- 104088 of the records of Hall County, Nebraska assigned, dated and recorded May
<br />5, 1998 as document no. 98- 104234 and a deed of trust dated May 21, 2002 and filed
<br />June 20, 2002 as instrument no. 200206565 in the office of the Register of Deeds of
<br />Lancaster County, Nebraska, respectively, and will pay a sufficient sum to pay the
<br />current first and third lien holders in full and New Century Mortgage, its successors and
<br />assigns will then become the first lien holder and the City of Grand Island will become
<br />the second lien holder and the parties agree that any necessary agreements will be entered
<br />into at that time to accomplish the agreements set forth above, otherwise this
<br />subordination agreement to have no effect.
<br />This agreement is binding on the parties hereto and the successors and assigns of
<br />each party to this agreement.
<br />Dated October 26, 2004
<br />Page 1 of 3
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<br />SUBORDINATION AGREEMENT
<br />0
<br />In consideration of the covenants contained in this agreement the City of Grand
<br />Island, Nebraska agrees to and does hereby covenant that the mortgage to the City of
<br />Grand Island made by David A. Grinnell, Jr. and Michelle A. Grinnell, husband and wife,
<br />dated and recorded April 30, 1998, as Document no. 98- 104089 of the Records of Hall
<br />County, Nebraska is hereby subordinated other mortgage or in favor of New Century
<br />Mortgage, its successors and assigns. The legal description of the property is more
<br />particularly described as:
<br />SEE EXHMT "A"
<br />The intention of the agreement is that the mortgage or Deed of Trust made to New
<br />Century Mortgage, its successors and assigns is to be considered a mortgage or deed of
<br />trust superior to the mortgage of the City of Grand Island as more particularly set forth
<br />above with the express understanding that New Century Mortgage, its successors and
<br />assigns is loaning David A. Grinnell, Jr. and Michelle A. Grinnell, husband and wife, the
<br />sum of approximately $70,000.00, more or less, and New Century Mortgage, its
<br />successors and assigns will secure the loan on the home located on the above described
<br />property and that upon completion of this loan, will pay or refinance the first lien holder
<br />Commercial Federal Mortgage Corporation, and the third lien holder Pacesetter
<br />Corporation, a mortgage or deed of trust dated and recorded April 30, 1998 as document
<br />no. 98- 104088 of the records of Hall County, Nebraska assigned, dated and recorded May
<br />5, 1998 as document no. 98- 104234 and a deed of trust dated May 21, 2002 and filed
<br />June 20, 2002 as instrument no. 200206565 in the office of the Register of Deeds of
<br />Lancaster County, Nebraska, respectively, and will pay a sufficient sum to pay the
<br />current first and third lien holders in full and New Century Mortgage, its successors and
<br />assigns will then become the first lien holder and the City of Grand Island will become
<br />the second lien holder and the parties agree that any necessary agreements will be entered
<br />into at that time to accomplish the agreements set forth above, otherwise this
<br />subordination agreement to have no effect.
<br />This agreement is binding on the parties hereto and the successors and assigns of
<br />each party to this agreement.
<br />Dated October 26, 2004
<br />Page 1 of 3
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