|
r.
<br />s a
<br />i'• m co m
<br />n x
<br />rt
<br />,r x
<br />r
<br />F�
<br />THIS AGREEMENT made and executed this lath day of December, 2002, by Five Points Bank, hereinafter referred to as
<br />"Subordinating Creditor" (whether one or more), for the benefit of HOME FEDERAL SAVINGS AND LOAN ASSOCIATION OF
<br />GRAND ISLAND, hereinafter referred to as "Secured Party'.
<br />WITNESSETH:
<br />WHEREAS, MICHAEL P KNEALE and MICHELLE D KNEALE, (whether one or more), hereinafter referred to as
<br />"Debtor", has granted to the Subordinating Creditor a Mortgage or Deed of Trust dated January 14, 2000, and filed in the office of the
<br />Hall County Register of Deeds, on the 25th day of January, 2000, as Document No. 200000651 in respect to that real estate described
<br />as:
<br />LotTen (10), Momingside Acres Subdivision in the City of Grand Island, Hall County, Nebraska.
<br />WHEREAS, the Seemed Party has agreed to enter into a loan transaction with the Debtor, whereby certain funds are to be
<br />advanced to the Debtor conditional upon the 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 have in respect to the Collateral by reason of
<br />Subordinating Creditor's Mortgage or Deed of Trust of record to perfect security whenever and wherever filed in order to assure the
<br />Seemed Party of a fast 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 priority position to the Seemed Party and agrees that
<br />its lien in respect to the Mortgage or Deed of Trust hereinabove described, if any, shall at all times be secondary to the extent herein
<br />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 Secured Party a first lien in all the Collateral as
<br />described above to secure indebtedness to be advanced to Debtor by Secured Party, in the original principal amount of One Hundred
<br />Ten Thousand and 00 /100ths Dollars (S 110,000.00), recorded in the office of the Hall Couny Register of Deeds on the
<br />'u day of December, 2002, as Document No. -VO/7„L. / �2i
<br />3. So long as an obligation is outstanding from the Debtor to the Secured Party for indebtedness evidenced by Promissory
<br />Notes or other instruments of indebtedness to the extent herein provided in Paragraph 2, the Secured Party's interest in the Collateral
<br />shall have priority to over the lien of the Subordinating Creditor in that Collateral, and the Subordinating Creditor's interest in that
<br />Collateral is, in all respects, subject and subordinate to the security interest of the Secured Party to the extent of the principal sum yet
<br />owing to Secured party in respect to the indebtedness described in Paragraph 2 along with interest and costs allocable thereto, however
<br />evidenced.
<br />4. So long as any portion of the described obligation to the Secured Party is outstanding and unpaid, the provisions of the
<br />Deed of Trust or other instrument of security between the Debtor and the Secured Party are controlling as to the Collateral in which
<br />Secured Parry is to have a first security interest, including any time there is a conflict between it and the provisions of any lien
<br />instrument granted to the Subordinating Creditor by the Debtor.
<br />5. This Agreement is a continuing, absolute and unconditional agreement of subordination without regard to the validity or
<br />enforceability of the Promissory Notes or other instruments of indebtedness between the Debtor and the Secured Party evidencing
<br />sums due or documents granting a security interest in the Collateral, irrespective of the time or order of attachment or perfection of the
<br />security interest in the Collateral or the order of filing the Deeds of Trust or other instruments of security with respect to the Collateral.
<br />6. This Agreement shall remain in full force and effect and is binding upon the Subordinating Creditor and upon its
<br />successors and assigns, so long as any portion of the sums seemed as described in Paragraph 3 are outstanding and unpaid.
<br />7. The Subordinating Creditor and agrees that the Promissory Notes or other instruments of indebtedness of the Debtor
<br />evidencing the obligation between the Debtor and the Seemed party may from time to time be renewed, extended, modified,
<br />compromised, accelerated, settled or released, without notice to or consent by the Subordinating Creditor.
<br />QrM
<br />CJ
<br />ti
<br />C to
<br />N
<br />Z
<br />N
<br />to
<br />o Cie
<br />o
<br />FC_
<br />200300120
<br />0
<br />9ATION AGREEMENT
<br />Co
<br />o
<br />THIS AGREEMENT made and executed this lath day of December, 2002, by Five Points Bank, hereinafter referred to as
<br />"Subordinating Creditor" (whether one or more), for the benefit of HOME FEDERAL SAVINGS AND LOAN ASSOCIATION OF
<br />GRAND ISLAND, hereinafter referred to as "Secured Party'.
<br />WITNESSETH:
<br />WHEREAS, MICHAEL P KNEALE and MICHELLE D KNEALE, (whether one or more), hereinafter referred to as
<br />"Debtor", has granted to the Subordinating Creditor a Mortgage or Deed of Trust dated January 14, 2000, and filed in the office of the
<br />Hall County Register of Deeds, on the 25th day of January, 2000, as Document No. 200000651 in respect to that real estate described
<br />as:
<br />LotTen (10), Momingside Acres Subdivision in the City of Grand Island, Hall County, Nebraska.
<br />WHEREAS, the Seemed Party has agreed to enter into a loan transaction with the Debtor, whereby certain funds are to be
<br />advanced to the Debtor conditional upon the 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 have in respect to the Collateral by reason of
<br />Subordinating Creditor's Mortgage or Deed of Trust of record to perfect security whenever and wherever filed in order to assure the
<br />Seemed Party of a fast 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 priority position to the Seemed Party and agrees that
<br />its lien in respect to the Mortgage or Deed of Trust hereinabove described, if any, shall at all times be secondary to the extent herein
<br />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 Secured Party a first lien in all the Collateral as
<br />described above to secure indebtedness to be advanced to Debtor by Secured Party, in the original principal amount of One Hundred
<br />Ten Thousand and 00 /100ths Dollars (S 110,000.00), recorded in the office of the Hall Couny Register of Deeds on the
<br />'u day of December, 2002, as Document No. -VO/7„L. / �2i
<br />3. So long as an obligation is outstanding from the Debtor to the Secured Party for indebtedness evidenced by Promissory
<br />Notes or other instruments of indebtedness to the extent herein provided in Paragraph 2, the Secured Party's interest in the Collateral
<br />shall have priority to over the lien of the Subordinating Creditor in that Collateral, and the Subordinating Creditor's interest in that
<br />Collateral is, in all respects, subject and subordinate to the security interest of the Secured Party to the extent of the principal sum yet
<br />owing to Secured party in respect to the indebtedness described in Paragraph 2 along with interest and costs allocable thereto, however
<br />evidenced.
<br />4. So long as any portion of the described obligation to the Secured Party is outstanding and unpaid, the provisions of the
<br />Deed of Trust or other instrument of security between the Debtor and the Secured Party are controlling as to the Collateral in which
<br />Secured Parry is to have a first security interest, including any time there is a conflict between it and the provisions of any lien
<br />instrument granted to the Subordinating Creditor by the Debtor.
<br />5. This Agreement is a continuing, absolute and unconditional agreement of subordination without regard to the validity or
<br />enforceability of the Promissory Notes or other instruments of indebtedness between the Debtor and the Secured Party evidencing
<br />sums due or documents granting a security interest in the Collateral, irrespective of the time or order of attachment or perfection of the
<br />security interest in the Collateral or the order of filing the Deeds of Trust or other instruments of security with respect to the Collateral.
<br />6. This Agreement shall remain in full force and effect and is binding upon the Subordinating Creditor and upon its
<br />successors and assigns, so long as any portion of the sums seemed as described in Paragraph 3 are outstanding and unpaid.
<br />7. The Subordinating Creditor and agrees that the Promissory Notes or other instruments of indebtedness of the Debtor
<br />evidencing the obligation between the Debtor and the Seemed party may from time to time be renewed, extended, modified,
<br />compromised, accelerated, settled or released, without notice to or consent by the Subordinating Creditor.
<br />
|