|
c
<br />m
<br />ry (} L F
<br />9 a
<br />+p") m>
<br />d 5 �-
<br />es
<br />Jt
<br />SUBORDINATION AGREEMENT
<br />N
<br />THIS AGREEMENT made and executed this 10" day of Jmuery, 2003, by and between HOME FEDERAL SAVINGS
<br />AND LOAN ASSOCIATION OF GRAND ISLAND, hereinafter referred to as `Subordinating Creditor' (whether one or more), and
<br />HOMR PRDERAL SAVINGS AND LOAN ASSOCIATION OF GRAND ISLAND, hereinafter referred to as "Secured Party ".
<br />WITNESSETH:.
<br />WHEREAS, DAVID L PETERSON and SHIRLEY A PETERSON, (whether one or more), hereinafter referred to as
<br />"Debtor ", has granted to the Subordinating Creditor a Mortgage or Deed of trust dated December 12, 2002, and filed of record in the
<br />office ofthe HALL County Register of Deeds, on the 19TH day of January, 2002, as Document No. 200214149 in respect to that real
<br />estate described as
<br />LOT TWELVE (12), WESTWOOD PARK SUBDIVISION, HALL COUN'T'Y, NEBRASKA
<br />WHEREAS, the Secured 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 ofTrust ofrecord 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 priority position to the Secured 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 Parry, in the original principal amount of Forty -nige
<br />thousand dollars and no /00 Dollars ($49,000.00), recorded in the office of the HAhL County Register of Deeds on the �'�"lt ay
<br />of 20 CC, as Document No. , Z Cr[i, U<✓ �
<br />3. So lot 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 Iien of the Subordinating Creditor in that Collateral, and the Subordinating Creditors 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,
<br />however evidenced.
<br />4. So long as any portion of die described obligation to Secured Patty is outstanding and unpaid, the provisions of the Deed
<br />of Trust of other instrument of security between the Debtor and the Secured Parry are controlling as to the Collateral in which Secured
<br />Party is to have a fast security interest, including any time there is a conflict between it and the provisions of any lien instrument
<br />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 ofthe 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 ofthe time or order of attachment or perfection ofthe
<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 my portion ofthe sums secured as described in Paragraph 3 are outstanding and unpaid.
<br />7. The Subordinating Creditor agrees that the Promissory Notes or other instruments of indebtedness of the Debtor
<br />evidencing the obligation between the Debtor and the Secured 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 />Barry . Sa rdstrom, President and CEO
<br />HOME FE ERAL SAVINGS AND LOAN
<br />ASSO IATION OF GRAND ISLAND
<br />4RAL "Sub r ina 'reditor' Barry G. rom, President and CEO
<br />I rOMF, FF.D SAVINGS AND LOAN
<br />ASSOCI TION OF GRAND ISLAND
<br />"Secured Party"
<br />
|