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Sent by: PEP- FUNDING 9723868804; 03/13/03 3:18PM;JetFex #86; Page 3 <br />200305118 <br />2. The superior debt is more fully described in the Note, and secured by the Security Instrument to be filed of <br />record in the Real Property Records in the county and state referenced in paragraph numbered I . <br />The superior debt shall include any amounts disbursed by Lender under the provisions of the Security <br />Instrument for ad valorem taxes and ha=d insurance. <br />3_ The subordinated debt is more fully described in a note in the original principal sum of ten thousand <br />and NO /100ths Dollars <br />($ 10, 000.00 ), executed by John r1hamas & Karolin& J. Drum <br />made payable to City National Bank <br />and secured by a Mortgage dated Febrtaazy 6, 1998, <br />and filed for record in Inst.No.98- 101150 <br />of the Real Property Records of said county and state_ <br />4. Subordinating Lienholder, who is now the holder of the subordinated debt, for the consideration recited above, <br />agrees that the subordinated debt is, by this Agreement, made subordinate, subject, and inferior to the superior <br />debt held by Lender. Subordinating Lienholder agrees that the new Security Instrument shall have the same <br />validity, priority, and effect as if executed, delivered and recorded prior to the date of the subordinate lien. <br />Nothing in this instrument shall in any way modify the terms and conditions of the subordinate lien, or in any <br />way release or affect the validity or priority of the subordinate lien, except as provided herein. <br />S. This Agreement shall be governed by the laws of the State of Nebraska <br />6. This Agreement is binding upon and shall inure to the benefit of the heirs, executors, administrators, <br />successors and assigns of each of the parties hereto. <br />Executed this 31 day of M 0rC-I'\ 2 Ov .3'. <br />SUBORDINATING LIENHOLDER: <br />City National Bank <br />By: Q ` <br />Its: <br />RETURN TO: <br />Principal Residential Mortgage, Inc. <br />7601 Offioe Plaza Drive North, Suite 125 <br />West Des Moines, IA 50266 -2321 <br />[Acknowledgment(s) Attached] <br />LAan No.: 2273138 <br />Subordination Agreement (Multistate) <br />THE COMPLIANCE SOURCL INC. --- Page Z oil 035"MI) om w.,.lam <br />1 <br />