|
rAt�
<br />-rl
<br />2
<br />M Y Z R= v O -Ni G
<br />m
<br />FIT
<br />O n 2 V r
<br />N
<br />O
<br />oT o
<br />F a
<br />3
<br />N n °
<br />K
<br />SUBORDINATION AGRF.F,MENT
<br />Q
<br />THIS AGREEMENT made and executed this 29'" day of May, 2003, by and between HOME FEDERAL SAVINGS AND
<br />LOAN ASSOCIATION OF GRAND ISLAND, hereinafter rcfcrrcd to as "Subordinating Creditor' (whether one or more), and
<br />HOME FEDERAL SAVINGS AND LOAN ASSOCIATION OF GRAND ISLAND, hereinafter referred to as "Secured Party ".
<br />WITNESSG'I'H'.
<br />WHEREAS, TRAVIS R LILIENTHAL and STEPHANIE M LILIENTHAL, (whether one or more), hereinafter referred to
<br />as 'Debtor ", has granted to the Subordinating Creditor a Mortgage or Deed of Trust dated .January 28m 2003, and tiled of record in
<br />the uf(iec of the Hall County Register of Deeds, on the 10' day of February, 2003, as Document No. 200301554 in respect to that real
<br />estate described as:
<br />LOT SIXTEEN (16), EAGLE SUBDIVISION, HALL COUNTY, NEBRASKA.
<br />WHEREAS, IEREAS, the Sutured Party has agreed to enter into a loan transaction with the Debtor, whereby certain funds are to be
<br />advanced To the Debtor umditioaal upon the Debtor providing the Secured Party with a first lien in respect to the above described real
<br />estate, hereinafter rcfcrrcd to as the "Collateral "; and
<br />WIIERF.AS, 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 />Secured Party of a First lien position in and to the Collateral;
<br />NOW, THEREFORE, it is agreed:
<br />I. 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 ofthe 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 Thirty One
<br />Thousand Five Hundred and 00 /100"' Dollars ($31,500.00), recorded in the office of the Hall County Register of Deeds on the
<br />3e4k day of (./k - 2003, as Document Na ,1003D1,g41
<br />3, So long as an obligafton is outstanding from the Debtor to the Secured Party for indebtedness cvidcnncd by Promissory
<br />Notes m other instruments of indebtedness to the extent herein provided in Paragraph 2, the Secured Party's interest in the Col lateral
<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 Lhc 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 the described obligation to Secured Party is outstanding and unpaid, the provisions of the Deed
<br />of Trust of other instrument of security between the Debtor and the Secured Party are controlling as to the Collateral in which Secured
<br />Party is to have a first 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 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 PoII 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 screwed as described in Paragraph 3 are outstanding and unpaid_
<br />7. The Subordinating Creditor agrees that the Promissory Notes or other instruments of indchtcdness of the Dcbor
<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, witlmut notice to or consent by the Subordinating Creditor. f/'t
<br />Barry G. n from, reside
<br />110MLJED AL SAVINGS AND LOAN
<br />ASSOCI TION OF GRAND ISLAND
<br />°Su r n rg Creditor"
<br />r
<br />Barry . Sar Strom, President and C'LO
<br />HOME f 1ERAL SAVINGS AND LOAN
<br />ASS O 'IATION OF GRAND ISLAND
<br />"Secured Party'
<br />
|