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s A m (y N rll n = N M n x x n cn c a ` m O Q V1 200307171 SUBORDINATION AGREEMENT .-r This SUBORDINATION AGREEMENT is made and entered into as of this 27" day6PMay p 2003, by and between WEST POINT, L.L.C., a Nebraska limited liability company ( "West Point'), y�``>� and EQUI FABLE FEDERAL SAVINGS BANK ( "Equitable "). \p� RECITALS (�y \ T WHEREAS, Shafer Properties LLC, a Nebraska limited liability company ( "Borrower"), has borrowed Two Hundred Fifty Eight Thousand Five Hundred Forty Three and 83 /100ths Dollars ($258,543.83) from West Point evidenced by that certain Promissory Note dated January 10, 2003, of Debtor payable to the order of West Point and secured by first lien on the real property legally described on Exhibit "A" attached hereto (the "Trust Property") evidenced by the Decd of Trust dated January 10, 2003, recorded in the Office of the Register of Deeds of Hall County, Nebraska on January 14, 2003 as Instrument No. 0200300520 (the "West Point Deed of Trust'); and WHEREAS, Equitable has agreed to advance up to One Million One Hundred and No /100ths Dollars ($1,100,000.00) to Borrower evidenced by a Promissory Note by Debtor in favor of Equitable and secured by a first lien on the real property legally described on Exhibit "B" attached hereto (the "Subordinated Property ") evidenced by a Deed of Trust on the Frost Property by and between Borrower, as Truster, and Equitable, as Trustee and Beneficiary (the "Equitable Deed of Trust'); and A S -T)aV 4 aob3- Oro990 WHEREAS, the parties desire to establish the relative priorities of the West Point Deed of 'I rust and the Equitable Deed of Trust. NOW THEREFORE, in consideration of the premises set forth above, the mutual promises, covenants and conditions contained herein, and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, and intending to be legally bound, the parties do hereby agree as follows: 1. Parity. The West Point Deed of Trust and the Equitable Deed of Trust shall have the relative priorities provided for herein notwithstanding the relative priorities as otherwise determined by their respective dates of creation or perfection pursuant to the Nebraska Trust Deeds Act or other Governing Law (as hereinafter defined).