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200307171 <br />2. Subordination. West Point hereby subordinates the West Point Deed of Trust to the <br />Equitable Deed of Trust with respect to that portion of the Trust Property constituting the <br />Subordinated Property. West Point shall retain a first lien on all of the Trust Property other than the <br />Subordinated Property and a second lien on the Subordinated Property. <br />3. Binding Effect; Governing Law. This Agreement shall be binding upon and more to <br />the benefit of the parties and the respective successors and/or assigns, and shall be governed by and <br />construed in accordance with the laws of the Slate of Nebraska ( "Governing Law "). <br />4. Lien Perfection. This Agreement does not relieve Equitable of the responsibility of <br />perfecting the lien created by the Equitable Deed of Trust by causing the Equitable Deed of Trust to <br />be recorded in the Office of the Register of Deeds of Hall County, Nebraska. <br />5. Term. 'Phis term of this Agreement (the "Toni ") shall be from the date hereof until <br />the date the lien e eated by the Equitable Deed of Trust is released. <br />IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed and <br />delivered as of the date first written above. <br />WEST POINT, L.L.C., <br />a Nebraska limited liability company <br />A <br />By: vl O% <br />A. Into Sampson, Manage <br />EQUITABLE. FEDERAL SAVINGS BANK <br />Name: Cary L. Kruse <br />Title: Vice President <br />