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2UU3U958 8 Loan No. F- 196814/srs SUBORDINATION AGREEMENT PERSONAL PROPERTY LEASES AND /OR LOANS THIS AGREEMENT is made as of the 23`d day of July, 2003, between T -L Credit Company (hereinafter referred to as the "Lessor "), and U.S. Bank National Association as Custodian/Trustee, corporation having its principal place of business at U.S. Bank National Association, 180 East Fifth Street, St. Paul, Minnesota 55101, (hereinafter referred to as the "Undersigned "). WITNESSETH: WHEREAS, Dean A. Wiseman ( "Lessee ") have applied to the Lessor for a lease ( "Lease ") of 1- 765/765 +/865/965 7 tower T -L Irrigation System and All Accessories S/N 19902 (the "Equipment ") to be evidenced by lease and secured by security interests, liens, and /or property rights in the above described collateral to be located on the real property described below situate in the County of Hall, State of Nebraska, (the "Real Property "). SE1 /4 Section 32 -10 -11 WHEREAS, the Undersigned is the holder of a mortgage, deed of trust, security deed or similar instrument (hereinafter referred to as the "Mortgage ") creating a lien on the Real Property, among other collateral; and WHEREAS, the former owner of the Mortgage The Equitable Life Assurance Society of the United States assigned the above referenced Note and Mortgage and all related documents to U.S. Bank National Association As Custodian/Trustee by assignment dated June 25, 2002 and recorded in said office(s) as instrument Number 0200207156;and WHEREAS, the Undersigned is the holder of a security interest lien or property right ( "Encumbrance ") with regard to the Equipment by virtue of the Equipment being a substitution for equipment on which the Undersigned has a present lien; and WHEREAS, to induce the Lessor to make said Lease, the Undersigned has agreed with the Lessor that the Equipment is and shall remain personal property and not real property during the term of the Lease and any time actually necessary for collection of the Lease; and