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200201779 2. The superior debt is more fully described in the Note, and secured by the Security Instrument to be filed of record in the Real Property Records in the county and state referenced in paragraph numbered I. The superior debt shall include any amounts disbursed by Lender under the provisions of the Security Instrument for ad valorem taxes and hazard insurance. 3. The subordinated debt is more fully described in a note in the original principal sum of thirty five thousand and NO /100ths Dollars ($ 35 000.00 ), executed by Jeffrey O' Callaghan & Sherri O' Callaghan made payable to MBNA America (Delaware), N.A. assigned to Household Finance Corporation III and secured by a Mortgage dated February 23, 2003, and filed for record in Inst.No. 0200101798 of the Real Property Records of said county and state. 4. Subordinating Lienholder, who is now the holder of the subordinated debt, for the consideration recited above, agrees that the subordinated debt is, by this Agreement, made subordinate, subject, and inferior to the superior debt held by Lender. Subordinating Lienholder agrees that the new Security Instrument shall have the same validity, priority, and effect as if executed, delivered and recorded prior to the date of the subordinate lien. Nothing in this instrument shall in any way modify the terns and conditions of the subordinate lien, or in any way release or affect the validity or priority of the subordinate lien, except as provided herein. 5. This Agreement shall be governed by the laws of the State of Nebraska 6. This Agreement is binding upon and shall inure to the benefit of the heirs, executors, administrators, successors and assigns of each of the parties hereto. Executed this 2 --144— day of a,� a c 2c:uZ SUBOW, ATiNG LIENHOLDER: M iA:Paiteric& (Delaware) , N.A. assigned tc rfiQuselgold Finance Corporation III its: •��t;� 74- o4vel,) RETURN TO: Principal Residential Mortgage, Inc. 699 Walnut, H -1 Des Moines, IA 50309 .. [Acknowledgment(s) Attached) Loan No.: 2226587 Subordination Agreement (Multistate) —THE COMPLIANCE SOURCE, INC.- Page 2 of 2 03504MU 09/99 Rev. IONI www.complianwsource.wm iplplulpplilulilligimiohimpnxldmuluwxmu 02MI, The Compliance Source, Inc.