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<br />SUBORDINATION AGREEMENT
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<br />NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY
<br />INTEREST IN THE PROPERTY BECOMING SUBJECT TO AND OF LOWER
<br />PRIORITY THAN THE LIEN OF SOME OTIIER OR LATER SECURITY
<br />W STRUrbIEN T.
<br />THIS AGREEMENT, made this 15th day of February, 2002, by Paul D. Allen
<br />and Jeanne E. Allen, husband and wife, owner of the land hereinafter described and
<br />hereinafter referred to as "Owner," and City of Grand Island, present owner and holder of
<br />the Deed of Trust and Note first and hereinafter described and hereinafter referred to as
<br />"Beneficiary;"
<br />WITNESSETH:
<br />'THAT, WHEREAS, Paul D. Allen and Jeanne E. Allen, husband and wife, did
<br />execute a Mortgage Lien recorded September 13, 1990, to the City of Grand Island as
<br />Trustee, covering:
<br />Lot 8, Block 36, Russel Wheeler's Addition to the City of Grand Island, Hall County,
<br />Nebraska.
<br />to secure a Note in the sum of $13,000.00, dated September 13, 1990, in favor of City of
<br />Grand Island, which Mortgage Lien was recorded September 13, 1990, as Document
<br />Number 90- 105295 in the Official Register of Deeds Office of Hall County; and
<br />WHEREAS, Owner has executed, or is about to execute, a Deed of Trust and
<br />Note in the sum of $35,000.00, in favor of United Nebraska Bank, hereinafter referred to
<br />as "Lender," payable with interest and upon the terms and conditions described therein,
<br />which Deed of "Trust is to be recorded concurrently herewith; and
<br />PP IS RECOMMENDED THAT, PRIOR TO THE EXECUTION OP THIS
<br />SUBORDINATION AGREEMENT, THE PARTIES CONSULT WITH TIIEIR
<br />ATTORNEYS WITH RESPECT THERETO.
<br />WHEREAS, it is a condition precedent to obtaining said loan that said Deed of
<br />Trust last above mentioned shall unconditionally be and remain at all times a lien or
<br />charge upon the land hereinbefore described, prior and superior to the lien or charge of
<br />the Deed of Trust first above mentioned; and
<br />WHEREAS, Lender is willing to make said loan, provided the Deed of 'Trust
<br />securing the same is a lien or charge upon the above - described property prior and
<br />superior to the lien or charge of the Deed of Trust first above mentioned and provided
<br />that Beneficiary will specifically and unconditionally subordinate the lien or charge of the
<br />Deed of Trust 1ir6i abuvc mentioned to tie lien or charge of the deed of Trust to favor of
<br />Lender; and
<br />WHEREAS, it is to the mutual benefit of the parties hereto that Lender make such
<br />loan to Owner; and Beneficiary is willing that the Deed of Trust securing the same shall,
<br />when recorded constitute a lien or charge upon said land which is unconditionally prior
<br />and superior to the lien or charge of the Deed of Trust first above mentioned.
<br />NOW. THEREFORE, in consideration of the mutual benefits accruing to the
<br />parties hereto and other valuable consideration, the receipt and sufficiency of which
<br />consideration is hereby acknowledged, and in order to induce Lender to make the loan
<br />above refered to, it is hereby declared, understood, and agreed as follows:
<br />That said Deed of Trust securing said Note in favor of Lender, and
<br />any renewals of extensions thereof, shall unconditionally be and
<br />remaining all limes a lien or charge on the property therein
<br />described, prior and superior to the lien or charge of the Deed of
<br />Trust first above mentioned.
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