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M m <br />m ZE <br />T <br />z a z r) <br />R <br />M cn N o a cn CS <br />c n <br />rn --1 m <br />cn <br />m <br />rn D W <br />H 3 c ra <br />CIO <br />200204093 r1a N; <br />N <br />0 <br />SUBORDINATION AGREEMENT <br />The undersigned (the "Subordinate Interestholder") ereby enters into this / <br />Subordination Agreement this /O day of , 2002, to <br />and for the benefit of PLATTE VALLEY STATE BANK & TRUST COMPANY and <br />its successors and assigns (the "Senior Lender "). <br />RECITALS <br />A. Subordinate Interestholder is the holder of a lien on or otherwise in <br />connection with (the "Interest') a parcel of real estate located in the Crane Valley <br />Second Subdivision, Hall County, Nebraska, as more particularly described on <br />Exhibit "A" attached hereto, together with all buildings, structures, fixtures and <br />improvements located thereon (the "Property "). <br />B. The owner of the Property, Shafer Development, LLC ( "Borrower") <br />has requested that Senior Lender loan the sum of One Million Ten Thousand <br />Dollars ($1,010,000.00) to Borrower (the "Loan ") secured, among other things, by <br />a deed of trust, assignment of rents, security agreement and financing statement <br />on the Property (the "Senior Deed of Trust'). <br />C. Senior Lender has agreed to make the Loan on the condition that <br />Subordinate Interestholder subordinates his respective Interest in the Property to <br />the Loan and the Senior Deed of Trust so the Senior Deed of Trust shall be a first <br />lien upon the Property. <br />NOW THEREFORE, for good and valuable consideration, the receipt and <br />sufficiency of which is hereby acknowledged, Subordinate Interestholder hereby <br />agrees as follows: <br />1. Subordination. Subordinate Interestholder hereby covenants and agrees <br />that all of his Interest in or to the Property is and shall be subject and <br />subordinate in all respects and for all purposes to the lien, terms, <br />covenants, conditions and restrictions of the Loan, the Senior Deed of <br />Trust and the interest of Senior Lender in the Property. Without limiting <br />the generality of the foregoing, Subordinate Interestholder acknowledges <br />and agrees that the Senior Deed of Trust shall be treated for all purposes <br />as if it had been recorded immediately prior to the acquisition and /or <br />recording of the Interest of the Subordinate Interestholder. <br />13 <br />