|
The undersigned (the "Subordinate Interestholder ") hereby enters into this
<br />Subordination Agreement this IC?_Jk day of r , 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 Richmond
<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 Four Hundred Eighty -five
<br />Thousand Dollars ($485,000.00) to Borrower (the "Loan ") secured, among other
<br />things, by a deed of trust, assignment of rents, security agreement and financing
<br />statement 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 />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 />%S S
<br />M n
<br />g l
<br />m
<br />(A \
<br />s
<br />+!
<br />N
<br />p
<br />M (�i, 7
<br />r)
<br />-�i
<br />O
<br />rM
<br />p
<br />VI
<br />m
<br />n
<br />K O
<br />co
<br />O T
<br />T
<br />O
<br />2
<br />n ©
<br />O
<br />LLLUUU
<br />V I
<br />m
<br />r x
<br />Ps
<br />v
<br />r n
<br />c
<br />CD
<br />200204090
<br />Q
<br />W
<br />o
<br />N
<br />v
<br />co
<br />O
<br />♦�{
<br />SUBORDINATION AGREEMENT
<br />The undersigned (the "Subordinate Interestholder ") hereby enters into this
<br />Subordination Agreement this IC?_Jk day of r , 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 Richmond
<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 Four Hundred Eighty -five
<br />Thousand Dollars ($485,000.00) to Borrower (the "Loan ") secured, among other
<br />things, by a deed of trust, assignment of rents, security agreement and financing
<br />statement 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 />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 />%S S
<br />
|