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THIS AGREEMENT (the "Agreement'), is made this 1W day of June, 2002 by and between National City Bank of
<br />Columbus and Ameriquest Mortgage Company (the "Lender ") with regard to certain financial obligations of Stanley N. Lahm and
<br />Sherlyn J. Labor (tire `Borrower') whether one or more. —�
<br />C7
<br />WHEREAS, National City Bank is the holder of a Mortgage from the Borrower encumbering property known as 2027
<br />Sherman, Grand Island, NE 68803 (the - Property "), dated May 26, 1999 and recorded as Instrument Number 99- 105642 in the
<br />Office of the Register of Deeds, Hall County, NE on.lune 2, 1999, securing an obligation in the amount of $16,082.00.
<br />WHEREAS, Borrower has requested a loan from Lender in the maximum principal amount of Seventy Five Thousand
<br />Dollars and 00 /100 ($75,000.00) to be evidenced by a promissory note of same principal amount as modified amended, extended, or
<br />renewed from time to time, and to be secured by a mortgage encumbering said Property, of even date therewith from the Borrower to
<br />the Lender (the "Mortgage ").
<br />WHEREAS, as a condition precedent to making the Loan, the Lender requires that the Mortgage establish a first lien on a
<br />security interest in the Property.
<br />NOW, THEREFORE, IN CONSIDERATION of the premises which are made a substantive pan of this Agreement, the
<br />sum of Two Hundred Fifty dollars ($250.00), the receipt whereof is hereby acknowledged, and the mutual covenants, promises, and
<br />agreements hereinafter set forth, and intending to be legally bound hereby, the parties do hereby covenant, promise, and agree as
<br />follows:
<br />I. Following due execution and recordation of Mortgage National City subordinates the priority of its mortgage to the lien and
<br />priority of the Mortgage.
<br />2. As between National City Bank and the Lender, the Mortgage of tie Lender shall be a prior lien upon the Property with all of
<br />the rights, privileges and remedies of a prior lien incident thereto; and said parties further agree that this waiver is not a
<br />waiver of priority of payments due thereon, nor does it require that the superior lien of the Lender be satisfied prior to
<br />satsfachnn of the mortgage lien of National City Bank, and in no way affects or impairs the obligation and debt due to
<br />National City Bank and is limited solely to the aforesaid Lender and no others; provided that the Mortgage of the Lender
<br />shall not be further subordinated to any other mortgage, lien or encumbrance without life prior written consent of National
<br />City Bank.
<br />3, This Agreement shall not be construed to apply to any sums which may he extended or advanced by the Lender over and
<br />above the maximum amount referred to above, whether the same shall be cxtcnded or advanced in the form of rcncwal(s),
<br />modifcation(s), refinance(s) or rewriting(s) of the Borrower's loan.
<br />4. This Agreement shall only he construed to determine the rights of the parties hereto with respect to each other and shall not
<br />be construed to provide any benefit to any other parry. In the event a lawful authority determines that the Lender's Mortgage
<br />is defective in providing the Lender with a lien on the Property, National City Bank's subordination as evidenced or this
<br />Agreement shall he void.
<br />5. This agreement shall be binding upon and more to the benefit of the parties of this Agreement and to their successors, assigns
<br />and/or personal representatives.
<br />6. Any modifications of this Agreement shall not be effective unless in writing and signed by the parry to be charged. Should
<br />any clause be found enforceable, it shall be treated as severed from this Agreement and shall notaffect the enforceability of
<br />the balance of this Agreement. LTS TITLE SERVICES
<br />11207 WEST DODGE ROAD
<br />OMAHA, NE 68154
<br />PH: 330 -2615 FX: 330 -530(
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<br />SU60RDINATION
<br />AGREEMENT
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<br />THIS AGREEMENT (the "Agreement'), is made this 1W day of June, 2002 by and between National City Bank of
<br />Columbus and Ameriquest Mortgage Company (the "Lender ") with regard to certain financial obligations of Stanley N. Lahm and
<br />Sherlyn J. Labor (tire `Borrower') whether one or more. —�
<br />C7
<br />WHEREAS, National City Bank is the holder of a Mortgage from the Borrower encumbering property known as 2027
<br />Sherman, Grand Island, NE 68803 (the - Property "), dated May 26, 1999 and recorded as Instrument Number 99- 105642 in the
<br />Office of the Register of Deeds, Hall County, NE on.lune 2, 1999, securing an obligation in the amount of $16,082.00.
<br />WHEREAS, Borrower has requested a loan from Lender in the maximum principal amount of Seventy Five Thousand
<br />Dollars and 00 /100 ($75,000.00) to be evidenced by a promissory note of same principal amount as modified amended, extended, or
<br />renewed from time to time, and to be secured by a mortgage encumbering said Property, of even date therewith from the Borrower to
<br />the Lender (the "Mortgage ").
<br />WHEREAS, as a condition precedent to making the Loan, the Lender requires that the Mortgage establish a first lien on a
<br />security interest in the Property.
<br />NOW, THEREFORE, IN CONSIDERATION of the premises which are made a substantive pan of this Agreement, the
<br />sum of Two Hundred Fifty dollars ($250.00), the receipt whereof is hereby acknowledged, and the mutual covenants, promises, and
<br />agreements hereinafter set forth, and intending to be legally bound hereby, the parties do hereby covenant, promise, and agree as
<br />follows:
<br />I. Following due execution and recordation of Mortgage National City subordinates the priority of its mortgage to the lien and
<br />priority of the Mortgage.
<br />2. As between National City Bank and the Lender, the Mortgage of tie Lender shall be a prior lien upon the Property with all of
<br />the rights, privileges and remedies of a prior lien incident thereto; and said parties further agree that this waiver is not a
<br />waiver of priority of payments due thereon, nor does it require that the superior lien of the Lender be satisfied prior to
<br />satsfachnn of the mortgage lien of National City Bank, and in no way affects or impairs the obligation and debt due to
<br />National City Bank and is limited solely to the aforesaid Lender and no others; provided that the Mortgage of the Lender
<br />shall not be further subordinated to any other mortgage, lien or encumbrance without life prior written consent of National
<br />City Bank.
<br />3, This Agreement shall not be construed to apply to any sums which may he extended or advanced by the Lender over and
<br />above the maximum amount referred to above, whether the same shall be cxtcnded or advanced in the form of rcncwal(s),
<br />modifcation(s), refinance(s) or rewriting(s) of the Borrower's loan.
<br />4. This Agreement shall only he construed to determine the rights of the parties hereto with respect to each other and shall not
<br />be construed to provide any benefit to any other parry. In the event a lawful authority determines that the Lender's Mortgage
<br />is defective in providing the Lender with a lien on the Property, National City Bank's subordination as evidenced or this
<br />Agreement shall he void.
<br />5. This agreement shall be binding upon and more to the benefit of the parties of this Agreement and to their successors, assigns
<br />and/or personal representatives.
<br />6. Any modifications of this Agreement shall not be effective unless in writing and signed by the parry to be charged. Should
<br />any clause be found enforceable, it shall be treated as severed from this Agreement and shall notaffect the enforceability of
<br />the balance of this Agreement. LTS TITLE SERVICES
<br />11207 WEST DODGE ROAD
<br />OMAHA, NE 68154
<br />PH: 330 -2615 FX: 330 -530(
<br />
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