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<br />SUBORDINATION AGREEMENT o °
<br />NOTICE: THIS SUBORDINATION AGREEMENT RESULTS IN YOLiR SECURITY
<br />INTEREST IN TIIE PROPERTY BECOMING SUBJECT TO AND OF LOWER
<br />PRIORITY THAN TEE LIEN Ots SOME OTHER OR LATER SECURITY n�
<br />INSTRUMEN .
<br />THIS AGREEMENT, made this 1st day of August, 2002, by David L. and Jeanne
<br />A. Christensen, owner of the land hereinafter described and hereinafter referred to as
<br />"Owner," and Bank of Keystone, present owner and holder of the Deed of Trust and Note
<br />first and hereinafter described and hereinafter refered to as "Beneficiary;"
<br />W 1'I'NESSETH:
<br />THAT, WHEREAS, David L. and Jeanne A. Christensen, husband and wife, did
<br />execute a Deed of Trust dated June I I, 1999, to Bank of Keystone, covering:
<br />Lot Thirty Eignt (38), Regency By The Green Subdivisiuu to the City of Grand islc,td,
<br />Hall County, Nebraska.
<br />to secure a Note in the sum of $27,000.00, dated June 11, 1999, in favor of Bank of
<br />Keystone, which Deed of Trust was recorded June 21, 1999, as Document Number 99-
<br />106237 in the Official Register of Deeds Office of Hall County; and
<br />WHEREAS, Owncr has executed, or is about to execute, a Deed of Trust and
<br />Note in the sum of .$216,000.00, dated August t, 3002, in favor of lulned Nebraska
<br />Bank, hereinafter referred to as "Lender," payable with interest and upon the terns and
<br />conditions described thomm, which Deed of Trust is to be recorded concurrently
<br />herewith; and Qecc 6019 a, 6 _t� # do od-08alg
<br />IT IS RECOMMENDED THAT, PRIOR TO THE EXECUTION OF TIIIS
<br />SUBORDINATION AGREEMENT, THE PARTILS CONSULT WITH THEIR
<br />ATTORNEYS WITH '.ESPECT THERETO.
<br />WHEREAS, it is a condition precedent to obtaining said loan that said Deed of
<br />Trust last abode mentioned shall unconditionally be and remain at all times a lien or
<br />charge upon the land heteinbefom 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 first above mentioned to the. lien or ch:uge of the dced of frost in 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
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<br />and superior to the lien o charge of the Decd of Trust first above mentioned.
<br />NOW, THEREFORE, in consider:aion of the mutual batcfits accruing to the
<br />parties hereto and other valuable consideration, the reeeint and sufficiency of which
<br />consideration is hereby :acknowledged, and in o;'der to induce Lcndcr to make the loan
<br />above referred to, it is hereby declared, understood, mud agreed as follows:
<br />That said Deed of Trust sccurim, said Note in favor of Lender, and
<br />Lilly renewals of extensions ha0reor, shall unconditionally be and
<br />remaining all limes a lien or charge on the properly therein
<br />described, prior and superor to the lien or charge of the Deed of
<br />Trost first above mentioned.
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