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<br />THIS AGREEMENT made and executed this 2 N day of OCTOBER, 2002, by and between HOME FEDERAL SAVINGS,
<br />AND LOAN ASSOCIATION OF GRAND ISLAND, hereinafter refcrnxl to as "Subordinating Creditor' (whether one or more), and �1
<br />HOME FEDERAL SAVINGS AND LOAN ASSOCIATION OF GRAND ISLAND, hereinafter referred to as "Secured Party ". Q
<br />WITNESSETH:
<br />WHEREAS, ROBERT J CLARK and LAURIE A CLARK, (whether one or more), hereinafter referred to as "Debtor ", has
<br />granted to the Subordinating Creditor a Mortgage or Deed of Trust dated NOVEMBER 29, 1993, and filed of record in the office of
<br />the HALT. County Register of Decals, on the 10TH day of DECEMBER 1993 as Document No.9 3- 11 064 1 in respect to that real estate
<br />described as:
<br />LOT FIFTEEN (15) FARMINGTON SUBDIVISION, IN HALL COUNTY, NEBRASKA,
<br />WHEREAS, the Secured Parry has agreed to enter into a loan it with the Debtor, whereby certain funds are to be
<br />advanced to the Debtor conditional upon the Debtor providing the Secured Party with a First lien in respect to the above described real
<br />estate, hereinafter referred to as the "Collateral"; and
<br />WHEREAS, the Subordinating Creditor is willing to subordinate any lien it may have in respect to the Collateral by reason of
<br />Subordinating Creditor's Mortgage or Deed of Trust of record to perfect security whenever and wherever filed in order to assure the
<br />Secured Party of a first lien position in and to the Collateral;
<br />NOW,' I'IILREI'ORE, it is agreed:
<br />I. The Subordinating Creditor hereby consents to a subordination of its priority position to the Secured Party and agrees that
<br />its lien in respect to the Mortgage or Decd of Trust hereinabove described, if any, shall at all times be secondary to the extent herein
<br />provided and subject to the lien of the Secured Party in respect to the Collateral.
<br />2. The Subordinating Creditor hereby consents to the Debtor granting Secured Party a fast lien in all the Collateral as
<br />described above to secure indebtedness to be advanced to Debtor by Secured Party, in the original principal amount of EIGHTY ONE
<br />THOUSAND DOLLARS AND NO / -00 Dollars (581,000.00), recorded in the office of the I IALL County Register of Deeds on the
<br />7'- day of &C bC(- , 9ina , as Document No. 6-60a -16 NC .
<br />3- So long as an obligation is outstanding from the Debtor to the Secured Party fur indebtedness evidenced by Promissory
<br />Notes or other instruments of indebtedness to the extent herein provided in Paragraph 2, the Secured Party's interest in the Collateral
<br />shall have priority to over the lien of the Subordinating Creditor in that Collateral, and the Subordinating Creditor's interest in that
<br />Collateral is, in all respects, subject and subordinate to the security interest of the Secured Party to the extent of the principal sum yet
<br />owing to Secured Party in respect to the indebtedness described in Paragraph 2 along with interest and costs allocable thereto,
<br />however evidenced
<br />-
<br />4. So long as any portion of the described obligation to Secured Party is outstanding and unpaid, the provisions of the Deed
<br />of Trust of other instrument of security between the Debtor and the Secured Party are controlling as to the Collateral in which Secured
<br />Party is to have a first security interest, including any time there is a conflict between it and the provisions of any lien instrument
<br />granted to the Subordinating Creditor by the Debtor.
<br />5, This Agreement is a continuing, absolute and unconditional agreement of subordination without regard to the validity m'
<br />enforceability of the Promissory Notes or other instruments of indebtedness between the Debtor and the Secured Party evidencing
<br />sums due or documents granting a security interest in the Collateral, irrespective of the time or order of attachment or perfection of the
<br />security interest in the Collateral or the order of filing the Deeds of Trust of other instruments of security with respect to the Collateral.
<br />6- This Agreement shall remain in full force and effect and is binding upon the Subordinating Creditor and upon its
<br />successors and assigns, so long as any portion of the sums secured as described in Paragraph 3 are outstanding and unpaid.
<br />7- The Subordinating Creditor agrees that the Promissory Notes or other instruments of indebtedness of the Debtor
<br />evidencing the obligation between the Debtor and the Secured Party may from time to time be renewed, extended, modified,
<br />compromised, accelerated, settled or released, without notice to or consent by the Subordinating Creditor.
<br />Barry G. rd ran, President and CL'O
<br />110 I'EU L SAVINGS AND LOAN
<br />ASSOC[ PION OF GRAND ISLAND
<br />ubo ina'n relitor"
<br />Barry G. ' nil ti'om, President and C
<br />HOME FEUb AL SAVINGS AND LOAN
<br />ASSOCIA ION OF GRAND ISLAND
<br />"Secured Party"
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<br />THIS AGREEMENT made and executed this 2 N day of OCTOBER, 2002, by and between HOME FEDERAL SAVINGS,
<br />AND LOAN ASSOCIATION OF GRAND ISLAND, hereinafter refcrnxl to as "Subordinating Creditor' (whether one or more), and �1
<br />HOME FEDERAL SAVINGS AND LOAN ASSOCIATION OF GRAND ISLAND, hereinafter referred to as "Secured Party ". Q
<br />WITNESSETH:
<br />WHEREAS, ROBERT J CLARK and LAURIE A CLARK, (whether one or more), hereinafter referred to as "Debtor ", has
<br />granted to the Subordinating Creditor a Mortgage or Deed of Trust dated NOVEMBER 29, 1993, and filed of record in the office of
<br />the HALT. County Register of Decals, on the 10TH day of DECEMBER 1993 as Document No.9 3- 11 064 1 in respect to that real estate
<br />described as:
<br />LOT FIFTEEN (15) FARMINGTON SUBDIVISION, IN HALL COUNTY, NEBRASKA,
<br />WHEREAS, the Secured Parry has agreed to enter into a loan it with the Debtor, whereby certain funds are to be
<br />advanced to the Debtor conditional upon the Debtor providing the Secured Party with a First lien in respect to the above described real
<br />estate, hereinafter referred to as the "Collateral"; and
<br />WHEREAS, the Subordinating Creditor is willing to subordinate any lien it may have in respect to the Collateral by reason of
<br />Subordinating Creditor's Mortgage or Deed of Trust of record to perfect security whenever and wherever filed in order to assure the
<br />Secured Party of a first lien position in and to the Collateral;
<br />NOW,' I'IILREI'ORE, it is agreed:
<br />I. The Subordinating Creditor hereby consents to a subordination of its priority position to the Secured Party and agrees that
<br />its lien in respect to the Mortgage or Decd of Trust hereinabove described, if any, shall at all times be secondary to the extent herein
<br />provided and subject to the lien of the Secured Party in respect to the Collateral.
<br />2. The Subordinating Creditor hereby consents to the Debtor granting Secured Party a fast lien in all the Collateral as
<br />described above to secure indebtedness to be advanced to Debtor by Secured Party, in the original principal amount of EIGHTY ONE
<br />THOUSAND DOLLARS AND NO / -00 Dollars (581,000.00), recorded in the office of the I IALL County Register of Deeds on the
<br />7'- day of &C bC(- , 9ina , as Document No. 6-60a -16 NC .
<br />3- So long as an obligation is outstanding from the Debtor to the Secured Party fur indebtedness evidenced by Promissory
<br />Notes or other instruments of indebtedness to the extent herein provided in Paragraph 2, the Secured Party's interest in the Collateral
<br />shall have priority to over the lien of the Subordinating Creditor in that Collateral, and the Subordinating Creditor's interest in that
<br />Collateral is, in all respects, subject and subordinate to the security interest of the Secured Party to the extent of the principal sum yet
<br />owing to Secured Party in respect to the indebtedness described in Paragraph 2 along with interest and costs allocable thereto,
<br />however evidenced
<br />-
<br />4. So long as any portion of the described obligation to Secured Party is outstanding and unpaid, the provisions of the Deed
<br />of Trust of other instrument of security between the Debtor and the Secured Party are controlling as to the Collateral in which Secured
<br />Party is to have a first security interest, including any time there is a conflict between it and the provisions of any lien instrument
<br />granted to the Subordinating Creditor by the Debtor.
<br />5, This Agreement is a continuing, absolute and unconditional agreement of subordination without regard to the validity m'
<br />enforceability of the Promissory Notes or other instruments of indebtedness between the Debtor and the Secured Party evidencing
<br />sums due or documents granting a security interest in the Collateral, irrespective of the time or order of attachment or perfection of the
<br />security interest in the Collateral or the order of filing the Deeds of Trust of other instruments of security with respect to the Collateral.
<br />6- This Agreement shall remain in full force and effect and is binding upon the Subordinating Creditor and upon its
<br />successors and assigns, so long as any portion of the sums secured as described in Paragraph 3 are outstanding and unpaid.
<br />7- The Subordinating Creditor agrees that the Promissory Notes or other instruments of indebtedness of the Debtor
<br />evidencing the obligation between the Debtor and the Secured Party may from time to time be renewed, extended, modified,
<br />compromised, accelerated, settled or released, without notice to or consent by the Subordinating Creditor.
<br />Barry G. rd ran, President and CL'O
<br />110 I'EU L SAVINGS AND LOAN
<br />ASSOC[ PION OF GRAND ISLAND
<br />ubo ina'n relitor"
<br />Barry G. ' nil ti'om, President and C
<br />HOME FEUb AL SAVINGS AND LOAN
<br />ASSOCIA ION OF GRAND ISLAND
<br />"Secured Party"
<br />
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