200211583 - Laserfiche WebLink

Browse

G(-ooi �0 a 200211583 SUBORDINATION AGREEMENT 4 THIS AGREEMENT made and executed this r day of �� by .lames S. Reed and Precious A. Reed, Husband and Wife, hereinafter r6fierred to as "Subordinating Creditor" (whether one or more), for the benefit of HOME. FEDERAL SAVINGS AND LOAN ASSOCIATION OF GRAND ISLAND, hereinafter referred to as "Secured Party". WITNESSETH: WHEREAS, Johnson & Johnson, Inc., (whether one or more), hereinafter referred to as "Debtor ", has granted to the Subordinating Creditor a Mortgage or Deed of Trust dated May I, 2002, and filed in the office of the Hall County Register of Deeds, As Instrument N0.0200204733 in respect to that real estate described as A tract of land comprising a part of the Northwest Quarter (N W 1 /4) of Section Twelve (12), Township Eleven (11) North, Range Ten (10), West of the 6 °i P.M., more particularly described as follows: Beginning at a point on the West line of said Northwest Quarter, said point being Two hundred forty Five (245.0) feet North of the Southwest corner of said Northwest Quarter; thence running Northerly along the west line of said Northwest Quarter, a distance of one Hundred Forty Five (145) feet; thence running Easterly and parallel to the south line of said Northwest Quarter, a distance of Three Hundred (300) feet; thence Southerly and parallel to the West line of said Northwest Quarter, a distance of One Hundred Forty Five (145) feet; thence running Westerly and parallel to the south line of said Northwest Quarter, a distance of Three Hundred (300) feet to the point of beginning, in Hall County, Nebraska. WHEREAS, the Secured Party has agreed to enter into a loan transaction with the Debtor, whereby certain funds are to be advanced to the Debtor conditional upon the Debtor providing the Secured Party with a first lien in respect to the above described real estate, hereinafter referred to as the "Collateral "; and WHEREAS, the Subordinating Creditor is willing to subordinate any lien it may have in respect to the Collateral by reason of Subordinating Creditor's Mortgage or Deed of Trust of record to perfect security whenever and wherever filed in order to assure the Secured Party of a first lien position in and to the Collateral; NOW, THEREFORE, it is agreed: I. The Subordinating Creditor hereby consents to a subordination of its priority position to the Secured Party and agrees that its lien in respect to the Mortgage or Deed of Trust hereinabove described, if any, shall at all times be secondary to the extent herein provided and subject to the lien of the Secured Party in respect to the Collateral. 1 The Subordinating Creditor hereby consents to the Debtor granting Secured Party a first lien in all the Collateral as described above to secure indebtedness to be advanced to Debtor by Secured Party, in the original principal amount of Sixty Five Thousand and 00 /100 Dollars ($65.000.00). Filed August 30r 2002 in the Register of Deeds Office as Document No. 200209127. 3. So long as an obligation is outstanding from Debtor to the Secured Party for indebtedness evidenced by Promissory Notes or other instruments of indebtedness to the extent herin provided in Paragraph 3, the Secured Party's interest in the Collateral shall have priority over the lien of the Subordinating Creditor in that collateral, and the Subordinating Creditor's