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WITNESSETH:
<br />WHEREAS, Chase has heretofore extended a line of credit/loan to
<br />KEVIN F. CARPENTER AND TRACY CARPENTER (the "Borrower ") pursuant to a
<br />Home Equity Line of Credit Agreement/Loan Note dated APRIL 19, 1999 (the "Line of
<br />Credit/Loan "); and
<br />WHEREAS, the Borrower's obligations under the Line of Credit/Loan are
<br />secured by a Mortgage from the Borrower to Chase, dated APRIL 19, 1999, recorded in
<br />the Land Records of HALL, NEBRASKA in Book 99- 104197 ASSIGNED FROM
<br />RESIDENTIAL FUNDING CORPORATION RECORDED MAY 12, 1999 DOCUMENT
<br />NO. 99- 104911 at Page (the "Home Equity Mortgage'), covering real property located
<br />at 1020 NORTH SHERIDAN AVENUE GRAND ISLAND ,NE. 68803 (the "Property ");
<br />and
<br />WHEREAS, the Lender proposes to make a loan in the original principal
<br />amount of $59,234.00 to the Borrower (the "New Loan "), the proceeds of which will be
<br />used to repay in full all of the Borrower's original obligations secured by an original
<br />Mortgage, and to obtain a release of the lien created by the original Mortgage; and
<br />WHEREAS, as a condition of making the New Loan, the Lender has
<br />required the Borrower to execute a mortgage on the Property securing repayment of
<br />the New Loan (the "New Mortgage "), which, upon execution and recordation of this
<br />Agreement, shall have a first lien position on the Property.
<br />NOW, THEREFORE, in consideration of the premises and other good and
<br />valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
<br />Chase hereby agrees as follows:
<br />1. Chase hereby subordinates the lien created by the Home Equity
<br />Mortgage to the lien created by the New Mortgage to the end that the lien of the New
<br />Mortgage shall be superior to the lien of the Home Equity Mortgage.
<br />2. The subordination described in paragraph 1. above shall not apply
<br />to any future advance of funds to the Borrower by the Lender except for advances
<br />necessary to protect the security of the New Mortgage.
<br />3. This Agreement shall be binding upon and shall inure to the benefit
<br />of Chase and the Lender and their respective successors and assigns, and any
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<br />S bo dination Agreement (this "Agreement "), granted
<br />this 4TH day of
<br />EMBIR,
<br />202,
<br />H SE MANHATTAN BANK USA, N.A. ( "Chase ") to PRIMARY
<br />RESIDENTIAL
<br />MORTGAGE,
<br />INC (the "Lender "),
<br />WITNESSETH:
<br />WHEREAS, Chase has heretofore extended a line of credit/loan to
<br />KEVIN F. CARPENTER AND TRACY CARPENTER (the "Borrower ") pursuant to a
<br />Home Equity Line of Credit Agreement/Loan Note dated APRIL 19, 1999 (the "Line of
<br />Credit/Loan "); and
<br />WHEREAS, the Borrower's obligations under the Line of Credit/Loan are
<br />secured by a Mortgage from the Borrower to Chase, dated APRIL 19, 1999, recorded in
<br />the Land Records of HALL, NEBRASKA in Book 99- 104197 ASSIGNED FROM
<br />RESIDENTIAL FUNDING CORPORATION RECORDED MAY 12, 1999 DOCUMENT
<br />NO. 99- 104911 at Page (the "Home Equity Mortgage'), covering real property located
<br />at 1020 NORTH SHERIDAN AVENUE GRAND ISLAND ,NE. 68803 (the "Property ");
<br />and
<br />WHEREAS, the Lender proposes to make a loan in the original principal
<br />amount of $59,234.00 to the Borrower (the "New Loan "), the proceeds of which will be
<br />used to repay in full all of the Borrower's original obligations secured by an original
<br />Mortgage, and to obtain a release of the lien created by the original Mortgage; and
<br />WHEREAS, as a condition of making the New Loan, the Lender has
<br />required the Borrower to execute a mortgage on the Property securing repayment of
<br />the New Loan (the "New Mortgage "), which, upon execution and recordation of this
<br />Agreement, shall have a first lien position on the Property.
<br />NOW, THEREFORE, in consideration of the premises and other good and
<br />valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
<br />Chase hereby agrees as follows:
<br />1. Chase hereby subordinates the lien created by the Home Equity
<br />Mortgage to the lien created by the New Mortgage to the end that the lien of the New
<br />Mortgage shall be superior to the lien of the Home Equity Mortgage.
<br />2. The subordination described in paragraph 1. above shall not apply
<br />to any future advance of funds to the Borrower by the Lender except for advances
<br />necessary to protect the security of the New Mortgage.
<br />3. This Agreement shall be binding upon and shall inure to the benefit
<br />of Chase and the Lender and their respective successors and assigns, and any
<br />
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