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<br />AGREEMENT SUBORDINATING EXISTING
<br />TRUST DEED TO NEW TRUST DEED
<br />Agreement made the 6TH day of MAY , 2005, between SHAY P McGOWAN AND
<br />JACEY L McGOWAN, HUSBAND AND WIFE, of 533 LINDEN AVE. GRAND ISLAND, HALL COUNTY,
<br />NEBRASKA, herein referred to as trustor, and EQUITABLE FEDERAL SAVINGS BANK OF
<br />GRAND ISLAND, PO Box 160, Grand Island, County of Hall, State of Nebraska, herein
<br />referred to as beneficiary and Trustee.
<br />The parties recite and declare that:
<br />a. Trustor executed a trust deed on October 4, 2002 and another trust deed on January 14,
<br />2004, in favor of beneficiary, which were recorded on October 10, 2002 and January 21, 2004, in
<br />the office of the Register of Deeds as Instrument Nos. 200210917 and 200400630, in Hall County,
<br />State of Nebraska, covering the following described property (as defined in Neb. Rev. State. 76-
<br />201) in Hall County, Nebraska.
<br />LOT TWENTY FIVE (25), IN EAGLE LAKE ESTATES SUBDIVISION, HALL COUNTY, NEBRASKA
<br />b. The above mentioned trust deeds were given as security for Loans, described in
<br />trust deeds, in the original amounts of Seven Hundred Fifty Thousand and No /100 Dollars
<br />(750,000.00) executed on October 4, 2002 and Twenty Six Thousand Seven Hundred Twenty
<br />Seven and 74/100 Dollars (26,727.74), executed on January 14, 2004, by trustor in favor of
<br />beneficiary.
<br />c. Trustor desires to obtain a loan in the arnount of Three Hundred Eighty Eight
<br />Thousand and No/ 100 ($388,000.00) Dollars -- from Equitable Federal Savings Bank of Grand
<br />Island, of 113 N. Locust, City of Grand Island, County of Hall, State of Nebraska, herein
<br />referred to as lender, but lender requires that such loan be secured by a trust deed that will be
<br />prior to the trust deed in favor of beneficiary.
<br />d. Beneficiary is willing to subordinate the lien of the trust deeds in their favor insofar as
<br />it encumbers the above - described premises, to the trust deed made in favor of lender in order that
<br />trustor may obtain such loan from lender. For the reasons set forth above, and in consideration
<br />of the mutual covenants and promises of the parties hereto, trustor and beneficiary covenant and
<br />agree as follows:
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<br />Agreement made the 6TH day of MAY , 2005, between SHAY P McGOWAN AND
<br />JACEY L McGOWAN, HUSBAND AND WIFE, of 533 LINDEN AVE. GRAND ISLAND, HALL COUNTY,
<br />NEBRASKA, herein referred to as trustor, and EQUITABLE FEDERAL SAVINGS BANK OF
<br />GRAND ISLAND, PO Box 160, Grand Island, County of Hall, State of Nebraska, herein
<br />referred to as beneficiary and Trustee.
<br />The parties recite and declare that:
<br />a. Trustor executed a trust deed on October 4, 2002 and another trust deed on January 14,
<br />2004, in favor of beneficiary, which were recorded on October 10, 2002 and January 21, 2004, in
<br />the office of the Register of Deeds as Instrument Nos. 200210917 and 200400630, in Hall County,
<br />State of Nebraska, covering the following described property (as defined in Neb. Rev. State. 76-
<br />201) in Hall County, Nebraska.
<br />LOT TWENTY FIVE (25), IN EAGLE LAKE ESTATES SUBDIVISION, HALL COUNTY, NEBRASKA
<br />b. The above mentioned trust deeds were given as security for Loans, described in
<br />trust deeds, in the original amounts of Seven Hundred Fifty Thousand and No /100 Dollars
<br />(750,000.00) executed on October 4, 2002 and Twenty Six Thousand Seven Hundred Twenty
<br />Seven and 74/100 Dollars (26,727.74), executed on January 14, 2004, by trustor in favor of
<br />beneficiary.
<br />c. Trustor desires to obtain a loan in the arnount of Three Hundred Eighty Eight
<br />Thousand and No/ 100 ($388,000.00) Dollars -- from Equitable Federal Savings Bank of Grand
<br />Island, of 113 N. Locust, City of Grand Island, County of Hall, State of Nebraska, herein
<br />referred to as lender, but lender requires that such loan be secured by a trust deed that will be
<br />prior to the trust deed in favor of beneficiary.
<br />d. Beneficiary is willing to subordinate the lien of the trust deeds in their favor insofar as
<br />it encumbers the above - described premises, to the trust deed made in favor of lender in order that
<br />trustor may obtain such loan from lender. For the reasons set forth above, and in consideration
<br />of the mutual covenants and promises of the parties hereto, trustor and beneficiary covenant and
<br />agree as follows:
<br />
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