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RIN11111 NO I-NI
<br />THIS AGREEMENT made and executed this 2 ¢i, day of 1 &
<br />2003 , by Paul J. Dietze and Patricia J. Dietze, hereinafter referred to as "Subordinating
<br />Party," (whether one or more), for the benefit of HOME FEDERAL SAVINGS AND
<br />LOAN ASSOCIATION OF GRAND ISLAND, hereinafter referred to as "Secured
<br />Party."
<br />WITNESSETH:
<br />WHEREAS, JOSEPH N. HOCKENSMITH and KAYLENE D.
<br />HOCKENSMITH, (whether one or more), hereinafter referred to as "Debtor ", has
<br />granted to the Subordinating Party a FIRST RIGHT OF REFUSAL dated March 13,
<br />2003, and filed in the office of the Hall County Register of Deeds, on the 21 st day of
<br />March, 2003, as Document No. 200303346, in respect to that real estate described as:
<br />LOT 1, HOCKENSMITH SUBDIVISION, HALL COUNTY, NEBRASKA
<br />WHEREAS, the Secured Party has agreed to enter into a loan transaction with the
<br />Debtor, whereby certain funds are to be advanced to the Debtor conditional upon the
<br />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 Party is willing to subordinate any lien it may have
<br />in respect to the Collateral by reason of Subordinating Party's First Right of Refusal of
<br />record to perfect security whenever and wherever filed in order to assure the Secured
<br />Party of a first lien position in and to the Collateral;
<br />NOW, THEREFORE, it is agreed:
<br />1. The Subordinating Party hereby consents to a subordination of its priority
<br />position to the Secured Party and agrees that its lien in respect to the First Right of
<br />Refusal hereinabove described, if any shall at all times be secondary to the extent here in
<br />provided and subject to the lien of the Secured Party in respect to the Collateral;
<br />2. The Subordinating Party hereby consents to the Debtor granting Secured
<br />Party a first lien in all the Collateral as described herein to secure indebtedness to be
<br />advanced to Debtor by Secured Party, in the original principal amount of
<br />ST IXTY -FIVE THOUSAND DOLLARS NO /Collars ($65,000.00 �, recorded in
<br />the office of the Hall County Register of Deeds on the !_LY*I- day of
<br />2003, as Document No.
<br />3. So long as an obligation is outstanding from the Debtor to the Secured
<br />Party for indebtedness evidenced by Promissory Notes or other instruments of
<br />indebtedness to the extent herein provided in Paragraph 2, the Secured party's interest in
<br />the Collateral shall have priority to over the lien of the Subordinating Party in that
<br />Collateral, and the Subordinating Party's interest in that Collateral is, in all respects,
<br />subject and subordinate to the security interest of the Secured Party to the extent of the
<br />principal sum yet owing to Secured Party in respect to the indebtedness described in
<br />Paragraph 2, along with interest and costs allocable thereto, however evidenced.
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<br />RIN11111 NO I-NI
<br />THIS AGREEMENT made and executed this 2 ¢i, day of 1 &
<br />2003 , by Paul J. Dietze and Patricia J. Dietze, hereinafter referred to as "Subordinating
<br />Party," (whether one or more), for the benefit of HOME FEDERAL SAVINGS AND
<br />LOAN ASSOCIATION OF GRAND ISLAND, hereinafter referred to as "Secured
<br />Party."
<br />WITNESSETH:
<br />WHEREAS, JOSEPH N. HOCKENSMITH and KAYLENE D.
<br />HOCKENSMITH, (whether one or more), hereinafter referred to as "Debtor ", has
<br />granted to the Subordinating Party a FIRST RIGHT OF REFUSAL dated March 13,
<br />2003, and filed in the office of the Hall County Register of Deeds, on the 21 st day of
<br />March, 2003, as Document No. 200303346, in respect to that real estate described as:
<br />LOT 1, HOCKENSMITH SUBDIVISION, HALL COUNTY, NEBRASKA
<br />WHEREAS, the Secured Party has agreed to enter into a loan transaction with the
<br />Debtor, whereby certain funds are to be advanced to the Debtor conditional upon the
<br />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 Party is willing to subordinate any lien it may have
<br />in respect to the Collateral by reason of Subordinating Party's First Right of Refusal of
<br />record to perfect security whenever and wherever filed in order to assure the Secured
<br />Party of a first lien position in and to the Collateral;
<br />NOW, THEREFORE, it is agreed:
<br />1. The Subordinating Party hereby consents to a subordination of its priority
<br />position to the Secured Party and agrees that its lien in respect to the First Right of
<br />Refusal hereinabove described, if any shall at all times be secondary to the extent here in
<br />provided and subject to the lien of the Secured Party in respect to the Collateral;
<br />2. The Subordinating Party hereby consents to the Debtor granting Secured
<br />Party a first lien in all the Collateral as described herein to secure indebtedness to be
<br />advanced to Debtor by Secured Party, in the original principal amount of
<br />ST IXTY -FIVE THOUSAND DOLLARS NO /Collars ($65,000.00 �, recorded in
<br />the office of the Hall County Register of Deeds on the !_LY*I- day of
<br />2003, as Document No.
<br />3. So long as an obligation is outstanding from the Debtor to the Secured
<br />Party for indebtedness evidenced by Promissory Notes or other instruments of
<br />indebtedness to the extent herein provided in Paragraph 2, the Secured party's interest in
<br />the Collateral shall have priority to over the lien of the Subordinating Party in that
<br />Collateral, and the Subordinating Party's interest in that Collateral is, in all respects,
<br />subject and subordinate to the security interest of the Secured Party to the extent of the
<br />principal sum yet owing to Secured Party in respect to the indebtedness described in
<br />Paragraph 2, along with interest and costs allocable thereto, however evidenced.
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