200511633 - Laserfiche WebLink

Browse

.-J>' .. 200511633 4. So long as any portion of the described obligation to the Secured Party is outstanding and unpaid, the providions of the Deed of trust or other instrument of security between the Debtor and the Secured Party are controlling as to the collateral in which Secured Party is to have a first security interest, including any time there is a conflict between it and the provisions of any lien instrument granted to the Subordinating Creditor by the Debtor. 5. This Agreement is a continuing, absolute and unconditional agreement of subordiantion without regard to the validity or enforceability of the Promissory Notes or other instruments of indebtedness between the Debtor and the Secured Party evidencing sums due or documents granting a security interest in the Collateral, irrespective of the time or order of attachmentor perfection of the security interest in the Collateral or the order of filing the Deeds of Trust or other insturments of security with respect to the Collateral. 6. This Agreement shall remain in full force and effect and s binding upon the Subordinating Creditor and upon its successors and assigns, so long as any portion of the sums secured as described in Paragraph 3 are outstanding and unpaid. 7. The Subordinating Creditor agrees that the Promissory notes or other instruments of indebtedness of the Debtor evidencing the obiligation between the Debtor and the Secured Party may from time to time be renewed, extended, modified, compromised, accelerated, settled or released, without notice to or consent by the Subordinating Creditor. The Meadows Apartment Homes, L.L.C. By; Raym!J. O'Connor, PresidenU Managing Member "Subordinating Creditor" ST A IE OF NEBRASKA) (ss: COUNTY OF HALL ) Before me, a Notary Public qualified in said County, personally carne Raymond 1. O'Connor, President/Managing Member of The Meadows Apartment Homes, L.L.e. known to me to be the identical person who signed the foregoing Subordiantion Agreement on behalf of such entity, and acknowledged the execution thereof to be his voluntary aet and deed on behalf of sueh entity. Witness my hand and notarial seal on this -1L---- day of /11J/t (1) jRr , 2005. GENERAL NOTARY. State of Nebraska YVONNE L WRIGHT My Comm. Exp. Sept. 30, 2006