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<br />SUBORDINATION AGREEMENT
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<br />NOTICE; THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY
<br />INTEREST IN THE PROPERTY BECOMING SUBJECT TO AND OF LOWER
<br />PRIORITY THAN THE LIEN OF SOME OTHER OR LATER SECUIR TY
<br />INSTRUMENT.
<br />
<br />THIS AGREEMENT, made this 12th day of September, 2006, by Galen Williams
<br />and Rebecca J. Williams, husband and wife, owners of the land hereinafter described and
<br />hereinafter referred to as "Owner", and Competitive Mortgage, present owner and holder
<br />ofthe Deed of Trust and Note first and hereinafter described and hereinafter referred to
<br />as "Beneficiary".
<br />
<br />WITNESSETH:
<br />
<br />THAT, WHEREAS, Galen Williams and Rebecca J. Williams, married persons,
<br />DID EXECUTE a Deed of Trust dated January 14, 2005 to the City of Grand Island,
<br />covering:
<br />
<br />Fractional Lot Six (6), Block Fifteen (15), Lambert's Addition to the City
<br />of Grand Island, Hall County, Nebraska and Fractional Lot Seven (7),
<br />except the Westerly Thirteen and Two Tenths (13.2) feet thereof, and all
<br />of Fractional Lot Eight (8), Block Eight (8), Evans Addition to the City of
<br />Grand Island, Hall County, Nebraska.
<br />
<br />To secure a Note in the sum of $13,500.00 dated January 14, 2005 in favor of the City of
<br />Grand Island, which Deed of Trust was recorded January 14,2005, as Document No.
<br />200500390 in the Official Register of Deeds Office of Hall County and
<br />
<br />WHEREAS, Owner has executed, or are about to execute, a Deed of Trust and
<br />Note in the sum of$63,000.00 dated September 12, 2006 in favor of New Century
<br />Mortgage, hereinafter referred to as "Beneficiary" payable with interest and upon the
<br />terms and conditions described therein, which Deed of Trust is to be recorded
<br />concurrently herewith; and \lt ~* ;)Q::?607B,;1.G.
<br />
<br />IT IS RECOMMENDED THAT, PRIOR TO THE EXECUTION OF THIS
<br />SUBORDINATION AGREEMENT, THE PARTIES CONSULT WITH THEIR
<br />ATTORNEYS WITH RESPECT THERETO.
<br />
<br />WHEREAS, it is a condition precedent to obtaining said loan that said Deed of
<br />Trust last above mentioned shall unconditionally be and remain at all times a lien or
<br />charge upon the land hereinbefore described, prior and superior to the lien or charge of
<br />the Deed of Trust first above mentioned; and
<br />
<br />WHEREAS, Beneficiary is willing to make said loan, provided the Deed of Trust
<br />securing the same is a lien or charge upon the above-described property prior and
<br />superior to the lien or charge of the Deed of Trust first above mentioned and provided
<br />that Beneficiary will specifically and unconditionally subordinate the lien or charge of the
<br />Deed of Trust first above mentioned to the lien or charge of the Deed of Trust in favor of
<br />Beneficiary; and
<br />
<br />WHEREAS, it is to the mutual benefit of the parties hereto that Beneficiary make
<br />such loan to Owners; and Beneficiary is willing that the Deed of Trust securing the same
<br />
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