|
<br />e
<br />
<br />~~~.
<br />n:z
<br />"
<br />
<br />"
<br />r'~
<br />::c ~,
<br />,." ~.
<br /><I)~
<br />o "'\\;
<br />
<br />
<br />~r
<br />
<br />-u
<br />:3
<br />Nt
<br />en
<br />c....>
<br />
<br />PI
<br />l/J1t
<br />
<br />10
<br />m
<br />."
<br />c:
<br />('l Z
<br />~~~
<br />r")CJ)
<br />~x
<br />
<br />N
<br />S
<br />S
<br />();)
<br />S
<br />N
<br />N
<br />m
<br />();)
<br />
<br />p
<br />=-
<br />li
<br />i
<br />
<br />}
<br />/
<br />
<br />I".,~
<br />('.;,.:-,:Jt
<br /><.:;:>
<br />c;::o
<br />
<br />PV-l
<br />0,.....
<br />c::.)..
<br />z-;
<br />-;fTl
<br />-<0
<br />0"'"
<br />"":;m
<br />:::r: f"Tl
<br />ill'-~
<br />r;;b
<br />.)llo
<br />en
<br />:.00::
<br />..
<br />.........-
<br />
<br />G.
<br />~
<br />()
<br />
<br />::3
<br />=
<br />=0
<br />.......
<br />CO
<br />
<br />-
<br />
<br />SUBORDINATION AGREEMENT
<br />
<br />m
<br />~
<br />o ITI
<br />N~
<br />oC
<br />):>
<br />o en
<br />co2
<br />en
<br />c> -I
<br />:n
<br />N C
<br />~
<br />N I"
<br />en ~
<br />co 6
<br />
<br />THIS AGREEMENT made and executed this 17th day of March, 2008, by and between HOME FEDERAL SAVINGS AND - c7
<br />LOAN ASSOCIATION OF GRAND ISLAND, hereinafter referred to as "Subordinating Creditor" (whether one or more), and ~S"'-.
<br />HOME FEDERAL SAVINGS AND LOAN ASSOCIATION OF GRAND ISLAND, hereinafter referred to as "Secured Party". b
<br />WITNESSETH:
<br />
<br />WHEREAS, KC Hehnke and Deborah M Hehnke, (whether one or more), hereinafter referred to as "Debtor", has granted to
<br />the Subordinating Creditor a Mortgage or Deed of Trust dated April 21, 2005, and filed of record in the office of the Hall County
<br />Register of Deeds, on the 21 Sl day of April, 2005, as Document No. 200503756 in respect to that real estate described as:
<br />
<br />Part of the Northeast Quarter of the Southeast Quarter (NEl/4 SEI/4) of Section Four (4), Township
<br />Twelve (12) North, Range Eleven (11) West of the 6th P.M., in HaD County, Nebraska, more particularly
<br />described as follows: Beginning at the northeast corner of said Northeast Quarter of the Southeast
<br />Quarter (NEl/4 NEl/4h thence running sputherly along the east line of said Northeast Quarter of the
<br />Southeast Quarter (NEl/4 SEl/4), a distance of Five Hundred Fifty (550.0) feet; thence deflecting right
<br />89026'34" and running westerly n distance of Eight Hundred Thirty One and Sixty Four Hundredths
<br />(831.64) feet; thence deflecting right 90OJ3'26" and running northerly a distance of Five Hundred Fifty
<br />(550.0) feet, to a point on the north line of said Northeast Quarter of the Southeast Quarter (NEl/4
<br />SEl/4); thence deDetting right 89026'34" and running easterly along the north line of said Northeast
<br />Quarter of the Southeast Quarter (NEl/4 SE1I4), a distance of Eight Hundred Thirty One and Sixty Four
<br />.. Hundredths (831.64) feet, to the point of beginning.
<br />,.. ...._.,-..... d.' _ ._. _.. ....
<br />""iW,Y..., __"... ,.... \. : ~,. ',,\"
<br />
<br />
<br />~AS~";~ Sec~~' Party has. agreed to enter into a loan transaction with the Debtor, whereby certain funds are to be
<br />advanced to the Debtor conditional upon the 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 />
<br />WHEREAS, the Subordinating Creditor is willing to subordinate any lien it may have in respect to the Collateral by reason of
<br />Subordinating Creditor's Mortgage or Deed of Trust of record to perfect security whenever and wherever filed in order to assure the
<br />Secured Party of a first lien position in and to the Collateral;
<br />
<br />NOW, THEREFORE, it is agreed:
<br />
<br />1. The Subordinating Creditor hereby consents to a subordination of its priority position to the Secured Party and agrees that
<br />its lien in respect to the Mortgage or Deed of Trust hereinabove described, if any, shall at all times be secondary to the extent herein
<br />provided and subject to the lien of the Secured Party in respect to the Collateral.
<br />2. The Subordinating Creditor hereby consents to the Debtor granting Secured Party a first lien in all the Collateral as
<br />described above to secure indebtedness to be advanced to Debtor by Secured Party, in the original principal amount of
<br />Two Hundred Twenty Three Thousand Four Hundred Fifty and OO/lOOths Dollars ($~50.0~, recorded in the office of the Hall
<br />County Register of Deeds on the J'I'- day of March, 2008, as Document No. c;, -~ 6/) .
<br />3. So long as an obligation is outstanding from the Debtor to the Secured Party for indebtedness evidenced by Promissory
<br />Notes or other instruments of indebtedness to the extent herein provided in Paragraph 2, the Secured Party's interest in the Collateral
<br />shall have priority to over the lien of the Subordinating Creditor in that Collateral, and the Subordinating Creditor's interest in that
<br />Collateral is, in all respects, subject and subordinate to the security interest of the Secured Party to the extent of the principal sum yet
<br />owing to Secured Party in respect to the indebtedness described in Paragraph 2 along with interest and costs allocable thereto,
<br />however evidenced.
<br />4. So long as any portion of the described obligation to Secured Party is outstanding and unpaid, the provisions of the Deed
<br />of Trust of other instrument of security between the Debtor and the Secured Party are controlling as to the Collateral in which Secured
<br />Party is to have a first security interest, including any time there is a conflict between it and the provisions of any lien instrument
<br />granted to the Subordinating Creditor by the Debtor.
<br />5. This Agreement is a continuing, absolute and unconditional agreement of subordination without regard to the validity or
<br />enforceability of the Promissory Notes or other instruments of indebtedness between the Debtor and the Secured Party evidencing
<br />sums due or documents granting a security interest in the Collateral, irrespective of the time or order of attaclunent or perfection of the
<br />security interest in the Collateral or the order of filing the Deeds of Trust or other instruments of security with respect to the Collateral.
<br />6. This Agreement shall remain in full force and effect and is binding upon the Subordinating Creditor and upon its
<br />successors and assigns, so long as any portion of the sums secured as described in Paragraph 3 are outstanding and unpaid.
<br />7. The Subordinating Creditor agrees that the Promissory Notes or other instruments of indebtedness of the Debtor
<br />evidencing the obligation between the Debtor and the Secured Party may from time to time be renewed, extended, modified,
<br />compromised, accelerated, settled or released, without notice to or c6ns~tby;the spij.o. riilnating Creditor.
<br />'_ ri
<br />
|