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86- 103589 <br />SUBORDINATION OF MORTGAGE <br />KNOW ALL MEN BY THESE PRESENTS, that <br />WHEREAS, REX E. CARPENTER and JONADYNE A. CARPENTER, husband <br />and wife, hereinafter referred to as "Mortgagors ", did on the 4th <br />day of September, 1985, execute and deliver to Kenneth B. Knox <br />and Knox Construction Co. a mortgage upon certain real estate <br />located in Hall County, Nebraska, and legally described as: <br />I.ot Twenty -Three (23), in Block Two (2), in <br />Replat of Riverside Acres, an Addition to the <br />City of Grand Island, Hall County, Nebraska; <br />conditioned for and to secure the payment of One Thousand and <br />No /100 Dollars ($1,000.00) per month for Eighty -Four (84) months, <br />together with a balloon payment of Two Hundred Thousand and <br />No /100 Dollars ($200,000.00) at the end of the eighty- fourth <br />month, and the additional payment of the sum of Two Thousand Nine <br />Hundred Sixty -Four and No /100 Dollars ($2,964.00) for One Hundred <br />Twenty (120) months, together with a balloon payment of One <br />Hundred Fifty Thousand and No /100 Dollars ($150,000.00) at the <br />end of the one hundred twentieth month, which mortgage was <br />recorded in the Office of the Register of Deeds of Hall County on <br />the 13th day of September, 1985, as Document No. 85- 004487; and <br />WHEREAS, Mortgagors, for the purpose, among other things, of <br />paying or securing certain debts, have agreed to execute and <br />deliver a Loan Modification and Assumption Agreement with Release <br />upon the real estate to Home Federal Savings and Loan Association <br />of Grand Island conditioned for the payment of the sum of <br />Eighth -Two Thousand and No /100 Dollars ($82,000.00) , to be a <br />first mortgage upon the premises; <br />NOW, THEREFORE, Kenneth B. Knox and Knox Construction Co., <br />in consideration or the premises and for value received, the <br />receipt and adequacy of which is hereby acknowledged, does hereby <br />bargain, consent, promise and agree to and with Mortgagors, their <br />heirs and assigns, that the mortgage upon the premises thus to be <br />assumed by Mortgagors in favor of Home Federal Savings and Loan <br />Association of Grand Island, for the amount and interest above <br />mentioned, shall at all times be a prior mortgage and a prior <br />lien upon the premises to the mortgage of Kenneth B. Knox and <br />Knox Construction Co. as above described. <br />IN WITNESS WHEREOF, the ur.derstgned has ecUted this <br />Subordination of Mortgage on this `..�._ day of 0.1� _, 1986. <br />KNOX CONSTRUCTION CO. <br />i <br />neUhA B.t Kn x < its! Pre <br />_I- <br />