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<br />:t- <br />o <br />;5 <br />z <br />~ <br />CO') <br />rn <br />-I <br />=i <br />r- <br />m <br />~ <br />m <br />:;.0 <br />:5 <br />(") <br />rn <br />V) <br /> <br /><n <br />00 <br /> <br />o<n <br />C> -l <br />c:;)> <br />z-l <br />-1"" <br />-<0 <br />0-" <br />-"z <br />::r:: fTI <br />1> CD <br />r- :;0 <br />r> <br />(j') <br />:::-;: <br />)> <br />-.-- <br /> <br />N <br />IS <br />IS <br />CO <br />IS <br />N <br />CO <br />N <br />c:o <br /> <br />SUBORDINATION AGREEMENT <br />200802829 .' <br />COMES NOW the City of Grand Island, Nebraska, secured party/beneficiary and hereby <br />subordinates its trust deed/real estate lien recorded August 12, 2005 on the following described <br />real estate: <br /> <br />Lot One (1) in Homestead Second Subdivision, Hall County, Nebraska <br />a/k/a 3324 Homestead Drive <br /> <br />It is the intent of this Agreement that the trust deed for amounts loaned by Pathway to <br />Douglas A. and Angela M. Boersen (Borrowers) that has been or is about to be filed, shall be <br />superior to the trust deed/real estate lien of the City of Grand Island, its successors and assigns <br />recorded August 12,2005, up to the amount of $132,500 plus interest and amounts advanced to <br />protect the collateral. Thereafter, the City of Grand Island's lien shall have priority. It is further <br />understood that this subordination shall include all current obligations, extensions, renewals, <br />advances or modifications made by the City of Grand Island, Nebraska to Borrowers which is <br />secured by the trust deed/real estate lien recorded August 12, 2005 as Document Number <br />0200507865 in the records of the Register of Deeds of Hall County, Nebraska. Nothing in this <br />Subordination Agreement is intended as a promise to provide financing or make advances to <br />Borrowers by the City of Grand Island, Nebraska and it is not the intention of the City of Grand <br />Island, Nebraska to warrant or guarantee the obligations of Borrowers but merely to subordinate <br />its lien interests under the instrument recorded at Document Number 0200507865. It is <br />understood that Pathway intends to lend funds to Borrower/s but that the amount that will be <br />superior to the City of Grand Island's lien is not to exceed $132,500 plus interest and amounts <br />advanced to protect the collateral. <br />Nothing in this instrument is intended to relieve Borrowers of their obligation to make <br />payments to the City of Grand Island, Nebraska or to subordinate any other lien interests <br />including, but not limited to, real estate taxes and special assessments. <br /> <br />Dated: \\\wc..,h..~5 ~ <br />; <br /> <br />City of Grand Island, Nebraska <br /> <br />BY~~_ <br />Marg ret Hornady, Mayor <br /> <br />STATE OF NEBRASKA ) <br />)S5. <br />COUNTY OF HALL ) <br /> <br />The foregoing instrument was acknowledged before me on \'\\0..1 e,.,\- a5 <br />2008, by Margaret Hornady, Mayor of the City of Grand Island, Nebraska. <br /> <br />GENERAl NOTARY. State of Nebtaka Q 0.\'\ ().f) 9 JJ wo.rJ:b.. <br />RANAE EDWARDS Notary Public <br />Comm. Exp. Dec. 29, 2010 <br /> <br />~~ <br /> <br />O@ <br />0> <br />coCF> <br />02: <br />CF> <br />NiJ <br />0)<= <br />s:: <br />N ", <br />(O~ <br />::: <br />o <br /> <br />~.~. <br />'0' <br />~ <br />