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<br />AGREEMENT SUBORDINATING EXISTING
<br />TRUST DEED TO NEW TRUST DEED
<br />
<br />Agreement made the 6TH day of OCTOBER , 2005, between DAVID J STODDARD AND
<br />KATHY STODDARD, HUSBAND AND WIFE, of 1607 S HARRISON ST., GRAND
<br />ISLAND, HALL COUNTY, State of Nebraska, herein referred to as trustor, Equitable Federal
<br />Savings Bank of Grand Island, of 113 N. Locust, Grand Island, Hall County, Nebraska, herein
<br />referred to as beneficiary.
<br />The parties recite and declare that:
<br />
<br />a. Trustor executed a trust deed on May 5,2004, in favor of beneficiary, which was recorded on June
<br />1, 2004, in the office of the Register of Deeds, of Hall County, State of Nebraska, as Document
<br />No. 200405457 covering the following described property (as defined in Neb. Rev. State. 76-201)
<br />in Hall County, Nebraska.
<br />
<br />Lot One (1), Farmington Subdivision, Hall County, Nebraska.
<br />
<br />b. The above mentioned trust deed was given as security for Loan, described in such
<br />trust deed, in the original amount of Thirty-Three Thousand Dollars and No/lOO---
<br />($33,000.00) Dollars, executed on May 5,2004, by trustor in favor of beneficiary.
<br />
<br />c. Trustor desires to obtain a loan in the amount of Three Hundred Fifteen Thousand and
<br />
<br />NollOO ($315,000.00) from EQUITABLE FEDERAL SAVINGS BANK OF GRAND ISLAND,
<br />
<br />113-115 N. Locust St., City of Grand Island, County of Hall, State of Nebraska, herein referred
<br />to as lender, but lender requires that such loan be secured by a trust deed that will be prior to the
<br />trust deed in favor of beneficiary.
<br />d. Beneficiary is willing to subordinate the lien of the trust deed in their favor insofar as
<br />it encumbers the above-described premises, to the trust deed made in favor of lender in order that
<br />
<br />trustor may obtain such loan from lender. Said Deed of Trust securing lender's lien was recorded
<br />on DC( t:> ~ \""'2-J "'Lc::>O c;- at Docume~t No.d-ocSl b \ ~5 ' in the
<br />Office of the Hall County Register of Deeds.
<br />
<br />For the reasons set forth above, and in consideration of the mutual covenants and
<br />
<br />promises of the parties hereto, trustor and beneficiary covenant and agree as follows:
<br />
<br />SECTION ONE
<br />SUBORDINA nON
<br />As an inducement to lender to grant such loan to trustor, beneficiary and trustor hereby
<br />subordinate the above-described trust deed of May 5, 2004, in favor of beneficiary, to the trust
<br />deed in favor of lender that is being recorded with this agreement. Beneficiary and trustor further
<br />
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