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I 83-0CJ1443 I t is agreed between the City of Grand Island, Nebraska, A Municipal Corpora tion, hereinafter called first party, and Overland National Bank, hereinafter called second party, that: SUBORDINATION OF REAL PROPERTY MORTGAGE Whereas, the first party has a mortgage for $20,000.00 recorded as Document Number 83-000848 in the Register of Deeds office of Hall County, Nebraska, on the following described property in said county: Lot Six (6), in Fractional Block Six (6), in H. G. Clark's Addition to the City of Grand Island, Hall County, Nebraska and; Whereas, the second party will only provide the mortgagors of first party's mortgage with a long term loan to replace mortgagors' existing short term construction loan if the first party will grant a subrogation of its priority rights to the rights of second party's mortgage on the above real property given as security for said long term loan; and Whereas, said long term loan by the second party will advance the purposes of the first party's rehabilitation program which includes the subject property, -and will increase the ability of the first party's mortgagors to meet their obligations under said rehabilitation program; Now, therefore, in consideration of such advantage to the first party and as an inducement for the making of such a loan by the second party, the first party agrees that the lien of its mortgage above described shall be subsequent and subordinate to the lien of any mortgage granted to the second party for such long term loan in a principal sum not exceeding $52,000. Dated: 'YI\.O,hc.,t---- <;)5) \ ~ 8'3 THE CITY OF GRAND ISLAND, NEBRASKA A Municipal Corporation ....._,~t... I -.l-~ i1~,dJ - ATTEST: ss. '.:-- .,'- "\~~$;' STATE OF NEBRASKA) COUNTY OF HALL -fI. Thell.o.~o_r."ll.?i~g instrument was acknowledged before me this:2.::J day of I T\,Q.J~ , 1983, by Robert 1. Kriz, Mayor of the City-of Grand Island, Nebraska, a municipal corporation, on behalf of the corporation. y. --<'..'r..i'--,.t.'ruz.- CJ s!/ ()...'-u~:tL:.' "Notary Public My cODDDission expires: d.L~/n&...eh) d.?, 1<{2:; .. 6 ~""",-St.......... ~.-.~., IotccoIG ... .......... '... OVERLAND NATIONAL BANK '-." .-----...,. ) / '? /1--.,__ -~_~ J, \;iL:,-,<:/'LL./ Repres tat lve ' ()::Z$2/f ('I J. \- ()_~/t..u___~ SUTE OF NEBRASKA) ss. COUtlTY OF HALL The foregoing instrument was acknowledged before ~~1 ' 1983, by f~f~;~'1r the corporatlon. me this ~bL_day of on behalf of My co_inion expires: ~ l), /9'6"1 /~.nht./h1(: ~ Notary Pu llc