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I SUBORDINATION OF REAL PROPERTY MORTGAGE 83-Q04885 It is agreed between the City of Grand Island, Nebraska, A Municipal Corpora tion, hereinafter called first party, and Rothschild Financial Corporation, hereinafter called second party, that: Whereas, the first party has a mortgage for $20,944.50 recorded as Document Number 82-00487.5 in the Register of Deeds office of Hall County, Nebraska, on the following described property in said county: A certain part of the Southeast Quarter (SE 114) of Section One (1), Town- ship Eleven (11) North, Range Ten (10) West of the 6th P.M., Hall County, Nebraska, more particularly described as follows: Commencing at a point on the East line of the Southeast Quarter (SE 1/4) of said Section One (1), "hich point is 412.5 feet North of the Southeast Quarter (SE 114) of said Section One (1), running thence North along and upon the East line of the Southeast Quarter (SE 1/4) of said Section One (1), 82.5 feet; running thence West and parallel to the South line of the Southeast Quarter (SE 1/4) of said Section One (1); 246.0 feet; running thence South and parallel to the East line of the Southeast Quarter (SE 1/4) of said Section One (1) 82.5 feet; running thence East "nd parallel to the South line of the south- east QlUIrter (Sf 114) of said Section One (1), 264.0 feet; to the point of beginning, Hall County, Nebraska. and~ Whereas, the. second party wi L 1 only pn)vide the mortgagors of first party's mortgage with.& tong term loan to replace mortgagors' ex.isting short term coostruction loan 1. f the fi.rst party will grant a subrogation of its priority rights to the right5 of second party~s mortgage on the ~bove real property given 4S security for said long term 10an; ~nd Whereas, said long term loan by the second party will advance the purposes of the first party'. rehabilitation program ..hieh includes the subject property, and wi 11 inct~as~ the .'lbil i ty of the first party's mortgagors to meet thei.r obligations under .said r<-,;.-habilitation progt"ilUl; Now, therefo-r~, in c\)n5ider~jtiot1 of such advant8ge to the first party and as an induc-e.ment for th~ making of such 3 In.an by the s-e(:nnd party, the first party agrees that th~ I i~n of its mortgagf:! above describe,d shalL be subsequent and .subordinate to the li~n .of .'H1Y mortgag.e granted to the second party for such long term loan in a prin-eipal sum not ex:cet"tding $50,000. Dated: THE CITY OF GRAND lSLAND, NEBRASKA A Municipal Corporation ....7 'IL_~~ . or- ATTES!: ~~~r ( STAn; OF llE8llASKA) as. COUNTY OF HAt.L Tbe foregoing ingtrument was acknowledged before me this J7 day of 9.o..t~.~ ' 198', hy Robert L. Kriz, Mayor of the City of Grand ~lan4, N. askl!<,a municipal corporation, on behalf of the corporation. C I -17). '~i0-i..A'-<r /, ~ Notary Public. " /Cff3 :;....~y _~l GEN. liA\. W) t.AAiAi. IIUliA\.. S'tJr..11 tW- ''It-.a~..ASK'' C~:1A1?"',.j/!,< b~ llltpir....: /;:) J( e.ft:,"~'V .~ ..J. f~::;_ 7'4, 118J