|
<br /> fil 10 ()
<br /> m ~
<br /> =- "TI
<br /> t c: ::t
<br /> n Z
<br /> 1: nO
<br />I\,) II ." >~
<br />S n c.n
<br />s ~ :t:
<br />(X)
<br />~
<br />s
<br />.j::o.
<br />01
<br />.j::o.
<br />
<br />
<br />
<br />
<br />-...-
<br />
<br />SUBORDINATION AGREEMENT
<br />
<br /> ....... m
<br /> c:::> o (j) :z
<br /> c.;;;:;> 0........ O:-t
<br /> c:o f'>g:]
<br /> ~ c;:'t>-
<br /> CJ z........
<br />~ ~ rTl -4'" <::) m
<br />C':) -<0 CJ
<br /> 0 >
<br />~~- f'.) 0-" en
<br />CD -"z co
<br />-., z
<br />CJ r :I:: IT] ~ en
<br />fTl -0 't>-CO ~
<br />,." ::3 r::O <::)
<br />C) r l> C
<br />(Jl (f) -C s::
<br /> c...:> :;:.:; m
<br /> l> U1 ~
<br /> ~ ~,.,...........
<br /> ..J: tn ..J: Z
<br /> (f) 0
<br /> !~'ISO
<br /> ..
<br />
<br />THIS AGREEMENT made and executed this 18th day of December, 2008, by Home
<br />Federal Savings and Loan Association of Grand Island, hereinafter referred to as "Subordinating
<br />Creditor" (whether one or more), for the benefit of HOME FEDERAL SAVINGS AND LOAN
<br />ASSOCIATION OF GRAND ISLAND, hereinafter referred to as "Secured Party".
<br />
<br />WITNESSETH:
<br />
<br />WHEREAS, Goodwill Industries of Greater Nebraska, Inc. , (whether one or more),
<br />hereinafter referred to as "Debtor", has granted to the Subordinating Creditor a Mortgage or Deed
<br />of Trust dated February 1,2000, and filed in the office of the Hall County Register of Deeds, on
<br />February 2, 2000 as document no. 0200000942 in respect to that real estate described as:
<br />
<br />A tract ofland comprising a part of the Southeast Quarter of the Southeast Quarter (SE Y-iSE Y-i)
<br />of Section Twenty-one (21), Township Eleven (11) North, Range Nine (9), West of the 6th P.M. in
<br />Hall County, Nebraska, more particularly described as follows:
<br />
<br />Beginning at a point Six Hundred Thirty-seven and Five Tenths (637.5) feet South and Three
<br />Hundred and Twenty-seven (327.0) feet West of the southeast comer of Block Sixteen (16),
<br />Pleasant Home Subdivision, an addition to the City of Grand Island, Nebraska; thence southerly
<br />parallel to the east line of said Section Twenty-one (21), a distance of One Hundred (100.0) feet;
<br />thence westerly parallel to the south line of said Pleasant Home Subdivision; a distance of Two
<br />Hundred and Sixty-four (264.0) feet; thence northerly parallel to the east line of said Section
<br />Twenty-one (21), a distance of One Hundred (100.0) feet; thence easterly parallel to said south
<br />line of Pleasant Home Subdivision, a distance of Two Hundred and Sixty-four (264.0) feet to the
<br />place of beginning and containing 0.606 acres, more or less.
<br />
<br />WHEREAS, the Secured Party has agreed to enter into a loan transaction with the
<br />Debtor, whereby certain funds are to be advanced to the Debtor conditional upon the Debtor
<br />providing the Secured Party with a first lien in respect to the above described real estate,
<br />hereinafter referred to as the "Collateral"; and
<br />
<br />WHEREAS, the Subordinating Creditor is willing to subordinate any lien it may have in
<br />respect to the Collateral by reason of Subordinating Creditor's Mortgage or Deed of Trust of
<br />record to perfect security whenever and wherever filed in order to assure the Secured Party of a
<br />first lien position in and to the Collateral;
<br />
<br />NOW, THEREFORE, it is agre~d:
<br />
<br />1. The Subordinating Creditor hereby consents to a subordination of its priority
<br />position to the Secured Party and agrees that its lien in respect to the Mortgage or Deed of Trust
<br />hereinabove described, if any, shall at all times be secondary to the extent herein provided and
<br />subject to the lien of the Secured Party in respect to the Collateral.
<br />
<br />2. The Subordinating Creditor hereby consents to the Debtor granting Secured Party
<br />a first lien in all the Collateral as described above to secure indebtedness to be advanced to
<br />Debtor by Secured Party, in the original principal amount of ONE MILLION FOUR HUNDRED
<br />THOUSAND AND no/Dollars ($1,400,000.00). Reccr!J&9 a.:~Ucc. ~aro8 )D45'J
<br />
<br />3. So long as an obligation is outstanding from Debtor to the Secured Party for
<br />indebtedness evidenced by Promissory Notes or other instruments of indebtedness to the extent
<br />herein provided in Paragraph 2, the Secured Party's interest in the Collateral shall have priority
<br />over the lien of the Subordinating Creditor in that collateral, and the Subordinating Creditor's
<br />interest in that Collateral is, in all respects, subject and subordinate to the security interest ofthe
<br />Secured Party to the extent of the principal sum yet owning to Secured Party in respect to the
<br />indebtedness described in Paragraph 2 along with interest and costs allocable thereto, however
<br />evidenced.
<br />
|