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<br /> AGREEMENT SUBORDINATING EXISTING
<br /> TRUST DEED TO NEW TRUST DEED
<br />
<br />
<br />
<br />Agreement made the 2ND day of FEBRUARY ,2009, between THOMAS E TOWNE
<br />AND TAMI S TOWNE, HUSBAND AND WIFE, of 1609 MEADOW RD. GRAND ISLAND, HALL
<br />COUNTY, State of Nebraska, herein referred to as trustor, Equitable Bank, fonnerly known as,
<br />Equitable Federal Savings Bank of Grand Island, fonnerly known as The Equitable Building and
<br />Loan Association of Grand Island, Nebraska, of 113-115 N Locust St., Grand Island, Hall
<br />County, Nebraska, herein referred to as beneficiary and Trustee.
<br />The parties recite and declare that:
<br />
<br />--
<br />
<br />~~
<br />o
<br />
<br />a. Trustor executed a trust deed on NOVEMBER 10,2008, in favor of beneficiary, which
<br />were recorded on November 19,2008, in the office of the Register of Deeds as Instrument No.
<br />200809558, in Hall County, State of Nebraska, covering the following described property (as
<br />defined in Neb. Rev. State. 76-201) in Hall Coooty, Nebraska.
<br />LOT EIGHT (8), BLOCK THREE (3), SUMMERFIELD ESTATES FOURTH SUBDIVISION, IN THE
<br />CITY OF GRAND ISLAND, HALL COUNTY, NEBRASKA
<br />
<br />b. The above mentioned trust deed was given as security for Loan, described in
<br />trust deed, in the original amount of Forty Five Thousand Six Hundred Thirty and 74/100
<br />Dollars ($45,630.74) executed on November 10,2008, by trustor in favor of beneficiary.
<br />c. Trustor desires to obtain a loan in the amount of Two Hundred Thirty Eight Thousand
<br />and No/100 Dollars---($238,000.00) from EQUITABLE BANK, 113-115 N. Locust St., City of
<br />Grand Island, County of Hall, State of Nebraska, herein referred to as lender, but lender requires
<br />that such loan be secured by a trust deed that will be prior to the trust deed in favor of
<br />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 />trustor may obtain such loan from lender. For the reasons set forth above, and in consideration of
<br />the mutual covenants and promises of the parties hereto, trustor and beneficiary covenant and
<br />agree as follows
<br />
<br />SECTION ONE
<br />SUBORDINATION
<br />As an inducement to lender to grant such loan to trustor, beneficiary and trustor hereby
<br />subordinate the above-described trust deed of November 10, 2008, in favor of beneficiary, to the
<br />trust deed in favor of lender that is being recorded with this agreement on
<br />re!rUA.A ~ ct, J.lO'1 .lDocument No. ~ t7t7100 15 l/'l in the Office of the
<br />Hall County egister of Deeds. Beneficiary and trustor further agree that the hen ofthe trust deed
<br />in favor of lender shall be and is in all respects a lien prior and superior to the lien of the trust
<br />deed in favor of beneficiary.
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