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<br /> SUBORDINATION AGREEMENT 0
<br />
<br />
<br />
<br />THIS AGREEMENT made and executed this ~ day of February, 2009, by and between HOME FEDERAL SAVINGS-'O
<br />AND LOAN ASSOCIATION OF GRAND ISLAND, hereinafter referred to as "Subordinating Creditor" (whether one or more), and \J'.-
<br />HOME FEDERAL SAVINGS AND LOAN ASSOCIATION OF GRAND ISLAND, hereinafter referred to as "Secured Party". \: 0
<br />WITNESSETH:
<br />
<br />WHEREAS, Dan Lacey and Pat Lacey, (whether one or more), hereinafter referred to as "Debtor", has granted to the
<br />Subordinating Creditor a Mortgage or Deed of Trust dated July 19,2005, and filed of record in the office of the Hall County Register
<br />of Deeds, on the 18th day of August, 2005, as Document No. 200508072 in respect to that real est.rtede~~~ ~i.'i--' . "____.
<br />,.., ..r l,.,,,. 'i;'''~' llAA3.,:r ~ '
<br />
<br />Lot Sixteen (16), LeHeights Third Subdivision, City of Grand Island, Hall County, Neb!~!'/;t'~~~r~~......:;}:.-:-:....J
<br />
<br />WHEREAS, the Secured Party has agreed to enter into a loan transaction with the Debtor, whereby certain funds are to be
<br />advanced to the Debtor conditional upon the Debtor providing the Secured Party with a tirst lien in respect to the above described real
<br />estate, hereinafter referred to as the "Collateral"; and
<br />
<br />WHEREAS, the Subordinating Creditor is willing to subordinate any lien it may have in respect to the Collateral by reason of
<br />Subordinating Creditor's Mortgage or Deed of Trust of record to perfect security whenever and wherever filed in order to assure the
<br />Secured Party of a first lien position in and to the Collateral;
<br />
<br />NOW, THEREFORE, it is agreed:
<br />
<br />1. The Subordinating Creditor hereby consents to a subordination of its priority position to the Secured Party and agrees that
<br />its lien in respect to the Mortgage or Deed of Trust hereinabove described, if any, shall at all times be secondary to the extent herein
<br />provided and subject to the lien of the Secured Party in respect to the Collateral.
<br />2. The Subordinating Creditor hereby consents to the Debtor granting Secured Party a first lien in all the Collateral as
<br />described above to secure indebtedness to be advanced to Debtor by Secured Party, in the original principal amount of Seventy Nine
<br />Thousand and OOIlOOths Dollars ($79,000.00), recorded in the office of the Hall County Register of Deeds on the 'l,\..h day of
<br />February, 2009, as Document No. Q :100'1 co & ~ 1
<br />3. So long as an obligation is outstanding from the Debtor to the Secured Party for indebtedness evidenced by Promissory
<br />Notes or other instruments ofindebtedness to the extent herein provided in Paragraph 2, the Secured Party's interest in the Collateral
<br />shall have priority to over the lien of the Subordinating Creditor in that Collateral, and the Subordinating Creditor's interest in that
<br />Collateral is, in all respects, subject and subordinate to the security interest of the Secured Party to the extent of the principal sum yet
<br />owing to Secured Party in respect to the indebtedness described in Paragraph 2 along with interest and costs allocable thereto,
<br />however evidenced.
<br />4. So long as any portion of the described obligation to Secured Party is outstanding and unpaid, the provisions of the Deed
<br />of Trust of other instrument of security between the Debtor and the Secured Party are controlling as to the Collateral in which Secured
<br />Party is to have a first security interest, including any time there is a conflict between it and the provisions of any lien instrument
<br />granted to the Subordinating Creditor by the Debtor.
<br />5. This Agreement is a continuing, absolute and unconditional agreement of subordination without regard to the validity or
<br />enforceability of the Promissory Notes or other instruments of indebtedness between the Debtor and the Secured Party evidencing
<br />sums due or documents granting a security interest in the Collateral, irrespective ofthe time or order of attachment or perfection ofthe
<br />security interest in the Collateral or the order of tiling the Deeds of Trust or other instruments of security with respect to the Collateral.
<br />6. This Agreement shall remain in fuIl force and effect and is binding upon the Subordinating Creditor and upon its
<br />successors and assigns, so long as any portion of the sums secured as described in Paragraph 3 are outstanding and unpaid.
<br />7. The Subordinating Creditor agrees that the Promissory Notes or other instruments of indebtedness of the Debtor
<br />evidencing the obligation between the Debtor and the Secured Party may from time to time be renewed, extended, modified,
<br />compromised, accelerated, settled or released, without notice to or consent by the Subordinating Creditor.
<br />
<br />
<br />Barry . S dstrom, President and CEO
<br />HOMEF ERALSAYmGSANDLOAN
<br />ASSO IATION OF GRAND ISLAND
<br />"Secured Party"
<br />
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