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<br /> SUBORDINATION AGREEMENT co (f)
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<br />
<br />NOTICE: THIS SUBORDINA nON AGREEMENT RESULTS IN YOUR SECURITY
<br />INTEREST IN THE PROPERTY BECOMING SUBJECT TO AND OF LOWER
<br />PRIORITY THAN THE LIEN OF SOME OTHER OR LATER SECURITY
<br />INSTRUMENT.
<br />
<br />THIS AGREEMENT, made this 26th day of January, 2009, by Todd Richard
<br />Russell, owner of the land hereinafter described and hereinafter referred to as "Owner,"
<br />and Heritage Bank, present owner and holder of the Mortgage and Note first and
<br />hereinafter described and hereinafter referred to as "Beneficiary;"
<br />
<br />WITNESSETH:
<br />
<br />THAT, WHEREAS, Todd Richard Russell, an unmarried individual, did execute
<br />a Deed of Trust dated January 5, 2005, to Heritage Bank, covering:
<br />
<br />A certain part of the Southwest Quarter of the Northwest Quarter (SW 1/4NWI/4) of Section Three (3), Township Nine (9) North,
<br />Range Nine (9) West ofthe <t P.M., Hall County Nebraska, more particularly described as: Begiming at a point where the North line
<br />of the Southwest Quarter (SWI/4) of the Northwest Quarter (NWI/4) of Section 3, in Township 9 North, Range 9 West of the 6th
<br />P.M., intersects with the East right of Way line of the State and Federal Highway known as 281, which point is 51.75 feet East of the
<br />Northwest comer of the Southwest Quarter (SWI/4) of the Range 9 West of the 6th P.M., running thence East along and upon the
<br />North line of the Southwest Quarter (SWI/4) of the Northwest Quarter (NWI/4) of said Section 3, 272.25 feet, running thence South
<br />parallel to the West line of the Southwest Quarter (SW 1/4) of the Northwest quarter (NWI/4) of said Section 3, 337.0 feet, running
<br />thence West parallcl to the North line of the Southwest Quarter (SWI/4) of the Northwest Quarter (NWI/4) of said Section 3, 271.8
<br />teet, to a point on the East Right of Way line of the State and Federal Highway known as 281, running thence North upon and along
<br />the East Right of Way line of State and Federal Highway known as 281,337.00 teet to the Actual Point of Beginning.
<br />
<br />to'secure a Note in the sum of $5,905.85 dated Decembei24, 2004, in favor of Heritage
<br />Bank, which Deed of Trust was recorded January 5, 2005, as Document No. 0200500142
<br />in the Official Register of Deeds Office of Hall County; and
<br />
<br />WHEREAS, Owner has executed, or is about to execute, a Deed of Trust and
<br />Note in the sum of $126,400.00, dated February ~, 2009, in favor of TierOne Bank,
<br />hereinafter referred to as "Lender," payable with interest and upon the terms and
<br />conditions described therein, which Deed of Trust is to be recorded concurrently
<br />herewith; and p.eC.t~"fl:e[) tL".:> ~~ [):::tYl.coq7?
<br />
<br />IT IS RECOMMENDED THAT, PRIOR TO THE EXECUTION OF THIS
<br />SUBORDINATION AGREEMENT, THE PARTIES CONSULT WITH THEIR
<br />ATTORNEYS WITH RESPECT THERETO.
<br />
<br />WHEREAS, it is a condition precedent to obtaining said loan that said Deed of
<br />Trust last above mentioned shall unconditionally be and remain at all times a lien or
<br />charge upon the land hereinbefore described, prior and superior to the lien or charge of
<br />the Deed of Trust first above mentioned; and
<br />
<br />WHEREAS, Lender is willing to make said loan, provided the Deed of Trust
<br />securing the same is a lien or charge upon the above-described property prior and
<br />superior to the lien or charge of the Deed of Trust first above mentioned and provided
<br />that Beneficiary will specifically and unconditionally subordinate the lien or charge of the
<br />Deed of Trust first above mentioned to the lien or charge of the deed of Trust in favor of
<br />Lender; and
<br />
<br />WHEREAS, it is to the mutual benefit of the parties hereto that Lender make such
<br />loan to Owner; and Beneficiary is willing that the Deed of Trust securing the same shall,
<br />when recorded constitute a lien or charge upon said land which is unconditionally prior
<br />and superior to the lien or charge of the Deed of Trust first above mentioned.
<br />
<br />NOW, THEREFORE, in consideration of the mutual benefits accruing to the
<br />parties hereto and other valuable consideration, the receipt and sufficiency of which
<br />consideration is hereby acknowledged, and in order to induce Lender to make the loan
<br />above referred to, it is hereby declared, understood, and agreed as follows:
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