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<br /> 009 02:22 PM HOMEFEDERALNORTH 3083826338 i-..:> P.03/04 m
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<br /> Sl1BORDINATIOl>7 AGREEMENT 0
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<br />--- - rHIS AGREEMENT all\de and exe>c::uted this ,;}.Q-!h day of March, 2009, by NEBRASKA ENERGY FEDERAL
<br />CREDIT UNION, hereinafter referred to as "Subordinating Creditor" (wbether one or more), (/;Ir the benefit of HOME FEDERAL
<br />SAVINGS AND LOAN ASSOCi!\. TJON 01" GRAND ISLAND, hereinafter referred to as "Secured PIUty".
<br />WITNESSETH:
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<br />WHEREAS, Charles J Zaruba and CIW<'ndolyn R Zaruba, (whether one or more), hereinafie1" referred to as "Debtor", hllJil
<br />gnmted to the Subordinating Creditor a Monl~e or De&d ofTm.!lt dated APRn.. 1.2005, and filed in the office ofthc HALL County
<br />Regis~r of Deeda, on the 17TH day of MAY. 20()S, all DOQUment No, 200504424 in resptlct to that real eatate described as:
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<br />Lot ElrlVen (11), Le Hei8hUl Third Subdivision. in the City of Orand Isiand,liaU COUJ:Il:y, Nebraska.
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<br />WHEREAS. the Secured Party Mil llrgreed to enter Into a loan traMaetion with tho Debtor, whereby certain funds are to be
<br />adv~m:ed to the Debtor conditional upon the JDebtol." providing the SecUTed Party with a first lien in respeot to the above del!Cribe4 t'"efll
<br />estate, hereinafter ref'en-ed to as the "Collateral"; And
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<br />WHEREAS, the Subordinating Credlitor is willing to subordinate any lien it may bave in respect to the CoUateml by reason of
<br />Subordinating C1"editor's Mortgage or Deed ofTrnst of,-ccord to pemct security whenever and wherever filed in order to alilSllre the
<br />Secured Puty of a fim lien pOlilition in and to the Collateral;
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<br />NOW, TIlEREFORE, it ill agreed:
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<br />1. The Subordinating Creditor b~'by consents to a subordination of its priority pDilition to the Secured party IUld. agrees thaI
<br />its lien in reIlpect to the Mortgage or Deed of Trust hereinabove described, if any, shall at all times be secondary to the extent hemin
<br />provided and subJect to tho lien of the SCCW"CI~ Party in respect to the CollatCl."al.
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<br />2. The Subordinating Creditor hereby consents to the Debtor granting Seoured P~y a first lien in .a11 a,.. Collateral ll!l
<br />d~cribed above to secure indebtcdnellS to be advlUlced tQ Debtor by Secured Party, in the original principal amount of Seventy Four
<br />Thousand Nine lJ.upd:red Fifty Dollars &. OOIlOOths Dol18.nl ($14,950.00), rt!OorderJ, lp. the, offl~'?fthe HALL CO\:lnty Regillter of
<br />Deeds on the 6/..fu "t\.." day ofMaIrCb. 2009, as Document No. .;JDfJ!:LI-( )~ L:t:,~ .
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<br />3. So Jong as an obligation is outstlLlrxling from the Debtor to tl\e ScoUf"'4 party f"r indebtedness evidenced by Promissory
<br />Notes or other instruments ofind",btedneEls to the extent berein provided in Paragraph 2, the Secured Party's interest in the Collateral
<br />"hall bave priority to over the lien of the SUlxlrdit11lting C"4!lditot ifi that Collaternl. and the Subordinating Cre<Utor'" jnteTellt in that
<br />CoUatenl is, in all respects, mbJect and subordinate to the seourity interest of the Secured Party to the extent of the principal sum yet
<br />owing to Secured party in respect to the indebtedneRS de!ICribed in Paragraph 2 along with interest and costs allocable thereto, however
<br />evidenced.
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<br />4. So lOng IUI any portion of the d.es"ribed oblialltion to the Secured Party is outstanding lUld unpaid, the p:rovisdons of the
<br />Deed of Tmst or other instrument of security between the Debtor and the SecUf'ed Pm1y are controlling IUl to the Collateral in which
<br />Secured Party is to have a mt ElCcurity interelrt, including any time there ill a conflict between it and the provisions of any lien
<br />instrument granted to the Subordlnatin,g C~itQrnby the Deb_tor.
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<br />$. Thill Agreement is a continuina, 2~bsolute and unconditional asreement ofilubordination without regard to the validity or
<br />enforoeabillty of the Promi.ll-4Jory Notell or otht~r InstrUments of indebtedness between tbe Debtol." and the Secured party evidencing
<br />SUIIUI d\:le or documents granting a security inltcrest in the Collateral. irmspcctive of the time or order of attachment or perfection of the
<br />security interest in the ColJatoral or the ~deT ,otfUing the D~ed3 ofT1"m't or other inl'ltruments ofl!lCcwity with respeot to the Collat0n~1.
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<br />6. Thi~ Agrecmlent shall :remain in fI.t11 force and etl'ect and iil bifldjng upon the Subordfnatfns: Creditor and upon its
<br />successors and t\.!Illignll, RO tong.ftll any portion of the BWnl'l secured all describod in Pu.W'''Ph 3 are oUUJbmding and unpaid.
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<br />7. The Subordl~tirt8 Creditor aM IIgroell that the PromiSl101')' Notes or other inatNments ofincl"btednells of the Debtor
<br />evidencing the obligation between the Debtol." and tho Secured party may from time to time be renewed, extended, modified,
<br />compromised, accelemted, lIettleci or released,. without notice to or conllelU by the Subordinating Creditor.
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