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<br />SUBORDINATION AGREEMENT
<br />
<br />THIS AGREEMENT made and executed this ~ day of Up, ri'..h ,2009 by Fedetal Home Loan Bank of Topeka
<br />hereinafter referred to as "Subordinating Creditof' (whether one or more), or the benefit of HOME FEDERAL SAVINGS AND
<br />LOAN ASSOCIATION OF GRAND ISLAND, hereinafter referred to as "Secured party".
<br />Wl1NESSETH:
<br />
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<br />WHEREAS, Leslio R Belt:>: and , (whether one or more), hereinafter referred to as "Debtor", has granted to the Subordinating
<br />Creditor a Mortgage or Deed of Trust dated June 12,2008, and filed in the office oftbe Hall County Register of Deeds, on the 13th
<br />day of June, 2008, as Document No. 200805122 in rcspect to that real ..IlIte desctihed as:
<br />
<br />Lot Six (6), Park Gardens Second Subdivision, in the City of Grand Island, Hall County, Nebraska.
<br />
<br />WHEREAS, the Secured Party has agreed to enter into a loan transaction with the Debtor, whereby certain funds are to he
<br />advanced to the Debtor conditional upon the Debtor providing tbe Secured Party with a first lien in respect to the above described .....1
<br />estate, hereinafter referred to as the "Collateral"; and
<br />
<br />WHEREAS, the Subordinating Credito, is willing to subordinate any lien it may have in respect to the Collateral by .....son of
<br />Subordinating Creditor', Mortgage or Deed of Trust of record to perfect security whenever and wherever filed in order to a..ure the
<br />Secured Party of a first lien position in and to the Collateral;
<br />
<br />NOW, THEREFORE, it is sgreed:
<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 />
<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 prillCipal amount of Eighty Two
<br />Tbollliaru,! Two lIundred Fifty ollars & 0/100the ($82,250.00), recorded in the office of the fJtl Coun~~er of Deeds on the
<br />?- .. " day of \ , 2009 as Document No. 1066 - tJf} .
<br />
<br />3. So long as an obligation is outstanding from the Debtor to the Secured Party for indebtedness evidenced by Promisso!)'
<br />Notes 0' other inatroments of indebtedness to the extent heroin provided in Paragraph 2, the Secured Party's interest in the Collateral
<br />shall have priority to over the lion of the Subordinsting Creditor in that Cellateral, and the Subordinating Creditor's interest in that
<br />Collateral is, in all respects, subjectlllld subordinate to the security interest of the Secured Party to tbe extent of the principal sum yet
<br />owillg to Secured party in respect to the indebtedness descnlled in Paragreph 2 along with interest and costs allocable thereto, however
<br />evidenced.
<br />
<br />4. So long ss any portion of the described obligation to the Secured Party is out.tanding and unpaid, the provisions of the
<br />Deed of Trust or other instrument of security between the Debtor and the Secured Party are controlling ss to the Collateral in which
<br />Secured Party is to have a first security interest, including any time thero i. a conflict between it and the provisions of any lien
<br />instrument grllllted to the Subordinating Creditor by the Debtor.
<br />
<br />5. 1bis Agreement is a continuing, absolute and unconditiolUll agreement of .ubordination without regard to the validity or
<br />enforceability of the Promisso!)' Notes or other instruments of indebtedness between the Debtor and the Secured Party evidencing
<br />sum. due or documents ;ranting a security interest i,. the Collateral, irrespective of the time or orde, of .lbehment or perfection of the
<br />security interest in tbe Collateral or the order of filing the Deeds of Trust or other instruments of security with respect to the Collateral.
<br />
<br />6. 1bis Agreement shall remain in full force and effect and is bindine upon the Subordinating Creditor end upon its
<br />successors and sssigns, $0 long ss any portion ef the surns secured as described in Paragraph 3 are outstanding and unpaid.
<br />
<br />7. The Subordinating Creditor and agrees that the PromiSIiO!)' Notes or other instrument. of indebtedness of the Debtor
<br />evidencing the obligation between tha 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.
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