|
<br />
<br />
<br />
<br />
<br /> M
<br /> -n m f11
<br />
<br /> N- r a N . = rn ~m~77-~ fV
<br /> ~ ~ - < v CJ
<br /> ~ o ~ n cn o
<br /> Co
<br /> 00 M x} t~ c::)
<br /> cn Cr,
<br /> CAD
<br /> ►CrI-~ Gn 1~ co
<br />
<br />
<br /> SUBORDINATION
<br /> THIS AGREEMENT made and executed this 14'4 day of April, 2009, by Nebraska Energy Federal Credit Union,
<br /> hereinafter refired to as "Subordinating Creditor"(whether one or more), for the benefit of HOME FEDERAL SAVINGS AND
<br /> IRAN ASSOCIATION OF GRAND ISLAND, hereinafter referred to as "Secured Party".
<br /> WiTNESSETH:
<br /> WHEREAS, Glenn E Whitehead and Diana L Whitehead, (whether one or more), hereinafter referred to as "Debtor', has
<br /> granted to the Subordinating Creditor a Mortgage or Deed of Trust dated April 26, 2007, and filed in the office of the Hall County
<br /> Register of Deeds, on the 9th day of May, 2007, as Document No. 200703774 in respect to that real estate described es:
<br /> Lot Two (2), Centennial Gardens Subdivision, an Addition to the City of Grand Island, Hall County, Nebraska.
<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 Parry with a first lien in respect to the above described real
<br /> estate, hereinafter referred to as the "Collateral"; and
<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 /> NOW, THEREFORE, it is agreed:
<br /> 1. The Subordinating Creditor hereby consents to a subordination of its priority position to the Secured Parry and agrees that
<br /> its lien in respect to the Mortgage or Deed of Trust hereinabova described, if any, shall at all limes 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 Eighty Four
<br /> u td Si Hundred Dollars & 00/100the Dollars ($84,600.00 recorded in the o the ry Register of Deeds on the
<br /> r day of April, 2009, as Document No. - ~ W
<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 of indebtedness 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, however
<br /> evidenced.
<br /> 4. So long as any portion of the described obligation to the Scoured Parry is outstanding and unpaid, the provisions of the
<br /> Deed of Trust or other instrument of security between the Debtor and the Secured Party are controlling as to the Collateral in which
<br /> Secured Party is to have a first security interest, including any time there is a conflict between it and the provisions of any lien
<br /> instrument 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 douumoms granting a security interest in the Collateral, irtiespective of the time or order of attachment or parf mion of the
<br /> security interest in the Collateral or the order of filing the Deeds of Trust or other instruments of security with respect to the Collateral.
<br /> 6. This Agreement shall remain in full 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 w described in Paragraph 3 are outstanding and unpaid.
<br /> 7. The Subordinating Creditor and 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 ft'om time to time be renewed, extended, modified,
<br /> compromised, accelerated, settled or released, without notice to or consent by the Subordinating Creditor.
<br /> i
<br /> i
<br /> f
<br />
|