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<br />SUBORDINATION AGREEMENT O
<br />~~ THIS AGREEMENT nnade and executed this 27`h day of May, 2009 by Five Points Bank, hereinafter referred to a ~ `s` 5D
<br />"Subordinating Creditor" (whether one or more), for the benefit of HOME FEDERAL SAVINGS AND LOAN ASSOCIATION OF
<br />GRAND ISLAND, hereinafter referred to as "Secured Party".
<br />WHEREAS, Jerry R. Watson and Michelle A. Watson, (whether one or more), hereinafter referred to as "Debtor" has granted
<br />to the Subordinating Credit a Mortgage or Deed of Trust dated October 7, 2002 & August 7, 2006, and filed in the office of the Hall
<br />County Register of Deeds, ou October 15, 2002 and August 14, 2006 as Document No. ~9~i'c~t. 200607194 in respect to that
<br />real estate described as: 200211015 &
<br />Lot Eleven (11), Virden Subdivision to the City of Grand Island, Hall County, Nebraska
<br />WHEREAS, the Security Party has agreed to enter into a loan transaction with the Debtpr, whereby certa in funds are to be
<br />advanced to the Debtpr conditional upon the Debtor providing the Secured Party 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 tv 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. Party and agrees that its
<br />lien in respect to the Mortgage or Deed of Trust hereinabove described, if any, shall at all times be secondary to the extent
<br />herein provided and subject to the lien ofthe Secured Party in respect to the Collateral.
<br />2. The Subordinating Creditor hereby consents to the Debtor granting Secured Party a first lien pn all the collateral as described
<br />above tp secure indebtedness to be advanced to Debtor by Secured Party, in the original principal amount of Eighty Thousand
<br />Five Hundred & 00/ 100ths Dollars ($80,500.00), recorded in the office of the Hall County Register of Deeds pn the
<br />1st day of tune, 2009, as Document No. 2 009 04 2 6 ~+ .
<br />3. So long as an obligation is outstanding from the Debtor to the Secured Party for indebtedness evidenced by Promissory Notes
<br />or other instruments of indebtedness to the extent herein provided in Paragraph 2, the Secured Party's interest in the
<br />Collateral shall have priority to over the lien of the Subordinating Creditor in that collateral, and. the Subordinating Creditor's
<br />interest irx that Collateral is, in all respects, subject and subordinate to the security interest of the Secured Party to the extent
<br />of the principal sum yet owirag to Secured Party in respect to the indebtedness described in Paragraph 2 along with interest
<br />and costs allocable thereto, however evidenced.
<br />4. So long as any portion of the described obligation to the Secured Party is outstanding and unpaid, the provisions of the Deed
<br />of Trust or other instrument pf 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
<br />lien instrument granted tv the Subordinating Creditor by the Debtor.
<br />5. Tlris Agreement is a continuing, absolute and unconditional agreement of subordination without regard to the validity or
<br />enforceability pf the Promissory Notes or other instruments of indebtedness between the Debtor and the Secured. Party
<br />evidencing sums due or documents granting a security interest in the Collateral, irrespective of the time pr order of
<br />attachment or perfection of the security interest in the collateral or the order of filing the Deeds of Trust or other instruments
<br />of security with respect to the Collateral.
<br />6. This Agreement shall remain in frill force and effect and is binding upon the Subordinating Creditor and upon its successors
<br />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 Promisspry Notes or other instruments of indebtedness of the ,Debtor evidencing
<br />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 />Kevin R, Wer-rrer, Vice President
<br />Five Points Bank
<br />STATE OF NEBRASKA
<br />COUNTY OF HALL
<br />Before me, a Notary Public qualified in said County, personally came Kevin R. Werner, as Vice President of Five Points
<br />Bank, known to me to be the identical person who signed the foregoing Subordutation Agreerxrent on behalf of such entity, and
<br />acknowledged the execution thereof tp be his voluntary act and deed on behalf of such entity.
<br />Witness my hand and Notarial seal on this 27`x` day of May, 2009.
<br />GENERAL NOTARY - 5tata of Nebraska
<br />JONI L. GALLAWAY Notary Public
<br />My Comm. F.xp. Nov. 27', 2011
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