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<br />SUBORDINATIUN,,,AGREEMENT
<br />--~.
<br />THIS AGREEMENT made and executed this 2g day of May, 2009, by and between HOME FEDERAL SAVINGS [5
<br />AND LOAN ASSOCIATION OF GRAND ISLAND, hereinafter referred to as "Subordinating Creditor" (whether one or more), and ~
<br />HOME FEDERAL, SAVINGS AND LOAN ASSOCIATION OF GRAND ISLAND, hereinafter referred to as "Secured Party". ~
<br />WITNES SETH:
<br />WF~REAS, Carol L Peterson and , (whether one or more), hereinafter referred to as "Debtara', has granted to the
<br />Subordinating Creditor a Mortgage or Deed of Trust dated July 30, 2008, and filed of record in the office of the Hall County Register
<br />of Deeds, an the 18'" day of August, 200$, as Document No. 200807131 in respect to that real estate described as:
<br />Lot Faur (4), Rainbow Lake Subdivision, Hall County, Nebraska.
<br />Wt~REAS, 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 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 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 Party and agrees that
<br />its lien in respect to the Mortgage nr 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 />2. The Subordinating Creditor hereby consents to the Debtor granting Secured Party a first lien in ail the Collateral as
<br />described above to secure indebtedness to be advanced to Debtor by Secured Party, in the original principal amount oFEight One
<br />Thousand Four Hundred Twenty Five and 00/100ths Dollars ($81,425.00), recar ed in the office of the Hall County Register of
<br />Deeds an the ~~ day of May, 2009, as Docxument No. Q- ~ • •-..•.-~.--_........ ,
<br />3. So long as an obligation is outstanding from the Debtor to the Secured Party for indebtedness e~lden~e,~"'tiy`P'rotltissory
<br />Notes or other instruments of indebtedness to the extern herein provided in Paragraph 2, the Secured Party's,it~er0e~,~n the .collateral
<br />shall have priority to over the lien of the Subordinating Creditor in that Collateral, and the Subordinatiiret~ftar'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,
<br />however evidenced.
<br />4. ~~So long as any portion of the described obligation to Secured Party is outstanding and unpaid, the provisions ofthe Deed
<br />of Trust of other instrument of security between the Debtor and the Secured Party are controlling as to the Collateral in which Secured
<br />Party is to have a first security interest, including any time there is a conflict between it and the provisions of any lien instrument
<br />granted to the Subordinating Creditor by the Debtor.
<br />5. This Agreement is a ca~rtinuing, 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 documents granting a security interest in the Collateral, irrespective of the time or order of attachment or perfection 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 />b. 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 as described in Paragraph 3 are outstanding and unpaid.
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