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1UL-03-2009 02.52 PM HOMEFEDERALNOFj~H .~09~,826338 P, 02/03
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<br />stJl3oRn TION AwkF'E]y~']y'f` ~ ~ z~ c~
<br />THIS AGREEMENT made and executed this ~ day of )uly, 2009, by Equitable Federal 5avirtga Bank
<br />L ._ __ ._. .. Itercinatter referred to as "Subordinating Creditor" (whether one or more), for the benefit ofHOME FEDERAL SAVINGS AND ,•~ ~ 5a
<br />LOAN ASSOCIATION OF GRAND ISLAND, hereinafter refe[r'ed to av "Secured Party". ~ i ,
<br />WITNIESS);TH:
<br />WHEREAS, Stevan G Lee and Christine R I.ec, (whether one or mote), hereinafter referred to es "Debtor", has granted to
<br />the Subordinating Creditor a Mortgage or Deed of Trust aorta May 24, 2002, and filed in the office pf the Hall County Register of
<br />Deeds, nn the 30 'day of May, 2002, ea Document No. 2D0205781 in respect to that real estate described aa;
<br />See Attached Exhibit "A" .
<br />WHEREAS, the Secured Parry has agreed to enter into a loan transaction with the Debtor, whereby certain fonds are to be
<br />advanced to Ute Debtor conditional upon the Debtor providing the Secured Forty with a first lien in respect to the above described real
<br />estate, hereinaRer referred to es the "Collateral"; end
<br />WHEREAS, the Subordinating Creditor is willing to subordinate any lien it may have in teepee[ to the Collateral by reason of
<br />Subordinating Crediwr's MnKgage or Deed of Trust of rewrd to perfect security whenever and wherever fded in order to assure the
<br />Secured Party of a Errs[ lien position in and to the Collateral;
<br />NpW, TFIEREFORE, it ie agreed:
<br />1. The Subordinating Creditor hereby consents to a subordinaeen of its priority position to the Secured Party and agrees that
<br />its lien in respect to the Mortgage or Decd of Trust hrreinabove described, if any, shell 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 consentsa to the Debtor granting Secured Party a first lien in all the Collateral as
<br />described above to secure indebttdneaa to be advanced to Debtor by Secured Party, in the original principal amount of One Hundred ~ 1
<br />Sixty Thousand Bc p0/100ths Dollars ($160,000.00), recorded in the office of the Hall County Register of Deeds on the ~~' ~^
<br />day of 7uly, 2009, ae Document No.
<br />3. So long as art obligation is eutstatuling from the Debtor to the Secwed Party for indebttdncas evidenced by Promissory
<br />Notes or other instruments of indebtedness to the extcrtt herein provided in Paragraph 2, the Secured Pazry'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 ittdebtednees described in Paragraph 2 along with interest and costs allocable thereto, however
<br />evidenced.
<br />4. So Tong aq any portion of the described obligation to the Secured Party is outstanding and unpaid, the provisions of the
<br />Decd of Trust or other instrument of security between the Debtor and the 5ccured Parry arc controlling ae to the Collateral in which
<br />Secured Party is to have n first security interest, including any time there is a conflict between it turd the provisions of any lien
<br />instrument grated to the Subordinating Creditor by the Debtor,
<br />5, "Phis Agreement is a continuing, absolute and unconditional agreement of subordination without regard to the validity or
<br />cnfnreeability of the Promissory Notes or other instruments of indebtedness between rho Debtor and the Secured Party evidencing
<br />sums due or documents granting a security itttereat in the Collateral, irrespective of the time of order pf attachment nr perfection of the
<br />security interest in the Collateral or the order of filing the Deeds of Trust or other itretevments o£ 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 designs, so long as any portion of the sums secured as described in Paragraph ]ere outstanding and unpaid.
<br />7, The Subordinating Creditor dad agrees that the Promissory Notes or ether instruments of indebtednesF of the Debtor
<br />evidencing the obligation between the Debtor and the Secured party may from time to time be renewed, extended, rnodificd,
<br />compromised, accelerated, scaled or released, without notice to or consent by the Subordinating Creditor.
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