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.~..~ <br />~/,.. <br />~~ <br />N ~ ~ <br />~ ~~ <br />~ ~r <br />~ ~M <br />6 „'^' <br />CAA <br /> <br />~ ~~^ ~ <br />~~ <br />r^ <br /> ~ t'"a ~ r. <br /> .~y ~ <br /> <br />ors <br />~ <br />~~ ~ <br /> <br />~ c a cr' <br /> <br />o --~ ~ <br />Z <br /> ~ <br />~ c ~ ~ rU <br />~"1 <br />-~ n ~.wr ~ ~. <br />~ ~ ~ rn ~ m <br />'SYY ~' S TT' <br />c'7 ~ <br />c' C? <br />i~ (.a7 ~ F.-~.' p T F--- <br /> <br /> rn -^~ ~ cry O <br />~" <br /> <br />° <br />~ <br />~" ?a C <br />J <br />U"1 <br />' <br /> <br />~ <br />((~ <br /> <br />N <br />Cn <br />~ J <br />~.f <br />QD <br />-_ <br /> ~ <br />U ~ '""~] Crt <br /> W ~ <br /> ~~_ <br /> 0 <br />SUBORDINATION AGREEMENT <br />THIS AGREEMENT made and executed this I "1~` day of August, 2010 by and between HOME FEDERAL SAVINGS ~~ <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 />WITNESSETH: <br />WHEREAS, Joseph D Kutlas and Ronne R Kutlas, (whether one ar more), hereinafter referred to as "Debtor", has granted to <br />the Subordinating Creditor a Mortgage or Deed of Trust dated July 12, 2010, and filed of record in the office of the Hall County <br />Register of Deeds, on the 26th day of July, 2010, as Document No. 02010051 S4 in respect to that real estate described as: <br />Lot Seven (7), in Block Five (5), in Charles Wasmer's 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 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 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 />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 />Thousand Five Hundred & 00/100ths Dollars ($84,500.00), recorded in the office of the Hall County Register of Deeds on the <br />__ ~ ~'-~'~'' day of August, 2010 as Document No. ~~,~, /y Q~7~ 7c~,1 <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, <br />however evidenced. <br />4. So long as any portion of the described obligation to Secured Party is outstanding and unpaid, the provisions of the 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 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 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 instn-ments 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 as described in Paragraph 3 are outstanding and unpaid. <br />