|
r.:
<br /> o ~ c> C!~ f77
<br />~ :v n n ~ ~~ ~, _, ~
<br />
<br /> ~ C~7
<br />~ ~l ~ A © ~ c~ `y~ -C ~ ~
<br /> ~ ~ ~ ~ ~
<br /> r
<br /> ~ r~ r
<br />~ ~
<br />~ Cn ~
<br />~ - w ~ ~ ~
<br />
<br />
<br /> ~~ ~ ~
<br />~ ~
<br />
<br />- SUBORDINATION AGREEMENT ~ ~ , /O
<br />THIS AGREEMENT made and executed this 26`" day of August, 2010, by and between HOME FEDERAL SAVINGS AND
<br />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 />WI'TNESSETH:
<br />WHhREAS, Stephen K Burkholder and Tina R Burkholder, (whether one or more), hereinafter referred to as "Debtor", has
<br />granted to the Subordinating Creditor a Mortgage or Deed of Trust dated July 23, 2008, and fled of record in the office of the Hall
<br />County Register of Deeds, on the 5`" day of September, 2008, as Document No. 0200807661 in respect to that real estate described as:
<br />Lot Eight (8), Morningside Acres Subdivision, in 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 lust 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 "T"rust of record to perfect security whenever and wherever filed in order to assure the
<br />Secured Party of a lust 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 One Hundred
<br />Twenty Seven Thousand F~iv•fe ~Hundred Twenty Five and 00/100ths Dollars ($127,525.00), recorded in the office of the Hall County
<br />Register of Deeds on the ~ day of August, 2010, as Document No. ~, ~~, ~ o o ~ ~,,.~ ~ ,
<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 heed
<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 />S. 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 instruments of security with respect to the Collateral.
<br />6. This Agreement shall remain in full force and effect azzd 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 />Ff9 ~ C y i.A .W ~,
<br />i F } P
<br />
|