201007069 - Laserfiche WebLink

Browse

n. M 0 z C> --I (ED mmwww.. erg CO ;j- --7 r\) P~Y7 :z rn CO Fri 171 C7 W e: t~ an c..o ~ SUBORDINATION AGREEMENT THIS AGREEMENT made and executed this 27`f' day of September, 2010, by and between HOME FEDERAL SAVINGS AND LOAN ASSOCIATION OF GRAND ISLAND, hereinafter referred to as "Subordinating Creditor" (whether one or more), and o HOME FEDERAL SAVINGS AND LOAN ASSOCIATION OF GRAND ISLAND, hereinafter referred to as "Secured Party". Q1- WHEREAS, Kevin L.Harris and Lisa A Harris, (whether one or more), hereinafter referred to as "Debtor", has granted to the Subordinating Creditor a Moitgage'or Deed of Trust dated May 7, 2010, and filed of record in the office of the Hall County Register of Deeds, on the 24"' day of May, 2010, as Document No. R in respect to that real estate described as: 2, 1.003520 Lot Thirty Four (34), In Hidden Lakes Subdivision Number Four (4), Hall County, Nebraska. WHEREAS, the Secured Party has agreed to enter into a loan transaction with the Debtor, whereby certain funds are to be advanced to the Debtor conditional upon the Debtor providing the Secured Party with a first lien in respect to the above described real estate, hereinafter referred to as the "Collateral"; and WHEREAS, the Subordinating Creditor is willing to subordinate any lien it may have in respect to the Collateral by reason of Subordinating Creditor's Mortgage or Deed of Trust of record to perfect security whenever and wherever filed in order to assure the Secured Party of a first lien position in and to the Collateral; NOW, THEREFORE, it is agreed: 1. The Subordinating Creditor hereby consents to a subordination of its priority position to the Secured Party and agrees that 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 provided and subject to the lien of the Secured Party in respect to the Collateral. 2. The Subordinating Creditor hereby consents to the Debtor granting Secured Party a first lien in all the Collateral as described above to secure indebtedness to be advanced to Debtor by Secured Party, in the original principal amount of One Hundred Twenty One Thousand One Hundred and 00/100ths Dollars ($121 10 00), recorded in the office of the Hall County Register of Deeds on thgC C day of September, 2010, as Document N 3-/0 3. So long as an obligation is outstanding from the Debtor to the Secured Party for indebtedness evidenced by Promissory Notes or other instruments of indebtedness to the extent herein provided in Paragraph 2, the Secured Party's interest in the Collateral shall have priority to over the lien of the Subordinating Creditor in that Collateral, and the Subordinating Creditor's interest in that Collateral is, in all respects, subject and subordinate to the security interest of the Secured Party to the extent of the principal sum yet owing to Secured Party in respect to the indebtedness described in Paragraph 2 along with interest and costs allocable thereto, however evidenced. 4. So long as any portion of the described obligation to Secured Party is outstanding and unpaid, the provisions of the Deed of Trust of other instrument of security between the Debtor and the Secured Party are controlling as to the Collateral in which Secured Party is to have a first security interest, including any time there is a conflict between it and the provisions of any lien instrument granted to the Subordinating Creditor by the Debtor. 5. This Agreement is a continuing, absolute and unconditional agreement of subordination without regard to the validity or enforceability of the Promissory Notes or other instruments of indebtedness between the Debtor and the Secured Party evidencing sums due or documents granting a security interest in #r~ ollgtprtaJrrespective of the time of order of attaclrrr}ent or perfection of the security interest in the Collateral or the order of filing the Beds of Trust or other instrurrrei,i,i.of ~ec t)i Uill respect to the Collateral. 6. This Agreement shall remain in full force and effect and is binding upon the Subordinating Creditor and upon its successors and assigns, so long as any portion of the sums secured as described in Paragraph 3 are outstanding and unpaid.