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<br />. _ ,_ .. _ ._. . . , SUBORDINATION AG$��MENT
<br />- : � ., ,.,,w � ., , y
<br />. _ ,
<br />'�HIS°--,AF,�R�IVIENT..n,iade a�'ifl executed this � day of November, 2010, by and between HOME FEDERAL c�. �
<br />SAVING� AND`T,�DAN��SS(�IATtON OF GRAND ISLAND, hereinafter referred to as "Subordinating Creditor" (whether one or l� �
<br />more), and HOM� F�DERAL SAVINGS AND LOAN ASSQCIATION OF GRAND ISLAND, hcreinafter referred ta as "Secured ��
<br />Party
<br />WITNESSETH:
<br />WHEREAS, Jeffrey F Gilbertson and Mindy A Gilbertson, (whether one or more), hereinafter referred to as "Debtor", has
<br />granted to the Subordinating Creditor a Mortgage ar Deed of Trust dated September 10, 2004, and filed of record in the affice of the
<br />Hall County Register of Deeds, on the 17'�' day of September, �A�9, as Document No. 200409204 in respect to that real estate
<br />described as: �A�'
<br />Lot Twenty-Seven (27), in Ravenwood Subdivision, Hall County, Nebraska.
<br />WHEREAS, the Secured Pariy has agreed to enter into a loan trax�saction with the Debtor, whereby certain funds are to be
<br />advanced to the Debtor conditional upon the Debtor providing the Secured Farty 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 i�n respect to the Collateral by reasan of
<br />Subordinating Creditor's Mortgage or Deed of Trust of recard to perfect security whenever and wherever filed in order ta asswe the
<br />Secured Party of a first lien position in and to the Collateral;
<br />NOW, THEREFORE, it is agreed:
<br />1. The Subord�anating 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 s�condary 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 ta secure indebtedness ta be advanced to Debtor by Secured Party, in the original principal amount of Eighty One
<br />Thousand Seven Hundred Fifty and 00/100ths Dollars ($81,750.00), recorded in the offce of the Hall County Register of Dceds on
<br />the /?`? day of November, 2010, as Document No. _�plo D��7 �.
<br />3. So lang as an obligation is outstanding from the Debtor to the Secured Party for indebtedness evidenced by Promissory
<br />Notes or other instruments of indebtadness to the extent herein provided in Paragraph 2, the Secured Party's interest in the Collataral
<br />shall have p�iority 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 obligatian 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 conUrolling as ta 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 instrurnent
<br />grant�d 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 �nd �h� S�ec e�i,F� evidencing
<br />sums due or documents granting a security interest in the Collateral, irrespective of the time or drdi;rbf �tt�c�m.ent �Or perfection of tha
<br />security interest in the Collateral or the order of filing the Deeds of Trust or other instruments of securi.ty with respect to the Collateral.
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