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<br />.�_ _.. . SUBORDINA��,QN, AGREEMENT �
<br />_. CJ,
<br />T'HTS AGREEMENT made and executed this 7th day of October, 2010, by and between HOME FEDBRAL SAVINGS AND �, = G
<br />LOAN AS50CIATION OP GRAND ISLAND, hereinafter referred to as "Subordinating Creditor" (whether one or more), and �`w�
<br />HOME FEDERAL SAVINGS AND LOAN ASSOCIATI�N OF GRAND TSLAND, hereinafter referred to as "Secured Party".
<br />WIT�iESS�TH:
<br />WHEREAS, Richard L Simpson and Sonja Simpson, (whether one ar more), hereinafter referred to as "Debtor", has granted
<br />to the Subordinating Creditor a Mortgage or Deed of Trust dated March 31, 2008, and filed of record in the office of the Hall County
<br />Register of Deeds, an the 8th day of April, 2008, as Document Na. 200802929 in respect to that real estate described as:
<br />Lot Twenty-two (22), Block One (1), Brentwood Subdivision in the City of Grand Island, Hall Caunty, Nebraska.
<br />WHEREAS, the Secured Party has agreed to enter into a loan transaction with th� Debtox, whereby certain funds are to be
<br />advanced to the Debtar conditional upon the Debtor providing the Secured Party with a�rst lien in respect to the above described real
<br />estate, hereinafter referred to as the "Collateral"; and
<br />WHEREAS, tha Subordinating Creditor is willing to subordinate any lien it may have in respect to the Collateral by reason oF
<br />Subardinating Creditor's Mortgage or Deed of Trust of record to perfect security whenever and wherever �led 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 hereinabave described, if any, shall at all times be secondary to the extent herein
<br />provided and subject to the lien of the Secured Pariy 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 Pariy, in the original principal axnount of Fifty Six
<br />Thousand T Hundred Eighty and 00/100ths Dollars ($56,280.00), recorded in the off"ice of the Ha11 County Register of Deeds on
<br />the � day of October, 2p 10, as Docurnent No. �D/UD 7�,5",3 .
<br />3. So lang as an obligatian 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 it►terest 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 Securcd Party in respect to the indebtedness described in Paragraph 2 along with interest and costs allacable thereto,
<br />hawever evidenced.
<br />4. So long as atiy portion of the described obligation to Secured Party is outstanding and unpaid, the provisions of the Deed
<br />of Trust of othcr 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 titne there is a conflict between it and the pravisions 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 instiuments of iandebtedness between the Debtor atid the Secured Party evidencing
<br />surns due or documents granting a security interest in the Collateral, irrespective of the tirne 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 inshuments af security with respect to the Collateral.
<br />6. This Agreement shall remain in full force and effect and is binding upon the Subordinating Creditor an u�on i!�
<br />successars and assigns, so long as any portion of the sums secured as described in Paragraph 3 axe out¢t�nc�n�a�$d�i�paid. -
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