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� �;. �� - r � �� N � ' 0 � � � �� Z �C � ��v � � S � c� cn r O ---� � D � � ._�.{ t'r! � C'I7 � c� O N d A i��w � � � O� � H � � ' ! ,, x rn ,�.,, F�--► � � .� -a D w (� O � �� r D � !--' � r"� � C.;.� � � F-.+ �� n �� c�7 u� � � �� SUBORDINATION AGREEM�NT m v � THIS AGREEMENT made and executed this ab�' day of 7anuary, 2011 by and between HOME FEDERAL SAVIl�IGS AND LOAN ASSOCIATION OF GRAND ISLAND, hereinafter referred to as "Subordinating Creditor" (whether one or more), and HOME FEDERAL SAVINGS AND LOAN ASSOCIATION OF GRAND ISLAND, hereinafter refened to as "Secured Party". WITNESSETH: WHEREAS, James A Joyce and Terri L Joyce, (whether one or more), hereinafter referred to as "Debtor", has granted to the Subordinating Creditor a Mortgage or Dced of Trust dated September 21, 2009 and filed of record in the office of the Hall Courny Re�ister of Deeds, on the 1 st day of Octaber, 2009 as 1?ocument No. 200907909 in respect to that real estate described as: Lot Eleven (i l), Heritage Acres Subdivision, in the City of Grand Island, Hall County, Nebraska. WHEREAS, the Seci►red Party has agreed to enteX into a loan transacrion with the Debtor, whereby certain funds are to be advanced to the Debtor conditional upon the Debtor providing the Secureci Party with a first lien in respect to the above desctibed real estate, hereinafter referred to as the "Collateral"; and � C/� Cf9 � i71 Z � I � ` 'u � 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 Subordinatin� Creditor hereby consents to a subordination af its priority position to the Secured Party and agr�s that its lien in respect to the Martgage or Deed of Trust hereinabove described, if any, shall at all times be secondary to the e3rtent 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 Secwed Party, in the original principal amount of One Hundred Thirteen Thousand Seventy Five & 00/100ths Dollars {$113,075.00), record in the office of the Hall County Register of Dce�s on the �� of January, 2011 as Document No Q j/ �� a.� 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 Subordingting 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 alon� 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 Secur� Party are controlling as to the Collateral in which Secured Party is to have a first security in#erest, including any time there is a conflict between it and the provisions of any lien instrument �ranted to the Subordinating Creditor by the Debtor. 5. This Agreement is a continuing, absolute and unconditional agreemerrt 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 �ranting a security interest in the Collateral, irrespective of the time or order of attachment or peEfection of the security interest in the Collateral or the order of filing the Deeds of Trust or other instruments of security with respect to the Collateral. 6. This Ap,reement shall rernain in full force and effect and is binding upon the Subordinatin� Creditor and upon its successors and assigns, so long as any portion of the sums secured as described in Paragaph 3 are aut�anding and u�aid.