|
��
<br />��
<br />��
<br />��
<br />0 ��
<br />� �
<br />s ��
<br />e
<br />(Jt ��
<br />j �
<br />W ��
<br />��
<br />��
<br />��
<br />��
<br />��
<br />1 ��
<br />�
<br />�
<br />�
<br />�
<br />�
<br />"�
<br />�
<br />�
<br />C
<br />S A �
<br />� � N
<br />X �
<br />�
<br />���
<br />� �
<br />A
<br />7� �
<br />Q
<br />d
<br />�
<br />SUBORDINATION AGREEMENT
<br />,�.
<br />� �
<br />«.._..
<br />� `,� ''-`
<br />1' ' T'1
<br />� `.. �
<br />� { �
<br />o � - N
<br />� �
<br />nt
<br />G'7 �.'<.:?..
<br />� �._ ..
<br />_., -�
<br />rr �
<br />�
<br />� ;_ ... �y C..3
<br />v �; . . ,
<br />� � �
<br />o S - ►-.'
<br />N
<br />c� cn
<br />o -i
<br />C D
<br />Z �
<br />� rn
<br />� a
<br />p -*t
<br />�'' z
<br />z rn
<br />� €z�
<br />r �
<br />r y,.
<br />tn
<br />�
<br />A
<br />cs>
<br />�
<br />O
<br />N
<br />O
<br />F--�
<br />t-+
<br />�
<br />�+•
<br />Gli'
<br />H
<br />w
<br />THIS AGREEMENT made and executed this � day of February, 2011, by and between HOME FEDERAL SAVINGS
<br />AND LOAN ASSOCIATION OF GRAND ISLAND, hereinafter referred to as "Subordinating Creditor" (whether one or more), and
<br />HOME FEDEREIL SAVINGS AND LOAN ASSOCIATION OF GRAND ISLAND, hereinafter referred to as "Secured Party".
<br />WITNESSETH:
<br />WHEREAS, Stuart Dethloff and Mara J Dethloff, (whether one or more), hereinafter referred to as "Debtor", has granted to
<br />the Subordinating Creditor a Mortgage or Deed of Trust dated June 28, 2006, and filed of record in the office of the Hall County
<br />Register of Deeds, on the 14th day of July, 2006, as Document No. 200606259 in respect to that real estate described as:
<br />Lots Eleven (11) and Twelve (12), in Block Two (2), in Brown's Addition to the Village of Alda, 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 first lien in respect to the above described real
<br />estate, hereinafter referred to as the "Collateral"; and
<br />��,��
<br />�
<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 Trust of record to perfect security whenever and wherever filed 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 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 Fifty Two
<br />Thousand Five Hundred and 00/100ths Dollars ($52,500.00), reco ded in the office of the Hall County Register of Deeds on the
<br />��= day of February, 2011, as Document No. v�31 � d/.��% 3
<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 Deed
<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 />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 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 and 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 />
|