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- � - N � 0 �� � e � s 0 A �'1"� - 1 � � �� �� �� �� e � i� � 1 � � � � � � �2 d"9 . � A � � � � � � SUBORDINATION AGREEMENT ��'; ) n p .; ^ � -�- �. _. r r C• C� � rn c� � � n � � 0 rz'1 m 0 en � < <�� � � � � � c= z fV _� � W O N c� �n o --� c n z --{ -..� m � d O �'I � � = m n m r � r �.. � � D C/'� � O N � HJ k--+ � T h-+ —�] � THIS AGREEMENT made and executed this � day of � 2011 by and between HOME FEDERAI, SAVINGS AND LOAN ASSOCIATION OF GRAND ISLAND, hereinafter refe d to as"Subordinating Creditor" (whether one or more), and HOME FEDERAI. SAVINGS AND LOAN ASSOCIATION OF GRAND ISLAND, hereinafter referred to as "Secured Party". WITNE5SETH: WHEREAS, Judith A Jorgensen and Jeff A Jorgensen, (whether one or more), hereinafter refeired to as "Debtor", has granted to the Subordinating Creditor a Mortgage or Deed of Trust dated November 29, 2007 and filed of record in the office of the Hall County Register of Deeds, on the 7th day of December, 2007 as Document No. 200710262 in respect to that real estate described as: Lot Tbree (3), Husman's Subdivision to the City of Gcand Island, Hall County, Nebraska. WI�REAS, the Secured Pariy 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 Pariy 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 fil� in order to assure the Secured Pariy 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 Securai Party and agrees ti� 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 Pariy 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 descnbed above to secure indebtedness to be advanced to Debtor by Secured Pazty, in the original principal amount of Ninety Two Thousand Three Hundred and 00/100ths Dollars ($92,300.00), recorded in the office of the Hall County Register of Deeds on the �}� day of ��r e 1 , 2011 as Document No. ��( (��,� � 3. So long as an obligation is outstanding from the Debtor to the Secured Pariy for indebtedness evidenced by Promissory Notes or other insiruments 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 Pariy 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 Pariy 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 enfarceability of the Promissory Notes or other instruments of indebtedness between the Debtor and the Secured Pariy evidencing sums due or documents granting a security interest in the Collateral, irrespective of the time or order of attachment or perfection 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. :� ;�, r I � Y �� �