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<br /> � lnnnrin.TeTION AGREEMEI�IT �
<br /> ,. � � 98�a1��9 � � f ,x�. ,. -_= -
<br /> �:. �� -_
<br /> �' � J
<br /> THIS AGREEMENT made and exccuted this �ay of ,1998,by and r `__
<br /> hetween MEADOW RANCH CO.,a Colorado co oration,hereinafter refened to as ��_.� _,
<br /> rP
<br /> ,� "Subordinating Creditor" (whether one or more),and[JNITCD N�BRASKA BANK,a Nebraska �, _—
<br /> banking corporation, hereinafter referred to as"Secured Party". _
<br /> WITNESSETH:
<br /> WHEREAS, ROBERT W.GIESENHAGEN,a single person,hereinafter referred to as
<br /> "Debtor",has granted to the Subordinatin�Creditor a Deed of Trust in respect ta that real estate
<br /> -�- `-- - described as:
<br /> Lots One(1) through Twelve(12),inclusive,in Francis Court Subdivision,in
<br /> � Grand Island,Hall County,Nebraska;
<br />� for the putpose of securing indebtedness therein described to be in the amount of Two Hundred
<br /> Thousand and No/100 Dollars($200,000.00)with a stated maturity date of December 1,2000;
<br /> . WI�IEREAS, the Secured Party has a�reed to enter into a loan transacrion with the nebtor
<br /> whereby certain funds are to be advanced to the Debtor conditional upon the Debtor providing
<br /> the Secured Party with a first lien in respect to real estate which includes in part or in whole that
<br /> � collateral in which the Subordinating Creditor claims an interest,hereinafter referred to as the
<br />- . ' � r "Collateral";and
<br />- WHEREAS,the Subordinating Creditar is willing to subordinate any lien it may now or
<br /> ° hereafter have in respect to the Collateral by reason of a Deed of Trust ar other instrument of
<br /> record,whenever and wherever filed,in order to assure the Secured Party of a first IiCn position
<br />- in and to such portions Collateral for which praceeds are now or hereafter loaned by Secured
<br /> Party to the Debtor to be applied exclusively toward the costs of construction of residences upon
<br /> separate lots of real estate consdtuting the Collateral;
<br />- `' � NUW,THEREFORE,it is a�reed:
<br /> � 1. The Subordinating Creditor hereby consents to a subardinatian of its priority position _
<br /> to the Secured Party and agrees that Subordinating Creditor's liens in respect to the Deed of �.��__
<br /> • Trust hereinabove described,if any, shall at all times be secondary to the extent herein provided �__----
<br />- and subject to the lien of the Secured Party in respect to any portion of that real estate which �,:.
<br /> shall have now or hereafter been conveyed to the Debtor�enerally described as:
<br /> Lots One(1)through Twelve(12),inclusive,in P'rancis Court Subdivision,in �
<br /> =. I Grand Island,Hall County,Nebraska; .
<br /> i
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<br /> =.
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