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<br /> 4�•�'�` for which the Secured Party has advanced proceeds to be applied exalusively toward the costs af =,
<br /> �' construction of residences thereon. It is specifically acknowledged that this Subordination �`::�:
<br /> Ageement shall not create a security interest in the collateral or effectuate a subordination of
<br /> ° Subordinatinb Creditor's lien until such time as Lots are actually conveyed by Deed to the �=,---
<br /> ^ ` Debtor. -"
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<br /> ;' � 2. The Subordinating Creditor hereby consents to the granting by the Debtor to the �
<br /> Secured Party of a first lien in respect to individual lots of the Collateral described in parngraph 1 =
<br /> � � of this Subordination Agreement to the extent they will secure advances to be applied exclusively
<br /> , � toward the costs of constniction of residences thereon. _
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<br /> �. 3. So long as an obligation for advances applied exclusively for the construction of resi- �
<br /> � ' dences on the Collateral,or any part thereof,is outstanding from the Debtor to the Secured Party �,;.,m
<br /> � y� for indebtedness evidenced by Promissory Notes or other instruments of indebtedness,including, q-
<br /> but not limited ta,interest and advances made for the protection of the Collateral,the Secured �_
<br /> � . Party's interest in the Collateral shall have priority to the extent of the outstanding obligation
<br /> owing to the Secured Party attributable to such construction advances by reason of tlie above- ----
<br /> � mentioned Promissory Notes or other instruments of indebtedness over the lien of the Subordi-
<br /> �• natins Creditor in that Collateral,and the Subordinating Creditor's interest in that Collateral is,in
<br />- all respects,subject and subordinate, (to the extent of the construction advance obligation
<br /> � _ __ ,.�t�tane�mg and unpaid),to the security interest of the Secured Party,hawever evidenced.
<br />- 4. So lon�as any portion of an obligation advanced by Secured Party as contemplated
<br /> � herein is outstanding and unpaid,the provisions of the Deed of Trust or other instnunent of —
<br />= securiry between the Debtor and the Secured Party are controlling as to onl�+those portions of the
<br /> _ Collateral which shall have actually been conveyed by Deed to the Debtor in which Secured
<br /> � Party is to have a first security interest and in all cases in which there is a conflict between it and
<br /> � � the provisions of any lien instrument granted to the Subordinating Creditor by the Debtor.
<br />� S. This Agreement is a continuing,absolute and unconditional agresment of subordina-
<br /> � tion without t�egard to the validity or enforceubility of the Promissory Notes or other instnunents
<br /> K, . of indebtedness between the Debtor and the Secured Party evidencing sums due or documents
<br /> . - � granting a security interest in the Collateral,irrespective of the time or order of attachment or
<br /> ' ' • perfection of the security interest in the Collateral or the order of filing the Deeds of Trast or
<br /> " other instnunents of security with respect to the Collateral.
<br /> - 6. This Agreement shall remain in full force and effect and is binding upun the Subordi- _
<br />� _ nating Creditor and upon its successors and assigns,so long as any portion of an obligation from
<br /> the Debtor to the Secured Party for advances made in connection with the construction of resi- -
<br />- - ., dences upon the portions of the Collateral constituting security to the Secured Pacty is outstand-
<br /> ing and unpaid. -
<br /> � 7. The Subordinating Creditor agrees that the Promissory Notes or other instruments of
<br /> indebtedness of the Debtor evidencing the obligation between the Debtor and the Secured Party,
<br />� � may from time to time be renewed,extended,modified,compromised,accelerated,settled or — -
<br /> released,without notice to or consent by the Subordinating Creditor, �r•`�
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