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0 � v �r G m M rn � z Ma° nn = a n = Cl) CA SUBORDINATION AGREEMENT NOTICE; THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY INTEREST IN THE PROPERTY BECOMING SUBJECT TO AND OF LOWER PRIORITY THAN THE LIEN OF SOME OTHER OR LATER SECUIRTY INSTRUMENT. THIS AGREEMENT, made this 14th day of July, 2005, by Alfred & Panchita Portillo, owners of the land hereinafter described and hereinafter referred to as "Owners ", and The Mortgage Authority, Inc., present owner and holder of the Deed of Trust and Note first and hereinafter described and hereinafter referred to as `Beneficiary ". WITNESSETH: THAT, WHEREAS, Alfred & Panchita Portillo, Husband and wife, DID EXECUTE a Deed of Trust dated January 2, 1997 to the City of Grand Island, covering: Lot Three (3), Block Five (5), Evan's Addition to the City of Grand Island, NE, Hall County, a/k/a 905 E. 6"' Street To secure a Note in the sum of $24,500.00 dated January 2, 1997 in favor of the City of Grand Island, which Deed of Trust was recorded January 3, 1997 as Document No. 97- 100085 in the Official Register of Deeds Office of Hall County (remaining amount owed as of July 14, 2005 is $4,900); and WHEREAS, Owner has executed, or are about to execute, a Deed of Trust and Note in the sum of $80,000.00 dated July 14th, 2005 in favor of Mortgage Electronic Registrations Systems, Inc., hereinafter referred to as "Beneficiary" payable with interest and upon the terms and conditions described therein, which Deed of Trust is to be recorded concurrently herewith; and IT IS RECOMMENDED THAT, PRIOR TO THE EXECUTION OF THIS SUBORDINATION AGREEMENT, THE PARTIES CONSULT WITH THEIR ATTORNEYS WITH RESPECT THERETO. WHEREAS, it is a condition precedent to obtaining said loan that said Deed of Trust last above mentioned shall unconditionally be and remain at all times a lien or charge upon the land hereinbefore described, prior and superior to the lien or charge of the Deed of Trust first above mentioned; and WHEREAS, Beneficiary is willing to make said loan, provided the Deed of Trust securing the same is a lien or charge upon the above - described property prior and superior to the lien or charge of the Deed of Trust first above mentioned and provided that Beneficiary will specifically and unconditionally subordinate the lien or charge of the Deed of Trust first above mentioned to the lien or charge of the Deed of Trust in favor of Beneficiary; and WHEREAS, it is to the mutual benefit of the parties hereto that Beneficiary make such loan to Owners; and Beneficiary is willing that the Deed of Trust securing the same shall, when recorded constitute a lien or charge upon said land which is unconditionally prior and superior to the lien or charge of the Deed of Trust first above mentioned. rn CZ> cn r7i 1' , =3 ^.] G7 v> N CJ 7c D Cn W Cn 2 'j NOTICE; THIS SUBORDINATION AGREEMENT RESULTS IN YOUR SECURITY INTEREST IN THE PROPERTY BECOMING SUBJECT TO AND OF LOWER PRIORITY THAN THE LIEN OF SOME OTHER OR LATER SECUIRTY INSTRUMENT. THIS AGREEMENT, made this 14th day of July, 2005, by Alfred & Panchita Portillo, owners of the land hereinafter described and hereinafter referred to as "Owners ", and The Mortgage Authority, Inc., present owner and holder of the Deed of Trust and Note first and hereinafter described and hereinafter referred to as `Beneficiary ". WITNESSETH: THAT, WHEREAS, Alfred & Panchita Portillo, Husband and wife, DID EXECUTE a Deed of Trust dated January 2, 1997 to the City of Grand Island, covering: Lot Three (3), Block Five (5), Evan's Addition to the City of Grand Island, NE, Hall County, a/k/a 905 E. 6"' Street To secure a Note in the sum of $24,500.00 dated January 2, 1997 in favor of the City of Grand Island, which Deed of Trust was recorded January 3, 1997 as Document No. 97- 100085 in the Official Register of Deeds Office of Hall County (remaining amount owed as of July 14, 2005 is $4,900); and WHEREAS, Owner has executed, or are about to execute, a Deed of Trust and Note in the sum of $80,000.00 dated July 14th, 2005 in favor of Mortgage Electronic Registrations Systems, Inc., hereinafter referred to as "Beneficiary" payable with interest and upon the terms and conditions described therein, which Deed of Trust is to be recorded concurrently herewith; and IT IS RECOMMENDED THAT, PRIOR TO THE EXECUTION OF THIS SUBORDINATION AGREEMENT, THE PARTIES CONSULT WITH THEIR ATTORNEYS WITH RESPECT THERETO. WHEREAS, it is a condition precedent to obtaining said loan that said Deed of Trust last above mentioned shall unconditionally be and remain at all times a lien or charge upon the land hereinbefore described, prior and superior to the lien or charge of the Deed of Trust first above mentioned; and WHEREAS, Beneficiary is willing to make said loan, provided the Deed of Trust securing the same is a lien or charge upon the above - described property prior and superior to the lien or charge of the Deed of Trust first above mentioned and provided that Beneficiary will specifically and unconditionally subordinate the lien or charge of the Deed of Trust first above mentioned to the lien or charge of the Deed of Trust in favor of Beneficiary; and WHEREAS, it is to the mutual benefit of the parties hereto that Beneficiary make such loan to Owners; and Beneficiary is willing that the Deed of Trust securing the same shall, when recorded constitute a lien or charge upon said land which is unconditionally prior and superior to the lien or charge of the Deed of Trust first above mentioned.