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<br /> _. SUBORDINATION AGREEMENT
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<br />THIS AGREEMEN"T" made
<br />and executed this I51 day of September, 2010, by and be
<br />tween HOME
<br />FEDERAL SAVINGS _.
<br />~
<br /> AND LOAN ASSOCIATION OP GRAND ISLANIa, hereinafter referred to as "Subordinatin g Creditor" (whether o ne or more), and ~Q
<br /> HOME FEDERAL SAVINGS AND LOAN ASSOCIATION OF GRAND ISLAND, hereitafter referred to as "Secu red Party".
<br /> WITNESSETH:
<br />WHEREAS, Bryan S Mirage and Tami M Mirage, (whether one or more), hereinafter referred to as "Debtor", has granted to
<br />the Subordinating Creditor a Mortgage or Deed of Trust dated September 17, 2008, and filed of record in the office of the Hall County
<br />Register of Deeds, on the 29`'' day of September, 2008, as Document No. 200808252 in respect to that real estate described as:
<br />Lot Twelve (12), Grand West Third Subdivision in the City of Grand Island, 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 />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. "1"he 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 hereiraabove 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 One Hundred
<br />Thirty Seven Tl o s' nd Two Hun red and 00/100ths Dollars ($137,200.00), recorded in the office of the Ha County Register of
<br />Deeds on the ~ day of _ ,~et., ,~0~~ , as Document No. / ,~.
<br />3. So long as an obligation is outstanding from the Debtor to the Secured Party for indebtc Hess evidenced by Promissory
<br />Notes or other instruments ol` 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 respc;cts, 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 Chereto,
<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 Ueed
<br />of Trust of ocher 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 />F. 'I'bis Agreement shall remain in full force and effect and is binding txpo~ tl~el~Subor¢inating Creditor and upon its
<br />successors and assigns, so long as any portion of the sums secured as described in Paragrdp113"are outstanding and unpaid.
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