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HomeMy WebLinkAbout20075210- ~ ~o NUM~PGS~ COMP, - DOC TAX CK#_~r n L FEES ~ ~ PD CK# JL~~, r,~//. 06 ACCT #o~OCPr•) RET FEES/: _ CASH _ R.O.D. CK#_ •_-i uru•, _H_o_r~.~_,F~~a./ S~ c As:., S.T. _a~i_S_ ~%~ ~E sBa/ G/'aw.l T IIIIIIIIIIVVIUIIIIIPN NUM POP~I IvrS A kl RD. COMP COMPARE CADAS - AO ~ ADAMS COUNTY, NE FILED INST. NO..~,~~0'~52~0 Date //-,2 9•p~ Time iD.'i~A,~n TER OF DEEDS. SUBORDINATION AGREEMENT THIS AGREEMENT made and executed this ~ Q~hday of November, 2007, by HERITAGE BANK, hereinafter referred to as "Subordinating Creditor" (whether one or more), for the benefit of HOME FEDERAL SAVINGS AND LOAN ASSOCIATION OF GRAND ISLAND, hereinafter referred to as "Secured Part}'. WITNESSETH: WHEREAS,. Richard M Fisbeck and Eve A Fisbeck, (whether one or more), hereinafter referred to as "Debtor", has granted to the Subordinating Creditor a Mortgage or Deed of Trust dated November 14, 2003, and filed in the officebfthe Adams County Register of Deeds, on the 20's day of November, 2003, as Document No. 20038374, in respect to that real estate described as: The West Seventy-Five (W 75) feet of Lot Eleven (11) and the West Half (W 1/2) of Lot Twelve (12), Block Three (3), Poehler's Addition to the City of Hastings, Adams County, Nebraska, according to the recorded plat thereof. WHEREAS, the Secured Party 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 Party 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 filed in order to assure the Secured Party 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 Secured Party and agrees that 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 Party in respect to the Collateral. ~- 2. The Subordinating Creditor hereby consents to the Debtor granting Secured Party a fast lien in all the Collateral as described above to secure indebtedness to be advanced to Debtor by Secured Party, in the original principal amount ofEighty- Three Thousand Eight Hundred and 00/100ths Dollars ($83,900.00), recorded in the office of the Adams County Register of Deeds on the ~ day of No vtrrl ~~~' 07, as Document No. ~OU]5 o7Ocy 3. So long as an obligation is outstanding from the Debtor to the Secured Party for indebtedness evidenced by Promissory Notes or other instruments of indebtedness to the extent herein provided in Pazagraph 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 Party 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 the Secured Party is outstanding and unpaid, the provisions of the Deed of Trust or other instrument of security between the Debtor and the Secured Party 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 enforceability of the Promissory Notes or other instruments of indebtedness between the Debtor and the Secured Party 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. 6. This Agreement shall remain in full force and effect and is binding upon the Subordinating Creditor and upon its successors and assigns, so long as any portion of the sums secured as described in Paragraph 3 are outstanding and unpaid. 7. The Subordinating Creditor and agrees that the Promissory Notes or other instruments of indebtedness of the Debtor evidencing the obligation between the Debtor and the Secured party may from tune to time be renewed, extended, modified, compromised, accelerated, settled or released, without notice to or consent by the Subordinating Creditor. ~~ (/ ating Creditor" /Di'Z • hi 200'7520 STATE OF NEBRASKA ) (ss: COUNTY OF Adams ) Before me, a Notary Public qualified in said County, perspnally came VCXIf~ 1 'j'CY C~ GQCCK_, as {~L~(q, q of HERITAGE BANK, a CQY`/JOYQ~;i tDtiv ,known to me to be the identical person who signed the foregoing Sub rdin on Agreement on behalf of such entrty, and acknowledged the execution thereof to be (his)(her) voluntary act ' and deed on behalf of such entity. _ Witness my hand and Notarial seal on this ~(l% day of NO~~ ~~ ~~ ~ ~~ O~ Notary Pu lic My Commission Expires: p GENERAL NOTARY~State of Nebraska LVNDSEY CRISS,::...,. My Comm. Exp. Sept. 13, 2008 Subabtohf 12/98 ~r.~~ a~ 2 ..