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SUBORDINATION AGREEMENT
ADAMS COUNTY, NE
FILED
INST. N0. '~ 3 ~
Date ,.~t~..Z-,~ Time.Go.:~
REGISTER OF DEEDS
THIS AGREEMENT made and executed this ~ ~ day of February, 2008, by BANK OF DONIPHAN,
hereinafter referred to as "Subordinating Creditor" (whether one or more), for the benefit of HOME FIiDERAL SAVINGS AND
LOAN ASSOCIATION OF GRAND ISLAND, hereinafter referred to as "Secured Party".
WITNESSETH:
WHEREAS, Thomas R Cafferty and Cathleen J Cafferty, (whether one or more), hereinafter referred to as "Debtor", has
granted to the Subordinating Creditor a Mortgage or Deed of Trust dated June 30, 2004, and filed in the office of the Adams County
Register of Deeds, on the 12`h day of July, 2004, as Document No. 20043635, in respect to that real estate described as:
Lot Twenty (20), in the Replat of Blocks 3, 4 and 5, Indian Acres 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 toperfect 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. Tlie 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 S ordinating. Creditor herebyconser}ts to the Debtor granting Secured Party a first lien in all the Collateral as
described above to~sec~re iridebtedness•to be advance ~ to Debtor by Secured Party, in the original principal amount of One Hundred
Twelve Thousand ~ix Hundrec~'Seventy aiid 00/100t~Dollars ($112,670.00), recorded in the office of the Adams County Register of
Deeds on the a~f~ day of February, 2008; as.Document No. ~00~ U 73~{
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 Paragraph 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 betwee~l 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 time to time be renewed, extended, modified,
compromised, accelerated, settled or released, without notice to or consent by the Subordinating Creditor.
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OF DONIPHAN
By: ~V
"Subordinating Creditor"
STATE OF NEBRASKA )
(ss:
COUNTY OF Adams )
Bef~re me, a Notary Public qualified in said County, personally came ,(~Q!~,p ~~~~~ as
~X~C. V i C'L r~~iG~lJt- of Bank of Doniphan, a Naobr~:~/,~~~~~-~;~i ,known to me to be the identical person
who signed the foregoing Subordination Agreement on behalf of such entity, 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 ~ day of f'wtUQf U O~ .
NERAL NOTARY State of Nebraska Notary Public
DEBRA J. BARTUNEK
My Comm. Exp. Fab. 5, 20f t
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