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SLIBORDINATION AGREEMENT
THIS AGREEMENT, entered into by and between TURNER COATS DAIRY,
INC, First Party, and THE FEDERAL LAND BANK OF COLUI~IA, Second Party,
for and in consideration of the sum of One Dollar ($1.00) and other
good and valuable considerations, the parties do hereby c~venant and
~
agree,
W I T N E S S E T H:
WHEREAS, First Patty is the owner of certain dairy equipment,
t~~3ether with the certain contracts and privileges, a11 related to the
operation of a dairy upon the land described as Parcel A, the descrip- ~
:
tion of which is attached hereto and incorporated herein by reference,
and, ~
WHgREpS, ,I. ~~rner Coats is appl~ ing for a loan from the Second ~
Party to acquire Parcel B, the description of which is attached h~rcto
;
and inccr;~orated herein by reference, and
WHEREAS, it is the i.ntention of the First Party and Secon3 Party
that the Second Party, its nominees or assigns, shall have a first lien
covering Parcels A and ~3 at the time the aforesaid loan application,
No. F-120-096, is closed, and the Ioan proceeds disbursed from Second
Party to First Party.
~ NOW, THEREFORE, it is hereby agrees as follows:
~ "
~ 1. That the First Party, its nominees and assigns, does hereby
subordinate to and in favor of the lien of the mortgage to the Second
Party all rights related to the dairy operation over and upon Parcels-
~
~ A and B, and any rights of First Party covering Parcels A and B is
:.~reby subordinated to,junior and inferior to, the paramount prior lien
~ of the mortgage to be given to Second Party.
IN WITNESS WHEREOF, the parties have hereunto set their hands
~ and sEals this 7th day of March, A.D. 1973.
~ Signed, sealed and delivered TL'RNER COATS DAIRY, INC.
~ in the preGence of:
~ v, TURNER COA S, Presi ent
~ ~ ~ By .
~ ` J, , - _ First Party.
~ !~-t y>~.~,..~ i. y J J Zsc~.,,:~_ ( SEAL)
~ As to F~r~t Party.
~ THE FE L~IJ ~ = j~'COLUNIDIA
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