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THIS SMMDINAtE MOR GAGE (Mortgage) is made on March 15 20 01. The
<br />grantor is MichsE P. Taylor, an unmarried individual (Borrower). This
<br />Mortgage is given to the Federal Home Loan Bank of Topeka, a corporation organized and existing under the laws
<br />of the United States of America, and whose address is 120 SE 6th St., Topeka, KS 66603, its successors and assigns
<br />(Lender). Borrower owes Lender the principal sum of Three thousand two hundred and 00 /l0ollars
<br />(U.S. $ 3,200.00 ). This debt is evidenced by Borrower's note dated the same date as this Mortgage (Note).
<br />The Note provides for no payments if the Borrower complies with the terms of the Note. The loan evidenced by the
<br />Note and secured by this Mortgage (Loan) is being made pursuant to the Affordable Housing Program as
<br />implemented by Lender (12 U.S.C. 1430); 12 CFR Part 951).
<br />In addition to the Loan, Borrower obtained a mortgage loan (First Mortgage Loan) from
<br />United Nebraska Bank (Senior Lien Holder), which loan is secured by
<br />a first mortgage lien on the Property (First Mortgage). The documents evidencing or securing the First Mortgage
<br />Loan are collectively referred to herein as the First Mortgage Loan Documents.
<br />This Mortgage secures to Lender the repayment of the debt evidenced by the Note. For this purpose, Borrower
<br />irrevocably mortgages, grants and conveys to Lender and Lender's successors and assigns, with power of sale,
<br />subject to the rights of Senior Lien Holder under the First Mortgage, the following property, to -wit:
<br />Lot 43, West Heights Addition to the city of Grand Island, Hall County,
<br />Nebraska.
<br />(which has the address of 404 N Sheridan Ave. , Grand Island, NE 68803 ),
<br />to have and to hold this property unto Lender and Lender's successors and assigns, forever, all the improvements
<br />now or hereafter erected on the property, and all easements, appurtenances and fixtures now or hereafter a part of the
<br />property. All replacements and additions shall also be covered by this Mortgage. All of the foregoing is referred to in
<br />this Mortgage as the Property.
<br />Borrower covenants that Borrower is lawfully seized of the estate hereby conveyed and has the right to mortgage,
<br />grant and convey the Property and, except for the First Mortgage and other encumbrances of record acceptable to
<br />Senior Lien Holder, the Property is unencumbered. Borrower warrants and will defend generally the title to the
<br />Property against all claims and demands, subject to such encumbrances of record.
<br />1. PAYMENTS. The principal of the debt evidenced by the Note shall be due and payable in the event
<br />Lender designates a default under the Note. It is a default under the Note if: (a) Borrower (or at least one of
<br />borrowers if more than one borrower) does not continue to occupy the Property as Borrower's principal
<br />residence; or (b) Borrower transfers the Property to another (other than Senior Lien Holder) without
<br />obtaining the prior approval of Lender. (Lender's approval will be given if the new Property owner assumes
<br />the Note and satisfies the same qualification requirements Borrower was subject to when Borrower initially
<br />obtained the Loan.). Provided that the Lender does not designate a default under the Note, the amounts due
<br />and payable under the Note will be forgiven as follows: The principal amount of the Loan shall be reduced
<br />over the first 5 years by 1 /60th of the original principal balance of the Loan for each month the Loan is
<br />outstanding. Such monthly reductions shall take effect in arrears on the same day of the month the Loan was
<br />originally made.
<br />Return recorded mortgage to:
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<br />Federal Home Loan Bank of Topeka
<br />V.O. Box 176
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<br />Topeka, KS 66601
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<br />THIS SMMDINAtE MOR GAGE (Mortgage) is made on March 15 20 01. The
<br />grantor is MichsE P. Taylor, an unmarried individual (Borrower). This
<br />Mortgage is given to the Federal Home Loan Bank of Topeka, a corporation organized and existing under the laws
<br />of the United States of America, and whose address is 120 SE 6th St., Topeka, KS 66603, its successors and assigns
<br />(Lender). Borrower owes Lender the principal sum of Three thousand two hundred and 00 /l0ollars
<br />(U.S. $ 3,200.00 ). This debt is evidenced by Borrower's note dated the same date as this Mortgage (Note).
<br />The Note provides for no payments if the Borrower complies with the terms of the Note. The loan evidenced by the
<br />Note and secured by this Mortgage (Loan) is being made pursuant to the Affordable Housing Program as
<br />implemented by Lender (12 U.S.C. 1430); 12 CFR Part 951).
<br />In addition to the Loan, Borrower obtained a mortgage loan (First Mortgage Loan) from
<br />United Nebraska Bank (Senior Lien Holder), which loan is secured by
<br />a first mortgage lien on the Property (First Mortgage). The documents evidencing or securing the First Mortgage
<br />Loan are collectively referred to herein as the First Mortgage Loan Documents.
<br />This Mortgage secures to Lender the repayment of the debt evidenced by the Note. For this purpose, Borrower
<br />irrevocably mortgages, grants and conveys to Lender and Lender's successors and assigns, with power of sale,
<br />subject to the rights of Senior Lien Holder under the First Mortgage, the following property, to -wit:
<br />Lot 43, West Heights Addition to the city of Grand Island, Hall County,
<br />Nebraska.
<br />(which has the address of 404 N Sheridan Ave. , Grand Island, NE 68803 ),
<br />to have and to hold this property unto Lender and Lender's successors and assigns, forever, all the improvements
<br />now or hereafter erected on the property, and all easements, appurtenances and fixtures now or hereafter a part of the
<br />property. All replacements and additions shall also be covered by this Mortgage. All of the foregoing is referred to in
<br />this Mortgage as the Property.
<br />Borrower covenants that Borrower is lawfully seized of the estate hereby conveyed and has the right to mortgage,
<br />grant and convey the Property and, except for the First Mortgage and other encumbrances of record acceptable to
<br />Senior Lien Holder, the Property is unencumbered. Borrower warrants and will defend generally the title to the
<br />Property against all claims and demands, subject to such encumbrances of record.
<br />1. PAYMENTS. The principal of the debt evidenced by the Note shall be due and payable in the event
<br />Lender designates a default under the Note. It is a default under the Note if: (a) Borrower (or at least one of
<br />borrowers if more than one borrower) does not continue to occupy the Property as Borrower's principal
<br />residence; or (b) Borrower transfers the Property to another (other than Senior Lien Holder) without
<br />obtaining the prior approval of Lender. (Lender's approval will be given if the new Property owner assumes
<br />the Note and satisfies the same qualification requirements Borrower was subject to when Borrower initially
<br />obtained the Loan.). Provided that the Lender does not designate a default under the Note, the amounts due
<br />and payable under the Note will be forgiven as follows: The principal amount of the Loan shall be reduced
<br />over the first 5 years by 1 /60th of the original principal balance of the Loan for each month the Loan is
<br />outstanding. Such monthly reductions shall take effect in arrears on the same day of the month the Loan was
<br />originally made.
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