|
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, -rants 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 />�I,,d
<br />LOT 2 PARKER AND BARR'S ADDITION TO THE CITY OF GRAND ISLAND, HALL COUNTY
<br />(which has the address of: 216 N LOGAN, 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 />,,rant 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 he 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: 'T'he principal amount of the Loan shall be reduced
<br />over the first 5 vears 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 />oFi,,,inally made.
<br />W
<br />C
<br />CD
<br />c-�
<br />cc
<br />E
<br />u-)
<br />a
<br />"t
<br />I
<br />�
<br />J E w
<br />co
<br />f
<br />—
<br />o
<br />w
<br />m
<br />a a. �.� o L Li
<br />V-4
<br />U_ a `" o a z Subordinate Mortgage
<br />I
<br />c5 b
<br />Wk
<br />o >- w the Z V V
<br />N
<br />L.V
<br />0
<br />►_ o .-4 V V OC
<br />GATE
<br />Z
<br />THIS SUBORDI MORTGAGE (Mortgage) is made on MARCH 30TH 7001 The
<br />(Borrower). This
<br />;
<br />grantor is SAMANTHA K MAZANEC
<br />0
<br />Mortgage is given to the Federal Home Loan Bank of Topeka, a corporation organized and existing under the laws
<br />Q
<br />of the United States of America, and whose address is 120 SE 6th St., Topeka. KS 66603, its successors and assigns
<br />(Lender). BOITOWer owes Lender the principal sum of THREE THOUSAND Dollars
<br />(U.S. S 3,000 )• 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(j); 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, -rants 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 />�I,,d
<br />LOT 2 PARKER AND BARR'S ADDITION TO THE CITY OF GRAND ISLAND, HALL COUNTY
<br />(which has the address of: 216 N LOGAN, 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 />,,rant 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 he 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: 'T'he principal amount of the Loan shall be reduced
<br />over the first 5 vears 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 />oFi,,,inally made.
<br />
|