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THIS SUBORDINATED MORTGAGE (Mortgage) is made on May 28th 2004 The
<br />q, :1 il grantor is David L Richardson and Rachel A Richardson, Husband and Wife
<br />(Borrower). This Mortgage is given to the Federal Home Loan Bank of Topeka, a corporation organized and existing
<br />under the laws of the United States of America, and whose address is One Security Benefit Pl. Ste. 100, Topeka, KS
<br />66606, its successors and assigns (Lender). Borrower owes Lender the principal sum of Four Thousand and no /100
<br />Dollars (U.S. $ 4000 ). This debt is evidenced by Borrower's note
<br />dated the same as this Mortgage (Note). The Note provides for no payments if the Borrower complies with the
<br />terms of the Note. The loan is evidenced by the Note and secured by this Mortgage (Loan) is being made pursuant to the
<br />Affordable Housing Program as implemented by Lender (12 U.S.C. 1430 0); 12 CFR Part 960).
<br />In addition to the Loan, Borrower obtained a mortgage loan (First Mortgage Loan) from United Nebraska Bank
<br />(Senior Lien Holder), which loan is secured by a first mortgage
<br />lien on the Property (First Mortgage). The documents evidencing or securing the First Mortgage Loan are collectively
<br />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, subject to
<br />the rights of Senior Lien Holder under the First Mortgage, the following property, to -wit:
<br />Lot Six (6), "Ross and Ashton Park ", located on and being a Subdivision of a part of Lots Fourteen (14) and
<br />Eighteen (18) of County Subdivision of West Half of Southwest Quarter (W1 /2 SW 1/4) and a part of East Half of
<br />Southwest Quarter (E1/2 SW1 /4) of Section Fifteen (15), in Township Eleven (11) North, Range Nine (9) West of
<br />the Sixth P.M., Hall County, Nebraska.
<br />(which has the address of: 221 E Ashton Ave., Grand Island, Nebraska 68801 )
<br />to have and to hold this property unto Lender and Lender's successors and assigns, forever, all improvements now or
<br />hereafter erected on the property, and all easements, appurtenances and fixtures now or hereafter a part of the property.
<br />All replacements and additions shall also be covered by this Mortgage. All of the foregoing is referred to in this Mortgage
<br />as the Property.
<br />Borrower covenants that Borrower is lawfully seized of the estate hereby conveyed and has the right to mortgage, grant
<br />and conveyed the Property, and, except for the First Mortgage and other encumbrances of record acceptable to Senior
<br />Lien Holder, the Property is unencumbered. Borrower warrants and will defend generally the title to the Property against
<br />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 Lender
<br />designates a default under the Note. It is a default under the Note if: (a) Borrower (or at least one of borrowers if more
<br />than one borrower) does not continue to occupy the Property as Borrower's principal residence; or (b) Borrower transfers
<br />the Property to another (other than Senior Lien Holder) without obtaining the prior approval of Lender. (Lender's approval
<br />will be given if the new Property owner assumes the Note and satisfies the same qualification requirements Borrower was
<br />subject to when Borrower initially obtained the Loan.) Provided that the Lender does not designate a default under the
<br />Note, the amounts due and payable under the Note will be forgiven as follows: The principal amount of the Loan shall be
<br />reduced 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 originally
<br />made.
<br />2. DESIGNATION OF DEFAULT AND REMEDIES. Lender shall give notice to Borrower and Senior Lien Holder prior to
<br />a designation of a default under the Note. The notice shall specify: (a) the default; (b) the action required to cure the
<br />default; (c) a date, not less than 30 days from the date the notice is given to Borrower (and with respect to Senior Lien
<br />Holder, 60 days from the date the notice is given to Senior Lien Holder), by which the default must be cured; and (d) that
<br />failure to cure the default on or before the date specified in the notice may result in designation of a default under the Note
<br />and sale of the Property. The notice shall further inform
<br />Page 1 of 2
<br />Return recorded mortgage to:
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<br />Topeka, KS 66601
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<br />Subordinate Mortgage
<br />THIS SUBORDINATED MORTGAGE (Mortgage) is made on May 28th 2004 The
<br />q, :1 il grantor is David L Richardson and Rachel A Richardson, Husband and Wife
<br />(Borrower). This Mortgage is given to the Federal Home Loan Bank of Topeka, a corporation organized and existing
<br />under the laws of the United States of America, and whose address is One Security Benefit Pl. Ste. 100, Topeka, KS
<br />66606, its successors and assigns (Lender). Borrower owes Lender the principal sum of Four Thousand and no /100
<br />Dollars (U.S. $ 4000 ). This debt is evidenced by Borrower's note
<br />dated the same as this Mortgage (Note). The Note provides for no payments if the Borrower complies with the
<br />terms of the Note. The loan is evidenced by the Note and secured by this Mortgage (Loan) is being made pursuant to the
<br />Affordable Housing Program as implemented by Lender (12 U.S.C. 1430 0); 12 CFR Part 960).
<br />In addition to the Loan, Borrower obtained a mortgage loan (First Mortgage Loan) from United Nebraska Bank
<br />(Senior Lien Holder), which loan is secured by a first mortgage
<br />lien on the Property (First Mortgage). The documents evidencing or securing the First Mortgage Loan are collectively
<br />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, subject to
<br />the rights of Senior Lien Holder under the First Mortgage, the following property, to -wit:
<br />Lot Six (6), "Ross and Ashton Park ", located on and being a Subdivision of a part of Lots Fourteen (14) and
<br />Eighteen (18) of County Subdivision of West Half of Southwest Quarter (W1 /2 SW 1/4) and a part of East Half of
<br />Southwest Quarter (E1/2 SW1 /4) of Section Fifteen (15), in Township Eleven (11) North, Range Nine (9) West of
<br />the Sixth P.M., Hall County, Nebraska.
<br />(which has the address of: 221 E Ashton Ave., Grand Island, Nebraska 68801 )
<br />to have and to hold this property unto Lender and Lender's successors and assigns, forever, all improvements now or
<br />hereafter erected on the property, and all easements, appurtenances and fixtures now or hereafter a part of the property.
<br />All replacements and additions shall also be covered by this Mortgage. All of the foregoing is referred to in this Mortgage
<br />as the Property.
<br />Borrower covenants that Borrower is lawfully seized of the estate hereby conveyed and has the right to mortgage, grant
<br />and conveyed the Property, and, except for the First Mortgage and other encumbrances of record acceptable to Senior
<br />Lien Holder, the Property is unencumbered. Borrower warrants and will defend generally the title to the Property against
<br />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 Lender
<br />designates a default under the Note. It is a default under the Note if: (a) Borrower (or at least one of borrowers if more
<br />than one borrower) does not continue to occupy the Property as Borrower's principal residence; or (b) Borrower transfers
<br />the Property to another (other than Senior Lien Holder) without obtaining the prior approval of Lender. (Lender's approval
<br />will be given if the new Property owner assumes the Note and satisfies the same qualification requirements Borrower was
<br />subject to when Borrower initially obtained the Loan.) Provided that the Lender does not designate a default under the
<br />Note, the amounts due and payable under the Note will be forgiven as follows: The principal amount of the Loan shall be
<br />reduced 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 originally
<br />made.
<br />2. DESIGNATION OF DEFAULT AND REMEDIES. Lender shall give notice to Borrower and Senior Lien Holder prior to
<br />a designation of a default under the Note. The notice shall specify: (a) the default; (b) the action required to cure the
<br />default; (c) a date, not less than 30 days from the date the notice is given to Borrower (and with respect to Senior Lien
<br />Holder, 60 days from the date the notice is given to Senior Lien Holder), by which the default must be cured; and (d) that
<br />failure to cure the default on or before the date specified in the notice may result in designation of a default under the Note
<br />and sale of the Property. The notice shall further inform
<br />Page 1 of 2
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