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(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 120 SE 6th St., Topeka, KS 66603, its successors
<br />and assigns (Lender). Borrower owes Lender the principal sum of Four Thousand and 00/100
<br />00 /100 Dollars (U.S. $ 4,000.00), This debt is evidenced by Borrower's note
<br />dated the same date 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. 14300); 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 Eight (8) Former View Subdivision, in the city of Grand Island, Hall County, Nebraska
<br />(which has the address of: 1032 S Cherry St Grand Island, NE 68801
<br />to have and to hold this property unto Lender and Lender's successors and assigns, forever, all the 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
<br />Mortgage 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 convey the Property and, except for the First Mortgage and other encumbrances of record acceptable to Senior Lien
<br />Holder, the Property is unencumbered. Borrower warrants and will defend generally the title to the Property against all
<br />claims and demands, subject of 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
<br />more than one borrower) does not continue to occupy the Property as Borrower's principal residence; or (b)
<br />Borrower transfers the Property to another (other than Senior Lien Holder) without obtaining the prior approval of
<br />Lender. (Lender's approval will be given if the new Property owner assumes the Note and satisfies the same
<br />qualification requirements Borrower was subject to when Borrower initially obtained the Loan.) Provided that the
<br />Lender does not designate a default under the Note, the amounts due and payable under the Note will be forgiven
<br />as follows: The principal amount of the Loan shall be reduced over the first 5 years by 1 /60th of the original
<br />principal balance of the Loan for each month the Loan is outstanding. Such monthly reductions shall take effect in
<br />arrears on the same day of the month the Loan was originally made.
<br />2. DESIGNATION OF DEFAULT AND REMEDIES. Lender shall give notice to Borrower and Senior Lien
<br />Holder prior to a designation of a default under the Note. The notice shall specify: (a) the default; (b) the action
<br />required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower (and
<br />with respect to Senior Lien Holder, 60 days from the date the notice is given to Senior Lien Holder), by which the
<br />default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may
<br />result in designation of a default under the Note and the sale of the Property. The notice shall further inform
<br />12837CV(3 )2) 1667393 Pagel oft
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<br />Return recorded mortgage to:
<br />Federal Home Loan Bank of Topeka
<br />P.O. Box 176
<br />Topeka, KS 66601
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<br />Subordinate Mortgage
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<br />THIS SUBORDINATE MORTGAGE
<br />(Mortgage) is made on
<br />March 14th 2003 The
<br />grantor is dami
<br />L Schmitt, a single
<br />person
<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 120 SE 6th St., Topeka, KS 66603, its successors
<br />and assigns (Lender). Borrower owes Lender the principal sum of Four Thousand and 00/100
<br />00 /100 Dollars (U.S. $ 4,000.00), This debt is evidenced by Borrower's note
<br />dated the same date 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. 14300); 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 Eight (8) Former View Subdivision, in the city of Grand Island, Hall County, Nebraska
<br />(which has the address of: 1032 S Cherry St Grand Island, NE 68801
<br />to have and to hold this property unto Lender and Lender's successors and assigns, forever, all the 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
<br />Mortgage 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 convey the Property and, except for the First Mortgage and other encumbrances of record acceptable to Senior Lien
<br />Holder, the Property is unencumbered. Borrower warrants and will defend generally the title to the Property against all
<br />claims and demands, subject of 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
<br />more than one borrower) does not continue to occupy the Property as Borrower's principal residence; or (b)
<br />Borrower transfers the Property to another (other than Senior Lien Holder) without obtaining the prior approval of
<br />Lender. (Lender's approval will be given if the new Property owner assumes the Note and satisfies the same
<br />qualification requirements Borrower was subject to when Borrower initially obtained the Loan.) Provided that the
<br />Lender does not designate a default under the Note, the amounts due and payable under the Note will be forgiven
<br />as follows: The principal amount of the Loan shall be reduced over the first 5 years by 1 /60th of the original
<br />principal balance of the Loan for each month the Loan is outstanding. Such monthly reductions shall take effect in
<br />arrears on the same day of the month the Loan was originally made.
<br />2. DESIGNATION OF DEFAULT AND REMEDIES. Lender shall give notice to Borrower and Senior Lien
<br />Holder prior to a designation of a default under the Note. The notice shall specify: (a) the default; (b) the action
<br />required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower (and
<br />with respect to Senior Lien Holder, 60 days from the date the notice is given to Senior Lien Holder), by which the
<br />default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may
<br />result in designation of a default under the Note and the sale of the Property. The notice shall further inform
<br />12837CV(3 )2) 1667393 Pagel oft
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