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200203381 THIS SUBORDINATE, -%MORTGAGE ( Mortgage) is made on grantor is Sandra N1 Gawrych, an untr►arril:d -. ontan Retum recorded mxtgage trx Federal iiccw Loan Baulk of Topeka P.G. Ban 176 Tom. KS 66MI SubclydinaW MmAgage March 28th 2002 . The (Borrower). This Nlorts a -c is given to the Federal Home Loan Bank of Topeka, a corporation organized and existing under the of the United States of Afuerica, and whose address is 120 SF 6th St., Topeka, KS 66603, its successors and assigns (;.ender). Borrower owes bender the principai sum of Four Thousand and 601100 Dollars (Ir.S. S 4 0100-00 ). This debt is evidenced by Borrower's nota dated the same date as this Mortgage (Note). The Note provides for no payments if the Borrower complies with the terms of the Note. The loan is evidenced by the Note and secured by this Irlortgaoe (Loan) is being made pursuant to the Affordable Housing_ Program as implemented by Lender (!2 U.S.C. 1430(j); 12 CFR Part 960). In addition to the Loan, Borrower obtained a mortgage loan (First Mortgage Loan) from United Nebraska Bank (Senior Lien Holder), which loan is secured by a first mortgage lien the Property (First Mortgage). The documents evidencing or securing the First Mortgage Loan are collectively re`:. : --d to herein as the First Mortgage Loan Documents. `Phis N4011g0ge secures to Lender the repayment of the debt evidenced by the ;vote. For this purpose, Borrower irrevocably mortgages, grants and conveys to Lender and Lender's successor's and assigns, with power of sale, subjecr. to the rights of Senior Lien Holder under the First Mort -ae, the following property, to -wit: Lot 11, Geer Subdivision, Hull County, Grand Island, Nebraska. (which has the address of: 587 E 20th Grand Island; NE 68801 to have and to hold this property unto Lender and Lender's successors and assigns, forover, all the improvements now c. hereafter erected on the property, and all easements, appurtenanceE and fixtures now or hereafter apart of the property. All replacements and additions shall also be covered by this Mortgage. All of the foregoing is referred to in this ti9ortga!re as the Property. Borrower covenants that Borrower is lawfully seized of the estate hereby conveyed and has the right to mortgage, -runt aril convey the Property and, except for the First Mortgage and other encumbrances of record acceptable to Senior Lien Holder, the Property is Unencumbered. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject of such encurbrances of record. 1. PAYMENTS. "The principal of the debt evidenced by the Note shall be due and payable in the event Lender designates a default under the Dote. It is a default under the Note if: (a) Borrower (or at least one of borrowers if more than one borrower) does not continue to occupy the Property as Borrower's principal residence; or (b) Borrower transfers the Property to another (other than Senior Lien Holder) without obtaining the prior approval of Lender. (Lender's approval will be green if the new Property owner assumes the Note and satisfies the same qualification requirements Borrower was subject :,) when Borrower initially obtained the Loan.) Provided that the Lender does not designate a default under the Note, the amounts due and payable under the Note will be forgiven as follows: The principal amount of the Loan shall be reduced over the first 5 years by 1 /60th of the original principal balance of the Loan for each month the Loan is outstanding. SUCI7 monthly reductions shall take effect in arrears on the same day of the month the Loan %vas originally made. 2. DESIGNATION OF DEFAULT AND REMEDIES. Lender shall give notice. to Borrower and Senior Lien I lolder prior to a design; lion of a default under the Note. The notice shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 clays from the date the notice is given to Borrower (and with respect to Senior Lien Holder, 60 days from the date the notice is given to Senior Lien Holder), by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in designation of a default under the Note and the sale of the Property. The notice shall further inform I s c.1, r:,;a_, (At: 0a P.,gc t or 2 GOTO(W) l co I )