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'FHL4 SUBORDINATE MORTGAGE (Mortgage) is made on — March 26th 2002 the
<br />grantor is •Johnny Mulinix and Bethany Bilslend, each a single person _
<br />(Borrower) This Mortgage is given to the Federal Hnmc 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 6tb St., Topeka, RS 66603. its successors
<br />and assigns (Lender). Borrower owes Lender the principal sum of Four Thoaeand and 00 /100
<br />Dollars (U.S. $ 4,000.00). Tltis 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 />tell... 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(d, 12 CFR Part 960).
<br />hi addition to the Isar, Borrower obtained a mortgage loan (First Mortgage Loan) fram United Nebraska Bank
<br />(Senior Lien Holder), which loan is secured by a first mortgage
<br />lien on tine 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 Lcnder the repayment of the debt evidenced by the Note. For this purpose, Borrower
<br />irrevocably mortgages, grants and conveys to Leader and Lender's successors and assigns, with power of sale, subject to
<br />the rights of Senior Lien Holder mder the First Mortgage, the following Property to-wit!
<br />Lot Two (2), Block Sixty-Six (66), wheeler and Bennett's Second Addition to the City of Crand Island, Hall
<br />County, Nebraska.
<br />(which has the address of 519 F, 14th Grand Island, NE 68801 ),
<br />to have and to hold this property unto Lender and Lender's saeriw -is and assigns, foreleg all the improvements now or
<br />hercaftei 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 encrmbrances of record.
<br />I. 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 (hall 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 ( Lendei s approval will be given if the new Property owner assumes the Note and satisfies the same
<br />qualification r'equirenrrents Borrower was subject to when Borrower initially obtained the Loan) Provided that the
<br />Lander 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 tlm 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 onginally made.
<br />2. DESIGNATION OF DEFAULT AND REMEDIES- Lender shall give notice to Bnaowei 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 then 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 t.ien Holder), by which the
<br />default must be cured; and (d) that failure to cure the default on or before the dale specified in the notice may
<br />result in designation ofa default under the Note and the sale of the Properly. The notice shall fiuther inform
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<br />Subordinate Mortgage
<br />'FHL4 SUBORDINATE MORTGAGE (Mortgage) is made on — March 26th 2002 the
<br />grantor is •Johnny Mulinix and Bethany Bilslend, each a single person _
<br />(Borrower) This Mortgage is given to the Federal Hnmc 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 6tb St., Topeka, RS 66603. its successors
<br />and assigns (Lender). Borrower owes Lender the principal sum of Four Thoaeand and 00 /100
<br />Dollars (U.S. $ 4,000.00). Tltis 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 />tell... 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(d, 12 CFR Part 960).
<br />hi addition to the Isar, Borrower obtained a mortgage loan (First Mortgage Loan) fram United Nebraska Bank
<br />(Senior Lien Holder), which loan is secured by a first mortgage
<br />lien on tine 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 Lcnder the repayment of the debt evidenced by the Note. For this purpose, Borrower
<br />irrevocably mortgages, grants and conveys to Leader and Lender's successors and assigns, with power of sale, subject to
<br />the rights of Senior Lien Holder mder the First Mortgage, the following Property to-wit!
<br />Lot Two (2), Block Sixty-Six (66), wheeler and Bennett's Second Addition to the City of Crand Island, Hall
<br />County, Nebraska.
<br />(which has the address of 519 F, 14th Grand Island, NE 68801 ),
<br />to have and to hold this property unto Lender and Lender's saeriw -is and assigns, foreleg all the improvements now or
<br />hercaftei 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 encrmbrances of record.
<br />I. 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 (hall 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 ( Lendei s approval will be given if the new Property owner assumes the Note and satisfies the same
<br />qualification r'equirenrrents Borrower was subject to when Borrower initially obtained the Loan) Provided that the
<br />Lander 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 tlm 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 onginally made.
<br />2. DESIGNATION OF DEFAULT AND REMEDIES- Lender shall give notice to Bnaowei 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 then 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 t.ien Holder), by which the
<br />default must be cured; and (d) that failure to cure the default on or before the dale specified in the notice may
<br />result in designation ofa default under the Note and the sale of the Properly. The notice shall fiuther inform
<br />van av (t'w) Guszs P ,,, 2
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