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Return recorded mortgage to: Federal Home Loan Bank of Topeka R.O. Box 176 ( opeka, K5 66601 <n C cn c-D CM M C"D 200203432 x: _1 t 7 t yf1 Ul CZ) M 'Hi D_ C`: LI_ LL, t7 G7 ut w I'D UJ Subordinate Mortgage sr C\J y 4 1~ 1 cam-.' c ~ 1 r ~ ~ ri CD - I HIS SU130121AN, 1ATFSkRTG^.GE (Mortgage) is tudde orl March 29th 2002 The grantor is Karen Cloud and Tim Cloud, - ife and husband _ (t3on,mver). This Mortgage is given to the Federal Home Loan Bank of Topeka, a corporation organized and existing under the laws of the United States of America, and whose address is 120 SE 6th St., Topeka, K5 66603, its successors and assigns (Len(ler). Borrower owes Lender the principal sum of Four Thousand and 00/100 Dollars (U.S. S 4.000.00 This debt is evidenced by Borrower's note dated the atnc date as this Mortgage (Note). The Note provides for no payments if the Borrower complies with the terms of lire Nose. The lone is evidenced by the Note and secured by this Mortgage (Loan) is being made pursuant to the A ffordabic l lousing 1'1_0:1-am as. implemented by Lender (12 U.S.C. 1.4300); 12 CFA Part 960). In addition to the Loan, Bon owcr obtained a mortgage loan (First Mortgage Loan) from United Nebraska Bank (Senior Lien Flolder), which loan is secured by a first mortgage lien )u the Property (First :v:ottgagc). The documents evidencing or securing the First Mortgage Loan are collectively refer ed to :lerom as the first Mortgage Loan Documents. This Mortgage secures to Lender the repayrnent of the debt evidenced by the Note. For this purpose, Borrower irrc~ ocably mortgages. grants and conveys to Lender and. Lender's successors and assigns, with power of sale, subject to the rights of Senior Lien I lolder under the First Mortgage, the following property, to-wit: The Westerly Seventy Seven (77) feet of Lot Five (5), except the Westerly Eighteen (13) feet thereof, in Block Six (6). Westerhof('s First Subdivision. in the City of Grand Island, Hall County, Nebraska, except the Southerly Thirt;,• (30) feet thereof, deeded to the City of Grand Island, for street purposes. (which has the address of: _ 2912 W 16th St Grand Island, NE 6$$03 to have arid to hold this propery unto Lender and Lender's successors and assigns, forever, all the improvements now or hereafter cr ected on the property, and all easements, appurtenances and fixtures now or hereartet a part of d)e property. All replacements and additions shall also be covered by this Mortgage. All of the foregoing is referred to in this Mortgage as tite Property. Borrower covenants that Borrower is lawfully seized of the estate hereby conveyed and has the right to mortgage, grant and :onvey the Property and, except for the First Mortgage and other encumbrances of record acceptable to Senior Lien Holder, the Property is ur;enctimbered. Borrower warrants and will defend generally the title to the Property against all claims and dem. nds, subject of such encumbrances 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 Note. It is a default under the Note if. (a) Borrower (or at least one of borrowers of more than one borrower) does not continue to occury the Property as Borrower's principal residence; or (b) Borrower transfers tine Property to another (other than Senior Lien Holdcr) without obtaining the prior approval of Lender. (Lender's approval will be given if the new Property owner assumes the Note and satisfies the saute qualification requirements Borrower was subject to 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 !.he. Loan for each month the Loan is outstanding. Such monthly reductions shall take effect in + artearS on cite same day of the month the Loan was originally made. 2• DESIGNATION OF DEFAULT AND RI MrDIES. Lender shall give notice to Borrower and Senior Lien Ifolder prior to a desigmation 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 days 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 fallurc to cure the default on or before the date specified in the n<wtice wly result in designation of a default under the Note and the sale of the Property, The notice shall further inform GOTO(W. k 4j')1