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THIS SUBORDINATE MORTGAGE (Mortgage) is made on September 30th 2002 1 The —grantor is William K Glandt and Ashley S Ambrose, each a single person (Borrower). This Mortgage is given to the Federal Home LoanBank of Topekle*corporation organized and existing under the laws of the United States of America; and whose address is 120 SF, 6th St., Topeka, KS 66603, its successors and assigns (Lender). Borrower owes Lender the principal sum of Three Thousand Five Hundred and 00/100 Dollars (U.S. $ 3,500.00). This debt is evidenced by Borrower's note dated the same date as this Mortgage (Note). The Note provides for no payments if the Borrower complies with the mans of the Note. The loan is evidenced by the Note and secured by this Mortgage (Loan) is being made pursuant to the Affordable Housing Program as implemented by Lender (12 U.S.C. 14300); 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 on the Property (First Mortgage). The documents evidencing or securing the First Mortgage Loan are collectively referred to herein as the First Mortgage Loan Documents. This Mortgage secures to Lender the repayment of the debt evidenced by the Note. For this purpose, Borrower irrevocably mortgages, grants and conveys to Lender and Lender's Successors and assigns, with power of sale, subject to the rights of Senior Lien Holder under the First Mortgage, the following property, to-wit: All of Lot Five (5) and The Southerly Twenty (S 20) Feet of Lot Six (6), In Fairacres Dairy Subdivision, being located on the Southwest Quarter (S W 1 /4) of Section Twelve (12), in Township Eleven (11) North, Range Nine (9) West of the 6th P.M., Hall County, Nebraska also a tract of land Thirty -Three (33) Feet by Eleven and Eight One Hundredths (11.8) Feet described as follows: Commencing at the Southeast (SE) corner of said Lot Five (5), as described above, running thence East for a distance of Thirty -Three (33) feet, running thence North for a distance of Eleven and Eight One Hundredths (11.8) feet, running thence West for a distance of Thirty -Three Feet (33) Feet, and running thence South for a distance of Eleven and Eight One Hundredths (11.8) feet to the place of beginning, Hall County, Nebraska. (which has the address of: 211 N Shady Bend Rd Grand Island, NR 68801 ), to have and to hold this property unto Lender and Lender's success..... and assigns, forever, all the improvements now or hereafter erected on the property, and all easements, appurtenances and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Mortgage. All of the foregoing is referred to in this Mortgage as the Property. Borrower covenants that Borrower is lawfully seized of the estate hereby conveyed and has the right to mortgage, grant and 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 encumbrances of record. L PAYMENTS. The principal of the debt evidenced by the Note shall be duo 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 if more than one borrower) does not continue In occupy the Properly 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 given if the new Property owner assumes the Note and satisfies the same 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 U60th of the original principal balance of the Loan for each month the Loan is outstanding. Such monthly reductions shall take effect m arrears on the same day of the month the Loan was originally made. 2. DESIGNATION OF DEFAULT AND REMEDIES. Lender shall give notice to Borrower and Senior Lien Holder prior to a designation 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 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 12857 CV (3W G118G8 Paee l af2 GO'I aavlownd) Return recorded mortgage to: Federal Home Loan Bank of Topeka P.O. Box 176 ME peke, KS 66601 :s N �1' i N N N py S C-J - 20021049" W N — ° Subordinate Mortgage THIS SUBORDINATE MORTGAGE (Mortgage) is made on September 30th 2002 1 The —grantor is William K Glandt and Ashley S Ambrose, each a single person (Borrower). This Mortgage is given to the Federal Home LoanBank of Topekle*corporation organized and existing under the laws of the United States of America; and whose address is 120 SF, 6th St., Topeka, KS 66603, its successors and assigns (Lender). Borrower owes Lender the principal sum of Three Thousand Five Hundred and 00/100 Dollars (U.S. $ 3,500.00). This debt is evidenced by Borrower's note dated the same date as this Mortgage (Note). The Note provides for no payments if the Borrower complies with the mans of the Note. The loan is evidenced by the Note and secured by this Mortgage (Loan) is being made pursuant to the Affordable Housing Program as implemented by Lender (12 U.S.C. 14300); 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 on the Property (First Mortgage). The documents evidencing or securing the First Mortgage Loan are collectively referred to herein as the First Mortgage Loan Documents. This Mortgage secures to Lender the repayment of the debt evidenced by the Note. For this purpose, Borrower irrevocably mortgages, grants and conveys to Lender and Lender's Successors and assigns, with power of sale, subject to the rights of Senior Lien Holder under the First Mortgage, the following property, to-wit: All of Lot Five (5) and The Southerly Twenty (S 20) Feet of Lot Six (6), In Fairacres Dairy Subdivision, being located on the Southwest Quarter (S W 1 /4) of Section Twelve (12), in Township Eleven (11) North, Range Nine (9) West of the 6th P.M., Hall County, Nebraska also a tract of land Thirty -Three (33) Feet by Eleven and Eight One Hundredths (11.8) Feet described as follows: Commencing at the Southeast (SE) corner of said Lot Five (5), as described above, running thence East for a distance of Thirty -Three (33) feet, running thence North for a distance of Eleven and Eight One Hundredths (11.8) feet, running thence West for a distance of Thirty -Three Feet (33) Feet, and running thence South for a distance of Eleven and Eight One Hundredths (11.8) feet to the place of beginning, Hall County, Nebraska. (which has the address of: 211 N Shady Bend Rd Grand Island, NR 68801 ), to have and to hold this property unto Lender and Lender's success..... and assigns, forever, all the improvements now or hereafter erected on the property, and all easements, appurtenances and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Mortgage. All of the foregoing is referred to in this Mortgage as the Property. Borrower covenants that Borrower is lawfully seized of the estate hereby conveyed and has the right to mortgage, grant and 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 encumbrances of record. L PAYMENTS. The principal of the debt evidenced by the Note shall be duo 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 if more than one borrower) does not continue In occupy the Properly 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 given if the new Property owner assumes the Note and satisfies the same 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 U60th of the original principal balance of the Loan for each month the Loan is outstanding. Such monthly reductions shall take effect m arrears on the same day of the month the Loan was originally made. 2. DESIGNATION OF DEFAULT AND REMEDIES. Lender shall give notice to Borrower and Senior Lien Holder prior to a designation 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 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 12857 CV (3W G118G8 Paee l af2 GO'I aavlownd)