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<br />200710018
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<br />Subordinate Mortgage
<br />
<br />200710018
<br />
<br />THIS SUBORDINATE MORTGAGE (Mortgage) is made on November 28, 2007. The grantor is SIMON J
<br />V ALDERAZ. A SINGLE PERSON (Borrower). This Mortgage is given to the Federal Home Loan Bank of
<br />Topeka, a corporation organized and existing under the laws of the United States of America, and whose address is
<br />One Security Benefit PI. Ste. 100, Topeka, KS 66606, its successors and assigns (Lender). Borrower owes Lender
<br />the principal sum of FOUR THOUSAND AND NO/IOO Dollars (U.S. $ 4,000.00 ). This debt is evidenced by
<br />Borrower's note dated the same date as this Mortgage (Note). The Note provides for no payments if the Borro\\..:t
<br />complies with the terms of the Note. The loan evidenced by the Note and secured by this Mortgage (Loan) is being
<br />made pursuant to the Affordable Housing Program (AHP) as implemented by Lender (12 U.s.C. 1430(j); 12 CFR
<br />Part 951).
<br />
<br />In addition to the Loan, Borrower obtained a mortgage loan (First Mortgage Loan) from Home Federal Savin~s and
<br />Loan Assn of Grand Island (Senior Lien Holder), which loan is secured by a first mortgage lien on the Property
<br />(First Mortgage). The documents evidencing or securing the First Mortgage Loan are collectively referred to herein
<br />as the First Mortgage Loan Documents.
<br />
<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,
<br />subject to the rights of Senior Lien Holder under the First Mortgage, the following property, to-wit:
<br />
<br />LOT TWO (2), BLOCK NINE (9), BOGGS AND HILL'S ADDITION TO THE CITY OF GRAND ISLAND,
<br />HALL COUNTY, NEBRASKA
<br />
<br />(which has the address of: 2007 W lITH AVE - Grand Island. NE 68803),
<br />to have and to hold this property unto Lender and Lender's successors and assigns, forever, all the improvements
<br />now or hereafter erected on the property, and all easements, appurtenances and fixtures now or hereafter a part of the
<br />property, All replacements and additions shall also be' covered by this Mortgage. All of the foregoing is referred to in
<br />this Mortgage as the Property.
<br />
<br />Borrower covenants that Borrower is lawfully seized of the estate hereby conveyed and has the right to mortgage,
<br />grant and convey the Property and, except for the First Mortgage and other encumbrances of record acceptable to
<br />Senior Lien Holder, the Property is unencumbered. Borrower warrants and will defend generally the title to the
<br />Property against all claims and demands, subject to such encumbrances of record.
<br />
<br />1. PAYMENTS. The principal of the debt evidenced by the Note shall be due and payable in the event
<br />Lender designates a default under the Note. It is a default under the Note if: (a) Borrower (or at least one of
<br />borrowers if more than one borrower) does not continue to occupy the Property as Borrower's principal
<br />residence; or (b) Borrower transfers the Property to another (other than Senior Lien Holder) without prior
<br />notice to Lender. (c) Subsequent owner does not meet AHP income requirements. (d) In the case of a
<br />
<br />Revised Feb 2006
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