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<br />SUbordinate=Mortwge
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<br />-tHIS SUBORDINATE MORTGAGE (Mortgage) is made on September 23.2005
<br />grantor is Kellie A Palu. A slnole person
<br />
<br />. The
<br />
<br />(Borrower). This Mortgage is given to the Federal Home Loan Bank of Topeka, a corporation organized and
<br />existing under the laws of the United States of America, and whose address is One Security Benefit PI. Ste 100,
<br />Topeka, KS 66606, its successors and assigns (Lender). Borrower owes Lender the principal sum of FOUR
<br />THOUSAND 00/100 Dollars (U.S. $ 4.000.00 ). This debt is evidenced by Borrower's
<br />note dated the same date as this Mortgage (Note). The Note provides for no payments if the Borrower complies with
<br />the terms of the Note. The loan evidenced by the Note and secured by this Mortgage (Loan) is being made pursuant
<br />to the Affordable Housing Program as implemented by Lender (12 U.S.C. 14300); 12 CFR Part 951).
<br />
<br />In addition to the Loan, Borrower obtained a mortgage loan (First Mortgage Loan) TIERONE BANK
<br />(Senior Lien Holder), which loan is secured by a first mortgage lien on the Property (First Mortgage). The documents
<br />evidencing or securing the First Mortgage Loan are collectively referred to herein as the First Mortgage Loan
<br />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 seventy-nine (79), In West Lawn Addition to the City of Grand Island, Hall County, Nebraska.
<br />
<br />(which has the address of: 1731 N. Park 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
<br />the property. All replacements and additions shall also be covered by this Mortgage. All of the foregoing is referred to
<br />in 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 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 than 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. (Lender's approval will be given if the new Property owner assumes the Note and satisfies the same
<br />qualification requirements Borrower was subject to when Borrower initially obtained the Loan.). Provided that the
<br />Lender 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 the Loan shall be reduced over the first 5 years by 1/60th of the original principal
<br />balance of the Loan for each month the Loan is outstanding. Such monthly reductions shall take effect in arrears on
<br />the same day of the month the Loan was originally made.
<br />
<br />2. DESIGNATION OF DEFAULT AND REMEDIES. Lender shall give notice to Borrower and Senior Lien Holder
<br />prior to a designation of a default under the Note. The notice shall specify: (a) the default; (b) the action required to
<br />cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower (and with respect to
<br />Senior Lien Holder, 60 days from the date the notice is given to Senior Lien Holder), by which the default must be
<br />cured; and (d) that failure to cure the default on or before the date specified in the notice may result in designation of
<br />a default under the Note and the sale of the Property. The notice shall further inform Borrower of the right to reinstate
<br />after designation of a default and the right to bring a court action to assert the non-existence of a default or any other
<br />defense of Borrower to a designation of default and sale. If the default is not cured by Borrower on or before the date
<br />specified in the notice, and Senior Lien Holder has not exercised its right to cure the default, then Lender at its option
<br />may designate a default and require immediate payment of all sums secured by this Mortgage without further
<br />demand and may invoke the power of sale and any other remedies permitted by applicable law. Notwithstanding
<br />Lender's right to invoke any remedies hereunder. Lender may not commence foreclosure proceedings or accept a
<br />deed in lieu of foreclosure, or exercise any other rights or remedies hereafter until it has given Senior Lien Holder at
<br />least 60 days' prior written notice. Lender shall be entitled to collect all expenses incurred in pursuing the remedies
<br />provided in this section 2, including, but not limited to, reasonable attorneys' fees and costs of title evidence.
<br />
<br />Page 1 of 2
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