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Box 176 <br />Topeka, KS 66601 <br /> <br />Subordinate Mortgage <br /> <br />THIS SUBORDINATE MORTGAGE (Mortgage) is made on November 03. 2008. The grantor is DANIEL E <br />ROTH AND JENNIFER I ROTH. HUSBAND AND WIFE. JOINTLY AND EACH IN THEIR OWN <br />RIGHT (Borrower). This Mortgage is given to the Federal Home Loan Bank of Topeka, a corporation organized <br />and 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 AND 00/100 Dollars (U.S. $ 4.000.00 ), This debt is evidenced by Borrower's note dated the same <br />date as this Mortgage (Note). The Note provides for no payments if the Borrower complies with the terms of the <br />Note. The loan evidenced by the Note and secured by this Mortgage (Loan) is being made pursuant to the Affordable <br />Housing Program (AHP) as implemented by Lender (12 U.S.C. 1430(j); 12 CFR Part 951). <br /> <br />In addition to the Loan, Borrower obtained a mortgage loan (First Mortgage Loan) from TIERONE BANK <br />(Senior Lien Holder), which loan is secured by a first mortgage lien on the Property (First Mortgage). The <br />documents evidencing or securing the First Mortgage Loan are collectively referred to herein as the First Mortgage <br />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 TWENTY-TWO (22), WEST HEIGHTS SECOND ADDITION TO THE CITY OF GRAND <br />ISLAND, HALL COUNTY, NEBRASKA <br /> <br />(which has the address of: 504 WEST AVE. Grand Island. NE 68803-4247), <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 />refinancing prior to the end of the term of the Note, an amount equal to a pro rata share of the direct subsidy <br />that financed the purchase, construction, or rehabilitation of the unit, reduced for every year the occupying <br />household has owned the unit, shall be repaid to the Bank, from any net gain realized upon the refinancing, <br />unless the property continues to be subject to a deed restriction or other legally enforceable retention <br />agreement or mechanism. Provided that the Lender does not designate a default under the Note, the <br />amounts due and payable under the Note will he forgiven as follows: The principal amount of the Loan <br />shall be reduced over the first 5 years by 1I60th of the original principal balance of the Loan for each month <br />the Loan is outstanding. Such monthly reductions shall take effect in arrears on the same day of the month <br />RFHPMTG.doc 1 Revised Feb 2006 <br /> <br />o <br />N <br />o <br />C) <br />0) <br />o <br />CD <br />N <br />I---" <br />J:. <br /> <br />m <br />~ <br />::D <br />m <br />o <br />::t> <br />en <br />Z <br />~ <br />c:: <br />3: <br />m <br />~ <br />:z <br />o <br /> <br />~ <br />'" <br />(J <br /> <br />-J.\~ <br />