201004944 - Laserfiche WebLink

Browse

..^~ ~, ~ ~ ~ r~ ~ r 9'1 ~ S/f ~~ CJ G7 `~ ~w ~ C [7 ~ c~ ~--~ c~ m N ~~ :" ~ Z R `~~. ~ ~ rv m ~ .~~ ~ (.. ea 'fit ~ _ ~ ..1 rYr ~~ -p ~ ~ ~ ~TJ ~I~ ~9 Q r~ ~ ~ ~ ~ ...tr C ~^ fl] ~ ~ Return recorded mortgage to: F.HLBank Topeka P.O. Box 1.76 Topeka, KS 66601 Subordinate Mortgage ~. ~~ 'T'HIS SUBORDINATE MORTGAGE (Mortgage) is made on July 15, 20]0. The grantor is Scott C Niemann and Heather M Niemann, husband. and wife (Borrower). This Mortgage is given to the Federal Home Loan Bank of Topeka, a corporation organised and existing under the laws of the United States of America, and whose address is One Security Benefit Pl. Ste. 100, Topeka., KS 66606, its successors and assigns (Lender). Borrower owes .Lender the principal sum of Four thousand and 00/100 Dollars--------- (U.S. $ 4,000.00 ). 'T'his 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 terms of the Note. 'T'he loan evidenced by the Note and secured by this Mortgage (Loan) is being made pursuant to the Affordable Housing Program (AIIP) as implemented by Lender (12 U.S.C. 1430(j); 12 CFR Part 951). In addition to the Loan, Borrower obtained a mortgage loan (First Mortgage Loan) from Equitable Bank (Senior Lien Holder), which loan is secured by a first mortgage lien on the Property (First Mortgage). 'T'he 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: LOT FOURTEEN (14), BLOCK SIX (6), PARKHILL SECOND SUBDIVISION, TO THE CITY OF GRANIJ ISI.,ANI), I-IALL COUNTY, NEBRASKA (which. has the address of: 2216 W Oklahoma Ave, Grand Island, NE 68803 ), to have and to hold this property unto Lender and Lender's successors 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 to such encumbrances of record. l . PAYMENTS. '1'lze 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 if more than one borrower) does not continue to occupy the Property as Borrower's principal residence; or (b) Borrower transfers the Property to another (other than Senior hien Holder) without prior notice to Lender. (c) Subsequent owner does not meet AHP income requirements. (d) In the case of a refinancing prior to the end of the term of the Note, an amount equal to a pro rata share of the direct subsidy that financed the purchase, construction, or rehabilitation of the unit, reduced for every year the occupying household has owned the unit, shall be repaid to the Bank, from any net gain realized upon the refinancing, unless the property continues to be subject to a deed restriction or other legally enforceable retention agreement or mechanism. 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: ".l"he principal amount of the Loan shall be reduced over the first 5 years by 1/60th of the original principal balance of the Loan for each month the Loan is outstanding. Such monthly reductions shall take effect in arrears on the same day of the month the Loan was originally made. In the event of foreclosure the full amount of the principal remaining due shall be forgiven. 2. DESIGNATION OF DEFAUL"1' 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 froze 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 Borrower of the right to reinstate after designation of a default and the right to Rev:r_sed Feb 2006 Page 1 of 2