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2Q1104211 <br />�,, , complies with the terms of the Note, the amounts due and payable under the Note shal{ not <br />become due and payabie, but shall be forgiven as follows: The principal amount of the <br />Loan shall be reduced over the flrst 5 years by 1/60th of the original principal balance of the <br />Loan fior each month the Loan is outstanding. Such monthly reductions shall take effect in <br />arrears on the same day of the monfih the Loan was originally made. The amount of the <br />Loan due and payable at any time shall be determined affer deducting the principal <br />amount of the Loan which has been forgiven by Lender. <br />2. SUBORDINATION. This Mortgage is subject and subordinate in all respects to the liens, <br />terms, covenants and conditions of the First Martgage and to all advances heretofore <br />made or which may hereaffer be made pursuant to the First Mortgage, including all sums <br />advanced for the purpose of (a) protecting or further securing the lien of the Frst Mortgage, <br />curing defaults by Borrower under the First Mortgage or for any other purpose expressly <br />permitted by the First Mortgage; or (bj consfiructing, renovafing, repairing, fumishing. <br />�ixturing or equipping the Property. The terms and provisions of the First Mortgage are <br />paramount and controlling, and they supersede any other terms and provisions hereof in <br />conflict therewith. in the event of forecfosure o� deed-in-lieu of foreclosure of the First <br />Mortgage, or if the First Mortgage is assigned to the Secretary of the U.S. Department of <br />Housing and Urban Developmen#, any provisions herein or any provisions in any other <br />coilafieral agreement restricting the use of the Property or othervvise restricting Borrower's <br />abi{ity to sell the Property shall have no further force or effect on subsequent owners or <br />purchasers of the Property. Any person, inciuding his successars cx assigns (other than <br />Borrower ar a related entity of Borrowerj, receiving title to the Properiy through a fioreclosure <br />or deed-in-lieu of foreclosure of the First Morfgage, or through the assignment of the First <br />Mortgage to the Secretary of the U.S. Department of Housing and Urkmn Development, shall <br />receive title to the Property free and clear from such restrictions. <br />3. NO?ICES. Any notice to Borrower provided for in this Mortgage shall be given by delivering <br />it or by maifing it by firs�i class mail unless applicable law requires use of another method. The <br />notice shafl be directed to the Properfy Address or any ofiher address Borrower designates <br />by notice to the Lender. <br />4. RELEASE. Upon safiisfaction of all sums secured by this Mortgage (whether by payment or <br />forgiveness), Lender shali release this Mortgage without charge to Borrower. Borrower shatl <br />pay any recordation costs. <br />5. MQDIFfCATION OF FiRST MORTGAGE LOAN DOCUMENTS. The Lender consents to any <br />agreement or arrangement in which Senior Lien Holder waives, pastpones, extends, reduces <br />or madifies any pravisians of the First Mortgage L�n Documents, including any provisions <br />requiring the payment of money. <br />IN WITNESS WHEREOF, Botrower has executed this Mortgage. <br />Borrower. � � 1'I Borrower; <br />STATE OF Nebraska <br />COUNTY OF Hall <br />1 <br />J ss. <br />) <br />The foregoing instrument was acknowledged before me on this 3rd day of June, 2t}l l, <br />by Eric P Hongsermeier. <br />N ary Public (Sea�) <br />My Commission Expires: � — �� <br />_� <br />a <br />� NOTARY-State at iVebraska <br />JACALYN A. AYOUB <br />c�nm.�.su��s,zo�a <br />