|
Return recorded mortgage to:
<br />FHLBank Topeka
<br />P.O. Box 176
<br />Topeka, KS 66601
<br />Subordinate Mortgage
<br />THIS SUBORDINATE MORTGAGE (Mortgage) is made on August 29, 2011 by Adam W Kaminski, a Single Person (Borrower).
<br />This Mortgage is given to the Federal Home Loan Bank of Topeka, a corporation organized and existing under the laws of the United
<br />States of America, and whose address is One Security Benefit Pl. Ste. 100, Topeka, KS 66606, its successors and assigns (Lender).
<br />Borrower owes Lender the principal sum of Four Thousand and 00 /100 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 Borrower complies with the
<br />terms of the 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. 14306); 12 CFR Part 1291).
<br />In addition to the Loan, Borrower obtained a mortgage loan (First Mortgage Loan) from Equitable Bank (Senior Lien Holder), which
<br />loan is secured by a first mortgage lien on the Property (First Mortgage). The documents evidencing or securing the First Mortgage
<br />Loan are collectively referred to herein as the First Mortgage Loan Documents.
<br />This Mortgage secures to Lender the repayment of the debt evidenced by the Note. For this purpose, Borrower irrevocably mortgages,
<br />grants and conveys to Lender and Lender's successors and assigns, with power of sale, subject to the rights of Senior Lien Holder
<br />under the First Mortgage, the following property, to -wit:
<br />LOT FIVE (5), EXCEPT THE NORTHERLY SF_.VEN (7) FEET, BLOCK TWENTY TWO (22), SCARFF'S ADDITION TO WEST
<br />LAWN IN THE CITY OF GRAND ISLAND, HALL COUNTY, NEBRASKA
<br />(which has the address of _1604 N Kruse Ave, Grand Island,l\B 68803 ),to have and to hold this property unto Lender and Lender's
<br />successors and assigns, forever, all the improvements now or hereafter erected on the property, and all easements, appurtenances and
<br />fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Mortgage. All of the
<br />foregoing is referred to in this Mortgage as the Property.
<br />Borrower covenants that Borrower is lawfully seized of the estate hereby conveyed and has the right to mortgage, grant and convey
<br />the Property and, except for the First Mortgage and other encumbrances of record acceptable to Senior Lien Holder, the Property is
<br />unencumbered. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to such
<br />encumbrances of record.
<br />1. PAYMENTS. In the case of a sale or refinancing of the Property within five years of the date of the Note (the Retention
<br />Period), an amount equal to a pro rata share of the principal, reduced for every year Borrower owned the Property, shall be
<br />repaid to the Lender from any net gain realized upon the sale or refinancing, unless: (1) the Property was assisted with a
<br />permanent mortgage loan funded by an AIIP subsidized advance; (2) the Property is sold to a very low -, or low- or moderate -
<br />income household; or (3) following a refinancing, the Property continues to be subject to a deed restriction or other legally
<br />enforceable retention agreement or mechanism. The Lender will have ultimate control over any funds repaid by the Borrower
<br />pursuant to this section. Lender shall be given notice of any sale or refinancing of the Property occurring prior to the end of
<br />the Retention Period. Provided that Borrower complies with the terms of the Note, the amounts due and payable under the
<br />Note shall not become due and payable, but shall be forgiven as follows: The principal amount of the Loan shall be reduced
<br />over the first 5 years by 1 /60th of the original principal balance of the Loan for each month the Loan is outstanding. Such
<br />monthly reductions shall take effect in arrears on the same day of the month the Loan was originally made. The amount of
<br />the Loan due and payable at any time shall be determined after deducting the principal amount of the Loan which has been
<br />forgiven by Lender.
<br />2. SUBORDINATION. This Mortgage is subject and subordinate in all respects to the liens, terms, covenants and conditions
<br />of the First Mortgage and to all advances heretofore made or which may hereafter be made pursuant to the First Mortgage,
<br />Revised February 2011
<br />Page 1 of 2
<br />M
<br />;a
<br />N)
<br />N
<br />Q --1
<br />--1
<br />_
<br />o_
<br />y
<br />m
<br />m
<br />00-0i
<br />�o
<br />D
<br />Zm
<br />-
<br />ro
<br />o
<br />o� O
<br />C
<br />OT
<br />� �
<br />Z D -n
<br />O�
<br />+Ci
<br />w
<br />nt Z
<br />=m
<br />C)
<br />rn Z
<br />M o �a
<br />D
<br />r cn
<br />C
<br />wM Cl)
<br />0o
<br />° �
<br />O
<br />O
<br />m
<br />--1
<br />A
<br />cn
<br />�
<br />Z
<br />O
<br />Return recorded mortgage to:
<br />FHLBank Topeka
<br />P.O. Box 176
<br />Topeka, KS 66601
<br />Subordinate Mortgage
<br />THIS SUBORDINATE MORTGAGE (Mortgage) is made on August 29, 2011 by Adam W Kaminski, a Single Person (Borrower).
<br />This Mortgage is given to the Federal Home Loan Bank of Topeka, a corporation organized and existing under the laws of the United
<br />States of America, and whose address is One Security Benefit Pl. Ste. 100, Topeka, KS 66606, its successors and assigns (Lender).
<br />Borrower owes Lender the principal sum of Four Thousand and 00 /100 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 Borrower complies with the
<br />terms of the 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. 14306); 12 CFR Part 1291).
<br />In addition to the Loan, Borrower obtained a mortgage loan (First Mortgage Loan) from Equitable Bank (Senior Lien Holder), which
<br />loan is secured by a first mortgage lien on the Property (First Mortgage). The documents evidencing or securing the First Mortgage
<br />Loan are collectively referred to herein as the First Mortgage Loan Documents.
<br />This Mortgage secures to Lender the repayment of the debt evidenced by the Note. For this purpose, Borrower irrevocably mortgages,
<br />grants and conveys to Lender and Lender's successors and assigns, with power of sale, subject to the rights of Senior Lien Holder
<br />under the First Mortgage, the following property, to -wit:
<br />LOT FIVE (5), EXCEPT THE NORTHERLY SF_.VEN (7) FEET, BLOCK TWENTY TWO (22), SCARFF'S ADDITION TO WEST
<br />LAWN IN THE CITY OF GRAND ISLAND, HALL COUNTY, NEBRASKA
<br />(which has the address of _1604 N Kruse Ave, Grand Island,l\B 68803 ),to have and to hold this property unto Lender and Lender's
<br />successors and assigns, forever, all the improvements now or hereafter erected on the property, and all easements, appurtenances and
<br />fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Mortgage. All of the
<br />foregoing is referred to in this Mortgage as the Property.
<br />Borrower covenants that Borrower is lawfully seized of the estate hereby conveyed and has the right to mortgage, grant and convey
<br />the Property and, except for the First Mortgage and other encumbrances of record acceptable to Senior Lien Holder, the Property is
<br />unencumbered. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to such
<br />encumbrances of record.
<br />1. PAYMENTS. In the case of a sale or refinancing of the Property within five years of the date of the Note (the Retention
<br />Period), an amount equal to a pro rata share of the principal, reduced for every year Borrower owned the Property, shall be
<br />repaid to the Lender from any net gain realized upon the sale or refinancing, unless: (1) the Property was assisted with a
<br />permanent mortgage loan funded by an AIIP subsidized advance; (2) the Property is sold to a very low -, or low- or moderate -
<br />income household; or (3) following a refinancing, the Property continues to be subject to a deed restriction or other legally
<br />enforceable retention agreement or mechanism. The Lender will have ultimate control over any funds repaid by the Borrower
<br />pursuant to this section. Lender shall be given notice of any sale or refinancing of the Property occurring prior to the end of
<br />the Retention Period. Provided that Borrower complies with the terms of the Note, the amounts due and payable under the
<br />Note shall not become due and payable, but shall be forgiven as follows: The principal amount of the Loan shall be reduced
<br />over the first 5 years by 1 /60th of the original principal balance of the Loan for each month the Loan is outstanding. Such
<br />monthly reductions shall take effect in arrears on the same day of the month the Loan was originally made. The amount of
<br />the Loan due and payable at any time shall be determined after deducting the principal amount of the Loan which has been
<br />forgiven by Lender.
<br />2. SUBORDINATION. This Mortgage is subject and subordinate in all respects to the liens, terms, covenants and conditions
<br />of the First Mortgage and to all advances heretofore made or which may hereafter be made pursuant to the First Mortgage,
<br />Revised February 2011
<br />Page 1 of 2
<br />
|