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76- 001390 o f SIX THOUSAND SEVEN HUNDRED THIRTY AND NO/ 100 DOLLARS ( $ 6 , 730 . 00 ) down on or before May 1 , 1975 , and the BUYER shall pay the sum of FOUR THOUSAND AND NO/ l00 DOLLARS ( $4 , 000 . 00) on May 1 , 1976 , and a like amount of FOUR THOUSAND AND NO/ 100 DOLLARS ( $ 4 , 000 . 00 ) on the 1st day of May in each succeeding year thereafter until the } entire sum , including principal and interest , is paid in full , the final payment being due on May 1 , 1985 , unless sooner paid as hereinafter set out . Interest shall be paid annually at the rate o f eight per cent per annum ( 8%) , beginning on May 1 , 1976 , on the balance until due , and at the highest legal rate of interest in the State of Nebraska after due date until paid . Payment shall be made payable to " FRANK BOWDEN TRUST " , in care of Anna Fay , Bowden , Rural Route No . 1 , Doniphan , Nebraska 68832 , unless other- wise instructed in writing . 2 . The BUYER shall not have an option of prepayment . However , the SELLER shall have the right to request that the bal - ance due be paid in full at any time after five years from May 1 , 1975 , and after notice in writing at least three months prior to the date such payment is requested has been given to the BUYER by certified mail at its last known address . Upon such a payment of the balance due , a proper corresponding reduction in interest shall be made . 3 . The SELLER shall give a Quit Claim Deed to said premises to the BUYER and the BUYER shall give a first real estate mortgage and a promissory note for the balance due to the SELLER. No abstract shall be given by the SELLER to the BUYER . Nebraska Documentary Stamps shall be paid by the BUYER on said Deed in the amount of $ 51 . 70 . 4 . Title and possession shall be given on the date the said deed and the said mortgage and note are exchanged between the parties and the down payment is made by the BUYER to the SELLER . 5 . The SELLER shall pay the real estate taxes for 1974 and all prior years . Real estate taxes for 1975 , and thereafter shall be paid by the BUYER . If BUYER fails to pay said taxes , before same become delinquent , the SELLER shall have the right to pay the taxes and charge the same to the BUYER , and BUYER agrees to pay the highest legal rate of interest on said taxes advanced until repayment has been made to the SELLER. 6 . In the event the BUYER desires to sell this property the SELLER herein is hereby given the first right and option to purchase said property , in which event the sales price shall be determined by three appraisers , one to be selected by the SELLER , o ne to be selected by the BUYS' , and one to be selected by these tun appraisers . This right and option to repurchase the land shall run only until the termination of the FRANK BOWDE2J TRUST , and upon termination of said trust , this option ceases and shall not carry over to the beneficiaries of the trust . 7 . The BUYER is contemplating improving and leveling the land. The BUYER specifically agrees that it shall not in any } way interfere with the natural drainage of water across this . property so that it will interfere with or cause damage to the • #t adjacent land of the SELLER or of any other nearby property owners . :r - 2-