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200003970
<br />LOAN MODIFICATION AND ASSUMPTION
<br />AGREEMENT WITH RELEASE
<br />WHEREAS, HOME FEDERAL SAVINGS AND LOAN ASSOCIATION OF GRAND ISLAND,
<br />hereinafter referred to as " Home Federal ", loaned CHERYL A TRAUDT A SINGLE PERSON
<br />hereinafter referred to as `Borrower ", the original principal sum of ONE HUNDRED TWENTY EIGHT
<br />THOUSAND TWO HUNDRED FIFTY AND NO 1100 Dollars ($128,250.00), as evidenced by a mortgage
<br />note dated SEPTEMBER 10, 1999, and secured by a Mortgage/Deed of Trust dated SEPTEMBER 10. 1999
<br />and recorded as Document No. 0099109072 in the Office of the Register of Deeds in HALL County,
<br />NEBRASKA and
<br />WHEREAS, said Borrowers have sold to the undersigned Purchasers the property legally described
<br />as:
<br />LOT NINETEEN (19), BLOCK THREE (3), BRENTWOOD SECOND SUBDIVISION, IN THE CITY OF
<br />GRAND ISLAND, HALL COUNTY, NEBRASKA
<br />and
<br />WHEREAS, Purchasers desire to assume and pay the remaining indebtedness described above as
<br />evidenced by the aforementioned Note and Mortgage/Deed of Trust; and
<br />WHEREAS, Borrowers desire to be release from any further obligation in respect to the above
<br />described Note and Mortgage/Deed of Trust; and
<br />WHEREAS, Home Federal is willing to permit the assumption by Purchasers of the Note and
<br />Mortgage/Deed of Trust and release the Borrowers from the obligations evidenced by the aforedescribed
<br />Note and Mortgage/Deed of Trust; subject, however, to a revision of terms of payment of said indebtedness,
<br />NOW, THEREFORE, in consideration of the mutual covenants herein contained, it is agreed:
<br />1. The undersigned Purchasers hereby assume and agree to pay the remaining indebtedness
<br />evidenced by the aforedescribed Note and Mortgage/Deed of Trust and perform all of the obligations
<br />provided therein and as modified hereby, it being agreed and understood that as of this date said
<br />indebtedness is ONE HUNDRED TWENTY SEVEN THOUSAND FOUR HUNDRED FIFTY FIVE AND
<br />78/100 Dollars ($127,455.78).
<br />2. The terms of the repayment of the debt evidenced by the aforedescribed Note and Mortgage/Deed
<br />of Trust are hereby modified in that interest upon the unpaid balance of said indebtedness shall be at the rate
<br />of FIVE &SEVEN EIGHTHS percentl5 .875 %J per annum and all other terms and conditions of the
<br />Adjustable Rate Note shall remain in full force and effect, and that monthly payments shall be made
<br />commencing on the 1 ST day of MAY, 2000, and continuing on the 1 st of each month thereafter, it being
<br />further agreed that such payments shall be in the amount of SEVEN HUNDRED FIFTY EIGHT AND
<br />65/100 Dollars ($758.65) per month, to be applied first to interest and the balance to principal until said
<br />indebtedness is paid in full, and that, in addition, said Purchasers will pay the sum of THREE HUNDRED
<br />EIGHTY AND 36/100 Dollars ($380.36) per month in escrow estimated sufficient to pay taxes and /or
<br />insurance on said property, which estimate may be revised from time to time by Home Federal, making a
<br />total current payment of ONE THOUSAND ONE HUNDRED THIRTY NINE AND 01 /100 Dollars
<br />1 139.01 per month.
<br />3. Except as modified hereby, the Note and Mortgage/Deed of Trust above described shall remain in
<br />full force and effect, and the undersigned Purchasers promise to pay said indebtedness as herein stated and to
<br />person all of the obligations of said Mortgage/Deed of Trust as herein revised.
<br />4. By reason of this Loan Modification and Assumption Agreement, Home Federal hereby releases
<br />and discharges the undersigned original Borrowers from their personal obligation upon said indebtedness.
<br />5. If any term, covenant, restriction or provision of this Agreement is determined to be void, invalid
<br />or unenforceable, the remainder of the terms covenants, restrictions or provisions of this Agreement shall
<br />remain in full force and effect, the provisions of the Note and Mortgage/Deed of Trust amended or modified
<br />by such void, invalid or unenforceable part hereof shall be reaffirmed and enforeceable to the same extent as
<br />if this Agreement had not been executed.
<br />IN WITNESS WHERE OF, the undersigned have executed this instrument on this day of
<br />aUVy.
<br />Borrower Cheryl A Traudt
<br />
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