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<br />LAND CONTRACT
<br />THIS LAND CONTRACT (this "Contract ") is hereby made and entered into on November 1, 2016 (the
<br />'Effective Date ") by and between J &B RENTALS LLC of 1611 St. Paul Rd., Grand Island, NE 68801
<br />( "Seller ") and Pedro Rivera Hernandez and Elaine Rivera of 3604 Seedling Mile., Grand Island, Nebraska
<br />68801 (collectively the "Buyer "), collectively referred to herein as the "Parties" and Individually as a the
<br />"Party".
<br />WTTNESSETH, Seller, for itself, its heirs, and assigns, does hereby agree to sell to Buyer together with
<br />all appurtenances, rights -of -way, privileges, easements, and all buildings and fixtures in their present
<br />condition located upon the Property described below.
<br />1. PROPERTY
<br />Seller agrees to sell to Buyer, and Buyer agrees to purchase from Seller, upon the following terms and
<br />conditions, the real estate, improvements, fixtures, appurtenances, commonly known as:
<br />1604 W 3 St., Grand Island, NE 68801. The legal description of which is as follows: LOT EIGHT (8),
<br />IN BLOCK SIX (6), KERNOHAN AND DECKER'S ADDITION TO THE CITY OF GRAND
<br />ISLAND, HALL COUNTY, NEBRASKA. TOGETHER WITH ONE -HALF OF VACATED
<br />MONROE STREET LYING EASTERLY OF ADJACENT THERETO VACATED BY
<br />ORDINANCE NO. 5880 FILED SEPTEMBER 16, 1975 IN BOOK 29, PAGE 391 AND
<br />ALL THAT PART OF VACATED ALLEY THERETO VACATED BY ORDINANCE NO.
<br />5070 FILED NOVEMBER 8, 1971 IN BOOK 22, PAGE 306. to the City of Grand Island, Hall
<br />County, Nebraska (the "Property"),
<br />2. PRICE AND PAYMENT
<br />2.1 The Purchase Price for the Property shall be NINETY -FIVE THOUSAND DOLLARS
<br />($95,000.00) payable as follows: Down Payment, FIVE - THOUSAND DOLLARS 00 /100 ($5,000.00) on
<br />execution of this Contract, receipt of which is hereby acknowledged.
<br />2.2 The balance of NINETY THOUSAND DOLLARS ($90,000.00) shall be paid in
<br />installments of SIX HUNDRED NINETY -SEVEN DOLLARS AND 77/100 ($697.77) per month (which
<br />includes the principal and interest) payable to Seller on or before the day of each month commencing on
<br />and continuing until the full amount of said purchase price has been paid. Interest at the rate of Seven
<br />Percent (7 %) per annum shall be paid on the remaining unpaid principal balance for TWENTY years. Each
<br />such installment, when received by Seller, shall be credited first to the payment of the interest on the
<br />remaining unpaid balance due on the date of receipt of such installment and then to the reduction of the
<br />unpaid principal balance. If payment is not received by the 5 day of each month, there will be an additional
<br />Twenty -Five Dollar ($25.00) late fee charge added to that month's payment.
<br />2.3 Buyer may prepay all or part of the balance amount of the principal and interest at any
<br />time, without any penalty, and without notice. Such prepayment shall not include unearned interest.
<br />3. CONDITION OF PROPERTY
<br />Buyer states it has made an inspection of the Property and is purchasing same in "AS IS CONDITION"
<br />any type of warranty thereon. Buyer further understands that Seller has not made and does not make any
<br />representations or warranties of any kind as to the condition of the Property, buildings, improvements, or
<br />fixtures located thereon, and /or the location of the boundaries of the Property.
<br />4. POSSESSION
<br />Buyer shall be entitled to enter into possession of Property on November 1, 2016 and to continue in
<br />possession thereof so long as it is not in default in its performance of this Contract.
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