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4. POSSESSION 5. DELIVERY OF DEED w -. A 1A • 0 (L N 5 c iti 2. PRICE AND PAYMENT LAND CONTRACT THIS LAND CONTRACT (this "Contract ") is hereby made and entered into on January 19, 2017 (the 'Effective Date ") by and between J &B RENTALS LLC of 1611 St. Paul Rd., Grand Island, NE 68801 ( "Seller ") and Mario Vargas Carrillo and Alicia Vargas, husband and wife, of 1903 W. 11 Ave., Grand Island, NE 68803 (collectively the "Buyer "), collectively referred to herein as the "Parties" and Individually as a the "Party". WTTNESSETH, Seller, for itself, its heirs, and assigns, does hereby agree to sell to Buyer together with all appurtenances, rights -of -way, privileges, easements, and all buildings and fixtures in their present condition located upon the Property described below. 1. PROPERTY Seller agrees to sell to Buyer, and Buyer agrees to purchase from Seller, upon the following terms and conditions, the real estate, improvements, fixtures, appurtenances, commonly known as: 1903 W. 11 Ave., Grand Island, NE 68801. The legal description of which is as follows: Boggs and Hill Addition Lot 1, Block 8 to the City of Grand Island, Hall County, Nebraska (the "Property"), 2.1 The Purchase Price for the Property shall be SEVENTY - SIX THOUSAND DOLLARS ($76,000.00) payable as follows: Down Payment: None. This includes the $2438.00 that is previously owed to J &B Rentals for the personal loans. 2.2 The balance of be SEVENTY -SIX THOUSAND DOLLARS ($76,000.00) shall be paid in installments of FIVE HUNDRED THIRTY - SEVEN DOLLARS AND 15/100 ($537.15) per month (which includes the principal and interest) payable to Seller on or before the day of each month commencing on February 1, 2017 and continuing until the full amount of said purchase price has been paid. Interest at the rate of Seven Percent (7 %) per annum shall be paid on the remaining unpaid principal balance for TWENTY -FIVE years. Each such installment, when received by Seller, shall be credited first to the payment of the interest on the remaining unpaid balance due on the date of receipt of such installment and then to the reduction of the unpaid principal balance. If payment is not received by the 5t day of each month, there will be an additional Twenty-Five Dollar ($25.00) late fee charge added to that month's payment. 2.3 Buyer may prepay all or part of the balance amount of the principal and interest at any time, without any penalty, and without notice. Such prepayment shall not include unearned interest. 3. CONDITION OF PROPERTY Buyer states it has made an inspection of the Property and is purchasing same in "AS IS CONDITION" any type of warranty thereon. Buyer further understands that Seller has not made and does not make any representations or warranties of any kind as to the condition of the Property, buildings, improvements, or fixtures located thereon, and/or the location of the boundaries of the Property. Buyer shall be entitled to enter into possession of Property on February 1, 2017 and to continue in possession thereof so long as it is not in default in its performance of this Contract. 1