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<br /> 94�iQ1062
<br /> LURN I+40DIFICATIQN AIW� ASSIf!'�TION
<br /> ' , AGREEI�NT I�fITH RELEASE
<br /> UIHEREAS, HQ(�E 6EQERAL SAUIPJGS AIL'II LOAN ASSOCIATION OF GRAf�D ISLAND, hereinafter �
<br /> freferred to as "Home Federal", loaned TNE GRAND ISLANQ TRUST COi�1PANY �r GRAPl7 I�LRf+i�, NEBRRSKA
<br /> SUCCES�StIR TRUSTEE �F THE R-L-R REtlOCABLE TRE�ST ,
<br /> hereinafter referred to as "Borrowers'�, the original principal sum af T1Ut7 MU1V�R U! UE
<br /> TN�USANO �IVE HUtL'DREE3 AND NO/1�0-------------------------------O�ilars $ 2 2,Si] . ,
<br /> as evidenced by a mortgage note dated November 26, 19@ , anc! sscure� by a
<br /> rrortgage/deed of trust �ated Nquember 26, 1985 and r�corded as Docu�nent '
<br /> No. BS-Q05860 in the Office of the Register of Deeds in HAIL County,
<br /> NEBRASKA ; and ,
<br /> WHEREAS, said Borrowers ha�e sold to tl�� undersiqned Purchasers the praperty
<br /> legally described as: .. �
<br /> R certain part of the South Half of the North�as� Quarter (S�NEw) and a` �r�a of..the
<br /> Southeast Quarter (SE�} of Section Twenty-faur� (24), in Township ��euen �1.�) f�Jor.tl�,
<br /> Range Te�► (10) West of the 6th P.�+I., H311 �ourty, Nebraska, l+ji�� no��t� of the tlrs��;�
<br /> Pacific Railroad Corrtpany's Right of Way more particular�y described in ariginal U��i o�.
<br /> Trust as identified a�ove. � , �
<br /> , and
<br /> ! � . ` WHEREAS, Purct�a�ers d�sire to a�ci�ne and pay th�_rr�aining in�isbtc�r.��ss described :
<br /> ab�ve as evidenced �t�y the aforemer►tiar� note and mor��-�-i3�ldeed of trus�;. .:.nd � � �
<br /> � WHEREpS; Bcrrro�,�ers desire to .ti� rel.ease� fram an� further OF7�.1Ga�L�.'1 in r�:pect �.
<br /> tt► the above de=_cri�sr� note and mdFtg�,e/deed of trust; and ; �r.�
<br /> . ,�
<br /> WHEREAS, Home Federal is wil�ing to permit the assumption l�y Rurchasers af the - _
<br /> � nate and mortgage/deed of trust and release the Borrowers fr�r� the obligations evi- __
<br /> denced by the afaredescribed note and mortgage/deed of trust; subject, howeuer, to _
<br /> , a revision of the te�tms of payment flf said indebtedness, " .a
<br /> NOW, THEREFORE, in consideratic:� of the mutual couenants herein contained, it ��_
<br /> � is agree�:.
<br /> . 1 . The undersigned Purchasers hereby ass�me and agree to pay the remaining in- �.
<br /> debtedness evidenced by the aforedescribed note and mortgage/deed of trust and perform °
<br />. a21 of the obligatxons provided therein and as modifi�d hereby, it being agreed and ���f ,
<br /> . understood that as af this date said indebtedness is ONE HUPJ���7 DlINETY �IGHT THOUSAND
<br /> FIVE HUN�RED EIGHTY TWO � 89/lOD-------------- Do21a�s $ + • . �
<br /> �:
<br /> 2. Th� terms af the repayr�nt: �f the debt �videnced by the aforedescribed nate � ,
<br /> and rnortg?g�/deed of trust are hereb�j modifie�. in that interest upon tine unpaict balance
<br /> o�' said 's.r�ysbtedness shall be at the .ate of eleven percent (, 11 �) per annum,
<br /> a�t�; i;t�at monthl.y payments sha�ll be r•.�-�� cammencing on the lst day of J�r,L�ry ,
<br />• 'l��� , and cnntinuing �n the lst day of each mdnth thereafter, it beiny further
<br /> agre�d that such payrnents shall be in the amount of 1'HREE THOU5pND ONE Hl�'VORED NINETEEfJ
<br /> � ' AND 42/100-------------------------------0allars ($3,119. per month, i:o be ap-
<br /> ' plied fir�t to interest and the balance to principal untii ;..s�� indebtedness is paid
<br /> i+� fuil, and that, in additinn, said purchasers wi11 ��;•� Lhe sum of Nnt Applicable
<br /> Cvl�lars $ per month �r► escro� estimated suffieiant to pay taxes and
<br /> insuranGp �!� s�id property, which estimate ;^.:�y be revised fram time to time by Hdme
<br /> ���deral, R�aking a total current paym�-�t of 7HREE 7HOU5AND ONE H!1(10RE0 NINETEEN & G2/1d0
<br /> ----------------------------�----noll�rs �$ . . per mnnth.
<br /> 3. Except as rnodified hereby, the note and mortgage/de�d vf trust above describ�ci
<br /> shall remain in full force and effect, and th� undersigned Purchasers prnmise to pay ,
<br /> �:�ir3 ie��i���stectc���s as 4�s�rein statec! ant! to perf�rrn ��1 c�f tha ntil�nnt i.nn�: nf ,:;i ri mnrt.- � ; -
<br /> gage/deed of trust as here in revised.
<br /> � � �
<br /> � 4. By reason of this Loan f4od.ificatinn and Assumption Agreement, Narnc� Ederal �
<br /> hereby rel.eases and disch�rges the und�rsiqned original Qorrowers from their p�rsonal
<br /> c�bligati.ori upon said indebtedness. �
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