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LAND CONTRACT rJ THIS LAND CONTRACT (this "Contract ") is hereby made and entered into on June 11 2012 (the "Effective Date ") by and between J & B RENTALS LLC of 1611 St. Paul Rd., Grand Island, NE 68801 ( "Seller") and Benjamin A. Yax and Juana Saquiche, ( "Buyer "), collectively referred to herein as the "Parties" and individually as a or the "Party ". WITNESSETH, 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 402 East ?th, Grand Island, NE 68801. The legal description of which is as follows: Lot five (5) Block One Hundred Thirty (130) in Union Pacific Railway Co.'s Second Addition to the City of Grand Island, Hall County, Nebraska (the "Property "). 2. PRICE AND PAYMENT 2.1 The Purchase Price for the Property shall be Forty Eight Thousand Dollars ($48,000.00) payable as follows: The sum of five Hundred Sixteen and 36/100 Dollars ($516.36) shall be credited against the purchase price at the time of closing. This amount represents the first month's payment of four Hundred Thirty One and 44/100 Dollars. ($431.44) plus the first month's installment of Eighty Four and 92/100 Dollars (84.92) for the prorated taxes and and insurance on the property and shall be paid on the 1st day of each month commencing on July 01, 2012 and continuing until such time as 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 of forty Seven Thousand Eight Hundred forty eight and 56/100 dollars ($47,848.56) 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 5th day of each month, there will be an additional Twenty -Five Dollars ($25.00) late fee charge added to this month's payment. 1.1. In addition to the monthly purchase payment, the Buyer shall pay to seller on a monthly basis the monthly cost of the real estate taxes and insurance. Each year Seller shall notify Buyer in writing of any changes in the amount of the taxes and insurance and the payment shall be adjusted accordingly. 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" without 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. 4. POSSESSION 1