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<br />89- .100514
<br />j° ASSUMPTION AGREE ENT
<br />i This Agreement, dated as of January 31, 1989, is entered into by
<br />and between GROWTH MANAGEMENT CORPORATION - GRAND ISLAND, a Nebraska
<br />corporation ( "Mirchaser ") , ROGER D. MOORE AND JANICE M. MOORE
<br />( "Purchaser's Guarantors ") and FIRST FEDERAL SAVINGS AND LOAN
<br />ASSOCIATION OF LINCOLN ( "Lender ").
<br />RBCiTALS
<br />This Agreement is entered into upon the basis of the following
<br />facts and circumstances:
<br />A. Lender is the owner and holder of a Note Secured by Deed of
<br />Trust dated May 17, 19844 in the amount of $170,000.00 .(the "Note ") ,
<br />which is secured by a Deed of Trust of the same date (the "Deed of
<br />Trust"'), Which was recorded May 18,, 1984, by the Register of Deeds,
<br />Hall Cotta ty, Nebraska'as Instrument No. 84- 002631, encumbering, the
<br />property described per the attached Exhibit "A" (the "Property "). The
<br />Nate is also secured by an Assignment of Leases, Rents and Profits, a
<br />Security Agreement and a UCC -1 Financing Statement.
<br />B. Purchaser has entered into an agreement to obtain ownership
<br />of the Property pursuant to that Agreement dated August 12, 1988. To
<br />comply with the terms and conditions of the Due -On -Sale Clause in the
<br />Note and Deed of Trust, Purchaser has asked Lender to consent to the
<br />sale.
<br />C. Lender has agreed to', give its consent to the sale of the
<br />Property, subject to Purchaser and Purchaser's Guarantors assuming
<br />unconditional, joint and several liability for navMa"I. r%f the u�t�,
<br />and to Lender's receipt of a $1,660.00 loan assumption fee.
<br />NOW THEREFORE, in consideration of the foregoing Recitals and the
<br />covenants and conditions contained herein, the parties hereto agree as
<br />.follows..
<br />1.- - ',,Purchaser and Purchaser's Guarantors hereby, unconditionally,
<br />:.'. jointly and severally, assume and agree to pay the unpaid''balance of
<br />the Note in accordance with the terms and provisions thereof, and to
<br />faithfully perform all of the conditions, covenants and agreements
<br />contained in the Note, the Deed of Trust, and the other security
<br />instruments as if .they .mere original parties thereto.
<br />2. . Upon any default under the Note, or the Deed of Trust,. or
<br />other security instruments, Lender may, at its option and without
<br />waiving any rights against an y other party or against the Property,
<br />proceed directly and at once, without notice, against the Purchaser
<br />,,�•, .:�
<br />and the Purchaser's Guarantors to collect and recover.the unpaid
<br />balance of the Note; or any portion thereof, without proceeding
<br />against
<br />any other party or parties hereto or foreclosing upon or
<br />selling the Property. Lender may
<br />also proceed under the Power of. -.Sale
<br />Provisions of the Deed of Trust or foreclosure upon, and sell:. or
<br />otherwise' dispose of, . or collect and, apply•,. any real or personal
<br />property securing the Note without notice to, and either before, after
<br />or concurrently with any proceeding against any of the parties hereto
<br />and without
<br />waiving any rights against any of the parties hereto.
<br />3. Lender hereby consents to the conveyance of the Property to
<br />Purchaser and agrees that it will not exercise its rights under the
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<br />terms of the Due -On -Sale Clause of the Note and the Deed of Trust
<br />►
<br />because of such conveyance. Lender's consent to this conveyance does
<br />not constitute a waiver of its rights under the
<br />i
<br />due -on -sale clause as
<br />to any future conveyance.
<br />;
<br />4. Lender hereby declares that if at any time during the term of
<br />this loan the Subject Property shall cease,
<br />regardless of cause, to be
<br />operated as an Amigos restaurant, the Note shall immediately become
<br />due and payable in full.
<br />t.
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