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<br />RELEASE AND ASSUMPTION AGREEMENT
<br />Agreement made MAY 19 19p bataaan__ _
<br />William J. Lawton air Marcia J. Lawton, Husba an_c3_W_ife ---
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<br />City ofww -- - __.County of__ _ -- -State ofJV� @ice -- _ --
<br />heroin referred to as Boller. COLONIAL CENTRAL SAVINGS BANK,
<br />F.S.b., which 3s organised and existing under the laws of U.S.A.,
<br />successor through merger, and whose mailing address is 36800
<br />Gratiot, Mt. Clemens, MI 48043, herein referred to as Mortgages,
<br />and Cary L. Pedersen aril Barbara J. Pedersen _ -- of
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<br />City of- GramIs�ana_ww ,County of_? 1ZState of fiaa - - - --
<br />heroin rei;rrid to as Purchaser
<br />1. Seller is obligated and liable for the payment to
<br />.Mortgages of the debt evidence b a promissory note in the sum of
<br />Seventy Thousand 100-
<br />Seven Hundred and no/ _��_,_ ._.. _ ___...._w______
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<br />Dollars - -- ---_ ,.------- •deted_§Prem'�er_T8' - -- -- - -•R and
<br />exoqutod by Sellerp which promissory note to secured by a. -
<br />1 tV,p*ge dated___ SM ember 18 19_ 66 w... D�'ksrl fd` Na. -1453U
<br />�1. - -- in the office of the Register of Dead* of the County
<br />of_- - State ofNebras ___ and Mortgagor• le
<br />now the owner and holder of such promissory note.,end Mortgage.
<br />2. Seller has sold and conveyed or is about to sell and
<br />convey the whole of the real property described in such mortgage
<br />to Purchaser, and both Seller and Purchaser have requested
<br />Mortgages to release Seller from further liability under or on.
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<br />account of such promissory ,potd Mimi /or such Mortgage.
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<br />For the reasons set forth above,'and in consideration of'ths
<br />mutual conveyance and promises of the parties hereto, Seller,
<br />Mortgagee, and Purchaser convenent and agree as follows:
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<br />UNPAID BALANCE OF SECURED OBLIGATION
<br />All monthly installments of Principal and Intereat•provided by
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<br />be p 5 _-- __,iy_ =- are unpaid.
<br />SECTION TWO
<br />RELEASE FROM LIABILITY
<br />Bellew is hereby released from further liability under or on
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<br />occoul t of auch Note and such Mortgage.
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<br />SECTION THREE :.
<br />ASSUMPTION OF LIABILITY AND INT&TEST AND INSTALLMENT IMCRBASE
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<br />Purchaser agrees to;pay such Note in installments at the times
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<br />and in the wanner therein provided: to perform all of the
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<br />obligations provided in such Mortgage to be performed by'Sellar.
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<br />at the time, in the -manner, and in all respects as therein
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<br />provided: and to be bound by all ' of terms of such Mortgage: 'all
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<br />as though such Note and Mortgage, and each of them, had
<br />originally been made, executed, and delivered by Purchaser:
<br />provided, however, that the interest on the unpaid QrincIR01
<br />Balance shall, until paid, be paid at the rats of mne One Half
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<br />Severe Hiuid�red 'i`hirty
<br />Eight and 27/100 73a.27
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<br />including principal, plus 1112 estimated annual taxes and
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<br />insurance on the 1St day of each month, beginning_ June 1___
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<br />SECTION FOUR
<br />NO IMPAIRMENT OF LIEN
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<br />The whole of the real property described in such Mortgage shall
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<br />remain subject to the lien, charge, or encumbrance of such
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<br />Mortgage, and nothing herein contained or dons pursuant hereto
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<br />shall effect or be construed to affect the lion, charge or
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<br />encumbrance of the Nortgeye or the priority thereof over other
<br />11ons, charges or encumbrances, or except as herein otherwise
<br />provided, to role&** or affect the liability of any party or
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<br />whomsoever would now or say hereafter be liable under or
<br />on account of such note and Mortgage.
<br />SECTION FIVE
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<br />INTERPRETATION
<br />In this agreement, the singular number includes the plural and
<br />the plural number includes the singular. If this Agreement is
<br />executed by More than one Person, firm or corporation as
<br />Purchaser, the obligations of each such person, firm or
<br />corporation hereunder shall be Joint and several.
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