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4 r $9'"° 103812 NOTE AND DS'8D OF TRUST MODIFICATION AGRtBlISNT Loan No, 012999183 THIS AGREEMENT is entered into this /7 day of July,. 1989 by and between Champlain Valley Federal Savings and Loan Association (hereinafter referred to as "Champlain Valley "), and Teak Associated Investments, Inc., a /k /a Teak Financial Associates, Inc., (hereinafter referred to as "Teak ")'. R E C I T A L S: A. Champlain Valley, by virtue of an Assignment from Continental Mortgage Company, a Nebraska corporation, is holder Of a Promissory Note dated December 5, 1984 in the original principal amount of One Million Fifty Thousand Dollars ($1,050000.00) executed by Grand Island South Investors, a Nebraska general partnership (the "Note "), which Note is secured .by a Deed of Trust,on property located in Grand Island, Nebraska as legally described on Exhibit "A" attached hereto and 'incorporated herein by reference (the' "Property "), which Deed of Trust,. -dated December 5, 1984 is recorded-in the office of the Register .,of Deeds of Hall County, 4tebraska as Document No. 84- 006368; - and B. By an Assumption and Modification Agreement darted April 30, 1987, Champlain Valley and Teak agreed.::' to- certain modifications of the Note and agreed further to an assumption by Teak of the obligations of borrower under the Note and Dead of '!_'_mist: without rel ea si na any 1 i ahi l i ty of G and Island South Investors, the original borrower thereunder, or any guarantors; and C. Such Assumption and.Modification Agreement was recorded in the . off ice of the Register of Deeds of Hall County, Kebraska on June 4, 1987 as Document No. 87- 103276; and O. Default has occurred on the terms of the Note and Deed of Trust, as modified, such that by a Notice of Default recorded in the. office of the Register of Deeds of Hall County, Nebraska, on Febzuary 15, 1989 as Document No... 89- 100746, followed by the failure of Teak to cure such default, the entire unpaid principal ' balance of the Note, with interest accruing thereon, has been declared to be due and payable in full; and As of May 1, 1989, there was due and owing the sum of the remaining amount of original principal due on the Note of One Million Seventeen Thousand Twenty -two Dollars and Sixty -nine Cents ($1,017,022.69) plus interest and late charges due in the amount of Seventy -One Thousand Two Hundred Seven Dollars and Eighty--�Seven Cents ($71,207.87), for a total principal, interest and late charges due as of July 6, 1989 of One Million Eighty- "i