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200108365
<br />LOAN MODIFICATION AND ASSUMPTION
<br />AGREEMENT WITH RELEASE
<br />WHEREAS, HOME FEDERAL SAVINGS AND LOAN ASSOCIATION OF GRAND
<br />ISLAND, hereinafter referred to as "Home Federal ", loan THOMAS L SWIATOVIAK, A SINGLE
<br />PERSON hereinafter referred to as "Borrower ", the original principal sum of NINETY FIVE
<br />THOUSAND TWO HUNDRED TWENTY AND NO/ 100 Dollars (195,220.00), as evidenced by a.
<br />mortgage note dated AUGUST 18, 1998, and secured by a mortgage /deed of trust dated AUGUST 18,
<br />1998 and recorded as Documerit # 98-108156 in the Office of the Register of Deeds in HALL County,
<br />Nebraska and
<br />WHEREAS, said Borrowers have sold to the undersigned Purchasers the property legally
<br />described as:
<br />SUITE FOUR (4) OAKWOOD SUBDIVISION CONDOMINIUM PROPERTY REGIME I, IN THE
<br />CITY OF GRAND ISLAND, HALL COUNTY, NEBRASKA
<br />and
<br />WHEREAS, Purchasers desire to assume and pay the remaining indebtedness described above as
<br />evidenced by the aforementioned note and mortgage /deed of trust; and
<br />WHEREAS, Borrowers desire to be released from any fiirther obligation in respect to the above
<br />described note and mortgage /deed °of trust; and
<br />WHEREAS, Home Federal is willing to permit the assumption by Purchasers of the note and
<br />mortgage /deed of trust and release the Borrowers from the obligations evidenced by the aforedescribed
<br />note and mortgage /deed of must; subject, however, to a revision of the terms of payment of said
<br />indebtedness, `
<br />NOW, THEREFORE, in consideration of the mutual covenants herein contained, it is agreed:
<br />1. The undersigned Purchasers hereby assume and agree to pay the remaining indebtedness
<br />evidenced'by the aforedescribed note and mortgage /deed of mast and perform all of the obligations
<br />provided therein and as modified hereby, it being agreed and understood that as of this date said
<br />indebtedness is NINETY TWO THOUSAND FOUR HUNDRED FIFTY FOUR AND 65/100 Dollars
<br />($92,454.65) r
<br />2. The terms of the repayment of the debt evidenced by the aforedescribed note and
<br />mortgage /deed of trust are hereby modified in that interest upon the unpaid balance of said indebtedness
<br />shall be at the rate of SEVEN AND THREE EIGHTHS percent ( 7.375 %) per annum, and that monthly
<br />payments shall be made commencing on the 1ST day of SEPTEMBER. 2001, and continuing on the
<br />1 ST day of each month thereafter, it being further agreed that such payments shall be in the amount of
<br />ONE THOUSAND NINETY ONE AND 43/100 Dollars ($1,091.43) per month, to be applied first to
<br />interest and the balance to principal until said indebtedness is paid in frill, and that, in addition, said
<br />Purchasers will pay the sum of TWO HUNDRED EIGHTY FOUR AND 06/100 Dollars ($284.06) per
<br />month in escrow estimated sufficient to pay taxes and/or insurance on said property, which estimate may
<br />be revised from time to time by Home Federal, making a total current payment of ONE THOUSAND
<br />THREE HUNDRED SEVENTY SIX AND 33 /100 Dollars ($1,376.33) per month.
<br />3. Except as modified hereby, the note and mortgage /deed of trust above described shall remain
<br />in full force and effect, and the undersigned Purchasers promise to pay said indebtedness as7ierein
<br />stated and to perform all of the obligations of said mortgage /deed of trust as herein revised.
<br />4. By reason of this Loan Modification and Assumption Agreement, Home Federal hereby
<br />releases and discharges the undersigned original Borrowers from their personal obligation upon said
<br />indebtedness.
<br />5. If any term, covenant, restriction or provision of this Agreement is determined to be void,
<br />invalid or unenforceable, the remainder of the terms, covenants, restrictions or provisions of this
<br />Agreement shall remain in full force and effect, and the provisions of the note and mortgage /deed of
<br />tnist amended or modified by such void, invalid or unenforceable part hereof shall be reaffirmed and
<br />enforceable to the same extent as if this Agreement had not been executed.
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