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200108410
<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 ", loaned John A. Albers, Trustee and John A. Albers
<br />and Marilyn J. Albers, husband and wife hereinafter referred to as "Borrower ", the original principal
<br />sum of One Million Three Hundred Thousand Dollars and No /100 Dollars ($ 1,300,000.00 ), as
<br />evidenced by a variable rate Deed -of -Trust Note dated April 9, 1987 , and secured by a Deed of Trust
<br />dated April 9, 1987 and recorded as Document # 87- 101959 in the Office of the Register of Deeds in
<br />HALL County, Nebraska and
<br />WHEREAS, said Borrowers have sold to the undersigned Purchasers the property legally
<br />described as:
<br />BLOCKS ONE (1) AND TWO (2), BELLWOOD SUBDIVISION, CITY OF GRAND
<br />ISLAND, HALL COUNTY, NEBRASKA, TOGETHER WITH A PERMANENT AND
<br />PERPETUAL EASEMENT AND RIGHT -OF -WAY TO OPERATE, CONSTRUCT,
<br />MAINTAIN, EXTEND, REPAIR, REMOVE AND REPLACE A SANITARY SEWER LINE,
<br />MANHOLES, SURFACE MARKERS AND OTHER APPURTENANCES UPON, OVER, IN
<br />AND THROUGH A TRACT OF LAND MORE PARTICULARLY DESCRIBED AS
<br />FOLLOWS: THE NORTH 16 FEET OF THE WEST 130 FEET OF LOT 1 AND THE NORTH
<br />8 FEET OF THE EAST 143 FEET OF THE WEST 273 FEET OF LOT 1, ALL IN BURCH
<br />SUBDIVISION TO THE CITY OF GRAND ISLAND, HALL COUNTY, NEBRASKA,
<br />TOGETHER WITH THE RIGHTS OF UNRESTRICTED INGRESS AND EGRESS UNDER,
<br />THROUGH AND ACROSS THE EASEMENT AREA HEREIN DEFINED FOR THE
<br />PURPOSE OF EXERCISING THE RIGHTS HEREIN GRANTED, INCLUDING THE RIGHT
<br />TO CLEAR AND KEEP CLEAR OF TREES, ROOTS, BRUSH AND OTHER
<br />OBSTRUCTIONS FROM THE SURFACE OF SUCH EASEMENT AREA.
<br />LOTS ONE (1), TWO (2), THREE (3), FOUR (4) AND FIVE (5), INCLUSIVE, REED'S
<br />SUBDIVISION TO THE CITY OF GRAND ISLAND, HALL COUNTY, NEBRASKA,
<br />TOGETHER WITH ALL OF THE RIGHTS AND PRIVILEGES GRANTED UNDER ONE
<br />CERTAIN LICENSE AND EASEMENT AGREEMENT RECORDED IN THE OFFICE OF
<br />THE REGISTER OF DEEDS OFFICE FOR HALL COUNTY, NEBRASKA, ON APRIL 13,
<br />1972 IN BOOK 23, MISCELLANEOUS RECORDS, AT PAGE 29.
<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 further 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 trust; 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 trust 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 One Million One Hundred Fifteen Thousand Five Hundred Fifty Seven Dollars and
<br />07/100 Dollars ($ 1,115,557.07).
<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 Five Eights percent ( 7.625% ) per annum, and that monthly payments
<br />shall be made commencing on the 1 st day of September, 2001, and continuing on the 1 st day of each
<br />month thereafter, it being further agreed that such payments shall be in the amount of Ten Thousand
<br />Four Hundred Twenty Dollars and 75/100 Dollars ($10,420.75). per month, to be applied first to interest
<br />and the balance to principal until said indebtedness is paid in full.
<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 as herein stated
<br />and to perform all of the obligations of said mortgage /deed of trust as herein revised.
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