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<br />IIN:IMR _ 89-0104702
<br />RELEASE AND A$31JlPTION AGREEMENT .
<br />18 _��__ -• •19_89 - -_• betty*en-----------------
<br />7.-1T�1tz • of
<br />City ofGr_a_nd Island_- _,Covatlr of_ 1jA1.1 ________State of_�j -____
<br />herein referred to as Seller. CENTRAL MORTGAGE CORPORATION which
<br />is organized and existing under the laws of Michigan, whose
<br />sailing address "is 36800 Gratiot'p Mt. Clemens, MI 48043, herein
<br />referred to as Mortgage*,
<br />2101 W._ 13th 5;--------- - - ---- . ------------------ ---- -- --- addt°+r<as
<br />City of Gr�3 Island 'Couaaty Of--!W! ------- ;-state of_Ne_b_raska _
<br />herein referred to as Purchaser
<br />1. Seller is obligatod and liable for the payment to
<br />Mortgages of the debt evidence by a promiasory note in the sus cf.
<br />Forte Nine TYnA;sand Eight Yured and 00,[100
<br />---------------
<br />Dollars_ x00.00_ _ ,,_,- ,dateF_aE 15 ---------------- l9a7 _ and
<br />executed 6- Seller, which promissory note is secured by a
<br />Mortgage dated_ Lay 5 - -�_ .19_87__as domrent no.
<br />_87 -. .1028 49 in the offLoo. of the Register of Deeds of the County
<br />State. of_ N_ eb_raska_______ ____ and Mortgages is
<br />now ' the ' ow�aor and holder : of such promissory note and Kortgagw..;
<br />Seller has sold" and conveyed or is about to sell and, `
<br />co:tvey the whole" 61 the real property described in such mortgage
<br />to Purchaser, andLboth..Seller and Purchaser have requested
<br />mortgages." release Seller from further liability under or on
<br />account of Such promissory note and /or such Mortgage.
<br />For the reasoms, set forth above, and in consideration of the
<br />mutual conveyance and promises of the parties hereto, Seller.
<br />mortgagee,..and Purchaser convenent and agree as follows:
<br />SECTION ONE
<br />UNPAID BALANCE OF SECURED OBLIGATION
<br />Ali monthly Installments of Principal and Interest provided by
<br />such: note to be paid after__ Jul 1__________ -,19 a9__ are unpaid.
<br />SECTION TWO
<br />RELEASE FROM LIABILITY
<br />Solior is hereby released from further liability under or on
<br />aaint of �}tcIa'" Mote and such Mortgage.
<br />SECTION THREE
<br />ASSUMPTIOW'OF LIABILITY AND INTEREST AND INSTALLMENT INCREASE
<br />Purdbaser,,gS,ress -to pay such Note in installments at the tin"i
<br />end :tin the aenner..therein provided: to perform all of the
<br />obligations provided in such Mortgage to be performed by Seller
<br />at the time, in the manner, and in all respects as therein
<br />provided: and to be bound by all of terms of such Mortgage: all
<br />ea, though such Note and Mortgage, and each of them, had
<br />originally been made, executed, and delivered by Purchaser:;,.
<br />provided, howeverp that the interest on the unpaid Principal%
<br />Balance shall, until paid, be paid at the rate of_ Nine
<br />___
<br />(9.0) x per annum, inconsecutive monthly installments of
<br />Four Hundred and 70/100_ _� _ ��__ _____,g___ 400_70___ -_ -,
<br />including principal, plus 1/12 estimated annual taxes and
<br />Insurance on the_ ast - - - -- _ day of each month, beginning August i-__
<br />19_ 89 ___ •
<br />1.-
<br />SECTION FOUR
<br />NO IMPAIRMENT OF LIEN
<br />The whole of the real property described in such Mortgage shall
<br />remain subject to the lien, charge, or encumbrance of such
<br />Mortgage, and n9thing herein contained or done pursuant hereto i
<br />shall affect or be construed to affect the lien, charge or
<br />encumbrance of the Mortgage or the priority thereof over other
<br />liens, charges or encumbrences, or except as herein otherwise
<br />provided, to release or affect the liability of any party or
<br />parties whomsoever would now or may hereafter be liable under or
<br />on account of such note and Mortgage.
<br />SECTION FIVE
<br />INTERPRETATION �• �
<br />In this agreement, the singular number Includes the plural and
<br />the plural number includes the singular. If this agreement to
<br />executed by sore then one person, firm or corporation as
<br />Purchaser, the obligations of each" such person, firs or
<br />corporation hereunder shall be joint and several*
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