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FA.4 <br />i. Fl <br />;` - ` <br />- ` ' <br />i_ �r_� - ►ri+°v:.:`-° <br />F ,� - - -'-,`' <br />n� <br />;tr ' <br />90 10573 <br />N1i1 MIGH AND MODIFICATI01i AGAR <br />Grand Island, Nebraska <br />This Agreement is made and entered into as of the 15th day of November, <br />1990, by and between Lutheran Churesit Txtens£on. Fluid- 4fLasouri Synod, a <br />Missouri acct. for profit aorperat.-iont C "LCEF"') and Peace Lutheran Church. of <br />Grand; Island, Nebraska, a non-profit corporation MOrrrswer "). <br />LELCITALS <br />A. Borrower is indebted to f.ClyW pteM=I** to a 1pqr tss©ry Note dated as <br />of may 18, 1987 in the principal amount of VSM618.7)t 1tz=1vjg interest at <br />the rate of Seven percent (7$) per annum on the prirttalpa]l. 3UM L"Mam time to <br />time remaining unpaid (the "Note"), payable to LCEF SA, 35 equal monthly <br />installments of ;3547.91 commencing on November 23, 1987, with a 36th monthly <br />Installment ( "balloon ") in the fW amount of all unpaid principal and <br />inter+>`7st due and payable an October 23, 1990. <br />3. The Note is secured by that certain Deed of Trust (the "Deed of <br />Trust ") recorded on the 21st day of Nay, 1987, as Document No. 87- 102944 of <br />Official Records of the Register of Deeds of Hal]. County, Nebraska. <br />C. The balance presently due and payable under the Note to LCEF is <br />$382,987.64 (the "Principal Balance "). <br />0. 'The.parties are (ieslro= of entering into this Agreement for the <br />purpose of %--arrcuing additional Am ids and extending and modifying the Note to <br />provide for repayment of the new total Principal Balance over an extended <br />length of time at variable rates of interest. <br />. TERNS AND CONDITIONS <br />90, THEREFORE, for and in consideration of the mutual pr=£ses herein <br />czantained, the sufficiency of which a itchy ack amledged,, ;the parties do <br />hereby agree that the $Fiat:& &hall be extended and modified as faLlows: <br />1. Principal Amount. It is understood by the parties that thdlli'ote is <br />hereby modified to reflect a principal balance of $442,987.64, consisting of <br />the unpaid amount of the previous principal balance under the Note, as <br />referred to above, and the sum of $60,000.00 in new funds, the receipt of <br />which is acknowledged by !Maker as of the date of this Agreement. <br />2. Monthly Installments. The principal balance outstanding on the date <br />hereof, together with interest thereon at the rates set forth bellow, shall be <br />RECORMS PAMIG <br />P,eE. of Dee -s <br />t , <br />t <br />i <br />1 <br />