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202208332 Premises in exchange for the total sum of Fifteen Thousand and 00/100 Dollars ($15,000.00), to be paid as follows: a) The purchase price of $15,000.00, plus interest at the rate of 10% per annum, shall be paid by Buyer to Seller in monthly installments with the first installment due to Seller upon the signing of this Contract, and continuing on the /5*day of each month following the signing of this Contract at the r to of $318.71 each month through and including /I/PUN ber , 20.2 , with a final balloon payment in the amount of $318.70, payable on or before /(do &L'M , 20. b) Seller agrees to pay the annual real estate taxes due on said Premises and advise the Buyer of said amount. Buyer agrees to reimburse Seller on a monthly basis (total amount of annual real estate taxes divided by 12) until the full amount of the annual real estate taxes is paid in full. c) Seller further agrees to provide and pay the property insurance on said Premises and advise the Buyer of said amount. Buyer agrees to reimburse Seller on a monthly basis (total amount of annual property insurance divided by 12) until the full amount of the property insurance is paid in full. 3. Buyer shall have the right to prepay all or part of the principal at any time without prepayment penalty. 4. Seller agrees that once he sells his house located at S17 W.)7, , and pays off all loans related thereto and related to the property located at 1617 N. Elm, Grand Island, NE, the parties will cancel this Agreement, and enter into a new Agreement, whereby the Buyer will become the owner of the Premises and the balance due on the purchase price in connection with this Agreement shall be evidenced by a promissory note and secured by a Deedof Trust. 5. Payments. All payments due under this Contract shall be made directly to Seller at 1617 N. Elm, Grand Island, NE 68801, or such other address as Seller may hereinafter designate Page 2