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BankWest 200111487
<br />Note and Deed of Trust Modification Agreement
<br />This agreement is made as of October 16, 2001 between BankWest, Inc., a South Dakota
<br />Corporation ( "Trustee ") and Gail V. Miller, Deloris A. Miller, Joe Coble, Barbara Coble
<br />residing at 907 N. Madison, Pierre, SD & PO Box 501, Presho, SD, (the "Trustor ").
<br />Recitals
<br />A. BankWest, Inc. is the holder of the promissory note of 12196415, dated September 24,
<br />1999, payable to the order of BankWest, Inc. in the original principal amount of $65,000.00
<br />( "Note "). The Note provides for:
<br />❑ principal to be payable on demand, with interest payable periodically.
<br />❑ principal and interest to be payable together in installments until demand for payment is
<br />made.
<br />❑ principal and interest to be payable together in installments, with the last installment due
<br />and payable on (date) ,
<br />B. As of the date hereof, the unpaid principal balance of the Note is $55,742.22.
<br />C. To secure payment of the Note, the Trustors have made a Deed of Trust to BankWest, Inc.
<br />dated September 24, 1999, subjecting to the lien thereof certain real estate located in Hall
<br />County, Nebraska (the "Deed of Trust "), more particularly described in the Deed of Trust.
<br />D. The Deed of Trust was filed for record on October 12, 1999, in the office of the Register of
<br />Deeds of the above named county as Instrument No. 0099109977.
<br />E. BankWest, Inc. is willing to restructure payment of the indebtedness evidenced by the Note
<br />in the manner set forth below, provided that the interest rate on the Note is adjusted to an
<br />annual rate of 8.0 %. These proposed changes are acceptable to the Trustor acknowledges
<br />that the Note and Deed of Trust are the legal and binding obligations of the person(s) who
<br />signed them, free of any claim, defense or offset.
<br />Accordingly, in consideration of the premises and other good and valuable consideration,
<br />each paid to the other, the parties hereto agree as follows:
<br />1. Effective as of the date hereof, the unpaid principal of the Note shall bear interest at an
<br />annual rate of 8.0 %. This Rate will be a variable rate and tied to BankWest ARM
<br />Index + \- 0 %. The interest rate will not change more often than each 5 years.
<br />2. The unpaid principal balance of the Note and Interest thereon shall be:
<br />❑ paid together in 15 consecutive annual installments of $6,512.34 each, beginning
<br />October 1, 2002, and on the 10th of October annually thereafter until October 10,
<br />2016, when the entire principal balance then remaining unpaid and the accrued and
<br />unpaid interest thereon shall become due and payable. Each such installment,
<br />when paid, shall be applied in payment of accrued interest and the balance thereof
<br />shall be applied in reduction of the principal balance.
<br />❑ payable on demand but until demand is made, the entire principal balance and
<br />interest thereon shall be paid in consecutive monthly installments of
<br />$ each, beginning (date) , and on the
<br />day of each month thereafter until (date) , when
<br />the entire principal balance then remaining unpaid and the accrued and unpaid
<br />interest thereon shall become due and payable. Each such installment, when, paid
<br />shall be applied in payment of accrued interest, and the balance thereof shall be
<br />applied in reduction of the principal balance.
<br />3. The Note and Deed of Trust are each hereby deemed amended to the extent necessary
<br />to reflect the changes set forth in paragraphs 1 and 2. No other amendments are made
<br />to the Note and Deed of Trust. The legal description of the subject property shall
<br />remain as:
<br />PARCEL 2: Lots Ten (10), Eleven (11), Twelve (12), Thirteen (13), Fourteen (14),
<br />fifteen (15), Sixteen (16), Seventeen (17) and Eighteen (18), Block Two (2), Roush
<br />Subdivision, Hall County, Nebraska.
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