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� s� •�, . . m C� f1 n� �� m fDf� � f� C/i ''_''' Ps N � '�` _ ;� °� n o � y � _ �' � � r= � � �° �; :. � o � i-�-i - f-' e� -*� , � � ° � � T' z f--+ ,v'..�. � � � e � . �-, � `v ;� � � W r f� N � � � � � � o �- ,� �..u 0 9;� �a7274 -� � . .� 977127-0 �� a �3�'� SUBSTITUTION OF LIABILITY ` (Deed of Trust) This Agreement made and entered into this �� day of h�4-.-� ��°�`�`� by and between PRINCIPAL RESIDENTIAL MORTGAGE, INC., an Iowa Corparation, hereinafter referred to as the Mortgagee, Sherrie A. Switzer of Grand Isiand, NE , hereinafter referred to as the Purchasers, and James E Courtney ofGrand Island, NE hereinafter refened to as the Sellers, WITNESSETH: Whereas on the 12th day of November, 1993 , Sellers executed and delivered a promissory note in the principal amount of$60,100.00 , plus interest, payable to Home Federal S&L Assoc of Grand Island which note is secured by a deed of trust of same date as said note, which deed of trust was recorded on the day of 11-12-93 in Book at Page of the deed of trust records of Hall county and DOC# 93109791 Whereas Mortgagee is now the legal owner and holder of said note and the deed of trust securing same and Purchasers have purchased the real estate covered by said deed of trust from the Sellers, and Sellers desire to be released from all further liability for the payment of said note and Mortgagee is willing to grant said release upon agreement of the Purchasers to assume and agree to pay said indebtedness. NOW, THEREFORE, in consideration of the premises, IT IS HEREBY AGREED AS FOLLOWS: 1. Purchasers hereby assume and agree to pay said note at the times and in the manner provided for therein, and Purchasers further agree to be bound by and to perform all of the terms, conditions, covenants and agreements contained in said note and the deed of trust securing same, including all modifications and extensions thereto, nothing herein being deemed to interfere in any way with the lien of said deed of trust. It is agreed that all monthly installments of principal and interest to be paid on and after06-01-99 , are unpaid. 2. Sellers hereby assign and transfer to Purchasers all Sellers' right, title and interest in and to all escrow funds presently held or which may later accrue in connection with the aforesaid note and deed of trust, including refunds of any nature or fees returned from any source. 3. Mortgagee hereby releases and discharges Sellers of and from all liability under the aforesaid note and/or the deed of trust securing same. 11768482 pf1303-1 Page 1 of 3 12/97