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200202310 <br />NOTE SECURED BY DEED OF TRUST <br />The undersigned, SHARON T. GLASER, a single person (Borrower), promises to pay to the <br />CITY OF GRAND ISLAND, a municipal corporation (Lender), the principal sum of Nine <br />Thousand Dollar ($9,000) or such sum as is due and unpaid in accordance with the terms of this <br />note if the borrower sells the real estate secured by the Deed of Trust executed <br />contemporaneously with this note at any time prior to full maturity. The terms and conditions of <br />repayment of this note are as follows: <br />This note shall be due on December 14, 2021 or the date on which the Borrower <br />executes a deed, contract or other instrument which conveys or agrees to convey <br />title to the real estate secured by the aforementioned Deed of Trust, whichever <br />occurs earlier. <br />2. This note shall bear no interest or penalties other than the contingent obligation <br />for repayment by the Borrower to the Lender noted above. <br />This note shall be secured by a contemporaneously executed Deed of Trust from the Borrower to <br />the Lender and the Lender shall be entitled to the benefit of the security described therein in <br />accordance with the laws of the State of Nebraska as part of the Lender's Affordable Housing <br />Trust Fund. <br />The Borrower does hereby waive demand, notice and protest or any defense arising by reason of <br />extension of time, release of collateral or other indulgence granted by the Lender. <br />Dated: December 14, 2001 <br />1 11 1 L <br />I, <br />Sharon T. Glaser, Borrower <br />