|
Z N N O -i O
<br />9
<br />S ` C T,.
<br />f V
<br />In N nA. z a 0� �.
<br />�F O
<br />Q W
<br />Zs L " r N Q.
<br />°ti
<br />iJl r s u,
<br />r v
<br />O n U) co
<br />co
<br />cri
<br />N (n
<br />(A
<br />LOAN MODIFICATION AND ASSUMPTION p
<br />AGREEMENT WITH RELEASE
<br />WHEREAS, HOME FEDERAL SAVINGS AND LOAN ASSOCIATION OF GRAND
<br />ISLAND, hereinafter referred to as "Home Federal ", loaned Alan R. Davis and Lillian M. Davis,
<br />husband and wife hereinafter referred to as "Borrower ", the original principal sum of FORTY
<br />THOUSAND AND NO /100 Dollars ($ 40,000.00), as evidenced by a mortgage note dated JULY 8,
<br />1998, and secured by a mortgage /deed of trust dated JULY 8, 1998 and recorded as INSTRUMENT #
<br />98- 106982 in the Office of the Register of Deeds in HALL County, Nebraska and
<br />WHEREAS, said Borrowers have disolved their marriage and the property legally described as:
<br />THE SOUTH EIGHTY NINE AND ONE HALF FEET (89 1/2') OF LOT TEN (10), BLOCK
<br />SEVENTY THREE (73), WHEELER AND BENNETT'S ADDITION TO THE CITY OF
<br />GRAND ISLAND, HALL COUNTY, NEBRASKA
<br />has been awarded to Alan R. Davis
<br />WHEREAS, Alan R. Davis desires to assume and pay the remaining indebtedness described
<br />above as evidenced by the aforementioned note and mortgage /deed of trust along with any modifications
<br />and
<br />WHEREAS, Lillian M. Davis desires to be released from any further obligation in respect to the
<br />above described note and mortgage /deed of trust and any modifications; and
<br />WHEREAS, Home Federal is willing to permit the assumption by Alan R. Davis of the note and
<br />mortgage /deed of trust and any modifications and release Lillian M. Davis from the obligations
<br />evidenced by the aforedescribed note and mortgage /deed of trust; subject, however, to a revision of the
<br />terms of payment of said indebtedness,
<br />NOW, THEREFORE, in consideration of the mutual covenants herein contained, it is agreed:
<br />1. The undersigned Alan R. Davis hereby assumes and agrees to pay the remaining indebtedness
<br />evidenced by the aforedescribed note and mortgage /deed of trust and any modificiations and perform all
<br />of the obligations provided therein and as modified hereby, it being agreed and understood that as of this
<br />date said indebtedness is TWENTY NINE THOUSAND THREE HUNDRED AND 00 /100 Dollars
<br />($29,300.00).
<br />2. The terms of the repayment of the debt evidenced by the aforedescribed note and
<br />mortgage /deed of trust are hereby modified in that interest upon the unpaid balance of said indebtedness
<br />shall be at the rate of SIX AND THREE QUARTER percent ( 6.75 %) per annum, and that monthly
<br />payments shall be made commencing on the I ST day of JUNE, 2002, and continuing on the 1 ST day of
<br />each month thereafter, it being further agreed that such payments shall be in the amount of TWO
<br />HUNDRED FIFTY NINE AND 28/100 Dollars $259.28 per month, to be applied first to interest and
<br />the balance to principal until said indebtedness is paid in full, and that, in addition, said Purchasers will
<br />pay the sum ofNINTY SIX AND 06/100 Dollars ($96.06) per month in escrow estimated sufficient to
<br />pay taxes on said property, which estimate may be revised from time to time by Home Federal, making a
<br />total current payment of THREE HUNDRED FIFTY FIVE AND 34/100 Dollars $3( 55.34) per month.
<br />3. Except as modified hereby, the note and mortgage /deed of trust above described shall remain
<br />in full force and effect. and the undersigned Purchasers promise to pay said indebtedness as herein stated
<br />and to perform all of the obligations of said mortgage /deed of trust as herein revised.
<br />4. By reason of this Loan Modification and Assumption Agreement, Home Federal hereby
<br />releases and discharges LILIAN M. DAVIS from HER personal obligation upon said indebtedness.
<br />5. If any term, covenant, restriction or provision of this Agreement is determined to be void,
<br />invalid or unenforceable, the remainder of the terms, covenants, restrictions or provisions of this
<br />Agreement shall remain in full force and effect, and the provisions of the note and mortgage /deed of
<br />trust amended or modified by such void, invalid or unenforceable part hereof shall be reaffirmed and
<br />enforceable to the same extent as if this Agreement had not been executed.
<br />IN WITNESS WHEREOF, the undersigned have executed this instrument on this 24TH day of
<br />MAY, 2002.
<br />O
<br />a
<br />
|