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M i rl f m to °� +� n z %� Q c7 C=) �7M CO N Cam' C,r.7 O ao rrr r~ 1•r � co OD fV "' O LOAN MODIFICATION AND ASSUMPTION AGREEMENT WITH RELEASE 16, CIP-0 WHEREAS, HOME FEDERAL SAVINGS AND LOAN ASSOCIATION OF GRAND ISLAND, hereinafter referred to as "Home Federal ", loaned DAVID R FAIRBANKS AND CATHERINA W SALINAS, HUSBAND AND WIFE hereinafter referred to as "Borrower ", the original principal sum of FIFTY THOUSAND AND NO /100 Dollars ($50,000.00_), as evidenced by a mortgage note and mortgage /deed of trust dated OCTOBER 23, 2003, recorded October 24, 2003 as DOCUMENT # 0200314154 in the Office of the HALL COUNTY REGISTER OF DEED'S OFFICE IN HALL COUNTY, NEBRASKA and as WHEREAS, said Borrowers have sold to the undersigned Purchasers the property legally described SEE EXHIBIT "A" FOR LEGAL DESCRIPTION WHEREAS, Purchasers desire to assume and pay the remaining indebtedness described above as evidenced by the aforementioned note and mortgage /deed of trust; and WHEREAS, DAVID R FAIRBANKS, (As Borrower) desires to be released from any further obligation in respect to the above described note and mortgage /deed of trust; and WHEREAS, Home Federal is willing to permit the assumption by Purchaser of the note and mortgage /deed of trust and release DAVID R FAIRBANKS (Borrower) from the obligations evidenced by the. aforedescribed note and mortgage /deed of trust; NOW, THEREFORE, in consideration of the mutual covenants herein contained, it is agreed: 1. The undersigned Purchaser hereby assumes and agrees to pay the remaining indebtedness evidenced by the aforedescribed note and mortgage /deed of trust and perform all of the obligations provided therein and as modified hereby, it being agreed and understood that as of this date said indebtedness is FORTY SIX THOUSAND TWO HUNDRED THIRTY SEVEN AND 72/100 Dollars ($46,237.721 2. The terms of the repayment of the debt evidenced by the aforedescribed Note and Deed of Trust will remain in effect until the unpaid balance of said indebtedness shall be at the rate of FIVE AND ONE HALF PERCENT (5.50 %) per annum,, and that monthly payments shall be made commencing on the 1 ST day of AUGUST, 2005, and continuing on the 1 ST day of each month thereafter, it being further agreed that such principal and interest payments shall be in the amount of FOUR HUNDRED EIGHT AND 54/100 Dollars $4, 08.54) per month, to be applied first to interest and the balance to principal until said indebtedness is paid in full, and that, in addition, said Purchasers will pay the sum of NINETY SIX AND 34/100 Dollars 96.34) per month in escrow estimated sufficient to pay taxes and/or insurance on said property, which estimate may be revised from time to time by Home Federal, making a total current payment of FIVE HUNDRED FOUR AND 88 /100 Dollars 504.88 per month. 3. Except as modified hereby, the note and mortgage /deed of trust above described shall remain in full force and effect and the undersigned Purchasers promise to pay said indebtedness as herein stated and to perform all of the obligations of said mortgage /deed of trust as herein revised. 4. By reason of this Loan Modification and Assumption Agreement, Home Federal hereby releases and discharges the undersigned original Borrower, DAVID R FAIRBANKS from his personal obligation upon said indebtedness. CATHERTNA W SALINAS will remain on the loan. 5. If any term, covenant, restriction or provision of this Agreement is determined to be void, invalid or unenforceable, the remainder of the terms, covenants, restrictions or provisions of this Agreement shall remain in full force and effect, and the provisions of the note and mortgage /deed of trust amended or modified by such void, invalid or unenforceable part hereof shall be reaffirmed and enforceable to the same extent as if this Agreement had not been executed.