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<br />LOAN MODIFICATION AND ASSUMPTION
<br />Z
<br />AGREEMENT WITH RELEASE
<br />WHEREAS, HOME FEDERAL SAVINGS AND LOAN ASSOCIATION OF GRAND ISLAND, C7
<br />hereinafter referred to as " Home Federal ", loaned O'Connor Enterprises, Inc. hereinafter referred to as
<br />"Borrower ", the original principal sum of Sixty Three Thousand and 00 /100 Dollars ($63,000.001 as
<br />evidenced by a mortgage note dated December 22, 1999, and secured by a Mortgage /Deed of Trust dated
<br />December 22, 1999 and recorded as Instrument No. 0099112020 in the Office of the Register of Deeds in
<br />HALL County, NEBRASKA and
<br />WHEREAS, said Borrowers have sold to the undersigned Purchasers the property legally described
<br />as:
<br />FRACTIONAL LOT 5, IN FRACTIONAL BLOCK 46, IN PACKER AND BARR' S 2ND
<br />ADDITION TO THE CITY OF GRAND ISLAND, HALL COUNTY, NEBRASKA AND THE
<br />SOUTH'/ 20F VACATED CLARENCE STREET
<br />and
<br />WHEREAS, Purchasers desire to assume and pay the remaining indebtedness described above as
<br />evidenced by the aforementioned Note and Mortgage /Deed of Trust; and
<br />WHEREAS, Borrowers desire to be release from any further obligation in respect to the above
<br />described Note and Mortgage /Deed of Trust; and
<br />WHEREAS, Home Federal is willing to permit the assumption by Purchasers of the Note and
<br />Mortgage /Deed of Trust and release the Borrowers from the obligations evidenced by the aforedescribed
<br />Note and Mortgage /Deed of Trust; subject, however, to a revision of terms of payment of said indebtedness,
<br />NOW, THEREFORE, in consideration of the mutual covenants herein contained, it is agreed:
<br />1. The undersigned Purchasers hereby assume and agree to pay the remaining indebtedness
<br />evidenced by the aforedescribed Note and Mortgage /Deed of Trust and perform all of the obligations
<br />provided therein and as modified hereby, it being agreed and understood that as of this date said indebtedness
<br />is Forty Five Thousand Two Hundred Forty Four and 32/100 Dollars ($45,244.32).
<br />2. The terms of the repayment of the debt evidenced by the aforedescribed Note and Mortgage /Deed
<br />of Trust are hereby modified in that interest upon the unpaid balance of said indebtedness shall be at the rate
<br />of Six and One -Half Percent (6.50 %) per annum, and that monthly payments shall be made commencing on
<br />the 1 st day of November, 2003, and continuing on the 1 st of each month thereafter, it being further agreed
<br />that such payments shall be in the amount of Seven Hundred Forty Nine and 42/100 Dollars ($749.42) per
<br />month, to be applied first to interest and the balance to principal until said indebtedness is paid in full, and
<br />that, in addition, said Purchasers will pay the sum of Eighty Six and 19/100 Dollars ($86.19) per month in
<br />escrow estimated sufficient to pay taxes on said property, which estimate may be revised from time to time
<br />by Home Federal, making a total current payment of Eight Hundred Thirty Five and 61/100 Dollars
<br />($835.61) per month.
<br />3. Except as modified hereby, the Note and Mortgage /Deed of Trust above described shall remain in
<br />full force and effect, and the undersigned Purchasers promise to pay said indebtedness as herein stated and to
<br />person 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 releases
<br />and discharges the undersigned original Borrowers from their personal obligation upon said indebtedness.
<br />5. If any term, covenant, restriction or provision of this Agreement is determined to be void, invalid
<br />or unenforceable, the remainder of the terms covenants, restrictions or provisions of this Agreement shall
<br />remain in full force and effect, the provisions of the Note and Mortgage /Deed of Trust amended or modified
<br />by such void, invalid or unenforceable part hereof shall be reaffirmed and enforeceable to the same extent as
<br />if this Agreement had not been executed.
<br />IN WITNESS WHERE OF, the undersigned have executed this instrument on this 10"' day of
<br />October, 2003.
<br />
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