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<br /> LOAN ASSUMPTION AGREEMENT
<br /> WITHOUT RELEASE
<br />
<br />
<br />
<br />THIS LOAN ASSUMPTION AGREEMENT is made on this l\ +.... day of January,
<br />2007, by and between DOUGLAS C. JONES and MICHELLE L. JONES, husband and wife,
<br />hereinafter referred to as the "Borrowers"; GERALD S. JONES, TRUSTEE OF THE GERALD
<br />S. JONES REVOCABLE LIVING TRUST AGREEMENT DATED FEBRUARY 1,2003, AS
<br />AMENDED, hereinafter referred to as the "Lender"; and DIAMOND-J FARMS, INC., a
<br />Nebraska corporation, hereinafter referred to as the "Assuming Party".
<br />
<br />---
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<br />
<br />WITNESSETH:
<br />
<br />WHEREAS, Borrowers are desirous of transferring the following described real estate to
<br />the Assuming Party, conditioned upon assumption of certain indebtedness:
<br />
<br />Lot One (1), Phoenix Acres Subdivision, Hall County, Nebraska.
<br />
<br />WHEREAS, Assuming Party is desirous of assuming all obligations in respect to a Deed
<br />of Trust Note dated July 1,2005 in the face amount of Eighty Thousand and Noll 00 Dollars
<br />($80,000.00) by and between Douglas C. Jones and Michelle L. Jones, husband and wife, as the
<br />"Makers", and Gerald S. Jones, Trustee of the Gerald S. Jones Revocable Living Trust
<br />Agreement dated February 1, 2003, as amended, as the "Holder", hereinafter referred to as the
<br />"Deed of Trust Note";
<br />
<br />WHEREAS, Assuming Party is also desirous of assuming all obligations in respect to a
<br />Deed of Trust dated October 28,2005 and filed November 1,2005 as Instrument No.
<br />0200510852 in the office of the Register of Deeds in Hall County, Nebraska, as amended,
<br />hereinafter referred to as the "Deed of Trust";
<br />
<br />WHEREAS, Assuming Party is also desirous of assuming all obligations in respect to a
<br />Right of First Refusal dated October 28,2005, hereinafter referred to as the "Right of First
<br />Refusal". In connection therewith, a Notice of Right of First Refusal dated October 28,2005
<br />was filed on November 1, 2005 as Instrument No. 0200510851 in the office of the Register of
<br />Deeds in Hall County, Nebraska; and
<br />
<br />WHEREAS, Lender is willing to permit the assumption by Assuming Party ofthe Deed
<br />of Trust Note, the Deed of Trust and the Right of First Refusal;
<br />
<br />WHEREAS, Borrowers acknowledge that this Loan Assumption Agreement shall in no
<br />way affect their continuing liability in respect to the Deed of Trust Note.
<br />
<br />NOW, THEREFORE, in consideration of the mutual covenants herein contained, it is
<br />agreed:
<br />
<br />1. Consent to Assumption. Lender does hereby consent to the assumption of the Deed of
<br />Trust Note by Assuming Party and agrees not to declare a default by reason of such assumption
<br />by Assuming Party, provided all remaining indebtedness and the terms and conditions of such
<br />Deed of Trust Note and the Deed of Trust are well and truly satisfied by Assuming Party.
<br />Furthermore, Lender does hereby consent to the assumption of the Right of First Refusal by the
<br />Assuming Party, provided all the terms and conditions of such Right of First Refusal are well
<br />and truly satisfied by Assuming Party.
<br />
<br />2. Provisions of Assumption. The Assuming Party does hereby assume and agrees to
<br />pay the indebtedness evidenced by the Deed of Trust Note. Additionally, Assuming Party does
<br />hereby agree to perform all other obligations provided in the Deed of Trust Note and in the Deed
<br />of Trust. Furthermore, Assuming Party does hereby agree to perform all obligations provided in
<br />the Right of First Refusal.
<br />
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