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<br />88- 1Q1240
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<br />4. Legal Description. The Borrower warrants and represents
<br />that it is the owner of only the The Yancey condominium units
<br />defined in Exhibit "A" which is attached hereto and incorporated
<br />herein by this reference.
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<br />5. Second Promissory Note. The Second Promissory Note, as
<br />amended is a valid subsisting obligation of the Borrower with an
<br />unpaid principal balance of $ Stf"<7,f,P1: 7' and accrued interest of
<br />$ z. ?'p~ ...1'0 as of this date, for a total outstanding indebtedness
<br />of $...S' tf' a ::1".rr. u .
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<br />6. Modification of Face Amount of Second Promissory Note.
<br />Lender and Borrower hereby modify the Second Promissory Note, as
<br />amended by decreasing the face amount of the Second Promissory
<br />Note, as amended from $900,000 to $672,041.
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<br />7. Third Promissory Note. Borrower has executed and deli-
<br />vered to Lender the Third Promissory Note in the original prin-
<br />cipal amount of $115,000 which is secured by the Deed of Trust.
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<br />8. Defenses. Arter has no defenses or offsets against the
<br />payment of principal or interest of the unpaid balance as set
<br />forth in paragraph 5 above.
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<br />9. Unit 104. In addition to the other real estate des-
<br />cribed in the Deed of Trust, the Deed of Trust shall apply to
<br />Condominium Unit No. 104, the Yancey, a Condominium, a condo-
<br />minium in accordance with The Declaration recorded on October 17,
<br />1984 under Document Number 83-005507 of the County of Hall, State
<br />of Nebraska, records as amended. Unit 104 is incorporated into
<br />Exhibit "A" of the Deed of Trust by this reference.
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<br />10. Maturity Date. The maturity date of the Second Promis-
<br />sory Note, as amended, is extended until December 31, 1988 with
<br />rate and payment of interest on the extended balance computed
<br />according to the terms and condi tions of the Second Promissory
<br />Note, as amended.
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<br />11. Reaffirmation. Arter reaffirm, represent and warrant
<br />(which reaffirmation, representation and warranties shall survive
<br />the termination of the Loan Documents, as amended and defined
<br />herein, and the repayment of any loans made pursuant thereto)
<br />the warranties, representations, covenants, terms and conditions
<br />as contained in the Loan Documents, as modified and defined
<br />herein. Such reaffirmation, representation and warranties shall
<br />not be construed to be a waiver by Lender of any possible de-
<br />faults or breaches by Borrower under the Loan Documents, as
<br />amended and defined herein. Borrower's request for disbursements
<br />and advancements under the Second Promissory Note or any other
<br />Note shall be a reaffirmation of the warranties, covenants, terms
<br />and conditions as contained in the Loan Documents, as amended and
<br />defined herein.
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<br />12. Financial Statements. All previously submitted finan-
<br />cial statements to the Lender are true, complete and accurate as
<br />of the date they are signed and Borrower agrees that if any
<br />change occurs that materially reduces the Borrower's means and
<br />abilities to pay all claims or demands against that particular
<br />Borrower, that Borrower will immediately notify the Lender in
<br />writing1 and unless so notified, Lender may continue to rely upon
<br />the financial statements as a true, complete and accurate state-
<br />ment of the Borrower's financial condition.
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<br />13. Continued Liability. Arter and all other parties who
<br />are or hereafter may become primarily or secondarily liable for
<br />the payment of the obligation evidenced by the Loan Documents, as
<br />amended and redefined herein, and any further extensions, modifi-
<br />cations, substitutions, or renewals thereof, do hereby agree to
<br />remain liable to the Lender, its successors and assigns, in the
<br />event that any readvancement, extension of the time for repayment
<br />or modification of the maturity date under Second Promissory
<br />Note, as amended, is given to the Borrower or its successors or
<br />assigns in interest.
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