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<br />EXHIBIT "B" 88- 1 0 1 779
<br />LUTHERAN CHURCH EXTENSION FUND-MISSOURI SYNOD
<br />1333 South Kirkwood Road. St. Louis, MO 63122-7295
<br />Promissory Note with Balloon Balance
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<br />s
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<br />176,623.49
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<br />~ --- - -_._----~-------
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<br />GRAND ISLAND, NEBRASKA
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<br />~--........~----- ~--_. -. ~-- ---.--......---- -.-~~--~.~_._ __ . ~_4 ___
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<br />r on VAI.UE UECEIVEO. fhe undersIgned {"Maker", plOllllses 10 pay to Ihe order 01 LUT HERAN CHUIlCH EX fE.NSION FUND, .MISSQUHI SYNOD, A
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<br />MIS50l111 corporation ("'Payee"I,lhe principal sum of _Dne Hund resL.S.eyentL~Six Hundred Tw~,llu..l'lu;:gf:!
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<br />and 49/100 - - - - - - ,- - - - - -__~ - - - - - - - ~ -.."": :-, -dOlla's($__U6_l..62~49__::_-=-_:._-._: ,
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<br />l'l!jlllfll" Wllh mleresllrOlOlhedalehereol allherate 01 N1.0l;! . .. _ perce lit ( 9%, ,_) per annum on Iho prtnclpal sum
<br />Irl)ln :lIl1e to tIme remalllrng unpaid, Prmclpal and mle!esl shall be due am! payable in __ _ _3~_, . conseculive Illonlhly installments as lollows
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<br />35 equal consecuhve monlhty inslallmenls 01 __~~,_'!.~~tlsa~d..~<?_llun.~E.~~a?-d No/I00,- _=,.:.- - -- dollars
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<br />($ 2,200. 00 leach,lhelirstsuchinslallmenlbelllgdueandpayableonthe __7th. ,dayol May __ _q 19 88, (lmJsubsequcl1l
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<br />IIlslallllll!llls beillg duo and payable onlhe ,1 !:J.!. _ day 01 each and every month of the next succeeding _2~ _'..'_ monlhs Iherealter; and
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<br />2
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<br />A
<br />7th
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<br />36
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<br />monlhly f'balloonu, inslallme>nt, in Ihe lull amount 01 the remaining balance 01 principal and inlerest being due and payable, on Ihe
<br />day 01 _ __AJ>_r_:!!__._ _ 19.2.!__
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<br />All paymenls on accounl 01 the indebtedness evidenced by thiS note shall bp. lirst applied to Ihe payment 01 inlerest on the unpaid prmcrpal balance
<br />II\~rP.OI, and Ihe ellcess remailllng thereafter shall be crediled 10 principal
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<br />All p:lymlmts hereunder shall be made 10 Payee al t333 South Kirkwood Road. St.Louis, MO 63122-7295. or 011 such other place as tho payee 01 this
<br />"ulf! IIIay. Irom IHnu 10 time. deslgnale in IoImling delivered or mailed 10 the Maker.
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<br />M.,km "'~erYes Ihe light 10 prepay Ihis nole in whole. or subjecl to the conditions hereinaher slaled, in part. on any installment paymenl dale. wlthoul
<br />IlU'rnlum UI penally and wllhout prior nOllce 10 Ihe Payee. It is acknowledged Ihal the required inslallmenls hereunder are not in an amount sullicienlto
<br />IUI':IY Ih.. IIl1lr'hll!l1um;s eVidenced hereby, Wllh II1leresl allhe shpulaled rale, 111 36 equal monlhly inslallmenls over a period 01 3 years,
<br />111,1 Ih,,1 1111> 36th IIlslilllmenl isa larger ("balloon"llf1slaihnclIl 01 all unpaid prinCIpal and mleresl. Any such prepaymenlshall be fllsl apphed agalllst
<br />,1l".IIII!<IIIllIIlIlp.:lld Illturest. and the excess, II any, shall be Ihen applied against prmcipal,lIllhe Inverse order 01 ilclual maturily 01 mslalhnenls hCleunder
<br />1'1', l'iII'IIIIH: Insl <IWhr:<1 :Igalllst Ihe 36th monthly mslailment) No such pallial prepaymenl shall reheve Mal\l!r OllIs obligallon to pily the reqlllled
<br />1II1>11lh1V IIlst;Jlhmmts III~reundm unt.1 the enhre mdebh..>dllcss. logelher Wllh mle'esl. has been paid m lull
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<br />BIIl'i 1101... IS secured by a deed oj trust or mOllgage bearrng even dale herewllh 10, or 101 Ihe benl?lil 01. Lulhelall Church EKtenslOn Fund, Missoull
<br />Hall Nebraska
<br />SYllOd. ollll'al estate SllU<lted illlhe County 01 __ _ ,_ _ _ ,Stale 01 __ _ __L _ _ _ __ ~
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<br />Payee may eKtend the terms ot payment otlhis note beyond malurity. at ils option, by written notice 10 Maker at any time, evidencing Ihe terms 01 such
<br />extension. Thelermsof such extension shall include any or alt otlhe lollowing, which may be the same as. or diNerenltrom, such terms in effect hereunder
<br />at the time of such .xlen$ion: rate 01 interest. number of installment payments. amount of installment payments, period of due dates of inslallmants and
<br />amount of initial principal balance to be paid unde, such exlension (provided that such initial principal balance is equal to or less than the total principal
<br />balance due hereunder as of the date 01 such extension).
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<br />In Ihe eventlhat Maker shall be dissolved, merge wilh any other congregation. cease to be a member congregation 01 The Lutheran Church-Missourr
<br />SYllod. or cease 10 use Ihe real estate subjecl to Ihe aforementIoned deed oltrusl or mortgage lor regular worShip services, or lor school. parsonage.
<br />teachUlilQC. or olher religious purposes, the enlnnprmClpal sum remaming unpaid,togcther with accrued interesl. may be declared Immediately due and
<br />1I;lyahlu at the OI)lIon 01 payee.
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<br />In "It~ CVI!lItthat Maker shall. SubsequenllO Ihe date hereof. engage m furlher borfOwmg. 01 become volu ntarily mdebled 10 any olher lender, wllhoullhe
<br />\IlI"lIen cUIIscmt ollhe holder hereol. Ihe enllre pnnclpal sum remaining unpaid herem. togelher Will accrued inlel eSI. may be declared immediately due
<br />;mll lJaYilhtc at thl: option ollhe payee,
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<br />III II", flvelll 01 delault III Ihe payment 01 any installmenl 01 prmClpal or mlClesl when due III accoldalll;e wilh the lerms hereol. or 011 dl!laullIII tht:!
<br />''''IIUlm,uu;" 01 anV ...greemtmt containl..-d m said deed 01 truSI or mOllg~ge, the enllle prlllclpal sum II'IlI:Ulllllg unpaid helem, logelher wllh aCClued
<br />111"",...1, may he dt.'Clawd IIII",("'laluly due and payal11e allhe opllon 01 Ihe payee
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<br />II :JIIr lll!.lallnllmt hClCunder. or any portion Ihereol, is not paid when due. whelher at slated matuflly or by t1ectill.1l1on. a lale dliugt: penally of Iwo
<br />It...lI;cnt (2'li.) 01 such past due amount shall be added 10 Ihe amounts due hereunder. ellcepllhalll such Iwn;llly IS rcg.lrded as mleresl under apphcablE'
<br />la*. such lIL-natty. when added 10 other interest due hereunder shall nol elceed the maklmum legal rate ul mleresl pe'mlsslble.
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<br />No ,ll'lay. DrlllSSIOn or indulgence by Payee in exerCISing m enlorClllg any rrghls or remedIes shall I III Ihl II u, allecllhe same or be conslrue'd 10 be a
<br />\IlI'mfCr 01 or at-quiescence in any delault Any single or partiat exercise 01 any rights 01 remedIes shall nol preclude any olher orlunher eXeltlSe tlwreot No
<br />WitlVUl by Ihe Pa~ he,eolshall be valid unless III wriling signed by said Payee, and then only to Ihe exlent speClhcalfy setlonh III saId wlIllIlg
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<br />T urIC lor the payment IInd perlOlmance 01 each and all 01 the <>bligations ollhe underSigned shall be ollhe I:ssence hereot
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<br />The terms and provision.o/thls note shall inure to the benefilof any assignee, transferee, or holder or holders hereof, and, in the event of any transler or
<br />asslgmnent olthls note, each and all 01 the righls. remedies, powers, privileges and benelits herein gUlIItcd Ihe Payee shall automallcally be vested mlhe
<br />....;....9"1..'1'. Iranslt'fCC. holder or holders
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<br />Milkl:) ilud ;111 endorsers heteol sevemlly waive prewntment lor paymenl protesl, nolrce olnon- paymenl and 01 protest, and agree 10 pay aliI casonable
<br />';U'.t.. HI t;ol1m;llon. lIlt:!uding anorneys' lees,
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<br />By:
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<br />ard of Trustees
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<br />Trinity Lutheran Church-Missouri Synod, in
<br />, Hall County....-1iehr.aska__ __
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<br />of Trustees
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<br />By:
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<br />Board of Trustees
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<br />:' ;;ttt/1t/7t1j;~~r";t~esu
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<br />~eve H1bbu'rd, HCml>o/ Board of Trustees
<br />~J7! .'~ . )~. (/";,j/~ L"
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<br />Oy .~L::\...-: ~"'L-._:~ ~~ __..:-~~__......-::::.___ _ .~_ _:-_~ __
<br />Gl~b,ert Kyhn, Member Board of Trustees
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<br />of Trustees
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<br />-:: ) ,C /~,_/ "
<br />By :'-,'-~~.--,..~~/'_. ~~-+~. ..I " .. '-...:_ ,;'".-#'/., - r./ p_. '_~1/
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<br />Francis Keene. Member Board of Trustees
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<br />8~' ~ ..~~}~f"~<f .~~~_a .~... L.l_2..;.":,!::' _~_.-:.~: ~ ~.:Z__
<br />Billie Kltilgitll,hlillr, Hemb....r /loard (If Trusl{,e!~
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