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<br />1520078013
<br />
<br />J RELEASE AND ASSUMPTION
<br />. AGREEMENT
<br />
<br />88-103446
<br />
<br />, ,
<br />
<br />Agreement made
<br />
<br />between Rarv'l~"!::: "-'1m;" ~"!'l;ng'''' p<>"""""
<br />1704Coven~ ~
<br />Ci ty of Grand Is , County of Hall.
<br />State of Nebraska , herein referred to as Seller. COLONIAL CENTRAL
<br />SAVINGS BANK F.S.B., which is organized and existing under the laws of U.S.A.
<br />successor through merger, and whosemailingaddressis36800Gratiot.Mt.
<br />Clemens, Michigan, herein referred to as Mortgagee, and
<br />Cliffom R. Cain and Kristy K. Cain
<br />
<br />U3 N. ~t
<br />Ci ty of GraIXl Island
<br />State of Nebraska
<br />
<br />, 19
<br />
<br />of
<br />( address) .
<br />
<br />( address) .
<br />
<br />,County of Hall
<br />,herein referred to as Purchaser.
<br />The parties recite and declare that:
<br />1. Seller is obligated and liable for the payment ~~~gage~ '~f the debt
<br />evidenced by a p;:p, ~soty note in the sum Ofs~-three ~n1 ne hundred dollars
<br />Dollars63 '900.0&"1. ated March ,12 ,19 88 ,an executed by Seller, WhlCh promissory
<br />note is secur a Mortgage dateaMar~ 1988 , in Libe87-10135QPage ,in the
<br />office of the Register of Deeds of the County of Hall ,State of ~
<br />and Mortgagee is now the owner and holder of such promissory note and Mortgage.
<br />2. Seller has sold and conveyed or is about to sell and convey the whole of
<br />the real property described in such Mortgage to Purchaser, and both Seller and
<br />Purchaser have requested Mortgagee to release Seller from further liability under
<br />or on account of such promissory note and/or such Mortgage.
<br />
<br />For the r.easons set forth above, and in consideration of the mutual
<br />conveyance and promises of the parties hereto, Seller, Mortgagee, and Purchaser
<br />convenant and agree as follows:
<br />
<br />SECTION ONE
<br />UNPAID BALANCE OF SECURED OBLIGATION
<br />All monthly installments of principal and interest provided by such note
<br />to be paid after February 1, ,19 88 , are unpaid.
<br />
<br />SECTION 'lID
<br />RELEASE FROM LIABILITY
<br />Seller is hereby released from further liability under or on account of
<br />such note and such Mortgage.
<br />
<br />SECTION THREE
<br />ASSUMPTION OF LIABILITY AND INTEREST
<br />AND INSTALLMENT INCREASE FHA em:: YEAR AnJUSTABI.E KlR':IGAGE
<br />Purchaser agrees to pay such note in installments at the times and in the
<br />manner therein provided; to perform all of the obligations provided in such mortgage
<br />to be performed by Seller at the time, in the manner, and in all respects as therein
<br />provided: and to be bound by all of the terms of such Mortgage: all as though such
<br />note and Mortgage, and each of them, had originally been made, executed, and delivered
<br />by Purchaser: provided, however,thatthe interest on the unpaid principal balance
<br />shall, until paid, be paid at the rate ofSeven and one half ( 7.500 %) per annum, in
<br />consecutive monthly installments o1four hund. forty four-& 701100----.--($444.70 ),
<br />including principal, plus 1/12 estimated annual taxes and insurance on the first
<br />day of each month, beginning March 1, ,19 BB . tmtil the next change date of
<br />July 1, 1988
<br />
<br />SECTION FOUR
<br />NO IMPAIRMENT OF LIEN
<br />The whole of the real property described in such Mortgage shall remain
<br />subject to the lien, charge, or encumbrance of such Mortgage, and nothing herein
<br />contained or done pursuant hereto shall affect or be construed to affect the lien,
<br />charge or encumbrance of the Mortgage or the priority thereof over other liens,
<br />charges, or encumbrances, or except as herein otherwise provided, to release or
<br />affect the liability of any party or parties wh~nsoever would now or may hereafter
<br />be liable under or on account of such note and Moctgage.
<br />
<br />SECTION FIVE
<br />INTERPRETATION
<br />In this Agreement, the singulb.r number includes the plucal and the plural
<br />number includes the singular. If this Agceement is executed by more than one pecson,
<br />firm or corporation as Purchaser, thp. obligations of each such person, firm, or
<br />corporation hereunder shall be joint and several.
<br />
<br />LEGAL Lot 4 Block 1 Normandy Estates Assition to the city Grand Island, Hall County
<br />Nebraska (1704 Coventry Lane)
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