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<br />LOAN MODIFICATION AND ASSUMPTION
<br />AGREEMENT WITH RELEASE
<br />
<br />88-103567
<br />
<br />WHEREAS, HOME FEDERAL SAVINGS AND LOAN ASSOCIATION OF GRAND ISLAND, hereinafter
<br />referred to as "Home Federal", loaned Drapery Den lnc,
<br />
<br />hereinafter referred to as "Borrowers", the original principal sum of
<br />Thirt Three Thousand and no/100----------------------------- Dollars ($ 33,000,00 ),
<br />as evidenced by a mortgage note dated ay 8, , and secured by a
<br />mortgage/deed of trust dated May 18, 1979 and recorded as Document
<br />No, 79-003078 in the Office of the Register of Deeds in Hall County,
<br />Nebraska ; ~nd
<br />
<br />WHEREAS, said Borrowers have sold to the undersigned Purchasers the property
<br />legally described as:
<br />
<br />The West Half (W-1/~) of Lots One (1) and Three (3), in Block Twenty-one
<br />
<br />(21), in UNiversity Place, and Addition to the City of Grand Island.
<br />
<br />Hall County, Nebraska,
<br />
<br />and
<br />
<br />WHEREAS, Purchasers desire to assume and pay the remaining indebtedness described
<br />above as evidenced by the aforementioned note and mortgage/deed of trust; and
<br />
<br />WHEREAS, Borrowers desire to be released from any further oblig3tion in respect
<br />to the above described note and mortgage/deed of trust; Jnd
<br />
<br />WHEREAS, Home Federal is willing to permit the assumption by Purchasers of the
<br />note and mortgage/deed of trust and release the Borrowers from the obligations evi-
<br />denced by the aforedescribed note and mortgage/deed of trust; subject, however, to
<br />a revisl~n of the terms of payment of said indebtedness,
<br />
<br />NOW, THEREFORE, in consideration of the mutual covenants herein contained. it
<br />is agreed:
<br />
<br />1, The undersigned Purchasers hereby assume and agree to pay the remaining in-
<br />debtedness evidenced by the aforedescribed note and mortgage/deed of trust and perform
<br />all of the obligations provided therein and as modified hereby, it being agreed and
<br />understood that as of this date said indebtedness is Thirty Thousand Three Hundred
<br />Fifty and ns/1DO------------------------------ Dollars ($ 30,350,90 ).
<br />
<br />2. The terms ~f the repayment of the debt evidenced by the aforedescr ibed note
<br />and mortgage/deed of trust are hereby modified in that interest upon the unpaid balance
<br />of said indebtedness shall be at the rate of ten and one-half percent (10.~) per annum,
<br />anj that monthly payments shall be made commencing on the 1st day of ]11] y ,
<br />19...aa.. and continuing on the first day of each month thereafter, it being further
<br />agreed that such payments shall be in the amount of Three Hundred Thirty Five and
<br />50/100-------------------------------- Dollars (~335,50 ) per month, to be ap-
<br />plied first to interest and the balance to principal until said indebtedness is paid
<br />in full. and that, in addition, said Purchasers will pay the sum of One Hundred and
<br />61/100--------------------------------------_________________________________________
<br />
<br />Dollars ($100,61 ) per month in escrow estimated sufficient to pay taxes and
<br />insurance on said property, which estimate may be revisp~ from time to time by Home
<br />Federal, making a total current payment of Four Hundred Thirty Six and 11,1100-----------
<br />------------------------------ Dollars ($ 436,11 ) per month.
<br />
<br />3, Except as modified hereby, the note and mortgage/deed of trust above described
<br />shall remain in full force and effect, and the undersigned Purchasers promise to pay
<br />said indebtedness 8S herein stated and to perform all of the obligations of said mort-
<br />gage/deed of trust as here in revised.
<br />
<br />4, By rea"'on of this Loan Modification and Assumption Agreement. Home Federal
<br />hereby releases md discharges the undersigned origInal Borrowers from their personal
<br />obligation upc' ;a1d indebtedness,
<br />
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