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MODIFICATION "ME:,MLNT AND RESTATEMENT OF PROKi SSORY NOTE This Modification Agreement and Restatement of ProriRsory Dote (the " Agreement") is executed to be effective as of 1st day of August, 1988, by and between General Electric Mortgage Sezuriries Corporation ( here1nafter referred to as "Lender" or "Note Holder "), whose address is 6601 Six r -Irks Road, Raleigh, North Carolina 27615, and Thos E. Clark and Stept' n`_e S. Clark, husband and wife (hereinafter referred to as "Borrower ", "1" of "tae"), whose address is 1426 N. GI Avenue, Grand Island, Nebraska 68801. A. The Lender is the current legal and equitable owner and holder of (i) that certain Note in the original principal aaraunt of Thirty -two thousand seven hundred and 00/100 ($32,700.00) (the "Note ") dated September 29, 1984, executed by the Borrower and payable to the order of Tower Financial, Inc. (the "Original Lender ") and (ii) that certain Mortgage (the "Security Instrument ") dated the same date as the Note, executed by the Borrower in favor of the Original Lender, covering the property described in the Security Instrument and more particularly described on Exhibit "B" attached hereto (the "Property ") securing the Note and recorded on October 1, 1984, in Volume or book 84, at PP.ge 5154 in the Real Estate Records of Hall County, Nebraska; and B. The Borrower and the Lender now desire to modify the Security Instrument and modify and rentate the Note as hereinafter provided. I; % In consideraton of the premises and for other good and valuable c- ,)nsidevar:ion, the re -ol,t and sufficiency of which are hereby acknowledged, :he Ler.er and the Borrower hereby agree that the Note and Security Instrument be mod3 ied as hereinafter provided. A. REST..A:'ZM NT OE THE NOTE Ilie !'>'_r is hereby amended and restated in its entirety as follows: Tk'IS NOT% CONTAINS PROVISIONS ALLOWING FOR CHANGES IN THE INTEREST RATE AND T1�E MONTHLY PAYMENT. THIS NOTE LIMITS THE MAXIMUM RATE THE BORROWER MUS'r PAY. THIS NOTE LIMITS THE AMOUNT THE BORROWER'S INTEREST RATE CAN CHANGE AT ANY ONE TIME. Capitalized terms used in this Note, None, shall have the meaning provided for Note is being restated. 1. BORROWER'S PROMISE TO PAY unless otherwise defined in this them in the Agreement in which this In return for a loan that I have received, I promise to pay U.S. $23,165.05 'this amount will be called "principal "), plus interest, to the order of tho Lender. $2,092.56 of this rmount represents accrued and unpaid interest that was added to the principal balance effective as of the date of this Agreement. * understand that the Lender may transfer this Note. The Lender or anyone who taken this Note by transfer and who is entitled to receive pafraaents under this Note will be called the "Note Holder." 2. INTEREST AND PAYMENTS A. Interest Pa-able Inte�*est will be ci►aarged on that part of principal whird-i has nr.,: treen p-,rid. Interest will bo charged beginning on the 1st day of to rr,,,.;►t, 1988, the nffectivt: date of this Agreement, and continuing until the full amount of principal has been paid. 1a. Time and Place of Payments I will pay principal and interest on this Note by making payments every month. I will make my monthly payments on the first day of each month beginning on September 1, 1988. 1 will make these payments every month until