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LOAN MODIFICATION AND ASSUMPTION AGREEMENT WITH RELEASE 88-104179 WHEREAS, HOME FEDERAL SAVINGS AND LOAN ASSOCIATION OF GRAND ISLAND, referr.l3d to as "Home Federal", loaned William C. Schwartz & Gertrude anO w~fe, then assumed by William L. a au ~ and Verna M. Zabloudi hwinaftfi!r .J'eferred to AS "Borrowers", the original principal sum of ousand, four and no/100-------------------------------- Dollars ($ 37.4nn nn ), as evidenced by a mortgage note dated August 11, 1978 , and secured by a mortgage/deed of trust dated August 11, 1978 and recorded as Document No. 78-00512n in the Office of the Register of Deeds in Hall County, ; and WHEREAS, said Borrowers have sold to the undersigned Purchasers the property legally described as: The Easterly Two and Eight Tenths (2.8') feet of Lot Nine (9), and all of Lot Ten (10), in Block Twenty-Three (23), in Russel Wheeler's Addition to the City of Grand Island, Hall County, Nebraska. and WHEREAS, Purchasers desire to assume and pay the rema~n~ng indebtedness described above as evidenced by the aforementioned note and mortgage/deed of trust; and WHEREAS, Borrowers desire to be released from any further obligation in respect to the above described note and mortgage/deed of trust; and WHEREAS, Home Federal is willing' to permit the assumption by Purchasers of the note and mortgage/deed of trust and release the, Borrowers from the obligations evi- denced by the aforedescribed note and mortgage/deed of trust; subject, however, to a revision of the terms of payment of said indebtedness, NOW, THEREFORE, in consideration of the mutual covenants herein contained. it is agreed: 1. The undersigned Purchasers hereby assume and agree to pay the rema~n~ng in- debtedness evidenced by the aforedescribed note and mortgage/deed of trust and perform all of the obligations provided therein and as modified hereby, it being agreed and understoo~ that as of this date said indebtedness is Thiry ~~~; ~~""''''~rl, 1=';'.:1"'+ l.lyngJ;'E!d Twenty E~ght and 98/100________________________0011ars $ ~_R'R QR . 2. The terms of the rppayment of the debt evidenced by the aforedescribed note and mortgage/deed of trust are hereby modified in that interest upon~he unpaid balance of saie indebtedness shall be at the rate of Eleven percent (~~) per annum, and tha: monthly payments shall be made commencing on the 1st day of /luou~t , 19 88, and continuing on the 1st day of each month thereafter, it being further agreed that such payments shall~ the amount of Three Hundred Ninetv Five and R7/1nn _______________________________________ Dollars ($395.87 ) per month, to be ap- plied first to interest and the balance to principal until said indebtedness is paid in full, and that. in addition, said Purchasers will pay the sum of Ninety Seven and 93/100--------------------------------------------------- Dollars $ 97.93 per month in escrow estilT.ated sufficient to pay taxes and insurance on said pr'operty, which estimate may be revised from time to time by Home Federal, making a total current payment of FOIlT' HIlnr11"Pf Ninpt-y Three ind SIJ'HJg ______________________________ Dollars ($4g~ An per month. . 3. Except as modified hereby, the note and mortgage/deed of trust above described shall remain in full force and effect, and the undersigned Purchasers promise to pay said indebtedness as herein stated and to perform all of the obligations of said mort- gage/deed of trust as here in revised. l.. By reason of this Loan Modification and Assumption Agreement, Home Federal hereby releases and discharges the undersi~ned original Borrowers from their persunal Dbligation upon 5aid indebtedness.