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.AN POOIFlCATION AN) ASSIJlIPTIoN AGREE~NT WITH RELEASE 88- 105276 WHEREAS, HOllIE FEDERAL SAVINGS AN) LOAN ASSOCIATION OF GRAND ISLAND, herainefter referred tQ 8S "Home Federal", loaned Lyle Edward Ri~h~~~~ ~~r1 ~~q~,~: 1'l1~"'~I!~, w"iband lillllre, ant! Raymond J. O'Connor & Jennifer S. o'Connor_ ____,,__ "-- UJ_ ' herainafter referrad to as Borrowers. the originel principal sum of oqB Horlrprl Thousand Fiva Hundred and no/100--------------- Dollars ($ 0.500.00). as evidenced by a mortgege note dated HpnI ~, , QB'! . and secured by e mortgage/deed of trust deted Aori I 1. 1 qR7 and recorded as Document No. B7-1017B4 ' in tha Office of the Register of Deeds in Hall County, Grand Island. Ne ; and WHEREAS. seid Borrowers have sold to the undersigned Purchesers the property legally described as: Lot Twenty (20), except the Northerly One (1) foot thereof; all in Holcomb's Highway Homes, A subdivision of pert of the Northeast Quarter of the Northeast a~rter (NE!NE!) a~d part of Lot Four (4), Mainland, all in section Twenty- elght (26), TOIlInshlp eleven (11) North Range Nine (9), West of the sixth Principal Meridian, Hall County, Nebraska. ' and WHEREAS, Purchasers desire to assume and pay the remaining indebtedness described above as evidenced by the aforementioned note and mortgage/deed of trust; and WHEREAS, Borrowers desire to be released from eny 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 aforedescr1bed note and mortgage/deed of trust; subject, however, to a revision of tha terms of payment of said indebtedness, NOW, THEREFORE, in consideration of the mutual covenants herein contained, it is egreed: 1 . The undersigned Purchesers hereby assume and agree to pay tha remaining 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 understood that as of this date said indebtednass is Ninetv Six ~o~sanrl. ThIn HlInrlrprl Seventy Five and 60/100------------------------ Dollars ($llli.:l75 liQ ). 2. The terms of the repeyment of the debt evidenced by the aforedescribed note and mortgage/deed of trust are hereby modified in that interest upon the unpaid balance of said indebtedness shall be at the rate of Ten "nrl nn. h"l~percent ~~) per annum, and that monthly payments shall be made conmencing on the t day of October , 19~, and continuing on the .l3i..- day of each month thereafter, it being further agreed that such payments shall be in the amount of On. Thn' ,.onf nno w, '.....rllt! ,~ end 93/100---------------------------- Dollars ($1 11n or per month, to e ap- plied first to interest and the balance to principal unt 1 said indebtedness is paid in full. end that. in addition, said Purchasers will pay the sum of Dollars NA per month in escrow estimated sufficient to pay texes and insurance on said property, which estimate mey be revised from time to time by Home Federal. making a total current payment of One Thousanr One Hundrerl T.n onrl Q,/1nn ______________________________ Dollars ($1.110.93 per month. 3. Except as modified hereby. the note and mortgage/deed of trust above described shall remain in full force end effect. and the undersigned Purchasers promise to pay said indebtedness as herein stated end to perform all of the obligations of seid mort- gsge/deed of trust as here in revised. 4. By reason of this Loan I'Iodification and Assumption Agreement, Home Federal hereby releases and discharges the undersigned original Borrowers from their personal obligation upon said indebtedness. Q^- Lf.Jr@ ~~'.', ~. I>~,;.'- ~ ~