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<br />LOAN MODIFICATION AND ASSUMPTION
<br />AGREEMENT WITH RELEASE
<br />
<br />WHEREAS, HOME FEDERAL SAVINGS AND LOAN ASSOCIATION OF GRAND
<br />ISLAND, hereinafter referred to as "Home Federal", loaned MICHAEL A PANOWICZ AND PATRICIA
<br />M PANOWICZ. HUSBAND AND WIFE herei~er referred to as "Borrower", the original principal sum
<br />of ONE HUNDRED FIFTEEN THOUSAND AND NOll 00 Dollars ($115.000.00). as evidenced by a
<br />mortgage note and mortgage/deed oftrust dated JANUARY 5. 2007, recorded JANUARY 5. 2007 as
<br />DOCUMENT # 0200700151 in the Office of the HALL COUNTY REGISTER OF DEED'S OFFICE IN
<br />HALL COUNTY, NEBRASKA and an EXTENSION AGREEMENT DATED AUGUST 7, 2007 AND
<br />RECORDED AUGUST 20, 2007 AS DOCUMENT # 0200706830;
<br />
<br />WHEREAS, said Borrowers have sold to the undersigned Purchasers the property legally described
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<br />PART OF THE NORTHEAST QUARTER OF THE SOUTHEAST QUARTER (NEI/4SE1I4) OF SECTION ONE (I),
<br />TOWNSHIP ELEVEN (11) NORTH, RANGE TEN (10), WEST OF THE 6TH P.M., MORE PARTlCULARL Y DESCRIBED AS
<br />FOLLOWS: BEGINNING AT A POINT ON THE EAST LINE OF SAID SOUTHEAST QUARTER (SE1I4) OF SAID
<br />SECTION, WHICH POINT IS 787.6 FEET SOUTH OF THE NORTHEAST CORNER OF SAID SOUTHEAST QUARTER
<br />(SE1I4); RUNNING THENCE SOUTH ALONG THE EAST LINE OF SAID SOUTHEAST QUARTER (SE1/4) FOR A
<br />DISTANCE OF 165 FEET; THENCE RUNNING WEST PARALLEL TO THE SOUTH LINE OF SAID SECJTON FOR A
<br />DSITANCE OF 264 FEET; RUNNING THENCE NORTH PARALLEL TO THE EAST LINE OF SAID SECTION FOR A
<br />DISTANCE OF 165 FEET; RUNNING THENCE EAST PARALLEL TO THE SOUTH LINE OF SAID SECTION, FOR A
<br />DSITANCE OF 264 FEET TO THE ACTUAL POINT OF BEGINNING.
<br />
<br />WHEREAS, Purchasers desire to assume and pay the remaining indebtedness described above as
<br />evidenced by the aforementioned note and mortgage/deed of trust; and
<br />WHEREAS, MICHAEL A PANOWICZ AND PATRICIA M PANOWICZ, HUSBAND AND
<br />WIFE, (As Borrowers) desires to be ~leased from any further obligation in respect to the above described
<br />note and mortgage/deed of trust; and
<br />WHEREAS, Home Federal is willing to permit the assumption by Purchaser of the note and mortgage/deed
<br />of trust and release MICHAEL A P ANOWICZ AND PATRICIA M P ANOWICZ. HUSBAND AND WIFE.
<br />{Borrower) from the obligations evidenced by the aforedescribed note and mortgage/deed of trust;
<br />NOW, THEREFORE, in consideration of the mutual covenants herein contained, it is agreed:
<br />
<br />1. The undersigned Purchaser hereby assumes and agrees to pay the remaining indebtedness
<br />evidenced by the aforedescribed note and mortgage/deed of trust and perform all of the obligations provided
<br />therein and as modified hereby, it being agreed and understood that as of this date said indebtedness is ONE
<br />HUNDRED FIFTEEN THOUSAND AND NOll 00 Dollars ($115.000,00).
<br />
<br />2. The terms of the repayment of the debt evidenced by the aforedescribed Note and Deed of Trust
<br />will remain in effect until the unpaid balance of said indebtedness shall be at the rate of EIGHT AND ONE
<br />HALF PERCENT (8.50%) per annum., and that monthly payments of interest only shall be made
<br />commencing on the 1 ST day of APRIL, 2008, and continuing on the 1 ST day of each month thereafter.
<br />
<br />3. Except as modified hereby, the note and mortgage/deed of trust above described shall remain in
<br />full force and effect and the undersigned Purchasers promise to pay said indebtedness as herein stated and to
<br />perform all of the obligations of said mortgage/deed of trust as herein revised.
<br />
<br />4. By reason ofthis Loan Modification and Assumption Agreement, Home Federal hereby releases
<br />and discharges the undersigned original Borrower, MICHAEL A P ANOWICZ AND PATRICIA M
<br />P ANOWICZ, HUSBAND AND WIFE from their personal obligation upon said indebtedness.
<br />
<br />If any term, covenant, restriction or provision of this Agreement is determined to be void, invalid or
<br />unenforceable, the remainder of the terms, covenants, restrictions or provisions of this Agreement shall
<br />
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