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87-- -� 100940 <br />(e) Delinquent payments shall bear interest at <br />the rate of sixteen percent (16 %) per annum until such <br />default is cured. <br />2. A business lease, labeled Exhibit A, is attach <br />hereto and incorporated herein by reference. Seiler agrees <br />to assign the lease to Buyer, effective January 1, <br />During the term of this lease, any extensions thereof, and <br />any subsequent leases ,of the same rend space included in <br />said tease, the Buyer and Seller agree titat,all rental <br />payments due under said leases, during the term of their <br />agreement, shall be deposited in an escrow account of a type <br />' <br />to be agreed upon_ by the parties hereto, at Five Points Ban3c, <br />Grand Island, Nebraska- The parties agree that the,rental <br />deposits to their account small be paid and disbursed as <br />v' <br />follows. ` <br />(a) First, to Seiler, the Fire Hundred and NoJ1GO <br />Dollars ($500400) monthly, principal payment and interest <br />thereon, if due, as provided in paragraph l(b) above, and <br />F. <br />(b) Secondly, for Insurance premiums on the fire, <br />casualty, extended coverage and liability insurance coverage. <br />required of Buyer by this agreement; and <br />(c) Thirdly, for, real estate taxes due'on'the ` <br />property. <br />Any remaining cash may be used -for necessary maantenaarce <br />k <br />and repairs to the property, and to the extent not needed <br />for that purpose,,shall be applied to the unpaid princ- <br />ipal <br />balance clue Seller herein. Any such payments shall be in <br />addition to those payments provided i3, paragraphs l(a) and <br />l(b) above. <br />, <br />Both Buyer and Seller shall be authorized signatories <br />on said account.. <br />In the event rental income is t sufficient to pay <br />Sts (a} to (c) listed above, then paymenr of all said sups <br />when due shall be made by Buyer. <br />- <br />As soon as the Twenty-five Thousand and N01106 Dollars <br />, <br />�. <br />' - 025,000.00) required to be paid , un4der paragraph l (b) has <br />- <br />e, <br />been.paid, then the provisions of- this-paragraph 2 snail <br />c: <br />terminate and all Mneey then remaining in escrow shall be <br />paid to Buyer_ <br />3. Seller small del' ge'r quiet and exclusive possession <br />of the property to Buyer an date of closing which shall be <br />as of January 1, 1985. <br />4. Heal estate taxes for 1983 and all prior years <br />shall be paid by the Seder. The Buyer hereby agrees to pay <br />all real •estate takes on said _gropert: for the years 1984 <br />and thereafter from the escrow account_ The proration of <br />the 1984 taxes between the parties shall be accomplished by <br />agreement or the parties taking into account other suss owed <br />each ctrer _ <br />The Seller agrees.to3 pay any assessments of record and <br />s <br />'special taxes for municipal or other public improvements <br />completed prior to the date of execution hereof, but not yet <br />assessed. 'Buyer shall pay all assessments and special taxes <br />for municipal or other public improvem"ts corpleted thereafter_ <br />The Buyer agrees to keep the buildings, fixtures, and <br />I. <br />improvements situated can the aforesaid real property insured. <br />!, <br />by a co mpaanY or companies approved by the Seller against <br />loss.car damage by fire, wind and other casualty with extended <br />�4 <br />coverage endorsement and to, pay the prendunns or Such ��iicies <br />