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<br />87- 102944
<br />4. Maker reserves the right to prepay this Note in whole,
<br />or subject to the conditions hereinafter stated, in
<br />any installment payment date without Part, on
<br />without prior notice to the Payee. It
<br />premium or
<br />that the
<br />required installments hereunder are not in an amount sufficient
<br />to repay the indebtedness evidenced hereby, with interest at
<br />the stipulated rate, in 36 equal monthly installments over a
<br />period of 3 years, but that the 36th installment is a larger
<br />( "balloon ") installment of all unpaid principal and interest.
<br />Any such prepayment shall be first applied against accrued but
<br />unpaid interest, and the excess, if any, shall be applied
<br />against principal, in the inverse order of actual maturity of
<br />installments hereunder (i.e., shall be first applied against
<br />the 36th monthly installment). No such partial prepayment
<br />shall relieve Maker of its obligation to pay the required
<br />monthly installments hereunder until the entire indebtedness,
<br />together with interest, has been paid in full.
<br />5. This Note is secured by a Deed of Trust or Mortgage
<br />bearing as of the same date this Note has been signed, on real
<br />estate situated in the County of Nall, state of Nebraska.
<br />6. Payee may extend the terms of payment of this Note,
<br />beyond its original maturity, at its option, by written notice
<br />to Maker at any time, evidencing the terms of such extension.
<br />The terms of such extension shall include any or all of the
<br />following, which may be the same as, or different from, such
<br />terms in effect hereunder at the time of such extension: rate
<br />of interest, number of installment payments, amount of
<br />installment payments, period and due dates of installments, and
<br />amount of initial principal balance to be paid under such
<br />extension (provided that such initial principal balance is
<br />equal to or less than the total principal balance due hereunder
<br />as of the date of such extension).
<br />7. In the event that Maker shall be dissolved, merge with
<br />any other congregation, cease to be a member congregation of
<br />The Lutheran Church - Missouri Synod, or cease to use the real
<br />estate subject to the aforementioned Deed of Trust or Mortgage
<br />for regular worship services, or for school, parsonage,
<br />teacherage, or other religious purposes, the entire principal
<br />sum remaining unpaid, together with accrued interest, may be
<br />declared immediately due and payable at the option of the Payee.
<br />8. In the event that Maker shall, subsequent to the date
<br />hereof, engage in further borrowing, or become voluntarily
<br />indebted to any other lender, without the written consent of
<br />the holder hereof, the entire principal sum remaining unpaid
<br />herein, together with accrued interest, may be declared
<br />immediately due and payable at the option of the Payee.
<br />9. In the event of default in the payment of any
<br />installment of principal or interest when due in accordance
<br />with the terms hereof, or on default in the performance of any
<br />agreement contained in the Construction Loan Agreement or
<br />Mortgage or Deed of Trust, the entire principal sum remaining
<br />unpaid herein, together with accrued interest, may be declared
<br />immediately due and payable at the option of the Payee.
<br />10. Any installment hereunder, or any portion thereof, not
<br />Paid when due, whether at stated maturity or by declaration,
<br />shall bear interest after maturity at the rate set forth in
<br />Paragraph 1, plus two percent (2 %) per annum, until paid,
<br />except that such interest shall not exceed the maximum rate
<br />permitted by law. Should interest not be paid when due, it
<br />shall thereafter bear like interest as the principal, but such
<br />unpaid interest so compounded shall not exceed an amount equal
<br />to simple interest on the unpaid principal at the maximum rate
<br />Permitted by law.
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