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a 87-10,3276 ASSUMPTION AND MODIFICATION AGREEMENT This agreement is entered into this 3 o �" day of ft r•.► 1987, by and between CHAMPLAIN VALLEY FEDERA SAVINGS AN LOAN , ASSOCIATION, hereinafter referred to as "Champlain Valley ", and TEAK ASSOCIATED INVESrMENTS, INC., hereinafter referred to as "Teak ". WHEREAS, Champlain Valley, by virtue of an assignment from Continental Mortgage Company, a Nebraska corporation, is holder of a Promissory Note dated December 5, 1984 in the original principal amount of $1,050,000.00 executed by Grand Island South Investors, a Nebraska general partnership (the Note), which note is secured by a Deed of Trust on property located in Grand Island Nebraska (the "property "), a copy of which is attached hereto as Exhibit "A ", which Deed of Trust, dated December 5, 1984, is recorded in the office of the Register of Deeds of Hail County, Nebraska as document 84- 006368, and WHEREAS, Teak desires to assume the obligations under said Note and Deed of Trust as a result of purchase of the real estate securing the Note and Deed of Trust from Grand Island South Investors, and WHEREAS, default has occurred under the terms of the Note and Deed of Trust such that by Notice of Default recorded with the Register of Deeds of Hall County, Nebraska on February 2, 1987 as document No. 87- 100589, the entire unpaid principal balance of the note, with interest accruing thereon, has been declared to be due and payable in full, and WHEREAS, Champlain Valley is willing to record a Cancellation of Notice of Default in consideration for Teak's compliance with the terms and conditions in this agreement. NOW, THEREFORE, the parties agree as follows: I. Teak hereby assumes and agrees to pay the note according to its terms as modified herein, and to perform all the other terms and conditions of the Note and Deed of Trust. Champlain Valley and Teak agree that the principal balance due on the Note as of April 28, 1987 is $1,045,434.57. 2. With the execution of this agreement, Teak agrees to tender and pay over to Champlain Valley the sum of $8,711.95, which sum represents accrued interest in the month of April, 1987 and is offered in consideration of Champlain Valley's consent to this agreement. J r` N