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87-- 143479 LOAN MODIFICATION AND A ,SUirxoT ION AGREEMENT WITH RELEASE WHEREAS, HUME FEDERAL SAVINGS AND LOAN ASSOCIAiiUN OF GRAND ISLAND, hereinafter referred to as "Home Federal ", loaned PIONEER INVESTMENTS. a partnership _ , hereinafter referred to as "Borrowers ", the originai principal sum or irirttt nu11Juntu SFV tiI-Y FIVE Iq-------------------------------- ollars $ 375 000.00 -i, THOS AND D NO /100L as evidenced by a mortgage note dated August 3, 1979 and secured by a mortgage /deed of trust dated August 3 1979 and recorded as Document No. 74_p15080 in the Office of the Register of Deeds in HALL County, and WHEREAS, said Borrowers have sold to the undersigned Purchasers the property legally described as: (see exhibit A) and WHEREAS, Purchasurs desire Lu 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 any further obligation in respect to the above described note and mortgage /deed of trust,; and WHEREAS, Home Federal is willing to permit the z €ssumption by Purchasers of the note and mortgage /deed of trust and release the Borrowers from the obligations evi- denced by the aforedescribed note and mortgage /deed of trust; subject, however, to a revision of the terms of payment of said indebtedness, NOW, THEREFORE, in consideration of the mutual covenants herein contained, it is agreed: 1. The undersigned Purchasers hereby assume and agree to pay the 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 underztood that as of this date said indebtedness is THREE HUNDRED FORTY SIX THOUSAND FnIIR HUNDRED SEVENTY NINE AND 78/100------ - - - - -- Dollars $ 346,479.78 . 2. The terms of the repayment 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 eleven . percent (11 %) per annum, and that monthly payments shall be made commencing on the 1st day of July , 198? , and continuing on the 1st day of each month thereafter, it being further agreed that such payments shall be in the amount of THREE THOUSAND SIX HUNDRED SEVENTY FIVE AND 50/ 100--------------- ---- ------ -Dollars ($3,575-5U ) per month, to be ap- plied first to interest and the balance to principal until said indebtedness is paid in full, and that, in addition, said Purchasers will pay the sum of No /100 Dollars $ per month in escrow estimated sufficient to pay taxes and insurance on said property, which estimate may be revised from time to time h Home Federal, making a total current payment of THREE THOUSAND SIX HUNDRED SEVENTY FIVEy AND 50 /100---------- ---------- - - -- -- -Dollars ($ - 1 per month. 3. Except as modified hereby, the note and mortgage /deed of trust above described shall remain in full force and effect, and the undersigned Purchasers promise to pay said indebtedness as herein stated and to perform all of the obligations of said mort- gage /deed of trust as here in revised. *11 See Addendum hereto attached. 4. By reason of this Loan Modification and Assumption Agreement, Hume federal hereby releases and the undersigned original Borrowers from their per�unal obligation upon :said in&htedness.