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SEVERANCE AGREEMENT <br />KNOW ALL MEN BY THESE PRESENTS: <br />WHEREAS, Jon D. Strong and Janet K. Strong, husband and <br />wife, Mortgagors, have executed and delivered a Purchase Money <br />Real Estate Mortgage to William J. Hight and Karen Hight, husband <br />and wife, and Ruth Ann Boeka and Robert L. Boeka, husband and <br />wife, Mortgagees, to the following described real estate situated <br />in Hall County, Nebraska: <br />All of fractional Lots Three (3), Four (4), Five (5); <br />North 88' of Lots Six (6) and Seven (7); North one - <br />half (N 1/2) of Lot Eight, plus all rights to vacated <br />alley between Lots Three (3), Four (4), Five (5), Six <br />(6), Seven (7) and Eight (8), in Block Twenty -seven <br />(27), Schimmer's Addition, City of Grand Island, Hall <br />County, Nebraska, as surveyed, platted and recorded. <br />WHEREAS, Mortgagors intended to construct a car wash <br />building and facility with attached equipment and inventory upon <br />the above described real estate; <br />WHEREAS, Mortgagors intend to secure a loan from Henderson <br />State Bank of Henderson, Nebraska, for funds for the construction <br />of the car wash building and facility with attached equipment and <br />inventory upon the above described real estate; and <br />WHEREAS, as a condition for the sale of the real estate to <br />Mortgagors by Mortgagees, Mortgagees agreed to execute a <br />Severance Agreement permitting Mortgagors to remove the car wash <br />building and facility with attached equipment and inventory from <br />the above described real estate, <br />NOW, THEREFORE, Mortgagees agree as follows: <br />1. Mortgagors are given the right to sever and remove the car <br />wash building and facility with attached equipment and inventory <br />to be located upon the above described real estate. <br />2. Until the Purchase Money Real Estate Mortgage is paid and <br />satisfied in full by Mortgagors, the car wash building and <br />facility with attached equipment and inventory located on the <br />above described real estate shall be considered personal property <br />and subject to the security interest of Henderson State Bank of <br />Henderson, Nebraska. <br />1 <br />l._ <br />a <br />u- <br />