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064 WHEREAS, the Mortgagor is desirous of assuming the loan, modifying the Note and Mortgage and is willing to substitute security providing that certain security is released and Equit- able is willing to permit such assumption all in the particulars hereinafter mentioned; NOW, THEREFORE, in consideration of the premises and of the mutual promises herein contained, and of the sum of One Dollar duly paid to Equitable, it is hereby mutually covenanters and agreed as follows: The interest installment due January 1, 1987, plus penalty interest is to be paid and Mortgagor shall execute a Deed of Trust as security for the payment of the Note to that property described as follows: The South Half of of the Southeast Quarter (S}SEJ) of Section One (1), Township Ten (10) North, Range Twelve (12) West of the 6th P.M., in Hall County, Nebraska, with James I. Shamberg to be the Trustee and Equitable to be the Beneficiary. The principal installment in the amount of Seven Thousand Five Hundred Dollars ($7,500.00) due January 1, 1987, which is unpaid shall be deferred until and shall be due and payable on January 1, 1997, the maturity date of said loan. The default rate set forth in the Note and referred to in the Mortgage shall be increased to 15% per annum, or the highest lawful rate permitted by contract under applicable law, whichever is lesser. All real estate taxes due or delinquent against said prop- erties shall be paid in full. Upon compliance with the foregoing terms by Mortgagor and execution of the Deed of Trust to the property as set forth above, Equitable shall execute a partial release releasing that property described as follows: The Southwest Quarter of the Northwest Quarter (SWINWJ) of Section Six (6), Township Ten (10) North, Range Eleven (11.) West of the 6th P.M., Hall County, Nebraska. All of the provisions of the Note and Mortgage originally executed shall remain in full force and effect except as herein specifically modified and this agreement is made upon the express condition that the Mortgagor is vested with the fee simple title to the premises covered by the Mortgage and by the property included in the Deed of Trust. And the said Mortgagor in consid- eration of the granting of this assumption and modification further covenants and agrees to pay and comply with the terms and conditions of the Note and Mortgage as herein modified and the Deed of Trust, and nothing herein contained shall invalidate any of the security now held for the payment of said debt. This agreement shall bind the parties, their heirs, legal representa- tives, successors and assigns. IN WITNESS WHEREOF, the parties hereto have caused this agreement to be duly executed as of the day and year first above written.