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86-- 103753 ASSUMPTION AND LOAN MODIFICATION AGREEMENT WITH RELEASE THIS ASSUMPTION AND LOAN MODIFICATION AGREEMENT is made on this 8th day of July , 1986, by and between HOME FEDERAL SAVINGS AND LOAN ASSOCIATION OF GRAND ISLAND, a federal savings and loan association, hereinafter referred to as "Lender "; and VINCENT L. DOWDING and NANCY G. DOWDING, husband and wife, hereinafter referred to as "Assuming Parties ". WITNESSETH: WHEREAS, Vincent L. Dowding has acquired by way of deed from Locust Inn Partnership, a Nebraska general partnership, in which he was one of the partners, certain real property legally described as: A tract of land comprising a part of the Northwest Quarter of the Southwest Quarter (NO SW}) of Section Twenty -Seven (27), Township Eleven (11) North, Range Nine (9), West of the Sixth (6th) P.M., in Hall County, Nebraska, more particularly described as follows: Beginning at the Southwest corner of said Northwest Quarter of the Southwest Quarter (NWISW}); thence Easterly along the South line of said Northwest Quarter of the Southwest Quarter (NW }SW}) a distance of Six Hundred Sixty Feet (660.0'); thence Northerly parallel to the West line of said Section Twenty -Seven (27) a distance of Three Hundred Twenty -Four Feet (324.0'); thence Westerly parallel to the South line of said Northwest Quarter of the Southwest Quarter (h'WJSW}) a distance of Six Hundred Sixty Feet (660.0') to the West line of said Section Twenty -Seven (27): thence Southerly along the West line of said Section Tzaenty -Seven (27) a distance of Three Hundred 'Twenty -Four Feet (324.0') to the place of beginning, and containing 4.909 acres, more or less, including all buildings and improvements on the property; conditioned upon assumption of certain indebtedness created by the original purchase of such real property; WHEREAS, Assuming Parties are desirous of assuming all obligations in respect to a certain Mortgage Note bearing the date of June 12, 1981, in the original principal amount of Eight Hundred Seventy -Five Thousand and No /100 Dollars ($875,000.00) as executed by Locust Inn Partnership and the individual partners thereof along with their respective spouses in favor of Lender, upon which there remains owing the sum of Fight Hundred J ice;