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MMIBIT "All 86- 106084
<br />LUTHERAN CHURCH t UMMON FUND— M1iiOW11 SYNOD
<br />1=3 SwAh MM100d Rwd, St. Louls, MO 63122.7M
<br />Prone e"" Note with sll*uon Blond
<br />176,108.41 Grand Island, Nebraska
<br />FOR VALUE RECEIVED, The undersignW ("Maker') promises to pay to the order of LUTHERAN CHURCH EXTENSION FUND - MISSOURI SYNOD, A
<br />Missouri o«Porauon,[ Payoa'7, the irinciPaill sum a One Hundred Seventy -Six Thousand One hundred Eight and
<br />41/100 — — — — - "jars(S 176,108.41 l
<br />together with inGxeutrom the data hereof atthe rage of Nine & Three Quarters percent( 9 3/4 paannumongleprincipllsum
<br />from lime to time remaining unpaid. Principal and interest shall be due and payable in _36_consecutive monthly installments av follows:
<br />1. 35 aqualconsecukvemonthlyinsteument sof Two Thousand Two Hundred Nisiet_y -Six and 14/100 -- tears
<br />Is 2.296.14 ( each, the ffrstsuchinstallmentbeeng due and payableonthe 1st -dayol AUSUSt —19 86 andsubsequent
<br />installments being due and payable on the lst day of each and every month of the next succeeding --14-- months thereaher, and
<br />2 A 36th monthly ( "balloon -) installment in the full amount of the remaining balance of principal and interest being due and payable, on the
<br />1st day of Jill Y ty 89
<br />All payments on account of the indebtedness evidenced by this note shall be first applied to the payment of interest on the unpaid principal balance
<br />hereof, and the excess remaining thereafter shall be credited to principal.
<br />All payments hereunder shall be made to Payee at 1333 South Kirkwood Road, SL Louic. MO 63122.7295. or at such other place as the payee of this
<br />note may, from time to lime, designate to writing delivered or mailed to the Maker.
<br />Maker reserves the right to prepay this note in whole. or subject to the conditions hereinafter stated. In pan, on any installment payment dale, without
<br />premium or penally and without prior notice to itm Payee. II Is acknowledged that the required Installments hereunder are not in an amount sufficient to
<br />repay the millbtednessevidenced hereby, with interest attbestrpulated rate, in -36 - equal monthly installments over a period of 3 — years.
<br />but that the 6th Installment is a larger (" bailoon"i installment of all unpaid principal and interest. Any such prepayment shall belirst applied against
<br />accrued but unpaid interest, and the excess, if any, shall be then applied against principal, in the Inverse order of actual maturity of Installments hereunder
<br />(i.e.. shall be first applied against the 32t_ monthly installment). No such partial prepayment shall relieve Maker of Its obligation to pay the required
<br />monthly installments hereunder until the enure indebtedness. together with Interest has been paid in full
<br />This note is secured by a deed of trust or mortgage bearing even date herewith to. of for the benefit of Lutheran Church Extension Fund-.Missoun
<br />Synod, on real estate situated in the County of HALL ' , State of NEBRASKA
<br />Payee may extend the terms of payment of this note, at its option, by written notice to Maker at anytime. evidencing the terms of such extension. The
<br />terms of such extension shall include any or all of the following, which may be the same as. Or different from, such terms in effect hereunder at the time of
<br />such extension rate of interest. number of installment payments, amount of installment payments, period at due dates of installments and amount of initial
<br />Principal balance to be paid under such extension (provided that such initial principal balance is equal to or less than the total principal balance due
<br />hereunder as of the dale of such extension).
<br />In the event that Maker shall be dissolved, merge with any other congregation cease to be a member congregation of The Luther an Church- Missouri
<br />Synod, or cease to use the real estate subject to the aforementioned deed of trust or mortgage lot regular worship services, or tot school, parsonage.
<br />teacherage, or other rrtliglous purpotws, iheenbre principal sum remaining unpaid, together with accrued interest, may be declared immediately due and
<br />payable at the option of payee
<br />In the event that Maker shall, subsequentto the date hereof, engage in further borrowing, c, become voluntarily indebted to any Omer tender, without the
<br />written consent of the holder hereof. the entire principal sum remaining unpaid herein, logettrw will accrued interest may be deGareo immediately due
<br />and payable at the option of the payee
<br />In the event of default in the payment of any installment of principal or interest when due in accordance with the terms hereof, or on default in the
<br />performance of any agreement contained to said deed of trust or mortgage, the entire principal sum remaining unpaid hefem, together with accrued
<br />inleresL may be declared immediately due and payable at the option of the payee
<br />if any Installment hereunder. or any portion thereof, is not paid when due, whether at stated maturity or by declaration, a late charge penalty of two
<br />percent (2%) of such past due amount shall be added to the amounts due hereunder, except that d such penalty s regai ded as interest under :.pphcable
<br />law, such penalty, when added to other interest due hereunder shall not exceed the maximum legal rate of interest permissible
<br />No delay, omission or indulgence by Payee in exercising or enforcing any rights or remedies shall -mpan or affect the same of be construed to be a
<br />warverotor acquiescencem any default Any singlear partial exerciseofany nghtsorremedies shall not preclude any other or funher exercise thereof No
<br />waiver by the Payee hereof shall be valid unless in writing signed by said Payee, and then only to the extent specifically set forth in said writing
<br />Time for the payment and performance of each and all of the obligations of the undersigned shall be of the essence hereof
<br />The terms and provisions of this note shall insure to the benefit of any assignee, transferee, or hoiden or holders hereof, and. In the event of any It ansler or
<br />assignment of this note, each and all of the rights, remedies, powers. privileges and benefits lies ein gi an led the Payee shall automatically be vested in the
<br />assignee, transleree, holder or holders
<br />Maker and all endorsers hereof severally waive presentment lot payment, protest. notice ct non - payment and of protest. and agree to pay all reasonable
<br />costs of collection, including attorneys fees.
<br />IN WITNESS WHEREOF, the Maker has executed this promissory note as of this 1St _, day of July 19 86
<br />By- LIAN CHURCH UE GRAND ISLAND, NIMRASKA
<br />Mealber, Board of Trustees - ---- -______ -- .. -- -
<br />Bu:
<br />Meitlber, Board of Trustees
<br />By:
<br />Menber, Board of Trustees
<br />Mil ber, Board of Trustees
<br />Mmber, F3rxer o 4 tr :s
<br />By-- -- -- - --
<br />By
<br />Ely
<br />Presidult
<br />Church Council Mjiber
<br />12hur d i Court.- i l Meii ur
<br />
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