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<br />85.:• 005811
<br />MORTGAGE MODIFICATION AGREEMENT
<br />THIS AGREEMENT is made and entered into this 21st day
<br />of November 1985, by and between the EXCHANGE BANK of Gibbon,
<br />Nebraska, hereinafter referred to as "Bank ", and JEFFREY L. FERN
<br />and BARBARA J. FERN, Husband and Wife, hereinafter collectively re-
<br />ferred to as "Fern ".
<br />W I T N E S S E T H :
<br />14HERF S ,-L,n 1 :-nk ,. ncc �!- l!?C _ Cf Cc , P
<br />Note dated July 16, 1979 in the original principal amount of FORTY
<br />THOUSAND DOLLARS- (.$40,000.00), made by Fern, which provided for FOUR-
<br />TEEN (14) equal semi - annual installments of principal and interest;
<br />and,
<br />WHEREAS, said Promissory Note is secured by a Real Estate
<br />Mortgage, which was filed as Instrument No. 79- 004721 in the records
<br />of the Register of Deeds of Hall County, Nebraska, and creates a
<br />lien upon that certain real property, more particularly described
<br />as follows:
<br />Southerly Thirty One and Fifty Hundredths feet
<br />(31.50'; of Lot Three (3) and the Northerly
<br />Thirty and Fifty Hundredths feet (30.50') of
<br />Lot Five (5) in Block Eight (8) in University
<br />Place. an Addition to the City of Grand island,
<br />Hail County, Nebraska;
<br />and,
<br />WHEREAS, said Promissory Note is also secured by a Financing
<br />Statement and Security Agreement, dated July 16, 1979, securing a
<br />1975 Cadillac two -door automobile; and,
<br />WHEREAS. Fern desires to modify the provisions for payment
<br />of such indebtedness.
<br />NOW, THEREFORE, in consideration of the mutual promises
<br />of the parties hereto, the parties hereby agree as follows:
<br />I. Acknowledgments and Representations: Fern hereby acknow-
<br />ledges and represents that they are the owner and holder of the real
<br />property and personal property described above, and that the Bank
<br />has a valid lien thereon, and there are no defenses or offsets to
<br />the debt that such property secures. Fern further acknowledges that
<br />tine present principal balance c:n such indchr: d „esti i c TWF,N1Y THOUSAND
<br />DOLLARS AND NINETY- -THREE CENTS ( .520,000.93), and that interest has
<br />accrued thereon in the amount of SIX HUNDRED TWENTY -SEVEN DOLLARS
<br />AND EIGHTY -FOUR CENTS (`;;627.84) as of October 12, 11)85, and interest:
<br />continues to accrue thereon at the rate of FIVE DOLLARS AND ElGHTY-
<br />NINE CENTS (55,69) per day.
<br />2. Modification of Payment ,,: i"he Rank- does h(•rchv agree
<br />to rni: .) difv the [ :)rovisions for piaymcnt Of thI, princip :tl nui interest
<br />to proVidc, far interest on tIlc !lnl?iai.d principal Palienc r ;It the riat�
<br />4if' "lti AND ONE I{I'ti13RL.1) i HS j,"'? ;nin,. r.,
<br />;an(3 hi J r!Wllt �. :.)f i>r i nc_ i i)n l :nn t ha .W11'loll
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