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<br />200509689 <br /> <br />NOTE SECURED BY DEED OF TRUST <br /> <br />The undersigned, Charles W. Meyers and Barbara L. M'yers, husband and wife, <br />(Borrower), promises to pay to the CITY OF GRAND ISLAND, a municipal corporation <br />(Lender), the principal sum of Three Thousand Two Hundred Dollars and Zero Cents ($3200.00) <br />or such sum as is due and unpaid in accordance with the terms of this note if the Borrower sells <br />the real estate secured by the Deed of Trust executed contemporaneously with this note at any <br />time prior to full maturity. The terms and conditions of repayment of this note are as follows: <br /> <br />1. This note shall be due on September 2, 2010, or the date on which the Borrower <br />executes a deed, contract or other instrument which conveys or agree to convey title to the real <br />estate secured by the aforementioned Deed of Trust, whichever occurs earlier. <br /> <br />2. For so long as the Borrower owns the real estate secured by the <br />contemporaneously executed Deed of Trust, 10% of the indebtedness stated above shall be <br />deemed satisfied in full on each anniversary of this note until September 2, 2010, at which time <br />this note shall be satisfied in full and the Deed of Trust released and reconveyed. <br /> <br />3. This note shall bear no interest or penalties other than the contingent obligation <br />for repayment by the Borrower to the Lender noted above. <br /> <br />This note shall be secured by a contemporaneously executed Deed of Trust from the <br />Borrower to the Lender and the Lender shall be entitled to the benefit of the security described <br />therein in accordance with the laws of the State of Nebraska as part of the Lender's Down <br />Payment Assistance Program. <br /> <br />The Borrower hereby waives demand, notice and protest or any defense arising by reason <br />of extension of time, release of collateral or other indulgence granted by the Lender. <br /> <br />Dated this 2nd day of September 2,2005. <br /> <br />C~~/)1) . 111 ~'~ <br />Charles W. M.yers, Trustor <br />tf3rJAi,.cuo- (7\ ~/1) LlcX-~ <br />Barbara L. Mtyers, Trustor <br /> <br />STATE OF NEBRASKA ) <br />) ss: <br />COUNTY OF HALL ) <br /> <br />The foregoing instrument was acknowledged before me on September 2,2005, by Charles W. M.yers and <br />Barbara L. Mfyers, husband and wife. <br /> <br />State of Nebraska General Notary <br />~ MARSHA L. KASLON <br />My Commission Expires <br />April 09, 2008 <br /> <br />'-nZIli:'lltl~ ------ <br /> <br />Notary ubhc ',.m.'-- <br />