|
<br />1'~ 10 () E ~......,~
<br />~.~ m t'::';;.:;)
<br /> ::z: <:..~ ("") (n
<br /> ~ .......~~ , = o -.l
<br /> m
<br />~~ Z n :J: ......."',.~.':'......, --. c:: l>
<br />n :l) ~' ,----..../ =<::: -i
<br /> '" c:-
<br />~ ~ % E 0 l"tl ~>J: C') -i1T1
<br />1'1'1 !!' ,,~) --<0
<br />~< n o(~ I"\.) o ."
<br />~ :t ., CJ1 '1 __'._
<br />~ c' {(" .,.(".~
<br />~~ PI ~" :~r: {-r I
<br /> ~ nl t " -0 J>- CU
<br /> 0 ::3 r- ;AJ
<br />~ V> r. r- :r>
<br /> ,\ ....r: u>
<br /> (' X
<br />trs X>-
<br /> I"\.) ----- '--'
<br /> l--4 (f)
<br />7': (/)
<br /> LOAN ASSUMPTION AGREEMENT
<br /> (With Release)
<br />
<br />N
<br />CSl
<br />CSl
<br />(Xl
<br />IS
<br />-.....j
<br />w
<br />(j)
<br />w
<br />
<br />THIS LOAN ASSUMPTION AGREEMENT is made and entered into by and between
<br />DONALD D. MEHRING, TRUSTEE OF THE JOHN M. MEHRING TRUST, hereinafter
<br />referred to as the "Continuing Obligor" and HOME FEDERAL SAVINGS AND LOAN
<br />ASSOCIA nON OF GRAND ISLAND, hereinafter referred to as the "Lender".
<br />
<br />WITNESSETH:
<br />
<br />WHEREAS, DONALD D. MEHRING, TRUSTEE OF THE CHRISTIAN S. MEHRING
<br />TRUST, hereinafter referred to as "Released Obligor", entered into an Agreement for the Sale
<br />and Purchase of Real Estate and Personal Property with the Continuing Obligor, wherein the
<br />Released Obligor agreed to sell and Continuing Obligor agreed to purchase all ofthe Released
<br />Obligor's interest in and to the following described real estate:
<br />
<br />A tract of land comprising all of Lots Eight (8) and Nine (9), Conestoga North
<br />Subdivision, Grand Island, Hall County, Nebraska; and that part of Lot One (1),
<br />Conestoga North Twelfth Subdivision, Grand Island, Hall County, Nebraska,
<br />more particularly described as follows: Beginning at the Southwest corner of Lot
<br />Nine (9), Conestoga North Subdivision, thence easterly along the South line of
<br />Lots Nine (9) and Eight (8), Conestoga North Subdivision, a distance of Three
<br />Hundred Feet (300.0') to the southeast corner of said Lot Eight (8); thence
<br />southerly parallel to the west line of said Lot One (1), to a point One Hundred
<br />Ninety-five Feet (195.0') north of the south line of said Lot One (1); thence
<br />westerly parallel to the south line of said Lot One (1), a distance of One Hundred
<br />Fifty Feet (150.0'); thence southerly parallel to the West line of said Lot One (1),
<br />a distance of One Hundred Ninety-five Feet (195.0'), to the south line of said Lot
<br />One (1); thence westerly along said south line of Lot One (1), a distance of One
<br />Hundred Fifty Feet (150.0'); thence northerly parallel to the west line of said Lot
<br />One (1) to the place of beginning.
<br />
<br />WHEREAS, the aforesaid real estate is subject to that certain Deed of Trust dated
<br />May 15, 2007 and recorded on May 21, 2007 as Instrument No. 0200704096 in the records of the
<br />Office ofthe Register of Deeds, Hall County, Nebraska (the "Deed of Trust"), which secures the
<br />payment of that certain Promissory Note dated May 15, 2007, as modified by a Loan Agreement
<br />and Note Modification dated August 18,2008 (the "Promissory Note");
<br />
<br />WHEREAS, pursuant to the tenns of the aforesaid Agreement for the Sale and Purchase
<br />of Real Estate and Personal Property, the Continuing Obligor is to assume the Released
<br />Obligor's liability to Lender in respect to the indebtedness owing to the Lender under the
<br />Promissory Note and Deed of Trust, upon conveyance of Released Obligor's interest in the real
<br />estate to Continuing Obligor;
<br />
<br />WHEREAS, Released Obligor has made the required conveyance of its interest in thc
<br />real estate to Continuing Obligor;
<br />
<br />WHEREAS, Continuing Obligor hereby requests the release of Released Obligor from
<br />such indebtedness;
<br />
<br />WHEREAS, Lender is willing to pennit the assumption by Continuing Obligor of thc
<br />Released Obligor's liability under the Promissory Note and Deed of Trust, subject, however, to
<br />the tenns of this Agreement;
<br />
<br />WHEREAS, Lender is willing to release Released Obligor from its liability in accordance
<br />with the provisions of this Agreement; and
<br />
<br />NOW, THEREFORE, in consideration of the mutual covenants herein contained, it is
<br />agreed:
<br />
<br />1. Consent to Assumption. Lender does hereby consent to the assumption by
<br />Continuing Obligor and Continuing Obligor, upon execution of this Loan Assumption
<br />Agreement, hereby assumes all of Released Obligor's obligations under the Promissory Note and
<br />Deed of Trust, effective as of the date of this Loan Assumption Agreement and Lender agrees
<br />
<br />1
<br />
<br />m
<br />z
<br />rri
<br />:::0
<br />~
<br />)::0.
<br />en
<br />oz
<br />U)
<br />.,
<br />::rJ
<br />c:
<br />s:
<br />~
<br />.2:
<br />o
<br />
<br />o
<br />N
<br />o
<br />a
<br />CD
<br />
<br />--.J
<br />W
<br />CJ)
<br />W
<br />
<br />--
<br />
<br />~~
<br />
|