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83001750
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11/18/2008 3:27:10 PM
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11/18/2008 3:27:10 PM
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DEEDS
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83001750
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<br />I <br /> <br />83-001750 <br /> <br />(c) March 1, 1986, Five Thousand Dollars <br />($5,000.00) plus interest; <br /> <br />(d) March 1, 1987, Five Thousand Dollars <br />($5,000.00) plus interest; <br /> <br />(e) March 1, 1988, One Hundred Fifty-Nine <br />Thousand Dollars ($159,000.00) plus <br />interest. <br /> <br />The initial interest hereunder shall commence on April 1, <br />1983, at the rate of eleven and one-fourth percent (11~%) per <br />annum on the unpaid balance, and such interest rate shall be <br />adjusted from time to time during the term of this Agreement <br />to be one percent (1%) below the interest rate charged by the <br />Federal Land Bank in Grand Island, Nebraska. Said interest <br />rate is subject to change on a monthly basis and shall be com- <br />puted annually by the Vendors based upon the certification by <br />the Federal Land Bank in Grand Island as to the rates for the <br />preceding year. <br /> <br />The real estate sold hereby is subject to a mortgage from <br />Vendors to the Federal Land Bank of Grand Island, Nebraska, with <br />annual installments on such mortgage being due from Vendors, to <br />said Federal Land Bank on the 1st day of March of each year until <br />said mortgage is paid in full. Vendors are assigning their <br />interest in this Contract to the Federal Land Bank by assignment <br />in the form of Exhibit A attached hereto and made a part hereof <br />by reference, and both parties hereto agree to be bound by the <br />terms thereof. <br /> <br />Vendors agree to make all supplemental payments required by <br />the Federal Land Bank during the term of this Agreement in order <br />to keep their payments to said Federal Land Bank current as re- <br />quired by their Note and Mortgage aforesaid. <br /> <br />Annually during the term of this Installment Sale Contract, <br />Vendors agree to notify Purchasers on or about February 1 of each <br />year of the amount of interest due from Purchasers to Vendor on <br />March 1 next following and to further notify Purchasers of the <br />total amount due from Vendors to said Federal Land Bank on said <br />March 1 during the term hereof. Purchasers shall then make a <br />check payable to the order of said Federal Land Bank in the <br />amount of such installment due to Vendors hereunder. <br /> <br />The Purchasers reserve the right of paying any sum in excess <br />of the annual installment in level amounts of One Thousand Dollars <br />($1,000.00) on any annual installment payment date, with the right <br />to a credit on the purchase price for the purpose of stopping <br />interest. All such payments are to be made to the Federal Land <br />Bank. The amount secured hereby shall bear interest at ~% <br /> <br />-2- <br /> <br /> <br />L <br /> <br />~ <br /> <br />L <br />
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