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<br />Loan No, 309-1 8622546
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<br />83-001750
<br />ASSIGNMENT OF REAL ESTATE CONTRACT AND PROCEEDS
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<br />THIS AGREE~ffiNT made by Arden N, Peterson and Gretchen K. Peterson, husband and
<br />wife (Sellers), to The Federal Land Bank of Omaha, mortgagee and secured party
<br />(Bank), Farm Credit Building, 206 South 19 Street, Omaha, Nebraska 68102,
<br />
<br />WITNESSETH:
<br />
<br />WHEREAS, Sellers have entered into a
<br />recorded in Book , Page ,
<br />Donald J, Houdek, LeRoy Houdek, and Penny
<br />estate in Hall County, Nebraska, described
<br />
<br />contract dated Apf";/ 1J.,I'1?3and
<br />for the sale to' Adeline R, Houdek,
<br />Houdek, as purchasers of certain real
<br />as:
<br />
<br />SEC, TWP, RG.
<br />
<br />SE% - - - - - - - - - - - - - - - - - - 14
<br />
<br />12N
<br />
<br />II Iv 6th P.~l.
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<br />WHEREAS, the Sellers, pursuant to a loan, have previously executed a promissory
<br />note in the original amount of $349,900 payable to the Bank, secured by a
<br />mortgage recorded as Document No, 80-005814 on the above-described and other
<br />real estate in Hall County, Nebraska; and
<br />
<br />WHEREAS, Sellers are desirous of obtaining an assurance of a partial release of
<br />the above-described real estate and arc wi II ing to assign to Bank the above-
<br />described Contract of Sale, and proceeds therefrom, to facilitate the repayment
<br />of said loan;
<br />
<br />NOW, THEREFORE, in consideration of said loan and to facilitate the repayment
<br />thereof, and in further consideration of said partial release, Sellers hereby
<br />sell, assign, transfer, and convey to the Bank, its successors and assigns, all
<br />of their right, title, and interest in and to the above-descrihed contract, and
<br />the proceeds therefrom,
<br />
<br />Sellers hereby agree that the Bank is to receive from the Purchasers any and all
<br />payments required to be made by said contract. Sellers hereby authorize and
<br />direct the said Purchasers, and thei l' successors or ass} gns, to make such
<br />payments directly to the Bank. Sellers agree that such payments to the Bank
<br />shall be in lieu of payments to them, and that such payments will be applied
<br />upon the above-described loan,
<br />
<br />The excess of such payment, if any, above that required to meet the loan
<br />installment due, shall be applied by the Bank as a special principal pa~nent.
<br />The seller will remit to Bank any shortage he tween the loan installment and the
<br />contract payment. Should purchaser elect to make any prepayments under the
<br />contract hereby assigned, Bank shall apply such prepayments as special principal
<br />payments to the balance of the loan,
<br />
<br />The Bank agrees that this assignment shall tenllinate and be of no further force
<br />and affect at such time as:
<br />
<br />1. The above loan has been paid in full as evidenced by the release of the
<br />above~described mortgage; OR
<br />
<br />2. Said contract has been paid in full according to the terms and conditions
<br />thereof, and the proceeds therefrom applied on the loan as above set forth,
<br />at which time Bank will also execute and deliver a partial release,
<br />
<br />It is agreed that any default under the terms and conditions of the contract
<br />assigned on the part of Seller shall be treated as a default under the terms and
<br />conditions of the mortgage, and the note secured thereby, and at such time any
<br />obligations of the Bank shall terminate, and tlw Bank may proceed to collect the
<br />indebtedness or to acquire the other securi ty, or to otherwise exercise any of
<br />its available legal or equitable reQ~dies,
<br />
<br />Dated ~_/~_, 1983,
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<br />-..-----'--'-Arden-y,.. Peterson
<br />
<br />'--Gt:;;::-tehen"jC-PetcI'SOll
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