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<br />83-00180.1
<br />
<br />Loan No, 309-1 8622546
<br />
<br />ASSIGNMENT OF REAL ESTATE CONTRACT AND PROCEEDS
<br />
<br />THIS AGREEMENT 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 I entered ~nto a contract dated .4 r:> r,' / I)., / <f73and
<br />recorded in s..kibc"",.nr ~f.:l-CJO;7S0, for the sale to' Adeline R, Houdek,
<br />Donald J. Houdek, LeRoy Houdek, and Penny Houdek, as purchasers of certain real
<br />estate in Hall County, Nebraska, described as:
<br />
<br />SEC, TWP. RG.
<br />
<br />SE% - - - - - - - - - - - - - - - - - - 14
<br />
<br />12N
<br />
<br />11 W 6th P,M.
<br />
<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 />w~REAS, Sellers are desirous of obtaining an assurance of a partial release of
<br />the above-described real estate and are willing 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-described 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 their successors or assigns, 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 payment,
<br />The seller will remit to Bank any shortage between 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 repa~nents as special principal
<br />payments to the balance of the loan.
<br />
<br />The Bank agrees that this assignment shall terminate 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 the Bank may proceed to collect the
<br />indebtedness or to acquire the other security, or to otherwise exercise any of
<br />its available legal or equitable remedies.
<br />
<br />Dated AnrJ I;'
<br />I
<br />
<br />, 1983.
<br />
<br />G1n~~ _~~D~ J
<br />
<br />Arden N. Peterson
<br />
<br />
<br />-'~~2 Peterson
<br />
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