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<br />INSTALLMENT CONTRACT FOR SALE OF REAL ESTATE
<br />I 1. PARTIES. This Installment Contract for Sale of Real Estate (herein
<br />called the "Contract") is made by and between the following parties:
<br />a. Mary tlae I. Burmood, a widow, herein called "seller".
<br />b. James D. Riley and Daniel E. Riley, as tenants in common,
<br />herein called "buyer".
<br />2. DATE OF CONTRACT. The date of this contract is December 15, 1978.
<br />3. SALE OF REAL ESTATE. Seller agrees to sell and convey, and buyer agrees
<br />to purchase from seller, upon the terms and conditions herein set forth,
<br />the following described real estate situated in Hall County, Nebraska,
<br />herein called tfre "real estate".
<br />The North Half of the Southwest Quarter (N~ZSWq) Section Nine
<br />(9), Township Nine (9) North, Range Twelve {12) West of the
<br />Sixth P.t1., in Hall County, Nebraska.
<br />4. PURCHASE PRICE AND MANNER OF PAYt1ENT. The purchase price for the sale
<br />and purchase of the real estate is $128,000.00 payable as follows:
<br />a. 530,000.00 down payment, receipt of which is acknowledged by
<br />seller from buyer, x5000.00 being paid on April 10, 1478 and
<br />$25,000.00 on December 15, 1978.
<br />b. 598,000.00 balance of purchase price, with interest at the rate
<br />of 8`u per annum, the unpaid balance of principal payable in twenty
<br />equal installments of 59 981 52 each year, commencing on December
<br />15, 1979 and on the fi tei"yen~ h day of December of each year there-
<br />after until the full amount due plus interest is paid in full.
<br />c. All installment payments of principal and interest are payable
<br />by buyer to the Escrow Agent, hereinafter named. The Escrow Agent
<br />shall endorse each installment payment of principal and interest
<br />on the executed copy of this Contract held by the Escrow Agent,
<br />and promptly remit the proceeds thereof to seller.
<br />5. POSSESSION. Possession of the real estate shall be given to the buyer
<br />by seller on F1arch 1, 1979.
<br />6. ENCUMBRANCES. The real estate is sold and is to be conveyed subject
<br />to the following encumbrances (herein called the "Contract Encumbrances"):
<br />Covenants, conditions, restrictions, reservations, easements of record and
<br />visible easements; all applicable zoning laws, rules regulations and
<br />ordinances of the governmental body or bodies having jurisdiction of zoning
<br />over the real estate; and any state of facts an accurate survey may show
<br />provided the same does not render title unmarketable, except for the
<br />Contract Encumbrances enumerated in this paragraph.
<br />7. ABSTRACT OF TITLE. Within a reasonable time after the date of this
<br />Contract, seller shall, at seller's own cost, deliver to buyer, or buyer's
<br />attorney, an Abstract of Title to the real estate showing marketable title
<br />to the real estate in seller, except for the Contract Encumbrances. If
<br />seller does not have marketable title to the real estate, seller shall have
<br />a reasonable time for curing defects, but seller is not required to bring
<br />any action ar proceeding *_o render tyre title to the real estate marketable.
<br />if seller is unable to furnish buyer with an Abstract of Title showing
<br />marketable title to the real estate within a reasonable time, this Contract
<br />shall become null and void, all obligations of seller and buyer hereto shall
<br />cease, and seller shall refund to buyer the down payment made by buyer to
<br />seller.
<br />8. TAXES AND ASSESSMENTS. Seller shall pa,y all real estate taxes levied
<br />and assessed against the real estate to and including the year 1978, and
<br />real estate taxes for 1979 and all subsequent years shall be paid by buyer.
<br />Seiler shall pay all special assessments levied and assessed against the real
<br />estate to date of passessian and buyer shall pay all special assessments
<br />levied and assessed against the real estate from and after the date of
<br />p4SSeS5iOn.
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