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83""-005675 ASSUMP~ION AGRESMENT T1fIS ASSUMPTION AGREEMEm is made on this . IL/ daYQf October, 198'3, by and b~tween ALAN R. ANDERSON amv-~r;W. AlIDER'SON, husband and wife, hereinafter referred toasti1~ "Borrowers": '!'HE OVERLAND NATIONAL BANK OF GRAND ISI:.iAND,herli!l:i.n.., after referred to as "payee"; and ROBERT E. S:!:EGEL and; M:rCH~"'R.~ SIEGEL, husband and wife, hereinafter referred to as "Assuniihg Partiesu. WIT N E SSE T H: WHEREAS, Borrowers are desirous of selling certain real property legally described as: Lot TWelve (12) in Black TWo. (2), Brentwood Subdivision in the City of Grand Island, Hall County, Nebraska, to the Assuming Parties conditioned upon assumption of certain indebtedness created by the original purchase of such real property; WHEREAS, Assuming Parties are desirous of assuming all Obligations in respect to a certain Mortgage Note bearing the date of January 9, 1980, in the original principal amount of Fifty Thousand and No/IOO Dollars ($50,000.00) and further assuming all obligations in respect to that certain real estate Mortgage dated January 9, 1980, upon the above-described real estate given as security for said Mortgage Note. WHEREAS, Payee consents to such assumption and agrees not to accelerate the indebtedness evidenced by such Mortgage Note: WHERE^S, Borrowers acknowledge that this Assumption Agreement shall in no way affect their continuing liability in respect to said Mortgage Note, NOW, THEREFORE, in consideration of the mutua 1 covenants herein contained, it is agreed: 1, payee does hereby consent to the assumption of said Mortgage Note by the Assuming Parties and agrees not to declare a default by reason of such assumption by the Assuming Parties, providing all remaining indebtedness and the terms and conditions of such Mortgage Note and Mortgage are well and truly satisfied by the Assuming Parties. 2. The Assuming Parties do hereby assume and agree to pay the ~ndebtedness evidenced by said note and to perform all of the obligations provided therein: it being understood and agreed that as of this date said principal indebtedness is Forty-Eight Thousand Eight Hundred Seventy-Eight and 83/100 Dollars ($48,878.83), that the interest rate shall be twelve percent 112%) per annum, and that monthly payments of Five Hundred Sixteen and 18/100 Dollars ($516.18) each shall be made by ^ssuming Parties commencing with that payment due November 1, 1983, as required by such u .J I '"-