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<br />
<br />LOAN MODIFICATION AND ASSUMPTION
<br />AGREEMENT WITH RELEASE
<br />
<br />84 _003563
<br />
<br />r
<br />
<br />WHEREAS, HOME FEDERAL SAVINGS AND LOAN ASSOCIATION OF GRAND ISLAND, hereinafter
<br />referred to as "Home Federal", loaned E [JFAN [IIOi FE AND JUDITH A. WOLFE. husband and wife
<br />
<br />hereinafter referred to as "Borrowers", the original principal sum of SIXTY THOUSAND
<br />C;F\I!C~I I4l1mRm ANn Nn/l nn-------------- ------------------------ Dollars ($ 60,700.00),
<br />as evidenced by a mortgage note dated AorE 3. 1981 , and secured by a
<br />mortgage/deed of trust dated ArT; 1 3. 1981 and recorded as Document
<br />No. Rl_nm Rm in the Office of the Register of Deeds in HALL County,
<br />~IFRRAC;KA ; and
<br />
<br />lJ!HERE.AS, s8id Bo'rro'l!ers have sold to the undersigned Purchasers the property
<br />legally described as:
<br />
<br />LOT FIVE (5), BLOCK THREE (3), HOLCOMB'S HIGHWAY HOMES 2ND ADDITION TO THE CITY OF
<br />
<br />GRAND ISLAND, HALL COUNTY,NEBRASKA
<br />
<br />WHEREAS, Borrowers dGsire to be released from any further obligation in
<br />to the above described note and mortgage/deed of trust; and
<br />
<br />
<br />and
<br />
<br />WHER'EAS, Purchasers desire to assumE ~nd pay the rema~nwg indebtedness
<br />above as evidenced by the aforementioned note and mortgage/deed of tn:st; and
<br />
<br />WHEREAS, Home Federal is willing to permit the assumption by Purchasers of the
<br />note and mortgage/deed of trust and release the Borrowers . from theobligations'evi'c,
<br />oenced by the aforedescribed note and mortgage/deed of trust; subject, however. to
<br />a revision of the terms of payment of said indebtedness,
<br />
<br />NOW, THEREFORE, in consideration of the mutual covenants herein contained, it~
<br />is agreed:
<br />
<br />1 . The l'ndersigned Purchasers tlereby assume and agree. to pay the remaImng. in-
<br />debtedness evidenced by the aforedescribed note and mortgage/deed of trust and perfbrm
<br />all of the obligations ,Jrovided therein and as modified hereby, it being agre$d and
<br />understood that as of this (Jate said indebtedness is SIXTY THOUSAND TWO HUNDRED SIXTY
<br />THRFF Mln n7/lnn_________________________________-Dollars ($60,263.02 ).
<br />
<br />
<br />2, The terms of the repayment of the debt evidenced by the aforedea.cribed note
<br />and mortgage/deed of trust are hereby modified in that interest upon theunpaid~balahce
<br />of said indebtedness shall be at the rate of ~i'>irr,,"n ~ percent (13_%) per annum,'
<br />and that monthl y payments shall be made commenci'ng on the .1,,1' day of AUgust,
<br />1 9 B4, and continuing 0:1 the 1st day of each month thereafter, it being further
<br />agreed that such payments shall be in the amount of SIX HUNDRFDSF\/FNTY C;TXANn aR/1FlFl
<br />---=--~_.:_::,:~:.::_-:-_:.~,:__::=__~.:_:_=--~~:.:,,__.:,:,_:_.,:_::.:~~:..::.:.:..:..=..::.::.: nn 11 Rr~ (1: S:~. 1:5 ) per month. to be _~-
<br />plied first to interest and the balance to principal until said indebtedness' is paid
<br />in full, and that, in addition, said Purchasers will pay the sum of JIIIFNTYFT\lF
<br />AND 08/100-------------------______________.----------________________ _
<br />Dollars' ($ 25,08 ) per month in escrow estimated sufficient. -t;-~~;--t-';x-;;-~fld
<br />insurance on said property, whiCh estimate may be revised from time to time by Home
<br />Federal, making a total current payment of SEVEN HUNDRED ONE AND S4/10n-------_______
<br />----------------------------------901Iars ($ 701.54 ) per month. ~
<br />
<br />3. Except as mudified hereby, the note and mortgage/deed of trust above described
<br />shall remain in full force and effect, anrj the undersigned Purchasers promise to pay
<br />said indebtedness as herein stated and to perform all of the obligations of said mort-
<br />gage/deed of trust as here in revised.
<br />
<br />L
<br />
<br />t~,~ By reason of this Loan Modification and As~,)umption ;~greernent, Horne Fede-ral
<br />hereby releases and discharges tl-"le undersigned original Borrowers fr~_ their personal
<br />obligation upon ~5ai1..i indEbtedness.
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