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<br />SlaIe ~ } filed lor rIIOIM6 J'v 11 -< (j 19~
<br />ClIuItJ 01 Merrie. 1l1:::is!.iM., .nd recorded in #r
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<br />P",,,ti.l ""~!o~~~
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<br />MODIFICATION AGREEMENT
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<br />84 -003621
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<br />BOIl' 1 '2 'PAr.r 3 r $
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<br />THIS AGREEMENT is made as of this 9th day of May, 1984, by and between
<br />LOY GLAUSE and VERONA SIEM, personal representatives of the Estate of STELLA
<br />GLAUSE, deceased (herein called "Mortgagor") and THE PRUDENTIAL INSURANCE
<br />COMPANY OF AMERICA, a New Jersey corporation (herein called "Mortgagee"):
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<br />WITNESSETH:
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<br />WHEREAS, PHILIP W. GLAUSE (also known as PHILIP WILLIAM GLAUSE) and
<br />STELLA R. GLAUSE (a 1 so known as STELLA ROSA GLAUSE), husband and wife, exe-
<br />cuted and delivered to Mortgagee a certain note (herein called the "Note")
<br />dated February 9, 1967, payable to Mortgagee in the original princtpaLamount
<br />of $125,000.00 together with a mort9age (herein called the "Mortgage"), of'
<br />even date securing the Note, the Mortgage being recorded on March 1, 19671n
<br />the offi ce of the Recorder of Merri ck County, Nebras ka, in Book 75, Page '428,
<br />and recorded on March 6, 1967 in the Office of the Recorder of Hall County.,
<br />Nebras ka, in Book 142, Page 383, and recorded Ma rch 9, 1967 in the Office of
<br />the Recorder of Howard County, Nebraska, in Book 55, Page 164, as amended by
<br />Modification Agreement dated April 21, 1975, covering the real property
<br />legally described on Exhibit A attached here and made a part hereof (hereih
<br />called the "Mortgaged Premises"); ar~
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<br />WHEREAS, by Deed of Partial Release dated April 21, 1975, the follow.ing
<br />property was released crom the Mortgage:
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<br />The Southeast Quarter (SEa) and the East Half of the Southwest
<br />Quarter (n SW!) of Section Nine (9), Township Fourteen (14) North,
<br />Range Eight (8) West of the 6th P,M., Merrick County, Nebraska.
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<br />and
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<br />WHEREAS, Mortgagor has requested that Mortgagee consent to a partial
<br />release of approximately 210 acres of the Mortgaged Premises and Mortgagee is
<br />willing to grant such partial release, subject to the terms of this Agreement.
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<br />NOW, THEREFORE, in consideration of the premises and of the mutual agree-
<br />ments herein contained, and upon the express conditions that the lien of the
<br />Mortgage held by Mortgagee is a valid, first and subsisting lien on said Mort-
<br />gaged Premises and that the execution of this Agreement will not impair the
<br />lien of the Mortgage and that there is no existing second mortgage or other
<br />I i en subsequent to the I i en of the Mortgage he I d by Mortgagee nor any out-
<br />standing contract to purchase, except for the mortgages, liens and/or con-
<br />tracts to purchase which are identified on the Consent(s) attached hereto and
<br />made a part hereof, if any (for breach of which conditions, or either of them,
<br />this Agreement shall not take effect and shall be void), it is hereby agreed
<br />as follows:
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<br />I. Mortgagee hereby consents to a release of a portion of the Mortgaged
<br />Premi ses.
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<br />? Effective es cf the jate hereGf 7 the ~r;tere3t rate payable ;..md.::r
<br />the terms of the Note shall be increased from Eight percent (8%) per annum to
<br />Eleven percent (lIS) per annum.
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<br />3. The default interest rate of Nine percent (9%) per annum set forth
<br />in the Note and Mortgage is hereby i nc reased to Twe I ve percent (12%) Per annum
<br />effective as of the date hereof, provided in no event shall interest be due
<br />and payable in excess of the maximum interest permitted by law.
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<br />4. If any term, covenant, restriction or provision of the Note, Mort-
<br />gage or this Modification Agreement is determined to be void, invalid, or
<br />unenforceable, the remainder of the terms, covenants, restrictions or provi-
<br />sions of the Note, Mortgage and this Modification Agreement shall remain in
<br />full fUf-ce and effect 01;(1 shall in no WdY be affected, impaired or restricted,
<br />and the Note, Mortgage and Modification Agreement shall be enforceable to the
<br />fullest extend permitted by applicable law.
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<br />4069-90-01
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