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.. I 84 - 004612 LOAN MODIFICATION AND ASSUMPTION AGREEMENT WITH RELEASE ..h.,-CA; t/ r WHEREAS, HOME FEDERAL SAVINGS AND LOAN ASSOCIATION OF GRAND ISLAND, hereinafter referred to as "Home Federal", loaned EDWARD D. ULRICH AND E. DARLENE ULRICH, HUSBAND AND WIFE hereinafter referred to as "Borrowers", the original principal sum of SEVENTEEN THOUSAND SIX HUNDRED DOLLARS AND NO/100 --------------- Dollars ($ 17,600.00 ), as evidenced by a mortgage note dated September 9th. 1978 ,and secured by a mortgage/deed of trust dated September 9th. 1978 and recorded as Document No. 78-005960 in the Office of the Register of Deeds in Hall County, Nebraska ; and LOT THIRTY-SEVEN (37), IN WEST HEIGHTS ADDITION, AN ADDITION TO THE CITY OF GRAND ISALND, HALL COUNTY, NEBRASKA. WHEREAS, said Borrowers have sold to the undersigned. Purchasers the property legally described as: and WHEREAS, Purchasers desire to assume and pay the remalnlng indebtedness above as evidenced by the aforementioned note and mortgage/deed of trust; and WHEREAS, Borrowers desire to be released from any further obligation in to the above described note and mortgage/deed of trust; and WHEREAS, Home Federal is willing to permit the assumption by Purchasers of the. note and mortgage/deed of trust and release the Borrowers from the obligationsevi~. denced tJy the aforedescribed note and mortgage/deed of trust; subject, however,- to a revision of the terms of payment of said i:~debtedness, NOW 9 THEREFORE., -~n consideration of the mutual covenants herein contain.ed, it is agreed: 1. The undersigned Purchasers hereby assume and agree to pay the rema~n~ng __ in- debtedness evidenced ~1y the aforedescribed "aU: and mortgage/deed of trust and perform all of the ob}1Qat i ~ns ;lrn\f i ded therHi:l ::;nd ;)5 modi fled her.eoy'^ j.t --.bairn i\CF"-~ClE9 and unoerstood that as or '.hi" date said indettedness is ""SIXTEEN THuU::,AND UNr' HDr;DR 0 FIFTY-SEVEN DOLLARS AND 91/100 ---------- Dollars ($ 16,157.91 ). 2. Tt18 terms of tr-", rlOpayment of the debt evidenced by the aforedescribed note and mortgdge,l deaci of trust art' i"lareby modi f ied in that interest upon the unpaid balance uf suld indebtedness shall be at the rate of twelve one-half percent (12~%) per ann~m, and that monthly payment~' shall be made commencing on the 1st day? September. , 1 Sa, and continuing on the -1iL day of each month thereafter, it being further agreed that su:::h payments steall be in the amount of ONE HUrlDRED EIGHTY FOUR DOLLARS AND 74/100 ----------------- Dollars ($ 184.74 ) per month, to be ap- plied first to interest and the balance to principal until said indebtedness is paid in full, and that, in addition, said Purchasers will pay the sum of .No Dollars ;$ 0.00 ) per month in escrow estimated sufficient to pay taxes and insurance on said prooerty, which est5 mate may be revised from time to time by Home ~ederal, making a total current payment of ONE HUNDRED EIGHTY-FOUR DOLLARS AND 14/100 ---------------- Dollars ($ 184.14 ) per month., 3. Except. as modified hereby, the note and mortgage/deed of trust above described shall remain in full force and effect, and the undersigned Purchasers promise to pay said indebtedness :;s herein stated and to perf 01 ill dJ 1 of the obligations of said mort- gagejdeed of tr:.Jst as here .l.r1 :revised. L /-i. By reason of this Loan iYlodifiCtJtiDn and Ms:.;umption ;greement, Home Federal fi-er-ebi' rele(;1s€!J dnd di-t-:ich~,;q83 the undet~.;,iyne:j 'Jri.~)lrk]l 8ornJu/ef's from Ulei( personal cDi if;}at1.on upon :::;aid indebterJ:lf.?SS_