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84 - 005945 NOUbo598 CONTRACT FOR SALE OF REAL ESTATE r THIS AGREEMENT, made and entered into by and between Howard N. Kell.ey and Evelyn Kelley, husband and wife, hereinafter called the Sellers, and Darrell D. Lemke. David L. Lemke and Jeffrey D. Lemke, hereinafter called the Buyers~ WITNESSETH: That Sellers hereby agree to sell and convey to Buyers and Buyers hereby agree to purchase from the Sellers"the following described real estate in Hall County. Nebraska: Lots 2 and 3, Block 48, in Wheelers Addition to theCity~of Grand Island, Nebraska, consisting of a 4-plex dwelling unit and all Ranges. Reir~g&rato~e Washers and Dryers and any other personal property and equipment owned by seller and used at this address. Buyers agree to pay Sellers r: t"tal pr.lce of $85.000.00 (EtLghtl' Five Thousand And nO/100 dol1aT"\ :::'.l.;;l'lding .:.n.tereetat .10%pe1" ........ .... annum, on the followin,g- terme;-5,OOO.00 as a down payment, the .<: balance of $80,000.00 to be paid in 1.6,,&\9.ual instal1mentsofI5tOoe~90< each, beginning September 15, 1985 ana::'year thereafter. wi'ththe final payment due September 15, 2001. Sellers agree to pay the general taxes on the real estate for 1983 and all prior years and Buyers agree to pay the general taxes on the real estate beginning with the taxes due for the year 1985 and all subsequent years. The 1984 general.rea;Lesta'te taxes shall be prorated to possession date based on the aotual 198; real estate taxes. Sellers agreE' to place Buyers in possession of the above described real estate and personal property on the Closing Date and will transfer security deposits, if any, at that time. Buyers agree that if they shall tail to pay before they become delinquent, any taxes against the real estate for the year 1985 or any subsequent year, Sellers ~ pay said taxes and the amount so paid shall become due and 'payable forthwd:th by the Buyers to the Sellers without notice or demand and shall become a part of the principal due under this Contract. Sellers agree to furnish Buyers with all abstract of title showing merchantable title to the real estate. In Case the Buyers' attorney makes objection to the title of Sellers as shewn by such abstact of title the Sellers shall have a reasonable time in which to correct any valid defect of title. If Sellers fail or refuse to correct any meritorious defects in their title Buyers shall be entitled to rescind this contract and receive back from sellers all payments made hereunder or Buyers may make said corrections and deduct the reasonable costs and expenses thereof from the balance due hereunder to Sellers. Buyers agree not to place or to allow to remain if placed by others any liens or encumbrances upon the real estate until Sellers have been paid in full under this Contract. L A Warranty Deed conveying the real estate to the Buyers is being executed concurrently with the execution of this Agreement. Said Deed and the abstract shall be placed in escrow with the Escrow Agent hereinafter named and upon full payment of all principal installments and accrued interest by the buyers and the performance by the buyers of all covenants and conditions whiCh, by the terms at this Contract. are to be performed by the Buyers, or their successors. nominees or assigns, the Buyers shall be entitled to the delivery of the Deed and abstract from the Escrow Agent hereinafter named. Sufficient revenue stamps shall be placed upon said Warranty Deeg,~t th~L~~~nse of tne. Sellers.