82000751 - Laserfiche WebLink

Browse

$~-- iilrQ ~5 AGREEMENT THIS AGREEMENT is made and executed this r~ day of November, 1979, by and between FRED M. JANISCH and DONNA M. JANISCH, husband and wife, hereinafter referred to as "Janisch" and NORMAN R. GROBE and WANDA J. GROBE, husband and wife, hereinafter referred to as "Grobe". W Z T N E S S E T H: WHEREAS, the parties desire to have Grobe employed by Janisch (Town & County Realty of Grand Island}; WHEREAS, Grobe has incurred certain personal indebtedness and now desires to secure financing to consolidate said indebted- .,ess; GIHEREAS, in order to become employed by Janisch (Town & Country Realty of Grand Island) all such indebtedness must be consolidated and refinanced; NOW, THEREFORE, in and for mutual consideration given and received by and between the parties, the parties hereto agree as follows: 1. Zn order for Grabe to secure the desired financing for debt consolidation, Janisch agrees to personally guarantee Grobe°s personal promissory note to First Savings Company of Grand Island in the approximate amount of Eigh±een Thousand Eight Hundred Dollars ($18,800.00) and Grobe's personal promissory note to the Commercial National Bank in the approximate amount of Twelve Thousand Dollars ($12,000.00). 2. As security for Janisch's personal guarantee of said indebtedness Grobe agrees to transfer to Janisch by Warranty Deed, the real estate owned by Grobe described as Lot One (1), B3ack One i1), Gosda Subdivision, Hall County, Nebraska. Janisch agrees not to record said Warranty Deed but to hold the same in an escrow oapacity. Upon payment in full by Grabe of the obliga- floes personally guaranteed by Janisch, Janisch agrees to return tv Grobe said Warranty Deed. Iri the event, however, of the default of any of said obligations by Grobe and Janisch thereby beconing liable upan his personal guaranties, Grobe agrees that -1-