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80-: ~~~~~~~ A. SALE OF REAL ESTATE AND APPLICATION OF PROCEEDS. On or before January 1, 1981, Grantors shall I cause to be sold the above-described real ~ property owned by Sellers in Hall County, Nebraska, being more particularly described as follows, to-wit: ~ i An undivided ane half interest in the Northeast Quarter (NE;) cf Section Thirty-Five (35), Township Twelve (12) North, Range Eleven (11) West of the 6th P.M. and The Southwest Quarter (SW;) of the North- west Quarter (Nt+1;) and the East One Half { (E~) of the Northwest Quarter (NW's) of Section Seven (7), Township Ten (30) North, Range Twelve (12) West of the 6th P.M. and the proceeds from the sale of said real property shall be held, administered, applied and paid in the following manner: (1) FUND OR RESERVE TO PAY INDEBTEDNESS. Grantors or their successors or assigns agree to hold and pledge the proceeds derived from any such sale of said described real property for the purpose of providing and establishincs a specifiF fund or reserve from which payment shall be made to Grantee for the payment of the promissory notes heretofore executed by Grantors in favor or Grantee, said promissory notes being in the principal amount of Fifty-eixiit Thousand and no1100-----°-----------------------------Dol ors ($ 58,000.00) and bearing interest on the unpaid'. principal balance at an annual rate of Twalve and ~ gercent a2.5~k), all as more particularly describedin EXHIBIT "A", attachedi hereto. (2) PAYMENT FROM FEND. From the aforementioned u~`ld pledged hereunders Grantors shall ~~"tee any and all liens and mertg-ages prier in right j to Grantee's security interest and lien to be paid. Grantors represent that the following mortgages are the only liens ar mortgages prior' in riyht to Grantee's interc;sts hereunder: (i) Mortgaye executed on July 25, 1979, in favor of Grand Island Tr;ist Company of Grand Island, Nebraska. as recorded in the office of the Register of Deeds of Ha11 County, Nebraska, in Baak 79 Page OOA926; (ii) Mortgage executed an August 3, 1978, in favar of Commercial National Bank s Trust Co. of Grand Island, Nebraska, as re,;,orded in the office of the Register of Deeds of Hall County, Nebraska in Book 78, Page 005009; and i (iii) Mortgage executed on August 3, 197€f, in favor of Cammeroial National Bank & Trust Co. of Grand Island, Nebraska, as recorded in the office of the Register of Deeds of Hall County, Nebraska, in Book 78, Page 005010. -2-