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<br />
<br />EXTENSION AND MODIFICATION AGREEMENT
<br />THIS AGREEMENT, made this 9th day of February, 1987, by and. between
<br />TRIANGLE EAST, INC., a Nebraska corporation, hereinafter referred to as thee'"&tr-
<br />rower", and FIRST WESTROADS BANK, INC., a Nebraska banking corporation'„_hereinafter
<br />referred to as the "Bank", Trustee under a certain Deed of Trust dated August T~,
<br />1980.
<br />W I T N E S S E T H:
<br />WHEREAS, the Bank is the owner and holder of a certain promissory note-.
<br />dated August 11, 1980, and executed by the Borrower;
<br />WHEREAS, the Hate is secured by a Deed of Trust dated August 11, T980,
<br />with First Westroads Bank, Inc. as Trustee and filed of record in the office of the
<br />Register of Deeds of Hall County, Nebraska, as Document No. 80-004242;
<br />WHEREAS, the total principal sum due and outstanding as of the date hereof-
<br />under the note is $200,OD0.00, and the accrued interest thereon as of the date
<br />hereof is paid;
<br />WHEREAS, the due date under the note is February 9, 1981, and the Borrower
<br />repuests that thts dpi? rivte be further extend, tv -coy ii, iyoi; _._
<br />WHEREAS, the Bank has aq_reed to said extension of time in accordance with
<br />the terms and provisions hereof.;
<br />NOW, THEREFORE, the parties hereto agree as follows:
<br />1. Pursuant to the provisions hereof and in consideration of the execu-
<br />tion and delivery of this extension and modification agreement, Horrower and Bank
<br />agree this agreement is delivered and accepted not in payment but for the purpose
<br />of extending the time for repayment of said aforementioned note.
<br />2. Borrower covenants that the said Deed of Trust 1s a valid first lien on
<br />the real property described un Exhibit "A" attached hereto and incorporated herein
<br />by this reference, and that there are no defenses or offsets to such documents as
<br />amended and modified hereby. Borrower further hereby warrants the title to said
<br />real oroaerty.
<br />3. Pursuant to the provisions hereof and in consideration, Borrower agrees
<br />to a modificatian of interest charged under the Note and this agreement. From this
<br />date, interest an the unpaid principal balance shall be charged at the annual rate of
<br />2,0% above Lender's rime interest rate as established from time to t me, t to iK a
<br />rate of t~ttis extension being 21.57 per annum. Interest sha be ca cu at on a
<br />Qa1~'Ty basis and'shall be payable on the first of each and every r~nth fol3o~v.3ng ;tie
<br />date hereof and continuing until the maturity date, at which time all re~ift~:
<br />accrued interest and principal shall be due and payable in full. Interest dittr -
<br />maturity will be charged on Lhe principal and interest in default at 4.0% aih3ve-L~»ct-
<br />er's prime interest rate.
<br />4. A~1 other terms, covenants, and conditions of said note and Deed?of"
<br />Trust, except as herein extended and modified, snail remain in tulT forte and"eff~tt,
<br />and the maker hereby severally waives presentment for payment, notice of ncsn~ayigerft,
<br />protest, and notice of protest, and the guarantors hereby charge their own perso~e}
<br />and separate estates with payment of this note.
<br />5. This Agreement shall. be binding upon and shall inure to the benefit
<br />of the parties hereto and their respective successors.
<br />IN WITNESS WHEREOF, the parties have executed Lhis Exten3i~ and Modifita-
<br />tion Agrees~nt the day and year first above written.,,
<br />~"IRST STP,flA1TS BANK, INC. TRiANGkfr~~€~ST, iNC. , a Nebraska corporation
<br />~, - ., /
<br />.~.._......- res de` - ti
<br />Secretary
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