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--2-_ <br />This Promissory Note is to be :enured by a mortgage <br />from the Payor to the Lender which is attached hereto and made <br />a part hereof. <br />This Promissory Note is to be secured by a mortgage <br />from the Payor to the Lender on the following described real <br />estate: <br />Lots Seven (7), Eight (8), and Nine (9), <br />in Block Nine (9), in Westview, an addition <br />to the City of Grand Island, Hall County, <br />Pebraska . <br />A copy of the mortgage is attached hereto and made a part of <br />this agreement. <br />It is further understood and agreed upon by the <br />respective parties that upon payment of cane-Third of the total <br />principal due and owing the Lenders 06,667.67), the Lenders <br />hereby agree to release as security the following described real <br />estate, to-wit: <br />Lot Nine (9), in Block Nine (9), in Westview: <br />an addition to the City of Grand Island, Hall <br />County, Nebraska. <br />It is further expressly agreed by and between the <br />respective parties that in the event Elaine J. Luth, her heirs <br />or assigns, elects to sell any of the previcusly described real <br />estate to be secured by this agreement, the Lenders will release <br />said security conda.tioned upon the placement of the proceeds <br />in an escrow account equal to the, principal amount due and owing <br />the Lenders at that time. <br />It is further expressly agreed by and between the <br />respective parties that in the event the Payo.rs default on this <br />Note and-the Lenders proceed on a foreclosure on the previously <br />described real estate-, the Lenders will in fact resell the following: <br />im the amount f $6 , 667.67 . <br />B-AN6S "ALL " x~!~~+~ JERRY LUT f` <br />t~ <br />~~ <br />~~ L <br />WAYS. N ~8~~3,~I~~J ELAINE LUTH /~, , <br />