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be amortized over a thirty C3D) year period, in the amount of Four <br />Hundred Forty Dne Dollars and 44/1DD Cf441.44) per month with the first <br />payment thereon being due and payable on November 1st, 1981, with like <br />payments aP princi:pal and interest to be paid on the first day of each <br />month thereafter until Dctober 1st, 1983. The parties shall-further agree <br />that the Buyer shall pay to the Sellers One Hundred Dollars C.~IOO.DO) each <br />month commencing on November 1st, 1981, with the second and subsequent <br />monthly payments due on the first day of each month thereafter until <br />October 1st, 1983. Provided, further, that each of said payments shall <br />6e applied in reducing the unpaid principal balance each month. <br />4. a) The parties further agree that an October 1st,. 1983, <br />the Buyer may elect to pay the unpaid balance an the premises in one lump <br />sum, eornlitianed upon Buyer's ability to obtain a loan, to be secured <br />by first mortgage on the above described property. If the Buyer acts <br />in good-faith in obtaining a loan, and is refused 6y an appropriate <br />lending institution then the Buyer shall, upon written showing of the said <br />refusal, 6e entitled to receive Prom the Sellers, one-half of the Two <br />Thousand Dollar C=2,000.DD) dawn payment and one-half of the One Hundred <br />Dollar CSIDD.OD) payments paid to date. <br />h) Provided, further, that if the Buyer should elect <br />not to m~e the application for a loan on the premises ar fails to act in <br />good faith, then the Buyer-shall forfeit all proceeds paid to the Sellers <br />as of that date and this contract shall be null and void.. <br />5. a) Provided, further, in the event the prevailing hams <br />loan interest rate in the Grand Island community shall drop to thirteen <br />and one-half percent C13f~6) or below prior to Dctober 1st, 1983, then the <br />Buyer shall make implication for a to en on the unpaid balance of the <br />prsmf.eea in order to pay the Sellars in-one lump sum.- If the Buyer acts <br />in goad fat~h in obtaining the Ioen, and is refused by an appropriate <br />lsndiAg institution, then the-Boyar shall, upon written showing of the <br />void ~e~'ua~, bs entitled to receive from the Sellars, one-half of the <br />Trro Tlxsttsa~!•. Dbllar C~Z,OOQ.QL1) down payment and one-half of the One <br />Hul~+drQd: a411ar « :1DQ.00) payment paid to date. <br />_z_ <br />