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i cs, •n G (_ co co 6. 1. PROPERTY 2. PRICE AND PAYMENT 3. CONDITION OF PROPERTY LAND CONTRACT 4 THIS LAND CONTRACT (this "Contract ") is hereby made and entered into on March 1st, 2016 (the "Effective Date ") by and between J &B RENTALS LLC of 1611 St. Paul Rd., Grand Island, NE 68801 ( "Seller ") and Pedro Rivera Hernandez and Elaine Rivera of 3604 Seedling Mile Rd, , Grand Island, Nebraska 68801 (collectively the `Buyer "), collectively referred to herein as the "Parties" and individually as a or the "Party". WTTNESSETH, Seller, for itself, its heirs, and assigns, does hereby agree to sell to Buyer together with all appurtenances, rights -of -way, privileges, easements, and all buildings and fixtures in their present condition located upon the Property described below. Seller agrees to sell to Buyer, and Buyer agrees to purchase from Seiler, upon the following terms and conditions, the real estate, improvements, fixtures, appurtenances, commonly known as: 228 North Boggs Street, Grand Island, NE 68801. The legal description of which is as follows: PACKER & BARR'S SECOND ADD, LT 1 BLK 19 to the City of Grand Island, Hall County, Nebraska (the "Property "). 2.1 The Purchase Price for the Property shall be Fifty Nine Thousand Dollars ($59,000.00) payable as follows: Two Thousand Dollars ($4,000.00) on execution of this Contract, receipt of which is hereby acknowledged. 2.2 The balance of Fifty -Three Thousand Dollars ($55,000.00) shall be paid in installments of Four Hundred Twenty six and 41/100 Dollars ($426.41 ) per month (which includes the principal and interest) payable to Seller on or before the 1st day of each month commencing on NOVEMBER 1 2015 and continuing until such time as the full amount of said purchase price has been paid. Interest at the rate of Seven Percent (7 %) per annum shall be paid on the remaining unpaid principal balance. Each such installment, when received by Seller, shall be credited first to the payment of the interest on the remaining unpaid balance due on the date of receipt of such installment and then to the reduction of the unpaid principal balance. If payment is not received by the 5th day of each month, there will be an additional Twenty -Five Dollars ($25.00) late fee charge added to that month's payment. 1.1. Buyer may prepay all or part of the balance amount of the principal and interest at any time, without any penalty, and without notice. Such prepayment shall not include unearned interest. 1