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<br />200406232
<br />LOAN ASSUMPTION
<br />AGREEMENT WITH RELEASE
<br />WHEREAS, HOME FEDERAL SAVINGS AND LOAN ASSOCIATION OF GRAND ISLAND,
<br />hereinafter referred to as " Home Federal ", loaned Procon Development Company, L.L.C. hereinafter
<br />referred to as "Borrower ", the original principal sum of Five Hundred Thousand and 00 /100 Dollars
<br />($500,000.00), as evidenced by a Construction Line of Credit Draw Note dated March 18, 2004, and secured
<br />by a Mortgage/Deed of Trust dated February 10, 2003 and recorded as Instrument No. 0200301834 in the
<br />Off oiM0te f �<
<br />WHEREAS, said Borrowers have sold to the undersigned Purchasers the property legally described
<br />as:
<br />Lot Eight (8), in Block Sixty -Six (66), in the Original Town, now City of Grand Island, Hall County,
<br />Nebraska
<br />and
<br />WHEREAS, Purchasers desire to assume and pay the remaining indebtedness described above as
<br />evidenced by the aforementioned Note and Mortgage/Deed of Trust; and
<br />WHEREAS, Borrowers desire to be released from any further obligation in respect to the above
<br />described Note and Mortgage/Deed of Trust; and
<br />WHEREAS, Home Federal is willing to permit the assumption by Purchasers of the Note and
<br />Mortgage/Deed of Trust and release the Borrowers from the obligations evidenced by the aforedescribed
<br />Note and Mortgage/Deed of Trust; subject, however, to a revision of terms of payment of said indebtedness,
<br />NOW, THEREFORE, in consideration of the mutual covenants herein contained, it is agreed:
<br />1. The undersigned Purchasers hereby assume and agree to pay the remaining indebtedness
<br />evidenced by the aforedescribed Note and Mortgage/Deed of Trust and perform all of the obligations
<br />provided therein and as modifi6dhe`reby,-it"bemg agreed and understood that as of this date said
<br />indebtedness is Five Hundred Thousand and 00 /100 Dollars ($500,000.00).
<br />2. The terms of the repayment of the debt evidenced by the aforedescribed Note and Mortgage/Deed
<br />of Trust will continue to have interest upon the unpaid balance of said indebtedness at the rate of Four and
<br />Seven - Eighths Percent (4.875 %) per annum, and that semi - annual payments shall be made commencing on
<br />the 18�h day of September, 2004, and continuing semi - annually thereafter, it being further agreed that such
<br />payments shall be equal to all accrued interest on the principal sum then outstanding until the date of
<br />maturity of June 18, 2005 at which time all principal and accrued interest on principal sums then outstanding
<br />shall be due and payable.
<br />3. Except as modified hereby, the Note and Mortgage/Deed of Trust above described shall remain in
<br />full force and effect, and the undersigned Purchasers promise to pay said indebtedness as herein stated and to
<br />person all of the obligations of said Mortgage/Deed of Trust as herein revised.
<br />4. By reason of this Loan Modification and Assumption Agreement, Home Federal hereby releases
<br />and discharges the undersigned original Borrowers from their personal obligation upon said indebtedness.
<br />5. If any term, covenant, restriction or provision of this Agreement is determined to be void, invalid
<br />or unenforceable, the remainder of the terms covenants, restrictions or provisions of this Agreement shall
<br />remain in full force and effect, the provisions of the Note and Mortgage/Deed of Trust amended or modified
<br />by such void, invalid or unenforceable part hereof shall be reaffirmed and enfereeablctrrthe same extent as
<br />if this Agreement had not been executed.
<br />IN WITNESS WHERE OF, the undersigned have executed this instrument on this '. , ay of June,
<br />2004.
<br />Procon Development Company, L.L.C.
<br />"Borrower"
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<br />WHEREAS, HOME FEDERAL SAVINGS AND LOAN ASSOCIATION OF GRAND ISLAND,
<br />hereinafter referred to as " Home Federal ", loaned Procon Development Company, L.L.C. hereinafter
<br />referred to as "Borrower ", the original principal sum of Five Hundred Thousand and 00 /100 Dollars
<br />($500,000.00), as evidenced by a Construction Line of Credit Draw Note dated March 18, 2004, and secured
<br />by a Mortgage/Deed of Trust dated February 10, 2003 and recorded as Instrument No. 0200301834 in the
<br />Off oiM0te f �<
<br />WHEREAS, said Borrowers have sold to the undersigned Purchasers the property legally described
<br />as:
<br />Lot Eight (8), in Block Sixty -Six (66), in the Original Town, now City of Grand Island, Hall County,
<br />Nebraska
<br />and
<br />WHEREAS, Purchasers desire to assume and pay the remaining indebtedness described above as
<br />evidenced by the aforementioned Note and Mortgage/Deed of Trust; and
<br />WHEREAS, Borrowers desire to be released from any further obligation in respect to the above
<br />described Note and Mortgage/Deed of Trust; and
<br />WHEREAS, Home Federal is willing to permit the assumption by Purchasers of the Note and
<br />Mortgage/Deed of Trust and release the Borrowers from the obligations evidenced by the aforedescribed
<br />Note and Mortgage/Deed of Trust; subject, however, to a revision of terms of payment of said indebtedness,
<br />NOW, THEREFORE, in consideration of the mutual covenants herein contained, it is agreed:
<br />1. The undersigned Purchasers hereby assume and agree to pay the remaining indebtedness
<br />evidenced by the aforedescribed Note and Mortgage/Deed of Trust and perform all of the obligations
<br />provided therein and as modifi6dhe`reby,-it"bemg agreed and understood that as of this date said
<br />indebtedness is Five Hundred Thousand and 00 /100 Dollars ($500,000.00).
<br />2. The terms of the repayment of the debt evidenced by the aforedescribed Note and Mortgage/Deed
<br />of Trust will continue to have interest upon the unpaid balance of said indebtedness at the rate of Four and
<br />Seven - Eighths Percent (4.875 %) per annum, and that semi - annual payments shall be made commencing on
<br />the 18�h day of September, 2004, and continuing semi - annually thereafter, it being further agreed that such
<br />payments shall be equal to all accrued interest on the principal sum then outstanding until the date of
<br />maturity of June 18, 2005 at which time all principal and accrued interest on principal sums then outstanding
<br />shall be due and payable.
<br />3. Except as modified hereby, the Note and Mortgage/Deed of Trust above described shall remain in
<br />full force and effect, and the undersigned Purchasers promise to pay said indebtedness as herein stated and to
<br />person all of the obligations of said Mortgage/Deed of Trust as herein revised.
<br />4. By reason of this Loan Modification and Assumption Agreement, Home Federal hereby releases
<br />and discharges the undersigned original Borrowers from their personal obligation upon said indebtedness.
<br />5. If any term, covenant, restriction or provision of this Agreement is determined to be void, invalid
<br />or unenforceable, the remainder of the terms covenants, restrictions or provisions of this Agreement shall
<br />remain in full force and effect, the provisions of the Note and Mortgage/Deed of Trust amended or modified
<br />by such void, invalid or unenforceable part hereof shall be reaffirmed and enfereeablctrrthe same extent as
<br />if this Agreement had not been executed.
<br />IN WITNESS WHERE OF, the undersigned have executed this instrument on this '. , ay of June,
<br />2004.
<br />Procon Development Company, L.L.C.
<br />"Borrower"
<br />
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