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<br />LOAN MODIFICATION ANWASSUMPTION
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<br />AGREEMENT WITH RELEASE
<br />WHEREAS, HOME FEDERAL SAVINGS AND LOAN ASSOCIATION OF GRAND
<br />ISLAND, hereinafter referred to as "Home Federal ", loaned JEROME H. BRAND AND DEETTE R.
<br />BRAND (DECEASED),_ HUSBAND AND WIFE hereinafter referred to as `Borrower ", tie original
<br />principal sum of ONE HU ND RED TWENTY THOUSAND NO /100 Dollars ($120,000.00), as evidenced
<br />by a mortgage note dated FEBRUARY 25, 1997, and secured by a mortgage /deed of trust dated_
<br />FEBRUARY 25.L997 and recorded FEBRUARY 27, 1997 as DOCUMENT NO. 97- 101330 in the Office
<br />of the REGISTER OF DEEDS HALL COUNTY, NEBRASKA and
<br />as:
<br />WHEREAS, said Borrowers have sold to the undersigned Purchasers the property legally described
<br />LOT ONE (1), WARREN SUBDIVISION, IN THE CITY OF GRAND ISLAND, HALL COUNTY,
<br />NEBRASKA
<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, JEROME H. BRAND AND DEETTE R. BRAND (DECEASED), HUSBAND AND
<br />WIFE, (As Borrower) desires to be released from any further obligation in respect to the above described
<br />note and mortgage /deed of trust; and
<br />WHEREAS, Home Federal is willing to permit the assumption by Purchasers of the note and mortgage /deed
<br />of trust and release JEROME H. BRAND AND DEETTE R. BRAND (DECEASED), HUSBAND AND
<br />WIFE (Borrower) from the obligations evidenced by the aforedescribed note and mortgage /deed of trust;
<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 provided
<br />therein and as modified hereby, it being agreed and understood that as of this date said indebtedness is ONE
<br />HUNDRED FIVE THOUSAND AND 00 /100 Dollars ($105,000.00).
<br />2. The terms of the repayment of the debt evidenced by the aforedescribed Deed of Trust Note and
<br />Mortgage /Deed of Trust will be modified to include monthly payments in the amount of ONE THOUSAND
<br />TWO HUNDRED THRITY TWO AND 71/100 DOLLARS ($1,232.71) each commencing September 1,
<br />2005 and continuing on the 1" day of each month thereafter until the amended maturity date of AUGUST 1,
<br />2015, unless earlier paid in full. The interest upon the unpaid balance of said indebtedness shall be at the rate
<br />of SEVEN AND ONE-QUARTER PERCENT 7.25% per annum. The Lender will have the right to
<br />accelerate maturity of indebtedness evidenced by the aforedescribed Deed of Trust Note and to declare the
<br />then remaining principal balance, together with accrued interest, to be due and payable on August 1, 2010
<br />upon written notice to the undersigned of such election by Lender given not less than ninety (90) days prior
<br />to such date and also is hereby granted the right to adjust the interest rate on such date set forth in this
<br />paragraph upon written notice to the undersigned of such election by Lender given not less than thirty (30)
<br />days prior to such date.
<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 />perform 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 Borrower, JEROME H. BRAND AND DEETTE R. BRAND
<br />(DECEASED), HUSBAND AND WIFE 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, and the provisions of the note and mortgage /deed of trust amended or
<br />modified by such void, invalid or unenforceable part hereof shall be reaffirmed and enforceable to the same
<br />extent as if this Agreement had not been executed.
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