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LOAN MODIFICATION AND ASSUMPTION $6—" 107112 AGREEMENT WITH RELEASE WHEREAS, HONE FEDERAL SAVINGS AND LOAN ASSOCIATION OF GRAND ISLAND, hereinafter referred to as "Home Federal ", loaned Michalgnn Wqgnpr uumarzi r r referred to as "Borrowers ", the original principal sum or 4 ".ty and no/ 100---------------------------------- - - - - -- --dollars - &a nCN m :ed by a mortgage note dated Oct 7 1981 , and secured by a eed of trust dated October 7. 1981 and recorded as Document 05165 in the Office of the Register of Deeds in Hail County, ; and WHEREAS, said Borrowers have sold to the undersigned Purchasers the property legally described as: Lot. Nine (9) in Block Sever. (7), in Bonnie Brae Addition to the City of Grand Island, Hall County, Nebraska. and WHEREAS, Purchasers desire to assume and pay the remaining indebtedness described above as evidenced by the aforementioned note and mortgage /deed of trust; and WHEREAS, Borrowers desire to be released from any further obligation in respect to the above described note and mortgage /deed of trust; and WHEREAS, Horne federal is willing to permit the assumption by Purchasers cf the note and mortgage /deed of trust and release the Borrowers from the obligations evi- denced by the aforedescribed note and mortgage /deed of trust; subject, however, to a revision of the terms of payment of said indebtedness, NOW, THEREFORE, in consideration of the nutual covenants herein ccntained, it is agreed: ? The undersigned purchasers hereby assume and agree to pay the remaining in- debtedness evidenced by the aforedescribed note and mortgage /deed of trust and perforn all of the obligations provided therein and as modified hereby, it being agreed and understood that as of this date said indebtedness is I N d Fifteen and 11/ 100------------------- - - - - -- Dollars ($39.115.11 2. The terms of the repayment of the debt evidenced by the aforedescribed note and mortgage /deed of trust are hereby modified in that interest upon the unpaid balance of said indebtedness shall be at the rate of Ten percent (10 %) per annum, and that monthly payments shall be made commencing on the 1st day of November , 19 84 and continuing on the Ist day of each month thereafter, it being further agreed that such payments shall be in the amount of Four Hundred Twenty and 18/100 ----- — ---- ----- ---- --- ---------- Dollars ($ 420.18 per month, to be ap- plied first to interest and the balance to principal until said indebtedness is paid in full, and that, in addition, said Purchasers will pay the sum of Seventy five and 47/ 100--------------------------------- - - - - -- }--- - - - -.. - --------------------- Dollars 5. , per month in escrow estimated sufficint to pay taxes and insurance on said property, which estimate may be revised from time to time by Home =ederal, making a total current payment of Four Hundred ninety five and 65/100-- - - - - -- ------ - - - - -- ------------ — ----- Bollars ($ 495.65 per month. 3. Except as modified hereby, the note and mortgage /deed of trust above described shall remain, in full force and effect, and the undersigned Purchasers promise to pay said indebtedness as herein stated and to perform all of the obligations of said mort- gage /deed of trust as here in revised. 4. by reason of this Loan Modification and Assumption Agreement, Home federal hereby releases and discharges the undersigned original Borrowers from their personal obligation upon said indebtedness. •