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nv <br />cot <br />RELEASE OF REGULATORY AGREEMENT <br />RECITALS: <br />French Village <br />Grand Island, Hall County, NE <br />FHA Project No. 103 -11017 <br />THIS RELEASE OF REGULATORY AGREEMENT (this "Release ") is made, as of <br />March 4 2013, by SECRETARY OF HOUSING AND URBAN DEVELOPMENT, <br />WASHING ION, D.C. (the "Secretary"), for the benefit of CARMALOR NEBRASKA L.P., a <br />Nebraska limited partnership (the "Owner "). <br />A. The Owner is the owner of all of that certain real property located in the City of <br />Grand Island, in the County of Hall, in the State of Nebraska, as more particularly described in <br />Exhibit A attached hereto and made a part hereof (the "Real Property"), on which is constructed that <br />certain rental apartment project known as French Village, FHA Project No. 103 -11017 (the <br />"Project" and, together with the Real Property, the "Property "). <br />B. The Property is encumbered by that certain first lien mortgage loan (the "Loan ") made <br />to the Owner, or a predecessor in interest, by Reilly Mortgage Goup, Inc., or a predecessor in <br />interest (the "Mortgagee "), which Loan is evidenced and/or secured by that certain Deed of Trust <br />Note dated April 9, 2003, in the original principal amount of One Million Two Hundred <br />Thousand and No /100 Dollars ($1,200,000.00) (as amended and/or assigned through the date <br />hereof, the "Note "), that certain Deed of Trust of even date therewith and recorded on April 10 <br />2003, among the land records of the jurisdiction in which the Property is located (the "Land <br />Records ") as Document No. 200304288 (as amended and/or assigned through the date hereof, the <br />"Mortgage "), and certain other instruments executed in connection with the Loan. <br />C. The Loan is insured by the Secretaryunder certainprovisions of the National Housing <br />Act, as amended, as evidenced by the endorsement of the Note by the Secretary (the "Contract of <br />Insurance "). In connection therewith, the Owner, or a predecessor in interest, and the Secretary <br />have executed that certain Regulatory Agreement for Insured Multifamily Housing Projects dated <br />April 9, 2003, and recorded on April 10, 2003, among the Land Records as Document <br />■2MReleaseofRegAgnt:Rev 9/15/04 FR9'O-I VLLAGE <br />