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After recording, return to: <br />Grand Island Abstract, Escrow & Title Co. <br />704 W. 3r Street <br />Grand Island, NE 68801 <br />Attn: Mamie Schager Sundermeier <br />DEVELOPMENT AGREEMENT <br />This Development Agreement ( "Agreement ") dated January , 2015, is between <br />ALLEN PHASE III LLC, a Nebraska limited liability company ( "Developer "), and PAUL J. <br />YOUNES ( "Owner "). <br />PRELIMINARY STATEMENT <br />Contemporaneously with the execution of this Agreement, Owner acquired from <br />Developer ownership of Lot 9, Meadowlark West Fourth Subdivision, Hall County, Nebraska <br />(the "Property"). As a condition precedent to such acquisition, Owner and Developer agreed to <br />execute and exchange this Agreement to evidence their agreement and understanding with <br />respect to the development and use of the Property. <br />TERMS AND CONDITIONS <br />In consideration of the foregoing Preliminary Statement, which is repeated in its entirety <br />in this portion of this Agreement, and other valuable consideration, the receipt of which is <br />acknowledged, Developer and Owner agree as follows: <br />1. ECR Declaration. The Property and any development and use of the Property <br />are subject to the terms and provisions of a certain ECR Declaration dated December 10, 2003 <br />(the "Declaration "). The Declaration was recorded on December 17, 2003, as Instrument No. <br />020031611 in the Official Records of Hall County, Nebraska. From and after the date of <br />Owner's acquisition of the Property, Owner and his successors and assigns agree to assume and <br />perform all of the obligations under the Declaration, if any, imposed on the owner of the <br />Property or which are applicable to the Property. Developer shall be responsible to perform all <br />C <br />Od <br />