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0 n n 0 lasmiramos CO CO After recording, return to: Grand Island Abstract, Escrow & Title Co. 704 W. 3 Street Grand Island, NE 68801 Attn: Mamie Schager Sundenneier TERMS AND CONDITIONS N DEVELOPMENT AGREEMENT PRELIMINARY STATEMENT This Development Agreement ( "Agreement ") dated March 0 2015, is between ALLEN WEBB ROAD LLC, a Nebraska limited liability company ( "Developer "), and RAILE INVESTMENTS, LLC, a Nebraska limited liability company ( "Owner "). Contemporaneously with the execution of this Agreement, Owner acquired from Developer ownership of Lot 11, Meadowlark West Fourth Subdivision, Hall County, Nebraska (the "Property"). As a condition precedent to such acquisition, Owner and Developer agreed to execute and exchange this Agreement to evidence their agreement and understanding with respect to the development and use of the Property. In consideration of the foregoing Preliminary Statement, which is repeated in its entirety in this portion of this Agreement, and other valuable consideration, the receipt of which is acknowledged, Developer and Owner agree as follows: 1. Declaration of Restrictions and Grant of Easements. The Property and any development and use of the Property are subject to the terms and provisions of a certain Declaration of Restrictions and Grant of Easements dated March 11, 1999 (the "1999 Declaration "). The 1999 Declaration was recorded on June 24, 1999 as Instrument No. 99- 106376 in the Official Records of Hall County, Nebraska. The 1999 Declaration was amended by a certain First Amendment to Declaration of Restrictions and Grant of Easements dated August 21, 2000 (the "First Amendment "). The First Amendment was recorded on September 25, 2000 as Instrument No. 200007944. The 1999 Declaration was further amended by a certain Second Amendment to Declaration of Restrictions and Grant of Easements dated