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v. an Assignment of Plans, Specifications and Construction Contracts and Agreements from Borrower to Lender; ii. Deed of Trust, Security Agreement and Assignment of Rents from Borrower to Lender recorded with the Hall County, Nebraska Register of Deeds, Mortgage Records, on April 3, 2015, as Instrument No. 201502075 (the "Deed of Trust "); iii. Assignment of Rents and Leases from Borrower to Lender recorded with the Hall County, Nebraska Register of Deeds, Miscellaneous Records on April 3, 2015, as Instrument No. 201502076; iv. Notice of Commencement from Borrower to Lender recorded with the Hall County, Nebraska Register of Deeds, Miscellaneous Records on April 3, 2015, as Instrument No. 201502077; v. Environmental Indemnity Agreement from Borrower to Lender; and vi. UCC -1 Financing Statement, 201803953 and include the Guarantys of Payment executed jointly and individually by Michael H. Staenberg, individually and as Trustee of the MHS Trust dated January 13, 1986, as amended, and Raymond J. O'Connor, each of which are dated March 31, 2015 (the "Guarantys "). 3. Present Ownership. Borrower represents, covenants and warrants to Lender that it remains the owner of the fee title to the Mortgaged Property, subject only to the liens and security interests arising out of the Loan Documents and the exceptions to title set forth in Old Republic National Title Insurance Company ALTA Loan Policy of Title Insurance (Policy Number LX965149) issued at the Loan closing and any subsequent endorsements thereto. follows: 4. Modification of Loan. The parties hereto have agreed to modify the Loan terms as a. The maturity date of the Loan shall be extended from March 31, 2020 to March 31, 2021; b. The Loan Conversion Covenant described in Paragraph 14 of the Building Loan Agreement setting forth the minimum debt service coverage ratio to convert the Loan to a mini - perm loan is hereby waived; c. The debt service covenant set forth in Paragraph 15 of the Building Loan Agreement is hereby amended and restated as follows: 15. Debt Service Covenant. The Project must provide a debt service coverage ratio of 1.20x calculated March 31, 2019, and thereafter annually commencing on December 31, 2019. For this purpose, "debt service coverage ratio" means the "Project net income ", as hereinafter defined, for the prior twelve (12) months after taxes and divided by the annual debt service on the Project for the following twelve (12) month period. Notwithstanding the foregoing, on the initial test date of March 31, 2019, "Project net income" shall mean the monthly average of the prior six (6) months operating revenues annualized to a twelve (12) month basis. For the purpose of this Paragraph 15, "Project net income" shall mean the Project operating revenues for the period for which debt service coverage ratio is being calculated, minus the "Project operating expenses ", as that 2