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r � 89-s 103812 shall constitute or be deemed to constitute Champlain Valley as a partner or a joint venturer with Teak. Teak specifically acknowledges that the relationship between Teak and Champlain Valley is solely that of borrower and lender, and all payments required hereunder are required solely by reason of that relationship. Futhermore, the payments required by paragraphs 12 and 13 to be made by Teak to Champlain Valley do not constitute and are not intended by either of the parties to create an equity interest in Teak or the Property in favor of Champlain Valley and the percentages of net proceeds payable under this Agreement are intended by Teak and Champlain Valley to constitute merely a method for measuring and determining an amount of additional interest becoming due hereunder. 19. Except as specifically' modified herein,. all original terms and conditions of the Rate and Deed of Trust, as previously modified, shall. 'remain in full. force and effect. In the event of t any conflict'"between the terms of this Agreement and the Note and Deed of ''fruit„ as modified,. the terns of this Agreement shall control. 4�: Teak agrees contemporaneously with execution of this Agreement to cause Grand .1sland. Abstract, Escrow and Title Can to record in the office of the Register of Deeds of Hall Gouty, Nebraska a Partnership Warranty Deets dated July it 1986 'from Grand Island South Investors, a Nebraska general partnership to Branson Motel Associates,�Inc., a Nebraska corporation, and a Corporation Warranty Deed dated July 1, 1986 from Branson Motel Associates, Inc., a Nebraska CVTporaLiVit �.v .•�•� • �••-� — ' Associates, a California corporation, a /k /a Teak Associated ''Investments, Inc.. Teak agrees to pay all recording fees and casts: aauacla ed wig such roads. The failure of any of the foregoing Deeds to be recorded within ten (10) days -from the date of this Agreement shall constitute an event of default hereunder and under the Note and Deed -at Trust as previously modified. 2.:' It is the intent', of the parties hereto that the original borrower, Grand Inland South Investors, shall remaRi* ' liable for payment of all. it debtedness due to Champlain Valle' ..'..hereunder and pursuant to th .Note and Deed of Trust as modified, and that the liability of 'G'rand Island South Investors and *f Ronald C. Krauss, Vada M. Krauss, Gary L. Leece, Marlene Leede� and John P. Chudy, Guarantors, shall be and remain joint aVA several with and in addition: to Teak. 22. Teak and Lender agree that as an express condition of this Agreement, Grand Island Abstract, Escrow and Title Company shall issue a title insurance policy in the amount of $900,000.00 insuring the first lien priority of Lender's Deed of Trust, as modified, and insuring title in Teak subject to all liens of record. The cost of such shall be paid one half by each party. - 6 - i