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�v <br />i <br />m <br />2 <br />PREPARED BY AND WHEN D z <br />D <br />Q i <br />o <br />c' <br />c� cn <br />° r- <br />o <br />RECORDED RETURN TO: n cvn <br />me,, � <br />M <br />r�� <br />o <br />Orrin M. Gowen, Esq. '� <br />�} <br />�► <br />° <br />o <br />GOWEN & SPEARS, P.A. <br />�, <br />-� <br />-r-, _ <br />C:) <br />cs <br />cv <br />33 North Garden Avenue <br />I> t . -' <br />o <br />Suite 1200 <br />o <br />Clearwater, Florida 33755 <br />� <br />r' <br />N <br />Cv <br />CID <br />cn <br />Z <br />i? <br />Space Above Line for Recorder's Use Only <br />CROSS - DEFAULT AND CROSS - COLLATERALIZATION AGREEMENT <br />This Cross - Default and Cross - Collateralization Agreement (this "Agreement ") is <br />made and entered into effective as of September 27, 2000 by and between MIDLAND <br />MORTGAGE INVESTMENT CORPORATION, a Florida corporation ( "Lender ") and <br />AMES STERLING HOUSE, L.L.C., a Kansas limited liability company ( "Ames "), CEDAR <br />FALLS STERLING HOUSE, L.L.C., a Kansas limited liability company ( "Cedar Falls ") <br />and GRAND ISLAND STERLING HOUSE, L.L.C., a Kansas limited liability company <br />( "Grand Island "), (Ames, Cedar Falls and Grand Island being referred to hereinafter <br />collectively as "Borrowers "). <br />RECITALS <br />A. Ames is the owner of the Property described on Exhibit "A" hereto (the "Ames <br />Property "). Cedar Falls is the owner of the Property described on Exhibit "B" hereto <br />(the "Cedar Falls Property "). Grand Island is the owner of the Property described <br />on Exhibit "C" hereto (the "Grand Island Property ") (the Ames Property, the Cedar <br />Falls Property and the Grand Island Property are referred to hereinafter collectively <br />as the "Collateral ") <br />B. The Lender is making loans (i) to Ames in the amount of $2,468,000 (the "Ames <br />Loan ") which is to be secured by the Ames Property; (ii) to Cedar Falls in the <br />amount of $3,150,000 (the "Cedar Falls Loan ") which is to be secured by the Cedar <br />Falls Property; and (iii) to Grand Island in the amount of $1,912,000 (the "Grand <br />Island Loan ") which is to be secured by the Grand Island Property (the Ames Loan, <br />the Cedar Falls Loan and the Grand Island Loan are referred to hereinafter <br />collectively as the "Loans "). <br />C. As a condition of making the Loans the Lender has required Ames, Cedar Falls and <br />Grand Island enter into this Agreement for the purpose of cross - defaulting and <br />cross - collateralizing the Loans. <br />t <br />