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tttrrr��t� Recording requested by:
<br />Grand Island Abstract. Escrow & Title Co.
<br />And when recorded return to:
<br />TierOne Bank
<br />Attn: Credit Administration
<br />1235 "N" Street
<br />Lincoln, NE 68508
<br />LOAN MODIFICATION AGREEMENT
<br />%- Oa
<br />This Loan Modification Agreement made as of March 26, 2004, is by and between THE MEADOWS
<br />APARTMENT HOMES, L.L.C., a Nebraska limited liability company, herein referred to as "Borrower ",
<br />whose mailing address is c/o Raymond J. O'Connor, P.O. Box 139, Grand Island, Nebraska 68802, and TierOne
<br />Bank, a corporation organized and existing under the laws of the United States of America, herein referred to as
<br />( "Lender "), whose mailing address is P.O. Box 83009, Lincoln, Nebraska 68501 -3009 (Collectively the
<br />"Parties")
<br />WITNESSETH
<br />WHEREAS, Borrower is indebted to Lender upon that certain Note Secured by Construction Security
<br />Agreement dated October 30, 2003, made by Borrower in the original amount of $1,970,000.00 secured among
<br />other things, by a Construction Security Agreement/Deed of Trust with Assignment of Rents and Security
<br />Agreement of the same date (the "Deed of Trust ") which was recorded October 31, 2003, as Instrument No.
<br />0200314437 of the office of Register of Deeds of Hall County, Nebraska, and encumbering the real property
<br />described as follows (the "Property "):
<br />Lots One (1), Two (2), Three (3), Four (4), Five (5), Six (6), Seven (7), Eight (8), Nine (9), Ten
<br />(10), Eleven (11), Twelve (12), Thirteen (13) and Fourteen (14), North Pointe Subdivision in the
<br />City of Grand Island, Hall County, Nebraska.
<br />WHEREAS, the Note is also secured by an Assignment of Leases and Rents dated October 30, 2003,
<br />recorded October 31, 2003, as Instrument No. 0200314438 in the office of Register of Deeds of Hall County,
<br />Nebraska (herein "Assignment of Leases and Rents "), Construction Loan Agreement dated October 30, 2003,
<br />(herein "Construction Loan Agreement ") UCC -1 Financing Statements and other security instruments.
<br />WHEREAS, the Note, Deed of Trust, Assignment of Leases and Rents, Construction Loan Agreement
<br />and all other documents executed in connection with the loan are collectively referred to herein as the "Existing
<br />Loan Documents ".
<br />WHEREAS, Lender mid Borrower hereby agree to modify certain terms of the Deed or Trust as set forth
<br />below.
<br />NOW, THEREFORE, in consideration of Ten Dollars and for other good and valuable consideration, the
<br />receipt and sufficiency of which is hereby acknowledged, the Borrower hereto agrees, represents and consents to
<br />and with Lender as follows:
<br />A_ Borrower shall pay any closing and recording costs and shall provide and pay the cost of appropriate title
<br />endorsement(s) to the original ALTA Loan Policy to Title Insurance, Policy No. G52- 0287501, dated
<br />October 31, 2003, issued by Lawyers Title Insurance Corporation to Lender, insuring that Lender's Deed
<br />of Trust remains, subsequent to the recording of this Loan Modification Agreement, a first lien on the
<br />Property.
<br />B. Borrower shall execute that certain Universal Note dated March 26, 2004, in the Principal sum of
<br />$298,484.00, and that certain Universal Note dated Much 26, 2004, in the Principal sum of
<br />$238,790.00, and any subsequent promissory notes, extensions, renewals, modifications or substitutions
<br />now or hereafter given shall be secured by the Deed of Trust referenced herein.
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<br />LOAN MODIFICATION AGREEMENT
<br />%- Oa
<br />This Loan Modification Agreement made as of March 26, 2004, is by and between THE MEADOWS
<br />APARTMENT HOMES, L.L.C., a Nebraska limited liability company, herein referred to as "Borrower ",
<br />whose mailing address is c/o Raymond J. O'Connor, P.O. Box 139, Grand Island, Nebraska 68802, and TierOne
<br />Bank, a corporation organized and existing under the laws of the United States of America, herein referred to as
<br />( "Lender "), whose mailing address is P.O. Box 83009, Lincoln, Nebraska 68501 -3009 (Collectively the
<br />"Parties")
<br />WITNESSETH
<br />WHEREAS, Borrower is indebted to Lender upon that certain Note Secured by Construction Security
<br />Agreement dated October 30, 2003, made by Borrower in the original amount of $1,970,000.00 secured among
<br />other things, by a Construction Security Agreement/Deed of Trust with Assignment of Rents and Security
<br />Agreement of the same date (the "Deed of Trust ") which was recorded October 31, 2003, as Instrument No.
<br />0200314437 of the office of Register of Deeds of Hall County, Nebraska, and encumbering the real property
<br />described as follows (the "Property "):
<br />Lots One (1), Two (2), Three (3), Four (4), Five (5), Six (6), Seven (7), Eight (8), Nine (9), Ten
<br />(10), Eleven (11), Twelve (12), Thirteen (13) and Fourteen (14), North Pointe Subdivision in the
<br />City of Grand Island, Hall County, Nebraska.
<br />WHEREAS, the Note is also secured by an Assignment of Leases and Rents dated October 30, 2003,
<br />recorded October 31, 2003, as Instrument No. 0200314438 in the office of Register of Deeds of Hall County,
<br />Nebraska (herein "Assignment of Leases and Rents "), Construction Loan Agreement dated October 30, 2003,
<br />(herein "Construction Loan Agreement ") UCC -1 Financing Statements and other security instruments.
<br />WHEREAS, the Note, Deed of Trust, Assignment of Leases and Rents, Construction Loan Agreement
<br />and all other documents executed in connection with the loan are collectively referred to herein as the "Existing
<br />Loan Documents ".
<br />WHEREAS, Lender mid Borrower hereby agree to modify certain terms of the Deed or Trust as set forth
<br />below.
<br />NOW, THEREFORE, in consideration of Ten Dollars and for other good and valuable consideration, the
<br />receipt and sufficiency of which is hereby acknowledged, the Borrower hereto agrees, represents and consents to
<br />and with Lender as follows:
<br />A_ Borrower shall pay any closing and recording costs and shall provide and pay the cost of appropriate title
<br />endorsement(s) to the original ALTA Loan Policy to Title Insurance, Policy No. G52- 0287501, dated
<br />October 31, 2003, issued by Lawyers Title Insurance Corporation to Lender, insuring that Lender's Deed
<br />of Trust remains, subsequent to the recording of this Loan Modification Agreement, a first lien on the
<br />Property.
<br />B. Borrower shall execute that certain Universal Note dated March 26, 2004, in the Principal sum of
<br />$298,484.00, and that certain Universal Note dated Much 26, 2004, in the Principal sum of
<br />$238,790.00, and any subsequent promissory notes, extensions, renewals, modifications or substitutions
<br />now or hereafter given shall be secured by the Deed of Trust referenced herein.
<br />
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