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200402994 C. Subject to receipt of this Loan Modification Agreement, fully executed, and items "A" and "B" above, the Parties agree to amend and modify the terms and conditions of the Deed of Trust as follows: The "Note" identified in the fourth paragraph on Page 1 of the Deed of Trust shall be that certain Note Secured by Construction Security Agreement dated October 30, 2003 in the Principal sum of $1,970,000.00 and that certain Universal Note dated March 26, 2004, in the Principal sum of $298,484.00 and that certain Universal Note dated March 26, 2004, in the Principal sum of $238,790.00, and all subsequent promissory notes, extensions, renewals, modifications or substitutions now or hereafter given shall be secured by the Deed of Trust referenced herein. - D. The Assignment of Leases and Rents, Construction Loan Agreement and all other security instruments executed in connection with the loan are also hereby amended and modified to the extent of the foregoing modification of the Deed of Trust set forth in this Loan Modification Agreement. E. Except as expressly modified by the terms hereof, all of the terms and provisions of the Deed of Trust, and all other Existing Loan Documents evidencing or securing said indebtedness, are hereby ratified and shall remain in full force and effect. By execution hereof, Borrower and Lender concur with all provisions contained in this Loan Modification Agreement. A CREDIT AGREEMENT MUST BE IN WRITING TO BE ENFORCEABLE UNDER NEBRASKA LAW. TO PROTECT YOU AND US FROM ANY MISUNDERSTANDINGS OR DISAPPOINTMENTS, ANY CONTRACT, PROMISE, UNDERTAKING, OR OFFER TO FOREBEAR REPAYMENT OF MONEY OR TO MAKE ANY OTHER FINANCIAL ACCOMMODATION IN CONNECTION WITH THIS LOAN OF MONEY OR GRANT OR EXTENSION OF CREDIT, OR ANY AMENDMENT OF, CANCELLATION OF, WAIVER OF, OR SUBSTITUTION FOR ANY OR ALL OF THE TERMS OR PROVISIONS OF ANY INSTRUMENT OR DOCUMENT EXECUTED IN CONNECTION WITH THIS LOAN OF MONEY OR GRANT OR EXTENSION OF CREDIT, MUST BE IN WRITING TO BE EFFECTIVE. LENDER: TierOne Bank By:,f4 - Ron Bielenberg Corporate Banking Officer BORROWER: THE MEADOWS APARTMENT HOMES, L.L.C., a Nebraska limited liability company By: Raymo d J. O'Connor, Managing Member (see next page for notaries) 2