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<br />200412422 00 � N ?
<br />MORTGAGE, CONSTRUCTION SECURITY AGREEMENT,
<br />ASSIGNMENT OF LEASES AND RENTS C;-
<br />AND FIXTURE FINANCING STATEMENT
<br />THIS MORTGAGE, CONSTRUCTION SECURITY AGREEMENT, ASSIGNMENT OF
<br />LEASES AND RENTS AND FIXTURE FINANCING STATEMENT (this "Mortgage ") is made as
<br />of December �, 2004, by SEC Accommodator XXIX, LLC, a Nebraska limited liability company,
<br />its successors and assigns, ( "Mortgagor "), having its principal offices at 13924 Gold Circle, Omaha,
<br />Nebraska 68144, in favor of U.S. Bank National Association, a national banking association
<br />( "Lender "), having its principal offices at 1015 St. Germain St. W., St. Cloud, MN 56301.
<br />RECITALS
<br />A. Mortgagor, as a qualified exchange intermediary for and on behalf of Demeules Family
<br />Limited Partnership, a Minnesota limited partnership, in furtherance of a reverse 1031 Exchange
<br />transaction, has purchased the Land described below and entered into a contract for construction of
<br />buildings and improvements thereon.
<br />B. Lender has lent, or agreed to lend, to Demeules Family Limited Partnership
<br />( "Borrower ") the principal sum of Two Million Six Hundred Thousand Dollars ($2,600,000.00) (the
<br />"Loan "), to be repaid with interest thereon, as evidenced by Borrower's Note (the "Note ", which tern
<br />shall include any amendment, modification, supplement, extension, renewal, replacement or restatement
<br />thereof), which Loan is the subject of a Loan Agreement between Borrower and Lender (the "Loan
<br />Agreement ", which term shall include any amendment, modification, supplement, extension, renewal,
<br />replacement or restatement thereof). The Note, the Loan Agreement and any other Loan Document
<br />(as defined in the Loan Agreement) are each dated the same date as this Mortgage, are hereby
<br />incorporated by reference, and, together with this Mortgage, as any of the same may be amended,
<br />modified, supplemented, extended, renewed, replaced or restated, are sometimes collectively referred
<br />to as the "Loan Documents ".
<br />December??, 2004 1
<br />F:1Dam\? 1590\Mortgugc008.wpd 1
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