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DEVELOPMENT AGREEMENT
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<br />DEVELOPMENT AGREEMENT
<br />This Development Agreement ( "Agreement ") dated March 2005, is between
<br />ALLEN PHASE III LLC, a Nebraska limited liability company ( "Developer "), and
<br />WCI, LLC, a Nebraska limited liability company ( "Owner "). c
<br />PRELIMINARY STATEMENT
<br />Contemporaneously with the execution of this Agreement, Owner acquired from
<br />Developer ownership of Lot 14, Meadowlark West Fourth Subdivision, Hall County, Nebraska
<br />(the "Property "). The Property is situated within Eagle Run Shopping Center bounded on the
<br />north by 13' Street, the west by U.S. Highway 281, the east by Webb Road, and the south by
<br />Faidley Road ( "Eagle Run "). As a condition precedent to such acquisition, Owner and
<br />Developer agreed to execute and exchange this Agreement to evidence their agreement and
<br />understanding with respect to the development and use of the Property.
<br />TERMS AND CONDITIONS
<br />In consideration of the foregoing Preliminary Statement, which is repeated in its
<br />entirety in this portion of this Agreement, and other valuable consideration, the receipt of
<br />which is acknowledged, Developer and Owner agree as follows:
<br />1. Declaration of Restrictions and Grant of Easements. The Property and any
<br />development and use of the Property is subject to the terms and provisions of a certain ECR
<br />Declaration dated December 10, 2003 (the "Declaration "). The Declaration was recorded on
<br />December 17, 2003, as Instrument No. 200316111 in the Official Records of Hall County,
<br />Nebraska. From and after the date of Owner's acquisition of the Property, Owner and its
<br />successors and assigns agree to assume and perform all of the obligations under the
<br />Declaration, if any, imposed on the owner of the Property or which are applicable to the
<br />Property. Developer shall be responsible to perform all of the obligations under the
<br />Declaration arising or accruing prior to the acquisition of the Property by the Owner, if any,
<br />imposed on the owner of the Property or which are applicable to the Property.
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<br />This Development Agreement ( "Agreement ") dated March 2005, is between
<br />ALLEN PHASE III LLC, a Nebraska limited liability company ( "Developer "), and
<br />WCI, LLC, a Nebraska limited liability company ( "Owner "). c
<br />PRELIMINARY STATEMENT
<br />Contemporaneously with the execution of this Agreement, Owner acquired from
<br />Developer ownership of Lot 14, Meadowlark West Fourth Subdivision, Hall County, Nebraska
<br />(the "Property "). The Property is situated within Eagle Run Shopping Center bounded on the
<br />north by 13' Street, the west by U.S. Highway 281, the east by Webb Road, and the south by
<br />Faidley Road ( "Eagle Run "). As a condition precedent to such acquisition, Owner and
<br />Developer agreed to execute and exchange this Agreement to evidence their agreement and
<br />understanding with respect to the development and use of the Property.
<br />TERMS AND CONDITIONS
<br />In consideration of the foregoing Preliminary Statement, which is repeated in its
<br />entirety in this portion of this Agreement, and other valuable consideration, the receipt of
<br />which is acknowledged, Developer and Owner agree as follows:
<br />1. Declaration of Restrictions and Grant of Easements. The Property and any
<br />development and use of the Property is subject to the terms and provisions of a certain ECR
<br />Declaration dated December 10, 2003 (the "Declaration "). The Declaration was recorded on
<br />December 17, 2003, as Instrument No. 200316111 in the Official Records of Hall County,
<br />Nebraska. From and after the date of Owner's acquisition of the Property, Owner and its
<br />successors and assigns agree to assume and perform all of the obligations under the
<br />Declaration, if any, imposed on the owner of the Property or which are applicable to the
<br />Property. Developer shall be responsible to perform all of the obligations under the
<br />Declaration arising or accruing prior to the acquisition of the Property by the Owner, if any,
<br />imposed on the owner of the Property or which are applicable to the Property.
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