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<br />ASSIGNMENT, ASSUMPTION AND RELEASE AGREEMENT
<br />This Assignment, Assumption and Release Agreement (the "Agreement ") is entered into
<br />as of the 31 °5t-day of July, 2003 by and among CONTINENTAL VILLAS, LTD,
<br />whose mailing address is PO Box 5201, Grand Island, Nebraska 68003 (the "Borrower "),
<br />and O'CONNOR ENTERPRISES, INC., a corporation organized under the laws of the
<br />State of Nebraska and having its principal place of business at PO Box 139, Grand Island,
<br />Nebraska 68802 (the "Assignee "), and SECURITY FINANCIAL LIFE INSURANCE
<br />CO., f/k/a The Security Mutual Life Insurance Company of Lincoln, Nebraska, a
<br />corporation organized under the laws of the State of Nebraska and having its principal
<br />place of business at 4000 Pine Lake Road, P.O. Box 82248, Lincoln, NE 68501 (the
<br />"Lender ").
<br />PREMISES
<br />Whereas, on June 10, 1999, Lender loaned to Borrower the principal sum of One Million
<br />Nine Hundred Fifty Thousand Dollars and 00 /100ths ($1,950,000.00) pursuant to the
<br />documents described on Exhibit "A" attached hereto and incorporated herein by this
<br />reference (the "Loan Documents "); and
<br />Whereas, Borrower desires to assign and transfer to Assignee, and Assignee desires to
<br />assume and accept, all Borrower's rights and obligations to Lender under the Loan
<br />Documents as of the date hereof pursuant to the terms and conditions set forth herein; and
<br />Whereas, Lender is willing to consent to such assignment and transfer from Borrower to
<br />Assignee upon payment of the Loan Assumption Fee (defined below) and subject to the
<br />terms and conditions set forth herein.
<br />Now therefore, in consideration of the premises set forth above, the representations,
<br />warranties and covenants set forth herein, and other good and valuable consideration, the
<br />receipt and adequacy of which are hereby acknowledged, and intending to be legally
<br />bound, the parties hereto agree as follows:
<br />2375870v2
<br />AGREEMENT
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<br />ASSIGNMENT, ASSUMPTION AND RELEASE AGREEMENT
<br />This Assignment, Assumption and Release Agreement (the "Agreement ") is entered into
<br />as of the 31 °5t-day of July, 2003 by and among CONTINENTAL VILLAS, LTD,
<br />whose mailing address is PO Box 5201, Grand Island, Nebraska 68003 (the "Borrower "),
<br />and O'CONNOR ENTERPRISES, INC., a corporation organized under the laws of the
<br />State of Nebraska and having its principal place of business at PO Box 139, Grand Island,
<br />Nebraska 68802 (the "Assignee "), and SECURITY FINANCIAL LIFE INSURANCE
<br />CO., f/k/a The Security Mutual Life Insurance Company of Lincoln, Nebraska, a
<br />corporation organized under the laws of the State of Nebraska and having its principal
<br />place of business at 4000 Pine Lake Road, P.O. Box 82248, Lincoln, NE 68501 (the
<br />"Lender ").
<br />PREMISES
<br />Whereas, on June 10, 1999, Lender loaned to Borrower the principal sum of One Million
<br />Nine Hundred Fifty Thousand Dollars and 00 /100ths ($1,950,000.00) pursuant to the
<br />documents described on Exhibit "A" attached hereto and incorporated herein by this
<br />reference (the "Loan Documents "); and
<br />Whereas, Borrower desires to assign and transfer to Assignee, and Assignee desires to
<br />assume and accept, all Borrower's rights and obligations to Lender under the Loan
<br />Documents as of the date hereof pursuant to the terms and conditions set forth herein; and
<br />Whereas, Lender is willing to consent to such assignment and transfer from Borrower to
<br />Assignee upon payment of the Loan Assumption Fee (defined below) and subject to the
<br />terms and conditions set forth herein.
<br />Now therefore, in consideration of the premises set forth above, the representations,
<br />warranties and covenants set forth herein, and other good and valuable consideration, the
<br />receipt and adequacy of which are hereby acknowledged, and intending to be legally
<br />bound, the parties hereto agree as follows:
<br />2375870v2
<br />AGREEMENT
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