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200605640 After recordation, send to: Veritas Title Partners, L.P. 2415 W. Alabama, #203 Houston, Texas 77098 Attn. Mr. Jim Vo Holiday Garden Townhouses Grand Island, Hall County, Nebraska FHA Project No. 103-35073 RELEASE OF REGULATORY AGREEMENT THIS RELEASE OF REGULA TORY AGREEMENT (this "Release") is made, as of June 23, 2006, by SECRETARY OF HOUSING AND URBAN DEVELOPMENT, WASHINGTON, D.C. (the "Secretary"), for the benefit of HOLIDAY GARDEN TOWNHOUSES, A LIMITED PARTNERSHIP, a Nebraska limited partnership (the "Owner"). RECITALS: A. The Owner is the owner of all of that certain real property located in the City of Grand Island, Hall County, Nebraska, as more particularly described in F:xhihit A attached hereto and made a part hereof (the "Real Property"), on which is constructed that certain rental apartment project known as Holiday Garden Townhouses, FHA Project No. 103-35073 (the "Project" and, together with the Real Property, the "Property"). B. The Property is encumbered by that certain first lien mortgage loan (the "Loan") made to the Owner, or a predecessor in interest, by Don J. McMurray Co., a Nebraska corporation, or a predecessor in interest (the "Mortgagee"), which Loan is evidenced and/or secured by that certain Mortgage Note dated April 1, 1980 in the original principal amount of Eight Hundred Seventy-Two Thousand Seven Hundred and no/100 Dollars ($872,700.00) (as amended and/or assigned through the date hereof, the "Note"), that certain Mortgage of even date therewith and recorded on April 4, 1980 among the land records of the jurisdiction in which the Property is located (the "Land Records") as Document No. 80-001473 (as amended and/or assigned through the date hereof, the "Mortgage"), that certain Security Agreement and certain other instruments executed in connection with the Loan. C. The Loan is insured by the Secretary under certain provisions of the National Housing Act, as amended, as evidenced by the endorsement of the Note by the Secretary (the "Contract of Insurance"). In connection therewith, the Owner, or a predecessor in interest, and the Secretary have executed that certain Regulatory Agreement for Insured Multifamily Housing Projects dated April 1, 1980 and recorded on April 4, 1980 among the Land Records as Document No. 80-001474 (as amended and/or assigned through the date hereof, the "Regulatory Agreement"). The Regulatory Agreement is incorporated by reference into and made a part of the Mortgage. Release of Reg Agreement Rev 12-15-04