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<br />. Recording requested by
<br />and when recorded, return to:
<br />WELLS FARGO BANK,
<br />NATIONAL ASSOCIATION
<br />304 West 3rd Street
<br />Grand Island, NE, 68801-5941
<br />Attn: Bradley Bell
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<br />ASSUMPTION AGREEMENT
<br />
<br />CR>
<br />&i>
<br />
<br />THIS ASSUMPTION AGREEMENT (this "Agreement") is entered into as of December 6, 2007, by
<br />and among STAAB PH RESTAURANT OPERATIONS, INC., as successor by merger with GRAND
<br />ISLAND PH, INC. ("Borrower"), GIPH RESTAURANTS, L.L.C. ("Transferee"), and WELLS FARGO
<br />BANK, NATIONAL ASSOCIATION, as successor in interest to Wells Fargo Bank Nebraska, National
<br />Association ("Lender").
<br />
<br />RECITALS
<br />
<br />WHEREAS, Borrower obtained a loan from Lender evidenced by, and subject to the terms of, that
<br />certain promissory note dated as of June 7,2002, in the original principal amount of $650,000.00 (the
<br />"Note"), which Note is secured by a deed of trust dated as of June 7, 2002, executed by Grand Island PH,
<br />Inc., as Trustor, for the benefit of Wells Fargo Bank Nebraska, National Association, as Beneficiary, and
<br />recorded on June 10, 2002, as Instrument No. 200206221, of the Official Records of Hall County,
<br />Nebraska ("Deed of Trust"), and said Note is also secured by an assignment of rents dated as of June 7,
<br />2002, executed by Borrower, as Grantor, to Lender, and recorded on June 10, 2002, as Instrument No.
<br />200206223, of the Official Records of Hall County, Nebraska (the "Assignment of Rents");
<br />
<br />WHEREAS, the Deed of Trust and Assignment of Rents encumber the following described real
<br />property (the "Property"):
<br />
<br />Lot One (1), Block One (1), Crane Valley Subdivision, in the City of Grand Island, Hall County,
<br />Nebraska.
<br />
<br />The Property or its address is commonly known as 707 N. Diers Avenue, Grand Island, NE 68803.
<br />The Property tax identification number is 400390795.
<br />
<br />WHEREAS, title to the Property encumbered by the Deed of Trust and Assignment of Rents is
<br />being or has been transferred by Borrower to Transferee; and
<br />
<br />WHEREAS, Borrower and Transferee have requested that Lender consent to said transfer and
<br />permit the assumption by Transferee of the obligations of Borrower to Lender under the Note, the Deed of
<br />Trust and the Assignment of Rents, and Lender has agreed to said transfer and assumption on the terms
<br />and conditions contained herein.
<br />
<br />C-521_NE.DOC (Rev. 08/07) Mg1314L 1(MK)
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