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<br />'hen recorded return to:
<br />TierOne Bank
<br />Attn: Credit Admin. Dept. / Carmen Jensen
<br />1235 "N" Street
<br />Lincoln, NE 68508
<br />
<br />Loan No. 01-10224146
<br />
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<br />LOAN MODIFICATION AGREEMENT
<br />
<br />This Loan Modification Agreement made as of December 14, 2007, is by and between
<br />Equestrian Meadows, L.L.C., a Nebraska limited liability company (the "Borrower") whose mailing
<br />address is c/o Michael D. Raasch, 216 North 11 th Street, Suite 10 1, Lincoln, Nebraska 68508, and
<br />TierOne Bank (the "Lender"), whose mailing address is 1235 "N" Street, Lincoln, Nebraska 68508
<br />(Collectively the "Parties").
<br />
<br />WITNESSETH
<br />
<br />WHEREAS, Borrower is indebted to Lender upon that certain Note Secured by Construction
<br />Security Agreement dated November 18, 2004 ("Note"), made by Borrower and secured among other
<br />things by a Construction Security Agreement/Deed of Trust with Assignment of Rents and Security
<br />Agreement dated November 18,2004 (the "Deed of Trust") which was recorded November 19,2004, as
<br />Instrument No. 0200411280 in the office of the Register of Deeds of Hall County, Nebraska encumbering
<br />the real property described as follows (the "Property"):
<br />
<br />Lots Four (4), Five (5) and Six (6), Equestrian Meadows Subdivision, in the City of
<br />Grand Island, Hall County, Nebraska.
<br />
<br />WHEREAS, the Note is also secured by an Assignment of Leases and Rents dated November 18,
<br />2004 and recorded November 19,2004, as Instrument No. 0200411281, in the office of the Register of
<br />Deeds of Hall County, Nebraska, UCC-l Financing Statements and other security instruments. Michael
<br />D. Raasch and Diane K. Raasch (herein, "Guarantors") executed a Continuing Guaranty agreement dated
<br />November 18,2004 guaranteeing Borrower's full and punctual performance under the Note and Deed of
<br />Trust.
<br />
<br />WHEREAS, the Note, Deed of Trust, Assignment of Leases and Rents, Continuing Guaranty
<br />agreement, and all other documents executed in connection with the loan are collectively referred to
<br />herein as the "Existing Loan Documents".
<br />
<br />WHEREAS, Lender and Borrower agree to modify certain terms of the Deed of Trust as set forth
<br />
<br />below.
<br />
<br />NOW, THEREFORE, in consideration of Ten Dollars and for other good and valuable
<br />consideration, the receipt and sufficiency of which is hereby acknowledged, the Borrower hereto agrees,
<br />represents and consents to and with Lender as follows:
<br />
<br />A. Borrower shall pay to Lender a loan extension fee of$13,500.00.
<br />
<br />B. Borrower shall pay the December 1, 2007 payment due in the amount of$9,955.59.
<br />
<br />C. Borrower shall pay any closing and recording costs and shall provide and pay the cost of
<br />appropriate title endorsement(s) to the original ALTA Loan Policy of Title Insurance Policy
<br />Number MI412-711364, dated November 19, 2004, issued by Fidelity National Title Insurance
<br />Company to Lender, insuring that Lender's Deed of Trust remains, subsequent to the recording
<br />of this Loan Modification Agreement, a first lien on the Property.
<br />
<br />D. Borrower shall execute that certain Replacement Note Secured by Construction Security
<br />Agreement of even date herewith and identified in Paragraph E.1 of this Loan Modification
<br />Agreement.
<br />
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