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<br />RELEASE AND ASSUMPTION AGREEMENT
<br />
<br />THIS RE~EASE AND ASSUMPTION AGREEMENT (the" Agreement") made
<br />the 22 day oLJ().Y10CtA_~ 2<XJ~ by and among FRENCH VILLAGE LIMITED
<br />PARTNERSHIP, aka Fren Village, L.P., a Nebraska limited partnership (hereinafter
<br />referred to as "Seller"), CARMALOR NEBRASKA L.P., a Nebraska limited partnership
<br />(hereinafter referred to as "Purchaser"), and the United States Department of Housing
<br />and Urban Development ("HUD"), with the consent of Wells Fargo Bank, National
<br />Association (the "Lender"),
<br />
<br />WITNESSETH:
<br />
<br />WHEREAS, Reilly Mortgage Group, Inc. (the "Original Lender") loaned Seller
<br />an amount in the original principal amount of one million two hundred thousand and
<br />001100 Dollars ($1,200,000.00) (the "Loan");
<br />
<br />WHEREAS, the Seller executed and delivered to the Original Lender a Mortgage
<br />Note (the "Note") dated as of April 9, 2003, evidencing the Loan;
<br />
<br />WHEREAS, to secure the Seller's obligation to repay the Loan, the Seller
<br />executed and delivered to the Lender a Mortgage (the "Mortgage") dated as of April 9,
<br />2003, recorded at Instrument 200304288 in the Hall County Register of Deeds records,
<br />pertaining to certain real property known as French Village Apartments, FHA Project No.
<br />103-11017 (the "Property") located in Grand Island, Nebraska, which is more
<br />particularly described in Exhibit A attached hereto and incorporated by this reference
<br />herein and by a Security Agreement (the "Security Agreement") dated as of April 9,
<br />2003 between the Seller and the Original Lender.
<br />
<br />WHEREAS, the Secretary of HUD (the "Secretary") insured the Note under
<br />Section 207 pursuant to Section 223(f) of the National Housing Act of 1934 ("NHA"), as
<br />amended, and, in consideration therefore, the Seller executed a Regulatory Agreement for
<br />Multifamily Housing Projects dated as of April 9, 2003 (the "Regulatory Agreement"),
<br />recorded at Instrument Number 200304289 in the aforesaid records.
<br />
<br />WHEREAS, James G. Rector and HUD entered into a Use Agreement and
<br />Amendment to Regulatory Agreement (the "Use Agreement") dated February 4, 1993
<br />and recorded at Instrument Number 93-101046 in the aforesaid records, which was
<br />
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