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<br />DEVELOPMENT AGREEMENT
<br />
<br />This Development Agreement ("Agreement") dated February 20 , 2008, is between
<br />ALLEN PHASE III LLC, a Nebraska limited liability company ("Developer"), and HIGHWAY
<br />MOTELS OF NEBRASKA, INC., a Nebraska corporation ("Owner").
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<br />PRELIMINARY STATEMENT
<br />
<br />Contemporaneously with the execution of this Agreement, Owner acquired from
<br />Developer ownership of Lot 2, Meadowlark West Fifth Subdivision, Hall County, Nebraska.
<br />which is situated within Eagle Run Shopping Center bounded on the north by 13th Street, the
<br />west by U.S. Highway 281, the east by Webb Road, and the south by Faidley Road ("Eagle
<br />Run") (the "Property"). As a condition precedent to such acquisition, Owner and Developer
<br />agreed to execute and exchange this Agreement to evidence their agreement and
<br />understanding with respect to the development and use of the Property.
<br />
<br />TERMS AND CONDITIONS
<br />
<br />In consideration of the foregoing Preliminary Statement, which is repeated in its entirety
<br />in this portion of this Agreement, and other valuable consideration, the receipt of which is
<br />acknowledged, Developer and Owner agree as follows:
<br />
<br />1. Declaration of Restrictions and Grant of Easements. The Property and any
<br />development and use of the Property are subject to the terms and provisions of a certain ECR
<br />Declaration dated December 10, 2003 (the "Declaration"). The Declaration was recorded on
<br />December 17, 2003, as Instrument No. 200316111 in the Official Records of Hall County,
<br />Nebraska. From and after the date of Owner's acquisition of the Property, Owner and its
<br />successors and assigns agree to assume and perform all of the obligations under the
<br />Declaration, if any, imposed on the owner of the Property or which are applicable to the
<br />Property. Developer shall be responsible to perform all of the obligations under the Declaration
<br />arising or accruing prior to the acquisition of the Property by the Owner, if any, imposed on the
<br />owner of the Property or which are applicable to the Property.
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<br />? Plans. Prior to the commencement of any building or any other improvements
<br />on the Property, Owner shall deliver to Developer or its designee (i) a Site Plan of the Property
<br />depicting any building and all other improvements to be constructed on the Property (such
<br />building and other improvements are referred to collectively as the "Project"); and (ii)
<br />architecturally certified Plans and Specifications of the Project, including elevations of the
<br />building, landscaping plans, and exterior signage drawings. Developer shall have a period of
<br />fifteen (15) business days after receipt within which to review and either (a) approve, (b) partially
<br />approve and suggest revisions with respect to the balance, or (c) reject such Plans, which
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<br />409635.4
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