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<br />RE: Lot 2, Meadowlark West Fifth Subdivision
<br />
<br />DEVELOPER REPURCHASE AGREEMENT
<br />
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<br />
<br />This Developer Repurchase Agreement (the "Agreement") is made and entered into this
<br />20th day of February , 2008, by and between HIGHWAY MOTELS OF
<br />NEBRASKA, INC., a Nebraska corporation, having a mailing address c/o William W.
<br />Marshall, III, Five Points Bank, 2015 North Broadwell, Grand Island, Nebraska 68802
<br />("Owner"), and ALLEN PHASE III LLC, a Nebraska limited liability company, having a
<br />mailing address of P.O. Box 987, 1115 West 2nd Street, Hastings, Nebraska 68902-0987
<br />("Developer").
<br />
<br />PRELIMINARY STATEMENT
<br />
<br />Contemporaneously with the execution of this Agreement, Owner has acquired from
<br />Developer Lot 2, Meadowlark West Fifth Subdivision, Grand Island, Hall County, Nebraska, as
<br />surveyed, platted and recorded (the "Real Property") pursuant to the terms and conditions set
<br />forth in the Real Property Sale Agreement dated September 25, 2007, between the Parties (the
<br />"Purchase Agreement"), which acquisition is evidenced by the recordation of a Special Warranty
<br />Deed (the "Deed") from Developer to Owner, which was filed of record prior to the recording of
<br />this Agreement.
<br />
<br />Owner has agreed to grant to Developer certain options to repurchase the Real Property
<br />and all improvements and appurtenances thereon, exclusive of movable equipment and fixtures,
<br />inventory, signs and other personal property upon certain conditions.
<br />
<br />TERMS AND CONDITIONS
<br />
<br />NOW, THEREFORE, in consideration of the foregoing Preliminary Statement which is
<br />incorporated in its entirety in this portion of this Agreement and other valuable consideration, the
<br />receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows:
<br />
<br />1. Option Events. The following shall be deemed to be "Option Events":
<br />
<br />1.1 Commencement of Construction. In the event Owner or its successors and
<br />assigns does not commence construction of a Holiday Inn Express no later
<br />
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