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<br />DEVELOPMENT AGREEMENT
<br />
<br />This Development Agreement ("Agreement") dated tftt rt/1 Ei , 2008, is bctwcen
<br />ALLEN PHASE III LLC, a Nebraska limited liability company ("Developer"), and BRIAN J,
<br />McMAHON and LORI A. McMAHON, husband and wife, as tenants in common (collectively
<br />"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 13, Meadowlark West Fourth Subdivision, Hall County, Nebraska
<br />(the "Property"). The Property is situated within Eagle Run Shopping Center bounded on the
<br />north by 13th Street, the west by U.S. Highway 281, the east by Webb Road, and the south by
<br />Faidley Road ("Eagle Run"). As a condition precedent to such acquisition, Owner and
<br />Developer 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 />acknowlcdged, 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 Declaration,
<br />if any, imposed on the owner of the Property or which are applicable to the Property. Developer
<br />shall be responsible to perform all of the obligations under the Declaration arising or accming
<br />prior to the acquisition of the Property by the Owner, if any, imposed on the owner of the
<br />Property or which are applicable to the Property.
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