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<br />RE: Lot 13, Meadowlark West Fourth Subdivision
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<br />
<br />DEVELOPER REPURCHASE AGREEMENT '\:
<br />
<br />c: This Dev~t per't~epurchase Agreement (the "Agreement") is made and entered into this '~
<br />~_ day of {If-- , 2008, by and between BRIAN J. McMAHON and LORI A. " ~
<br />McMAHON, husband and wife, as tenants in common, having a mailing address of P.O. Box ",,'
<br />2431, Grand Island, Nebraska 68802 (collectively "Owner"), and ALLEN PHASE III LLC, a
<br />Nebraska limited liability company, having a mailing address of P.O. Box 987, 1115 West 2nd
<br />Street, Hastings, Nebraska 68902-0987 ("Developer").
<br />
<br />PRELIMINARY STATEMENT
<br />
<br />Contemporaneously with the execution of this Agreement, Owner has acquired from
<br />Developer Lot 13, Meadowlark West Fourth Subdivision, Grand Island, Hall County, Nebraska,
<br />as surveyed, platted and recorded (the "Property") pursuant to the terms and conditions set forth
<br />in the Real Property Sale Agreement dated November 9,2007, as amended, between the Parties
<br />(the "Purchase Agreement"), which acquisition is evidenced by the recordation of a Special
<br />Warranty Deed (the "Deed") from Developer to Owner, which was filed of record prior to the
<br />recording of 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 ofthis 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(collectively "Owner") does not commence construction of a two
<br />story office building with retail space on the first floor (the "Facility") on
<br />or before the date which is one hundred eighty (180) days from the date of
<br />the acquisition of the Property by Owner, as evidenced by the recordation
<br />
<br />321232
<br />
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