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<br />When recorded return to:
<br />TierOne Bank
<br />Attn: Commercial Loan Ops / Matt Biggs
<br />1235 "N" Street
<br />Lincoln, NE 68508
<br />
<br />Q
<br />
<br />LOAN MODTFICA TION AGREEMENT
<br />
<br />Loan No. 01-09251713
<br />
<br />This Loan Modification Agreement made as of March 14, 2008, is by and between THE
<br />MEADOWS APARTMENT HOMES, L.L.c., a Nebraska limited liability company, herein referred
<br />to as ("Borrower"), whose mailing address is c/o Raymond 1. O'Connor, P.O. Box 139, Grand Island,
<br />Nebraska 68802, and TierOne Bank, a federally chartered savings bank, herein referred to as ("Lender"),
<br />whose mailing address is 1235 "N" Street, Lincoln, Nebraska 68508 (Collectively the "Parties").
<br />
<br />WITNESSETH
<br />
<br />WHEREAS, Borrower is indebted to Lender upon those certain promissory notes which shall
<br />collectively be identified herein as the "Notes" identified as follows:
<br />
<br />1. Note Secured by Construction Security Agreement dated April 18, 2005 in the amount
<br />of$2, I 00,000.00.
<br />2. Universal Note dated June 1,2006 in the amount of $300,000.00.
<br />3. Universal Note datcd September 1, 2006 in the amount of$300,000.00.
<br />4. Universal Note dated February 1,2007 in the amount of$300,000.00.
<br />5. Commercial Promissory Note dated June 1,2007 in the amount of$300,000.00.
<br />6. Commercial Promissory Note dated November i, 2007 in the amount of$300,000.00.
<br />
<br />WHEREAS, the Notes are secured among other things, by a Construction Security
<br />Agreement/Deed of Trust with Assignment of Rents and Security Agreement dated April 18, 2005 (the
<br />"Security Instrument") which was recorded May 5, 2005, as Instrument No. 0200504087 of the office of
<br />Register of Deeds of Hall County, Nebraska, and encumbering the real property described as follows (the
<br />"Property"):
<br />
<br />Lots Eight (8), Nine (9), Ten (10), Eleven (11), Twelve (12), Thirteen (13) and Fourteen
<br />(14), North Pointe Subdivision in the City of Grand Island, Hall County, Nebraska.
<br />
<br />WHEREAS, the Notes are also secured by an Assignment of Leases and Rents dated April 18,
<br />2005, recorded May 5, 2005, as Instrument No. 0200504088 in the oUice of Register of Deeds of Hall
<br />County, Nebraska (herein "Assignment of Leases and Rents"), Construction Loan Agreement dated April
<br />i8, 2005, (herein "Construction Loan Agreement") UCC-l Financing Statements and other security
<br />instruments.
<br />
<br />WHEREAS, the Notes, Security instrument, Assignment of Leases and Rents, Construction Loan
<br />Agreement, and all other documents executed in connection with the loans are collectively referred to
<br />herein as the "Existing Loan Documents".
<br />
<br />WHEREAS, Lender and Borrower hereby agree to modify certain terms of the Security
<br />Instrument as set forth below.
<br />
<br />NOW, THEREFORE, in consideration of Ten Dollars and for other good and valuable
<br />consideration, the receipt and suUieiency of which is hereby acknowledged, the Borrower hereto agrees,
<br />represents and consents to and with Lender as follows:
<br />
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