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<br />When recorded return to:
<br />TierOne Bank
<br />AUn: Commercial Loan Ops / Matt Biggs
<br />1235 "N" Street
<br />Lincoln, NE 68508
<br />
<br />SECOND LOAN MODU'ICATION AGREEMENT
<br />
<br />Loan No, 01-09251713
<br />
<br />This Second 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 J, O'Connor, P.O. Box 139, Grand Island,
<br />Nebraska 68802, and TierOne Bank, a l\~derally chartercd savings bank, herein referrcd 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 />L Universal Note dated March 26, 2004 in the amount ot'$238,790,00.
<br />2, Universal Note dated March 26, 2004 in the amount of$298,484.00.
<br />3. Universal Note dated October 1, 2004 in the amount of$298,484.00.
<br />4. Universal Note dated February 1,2005 in the amount of $298,484.00,
<br />5 Universal Note dated July I, 2005 in the amount of $298,484.00.
<br />6. Universal Note datcd November I, 2005 in the amount of$298,484.00.
<br />7. Universal Note dated April 1, 2006 in the amount of$238,790.00.
<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 October 30,2003 (the
<br />"Security Instrument") which was recorded October 31, 2003, as Instrument No. 0200314437 of the
<br />otlice of Register of Deeds of Hall County, Nebraska, and encumbering the real property described as
<br />follows (the "Property"):
<br />
<br />Lots One (I), Two (2), Three (3), Four (4), Five (5), Six (6), Seven (7), Eight (8), Nine (9),
<br />Ten (10), Eleven (11), Twelve (12), Thirteen (13) and Fourteen (14), North Pointe
<br />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 October 30,
<br />2003, recorded October 31, 2003, as Instrument No. 0200314438 in the office of Register of Deeds of
<br />Hall County, Nebraska (herein "Assignment of Leases and Rents"), Construction Loan Agreement dated
<br />October 30, 2003, (herein "Construction Loan Agreement") UCC-I Financing Statements and other
<br />security instruments.
<br />
<br />WHEREAS, Borrower and Lender entered into a Loan Modification Agreement dated March 26,
<br />2004 and recorded on March 29, 2004 as Instrument No. 0200402994 in the oHice of Hall County
<br />Register of Deeds (herein "First Loan Modification Agreement").
<br />
<br />WHEREAS, the Notcs, Security Instrument, Assignment of Leases and Rents, Construction Loan
<br />Agreement, First Loan Modification Agreement, and all other documents executed in connection with the
<br />loans are collectively referred to 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 sutliciency of which is hereby acknowledged, the Borrowcr hereto agrees,
<br />represents and consents to and with Lender as follows:
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