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<br />87-- V3 14700
<br />NOW, THEREFORE, Lender and Borrower agree as follows:
<br />1. Deed of Trust. The term "Trustor" as defined in the
<br />Deed of rust, as modified, is hereby modified to include
<br />Borrower, Devco Inc., Dean E. Arter and Carol E. Arter.
<br />2. Consent. Lender hereby approves the First Amentment to
<br />Declaration anc Second Amendment to Declaration.
<br />3. New Definition of Loan Documents. This Agreement, Third
<br />Amendment to Construction Loan Agreement, and Fifth Guarantee,
<br />are hereby included in the definition of "Loan Documents" as that
<br />term is defined in the Original Loan Agreement, Deed of Trust,
<br />Original Loan Documents, First Amendment to Construction Loan
<br />Agreement, Second Promissory Note, Second Guarantee, Readvanced
<br />Loan Documents, Second Amendment to Construction Loan Agreement,
<br />Fourth Guarantee, Assignment of Leases, Lower Level Trust Deed,
<br />Third Amendment to Construction Loan Agreement, and Fifth
<br />Guarantee.
<br />4. Legal Description. The Borrower warrants and represents
<br />that it is the owner of only the The Yancey condominium units
<br />defined in Exhibit "A" which is attached hereto and incorporated
<br />herein by this-' reference.
<br />. 5. Second Promissory Note. The Second Promissory Note, as
<br />amended is a valid subsisting obligation of the Borrower with an
<br />F` unpaid principal balance of $426,265 and accrued interest of
<br />$981.00 as of this date, for a total outstanding indebtedness of
<br />$427,246.00.
<br />6. Modification of Face Amount of Second Promissory Note.
<br />Lender an Borrower hereby modify the Second Promissory Note, as
<br />amended by decreasing the face amount of the Second Promissory
<br />Note, as amended from $1,070,000 to $900,000.
<br />7. Defenses. Arter has no defenses or offsets against the
<br />payment of principal or interest of the unpaid balance as set
<br />forth in paragraph 5 above.
<br />8. Unit 104. In addition to the cther real estate
<br />described i the Deed of Trust, the Deed of Trust shall apply to
<br />Condominium Unit No. 104, the Yancey, a Condominium, a
<br />condominium in accordance with The Declaration recorded on
<br />October 17, 1984 under Document Number 83- 005507 of the County of
<br />Hall, State of Nebraska, records as amended Unit 104 is
<br />incorporated into Exhibit "A" of the Deed of Trust by this
<br />reference.
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<br />9. Maturity Date. The maturity dates of the Second
<br />Promissory Note, as amended, is extended until December 31, 1987
<br />with rate and payment of interest on the extended balance
<br />computed according to the terms and conditions of the Second
<br />Promissory Note, as amended.
<br />10. Reaffirmation. Arter reaffirm, represent and warrant
<br />(which rea irmation, representation and warranties shall survive
<br />the termination of the Loan Documents, as amended and defined
<br />herein, and the repayment of any loans made pursuant thereto)
<br />the warranties, representations, covenants, terms and conditions
<br />as contained in the Loan Documents, as modified and defined
<br />herein. Such reaffirmation, representation and warranties shall
<br />not be construed to be a waiver by Lender of any possible
<br />defaults or breaches by Borrower under the Loan Documents, as
<br />amended and defined herein. Borrower's request for disbursements
<br />and advancements under the Second Promissory Note or any other
<br />Note shall be a reaffirmation of the warranties, covenants, terms
<br />and conditions as contained in the Loan Documents, as amended and
<br />defined herein.
<br />GEC
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