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<br />V'hen recorded return to:
<br />___-4. 'ierOne Bank
<br />Attn: Commercial Loan Operations
<br />1235 N Street
<br />Lincoln, NE 68508
<br />
<br />200804218
<br />
<br />LOAN MODIFICATION AGREEMENT
<br />
<br />....,." '::~;,.~;';;,,~'. ...'T 1,~
<br />
<br />.~~i:t"II'~ 111-'r~';>-~~~'::t'":~"'-
<br />
<br />Loan No. 01-09251193
<br />
<br />This Loan Modification Agreement made as of May 2, 2008, is by and between THE
<br />MEADOWS APARTMENT HOMES I, L.L.C., a Nebraska limited liability company, ("Borrower"),
<br />whose mailing address is PO Box 139, Grand Island, Nebraska 68802, and TierOne Bank, a federal
<br />savings bank ("Lender"), whose mailing address is P.O. Box 83009, Lincoln, Nebraska 68501-3009.
<br />
<br />WITNESSETH
<br />
<br />WHEREAS, Borrower is indebted to Lender upon that certain Note Secured By Construction
<br />Security Agreement dated October 27, 2006, made by Borrower in the original amount of $3,020,800.00
<br />(herein "Note") secured among other things, by a Construction Security Agreement/Deed of Trust with
<br />Assignment of Rents and Security Agreement dated October 27, 2006 (the "Security Instrument") which
<br />was recorded October 27, 2006, as Instrument Number 0200609624, in the Recorder's Office of HalI
<br />County, Nebraska, encumbering the real property described as follows (the "Property"):
<br />
<br />Lots One (1), Two (2), Three (3), Four (4), Five (5), Six (6), Seven (7), Eight (8), Nine
<br />(9), Ten (10), Eleven (11), Twelve (12), Thirteen (13), Fourteen (14), Fifteen (15) and
<br />Sixteen (16) and Outlots A and B of Francis Second Subdivision, in the City of Grand
<br />Island, Hall County, Nebraska.
<br />
<br />WHEREAS, the Note is also secured by that Assignment of Leases and Rents dated October 27,
<br />2006 (herein "Assignment of Leases and Rents") which was recorded October 27, 2006, as Instrument
<br />Number 0200609625, in the Recorder's Office of Hall County, Nebraska, Construction Loan Agreement
<br />dated October 27,2006 (herein "Construction Loan Agreement") and other security instruments.
<br />
<br />WHEREAS, the Note, Security Instrument, Assignment of Leases and Rents, Construction Loan
<br />Agreement and all other documents executed in connection with the loan are colIectively referred to
<br />herein as the "Existing Loan Documents".
<br />
<br />WHEREAS, Borrower and Lender have agreed to modify certain terms of the Existing Loan
<br />Documents as set forth below.
<br />
<br />AGREEMENT
<br />
<br />For good and valuable consideration, Borrower and Lender do hereby agree as follows:
<br />
<br />A. Borrower shall execute the following "Notes" dated of even date herewith and identified In
<br />Paragraph C.l of this Loan Modification Agreement.
<br />
<br />(1) Note Secured by Construction Security Agreement in the amount of$I,699,200.00.
<br />(2),. Note Secured by Construction Security Agreement in the amount of$I,321,600.00.
<br />
<br />B. Borrower shall pay any closing and recording costs and shall provide and pay the cost of
<br />appropriate title endorsement(s) to the original ALTA Loan Policy of Title Insurance Policy
<br />Number M 1412-855787, dated November 2, 2006, issued by Fidelity National Title Insurance
<br />Company to Lender, insuring that Lender's Security Instrument as amended by this Loan
<br />Modification Agreement and subsequent to the recording of this Loan Modification Agreement is
<br />a first lien on the Property.
<br />
<br />~7, 0 ()
<br />
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