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<br />. ., <br /> <br />200804218 <br /> <br />C. <br /> <br />Subject to receipt of this Loan Modification Agreement, fully executed, and items "A" and "B" <br />stated above, the Parties agree to amend and modify the terms and conditions of the Security <br />Instrument, as follows: <br /> <br />(1) The ''Note'' identified in the Security Instruments shall be those certain "Notes" as follows: <br /> <br />(a) Note Secured by Construction Security Agreement dated May 2, 2008, in the <br />principal sum of$I,699,200.00, <br />(b) Note Secured by Construction Security Agreement dated May 2, 2008, in the <br />principal sum of $1 ,321 ,600.00; <br /> <br />which Notes are a modification of and substitution for the Note Secured by Construction <br />Security Agreement dated October 27, 2006 in the principal amount of $3,020,800.00. <br />The "Notes" referenced above evidence the balance due and owing on the Note Secured <br />by Construction Security Agreement dated October 27,2006. <br /> <br />(2) The "Maturity Date" referencea--rri-the-SecurHy-Instrument fs-hereby changed from <br />November 1,2009 to May 1,2013. <br /> <br />D. The Assignment of Leases and Rents and all other Existing Loan Documents executed in <br />connection with the loan are also hereby amended and modified to the extent of the foregoing <br />modification of the Security Instrument set forth in this Loan Modification Agreement. <br /> <br />E. Except as expressly modified by the terms hereof, all of the terms and provisions of the Notes, <br />and all other loan documents evidencing or securing said indebtedness, including the Security <br />Instrument, are hereby ratified and shall remain in full force and effect. By execution hereof, <br />Borrower and Lender concur with all provisions contained in this Loan Modification Agreement. <br /> <br />A CREDIT AGREEMENT MUST BE IN WRITING TO BE ENFORCEABLE UNDER NEBRASKA <br />LAW. TO PROTECT YOU AND US FROM ANY MISUNDERSTANDINGS OR <br />DISAPPOINTMENTS, ANY CONTRACT, PROMISE, UNDERTAKING, OR OFFER TO FOREBEAR <br />REPAYMENT OF MONEY OR TO MAKE ANY OTHER FINANCIAL ACCOMMODATION IN <br />CONNECTION WITH THIS LOAN OF MONEY OR GRANT OR EXTENSION OF CREDIT, OR <br />ANY AMENDMENT OF, CANCELLATION OF, WAIVER OF, OR SUBSTITUTION FOR ANY OR <br />ALL OF THE TERMS OR PROVISIONS OF ANY INSTRUMENT OR DOCUMENT EXECUTED IN <br />CONNECTION WITH THIS LOAN OF MONEY OR GRANT OR EXTENSION OF CREDIT, MUST <br />BE IN WRITING TO BE EFFECTIVE. <br /> <br />Borrower: <br /> <br />THE MEADOWS APARTMENT HOMES I, L.L.c. <br />a Nebraska limited liability company <br /> <br /> <br />By: ~ <br />Raymond 1. O'Connor, Managing Member <br /> <br />Lender: <br /> <br />TierOne Bank <br /> <br /> <br />2 <br />