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.~ ~ ' ~,.~. ~~ N ~ ~ ~~ (O ^"'^~ ~ ~ V - m ~rrrrr~ww ~~ ~~ rn =~~ -n N tc- Ca ~ ~ fl r~ ~ ~ f V a7 94 = m ~}.. ~u- ~ m C~ a ~, u, ~ ~ cv o t_ ~ ~ ~ A fv ~,.... ~ C -7 c!> p Z Cf> 0 DEVELOPMENT AGREEMENT ~~ This Development Agreement ("Agreement") dated September 23 , 2009, is between ALLEN PHASE III LLC, a Nebraska limited liability company ("Developer"), and PAUL ~~~ YOUNES ("Owner"). PRELIMINARY STATEMENT Contemporaneously with the execution of this Agreement, Owner acquired from Develaper ownership of Lot 1, Meadowlark West Fifth Subdivision, Hall County, Nebraska (the "Property"). The Property is situated within Eagle Run Shopping Center bounded on the north by 13th Street, the west by U.S. Highway 281, the east by Webb Road, and the south by Faidley Road ("Eagle Run"). As a condition precedent to such acquisition, Owner and Develaper agreed to execute and exchange this Agreement to evidence their agreement and understanding with respect to the development and use of the Property. TERMS AND CONDITIONS In consideration of the foregoing Preliminary Statement, which is repeated in its entirety in this portion of this Agreement, and other valuable consideration, the receipt of which is acknowledged, Developer and Owner agree as follows: 1. ECR Declaration. The Property and any development and use of the Property are subject to the terms and provisions of a certain ECR Declaration dated December 10, 2003 (the "Declaration"). The Declaration was recorded on December 17, 2003, as Instrument No. 20031611 in the Official Records of Hall County, Nebraska. Frarn and after the date of Owner's acquisition of the Property, Owner and its successors and assigns agree to assume and perform all of the obligations under the Declaration, if any, imposed on the owner of the Property or which are applicable to the Property. Developer shall be responsible to perform all of the obligations under the Declaration arising or accruing prior to the acquisition of the Property by the Owner, if any, imposed on the owner of the Property or which are applicable to the Property.