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2oioo2o47 DEVELOPMENT AGREEMENT This Development Agreement ("Agreement") dated /~/ 2009, is between ALLEN 281 LLC, a Nebraska limited liability company ("Developer"), and NEBRASKA INVESTMENT ASSOCIATION, LLC, a Nebraska limited liability company ("Owner"). PRELIMINARY STATEMENT Contemporaneously with the execution of this Agreement, Owner acquired from Developer ownership of Fart of Lot 18, Meadowlark West Third Subdivision, Hall County, Nebraska, legally described on Exhibit "A" attached hereto (the "Froperty"). The Property is situated within Eagle Run Shopping Center bounded on the north by 13~' 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 Developer 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. Declaration of Restrictions and Grant of Easements. The Property and any development and use of the Property is subject to the terms and provisions of a certain Declaration of Restrictions and Grant of Easements dated March 11, 1999 (the "1999 Declaration"). The 1999 Declaration was recorded on June 24, 1999 as Instrument No. 99-106376 in the Official Records of Hall County, Nebraska. The 1999 Declaration was amended by a certain First Amendment to Declaration of Restrictions and Grant of Easements dated August 21, 2000 (the "First Amendment"). The First Amendment was recorded on September 25, 2000 as Instrument Na. 200007944. The 1999 Declaration was further amended by a certain Second Amendment to Declaration of Restrictions and Grant of Easements dated July 24, 2002 (the "Second Amendment"). The Second Amendment was recorded July 25, 2002 as Instrument No. 200207725. The 1999 Declaration and Second Amendment were further amended by a Third Amendment to Declaration of Restrictions and Grant of Easements dated August 15, 2008 (the "Third Amendment"). The Third Amendment was recorded August 18, 2008 as Instrument Na. 200807155. The 1999 Declaration, the First Amendment, the Second. Amendment and Third Amendment are hereinafter collectively referred to as the "Declaration". From 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 491389.6