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<br /> • When recorded return to:
<br /> TierOne Bank
<br /> Attn: Commercial Loan Ops./Jessie Yant
<br /> 1235 "N" Street
<br /> Lincoln, NE 68508
<br /> O
<br /> THIRD LOAN MODIFICATION AGREEMENT 24-1)
<br /> Loan No. 01-09251193
<br /> Loan No. 01-09251$07
<br /> This Third Loan Modification Agreement made as of April 19, 2010, 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 /> WITNESSETH
<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 /> which was amended and replaced by that certain. Note Secured by Construction Security Agreement dated
<br /> May 2, 2008, made by Borrower in the original amount of $1,699,200.00, (herein "$1,699,200 Note") and
<br /> that Note Secured by Construction Security Agreement dated May 2, 2008, made by Borrower in the
<br /> original amount of $1,321,600.00 (herein $1,321,600 Note") [the $1,699,200 Note and the $1,321,600
<br /> Note are collectively referred to herein as the "Notes"]. The Notes are secured among other things, by a
<br /> Construction Security Agreement/Deed of Trust with Assigmnent of Rents and Security Agreement dated
<br /> October 27, 2006 (the "Security Instrument") which was recorded October 27, 2006, as Instrument
<br /> Number 0200609624, in the Recorder's Office of Hall County, Nebraska, encumbering the real property
<br /> described as follows (the "Property"):
<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 /> WHEREAS, the Notes are also secured by that Assignment of Leases and Rents dated October
<br /> 27, 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, a Construction Loan
<br /> Agreement dated October 27, 2006 (herein "Construction. Loan Agreement"), and other security
<br /> instruments.
<br /> WHEREAS, Borrower and Lender executed that Loan Modification Agreement dated May 2,
<br /> 2008, which was recorded May 15, 2008, as Document No. 0200804218, in the Official Records of Hall
<br /> County, Nebraska (the "First Loan Modification Agreement"); and
<br /> WHEREAS, Borrower and Lender executed that Second Loan Modification Agreement dated
<br /> November 2, 2009, (the "Second Loan Modification. Agreement"); and
<br /> WHEREAS, the Note, Security Instrument, Assignment of Leases and Rents, Construction Loan
<br /> Agreement, First Loan Modification Agreement, Second Loan Modification Agreement and all other
<br /> documents executed in connection with the loan are collectively referred to herein as the "Existing Loan
<br /> Documents".
<br /> WHEREAS, Borrower and Lender have agreed to modify certain terms of the Existing Loan
<br /> Documents as set forth below.
<br />
<br />
<br />
<br /> AGREEMENT
<br />
<br /> For good and valuable consideration, Borrower and Lender do hereby agree as follows:
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