Common use of Permitted Holdings Clause in Contracts

Permitted Holdings. Borrower and its Subsidiaries may acquire or maintain the following Permitted Holdings so long as (i) the aggregate value whether held directly or indirectly by Borrower and its Subsidiaries does not exceed, at any time, 20% of Gross Asset Value for the Borrower as a whole and (ii) the value of each Permitted Holding does not exceed, at any time the following percentages of Borrower's Gross Asset Value: % OF GROSS PERMITTED HOLDINGS MAXIMUM ASSET VALUE ------------------------------------------------------ ---------- ------------ - Non manufactured home community property 10% ___% (other than cash or Cash Equivalents) - Land 5% ___% - Securities (issued by REITs primarily 5% ___% engaged in the development, ownership and management of Manufactured Home communities) - Manufactured Home Community Mortgage 10% ___% other than mortgage indebtedness which is either eliminated in the consolidation of the REIT; Borrower and the Subsidiaries or accounted for as investments in real estate under GAAP - Manufactured Home Community Partnership 10% ___% Interest other than Controlled Partnership Interests - Development Activity 10% ___%

Permitted Holdings. Borrower and its Subsidiaries may acquire or maintain the following Permitted Holdings so long as (i) the aggregate value whether held directly or indirectly by Borrower and its Subsidiaries does not exceed, at any time, 20% of Gross Asset Value for the Borrower as a whole and (ii) the value of each Permitted Holding does not exceed, at any time the following percentages of Borrower's Gross Asset Value: % OF GROSS PERMITTED HOLDINGS MAXIMUM ASSET VALUE ------------------------------------------------------ ---------- ------------ - Non manufactured NON MANUFACTURED home community property 10% ___% (other than cash or Cash Equivalents) ----- - Land 5% ___% ----- - Securities (issued by REITs primarily 5% ___% engaged in the development, ownership and ----- management of Manufactured Home communities) - Manufactured Home Community Mortgage 10% ___% other than mortgage indebtedness which is ----- either eliminated in the consolidation of the REIT; , Borrower and the Subsidiaries or accounted for as investments in real estate under UNDER GAAP - Manufactured Home Community Partnership manufactured home community partnership 10% ___% Interest interest other than Controlled Partnership Interests controlled partnership ----- interests - Development Activity development activity 10% ___%% -----

Permitted Holdings. Borrower and its Subsidiaries may acquire or maintain the following Permitted Holdings so long as (i) the aggregate value whether held directly or indirectly by Borrower and its Subsidiaries does not exceed, at any time, 20% of Gross Asset Value for the Borrower as a whole and (ii) the value of each Permitted Holding does not exceed, at any time the following percentages of Borrower's Gross Asset Value: PERMITTED HOLDINGS MAXIMUM % OF GROSS PERMITTED HOLDINGS MAXIMUM ASSET VALUE ------------------------------------------------------ ---------- ------------ -------------------------------------- ------------------- ---------------- - Non manufactured home community property 10% ___0.6% property (other than cash or Cash Equivalents) Equivalents - Land 5% ___0% - Securities (issued by REITs primarily 5% ___0% engaged in the development, ownership and management of Manufactured Home communities) communities - Manufactured Home Community community Mortgage 10% ___1.1% other than mortgage indebtedness which is either eliminated in the consolidation of the REIT; , Borrower and the Subsidiaries or accounted for as investments in real estate under GAAP - Manufactured Home Community Partnership 10% ___0.5% Interest other than Controlled Partnership Interests Interest - Development Activity 10% ___0.5%

Permitted Holdings. Borrower and its Subsidiaries may acquire or maintain the following Permitted Holdings so long as (i) the aggregate value whether held directly or indirectly by Borrower and its Subsidiaries does not exceed, at any time, 20% of Gross Asset Value for the Borrower as a whole and (ii) the value of each Permitted Holding does not exceed, at any time the following percentages of Borrower's Gross Asset Value: % OF GROSS PERMITTED HOLDINGS MAXIMUM ASSET VALUE ------------------------------------------------------ ---------- ------------ - ------------------------------------------------ ---------------- ------------- -- Non manufactured home community property 10% ___0.6% (other than cash or Cash Equivalents) - -- Land 5% ___0% - -- Securities (issued by REITs primarily 5% ___0% engaged in the development, ownership and management of Manufactured Home communities) - -- Manufactured Home Community Mortgage 10% ___1.1% other than mortgage indebtedness which is either eliminated in the consolidation of the REIT; , Borrower and the Subsidiaries or accounted for as investments in real estate under GAAP - -- Manufactured Home Community Partnership 10% ___0.5% Interest other than Controlled Partnership Interests - -- Development Activity 10% ___0.5%