CONTINUING UNCONDITIONAL GUARANTYContinuing Unconditional Guaranty • April 2nd, 2007 • United Development Funding III, LP • Miscellaneous business credit institution • Texas
This Continuing Unconditional Guaranty (this “Guaranty”) dated as of the 19th day of December, 2006 (the “Effective Date”), is made by Buffington Hidden Lakes GP, Inc., a Texas corporation (the “Guarantor”), for the benefit of United Development Funding III, L.P., a Delaware limited partnership and its successors and assigns (“Lender”).
SECURED PROMISSORY NOTESecured Promissory Note • April 2nd, 2007 • United Development Funding III, LP • Miscellaneous business credit institution • Texas
FOR VALUE RECEIVED, BUFFINGTON HIDDEN LAKES, LTD., a Texas limited partnership (“Borrower”) hereby makes and issues this Secured Promissory Note (this “Note”), and promises to pay to the order of UNITED DEVELOPMENT FUNDING III, L.P., a Delaware limited partnership (together with its successors and assigns, “Lender”) the principal sum of U.S. Four Million Four Hundred Eighty-Four Thousand Seventy-Seven and NO/100 ($4,484,077.00) or, if greater or less, the aggregate amount of all funds advanced to Borrower under this Note, together with accrued, unpaid interest thereon, and all other amounts due to Lender hereunder. The parties hereto hereby agree to the terms and conditions of this Note, as further set forth below. The General Partner is executing this Note on its own behalf for certain limited purposes described on the signature page to this Note.
