SECURITY AGREEMENTSecurity Agreement • November 14th, 2007 • United Development Funding III, LP • Miscellaneous business credit institution • Texas
This Security Agreement (this “Agreement”) dated as of the 12th day of November, 2007 (the “Effective Date”), is made by United Development Funding X, L.P., a Delaware limited partnership (“Borrower” or the “Debtor”), in favor of United Development Funding III, L.P., a Delaware limited partnership (“Lender”).
SECURED LINE OF CREDIT PROMISSORY NOTEUnited Development Funding III, LP • November 14th, 2007 • Miscellaneous business credit institution • Texas
FOR VALUE RECEIVED, the undersigned, United Development Funding X, L.P., a Delaware limited partnership (the “Borrower”), hereby makes this Secured Line of Credit Promissory Note (as it may be amended, modified, renewed, extended, increased, superseded, or replaced from time to time, this “Note”) and promises to pay to the order of United Development Funding III, L.P., a Delaware limited partnership or its assigns (the “Lender”), the sum of Seventy Million and NO/100 Dollars ($70,000,000.00), or, if greater or less, the aggregate outstanding principal amount of this Note, together with accrued, unpaid interest thereon, pursuant to the terms and conditions set forth in this Note. All amounts are payable to Lender in lawful money of the United States of America at the address for Lender provided in Section 1 of this Note, or at such other address as from time to time may be designated by Lender.
CONTINUING UNCONDITIONAL GUARANTYContinuing Unconditional Guaranty • November 14th, 2007 • United Development Funding III, LP • Miscellaneous business credit institution • Texas
This Continuing Unconditional Guaranty (this “Guaranty”) dated as of the 12th day of November, 2007 (the “Effective Date”), is made by UMT Holdings, L.P., a Delaware limited partnership (the “Guarantor”), for the benefit of United Development Funding III, L.P., a Delaware limited partnership and its affiliates, subsidiaries, successors and assigns (“Lender”).
