SECURITY AGREEMENTSecurity Agreement • November 14th, 2006 • United Development Funding III, LP • Miscellaneous business credit institution • Texas
This Security Agreement (this “Agreement”) dated as of the 27th day of September, 2006 (the “Effective Date”), is made by Arete Real Estate and Development Company, a Texas corporation, Creative Modular Housing, Inc., a Texas corporation, and Modern Modular Home Rental Corp., a Texas corporation (each, a “Debtor” and collectively, “Debtors”), in favor of United Development Funding III, L.P., a Delaware limited partnership (“Lender”).
ENVIRONMENTAL INDEMNITY AGREEMENTEnvironmental Indemnity Agreement • November 14th, 2006 • United Development Funding III, LP • Miscellaneous business credit institution • Texas
THIS ENVIRONMENTAL INDEMNITY AGREEMENT (this “Agreement”), executed as of the 14th day of August, 2006 (the “Effective Date”), is made by Midlothian Longbranch, L.P., a Texas limited partnership (“Borrower”), Centurion Acquisitions, L.P., a Texas limited partnership (“Centurion”), Pars Investments, Inc., a Texas corporation (the “General Partner”), and Mehrdad Moayedi (“Moayedi”, and collectively with Borrower, Centurion and the General Partner, the “Affiliates”) in favor of United Development Funding III, L.P., a Delaware limited partnership (“Lender”).
SECURED PROMISSORY NOTEUnited Development Funding III, LP • November 14th, 2006 • Miscellaneous business credit institution • Texas
FOR VALUE RECEIVED, ARETE REAL ESTATE AND DEVELOPMENT COMPANY, a Texas corporation (“Arete”), MODERN MODULAR HOME RENTAL CORP., a Texas corporation (“MMHRC”) and CREATIVE MODULAR HOUSING, INC., a Texas corporation (“CMH”; Arete, MMHRC and CMH are referred to herein individually, as a “Borrower” and collectively, as the “Borrowers”), hereby jointly and severally make and issue this Secured Promissory Note (this “Note”), and promise 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. Three Million Six Hundred Seventeen Thousand Five Hundred and NO/100 Dollars ($3,617,500.00) or, if greater or less, the aggregate amount of all funds advanced to Borrowers under this Note, together with accrued, unpaid interest thereon, and all other amounts due to Lender hereunder.
CONTINUING UNCONDITIONAL GUARANTYContinuing Unconditional Guaranty • November 14th, 2006 • United Development Funding III, LP • Miscellaneous business credit institution • Texas
This Continuing Unconditional Guaranty (this “Guaranty”) dated as of the 27th day of September, 2006 (the “Effective Date”), is made by Joe Fogarty, Nancy Fogarty, individuals domiciled in Harris County, Texas, and The Fogarty Family Trust (collectively, the “Guarantors”), for the benefit of United Development Funding III, L.P., a Delaware limited partnership and its affiliates, subsidiaries, successors and assigns (“Lender”).
