0001065645-04-000010 Sample Contracts

SECOND AMENDMENT TO MANAGEMENT AGREEMENT
Management Agreement • May 17th, 2004 • American Community Properties Trust • Land subdividers & developers (no cemeteries)

This amendment entered into as of December 28, 1990 by and between INTERSTATE GENERAL PROPERTIES LIMITED PARTNERSHIP S.E. hereinafter referred to as the "Management Agent", INTERSTATE BUSINESS CORPORATION hereinafter referred to as "IBC", and SANTA MARIA ASSOCIATES S.E.

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EMPLOYMENT AGREEMENT
Employment Agreement • May 17th, 2004 • American Community Properties Trust • Land subdividers & developers (no cemeteries) • Puerto Rico

THIS EMPLOYMENT AGREEMENT (the "Agreement") is entered into as of May 12, 2004, by and between Interstate General Properties Limited Partnership S.E., a Maryland limited partnership (the "Company") and Jorge Garcia Massuet (the "Executive"), a resident of Puerto Rico.

PURCHASE AND SALE AGREEMENT
Purchase and Sale Agreement • May 17th, 2004 • American Community Properties Trust • Land subdividers & developers (no cemeteries)

This Purchase and Sale Agreement ("Agreement") is made as of the 30th day of April, 2004, by INSULAR PROPERTIES LIMITED PARTNERSHIP, a Delaware limited partnership represented herein by its general partner, Wilson Securities Corporation, a Delaware corporation, which in turn is represented by its Assistant Vice President & Treasurer, Mr. Thomas B. Wilson, of legal age, single, and resident of Orlando, Florida ("Seller") and INTERSTATE COMMERCIAL PROPERTIES, INC., a Puerto Rico corporation, represented herein by its President, Mr. Carlos R. Rodriguez, of legal age, married, and resident of San Juan, Puerto Rico ("Buyer") (Seller and Buyers shall be collectively referred to as the "Parties").

MANAGEMENT AGREEMENT INTERSTATE ST. CHARLES, INC. SANTA MARIA SHOPPING CENTER
Management Agreement • May 17th, 2004 • American Community Properties Trust • Land subdividers & developers (no cemeteries) • Puerto Rico

THIS AGREEMENT made this 5th day of January 1987, by and between INTERSTATE GENERAL PROPERTIES (IGP) - (Management Agent) and INTERSTATE ST. CHARLES, INC. (SANTA MARIA SHOPPING CENTER) - "St. Charles."

FIRST AMENDMENT TO MANAGEMENT AGREEMENT
Management Agreement • May 17th, 2004 • American Community Properties Trust • Land subdividers & developers (no cemeteries)

This amendment entered this 4th day of January, 1988 by and between INTERSTATE GENERAL PROPERTIES LIMITED PARTNERSHIP S.P., hereinafter referred to as the "Management Agent" and INTERSTATE BUSINESS CORPORATION (SANTA MARIA SHOPPING CENTER), hereinafter referred to as "IBC," the Owner.

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