SECURITY AGREEMENTSecurity Agreement • November 14th, 2008 • United Development Funding III, LP • Miscellaneous business credit institution • Texas
This Security Agreement (this “Agreement”) dated as of the 20th day of August, 2008 (the “Effective Date”), is made by UNITED DEVELOPMENT FUNDING LAND OPPORTUNITY FUND, L.P., a Delaware limited partnership (“Borrower” or the “Debtor”), in favor of UNITED DEVELOPMENT FUNDING III, L.P., a Delaware limited partnership (“Lender”).
ECONOMIC INTEREST PARTICIPATION AGREEMENT AND PURCHASE OPTIONEconomic Interest Participation Agreement and Purchase Option • November 14th, 2008 • United Development Funding III, LP • Miscellaneous business credit institution • Texas
This Economic Interest Participation Agreement and Purchase Option (this “Agreement”) is entered into effective as of the 19th day of September, 2008 (the “Effective Date”) by and between UNITED MORTGAGE TRUST, a real estate trust organized under the laws of the State of Maryland with an address of 1702 N. Collins Blvd., Suite 100, Richardson, TX 75080, as lender, agent and assignor (“Assignor”), and UNITED DEVELOPMENT FUNDING III, L.P., a Delaware limited partnership with an address of 1812 Cindy Lane, Suite 200, Bedford, Texas 76021, as assignee (“Assignee”).
SECURED LINE OF CREDIT PROMISSORY NOTEUnited Development Funding III, LP • November 14th, 2008 • Miscellaneous business credit institution • Texas
FOR VALUE RECEIVED, the undersigned, UNITED DEVELOPMENT FUNDING LAND OPPORTUNITY FUND, L.P., a Delaware limited partnership (“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hereby makes this Secured Line of Credit Promissory Note (as it may be amended, modified, renewed, extended, increased, superseded, or replaced from time to time, this “Note”) and promises to pay to the order of UNITED DEVELOPMENT FUNDING III, L.P., a Delaware limited partnership or its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 (“Lender”), the sum of Twenty Five Million and NO/100 Dollars ($25,000,000.00), 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.
SECURITY AGREEMENTSecurity Agreement • November 14th, 2008 • United Development Funding III, LP • Miscellaneous business credit institution • Texas
This Security Agreement (this “Agreement”) dated the 20th day of August, 2008, is made by United Development Funding, L.P., a Delaware limited partnership, formerly a Nevada limited partnership (the “Borrower”), in favor of United Development Funding III, L.P., a Delaware limited partnership (the “Lender”).
FIRST AMENDMENT TO SECURED LINE OF CREDIT PROMISSORY NOTEUnited Development Funding III, LP • November 14th, 2008 • Miscellaneous business credit institution
This First Amendment to Secured Line of Credit Promissory Note (this “Amendment”) effective as of the 26th day of August, 2008 (the “Effective Date”), is made and entered into by and between UNITED DEVELOPMENT FUNDING X, L.P., a Delaware limited partnership (“Borrower”), and UNITED DEVELOPMENT FUNDING III, L.P., a Delaware limited partnership (“Lender”).
SECURED LINE OF CREDIT PROMISSORY NOTEUnited Development Funding III, LP • November 14th, 2008 • Miscellaneous business credit institution • Texas
FOR VALUE RECEIVED, the undersigned, United Development Funding, L.P., a Delaware limited partnership, formerly a Nevada limited partnership (the “Borrower”), hereby makes this Secured Line of Credit Promissory Note (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 up to Forty-five Million and NO/100 Dollars ($45,000,000.00) in Principal (as hereinafter defined), or, if greater or less, the aggregate unpaid Principal amount advanced to Borrower under 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 this Note, or at such other address as from time to time may be designated by Lender.
