LIMITED GUARANTYLimited Guaranty • October 20th, 2006 • United Development Funding III, LP • Miscellaneous business credit institution • Texas
This Limited Guaranty (this “Guaranty”) dated as of the 1st day of September, 2006 (the “Effective Date”), is made by United Development Funding III, L.P., a Delaware limited partnership (“Guarantor”), for the benefit of United Mortgage Trust, a real estate investment trust organized under the laws of the state of Maryland (the “Lender”) or its permitted successors and assigns.
UNITED DEVELOPMENT FUNDING III, L.P. 1702 N. Collins Blvd., Suite 100 Richardson, Texas 75080 Effective Date: September 1, 2006Letter Agreement • October 20th, 2006 • United Development Funding III, LP • Miscellaneous business credit institution
This letter agreement (this “Agreement”) sets forth our understanding with respect to the Limited Guaranty dated as of September 1, 2006 (as it may be amended, the “Guaranty”) that United Development Funding III, L.P., a Delaware limited partnership (“UDF III”) has agreed to enter into, execute and deliver to United Mortgage Trust, a real estate investment trust organized under the laws of the state of Maryland (“UMT”) for the benefit of United Development Funding, L.P., a Nevada limited partnership (“UDF”), in connection with the line of credit provided by UMT to UDF pursuant to that certain Second Amended and Restated Secured Line of Credit Promissory Note dated June 20, 2006 in the principal amount of U.S. $45,000,000 (as it may be amended, the “Note”). Capitalized terms not defined herein shall have the meanings given to such terms in the Guaranty.
