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Exhibit 10.1
 
 
LOAN MODIFICATION AGREEMENT
 
THIS LOAN MODIFICATION AGREEMENT (this "Modification") is made September 27,
2011 (the "Effective Date"), between and among REPUBLIC FIRST BANK (D/B/A
REPUBLIC BANK) (the "Bank"), a Pennsylvania chartered bank, having an address at
Two Liberty Place, Suite 2400, 50 S. 16th Street, Philadelphia, PA 19102, and
RESOURCE CAPITAL INVESTOR, INC., a Delaware corporation (“RCI”), and RESOURCE
PROPERTIES XXX, INC., a Delaware corporation (“RP XXX” and together with RCI,
collectively, "Borrower"), each with offices at One Crescent Drive, Suite 203,
Navy Yard Corporate Center, Philadelphia, PA 19112.
 
BACKGROUND
 
The Bank and Borrower are parties to a Loan Agreement, dated February 25, 2011,
pursuant to which the Bank made available to Borrower a $3,500,000 line of
credit facility (the "Loan Agreement").  Capitalized terms used in this
Modification without definition have the respective meanings given to them in
the Loan Agreement.
 
The Bank and Borrower now desire to extend the time period during which the Line
of Credit Facility will be available to Borrower.
 
AGREEMENT
 
Borrower and Bank, for good and valuable consideration, the receipt and
sufficiency of which are acknowledged, and intending to be legally bound, hereby
agree to modify the Loan Agreement and the other Loan Documents as follows.
 
1.           In Section 1.1 of the Loan Agreement, the definition of "Loan
Documents" is hereby expanded to expressly include this Modification as a Loan
Document.  Reference in any of the Loan Documents to the Loan Documents
generally, or to any specific Loan Document, shall be deemed to mean the Loan
Documents generally, or such specific Loan Document, as modified hereby.
 
2.           The date "August 31, 2012" appearing in Section 2.1(a) of the Loan
Agreement is hereby changed to "November 30, 2012".
 
3.           The date "September 28, 2012" appearing in Sections 2.1(d) and
2.2(d) of the Loan Agreement, as well as elsewhere in the Loan Documents,
including (without limitation) Section 1(c) of the Note, is hereby changed to
"December 28, 2012".
 
4.           The date "September 1, 2012" appearing in Section 1(b) of the Note
is hereby changed to "December 1, 2012".
 
5.           To induce Bank to enter into this Modification, Borrower represents
and warrants to Bank that:
 
 
 
 

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(a)           Organization, Qualification of Borrower.  Borrower is a
corporation duly formed and in good standing in the state of Delaware, with full
power and authority to conduct its business as such business is now being
conducted.  Borrower is qualified to do business in all states where the failure
to be so qualified would have a material adverse effect on its business or
properties.
 
(b)           Authority, Authorization.
 
(i) Borrower has taken all necessary action to authorize the borrowings provided
for in the Loan Agreement, as modified hereby, and the execution, delivery, and
performance of the Loan Documents to which Borrower is a party.
 
(ii) No consent of any other party and no consent, license, approval or
authorization of, or registration or declaration with, any governmental
authority, bureau or agency is required in connection with the execution,
delivery, performance, validity, or enforceability of this Modification or any
other Loan Documents to which Borrower or Guarantor is a party.
 
(c)   Enforceability.
 
(i) This Modification has been duly and validly executed by Borrower and duly
and validly joined in by Guarantor and, to Borrower’s knowledge, constitutes a
legal, valid, and binding contract of Borrower and Guarantor, enforceable in
accordance with its terms.
 
(ii) All other Loan Documents to which they are a party are legal, valid, and
binding obligations of Borrower and Guarantor, enforceable in accordance with
their terms.
 
(d)   Other.  All other representations and warranties contained in the Loan
Documents continue to be true, correct and complete in all material respects as
of the date of this Modification, and are hereby ratified and confirmed by
Borrower.
 
6. The Loan Documents represent the entire agreement and understanding of the
parties respecting the Line of Credit Facility, and may not be amended
subsequently by oral statements of, or courses of dealing between, the parties.
 
7.           THE LOAN DOCUMENTS, INCLUDING THIS MODIFICATION, CONTINUE IN FULL
FORCE AND EFFECT AND ARE HEREBY RATIFIED AND CONFIRMED.  SPECIFICALLY, AND
WITHOUT LIMITATION, BORROWER AND, BY ITS JOINDER BELOW, GUARANTOR, HEREBY
INTENTIONALLY, KNOWINGLY AND WITH THE ADVICE OF COUNSEL ACKNOWLEDGE AND REAFFIRM
ALL OF THE BANK'S RIGHTS AND REMEDIES CONTAINED IN THE LOAN DOCUMENTS, INCLUDING
(WITHOUT LIMITATION) THE WARRANTS OF ATTORNEY ALLOWING FOR CONFESSION OF
JUDGMENT AGAINST BORROWER AND/OR GUARANTOR.
 
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IN WITNESS WHEREOF, Borrower and Bank, each intending to be legally bound
hereby, has executed or caused to be executed this Agreement on the Effective
Date.
 
 

 
BANK:
         
REPUBLIC FIRST BANK
(D/B/A REPUBLIC BANK)
 
By:       /s/ Stephen McWilliams
Name:  Stephen McWilliams
Title:    Senior Vice President
 
         
BORROWER:
         
RESOURCE CAPITAL INVESTOR, INC.
 
By:       /s/ Thomas C. Elliott                                           
Name:  Thomas C. Elliott
Title:    Chief Financial Officer
 
         
RESOURCE PROPERTIES XXX, INC.
 
By:       /s/ Thomas C. Elliott                                           
Name:  Thomas C. Elliott
Title:    Senior Vice President
 
       

 
Guarantor hereby joins in the execution of this Modification to affirm and
acknowledge (a) its consent hereto, (b) that the Surety Agreement continues in
full force and effect notwithstanding this Modification, and (c) all of the
Bank's rights and remedies contained in the Loan Documents to which Guarantor is
a party, including (without limitation) the warrants of attorney for confession
of judgment against Guarantor.
 

 
RESOURCE AMERICA, INC.
 
By:       /s/ Thomas C. Elliott                                           
Name:  Thomas C. Elliott
Title:    Senior Vice President
 

 
Signature Page
 

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