SECOND AMENDMENT TO AGREEMENT OF PURCHASE AND SALE
     This SECOND AMENDMENT TO AGREEMENT OF PURCHASE AND SALE (this “Amendment”)
is executed this 21st day of December, 2007, by and between LOUDOUN LAND VENTURE
LLC, a Delaware limited liability company (“Seller”), and NATIONAL RURAL
UTILITIES COOPERATIVE FINANCE CORPORATION, a District of Columbia cooperative
association (“Purchaser”).
RECITALS:
     R-l Purchaser and Seller have entered into an Agreement of Purchase and
Sale dated November 28, 2007 as amended by First Amendment to Agreement of
Purchase and Sale dated December 17, 2007 (the “Contract”), pursuant to which
Seller agreed to sell to Purchaser and Purchaser agreed to purchase from Seller
that certain parcel of real property located in Loudoun County, Commonwealth of
Virginia, consisting of approximately 27.6177 acres of land, as more
particularly described in such Contract (the “Property”);
     R-2 The due diligence period under the Contract expires on December 21,
2007 at 5:00 PM EST;
     R-3 It is the intent of Seller and Purchaser to amend the Contract to,
among other things, include certain additional conditions to Closing, and to
establish Seller’s and Purchaser’s respective rights and obligations with
respect to such conditions.
WITNESSTH:
     NOW, THEREFORE, in consideration of Ten Dollars ($10.00) in hand paid, the
mutual covenants and responsibilities reflected herein, the premises herein
contained and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the undersigned parties hereby
agree as follows:
     1. Terminology. All capitalized terms not otherwise defined herein shall
have the meanings given them in the Contract
     2. Incorporation of Recitals. The recitals set forth above are incorporated
herein as if set forth at length.
     3. Amendments.
          a. Section 3 of the Contract is hereby amended by modifying the
Purchase Price to Sixteen Million and No/100 Dollars ($16,000,000.00).
          b. Title:
               (i) That certain Sanitary Sewer Easement and Cost Sharing
Agreement dated September 14, 2004 and recorded as Instrument
No. 20041007-0108681,
 
 

 

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among the land records of Loudoun County, Virginia (the “Cost Sharing
Agreement”) provides for the payment to Comstock Loudoun Station, L.C.
(“Comstock”) of a sum equal to 12.7% of the cost of engineering, construction,
permitting, bonding, land/easement acquisition and associated fees for the
construction of certain Facilities (as defined in the Cost Sharing Agreement).
It is the understanding of Seller and Purchaser that such Facilities have been
constructed. As contemplated in Section 18 of that certain Contract between
Reliance Insurance Company as Seller and TC MidAtlantic Development, Inc (as
subsequently assigned to TC Epicenter, LLC) as Purchaser dated February 8, 2005
(the “Reliance Contract”), the sum due to Comstock from the Property under the
Cost Sharing Agreement was fixed at an amount equal to 5.1% of the total costs
of the Facilities with a maximum reimbursement of $130,650.00. Unless on or
before Closing, Seller provides a certificate executed by Comstock in recordable
form that the payment required from the Property under the Cost Sharing
Agreement has been made then the Purchase Price shall be reduced by $130,650.00
and Purchaser shall release Seller from all obligation for any payment due from
the owner of the Property under or pursuant to the Cost Sharing Agreement.
               (ii) That certain Access, Easement and Maintenance Agreement
dated September 28, 1993, recorded in Deed Book 1256, at Page 277, among the
land records of Loudoun County, Virginia created an access easement that bisects
the Property. Purchaser’s title company has agreed not to take exception to such
access easement if Seller executes an affidavit in recordable form affirming to
the best of its knowledge that such easement has terminated in accordance with
its terms. Seller hereby agrees to execute such an affidavit in form and
substance satisfactory to Seller, containing no indemnification and limited to
the best of Seller’s knowledge. In the event Seller and Purchaser’s title
company are unable to agree on the form of such affidavit, the same shall not be
deemed a failed condition to closing and Purchaser shall irrespective thereof be
obligated to proceed with Settlement.
               (iii) That certain Easement Agreement dated December 11, 1997
between Miller and Smith at Dulles Parkway Center, L.L.C. and Reliance Insurance
Company purports to grant to Miller and Smith certain easements over the
Reliance Property (as defined in such agreement) generally in the area defined
in such agreement as “Miller and Smith Easement Areas”. The Miller and Smith
Easement Areas are described as shown on a plat that is not attached to such
agreement. Seller shall use good faith efforts to obtain from Miller and Smith
and deliver to Purchaser prior to closing an estoppel certificate in recordable
form (and in a form to be supplied by Purchaser) confirming that such easement
agreement does not encumber the Property; provided the same shall under no
circumstances be deemed a condition precedent to closing under the Contract.
          c. As contemplated in Section 10(vi) of the Contract, all required
off-site easements or off-site right-of-way necessary for the construction of
Purchaser’s Improvements including with respect to the Shellhorn Road
Improvements (as defined herein) are to be recorded prior to Closing. Such
condition is amended to provide that Seller shall obtain and record in the land
records of Loudoun County an executed “Agreement to Cooperate” from each party
for which an offsite easement or right-of-way is required in order to construct
the Shellhorn Road Improvements which agreements shall be in the form attached
hereto as Exhibit D except such agreements shall also be executed by any
trustees and lenders under any deeds of
 
 

 

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trusts encumbering the property of such off-site owners. A list of the plats
depicting the off-site easements and right-of-way known to be required to date
for such Shellhorn Road Improvements is set forth on Exhibit A attached hereto
and incorporated herein by reference. Any costs associated with the acquisition
of such off-site right-of-way and easements including any payment to, or
construction for the benefit of, the party granting such right-of-way or
easement shall be paid by Seller.
          d. Section 13 of the Contract contemplated that Purchaser would be
seeking certain written confirmation from Loudoun County of what Proffers were
the obligation of the Property, including what Proffers must be performed to
develop the Property with the Purchaser’s Improvements. A copy of the written
confirmation that Purchaser shall submit is set forth as Exhibit B attached
hereto and incorporated herein by reference. Receipt of such written
confirmation shall not be deemed a condition precedent to Settlement hereunder.
          e. Shellhorn Road Construction. Seller shall, during the pendency of
the Contract, at its sole cost and expense, and MidAtlantic Realty Partners, LLC
(“MRP”), shall, subsequent to Closing, at its sole cost and expense, diligently
and continuously pursue the approval of the Shellhorn Road Improvements along
the Property’s entire frontage including obtaining any required wetlands permit
required in connection with the CPAP (as defined below) (the “Shellhorn Road
Improvements”) as such improvements are shown on those Construction Plans and
Profiles CPAP 2007-0079 prepared by Urban Engineering & Associates dated
December 11, 2007 and as ultimately approved by Loudoun County, Virginia
(“Shellhorn Road CPAP”). In addition to obtaining the approval of the Shellhorn
Road CPAP, Seller (prior to Closing) and MRP (subsequent to Closing) shall
diligently and continuously pursue obtaining the approval of the flood plain
alteration study prepared by Urban Engineering & Associates dated September 24,
2007 (County Reference No. FPAL 2007-0026) and associated easements (the “Flood
Plain Alteration”) which easement (or in lieu thereof Agreements to Cooperate)
shall be part of the agreements to be obtained prior to Closing pursuant to
Section 3.c. hereof. Purchaser’s sole responsibility with respect to obtaining
the approval of the Shellhorn Road CPAP and the Flood Plain Alteration shall be
to post the bonds required by Loudoun County and the Virginia Department of
Transportation with respect to the same. Within thirty (30) days of the
Shellhorn Road CPAP being approved by Loudoun County, subject only to the
posting of such bonds, and Purchaser being given written notice of the same by
Seller, Purchaser shall give MRP written notice (at the address set forth on the
signature page hereof) of whether it desires to have MRP construct the Shellhorn
Road Improvements shown thereon, which improvements shall include any required
utility relocations associated with the Shellhorn Road Improvements. If
Purchaser elects to have MRP construct the Shellhorn Road Improvements, MRP
shall commence such improvements within thirty (30) days of Purchaser’s notice
to proceed (but not later than 60 days subsequent to the approval of the
Shellhorn Road CPAP) and shall diligently and continuously pursue such
construction to “Completion”. Completion shall be defined as the acceptance of
such road by the Virginia Department of Transportation for maintenance and the
release of all bonds posted with Loudoun County and the Virginia Department of
Transportation with respect to such improvements. Purchaser shall pay to MRP the
sum of One Million Five Hundred Thousand and No/100 Dollars ($1,500,000.00) in
payment of MRP’s construction of the Shellhorn Road Improvements. Such funds
shall be disbursed by Purchaser to MRP based
 
 

 

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on monthly draws on a standard AIA form draw request, including lien waivers
from the contractors and subcontractors performing the work and satisfactory
inspections by a third party engineer reasonably acceptable to Purchaser and MRP
that the work for such draw is requested has been completed in accordance with
the approved plans therefore. Any cost incurred in the construction of Shellhorn
Road Improvements in excess of the sum of One Million Five Hundred Thousand and
No/100 Dollars ($1,500,000.00) shall be paid by MRP. Any portion of the
$1,500,000 which has not been previously funded to MRP shall be paid to MRP
within ten (10) days of Completion.
          f. Pursuant to Proffer IX.F of the Proffers, “In the event that any
one or more of the individual roadway improvements proffered by the Applicant is
substantially performed by others prior to bonding for such construction by the
Applicant, the actual paid and reasonable construction costs of such individual
improvements shall be contributed by the Applicant to the County in lieu of
Applicant’s construction obligation.” Figure I in Exhibit C to the Proffers,
which includes the Property indicates that, as a part of the development of the
Property, Route 607 northeast of Shellhorn Road was to be constructed by the
owner of the Property as four lanes of a six lane divided roadway. Such road
construction was performed by others thereby potentially triggering the cash in
lieu of construction proffer set forth in Proffer IX.F. Seller agrees to escrow
at closing the sum of $326,550.15 (the “Loudoun County Parkway Extension
Escrow”). If (i) at the time of site plan approval for the Purchaser’s
Improvements Loudoun County has not as part of such site plan approval required
the payment of the cash in lieu of the Loudoun County Parkway Extension, and
(ii) in response to the Purchaser’s Proffer interpretation (but not later than
such site plan approval), Loudoun County has indicated that the owner of
Property is not responsible for paying the cash in lieu of construction proffer
for the Loudoun County Parkway Extension, then such escrow funds shall be
released to the Seller. On the other hand, if at the time of such site plan
approval or receipt of the proffer interpretation from Loudoun County (but not
later than site plan approval), whichever occurs later, Loudoun County has
indicated that the owner of the Property is responsible for the cash in lieu of
construction proffer associated with such Loudoun County Parkway Extension, then
the escrow funds shall be released to Purchaser up to the amount required to be
paid by Purchaser to Loudoun County with any balance to be paid to Seller. In
consideration of the foregoing, Purchaser covenants and agrees that it shall
continue to prosecute to completion (or until the County has indicated pursuant
to the preceding sentence that such cash in lieu payment is due) at its cost and
expense, approval of the site plan in the form as previously submitted for the
Property by Seller, which prosecution shall be diligent, in good faith and
without interruption. Notwithstanding the foregoing, in the event Loudoun County
determines that the owner of the Property is responsible for the entirety of the
cash in lieu of construction proffer associated with such Loudoun County Parkway
Extension (as opposed to a pro rata portion thereof) Seller shall have the right
to appeal such determination and each of Purchaser and Seller acknowledge and
agree that Seller may retain Brian J. Cullen for purposes of prosecuting such
negotiation and appeal; with any refund of the amount so paid being the sole
property of Seller.
          g. Section 18 and 19(h) of the Contract are modified to permit
Purchaser to make any disclosures required by applicable law, court order or
governmental authority, including, but not limited to, any disclosures required
to be made by the Securities Exchange Commission as part of any periodic filing
requirement.
 
 

 

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     4. Full Force and Effect. Except as modified herein, all of the provisions
of the Contract shall remain in full force and effect as originally written.
     5. Counterpart Execution. This Amendment may be executed in multiple
counterparts, all of which when taken together shall constitute one original.
     IN WITNESS WHEREOF, the parties hereto have executed or have caused to be
executed under seal this Amendment as of the day and year first above written,

           
SELLER:

LOUDOUN LAND VENTURE, LLC, a Delaware
limited liability company
 
    By:   Cornerstone Real Estate Advisers LLC,         its manager             
By:   /s/ Linda H. Young       Name:  Linda H. Young      Title:   Vice
President   

 
 

 

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            PURCHASER:

NATIONAL RURAL UTILITIES COOPERATIVE
FINANCE CORPORATION, a District of
Columbia cooperative association
      By:   /s/ John T. Evans       Name: John T. Evans     Title:  Senior Vice
President  

 
 

 

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          MidAtlantic Realty Partners, LLC joins in the execution hereof for the
purposes of evidencing its agreement to pursue the approvals and easements and
to construct the Shellhorn Road Improvements as set forth in Section 3(e)
hereof.

            MIDATLANTIC REALTY PARTNERS, LLC, a Virginia
limited, liability company
      By:   /s/ Robert J. Murphy       Name: Robert J. Murphy      Title:  
Authorized Member     

Address For Notices to MRP:
MidAtlantic Realty Partners, LLC
1133 21st Street, NW
Suite 720
Washington, DC 20036
Attn: J. Richard Saas
 
 

 

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     Exhibit B
Form of Proffer Interpretation Request
December 7, 2007
Ms. Susan Glass
Proffer Manager
Department of Building & Development
Zoning Administration
1 Harrison Street, S.E., 3rd Floor
Leesburg, VA 20177
     Re:     Loudoun Parkway Center; ZMAP 1990-0015
Dear Susan:

I.   BACKGROUND

     As a follow-up to our meeting of November 29, 2007, with you and Marilee,
we represent National Rural Utilities Cooperative Finance Corporation (“CFC”)
which is contemplating relocating its corporate headquarters from Fairfax County
to Loudoun County and specifically to that portion of Loudoun Parkway Center
known as Land Bay M. On February 3, 1993, the Loudoun County Board of
Supervisors approved ZMAP 1990-0015 for Loudoun Parkway Center subject to the
Proffer Statement dated December 11, 1992 and the letter of clarification dated
February 2, 1993. A copy of the Copy Teste and Proffers with the letter of
clarification are enclosed as Tab A. Additionally, by Proffer Determination
dated September 13, 2006, you clarified certain matters with respect to the
phasing of the construction of Route 643, also known as Shellhorn Road. A copy
of such Proffer Determination is attached as Tab B.

II.   PURPOSE

     Loudoun Parkway Center was originally conceived as a large planned
community, the development of which would be overseen by Reliance Insurance
Company as a master developer. Reliance experienced financial difficulty and the
ownership of the project has been splintered into several different owners. The
purpose of this request is to determine (i) what proffers must be complied with
in order to obtain permits for the development and use of Land
 
 

 

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Bay M and (ii) what proffers could potentially restrict the development of Land
Bay M, in both cases for development, at an FAR of 0.5 for PD-OP uses (subject
to the entire PD-OP portions of the project not exceed an FAR of 0.4).

III.   DETERMINATION REQUEST

     In contemplation of its potential acquisition of Land Bay M, CFC would
request your determination with respect to the following matters:
     1. Proffer IX.A. provides, among other things that
“Consistent with the Concept Plan, the Applicant shall construct or bond for the
construction the four lanes of on-site roads prior to final approval of any
subdivision or site plan in the project that is projected to cause any on-site
road to reach 8,000 vehicle trips per day based on the trip generation rate
established by the ITE Trip Generation Manual, 5th edition, and as agreed to by
the County and the Applicant”.
     As we discussed, it is our understanding of this proffer that it is
intended to provide that if a particular road exceeds 8,000 vehicle trips per
day, then that particular road must be four laned prior to the approval of the
subdivision or site plan that would result in that particular road exceeding
8,000 vehicle trips per day. We do not read this language to contemplate that if
any on-site road reaches 8,000 vehicle trips per day then all the on-site roads
must be four laned. Please confirm our understanding is correct (“Request Number
1”).
     Additionally, please confirm that the development of Land Bay M at an FAR
of 0.5 for a total gross floor area of 590,238 of PD-OP uses in conjunction with
any other existing development in Loudoun Parkway Center will not require that
the owner of Land Bay M four lane any other road other than Shellhorn Road from
the eastern boundary of Land Bay M to its intersection with Loudoun County
Parkway, i.e., please confirm that our development will not be deemed “to cause
any on-site road to reach 8,000 vehicle trips per day” other then on-site roads
that have already been “four laned" other than Shellhorn Road to the eastern
 
 

 

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boundary of Land Bay M (“Request Number 2”). Attached as Tab C is an annotated
version of Exhibit C to the Proffers which shows which roads have been
four-laned.
     2. Additionally, Proffer IX.B. provides:
“The Applicant’s development utilizing on-site linkages only shall generate no
more than 20,000 average daily trips as determined by reference to the ITE Trip
Generation Manual, 5th edition, and as agreed upon by the County and Applicant”.
This Proffer further provides that:
“No zoning permits shall be issued for development on the Property which
generates more than 20,000 average daily trips . . . unless off-site roadway
links are in place sufficient to accommodate the ADT’s generated by development
based upon the ADT increments shown on such figures, and provided further that
each such off-site link is connected to an appropriate on-site roadway link as
well as to the point of off-site terminus set forth on Exhibit C”.
          This in essence creates a bank of average daily trips against which
the Loudoun Parkway Center’s development must be phased. Based on your follow-up
e-mail to me, we should use the 7th edition of the ITE Trip Generation Manual in
calculating how many average daily trips are currently generated by Loudoun
Parkway Center. The annotated version of Exhibit C of the Proffers attached as
Tab C shows that a total of 37,400 average daily trips are available to Loudoun
Parkway Center. Please confirm that you agree with this number (“Request Number
3”). Assuming you agree that there a total of 37,400 average daily trips
available to Loudoun Parkway Center, the number of average daily trips that are
currently in the “bank” against which the owner of Land Bay M must make sure
that its development does not generate average daily trips in excess of equals
37,400 less the number of trips generated by the existing development at Loudoun
Parkway Center (which at this point is just the residential development). For
example, if the current average daily trips generated by
 
 

 

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the Loudoun Parkway Center project is 11,000, then based on the current status
of the on and off-site road improvements the number of trips available to Land
Bay M would be 37,400 - 11,000=26,400. Additionally, please confirm that upon
obtaining site plan approval for Land Bay M, such Land Bay shall be deemed to
have been allocated a number of average daily trips from the “Bank” sufficient
to accommodate the development shown on such site plan, i.e., Land Bay M will be
vested in the development shown on the site plan for so long as such site plan
remains valid (“Request Number 4”).
     3. Proffer IX.F. provides that
“In the event that any one or more of the individual roadway improvements
proffered by the Applicant herein is substantially performed by others prior to
bonding for such construction by the Applicant, the actual paid and reasonable
construction costs of such individual improvements shall be contributed by the
Applicant to the County in lieu of the Applicant’s construction obligation. Such
contributions in lieu of actual construction shall occur at the time specified
in the applicable Proffer for construction or bonding of a specific improvement
and shall be used for off-site roadway improvements in the vicinity and for the
benefit of the Property ... ”
     The annotated version of Exhibit C to the Proffers (attached as Tab C)
shows which of the “on-site” proffered road improvements might have been
constructed by others. Please confirm that if the County seeks a cash
contribution for any of these improvements it will do so pro rata from all the
owners within Loudoun Parkway Center (including the residential) not just one
particular owner (“Request Number 5”). CFC has no objection to paying a pro rata
share for such road improvements but would not want to pay the entire amount as
a condition of a plan approval or permit, i.e. there should be no selective
enforcement.
     4. Proffer XI requires the creation of a Lot Owners Association. A now
defunct former owner/developer of Loudoun Parkway Center had created an
association, however, Land
 
 

 

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Bay M was never subjected to such association and such association is inactive
to the best of our knowledge. Proffer 11 provides that:
“Lots proposed to be, or which are in fact apart of the lot Owners Association
may be withdrawn and made a part of another Lot Owners Association “.
     Again, Land Bay M was never made a part of the Lot Owners Association
created by the defunct developer, but please confirm that the owner of Land Bay
M may establish a separate Lot Owners Association for Land Bay M and be in
compliance with Proffer XIA (“Request Number 6”).
     Should you have any questions concerning the above, please call me.

            Very truly yours,

Benjamin F. Tompkins
   

BFT/der
Enclosures
 
 

 

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Exhibit D
Form of Agreement to Cooperate
(To Be Modified To Include Trustees and
Lenders Under Any Deeds Of Trust)
AGREEMENT TO COOPERATE
     This Agreement (“Agreement”) is executed this ___ day of ___, 2007 among
ALKESH TAYAL and KRISHNA TAYAL, their successors and assigns (hereinafter
collectively referred to as the “Owners”) ; and LOUDOUN LAND VENTURE LLC, a
Delaware limited liability company, its successors and assigns (hereinafter
referred to as “LLV”).
RECITALS:
     A. The Owners are the owners and proprietors of certain real property
located in Loudoun County, Virginia, identified as Loudoun County Tax Parcel
Identification Number (PIN) 062-25-7314-000, containing approximately 20.0000
acres of land, more or less (the “Property”), which Property is more
particularly shown and depicted on that certain plat numbered R.P. #12247-3,
dated November, 2007, entitled “Plat Showing Street Dedication &Various
Easements on the Property of ALKESH & KRISHNA TAYAL,” prepared by Urban, Ltd.,
of Chantilly, Virginia, and attached hereto as “Exhibit A” and incorporated
herein by reference, (the “Plat”).
     B. LLV is the owner and proprietor of certain real property located in
Loudoun County, Virginia, identified and known to the parties hereto as Loudoun
County Tax Map Parcel Identification Number (PIN) 090-48-5422-000, containing
approximately 27.6177 acres of land, more or less (the “LLV Property”).
 
 

 

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     C. LLV is in the process of developing the LLV Property and will be
constructing certain road and infrastructure improvements adjacent to the
Owners’ Property, which may include, without limitation, clearing and grading
improvements, construction of road improvements, and construction and extension
of utilities and storm drainage facilities, including sewer and/or water
facilities, and the dedication of public street right-of-way and/or easements,
which improvements, facilities and dedications shall hereinafter to referred to
collectively as the “Facilities.”
     D. The general location of the Facilities to be installed on the Owners’
Property are more particularly depicted on Exhibit A.
     E. The parties agree that installation of the Facilities upon the Owners’
Property will be mutually beneficial to both the Owners and LLV.
     F. The Owners have agreed to dedicate roads and to grant easements
permitting the installation, construction, repair and replacement of the
Facilities, or to such public agency or provider of services as LLV directs.
AGREEMENT:
     NOW, THEREFORE, in consideration of the facts reflected by the foregoing
recitations, and other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged as evidenced by the signatures of
the parties hereto, under seal, the parties hereby agree as follows:
     1. The foregoing recitations, Exhibit A and Exhibit B, as defined herein
below, are a material part of this Agreement and are incorporated herein by this
reference.
     2. The Owners shall, within fifteen (15) calendar days following submission
by LLV, execute such reasonable applications, easements, deeds, plats, licenses,
or other
 
 

 

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instruments presented by LLV to support the creation, establishment, grant,
construction and/or use of the Facilities over, under and/or upon the Owners’
Property. The Owners agree to exercise good faith efforts to secure any required
lender and Trustee consents, subordinations and releases for all dedications
and/or easements needed for construction of the Facilities on the Owners’
Property.
     3. An easement, dedication, and/or facility to be established shall be
deemed reasonable if located substantially within the area(s) depicted on
Exhibit A. A deed, plat and/or other instrument shall be deemed reasonable if it
is consistent with forms approved by the applicable governmental agencies or
providers of public services. A draft form of the Deed for the
dedication/conveyance of right-of-way and/or easements for the Facilities is
attached hereto and incorporated herein as “Exhibit B,” which shall be subject
to any changes required for approval of governmental agencies and/or providers
of public services.
     4. The Owners further agree to continue to cooperate with LLV in connection
with the planned development of LLV’s Property, including the grant and
conveyance of currently unanticipated easements, provided that such easements do
not materially interfere with the Owners’ intended use of the Property and that
there is no cost or expense incurred by the Owners in such cooperation.
     5. The Owners shall provide reasonable cooperation in the creation,
establishment, dedication, grading and construction of the Facilities, which
cooperation shall include, but not be limited to, the vacation and/or relocation
of all or a portion of the public street right-of-way(s) and/or easement(s) as
necessary for the dedication, grading and construction of the Facilities,
further including but not limited to, those referred to herein.
 
 

 

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     6. This Agreement is intended to be recorded among the land records of
Loudoun County, Virginia, and shall be for the benefit of the parties and their
successors and assigns in title, and the owner or owners of all or any portion
of LLV’s Property and their heirs, successors and assigns in title, and shall
burden the Owners’ Property and the owner or owners of all or any portion
thereof and their successors and assigns in title. This Agreement shall
automatically become null and void at such time as construction of the
Facilities is complete and all bonds for construction of the Facilities have
been release by the applicable governmental agencies and/or providers of public
services. Upon termination of this Agreement, upon request by either the Owners
or LLV, the parties hereto mutually agree to execute a recordable confirmation
of termination of this Agreement.
     7. This Agreement shall be construed in accordance with the laws of the
Commonwealth of Virginia.
     8. If any term, covenant, or condition of this Agreement or the application
thereof to any person or circumstance shall to any extent be invalid or
unenforceable, then the remainder of this Agreement or the application of such
term, covenant or condition to any other person or circumstance shall not be
affected thereby, and each such term, covenant and condition shall be valid and
enforceable to the fullest extent permitted by law.
     9. This Agreement may be signed in two or more counterparts, each of which
shall be deemed an original and all of which together shall constitute one and
the same instrument.
     10. In the event the Owners breach this Agreement, LLV shall be entitled to
specific performance, which shall further include the right to collect costs of
enforcement, including, without limitation, attorney’s fees. In addition to the
foregoing, LLV shall have a limited power of attorney for the sole and specific
purpose of granting any reasonable easements which the
 
 

 

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Owners refuse to execute. This power of attorney shall be irrevocable but shall
be limited to the purposes set forth in this Agreement.
     WITNESS the following signatures and seals:
[SIGNATURE PAGES FOLLOW]
 
 

 

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            OWNERS:
        (SEAL)     ALKESH TAYAL          (SEAL)    KRISHNA TAYAL           

STATE/COMMONWEALTH OF
                                                            ,
CITY/COUNTY OF                                     
                                                , to wit:
     I, the undersigned Notary Public, in and for the jurisdiction aforesaid, do
hereby certify that ALKESH TAYAL, whose name is signed to the foregoing
Agreement, appeared before me and personally acknowledged the same in my
jurisdiction aforesaid.
     GIVEN under my hand and seal this                     day of
                                   
                                             , 2007.

     
My Commission expires:
   

   
 
 
 
Notary Public — Registration No.                                    

STATE/COMMONWEALTH OF
                                                            ,
CITY/COUNTY OF                                     
                                                , to wit:
     I, the undersigned Notary Public, in and for the jurisdiction aforesaid, do
hereby certify that KRISHNA TAYAL, whose name is signed to the foregoing
Agreement, appeared before me and personally acknowledged the same in my
jurisdiction aforesaid.
     GIVEN under my hand and seal this                      day of
                                                             , 2007.

     
My Commission expires:
   
 
   
 
 
 
Notary Public — Registration No.                                     

 
 

 

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25

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LOUDOUN LAND VENTURE LLC, a Delaware
limited liability company
 
    By:     (SEAL)    Name:          Title:        

STATE/COMMONWEALTH OF
                                                            ,
CITY/COUNTY OF                                     
                                                , to wit:
     I, the undersigned Notary Public, in and for the jurisdiction aforesaid, do
hereby certify that
                                                                                ,
as
                                                                                
of LOUDOUN LAND VENTURE LLC, whose name is signed to the foregoing Agreement,
appeared before me and personally acknowledged the same in my jurisdiction
aforesaid.
     GIVEN under my hand and seal this                      day of
                                                            , 2007.

     
My Commission expires:
   
 
   
 
 
 
Notary Public — Registration No.                                     

 
 

 

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26

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TRUSTEES CONSENT AND SUBORDINATION
The undersigned Trustees, at the request of the Beneficiary as evidenced
hereinafter, join in, without liability or obligation, for the sole purpose of
subordinating the lien of the Deed of Trust, as described hereinafter in the
Consent of Beneficiary to Agreement to Cooperate, to the terms and conditions of
said Agreement to Cooperate, dated                     , 2007, and further to
evidence its agreement to subordinate the lien of the Deed of Trust to the
easement and/or dedications referenced hereinto.

            TRUSTEES:
(either of whom may act)
        (SEAL)     GEORGE L. GRECO, TRUSTEE          (SEAL)     NEIL I. TITLE,
TRUSTEE           

COMMONWEALTH/STATE OF
                                                            ,
CITY/COUNTY OF                                     
                                                , to wit:
     I, the undersigned Notary Public, in and for the jurisdiction aforesaid, do
hereby certify that GEORGE L. GRECO, TRUSTEE, whose name is signed to the
foregoing Trustees Consent and Subordination, appeared before me and personally
acknowledged the same in my jurisdiction aforesaid.
     GIVEN under my hand and seal this                      day of
                                                             , 2007.

     
My commission expires:
   
 
   
 
 
 
Notary Public — Registration No.                                      

COMMONWEALTH/STATE OF
                                                            
CITY/COUNTY OF                                     
                                                , to wit:
     I, the undersigned Notary Public, in and for the jurisdiction aforesaid, do
hereby certify that NEIL I. TITLE, TRUSTEE, whose name is signed to the
foregoing Trustees Consent and Subordination, appeared before me and personally
acknowledged the same in my jurisdiction aforesaid.
     GIVEN under my hand and seal this                      day of
                                         2007.

     
My commission expires:
   
 
   
 
 
 
Notary Public — Registration No.                                       

 
 

 

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27

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CONSENT OF BENEFICIARY TO AGREEMENT TO COOPERATE
     The undersigned, as beneficiary (“Beneficiary”) under that certain Deed of
Trust, dated November 11, 2004, and recorded among the land records of Loudoun
County, Virginia (“Land Records”), as Instrument Number 20041115-0121182, as
modified by Allonge and Modification Agreements recorded as Instrument Numbers
20060501-0038482, 20060929-0083657 and 20070629-0049437, among the Land Records
(collectively, the “Deed of Trust”), hereby consents and agrees to the execution
and recordation of the foregoing Agreement to Cooperate, dated
                    , 2007 (the “Agreement”), and the subordination of the lien
of the Deed of Trust to the terms and conditions of the Agreement, and for such
purposes hereby directs the Trustees under the Deed of Trust to join in the
execution and delivery of the Agreement.

            BENEFICIARY

VIRGINIA COMMERCE BANK
      By:         Name:          Title:         

STATE/COMMONWEALTH OF
                                                            
CITY/COUNTY OF                                     
                                                , to wit:
     I, the undersigned Notary Public, in and for the jurisdiction aforesaid, do
hereby certify that                                                             
as                                                               of the VIRGINIA
COMMERCE BANK, BENEFICIARY, whose name is signed to the foregoing Consent of
Beneficiary to Agreement to Cooperate, appeared before me and personally
acknowledged the same in my jurisdiction aforesaid.
     GIVEN under my hand and seal this                      day of
                                         , 2007.

     
My Commission expires:
   
 
   
 
 
 
Notary Public — Registration No.                                     

 
 
28