**Exhibit 10.47****AMENDMENT TO LAND CONTRACT**     **THIS AMENDMENT TO LAND CONTRACT**(“Amendment”), made as of January 31, 2008, between**MEADOWBROOK INSURANCE GROUP, INC.,**a Michigan corporation, whose address is 26255 American Drive,Southfield, Michigan 48304 (“Seller”), and **MB CENTER II LLC,**a Michigan limited liability company,whose address is 101 W. Big Beaver Rd., Suite 200, Troy, Michigan 48084 (“Purchaser”).**WITNESSETH**:     **WHEREAS,**Seller and Purchaser have entered into a Land Contract dated July 15, 2004 (the ”LandContract”) for the sale and purchase of certain real property and/or interests therein located inthe City of Southfield, Oakland County, Michigan, presently described on the Land Contract as Unit14 of the American Commerce Centre condominium (the “Property”); and     **WHEREAS**, the Land Contract presently provides for a total purchase price of Three MillionThree Hundred Fifty-Five Thousand Three Hundred Ten and 00/100 ($3,581,459.00) of which thereremains a balance due of Two Million Nine Hundred Forty-Eight Thousand Two Hundred Fifty-Nine and82/100 Dollars ($2,948,259.82) which was due and payable on July 15, 2007; and     **WHEREAS,**Purchaser desires to extend the due date on the Land Contract for approximatelyeighteen (18) months from November 1, 2007 and to provide the parties with an option to defer aportion of the purchase price in exchange for an assignment to the Seller of a share of thedistributions to be made from operating revenues related to the Property;     **NOW THEREFORE**, in consideration of the foregoing, the parties hereby agree to amend the LandContract as follows:1. Paragraph 1(b) shall be amended as follows. The balance of the purchase price ($2,948,259.82)and any unpaid interest shall be paid in a balloon payment prior to, but in no event later than May1, 2009 (the “Extension Period”). The interest rate for the Extension Period shall be a rate offive percent (5%) per annum, simple interest. Purchaser shall make current any unpaid interest (atthe 5% rate) from July 1, 2007 through October 31, 2007 upon execution of this Amendment by theparties hereto. Purchaser shall pay interest on the balance of the purchase price of$2,948,259.82.2. During the Extension Period, the Purchaser shall have the option, at any time, to: (1) pay thepurchase price referred to in Paragraph 1 above, or (2) reduce the Principal (as defined in theLand Contract) balance due upon payoff of the Land Contract by Seven Hundred Fifty Thousand and00/100 Dollars ($750,000.00) from Two Million Nine Hundred Forty-Eight Thousand Two HundredFifty-Nine and 82/100 Dollars ($2,948,259.82) to Two Million One Hundred Ninety-Eight Thousand TwoHundred Fifty-Nine and 82/100 Dollars ($2,198,259.82) if the Purchaser is able to consummate alease transaction sufficient to satisfy construction lender requirements and to permit constructionon the Property. In the event Purchaser exercises option 2 above, Seller shall be assigned aseventeen percent (17%) interest in the net distributions to be made to members of the Purchaserfrom the operating revenues of the Property in exchange for Seller’s agreement to the purchaseprice reduction of $750,000.00,until such time as the Property is sold. The seventeenpercent (17%) interest in the net operating cash flow distributions to be assigned to Seller shallcome from the member share of
 

 
KIRCO Development LLC, whose share of net operating cash flow distributions shall be reduced to onepercent (1%). Upon the sale of the Property, Seller shall be paid any undistributed operating cashflow distributions owed to Seller, plus the sum of Seven Hundred Fifty Thousand and 00/100 Dollars($750,000.00) representing the deferred portion of the Principal. The payment of the Seven HundredFifty Thousand and 00/100 Dollars ($750,000.00) in deferred Principal shall be a preferred paymentand shall be paid before distributions of sale proceeds to any of the members of the LLC, in fullsatisfaction of all of Purchaser’s obligations to Seller under this Land Contract. Thereafter,Seller shall have no further right to participate in the distribution of sale proceeds or otherrevenues from Purchaser. Purchaser shall provide written notification to Seller of its optionexercise, in accordance with the terms of the Land Contract.3. Seller and Purchaser acknowledge that, due to the refusal of the City of Southfield BuildingDepartment to approve the separation of the Property from Seller’s adjoining property, presentlydesignated as Unit 13 of the American Commerce Centre condominium, without construction of a solidfire wall between the properties, which cannot be done without changing the configuration of theconnector and changing the character of the building in a manner that is not acceptable to eitherSeller or Purchaser, Seller and Purchaser are in the process of re-combining the Property ofSeller’s adjoining Unit 13, and creating a two unit office condominium on the combined properties,to be known as Meadowbrook Condominium (or if that name is not available at the time of recording,such other name as Seller shall reasonably determine) (the “Condominium”). Seller and Purchasershall continue to cooperate in connection with the creation of the Condominium, including withoutlimitation, executing a master deed creating the Condominium or, in the case of Purchaser, a landcontract vendee’s consent thereto, and such other documents as may be necessary to effectuate thesame. Upon recording of the master deed for the Condominium, this Land Contract shall be deemed tobe automatically amended to change the description of the Property to Unit 2 of the Condominium,and the parties shall execute and record an amended memorandum of land contract evidencing thatchange. The deed to be delivered, pursuant to this Land Contract, shall convey Unit 2 of theCondominium.4. Except as amended hereby the Land Contract shall remain in full force and effect.     **IN WITNESS WHEREOF,**the parties have executed this Amendment to Land Contract as of the datefirst set forth above.           **PURCHASER:**   **SELLER:**           **MB CENTER II LLC,**a Michigan limited   **MEADOWBROOK INSURANCE GROUP,**liability company   **INC.,**a Michigan corporation           By: KIRCO Development LLC a Michigan        limited liability company      Its: Manager   By: /s/ Robert S. Cubbin                     Robert S. Cubbin  By: /s/ A. Mathew Kiriluk, II   Its: President & CEO               A. Mathew Kiriluk, II        Its: President