| Principal      Amount: | Up      to $45,000,000.00, or such amount of Principal that is actually advanced      under this Note (the “Loan”). |
|------------------------|---------------------------------------------------------------------------------------------------------------------------------|

| Revolver: | This      Note is a revolver and thus, Borrower may borrow, repay and then reborrow      the Principal amount of this Note, subject to the other terms of this      Note. |
|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Loan      Components: | The      purpose of the Loan is to finance Borrower’s investments in real estate      development projects. |
|-----------------------|-------------------------------------------------------------------------------------------------------------------|

| Maturity: | Subject      to the provisions of this Note requiring scheduled payments during the      term hereof and subject to any permitted acceleration of this Note, this      Note shall mature, and all outstanding Principal and unpaid accrued      interest under this Note and any other indebtedness due under the other      Loan Documents shall be due and payable in full, on or before 5:00 p.m.,      Dallas, Texas time on December 31, 2009 (the “Maturity      Date”). |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Base      Rate: | Unless      the Default Rate (defined below) shall apply, interest on the outstanding      Principal balance of this Note shall accrue at the lesser of (i) 14% per      annum, accrued and compounded annually, or (ii) the Highest Lawful Rate      (defined below) (the “Base      Rate”). |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Default      Rate: | Upon      the occurrence and during the continuation of an Event of Default,      interest on the outstanding Principal balance of this Note which is      delinquent (which may be the entire Principal balance of this Note in      circumstances where this Note matures or has been accelerated), together      with any accrued and unpaid interest then due, shall accrue at the lesser      of (i) 18% per annum, accrued and compounded annually, or (ii) the Highest      Lawful Rate (the “Default      Rate”). |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | (v) | the      appointment of or taking possession by a receiver, liquidator, assignee,      custodian, trustee, sequestrator or similar official of all or a      substantial part of its assets or of any part of the Collateral (as such      term is defined in the Security Agreement) in a proceeding brought against      or initiated by Borrower; or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|  ADVANCES                  |  REPAYMENTS                  | PRINCIPALOUTSTANDING                  |
|---------------------------------|-----------------------------------|---------------------------------------|
|   Date      ofAdvance |    Amount Advanced |  Date      of PrincipalRepayment |  Amount      ofPrincipal Repayment | Aggregate      Principal Amount      Outstanding |
|                            |                              |                                  |   |   |
|                            |                              |                                  |   |   |
|                            |                              |                                  |   |   |
|                            |                              |                                  |   |   |
|                            |                              |                                  |   |   |

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|   | (c) | Date      the Advance is requested to be made: |   |
|--------|-----|------------------------------------------------|--------|