**CONSULTATION      REPORT OF**

**UDF      X**

**The      Fairness of the Financing Terms**

**Between      United Development Funding III, L.P.**

**and      United Development Funding X, L.P.,**

**Dated      October 1, 2007**

**Prepared      For:**

**Mr.      Hollis Greenlaw**

**President**

**UMTH      Land Development, LP**

**1702      N. Collins Boulevard, Suite 100**

**Richardson,      TX  75080**

**Prepared      By:**

**JACKSON      CLABORN, INC.**

**Real      Estate Consulting and Appraisal Services**

**5800      W. Plano Parkway, Suite 220**

**Plano,      TX 75093**

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| **Jackson                Claborn, Inc.** |
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| RE: | A                consultation report of, UDF X, the fairness of the financing terms                between                United Development Funding III, L.P., and United Development Funding                X,                L.P., dated October 1, 2007; our file number                710008 |
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| **Headquarters:                    5800 W. Plano Parkway ·                    Suite 220                    ·                    Plano,                    Texas 75093 ·                    (972)                    732-0051 ·                    FAX (972)                    733-1403** |
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| Branch                    Office: 1560 E. Southlake Blvd. ·                    Suite 220                    ·                    Southlake, Texas 76092 ·                    (817)                    421-3833 ·                    FAX (817)                    421-3844                 |

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**/s/Jackson      Claborn, Inc.**

**JACKSON      CLABORN, INC.**

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**CERTIFICATION      - CONSULTATION**

|   | The                statements of fact contained herein and upon which the opinions herein                are                based, are true and correct, subject to the assumption and limiting                conditions explained in the report. |
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|   | Employment                in and compensation for providing this consultation are in no way                contingent upon any value reported and we certify that we have no                interest, either present or contemplated, in the subject property.                We have                no personal interest or bias with respect to the subject matter of                this                consultation report or the parties                involved. |
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|   | This                consultation report identifies all of the limiting conditions (imposed                by                the terms of my assignment or by the undersigned) affecting the analysis,                opinions and conclusions contained in this                report. |
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|   | The                analysis, opinions and/or conclusions, if any, contained in this                report                have been developed in accordance with the Code of Professional Ethics                and                Standards of Professional Practice of the Appraisal                Institute. |
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|   | The                use of this consultation report is subject to the requirements of                the                Appraisal Institute relating to review by its duly authorized                representatives. |
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|   | No                one other than the undersigned prepared the analysis, opinions or                conclusions concerning real estate that are set forth in this consultation                report. |
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|   | No                one at Jackson Claborn, Inc has personally inspected the property                that is                the subject of this report. |
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|   | We                certify that this consultation assignment was not based on a requested                minimum valuation, a specific valuation, or the approval of a                loan. |
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**/s/Jackson      Claborn,      Inc.**

**JACKSON      CLABORN, INC.**

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**ASSUMPTIONS      AND LIMITING CONDITIONS**

|   | 1) |   | No                responsibility is assumed for matters of legal nature. It is assumed                that                title to the property is marketable and the legal description furnished                us                is correct. |
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|   | 2) |   | The                property is treated as though under responsible ownership and competent                management and free and clear of all liens and                encumbrances. |
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|   | 3) |   | The                described physical condition of any improvements is based on visual                inspection only. It is assumed that there are no hidden or unapparent                physical conditions affecting value such as the existence of hazardous                materials such as asbestos or any other potentially hazardous materials.                No liability is assumed for the soundness of structural members,                equipment                or soil conditions, since no engineering tests were                made. |
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|   | 4) |   | Improvements                are considered to be within lot lines and in accordance with local                zoning                and building ordinances, as well as all applicable Federal, state                and                local environmental laws and regulations, except as noted herein.                Any                plats, diagrams or drawings provided are intended solely to facilitate                understanding and aid to the reader in picturing the property and                are not                meant to be used as references in matters of survey, as no survey                was made                and no liability is assumed regarding questions of                survey. |
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|   | 5) |   | It                is assumed that all required private, Federal, state or local licenses,                certificates of occupancy, consents or other legislative or administrative                permissions required have been or can be readily obtained or renewed                for                any use on which the value estimate in this report is                based. |
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|   | 6) |   | Any                information received from public or private sources is believed to                be                reliable; however, no warranty is given for its                accuracy. |
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|   | 7) |   | The                authors shall not be required to give further consultation or testimony                or                appear in court, by reason of this consultation report with reference                to                the property described unless previous arrangements have been made                to that                effect. |
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|   | 8) |   | Disclosure                of the contents of this consultation report is governed by the Bylaws                and                Regulations of the Appraisal Institute. Possession of this consultation                report or a copy thereof or any part thereof, does not carry with                it the                right of publication, nor may it be used by anyone but the party                for whom                it has been prepared without the previous written consent of the                appraisers and, in any event, only with proper written qualifications                and                only in its entirety. |
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|   | 9) |   | Neither                all nor any part of the contents of this consultation report (especially                conclusions as to value, the identity of the appraisers or the firm                with                which the appraiser is connected) shall be disseminated to the public                through advertising, public relations, news, sales or other media                without                the prior written consent and approval of Jackson Claborn,                Inc. |
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|   | 10) |   | Any                opinions of value stated herein are based on the purchasing power                of the                dollar as of the date of this report, except as otherwise specified.                Therefore, the opinion of value is considered reliable only as of                the                stated date of valuation. |
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|   | 11) |   | This                consultation report is intended to be read and used as a whole and                not in                parts. Separation of any section or page from the main body of the                consultation report is expressly forbidden and will be considered                as                invalidating the consultation. |
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|   | 12) |   | Any                allocation of value of this consultation report between land and                improvements applies only to this consultation and must not be used                as                part of any other appraisal and is invalid if so used. The value                reported                for any portion appraised, plus the value of all other portions may                or may                not equal the value of the entire parcel or tract considered as an                entity. |
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|   | 13) |   | No                responsibility is assumed for the accuracy of any descriptions of                physical                materials and conditions pertaining to the property or for any damages                sustained in connection with actual or potential deficiencies or                hazards                such as, but not limited to, inadequacies or defects in the structure,                design, mechanical equipment or utility services associated with                the                improvements; air or water pollution; noise; flooding; storms or                wind;                traffic and other neighborhood hazards; radon gas, asbestos, natural                or                artificial radiation or toxic substances of any description, whether                on or                off the premises. |
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|   | 14) |   | The                opinions of value and/or lease rates contained within this consultation                report are estimates. There is no guarantee, written or implied,                that the                subject will actually sell or lease for the estimated value/lease                rate. |
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|   | 15) |   | The                      Americans with Disabilities Act ("ADA") became effective January                      26, 1992.                      We have not made a specific compliance survey and analysis                      of this                      property to determine whether or not it is in conformity with                      the various                      detailed requirements of the ADA. Indeed, we have not been                      supplied with                      nor have we rendered a qualified opinion as to whether or not                      there are                      any "readily achievable" barrier removal items present. It                      is possible                      that a survey of the property together with a detailed analysis                      of the                      requirements of the ADA could reveal that the property is not                      in                      compliance with one or more of the requirements of the Act.  If                      so, this fact could have a negative affect upon the value of                      the                      property.  Since we have no direct evidence relating to this                      issue, we did not consider possible non-compliance with the                      requirements                      of ADA in estimating the value of the property.  Consequently,                      the subject property has been valued assuming compliance to                      ADA.  Should a professional survey prove non-compliance, we                      reserve the right to re-evaluate the                      property. |
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