Exhibit 10.70

LOAN AGREEMENT

THIS LOAN AGREEMENT (as amended, modified or
supplemented from time to time, the Agreement), dated as of the      day of             , 2012, by and between (i) EAGLEBANK (the
Lender), and (ii) COMSTOCK POTOMAC YARD, L.C., a Virginia limited liability company (Potomac Yard), and COMSTOCK PENDERBROOK, L.C., a Virginia limited liability company
(Penderbrook), jointly and severally (Potomac Yard and Penderbrook, jointly and severally, and collectively, the Borrower), recites and provides:

RECITALS:

R-1. Subject to the terms of this Agreement, the Lender agrees
to make a loan (the Loan) to the Borrower, as more particularly described in Section 1.1 below, for the refinance of certain condominium units (the Units) and related undivided percentage interests in the common elements
(the Common Elements) in those two condominium projects known as (i) The Eclipse on Center Park (the Eclipse) located at 3600 and 3650 South Glebe Road, Arlington, Virginia and more particularly described in Exhibit
A attached hereto (the Units and the Common Elements in The Eclipse, the Potomac Yard Property), and (ii) Penderbrook Square, A Condominium (Penderbrook Square) located at 3905 Penderview Drive, Fairfax, Virginia and
more particularly described in Exhibit B attached hereto (the Units and the Common Elements in Penderbrook Square, the Penderbrook Property). The Potomac Yard Property and the Penderbrook Property are herein sometimes together
called the Property.

R-2. The proceeds of the Loan will be used (i) to pay off a certain existing loan (the
SunBridge Loan) from SunBridge Capital to the Borrower in the amount of up to but not in excess of $8,260,000.00 for principal, interest and other charges due thereon, (ii) an interest reserve to be established pursuant to the terms
of this Agreement in the amount of $500,000.00, (iii) such Loan closing costs as the Lender may approve in an aggregate amount not to exceed $100,000.00, and (iv) any balance for working capital of the Borrower or its principals. Any
amounts required to pay off the SunBridge Loan in excess of $8,260,000.00, any amounts necessary to fund in full the interest reserve hereinafter set forth, and any Loan closing costs in excess of $100,000.00 shall be paid by the Borrower from the
Borrowers own funds at the Loan closing.

AGREEMENT

ACCORDINGLY, for and in consideration of the mutual covenants set forth in this Agreement, and for other good and valuable consideration,
the receipt and sufficiency of which are acknowledged, the Lender and the Borrower agree as follows:

SECTION ONE

THE LOAN

1.1 Amount. The maximum principal amount of the Loan which may be outstanding at any one time shall not exceed the lesser of:
(i) Nine Million Nine Hundred Sixty Thousand and No/100 Dollars ($9,960,000.00) or (ii) fifty-five percent (55%) of the retail value of the Property pursuant to the Appraisal (hereinafter defined) and any appraisal(s)
which may be engaged by the Lender from time to time subsequent to the closing on the Loan, which appraisal(s) must be satisfactory to the Lender in its sole and absolute discretion (a Future Appraisal), or (iii) sixty-five percent
(65%) of the discounted cash flow value of the Property pursuant to the Appraisal or any Future Appraisal determined in accordance with a formula satisfactory to the Lender in its sole and absolute



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discretion. The maximum principal amount of the Loan is further limited by the value of each component of the Property as follows: (a) for the Potomac Yard Property, the lesser of
(i) Eight Million Two Hundred Fifty Thousand and No/100 Dollars ($8,250,000.00), or (ii) fifty-five percent (55%) of the retail value of the Potomac Yard Property pursuant to the Appraisal or any Future Appraisal, or
(iii) sixty-five percent (65%) of the discounted cash flow value of the Potomac Yard Property pursuant to the Appraisal or any Future Appraisal, and (b) for the Penderbrook Property, the lesser of (i) One Million
Seven Hundred Ten Thousand and No/100 Dollars ($1,710,000.00), or (ii) fifty-five percent (55%) of the retail value of the Penderbrook Property pursuant to the Appraisal or any Future Appraisal, or (iii) sixty-five percent
(65%) of the discounted cash flow value of the Penderbrook Property pursuant to the Appraisal or any Future Appraisal, and for each component of the Property determined in accordance with a formula satisfactory to the Lender in its
sole and absolute discretion. The Loan will be evidenced by a Deed of Trust Note made by Potomac Yard and Penderbrook, jointly and severally, payable to the order of the Lender (as the same may be further amended, renewed, restated, supplemented or
substituted from time to time, the Note).

1.2 Guarantor. Comstock Homebuilding Companies, Inc. (the
Guarantor) shall guaranty the payment and performance of the Borrowers obligations, covenants and agreements under the Loan, as evidenced by the Loan Documents (hereinafter defined), which guaranty shall be evidenced by an
instrument of unlimited and unconditional guaranty of payment and performance from the Guarantor for the benefit of the Lender, in form and substance satisfactory to the Lender (the Guaranty).

1.3 Term. The Note shall mature upon the earlier of: (i) twenty-seven (27) months after the date of closing on the Loan
or (ii) the occurrence of a Transfer (as defined in Section 5.15 hereof) (the Maturity). It is acknowledged and agreed that notwithstanding any provisions herein, the Borrower has not applied for, nor has the Lender made any
commitment with respect to, any extension of such Maturity. Upon any application for an extension, any approval of an extension on any terms would be contingent upon the usual and customary underwriting procedures of EagleBank, including without
limitation, the approval of the loan committee of EagleBank.

1.4 Interest Rate. Commencing on the closing of the Loan,
the unpaid principal balance of the Note outstanding from time to time shall bear interest and be payable at the floating rate per annum equal to three percent (3%) above the thirty (30) day LIBOR Rate (hereinafter defined), rounded
upwards, if necessary, to the nearest one-eighth of one percent (0.125%). The LIBOR Rate means, for each calendar month, the annualized weighted average of the 30-day London Interbank Offered Rates (at approximately 11:00 a.m. London time) for
U.S. Dollar transactions on the day that is two (2) business days prior to the first day of that calendar month, as reported by Bloomberg Business News; if Bloomberg Business News is not available, the Lender shall select a similar source
for the LIBOR index and shall notify the Borrower of such selection. Notwithstanding the above, in no event shall the Note bear interest at a rate below the floor interest rate of five and one-half percent (5.5%) per annum at any time (the
Interest Rate Floor).

1.5 Fees. Borrower shall pay Lender a fee of one half of one percent (1%) of
the maximum principal amount of the Loan, payable to the Lender upon closing of the Loan. The Borrower shall pay $35,000.00 to the Lender for its third-party costs incurred in connection with the Loan (including, without limitation, fees of
appraisers, consultants and legal counsel), any unused balance of which may be applied to the foregoing Loan fee.

1.6
Collateral. The Loan shall be secured by, among other things, the following:



| | (i) | A first lien deed of trust, security agreement and fixture filing (as the same may be further amended, restated, supplemented or substituted the Deed of
Trust) on the Potomac Yard Property and the Penderbrook Property;
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| | (ii) | An Assignment of Leases and Rents on the Potomac Yard Property (as the same may be further amended, restated, supplemented or substituted the Potomac Yard Leases
Assignment);
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| | (iii) | An Assignment of Leases and Rents on the Penderbrook Property (as the same may be further amended, restated, supplemented or substituted the Penderbrook Leases
Assignment, which with the Potomac Yard Leases Assignment may be referred to herein together as the Leases Assignment);
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| | (iv) | a Collateral Assignment of Interest Reserve Account made by the Borrower for the benefit of the Lender (as the same may be amended, restated, supplemented or
substituted, the Account Assignment);
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| | (v) | an Assignment of Sales Contracts and Security Deposits made by the Borrower for the benefit of the Lender (as the same may be amended, restated, supplemented or
substituted, the Contracts Assignment);
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| | (vi) | an Environmental Indemnity Agreement made by Borrower and Guarantor for the benefit of Lender (as the same may be amended, restated, supplemented or substituted, the
Environmental Indemnity);
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| | (vii) | such UCC-1 Financing Statements as the Lender may determine necessary or advisable.
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1.7 Loan-to-Value Ratio. At closing, the Property shall have a required Loan to Value Ratio of not greater than
the lesser of the following values (Required Value): (i) fifty-five percent (55%) of the retail value of the Property pursuant to the Appraisal, or (ii) sixty-five percent (65%) of the discounted
cash flow value of the Property pursuant to the Appraisal determined in accordance with a formula satisfactory to the Lender in its sole and absolute discretion (the ratio of the outstanding principal amount of the Loan plus any unfunded
principal to the Required Value determined as aforesaid, being the Maximum Loan to Value Ratio and herein called the MLTV). If at closing the loan-to-value ratio of the Loan exceeds the MLTV, then the amount of the Loan to be advanced
shall be reduced to an amount that meets the MLTV. If at any time following closing the loan-to-value ratio of the Loan to the Required Value shall exceed the MLTV, based on any Future Appraisal (to be engaged by Lender from time to time at the sole
expense of Borrower), which appraisal(s) shall be satisfactory to Lender in all respects, in Lenders sole, absolute and unreviewable discretion, the Borrower shall make a principal curtailment under the Loan, in such amount as required in
order to meet the MLTV ratio, within thirty (30) days after written notice to the Borrower. The Lender agrees that it will not engage Future Appraisals more often than on an annual basis, unless required for regulatory reasons or following the
occurrence of any Event of Default (as hereinafter defined in Section 6.1).

1.8 Interest Reserve; Interest Reserve
Account.



| | (a) | From the proceeds of the Loan, the amount of Five Hundred Thousand and No/100 Dollars ($500,000.00) shall not be disbursed but shall be reserved by the Lender for the
payment of interest on the Loan (the Interest Reserve) until such reserve is exhausted. Notwithstanding the foregoing or any provision of any of the Loan Documents to the contrary, the Lender shall not be obligated to make any
disbursements from the Interest Reserve if any Event of Default shall have occurred, and further, notwithstanding the foregoing or any provision of any of the Loan Documents to the contrary, nothing contained herein shall be deemed to release or in
any way to relieve the Borrower from its obligation under the Note to pay interest as provided in the Note. Each disbursement from the Interest Reserve shall constitute a disbursement of principal of the Loan and shall be added to the then
outstanding principal balance of the Loan.
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| | (b) | As a condition of the Loan, the Borrower shall establish and maintain with the Lender a deposit account (the Interest Reserve Account). If
the amount in the Interest Reserve Account together
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| | with any undisbursed amounts of the Interest Reserve is less than Two Hundred Fifty Thousand and No/100 Dollars ($250,000.00) (the Threshold Reserve Amount) at any time, then as a
condition of the release of any Unit from the lien of the Deed of Trust, the Borrower shall, in addition to payment of the Unit Release Payment (as defined in the Deed of Trust), deposit into the Interest Reserve Account an amount equal to ten
percent (10%) of the Net Settlement Proceeds (as defined in the Deed of Trust) (the Interest Reserve Deposit). If there are insufficient Net Settlement Proceeds to meet the required Interest Reserve Deposit after payment of the Unit
Release Payment, the Borrower shall pay any deficiency from its own funds for deposit in the Interest Reserve Account (any amounts paid from the Interest Reserve Account do not constitute a part of the Interest Reserve and shall not be added to the
principal balance of the Loan). At or prior to closing on the Loan, the Borrower shall execute and deliver to the Lender the Account Assignment, pledging the Interest Reserve Account as collateral for the Loan. So long as no Event of Default has
occurred and is continuing under the Loan, prior to advancing funds from the Interest Reserve, funds from the Interest Reserve Account will be used for the payment of interest on the Loan in accordance with the terms of the Loan Documents until such
account is exhausted. However, notwithstanding any provision hereof to the contrary, the Lender shall not be obligated to permit any withdrawals for interest payments from the Interest Reserve Account if any Event of Default shall have occurred and
is continuing, and nothing contained herein shall be deemed to release or in any way relieve the Borrower of its obligation under the Note to pay interest as therein provided. Furthermore, all or any part of the amount from time to time on deposit
in the Interest Reserve Account may be appropriated and applied to the amounts outstanding under the Loan, at any time, in the Lenders sole discretion, upon any Event of Default.
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| | (c) | If the Borrower makes a payment of interest at least two (2) business days prior to a Payment Date (as defined in the Note), no disbursement from the Interest
Reserve will be made; otherwise, on the Payment Date, the Lender will cause interest to be paid first from the Interest Reserve Account until exhausted and next from the Interest Reserve.
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| | (d) | The Borrower may, at its option, deposit additional funds in the Interest Reserve Account so as to meet the Threshold Reserve Amount and avoid the requirement for
making an Interest Reserve Deposit as a condition to release of a Unit.
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1.9 Deposit Relationship/Minimum
Deposit Requirement. As a condition of the Loan, the Borrower shall maintain its primary operating account with the Lender throughout the term of the Loan. In addition, the Borrower, the Guarantor and affiliates or related individuals (the
Borrower Group) shall collectively maintain a minimum monthly average minimum aggregate core deposit balance with the Lender in an amount equal to the greater of (i) Seven Hundred Fifty Thousand and No/100 Dollars
($750,000.00) or (ii) ten percent (10%) of the average outstanding principal balance of the Loan (the Compensating Balance Requirement), to be tested semi-annually, with the first such test to be calculated for the period
July 1  December 31, 2012. Such balance will be calculated as including demand deposit and money market accounts of the Borrower Group but shall not include certificates of deposit owned by the Borrower Group. Upon any failure to
comply with the foregoing Compensating Balance Requirement, the failure to do so shall not constitute a Default or an Event of Default, however interest shall accrue on all amounts outstanding under the Loan at one-quarter of one percent (0.25%)
plus the rate of interest then payable under Note, and the Interest Rate Floor shall be increased to five and three-quarters percent (5.75%), from the date of the measurement until such time as the Compensating Balance Requirement is met at the next
semi-annual measurement. Balances maintained with the Lender and used to satisfy compensating balance requirements for other loans from the Lender to any person or entity in the Borrower Group may not be used to meet this requirement. The
measurement of the foregoing deposit requirement shall, however, include the amount on deposit in the Interest Reserve Account.



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1.10 Minimum Sales Requirement; Freddie/Fannie Eligibility.



| | (a) | As a condition of the Loan, the Borrower shall enter into and close under sales contracts on at least six (6) Units in each Sales Period. The first
Sales Period shall be from April 18 through September 30, 2012, and subsequent Sales Periods shall be each six (6) month period following September 30, 2012. Such sales contracts shall be acceptable to the Lender in all respects,
provided that the Lender shall not unreasonably withhold its approval of any sales contract for a Unit for the minimum price per unit that is set forth on Exhibit C attached hereto. If more than six (6) Units are sold within any Sales
Period, the excess shall carry forward to satisfy all or a portion of the foregoing sales requirement for any ensuing Sales Period and continuing on a cumulative basis until Maturity of the Loan. Failure of the Borrower to comply with the foregoing
sales requirement shall, at the Lenders option, constitute an Event of Default under the Loan Documents.
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(b) In order for the financing of sales of the Units to be eligible for Freddie Mac and Fannie Mae financing, no more than fifty percent
(50%) of the Units may be sold to purchasers for investment purposes and who do not intend to occupy the Unit(s) being sold.

1.11 Minimum Liquidity. The Guarantor shall maintain, in its own name (and not on a consolidated basis with any other person or entity), minimum liquid assets not less than Three Million Five
Hundred Thousand and No/100 Dollars ($3,500,000.00). The foregoing minimum liquidity requirement must be met as of the closing of the loan and thereafter will be tested quarterly. If at the time of any such quarterly test the minimum liquidity
requirement then in effect is more than thirty-five percent (35%) of the then outstanding principal balance of the Loan, the minimum liquidity requirement will be reduced to an amount equal to thirty-five percent (35%) of the then
outstanding balance of the Loan. Liquid assets are unrestricted cash in accounts held directly by the Guarantor in addition to readily marketable securities held directly by the Guarantor in brokerage accounts in its name. The Guarantor shall
provide the Lender with copies of bank statements and brokerage statements and such other information as the Lender may reasonably request, in order to enable the Lender to verify compliance or non-compliance with the foregoing requirement.

SECTION TWO

PAYMENTS, COMPUTATIONS, FEES, CHARGES AND PROTECTIVE ADVANCES

2.1
Payments. All payments due with respect to this Agreement or the Loan shall be made in immediately available funds to Lender at such place as designated by Lender from time to time. Lender is authorized, but shall be under no obligation, to
charge any deposit account maintained by Borrower with Lender or any affiliate of Lender for any payments due to Lender with respect to this Agreement or the Loan. Payments shall be applied, at Lenders sole discretion: (i) first, to
payment of accrued and unpaid interest, if any; (ii) second, to payment of any principal then due, if any; (iii) third to late charges, if any; (iv) fourth, to reasonable attorneys fees and costs of collection; and
(v) fifth, to reduce the outstanding principal balance of the Note until such principal shall have been fully repaid. All payments hereunder shall be made without offset, demand, counterclaim, deduction, abatement, defense, or recoupment,
each of which Borrower hereby waives.

2.2 Late Charges. If any payment due under the Note is not made within ten
(10) days of its due date, Borrower shall pay to Lender upon demand (which may be in the form of the usual monthly billing or invoice) a late charge equal to five percent (5%) of the amount of such payment.



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2.3 Default Rate. After an Event of Default (hereinafter defined), the interest which
accrues on the Note shall be increased to the Default Rate (as defined in the Note).

2.4 Computations. Interest and
fees on the Loan shall be computed on the basis of a year of three hundred sixty (360) days and actual days elapsed.

2.5
Prepayment. The Borrower may prepay the Note in whole or in part without premium or penalty at any time upon ten (10) days prior written notice to Lender. Partial prepayments shall be applied to installments of principal in their
inverse order of maturity. Amounts prepaid hereunder may not be reborrowed.

2.6 Indebtedness. As used in this
Agreement, the term Indebtedness means all present and future indebtedness of Borrower to Lender arising out of or in connection with the Note or any of the other Loan Documents.

SECTION THREE

CONDITIONS

3.1 Conditions Precedent to Closing. In addition to any other conditions stated in this Agreement, the following conditions must be satisfied prior to Lender closing on the Loan.

(a) Loan Documents. Receipt by Lender of appropriately completed and duly executed originals of this Agreement, the Note, the
Guaranty, the Deed of Trust, the Leases Assignment, the Account Assignment, the Contracts Assignment, the Environmental Indemnity, and UCC-1 Financing Statements, all as Lender may require (collectively, together with and any other documents
executed and delivered in connection with the Indebtedness, the Loan Documents);

(b) Organizational
Documents. Each entity comprising the Borrower shall supply, to the extent it has not previously done so in any prior transaction with the Lender: (i) a currently certified copy of its Articles of Organization and all amendments thereto;
(ii) evidence satisfactory to the Lender and its counsel that it is in good standing in the jurisdiction where organized and qualified to do business in every jurisdiction in which the nature of its businesses or its properties makes such
qualification necessary; (iii) resolutions authorizing the due execution and delivery of the Loan Documents to which it is a party and (iv) certified copies of its Operating Agreement and all amendments thereto. The Articles of
Organization and the Operating Agreement of each entity comprising the Borrower shall not be amended, changed or modified in any respect without prior written consent of the Lender. In addition, the Guarantor shall supply: (i) a currently
certified copy of its Articles of Incorporation and all amendments thereto; (ii) evidence satisfactory to Lender and its counsel that it is in good standing in the jurisdiction where organized and qualified to do business in every jurisdiction
in which the nature of its businesses or its properties makes such qualification necessary; (iii) resolutions authorizing the due execution and delivery of the Loan Documents to which it is a party and a certificate of incumbency and
(iv) certified copies of its By-Laws and all amendments thereto. The Articles of Incorporation and the Bylaws of the Guarantor shall not be amended, changed or modified in any respect without prior written consent of the Lender; provided,
however, that on the condition that the Lender is given thirty (30) days advance written notice, the Lender hereby consents to the Guarantors change in corporate domicile from Delaware to Virginia and all amendments to its organizational
documents as are reasonably required to effect such change in domicile subsequent to the closing of the Loan; provided further that UCC-1 financing statements shall be filed in the changed domicile at the cost and expense of the Borrower.



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(c) Opinion. Receipt by the Lender of the opinion(s) of the counsel for Borrower and
the Guarantor, in form and content satisfactory to the Lender, in its sole, but reasonable, discretion.

(d) Insurance.
Receipt by the Lender of certificate(s) of insurance to evidence, as to each entity comprising the Borrower, a fully paid policy or policies of comprehensive public liability insurance naming Lender as an additional insured thereunder in an amount
not less than Two Million Dollars and No Cents ($2,000,000.00) in the aggregate, with not less than One Million Dollars and No Cents ($1,000,000.00) per occurrence; in any event, the amount of all insurance shall be sufficient to prevent any
co-insurance contribution on any loss, with each policy providing for a thirty (30) day prior written notice of cancellation, amendment or alteration; together with the insurance required pursuant to Section 2.3 of the Deed of Trust

(e) Operating Account. The Borrower shall have established the primary operating account with the Lender.

(f) Interest Reserve Account. The Borrower shall have established the Interest Reserve Account with the Lender.

(g) Financing Statements. The financing statements necessary to perfect the Lenders security interest in the personal
property subject to the Deed of Trust, and in any other collateral requiring filing of a financing statement for perfection of a lien thereon, shall be duly filed in all appropriate offices and jurisdictions, all other financing statements covering
any of such personal property shall be terminated or the Lender shall be reasonably satisfied that such terminations are forthcoming, and filing and recording receipts evidencing such filings and terminations shall be delivered to Lender, all in
form and substance satisfactory to the Lender.

(h) Property Documents. The Lender shall have received and approved, in
its sole discretion, the following:

(1) Appraisals. An appraisal of the Property, prepared by an
appraiser acceptable to Lender, in form and content acceptable to the Lender, conforming to all regulatory and internal appraisal guidelines applicable to or established by the Lender, in its sole, absolute, nonreviewable discretion, reflecting a
retail value and a discounted cash flow value satisfactory to the Lender (the Appraisal);

(2) Title Insurance. A commitment for title insurance (the Title Commitment) insuring the first priority lien of the Deed of Trust, containing no exceptions unacceptable to Lender,
issued in the name of the Lender by a title company acceptable to the Lender and in an amount equal to the principal amount of the Note. Such Title Commitment and the title policy issued pursuant thereto (the Title Policy) shall reflect
that all requirements for the issuance of the Title Policy have been satisfied, and shall contain such other endorsements or coverages as the Lender may require;

(3) Condominium Documents. Copies of all condominium documents with respect to the Penderbrook Property, including
without limitation the plats and plans, declaration and by-laws, condominium operating budget, and a completed mortgage lender condominium questionnaire, for the Lenders review and approval;

(4) Environmental Audit. A Phase I environmental audit of the Property prepared by an environmental consulting firm
acceptable to Lender, in its sole discretion, confirming that the Property is in compliance with all applicable environmental laws;



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(5) Flood Hazard. Evidence that no part of the building(s) in which
the Units are located is located in a special flood hazard area;

(6) Zoning. Receipt by Lender of a
zoning endorsement to the Title Policy acceptable to the Lender or such other written evidence as is acceptable to the Lender that the Property is zoned consistent with the uses contemplated;

(7) Leases; Sales Agreements. Copies of all existing leases and sales agreements with respect to the Property, if
any, together with such information regarding pre-qualification and deposit as may be in Borrowers possession or control; and

(8) Management Agreements. Copies of any management agreement(s) with respect to the Property.

(i) No Default. No event shall have occurred and be continuing that constitutes an Event of Default (as defined below).

(j) Representations. All representations and warranties contained in this Agreement shall be true and correct in every material
respect as of the date of closing.

(k) Satisfactory Documents. All documents delivered pursuant to this Agreement must
be in form and substance satisfactory to Lender and its counsel, and all legal matters incident to this Agreement must be satisfactory to Lenders counsel.

SECTION FOUR

REPRESENTATIONS AND WARRANTIES

In order to induce Lender to extend credit to Borrower, Borrower and each Guarantor makes the following representations and warranties as
to itself or himself as applicable:

4.1 Organization. Each entity comprising the Borrower is a limited liability
company duly organized, validly existing and in good standing under the laws of the Commonwealth of Virginia and is duly qualified as a foreign limited liability company and in good standing under the laws of each other jurisdiction in which such
qualification is required. The Guarantor represents and warrants that it is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware and is duly qualified as a foreign corporation and in good
standing under the laws of each other jurisdiction in which such qualification is required.

4.2 Execution and
Delivery. Each entity comprising the Borrower has the power, and has taken all the necessary actions, to execute and deliver and perform its obligations under the Loan Documents, and the Loan Documents, when executed and delivered, will be
binding obligations of each such entity comprising the Borrower enforceable in accordance with their respective terms.

4.3
Power. Each entity comprising the Borrower has the power and authority to own its properties and to carry on its business as now being conducted.

4.4 Financial Statements. All financial statements and information delivered to the Lender are correct and complete in all material respects, and present fairly the financial conditions, and
reflect all known liabilities,



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contingent and otherwise, of the Borrower and the Guarantor as of the dates of such statements and information, and since such dates no material adverse change in the assets, liabilities,
financial condition, business or operations of the Borrower or the Guarantor has occurred.

4.5 Taxes. All tax returns
and reports of the Borrower and the Guarantor required by law to be filed have been duly filed, and all taxes, assessments, other governmental charges or levies (other than those presently payable without penalty or interest and those that are being
contested in good faith in appropriate proceedings) upon the Borrower and the Guarantor and upon any of their respective properties, assets, income or franchises, that are due and payable have been paid.

4.6 Litigation. There is no action, suit or proceeding pending or, to the knowledge of the Borrower or the Guarantor, threatened
against or affecting the Borrower or the Guarantor that, either in any case or in the aggregate, may result in any material adverse change in the business, properties or assets or in the condition, financial or otherwise, of the Borrower or the
Guarantor, or that may result in any material liability on the part of the Borrower or the Guarantor that would materially and adversely affect the ability of the Borrower or the Guarantor to perform its and/or their obligations under the Loan
Documents, or that questions the validity of any of the Loan Documents or any action taken or to be taken in connection with the Loan Documents.

4.7 No Breach. The execution and delivery of the Loan Documents, and compliance with the provisions of the Loan Documents, will not conflict with or violate any provisions of law or conflict with,
result in a breach of, or constitute a default under the organizational documents, any judgment, order or decree binding on the Borrower, or any other agreements to which the Borrower is a party.

4.8 No Defaults. To the best of the Borrowers knowledge, the Borrower is not in default with respect to any debt, direct or
indirect.

4.9 Compliance. The Borrower is in compliance in all material respects with all applicable laws and
regulations, including, without limitation, the Employee Retirement Income Security Act of 1974, as amended (ERISA).

4.10 Approvals. No authorizations, approvals or consents of, and no filings and registrations with, any governmental or regulatory authority or agency are necessary for the execution, delivery or
performance of the Loan Documents by the Borrower.

4.11 Title to Assets. The Borrower has good and marketable title to
all of its assets, subject only to the liens and security interests permitted by this Agreement.

4.12 Use of Proceeds.
The proceeds of the Loan shall be used only for the purposes described in this Agreement. The proceeds of the Loan shall not be used to purchase or carry any margin stock, as such term is defined in Regulation U of the Board of Governors of the
Federal Reserve System.



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SECTION FIVE

COVENANTS OF BORROWER AND GUARANTOR

In consideration of credit extended
or to be extended by the Lender, the Borrower covenants and agrees as follows:

5.1 Financial Information. The Borrower
and the Guarantor shall each deliver to the Lender: (i) with respect to the Borrower, each year within ninety (90) days after the close of its fiscal year, financial statements prepared in accordance with standard accounting principles
consistently applied, certified as true and correct by an officer of each such entity; (ii) with respect to the Guarantor, each year within ninety (90) days after the close of its fiscal year, audited financial statements; (iii) each
year within thirty (30) days after filing, a copy of each such entitys federal income tax return or a copy of its notification to extend the time within which to file its federal income tax return and all schedules thereto, provided that
in the event of such extension such entity shall provide the Lender with a copy of the federal income tax return and all schedules thereto within thirty (30) days of the filing of same with the Internal Revenue Service and (iv) promptly
upon the Lenders request, such financial and other information with respect to such entity and the Property as the Lender reasonably may require from time to time. All financial statements shall be in such reasonable detail and shall be
accompanied by such certificates of the Borrower or the Guarantor, as applicable, as may be reasonably required by the Lender.

5.2 Taxes. All tax returns and reports of the Borrower required by law to be filed have been duly filed, and all taxes,
assessments, other governmental charges or levies (other than those presently payable without penalty or interest and those that are being contested in good faith in appropriate proceedings) upon the Borrower and upon any of their respective
properties, assets, income or franchises, that are due and payable have been paid.

5.3 Compliance with Laws. The
Borrower shall comply with all applicable laws and regulations, including, without limitation, ERISA.

5.4 Maintain
Existence. The Borrower shall maintain its existence in good standing, maintain and keep its properties in good condition (ordinary wear and tear, fire or other casualty excepted), maintain adequate insurance for all of its properties with
financially sound and reputable insurers. The Borrower shall remain in the same line of business as it is in on the date of this Agreement and shall not enter into any new lines of business without the prior written consent of the Lender.

5.5 Notices. As soon as it has actual knowledge, the Borrower shall notify the Lender of the institution or threat of
any material litigation or condemnation or administrative proceeding of any nature involving the Borrower.

5.6 Books and Records. The Borrower shall maintain complete and accurate books of account and records. The
principal books of account and records shall be kept and maintained at 1886 Metro Center Drive, 4thFloor, Reston, VA 20190. The Borrower shall not remove such books of account and records without giving the Lender at least thirty (30) days prior written notice. The Borrower, upon reasonable
notice from the Lender, shall permit the Lender, or any officer, employee or agent designated by the Lender, to examine the books of account and records maintained by the Borrower, and agree that the Lender or such officer, employee or agent may
audit and verify the books and records. The Borrower shall reimburse the Lender for any reasonable expenses incurred by the Lender in connection with any audits. All accounting records and financial reports furnished to Lender by borrower and the
Guarantor pursuant to this Agreement shall be maintained and prepared in accordance with GAAP.

5.7 Liens. The Borrower
shall not create, incur, assume or permit to exist any mortgage, deed of trust, assignment, pledge, lien, security interest, charge or encumbrance, including, without limitation, the right of a vendor under a conditional sale contract or the lessor
under a capitalized lease (collectively, the Liens) of any kind or nature in or upon any of the assets of the Borrower, except:

(a) Liens created or deposits made that are incidental to the conduct of the business of the Borrower, that are not incurred in connection with any borrowing or the obtaining of any credit and that do not
and will not interfere with the use by the Borrower of any of its assets in the normal course of its business or materially impair the value of such assets for the purpose of such business; and



10



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(b) Liens securing the Indebtedness.

5.8 Debt. Without the prior written consent of the Lender, the Borrower shall not incur or permit to exist any debt for borrowed
funds, the deferred purchase price of goods or services or capitalized lease obligations, except for (a) trade debt incurred in the ordinary course of business, and (b) the Indebtedness.

5.9 Contingent Liabilities. Without the prior written consent of the Lender, the Borrower shall not guarantee, endorse, become
contingently liable upon or assume the obligation of any person, or permit any such contingent liability to exist, except by the endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of
business.

5.10 Sale of Assets. Without the prior written consent of the Lender, the Borrower shall not sell, lease,
assign or otherwise dispose of any of its assets except for (a) sales in the ordinary course of business including sales of Units, (b) the disposition of assets that are no longer needed or useful in its business and (c) assets which
have been removed and replaced.

5.11 Mergers and Acquisitions. Without the prior written consent of the Lender, the
Borrower shall not merge or consolidate with, or acquire all or substantially all of the assets, stock, partnership interests or other ownership interests of, any other person.

5.12 Loan and Advances. Without the prior written consent of the Lender, the Borrower shall not make any loan or advance to any
affiliate, director, member, manager, officer or employee of the Borrower, or any other person, except for the creation of accounts receivable in the ordinary course of business on terms that are no less favorable than would apply in an
arms-length transaction.

5.13 Subsidiaries and Joint Ventures. Without the prior written consent of the Lender,
the Borrower shall not form any subsidiary, become a general or limited partner in any partnership or become a party to a joint venture. If the Lender grants its consent to the formation or acquisition of a subsidiary Borrower, such entity shall
cause each such subsidiary to perform and observe all of the covenants contained in this Agreement.

5.14 Affiliates.
Without the prior written consent of the Lender, the Borrower shall not engage in business with any of its affiliates except in the ordinary course of business and on terms that are no less favorable to the Borrower than would apply in an
arms-length transaction.

5.15 Organization; Control and Management. Until such time as the Loan is fully repaid,
there shall be no Transfer (hereinafter defined) of any interest in the Borrower, nor any change in the Control (hereinafter defined) or management of either Borrower or the Guarantor, nor any Transfer of the Property except for sales of Units in
accordance with the Loan Documents, without the Lenders prior written consent. Transfer means any assignment, pledge, conveyance, sale, transfer, mortgage, encumbrance, grant of a security interest or other disposition, either
directly or indirectly, by operation of law or otherwise. Control means the ownership, directly or indirectly, in the aggregate of fifty percent (50%) or more of the beneficial ownership interests of an entity and the
possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of an entity, whether through the ability to exercise voting power, by contract or otherwise. Controlled by and
controlling shall have the respective correlative meaning thereto.



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SECTION SIX

DEFAULT AND REMEDIES

6.1 Events of Default. Each of the following
shall constitute an Event of Default under this Agreement:

(a) Failure to Pay. If: (i) the
Borrower shall fail to pay any monthly payment required under the Note (Monthly Payments) when due thereunder or (ii) the Borrower shall fail to pay any amount (other than the Monthly Payments) as and when due under any of the Loan
Documents;

(b) Failure to Give Notices. If Borrower fails to give Lender any notice required by Section 5.5 of
this Agreement within thirty (30) days after it has actual knowledge of the event giving rise to the obligation to give such notice;

(c) Failure to Permit Inspections. If Borrower refuses to permit Lender to inspect its books and records in accordance with the provision of Section 5.6, or failure to permit Lender to inspect
the Property upon reasonable advance notice;

(d) Failure to Observe Covenants. If Borrower fails to perform or observe
any term, covenant, warranty or agreement contained in this Agreement or in the other Loan Documents and such failure shall continue for a period of thirty (30) days after written notice of such failure has been given to Borrower by Lender;
provided, however, if such default is not in the payment of any sum due to Lender hereunder, or was not the subject of an Event of Default for which notice was previously provided, and provided Borrower is diligently pursuing the cure of such
default, then Borrower shall have an additional sixty (60) days within which to cure such default prior to Lender exercising any right or remedy available hereunder, at law or in equity;

(e) Defaults under Loan Documents. If an Event of Default shall occur under the Note or any other Loan Document and shall not be
cured within any applicable grace period;

(f) Breach of Representation. Discovery that any representation or warranty
made or deemed made by the Borrower in this Agreement or in any other Loan Document, or any statement or representation made in any certificate, report or opinion delivered pursuant to this Agreement or other Loan Document or in connection with any
borrowing under this Agreement by the Borrower or the Guarantor or any member, manager, officer, agent, employee or director of the Borrower or the Guarantor, was materially untrue when made or deemed made;

(g) Voluntary Bankruptcy. If the Borrower or the Guarantor makes an assignment for the benefit of creditors, files a petition in
bankruptcy, petitions or applies to any tribunal for any receiver or any trustee of the Borrower or the Guarantor or any substantial part of the property of the Borrower or the Guarantor, or commences any proceeding relating to the Borrower or the
Guarantor under any reorganization, arrangement, composition, readjustment, liquidation or dissolution law or statute of any jurisdiction, whether in effect now or after this Agreement is executed;

(h) Involuntary Bankruptcy. If, within sixty (60) days after the filing of a bankruptcy petition or the commencement of any
proceeding against the Borrower or the Guarantor seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation, the proceeding shall not have
been dismissed, or, if within sixty (60) days, after the appointment, without the consent or acquiescence of the Borrower or the Guarantor, of any trustee, receiver or liquidator of any Borrower or all of any substantial part of the properties
of the Borrower or the Guarantor, the appointment shall not have been vacated;



12



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(i) Cross Default. If, as a result of default, any present or future obligations of
the Borrower or the Guarantor to Lender or any other creditor are declared to be due and payable prior to the expressed maturity of such obligations;

(j) Material Adverse Change. A material adverse change occurs in the financial or business condition of the Borrower or the Guarantor;

(k) Judgment. If a judgment, attachment, garnishment or other process is entered against the Borrower and is not vacated or bonded
within sixty (60) days after entry (or such shorter period of time as necessary in order to avoid attachment or foreclosure), or if a judgment, attachment, garnishment or other process is entered against the Guarantor that would materially
affect the Guarantors ability to perform its obligations under the Loan Documents, and such judgment, attachment, garnishment or other process is not vacated or bonded within sixty (60) days after entry (or such shorter period of time as
necessary in order to avoid attachment or foreclosure);

(l) Dissolution. The dissolution, liquidation or termination
of existence of the Borrower or the Guarantor unless a substitute guarantor, satisfactory to the Lender in its sole and absolute discretion, assumes all liability under the Guaranty and Environmental Indemnity and executes any documents which the
Lender may reasonably require to implement such substitution, within sixty (60) days after such death or incapacity; or

(m) Change in Management/Control. A change in the management of or controlling interest in the Borrower or the Guarantor without
prior written consent of the Lender.

6.2 Remedies. Upon the occurrence of an Event of Default (a) the Lender, at
its option, by written notice to the Borrower, may declare all Indebtedness to the Lender to be immediately due and payable, whether such Indebtedness was incurred prior to, contemporaneous with or subsequent to the date of this Agreement and
whether represented in writing or otherwise, without presentment, demand, protest or further notice of any kind, and (b) the Lender may exercise all rights and remedies available to it under the Loan Documents and applicable law. The Borrower
agrees to pay all costs and expenses incurred by the Lender in enforcing any obligation under this Agreement or the other Loan Documents, including, without limitation, attorneys fees. No failure or delay by the Lender in exercising any power
or right will operate as a waiver of such power or right, nor will any single or partial exercise of any power or right preclude any other future exercise of such power or right, or the exercise of any other power or right.

6.3 Borrower to Pay Fees and Charges. The Borrower shall pay all fees and charges incurred in the procuring, making and
enforcement of the Loan, including without limitation, the reasonable fees and disbursements of Lenders attorneys, charge for appraisals, the fee of Lenders inspector, fees and expenses relating to examination of title, title insurance
premiums, surveys, and mortgage recording, documentary, transfer or other similar taxes and revenue stamps, loan extension fees, if any, and the Lenders loan fees.



13



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SECTION SEVEN

MISCELLANEOUS

7.1 Defined Terms. Each accounting term used in this
Agreement, not otherwise defined, shall have the meaning given to it under GAAP applied on a consistent basis. The term person shall mean any individual partnership, corporation, trust, joint venture, unincorporated association,
governmental subdivision or agency or any other entity of any nature. The term subsidiary means, with respect to any person, a corporation or other person of which shares of stock or other ownership interest having ordinary voting power
to elect a majority of the board of directors or other managers of such corporation or person are at the time owned, or the management of which it otherwise controlled, directly or indirectly, through one or more intermediaries, by such person. The
term affiliate means, with respect to any specified person, any other person that, directly or indirectly, controls or is controlled by, or is under common control with, such specified person. All meanings assigned to defined terms in
this Agreement shall be applicable to the singular and plural forms of the terms defined.

7.2 Notices. All notices,
requests, demands and other communication with respect hereto shall be in writing and shall be delivered by hand, prepaid by Federal Express (or a comparable overnight delivery service), sent by the United States first-class mail, certified, postage
prepaid, return receipt requested, to the parties at their respective addresses set forth as follows:

If to the Lender, to:

EAGLEBANK

7815 Woodmont Avenue, 3rdFloor

Bethesda, MD 20814

Attn:      Douglas Vigen, Senior Vice President

with a copy to:

Friedlander Misler, PLLC

1101 17th Street, NW, Suite 700

Washington, DC 20036-4704

Attn: David Astrove, Esq.

If to the Borrower, to:

Comstock Potomac Yard, L.C.

Comstock Penderbrook, L.C.

c/o Comstock Homebuilding Companies, Inc.

1886 Metro Center
Drive, 4thFloor

Reston, VA 20190

Attn:      Christopher Clemente



14



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with a copy to:

Comstock Potomac Yard, L.C.

c/o Comstock Homebuilding Companies, Inc.

1886 Metro Center Drive, 4thFloor

Reston, VA 20190

Attn: Jubal Thompson, Esq.

Any notice, request, demand or other communication delivered or sent in the manner aforesaid shall be deemed given or made (as the case
may be) upon the earliest of (a) the date it is actually received, (b) on the business day after the day on which it is delivered by hand, (c) on the business day after the day on which it is properly delivered by Federal Express (or
a comparable overnight delivery service), or (d) on the third (3rd) business day after the day on which it is deposited in the United States mail. Any party may change such partys address by notifying the other parties of the new
address in any manner permitted by this Section.

7.3 Successors and Assigns. This Agreement will be binding upon and
inure to the benefit of Lender and Borrower and their respective successors, assigns, personal representatives, executors and administrators, provided that the Borrower may not assign or transfer its rights under this Agreement.

7.4 Entire Agreement. Except for the other Loan Documents expressly referred to in this Agreement, this Agreement represents the
entire agreement between the Lender and the Borrower, supersedes all prior commitments and may be modified only by an agreement in writing.

7.5 Survival. All agreements, covenants, representations and warranties made in this Agreement and all other provisions of this Agreement will survive the delivery of this Agreement and the other
Loan Documents and the making of the advances under this Agreement and will remain in full force and effect until the obligations of the Borrower under this Agreement and the other Loan Documents are fully discharged.

7.6 Governing Law. This Agreement will be governed by and construed in accordance with the laws of the State of Maryland, without
reference to conflict of laws principles.

7.7 Intentionally deleted.

7.8 Headings. Section headings are for convenience of reference only and shall not affect the interpretation of this Agreement.

7.9 Participations. The Lender shall have the right to sell all or any part of its rights under the Loan Documents,
and the Borrower authorizes Lender to disclose to any prospective participant in the Loan any and all financial and other information in the Lenders possession concerning the Borrower or the Collateral.

7.10 Third Party Beneficiary. The parties do not intend the benefits of this Agreement or any other Loan Document to inure to any
third party.

7.11 Waiver of Jury Trial. TO THE FULLEST EXTENT PERMITTED BY LAW, the LENDER AND THE BORROWER KNOWINGLY,
VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHTS THEY MAY HAVE TO A TRIAL BY JURY BASED ON, ARISING OUT OF OR UNDER, OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT.

7.12 Waiver. The rights of the Lender under this Agreement and the other Loan Documents shall be in addition to all other rights
provided by law. No waiver of any provision of this Agreement, or any other Loan Document, shall be effective unless in writing, and no waiver shall extend beyond the particular purpose involved. No waiver in any one case shall require Lender to
give any subsequent waivers.



15



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7.13 Severability. If any provision of this Agreement or any other Loan Document is
held to be void, invalid, illegal or unenforceable in any respect, such provision shall be fully severable and this Agreement or the applicable Loan Document shall be construed as if the void, invalid, illegal or unenforceable provision were not
included in this Agreement or in such Loan Document.

7.14 No Setoffs. With respect to a monetary default claimed by
the Lender under the Loan Documents, no setoff, claim, counterclaim, reduction or diminution of any obligation or defense of any kind or nature that the Borrower has or may have against the Lender (other than the defenses of payment, the
Lenders gross negligence or wilful misconduct) shall be available against Lender in any action, suit or proceeding brought by the Lender to enforce this Agreement or any other Loan Document. The foregoing shall not be construed as a waiver by
the Borrower of any such rights or claims against the Lender, but any recovery upon any such rights or claims shall be had from Lender separately, it being the intent of this Agreement and the other Loan Documents that the Borrower shall be
obligated to pay, absolutely and unconditionally, all amounts due under this Agreement and the other Loan Documents.

7.15
Counterparts. This Agreement may be executed for the convenience of the parties in several counterparts, which are in all respects similar and each of which is to be deemed to complete in and of itself, and any one of which may be introduced
in evidence or used for any other purpose without the production of the other counterparts thereof.

7.16 Consent to
Jurisdiction. The Borrower irrevocably submits to jurisdiction of any state or federal court sitting in the Commonwealth of Virginia or the State of Maryland over any suit, action, or proceeding arising out of or relating to this Loan Agreement,
the Note or any other Loan Documents. The undersigned irrevocably waives, to the fullest extent permitted by law, any objection that the undersigned may now or hereafter have to the venue of any such suit, action or proceeding brought in any such
court and any claim that any such suit, action, or proceeding brought in any such court has been brought in an inconvenient forum. Final judgment in any such court shall be conclusive and binding and may be enforced in any court in which the
undersigned is subject to jurisdiction by a suit upon such judgment provided that service of process is effected as provided herein or as otherwise permitted by applicable laws.

7.17 Service of Process. The Borrower hereby consents to process being served in any suit, action or proceeding instituted in the
State of Maryland in connection with the Loan by (i) the mailing of a copy thereof by certified mail, postage prepaid, return receipt requested, to the Borrower at the address set forth in the notice section of this Agreement and
(ii) serving a copy thereof upon the Borrowers registered agent for service of process. The undersigned irrevocably agrees that such service shall be deemed to be service of process upon the undersigned in any such suit, action or
proceeding. Nothing in this agreement shall affect the right of the Lender to serve process in any manner otherwise permitted by law and nothing in this agreement will limit the right of the Lender otherwise to bring proceedings against the
undersigned in the courts of any jurisdiction or jurisdictions.

[SIGNATURES ON FOLLOWING PAGES]



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IN WITNESS WHEREOF, the Borrower and the Lender have caused this Agreement to be executed in
their respective names by duly authorized representatives as of the day and year first above written. The Guarantor joins herein to consent and agree to the terms, conditions, provisions and covenants of those sections of this Agreement that address
a covenant or obligation of the Guarantor.



|             |  |                                                                   |  |                                                                            |  |              |  |                        
|------------ |  | ----------------------------------------------------------------- |  | -------------------------------------------------------------------------- |  | ------------ |  | -----------------------
|WITNESS:     |  | BORROWER:                                                        
|             | 
|             |  | COMSTOCK POTOMAC YARD, L.C., A Virginia limited liability company
|             |  |                                                                  
|             |  | By:                                                               |  | Comstock Homebuilding Companies, Inc., a Delaware corporation, Its Manager
|             |  |                                                                   | 
|             |  |                                                                   |  | By:                                                                        |  |             
|Print Name:  |  |                                                                   |  |                                                                            |  | Print Name:  |  | Joseph M. Squeri       
|Print Title: |  |                                                                   |  |                                                                            |  | Print Title: |  | Chief Financial Officer
|             |  |                                                                  
|[SEAL]       |  |                                                                   |  |                                                                           



|                                                             |  |      
|------------------------------------------------------------ |  | -----
|COMMONWEALTH OF VIRGINIA                                     |  | )    
|                                                             |  | ) ss:
|COUNTY OF                            
                     ) |  |      

I,
                                        , a
Notary Public in and for the aforesaid said jurisdiction, do hereby certify that Joseph M. Squeri, personally appeared before me in said jurisdiction and acknowledged that he is the Chief Financial Officer of Comstock Homebuilding Companies, Inc.,
which is the Manager of Comstock Potomac Yard, L.C., a Virginia limited liability company, party to the foregoing instrument, and that the same is his act and deed and the act and deed of said Comstock Potomac Yard, L.C.

IN WITNESS WHEREOF, I have set my hand and Notarial Seal, this      day of May, 2012.



|       |  |                         |  | 
|------ |  | ----------------------- |  | 
|       |  |                        
|       |  | Notary Public          
|(SEAL) |  |                        
|       |  | My Commission expires: 
|       | 
|       |  |                        
|       | 
|       |  | Notary Registration No.



17



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|             |  |                                                                  |  |                                                                            |  |              |  |                        
|------------ |  | ---------------------------------------------------------------- |  | -------------------------------------------------------------------------- |  | ------------ |  | -----------------------
|WITNESS:     |  | BORROWER:                                                       
|             | 
|             |  | COMSTOCK PENDERBROOK, L.C., A Virginia limited liability company
|             |  |                                                                 
|             |  | By:                                                              |  | Comstock Homebuilding Companies, Inc., a Delaware corporation, Its Manager
|             |  |                                                                  | 
|             |  |                                                                  |  | By:                                                                        |  |             
|Print Name:  |  |                                                                  |  |                                                                            |  | Print Name:  |  | Joseph M. Squeri       
|Print Title: |  |                                                                  |  |                                                                            |  | Print Title: |  | Chief Financial Officer
|             |  |                                                                 
|[SEAL]       |  |                                                                  |  |                                                                           



|                                                             |  |      
|------------------------------------------------------------ |  | -----
|COMMONWEALTH OF VIRGINIA                                     |  | )    
|                                                             |  | ) ss:
|COUNTY OF                            
                     ) |  |      

I,
                                        , a
Notary Public in and for the aforesaid said jurisdiction, do hereby certify that Joseph M. Squeri, personally appeared before me in said jurisdiction and acknowledged that he is the Chief Financial Officer of Comstock Homebuilding Companies, Inc.,
which is the Manager of Comstock Penderbrook, L.C., a Virginia limited liability company, party to the foregoing instrument, and that the same is his act and deed and the act and deed of said Comstock Penderbrook, L.C.

IN WITNESS WHEREOF, I have set my hand and Notarial Seal, this      day of May, 2012.



|       |  |                         |  | 
|------ |  | ----------------------- |  | 
|       |  |                        
|       |  | Notary Public          
|(SEAL) |  |                        
|       |  | My Commission expires: 
|       | 
|       |  |                        
|       | 
|       |  | Notary Registration No.



18



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|             |  |                                                              |  |     |  |              |  |                        
|------------ |  | ------------------------------------------------------------ |  | --- |  | ------------ |  | -----------------------
|WITNESS:     |  | GUARANTOR:                                                  
|             | 
|             |  | COMSTOCK HOMEBUILDING COMPANIES, INC.,a Delaware corporation
|             |  |                                                              | 
|             |  |                                                              |  | By: |  |             
|Print Name:  |  |                                                              |  |     |  | Print Name:  |  | Joseph M. Squeri       
|Print Title: |  |                                                              |  |     |  | Print Title: |  | Chief Financial Officer
|             |  |                                                             
|[SEAL]       |  |                                                              |  |    



|                                                             |  |      
|------------------------------------------------------------ |  | -----
|COMMONWEALTH OF VIRGINIA                                     |  | )    
|                                                             |  | ) ss:
|COUNTY OF                            
                     ) |  |      

I,
                                        , a
Notary Public in and for the aforesaid said jurisdiction, do hereby certify that Joseph M. Squeri, personally appeared before me in said jurisdiction and acknowledged that he is the Chief Financial Officer of Comstock Homebuilding Companies, Inc., a
Delaware corporation, party to the foregoing instrument, and that the same is his act and deed and the act and deed of said Comstock Homebuilding Companies, Inc.

IN WITNESS WHEREOF, I have set my hand and Notarial Seal, this      day of May, 2012.



|       |  |                         |  | 
|------ |  | ----------------------- |  | 
|       |  |                        
|       |  | Notary Public          
|(SEAL) |  |                        
|       |  | My Commission expires: 
|       | 
|       |  |                        
|       | 
|       |  | Notary Registration No.



19



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|            |  |  |  |         |  |               |  |                      
|----------- |  |  |  | ------- |  | ------------- |  | ---------------------
|WITNESS:    |  |  |  | LENDER:
|            |  |  | 
|            |  |  |  |         |  | EAGLEBANK    
|            |  |  | 
|            |  |  |  | By:     |  |              
|Print Name: |  |  |  |         |  | Douglas Vigen
|            |  |  |  |         |  |               |  | Senior Vice President
|            |  |  |  |        
|[SEAL]      |  |  |  |         |  |               |  |                      



|                                                             |  |      
|------------------------------------------------------------ |  | -----
|STATE OF                                                     |  | )    
|                                                             |  | ) ss:
|COUNTY OF                            
                     ) |  |      

I,
                                        , a
Notary Public in and for the aforesaid said jurisdiction, do hereby certify that DOUGLAS VIGEN personally appeared before me in said jurisdiction and acknowledged that he is a Senior Vice President of EAGLEBANK; that he has been duly authorized to
execute and deliver the foregoing instrument for the purposes therein contained and that the same is his act and deed; that the seal affixed to said instrument is such corporate seal and that it was so affixed by order of the Board of Directors of
said Bank; and that he signed his name thereon by like order.

IN WITNESS WHEREOF, I have set my hand and Notarial Seal, this
     day of             , 2012.



|       |  |  |  |                        |  | 
|------ |  |  |  | ---------------------- |  | 
|       |  |  |  |                       
|       |  |  |  | Notary Public         
|(SEAL) |  |  |  |                       
|       |  |  |  | My Commission expires:
|       |  | 
|       |  |  |  |                       



20



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EXHIBIT A

LEGAL DESCRIPTION OF POTOMAC YARD PROPERTY



21



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EXHIBIT B

LEGAL DESCRIPTION OF PENDERBROOK PROPERTY



22



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EXHIBIT C

MINIMUM PRICES PER UNIT (SEE SECTION 1.10(a))



23