**NINTH      AMENDMENT TO ASSET PURCHASE AGREEMENT**

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|   | SELLER:                                                                                                                        |
|--------|--------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                           |   |
|   |                                                                                                                           |   |
|   | SILVERLEAF                RESORTS, INC., a Texas corporation                                                                   |
|   |                                                                                                                           |   |
|   |                                                                                                                           |   |
|   |                                                                                                                           |   |
|   | By:                                                                                                                            | /S/                JOE W.                CONNER                                       |
|   | Name:                                                                                                                          | Joe                W. Conner |
|   | Its:                                                                                                                           | COO |
|   |                                                                                                                           |   |
|   |                                                                                                                           |   |
|   | PURCHASER:                                                                                                                     |
|   |                                                                                                                           |   |
|   | ALGONQUIN                WATER RESOURCES OF TEXAS, LLC, a                Texas limited liability company                       |
|   |                                                                                                                           |   |
|   |                                                                                                                           |   |
|   | By:                                                                                                                            | /S/                EDWARD                PAMATAT                             |
|   | Its:                                                                                                                           |   |
|   |                                                                                                                           |   |
|   |                                                                                                                           |   |
|   | ALGONQUIN                WATER RESOURCES OF MISSOURI, LLC,                a                Missouri limited liability company  |
|   |                                                                                                                           |   |
|   |                                                                                                                           |   |
|   | By:                                                                                                                            | /S/                EDWARD                PAMATAT                            |
|   | Its:                                                                                                                           |   |
|   |                                                                                                                           |   |
|   |                                                                                                                           |   |
|   | ALGONQUIN                WATER RESOURCES OF ILLINOIS, LLC,                an                Illinois limited liability company |
|   |                                                                                                                           |   |
|   |                                                                                                                           |   |
|   | By:                                                                                                                            | /S/                EDWARD                PAMATAT                           |
|   | Its:                                                                                                                           |   |

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|   | ALGONQUIN                WATER RESOURCES OF AMERICA, INC.,a                Delaware corporation |
|--------|-------------------------------------------------------------------------------------------------|
|   |                                                                                            |   |
|   |                                                                                            |   |
|   | By:                                                                                             | /S/                EDWARD                PAMATAT                            |
|   | Its:                                                                                            |   |
|   |                                                                                            |   |
|   |                                                                                            |   |
|   | ALGONQUIN                POWER INCOME FUND, a Canadian income trust                             |
|   |                                                                                            |   |
|   |                                                                                            |   |
|   | By:                                                                                             | /S/                EDWARD                PAMATAT                           |
|   | Its:                                                                                            |   |

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