**FOURTH      MODIFICATION AND EXTENSION AGREEMENT**

**Agreement**
**Effective      Date**
**COMERICA      BANK**
**Lender**
**STRATUS      PROPERTIES INC.**
**STRATUS      PROPERTIES OPERATING CO., L.P.**
**CIRCLE      C LAND, L.P.**
**AUSTIN      290 PROPERTIES, INC.**
**Borrower**
**OLY      STRATUS BARTON CREEK I JOINT VENTURE**
**Barton      Creek JV**

**First      $5,000,000.00 Revolving Note Amendment**
**Second      $5,000,000.00 Revolving Note Amendment**
**Third      Extension**
**Third      $5,000,000.00 Revolving Note Amendment**
**$5,000,000.00      Revolving Note**
**$5,000,000.00      Revolving Loan**
**First      Loan Modification**
**Second      Loan Modification**
**Third      Loan Modification**
**Loan      Agreement**

**First      Revolving Credit Note Amendment**
**Second      Revolving Credit Note Amendment**
**Third      Revolving Credit Note Amendment**
**Revolving      Credit Note**
**Revolving      Credit Loan**
**Notes**
**Loans**

**Deeds      of Trust**
**Lien      Instruments**
**GARY      W. ORR**
**MELINDA      A. CHAUSSE, **
**Trustee**

|   | (1) | Deed                of Trust dated December 16, 1999, executed by Stratus Properties                Operating                Co., L.P. and delivered to Trustee for the benefit of Lender, recorded                under Document Number 1999158707 of the Official Public Records of                Travis                County, Texas, covering real property located in Travis County, Texas,                as                more particularly described                therein; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (2) | Deed                of Trust dated December 16, 1999, executed by Circle C Land Corp.                and                delivered to Trustee for the benefit of Lender, recorded under Document                Number 1999158708 of the Official Public Records of Travis County,                Texas,                covering real property located in, Travis County, Texas, as more                particularly described therein; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (3) | Second                Lien Deed of Trust dated December 16, 1999, executed by Circle C                Land                Corp. and delivered to Trustee for the benefit of Lender, recorded                under                Document Number 1999158709 of the Official Public Records of Travis                County, Texas, and under Document Number 9929849 of the Deed Records                of                Hays County, Texas, covering real property located in Travis and                Hays                Counties, Texas, as more particularly described                therein; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (4) | Deed                of Trust dated December 16, 1999, executed by Stratus Properties                Operating                Co., L.P. and delivered to Trustee for the benefit of Lender, recorded                under Document Number 1999158710 of the Official Public Records of                Travis                County Texas, covering real property located in Travis County, Texas,                as                more particularly described                therein; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (5) | Deed                of Trust dated December 16, 1999, executed by Austin 290 Properties,                Inc.                and delivered to Trustee for the benefit of Lender, recorded under                Document Number 1999158711 of the Official Public Records of Travis                County, Texas, covering real property located in Travis County, Texas,                as                more particularly described                therein; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (6) | Deed                of Trust dated December 16, 1999, executed by Stratus Properties                Operating                Co., L.P. and delivered to Trustee for the benefit of Lender, recorded                under Document Number 1999158712 of the Official Public Records of                Travis                County, Texas, covering real property located in Travis County, Texas,                as                more particularly described                therein; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (7) | Deed                of Trust dated December 16, 1999, executed by Stratus Properties                Operating                Co., L.P. and delivered to Trustee for the benefit of Lender, recorded                under Clerk’s File Number U138051 of the Official Public Records of Real                Property of Harris County, Texas, covering real property located                in Harris                County, Texas, as more particularly described therein;                and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (8) | Deed                of Trust dated December 16, 1999, executed by Stratus Properties                Operating                Co., L.P. and delivered to Trustee for the benefit of Lender, recorded                in                Volume 8247, at Page 0791 of the Deed Records of Bexar County, Texas,                covering real property located in Bexar County, Texas, as more                particularly described therein. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**First      Deed of Trust Modification**

|   | (1) | Recorded                under Document No. 2000204551 of the Official Public Records of Travis                County, Texas; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------|

|   | (2) | Recorded                under Document No. 00030106 of the Official Public Records of Hays                County,                Texas; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------|

|   | (3) | Recorded                in Volume 8689, Page 1807 of the Deed Records of Bexar County, Texas,                and |
|--------|-----|------------------------------------------------------------------------------------------------------------------|

|   | (4) | Recorded                under Clerk’s File No. U801037 of the Official Public Records of Real                Property of Harris County, Texas. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------|

**Second      Deed of Trust Modification**

|   | (1) | Recorded                under Document No. 2001215158 of the Official Public Records of Travis                County, Texas; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------|

|   | (2) | Recorded                under Document No. 01031701 of the Official Public Records of Hays                County,                Texas; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------|

|   | (3) | Recorded                in Volume 9183, Page 1818 of the Deed Records of Bexar County, Texas,                and |
|--------|-----|------------------------------------------------------------------------------------------------------------------|

|   | (4) | Recorded                under Clerk’s File No. V490950 of the Official Public Records of Real                Property of Harris County, Texas. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------|

**Third      Deed of Trust Modification**

|   | (1) | Recorded                under Document No. 2004127628 of the Official Public Records of Travis                County, Texas; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------|

|   | (2) | Recorded                under Document No. 04019600 of the Official Public Records of Hays                County,                Texas; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------|

**Mortgaged      Property**
**Loan      Documents**

**Note**
**Third      Extension**
**Fourth      Extension**

**'**
**Loan      Agreement**

**Governing      Law**
**.      THE TERMS AND PROVISIONS HEREOF SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE      WITH THE LAWS OF THE STATE OF TEXAS, EXCEPT AS OTHERWISE EXPRESSLY PROVIDED      HEREIN.**

**THIS      AGREEMENT AND THE OTHER LOAN DOCUMENTS EMBODY THE FINAL, ENTIRE AGREEMENT AMONG      THE PARTIES HERETO AND THERETO AND SUPERSEDE ANY AND ALL PRIOR COMMITMENTS,      AGREEMENTS, REPRESENTATIONS, AND UNDERSTANDINGS, WHETHER WRITTEN OR ORAL,      RELATING TO THE SUBJECT MATTER HEREOF AND THEREOF AND MAY NOT BE CONTRADICTED      OR      VARIED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS      OR      DISCUSSIONS OF THE PARTIES HERETO OR THERETO. THERE ARE NO ORAL AGREEMENTS      AMONG      THE PARTIES HERETO OR THERETO. THE PROVISIONS OF THIS AGREEMENT AND THE OTHER      LOAN DOCUMENTS MAY BE AMENDED OR WAIVED ONLY BY AN INSTRUMENT IN WRITING SIGNED      BY THE RESPECTIVE PARTIES TO SUCH DOCUMENTS.**

**LENDER**
**:**

**COMERICA      BANK**

**BORROWER**
**:**

**STRATUS      PROPERTIES INC.**

**STRATUS      PROPERTIES OPERATING CO., L.P**

|   | By: | STRS                L.L.C., a Delaware limited liability company, General                Partner |
|--------|-----|--------------------------------------------------------------------------------------------------|

|   | By: | Stratus                Properties Inc., a Delaware corporation,                its Sole Member |
|--------|-----|------------------------------------------------------------------------------------------------|

**CIRCLE      C LAND, L.P.**

|   | By: | Circle                C GP, L.L.C., a Delaware limited liability company,                its general partner |
|--------|-----|--------------------------------------------------------------------------------------------------------------|

|   | By: | Stratus                Properties, Inc., a Delaware corporation,                its Sole Member |
|--------|-----|-------------------------------------------------------------------------------------------------|

**AUSTIN      290 PROPERTIES, INC.**

**BARTON      CREEK JV:**

**OLY      STRATUS BARTON CREEK I JOINT **

**VENTURE**

|   | By: | STRATUS                ABC WEST I, L.P., a Texas limited partnership,                Venturer |
|--------|-----|-----------------------------------------------------------------------------------------------|

|   | By: | STRS                L.L.C., a Delaware limited liability company,                General Partner |
|--------|-----|--------------------------------------------------------------------------------------------------|

|   | By: | STRATUS                PROPERTIES INC., a Delaware                corporation, its sole member |
|--------|-----|------------------------------------------------------------------------------------------------|

**COMERICA      BANK**

**STRATUS      PROPERTIES INC.**

**STRATUS      PROPERTIES INC.**
**STRS,      L.L.C.**
**STRATUS      PROPERTIES OPERATING CO., L.P.**

**STRATUS      PROPERTIES INC.**
**CIRCLE      C LAND, L.P.**

**AUSTIN      290 PROPERTIES, INC.**

**STRATUS      PROPERTIES INC.**
**STRS,      L.L.C.**
**OLY      STRATUS BARTON CREEK I JOINT VENTURE**
**      STRATUS**

**STRATUS      PROPERTIES INC.**
**STRS,      L.L.C.**
**STRATUS      ABC WEST I, L.P.**
**OLY      STRATUS BARTON CREEK I JOINT VENTURE**
**      STRATUS**