----

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| Article 1      INCORPORATION OF RECITALS AND EXHIBITS                                                                                                              | 2  |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|----|
| 1.1           Incorporation      of Recitals                                                                | 2  |
| 1.2           Incorporation      of Exhibits                                                                | 2  |
| Article 2      DEFINITIONS                                                                                                                                         | 3  |
| 2.1           Defined      Terms                                                                            | 3  |
| 2.2           Other      Definitional Provisions                                                            | 15 |
| Article 3      BORROWER'S REPRESENTATIONS AND WARRANTIES                                                                                                           | 15 |
| 3.1           Representations      and Warranties                                                           | 15 |
| 3.2           Survival      of Representations and Warranties                                               | 20 |
| Article 4      LOAN AND LOAN DOCUMENTS                                                                                                                             | 21 |
| 4.1           Agreement      to Borrow and Lend; Lender's Obligation to Disburse; Excess      Disbursements | 21 |
| 4.2           Loan      Documents                                                                           | 22 |
| 4.3           Term      of the Loan                                                                         | 23 |
| 4.4           Prepayments                                                                                   | 23 |
| 4.5           Required      Principal Payments                                                              | 24 |
| 4.6           Receipt      of Payments                                                                      | 24 |
| 4.7           Termination      of Lender's Unfunded Commitment                                              | 24 |
| 4.8           Lender's      Inability to Fund                                                               | 25 |
| Article 5      INTEREST                                                                                                                                            | 25 |
| 5.1           Interest      Rate                                                                            | 25 |
| Article 6      COSTS OF MAINTAINING LOAN                                                                                                                           | 25 |
| 6.1           Increased      Costs and Capital Adequacy                                                     | 25 |
| 6.2           Borrower      Withholding                                                                     | 26 |
| Article 7      LOAN EXPENSE AND ADVANCES                                                                                                                           | 26 |
| 7.1           Loan      and Administration Expenses                                                         | 26 |
| 7.2           Loan      Fees                                                                                | 27 |
| 7.3           Loan      Administration Fees                                                                 | 27 |
| 7.4           Reserved                                                                                      | 27 |
| 7.5           Lender's      Attorneys' Fees and Disbursements                                               | 27 |
| 7.6           Time      of Payment of Fees and Expenses                                                     | 27 |
| 7.7           Expenses      and Advances Secured by Loan Documents                                          | 28 |
| 7.8           Right      of Lender to Make Advances to Cure Borrower's Defaults                             | 28 |
| Article 8      NON-CONSTRUCTION REQUIREMENTS PRECEDENT                                                                                                             | 28 |
| 8.1           Non-Construction      Conditions Precedent                                                    | 28 |
| Article 9      CONSTRUCTION REQUIREMENTS PRECEDENT                                                                                                                 | 34 |
| 9.1           Construction      Documents Required as of Closing                                            | 34 |
| 9.2           Construction      Deliveries Required as of Full Loan Opening                                 | 36 |
| Article 10      BUDGET, CONTINGENCY FUND AND CHANGE ORDERS                                                                                                         | 37 |
| 10.1           Budget                                                                                       | 37 |

----

| 10.2           Budget      Line Items                                                                             | 37 |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----|
| 10.3           Owner's      Contingency                                                                           | 39 |
| 10.4           Optional      Method for Payment of Interest / Additional Interest    Reserve                      | 39 |
| 10.5           Change      Orders                                                                                 | 40 |
| Article 11      SUFFICIENCY OF LOAN                                                                                                                                      | 40 |
| 11.1           Loan      In Balance                                                                               | 40 |
| Article 12      CONSTRUCTION PAYOUT REQUIREMENTS                                                                                                                         | 42 |
| 12.1           Applicability      of Sections                                                                     | 42 |
| 12.2           Monthly      Payouts                                                                               | 42 |
| 12.3           Documents      to be Furnished for Each Disbursement                                               | 43 |
| 12.4           Retainages                                                                                         | 45 |
| 12.5           Disbursements      for Materials Stored On-Site                                                    | 45 |
| 12.6           Disbursements      for Off-site Materials                                                          | 45 |
| 12.7           Specific      Limitation on Disbursements                                                          | 46 |
| 12.8           Disbursements      Related to Commercial Space Leases                                              | 46 |
| Article 13      FINAL DISBURSEMENT FOR CONSTRUCTION                                                                                                                      | 47 |
| 13.1           Final      Disbursement for Construction                                                           | 47 |
| Article 14      SALE OF RESIDENTIAL UNITS                                                                                                                                | 48 |
| 14.1           Price      List Schedule                                                                           | 48 |
| 14.2           Sales      Agreements                                                                              | 48 |
| 14.3           Purchaser      Deposits                                                                            | 49 |
| 14.4           Residential      Unit Sales                                                                        | 50 |
| 14.5           Sales      Operations and Seller's Obligations; Amendment and Termination of Sales      Agreements | 53 |
| 14.6           Delivery      of Sales Information and Documents                                                   | 53 |
| 14.7           Borrower's      Acknowledgment Regarding Buyer Financing                                           | 54 |
| 14.8           Condominium      Regime                                                                            | 54 |
| 14.9           Release      of Residential Units                                                                  | 59 |
| 14.10           Application      of Sales Proceeds                                                                | 60 |
| Article 15      OTHER COVENANTS                                                                                                                                          | 60 |
| 15.1           Borrower      further covenants and agrees as follows:                                             | 60 |
| 15.2           Single      Purpose Entity Covenants                                                               | 71 |
| 15.3           Authorized      Representative                                                                     | 73 |
| Article 16      CASUALTIES AND CONDEMNATION                                                                                                                              | 74 |
| 16.1           Lender's      Election to Apply Proceeds on Indebtedness                                           | 74 |
| 16.2           Borrower's      Obligation to Rebuild and Use of Proceeds Therefor                                 | 75 |
| Article 17      ASSIGNMENTS BY LENDER AND BORROWER                                                                                                                       | 75 |
| 17.1           Assignments      and Participations                                                                | 75 |
| 17.2           Prohibition      of Assignments and Transfers by Borrower                                          | 75 |
| 17.3           Prohibition      of Transfers in Violation of ERISA                                                | 76 |
| 17.4           Successors      and Assigns                                                                        | 77 |
| Article 18      TIME OF THE ESSENCE                                                                                                                                      | 77 |
| 18.1           Time      is of the Essence                                                                        | 77 |

----

| Article 19      EVENTS OF DEFAULT                                                                                                         | 77     |
|-------------------------------------------------------------------------------------------------------------------------------------------|--------|
| 19.1           Events      of Default                                              | 77     |
| Article 20      LENDER'S REMEDIES IN EVENT OF DEFAULT                                                                                     | 80     |
| 20.1           Remedies      Conferred Upon Lender                                 | 80     |
| Article 21      GENERAL PROVISIONS                                                                                                        | 81     |
| 21.1           Captions                                                            | 81     |
| 21.2           Modification;      Waiver                                           | 81     |
| 21.3           Governing      Law                                                  | 81     |
| 21.4           Acquiescence      Not to Constitute Waiver of Lender's Requirements | 81     |
| 21.5           Disclaimer      by Lender                                           | 82     |
| 21.6           Partial      Invalidity; Severability                               | 82     |
| 21.7           Definitions      Include Amendments                                 | 83     |
| 21.8           Execution      in Counterparts                                      | 83     |
| 21.9           Entire      Agreement                                               | 83     |
| 21.10           Waiver      of Damages and Limitation of Liability                 | 83     |
| 21.11           Reserved                                                           | 85     |
| 21.12           Jurisdiction                                                       | 85     |
| 21.13           Set-Offs                                                           | 85     |
| 21.14           Binding      Effect                                                | 86     |
| 21.15           Waiver      of Accord and Satisfaction                             | 86     |
| Article      22      NOTICES                                                                                                              | 86     |
| Article 23      WAIVER OF JURY TRIAL                                                                                                      | 88     |
|                                                                                                                                      |   |

----

|  Exhibit      A       |  Legal      Description of Land                                       |
|----------------------------|----------------------------------------------------------------------------|
|  Exhibit      B       |  Construction      Schedule                                           |
|  Exhibit      C       |  Permitted      Exceptions                                            |
|  Exhibit      D       |  Litigation                                                           |
|  Exhibit      E  |  Insurance      Requirements                                          |
|  Exhibit      F       |  Architect's      Certificate                                         |
|  Exhibit      G       |  Budget                                                               |
|  Exhibit      H       |  Draw Request      Form                                               |
|  Exhibit      I  |  Approved Plans      and Specifications and Approved Finish Standards |
|  Exhibit      J       |  Subcontracts                                                         |
|  Exhibit      K       |  Bailment      Letter (Warehousemen)                                  |
|  Exhibit      L  |  Bailment      Letter (Other Than Warehousemen)                       |
|  Exhibit      M       |  List of Sales      Agreements                                        |
|  Exhibit      M-1     |  List of Sales      Agreements Discrepancy Items                      |
|  Exhibit      M-2     |  Price List      Schedule                                             |
|  Exhibit      N       |  Required      Changes to Condominium Documents                       |
|  Exhibit      O       |  Approved Form      of Sales Agreement                                |
|  Exhibit      P       |  Materials      Purchases Not Subject to Retainage                    |
|  Exhibit      Q       |  Leasing      Parameters and Allowable Tenant Improvements            |
|  Exhibit      R       |  List of Change      Orders                                           |
|  Exhibit      S       |  Form of Fourth      Estoppel and Agreement from City of Austin       |
|  Exhibit      T       |  Due Diligence      materials provided to Lender                      |

----

----

| 1.1   | Incorporation      of Recitals. |
|-----------------|---------------------------------|

| 1.2   | Incorporation      of Exhibits. |
|-----------------|---------------------------------|

----

| 2.1   | Defined      Terms. |
|-----------------|---------------------|

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| 2.2   | Other      Definitional Provisions. |
|-----------------|-------------------------------------|

| 3.1   | Representations      and Warranties. |
|-----------------|--------------------------------------|

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----

----

----

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| 3.2   | Survival      of Representations and Warranties. |
|-----------------|--------------------------------------------------|

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| 4.1   | Agreement      to Borrow and Lend; Lender's Obligation to Disburse; Excess      Disbursements. |
|-----------------|------------------------------------------------------------------------------------------------|

----

|   | For      payments made by Regular Mail: |
|--------|-----------------------------------------|

|   | Beal      Bank Nevada |
|--------|-----------------------|

|   | For      payments made by Federal Express: |
|--------|--------------------------------------------|

|   | Beal      Bank Nevada |
|--------|-----------------------|

|   | For      payments made by Wire Transfer andACH: |
|--------|-------------------------------------------------|

|   | ABA      111040195 |
|--------|--------------------|

|   | TO      CREDIT ACCOUNT 4991001 |
|--------|--------------------------------|

|   | ACCOUNT      NAME:  BEAL BANK NEVADA |
|--------|------------------------------------------------|

|   | FOR      FURTHER CREDIT TO: CJUFFII STRATUS BLOCK 21LLC |
|--------|---------------------------------------------------------|

|   | Attn:      Anthony Sassine |
|--------|----------------------------|

| 4.2   | Loan      Documents. |
|-----------------|----------------------|

----

| 4.3   | Term      of the Loan. |
|-----------------|------------------------|

| 4.4   | Prepayments. |
|-----------------|--------------|

----

| 4.5   | Required      Principal Payments. |
|-----------------|-----------------------------------|

| 4.6   | Receipt      of Payments. |
|-----------------|---------------------------|

| 4.7   | Termination      of Lender's Unfunded Commitment. |
|-----------------|---------------------------------------------------|

----

| 5.1   | Interest      Rate. |
|-----------------|---------------------|

| 6.1   | Increased      Costs and Capital Adequacy. |
|-----------------|--------------------------------------------|

----

| 6.2   | Borrower      Withholding. |
|-----------------|----------------------------|

| 7.1   | Loan      and Administration Expenses. |
|-----------------|----------------------------------------|

----

| 7.2   | Loan      Fees. |
|-----------------|-----------------|

| 7.3   | Loan      Administration Fees. |
|-----------------|--------------------------------|

| 7.4   | Reserved. |
|-----------------|-----------|

| 7.5   | Lender's      Attorneys' Fees and Disbursements. |
|-----------------|--------------------------------------------------|

| 7.6   | Time      of Payment of Fees and Expenses. |
|-----------------|--------------------------------------------|

----

| 7.7   | Expenses      and Advances Secured by LoanDocuments. |
|-----------------|------------------------------------------------------|

| 7.8   | Right      of Lender to Make Advances to Cure Borrower's  Defaults. |
|-----------------|---------------------------------------------------------------------|

| 8.1   | Non-Construction      Conditions Precedent. |
|-----------------|---------------------------------------------|

----

----

----

----

----

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| 9.1   | Construction      Documents Required as of Closing. |
|-----------------|-----------------------------------------------------|

----

----

| 9.2   | Construction      Deliveries Required as of Full LoanOpening. |
|-----------------|---------------------------------------------------------------|

----

| 10.1   | Budget. |
|------------------|---------|

| 10.2   | Budget      Line Items. |
|------------------|-------------------------|

----

----

| 10.3   | Owner's      Contingency. |
|------------------|---------------------------|

| 10.4   | Optional      Method for Payment of Interest / Additional Interest    Reserve. |
|------------------|--------------------------------------------------------------------------------|

----

| 10.5   | Change      Orders. |
|------------------|---------------------|

| 11.1   | Loan      In Balance. |
|------------------|-----------------------|

----

----

| 12.1   | Applicability      of Sections. |
|------------------|---------------------------------|

| 12.2   | Monthly      Payouts. |
|------------------|-----------------------|

----

| 12.3   | Documents      to be Furnished for EachDisbursement. |
|------------------|------------------------------------------------------|

----

----

| 12.4   | Retainages. |
|------------------|-------------|

| 12.5   | Disbursements      for Materials Stored On-Site. |
|------------------|--------------------------------------------------|

| 12.6   | Disbursements      for Off-site Materials. |
|------------------|--------------------------------------------|

----

| 12.7   | Specific      Limitation on Disbursements. |
|------------------|--------------------------------------------|

| 12.8   | Disbursements      Related to Commercial Space Leases. |
|------------------|--------------------------------------------------------|

----

| 13.1   | Final      Disbursement for Construction. |
|------------------|-------------------------------------------|

----

| 14.1   | Price      List Schedule. |
|------------------|---------------------------|

| 14.2   | Sales      Agreements. |
|------------------|------------------------|

----

| 14.3   | Purchaser      Deposits. |
|------------------|--------------------------|

----

| 14.4   | Residential      Unit Sales. |
|------------------|------------------------------|

----

----

----

| 14.5   | Sales      Operations and Seller's Obligations; Amendment and Termination of Sales      Agreements. |
|------------------|-----------------------------------------------------------------------------------------------------|

| 14.6   | Delivery      of Sales Information and Documents. |
|------------------|---------------------------------------------------|

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| 14.7   | Borrower's      Acknowledgment Regarding BuyerFinancing. |
|------------------|----------------------------------------------------------|

| 14.8   | Condominium      Regime. |
|------------------|--------------------------|

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----

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| 15.1   | Borrower      further covenants and agrees asfollows: |
|------------------|-------------------------------------------------------|

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| 15.2   | Single      Purpose Entity Covenants. |
|------------------|---------------------------------------|

----

----

| 15.3   | Authorized      Representative. |
|------------------|---------------------------------|

----

| 16.1   | Lender's      Election to Apply Proceeds onIndebtedness. |
|------------------|----------------------------------------------------------|

----

| 16.2   | Borrower's      Obligation to Rebuild and Use of Proceeds  Therefor. |
|------------------|----------------------------------------------------------------------|

| 17.1   | Assignments      and Participations. |
|------------------|--------------------------------------|

| 17.2   | Prohibition      of Assignments and Transfers byBorrower. |
|------------------|-----------------------------------------------------------|

----

| 17.3   | Prohibition      of Transfers in Violation of ERISA. |
|------------------|------------------------------------------------------|

----

| 17.4   | Successors      and Assigns. |
|------------------|------------------------------|

| 18.1   | Time      is of the Essence. |
|------------------|------------------------------|

| 19.1   | Events      of Default. |
|------------------|-------------------------|

----

----

----

| 20.1   | Remedies      Conferred Upon Lender. |
|------------------|--------------------------------------|

----

| 21.1   | Captions. |
|------------------|-----------|

| 21.2   | Modification;      Waiver. |
|------------------|----------------------------|

| 21.3   | Governing      Law. |
|------------------|---------------------|

| 21.4   | Acquiescence      Not to Constitute Waiver of Lender's  Requirements. |
|------------------|-----------------------------------------------------------------------|

----

| 21.5   | Disclaimer      by Lender. |
|------------------|----------------------------|

| 21.6   | Partial      Invalidity; Severability. |
|------------------|----------------------------------------|

----

| 21.7   | Definitions      Include Amendments. |
|------------------|--------------------------------------|

| 21.8   | Execution      in Counterparts. |
|------------------|---------------------------------|

| 21.9   | Entire      Agreement. |
|------------------|------------------------|

| 21.10   | Waiver      of Damages and Limitation ofLiability. |
|-------------------|----------------------------------------------------|

----

----

| 21.11   | Reserved. |
|-------------------|-----------|

| 21.12   | Jurisdiction. |
|-------------------|---------------|

| 21.13   | Set-Offs. |
|-------------------|-----------|

----

| 21.14   | Binding      Effect. |
|-------------------|----------------------|

| 21.15   | Waiver of Accord and      Satisfaction. |
|-------------------|-----------------------------------------|

|   | If to      Borrower: |
|--------|----------------------|

|   | c/o      Stratus Properties |
|--------|-----------------------------|

|   | 98      San Jacinto, Suite 220 |
|--------|--------------------------------|

|   | Austin,      Texas 78701 |
|--------|--------------------------|

|   | Attention: | W.H.      Armstrong III |
|--------|------------|-------------------------|

|   | Telephone: | (512)      478-6396 |
|--------|------------|---------------------|

|   | Facsimile: | (512)      478-5788 |
|--------|------------|---------------------|

|   | And      to: |
|--------|--------------|

|   | Armbrust      & Brown, L.L.P. |
|--------|-----------------------------------|

|   | 100      Congress Avenue, Suite 1300 |
|--------|--------------------------------------|

|   | Austin,      Texas  78701 |
|--------|-------------------------------------|

|   | Attention: | Kenneth      N. Jones, Esq. |
|--------|------------|-----------------------------|

|   | Telephone: | (512)      435-2312 |
|--------|------------|---------------------|

|   | Facsimile: | (512)      435-2360 |
|--------|------------|---------------------|

----

|   | And      to: |
|--------|--------------|

|   | Canyon-Johnson      Urban Funds |
|--------|---------------------------------|

|   | 2000      Avenue of the Stars, 11th      Floor |
|--------|------------------------------------------------|

|   | Los      Angeles,California  90067 |
|--------|----------------------------------------------|

|   | Attention: | Head      of Asset Management |
|--------|------------|-------------------------------|

|   | Telephone: | (310)      272-1500 |
|--------|------------|---------------------|

|   | Facsimile: | (310)      272-1523 |
|--------|------------|---------------------|

|   | And      to: |
|--------|--------------|

|   | Canyon-Johnson      Urban Funds |
|--------|---------------------------------|

|   | 2000      Avenue of the Stars, 11th      Floor |
|--------|------------------------------------------------|

|   | Los      Angeles,California  90067 |
|--------|----------------------------------------------|

|   | Attention: | General      Counsel |
|--------|------------|----------------------|

|   | Telephone: | (310)      272-1500 |
|--------|------------|---------------------|

|   | Facsimile: | (310)      272-1523 |
|--------|------------|---------------------|

|   | And      to: |
|--------|--------------|

|   | DLA      Piper US LLP |
|--------|-----------------------|

|   | 550      South Hope Street, Suite 2300 |
|--------|----------------------------------------|

|   | Los      Angeles,California  90071 |
|--------|----------------------------------------------|

|   | Attention: | Steven      A. Fein, Esq. |
|--------|------------|---------------------------|

|   | Telephone: | (213)      330-7772 |
|--------|------------|---------------------|

|   | Facsimile: | (213)      330-7572 |
|--------|------------|---------------------|

|   | If to      Lender: |
|--------|--------------------|

|   | Beal      Bank Nevada |
|--------|-----------------------|

|   | 6000      Legacy Drive |
|--------|------------------------|

|   | Plano,      Texas 75024 |
|--------|-------------------------|

|   | With a copy      to: |
|--------|----------------------|

|   | Hunton      & Williams LLP |
|--------|--------------------------------|

|   | 1445      Ross Avenue, Suite 3700 |
|--------|-----------------------------------|

|   | Dallas,      Texas 75202 |
|--------|--------------------------|

|   | Attention: | Lawrence      C. Adams |
|--------|------------|------------------------|

|   | Telephone: | (469)      467-5513 |
|--------|------------|---------------------|

|   | Facsimile: | (469)      241-9568 |
|--------|------------|---------------------|

----

----

----

----

----

| 1. | Restrictive      Covenants recorded under Document No(s). 2006234734, 2006240877,      2008013712, 2008078527 and 2008085863 of the Official Public Records of      Travis County, Texas. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | All      interest in all oil, gas and other minerals reserved by Missouri Pacific      Railroad Company in instrument recorded in Volume 8687, Page 248 of the      Real Property Records of Travis County, Texas, as modified and amended by      the Modification of Mineral Reservation dated January 7, 2000, recorded      under Document No. 2000010490 in the Official Public Records of Travis      County, Texas.  Said mineral estate not traced further      herein.  (Surface Rights waived therein) (Lots    7-12) |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | The      terms, conditions and stipulations, including but not limited to      repurchase rights, set forth in that certain Special Warranty Deed dated      to be effective December 15, 2006 and recorded under Document No.      2006240878 of the Official Public Records of Travis County, Texas, as      further affected by Estoppel Certificate and Agreement recorded under      Document No(s). 2008078527 and 2008085863 of the Official Public Records      of Travis County, Texas and Estoppel Certificate and Agreement recorded      concurrently with the Deed ofTrust. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | The      terms, conditions and stipulations set out in that certain Restrictive      Covenant Regarding Unified Development and Maintenance of Drainage      Facilities dated January 9, 2008, recorded under Document No. 2008013712      of the Official Public Records of Travis County,  Texas. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | The      terms, conditions and stipulations set out in that certain Temporary Right      of Way Encroachment License Agreement dated June 4, 2008, recorded under      Document No. 2008094734 of the Official Public Records of Travis County,      Texas. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6. | The      terms, conditions and stipulations set out in that certain Temporary Right      of Way Encroachment License Agreement dated August 29, 2008, recorded      under Document No. 2008151032 of the Official Public Records of Travis      County, Texas. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7. | Terms,      conditions and stipulations set out in that certain Operating Agreement      dated October 26, 2006, as amended by First Amendment to Operating      Agreement dated January 30, 2008 (and by Second Amendment to Operating      Agreement dated as of May 6, 2008), as evidenced by Subordination and      Non-Disturbance Agreement, recorded under Document No. 2008078528 of the      Official Public Records of Travis County, Texas, and as further evidenced      by Subordination and Non-Disturbance Agreement in recorded concurrently      with the Deed of Trust. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8. | Apparent      easement evidenced by the location of electric panel, abandoned service      pole, power poles and guy anchors, breaker box, overhead electric line,      electric meter outside of a dedicated easement as shown on the Survey      dated February 26, 2008, prepared by William H. Ramsey, Registered      Professional Land Surveyor No.4532. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 9. | The      terms, conditions and stipulations set out in that certain Electric      Utility Easement and Vault Agreement dated August 4, 2009, recorded under      Document No. 2009133082 of the Official  Public Records of      Travis County, Texas. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|   | (i) | Loss      suffered with respect to Borrower's materials, equipment, machinery, and      supplies whether on-site, in transit, or stored off site, with a limit in      amounts sufficient to cover the replacement cost of such exposure subject      to a minimum limit of $10,000,000 for both transit and off site storage      (per location)  provided that Borrower shall obtain or cause to      be obtained additional insurance whenever the value of materials in      transit or storage exceed thoselimits; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | $21,820,000      in coverage will be provided for additional Soft Cost expenses including      coverage for all types (including but not limited to interest expense;      fees; and plans, specifications, blueprints and models, in connection with      any restoration following an insuredloss); |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iii) | If      applicable, loss or delay of rental income will be provided up to a      minimum of $12,302,173 on an actual loss sustained  basis. |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------|

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----

----

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| Type of Plans                            |   | Name of Preparing Firm                 |
|------------------------------------------|--------|----------------------------------------|
|                                     |   |                                   |
| Construction      Document Package No. 1 |   | BOKA      Powell & all Consultants |
| Construction      Document Package No. 2 |   | BOKA      Powell & all Consultants |
| Construction      Document Package No. 3 |   | BOKA      Powell & all Consultants |
| Construction      Document Package No. 4 |   | BOKA      Powell & all Consultants |
| Construction      Document Package No. 5 |   | BOKA      Powell & all Consultants |

----

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----

----

----

----

----

----

----

|   | (i) | We      are holding and will hold the Stored Materials on bailment for processing      or warehousing; |
|--------|-----|--------------------------------------------------------------------------------------------------------|

|   | (ii) | The      Stored Materials are Owner's property and are subject to Lender's security      interest, and we are holding and will hold the Stored Materials for      Lender's benefit; |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (iii) | Lender's      security interest in the Stored Materials shall be senior to all liens,      claims and interests, including any fees charged by us for the actual      processing or storage of the Stored Materials and we will notify all of      our successors and assigns of the existence of the agreements contained      herein; |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (iv) | If,      at any time after the date of this letter, Lender shall notify us in      writing that Owner has defaulted on its obligations to Lender under the      Loan Agreement, we will comply with Lender's written instructions as to      the disposition of the Stored Materials;and |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | Until      we are notified in writing by Lender that the financing arrangements under      the Loan Agreement have been terminated and Lender has been paid in full,      we shall not deduct from or offset against any amounts due and owing to us      by Owner, by applying any of the Stored Materials in payment for such      amounts. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Term      (Years) Minimum      1st      Year Base RentAnnual      BumpsMinimum      Average Base RentAdditional      Rent Maximum      Allowable Tenant Improvements Allowance Maximum      Commission  | 5                       7                       10 $27.00          $27.00            $27.00$  0.50          $      0.50             $      0.50$28.00          $28.50            $29.25       6%                6%                 6% $28.00          $30.00            $35.00  $12.00          $16.80             $24.00 | AVERAGE $27.00$      0.50$28.58       6% $31.00  $17.60 | 5                       7                    10 $29.00          $29.00          $29.00$  0.50          $      0.50            $      0.50$30.00          $30.50          $31.25       6%                6%              6% $80.00          $95.00        $120.00  $13.50          $18.90         $27.00 | AVERAGE $29.00$      0.50$30.586% $98.33  $19.80 | 5                       7                    10 $26.00          $26.00        $26.00$  0.50           $      0.50        $ 0.50$27.00           $27.50       $28.25  $28.00           $30.00       $35.00  $16.20          $22.68        $32.40 | AVERAGE $26.00$      0.50$27.58  $31.00  $23.76 |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------|

| 1. | Borrower      has required duty to employ Urban Partners to market retail and restaurant      space.  U.P. represents all retail in the Second Street      District. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | Retail      and Restaurant commissions are calculated as 6% of base rent over the      initial term of the lease. Split is 4% to tenant rep and 2% to landlord      rep for Retail and Restaurant. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | Office      commissions are calculated as 6% of gross rent over the initial term of      the lease. Splits are the same asRetail. |
|----|-----------------------------------------------------------------------------------------------------------------------------------|

| 4. | Additional      Rent applies to the retail and restaurant leases. It is calculated as 6%      of annual Gross Sales over the Natural  Breakpoint. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The      Natural Breakpoint = Base Rent / 6%.  The landlord will then      receive 6% of all annual Gross Sales in excess of the Natural      Breakpoint. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | For      example: Base Rent = $30 psf. Natural Breakpoint = $30 / 6% = $500 psf.      Gross Sales = $800 psf. |
|--------|---------------------------------------------------------------------------------------------------------------|

|   | Landlord      will receive additional rent on top of Base Rent equal to $18 psf = ($800      - $500) * 6%. |
|--------|------------------------------------------------------------------------------------------------------------|

|   | Total      Rent = Base Rent + Percentage Rent = $30 + $18 = $48  psf. |
|--------|-----------------------------------------------------------------------|

|   | Commissions      are not payable on Percentage Rent. |
|--------|------------------------------------------------------|

| 5. | Lease      terms not in compliance with this Exhibit or the Amended and Restated      Construction Loan Agreement require Lender's prior written      consent. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6. | Any      leasing commissions payable to parties affiliated with Borrower shall      require Lender's prior writtenconsent. |
|----|----------------------------------------------------------------------------------------------------------------------------|

| 7. | Each      Lease to a tenant affiliated with the Borrower requires Lender's prior      written consent. |
|----|--------------------------------------------------------------------------------------------------------|

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| Date                                                                                                                                         | Description                                                                                                                                                                                                                                                                                                                                                                 | Total                                                                                                                                                                                                           |
|----------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10/01/200810/27/200810/27/200811/07/200812/29/200801/15/200902/25/200904/09/200905/05/200905/27/200906/18/200906/29/200908/19/200809/15/2009 | Owner      Change Order 1Owner      Change Order 2Owner      Change Order 3Owner      Change Order 4Owner      Change Order 5Owner      Change Order 6Owner      Change Order 7Owner      Change Order 8Owner      Change Order 9 AOwner      Change Order 9 BOwner      Change Order 10Owner      Change Order 11Owner      Change Order 12Owner      Change Order 13Total | $ 39,645$ 125,716$ 101,002$ 167,312$ 417,003$ 525,313$ 238,237$ 190,957$ 102,886$ 993,608$ 255,071$ 365,263$ 100,818$2,447,936$ 6,070,767 |

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