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|  $120,000,000.00 |  October 21,      2009 |
|-----------------------|-----------------------------|

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|   | (g) | All      payments on this Note shall be applied first to the payment of any Late      Charge, as hereinafter defined, due hereunder, then to the payment of any      costs and expenses of Payee which are to be reimbursed by Maker as      provided herein or in any of the other Loan Documents, then to the payment      of  accrued and unpaid interest and then to the payment of the      principal balance hereof; provided, however, if an Event of Default, as      hereinafter defined, is then in existence, payments on this Note shall be      applied as Payee shall elect, in Payee’s sole  discretion. |
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|   | Maker: | CJUF      II Stratus Block 21 LLC |
|--------|--------|-----------------------------------|

|   | With      a copy to: | Armbrust      & Brown, L.L.P. |
|--------|----------------------|-----------------------------------|

|   | And      a copy to: | Canyon-Johnson      Urban Fund II, L.P. |
|--------|---------------------|-----------------------------------------|

|   | And      a copy to: | DLA      Piper US LLP |
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|   | By: | Stratus      Block 21 Investments, L.P., |
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|   | a      Texas limited partnership, Manager |
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|   |   | By: | Stratus      Block 21 Investments GP, L.L.C., |
|--------|--------|-----|-----------------------------------------------|

|   | its      General Partner |
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|   | By: | CJUF      II Block 21 Member, LLC, |
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|   | a      Delaware limited liability company,Member |
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|   |   | By: | Canyon-Johnson      Urban Fund II, L.P., |
|--------|--------|-----|------------------------------------------|

|   | a      Delaware limited partnership,Member |
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|   | By: | Canyon-Johnson      Realty Advisors II LLC, a Delaware limited liability company, General      Partner |
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|   |   | By: |  /s/      K. Robert      Turner                         |   |
|--------|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|

|   |   | Name:      K. Robert Turner |
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|   |   | Title:  Managing      Partner |
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