----

----

|   | Page |
|--------|------|

|   | ARTICLE 1 INCORPORATION OF RECITALS AND EXHIBITS | 2 |
|--------|--------------------------------------------------|---|

|   | 1.1 | Incorporation of Recitals.  | 2 |
|--------|-----|----------------------------------|---|

|   | 1.2 | Incorporation of Exhibits.  | 2 |
|--------|-----|----------------------------------|---|

|   | ARTICLE 2 DEFINITIONS | 2 |
|--------|-----------------------|---|

|   | 2.1 | Defined Terms.  | 2 |
|--------|-----|----------------------|---|

|   | 2.2 | Other Definitional Provisions.  | 14 |
|--------|-----|--------------------------------------|----|

|   | ARTICLE 3 BORROWER’S REPRESENTATIONS AND WARRANTIES | 14 |
|--------|-----------------------------------------------------------|----|

|   | 3.1 | Representations and Warranties.  | 14 |
|--------|-----|---------------------------------------|----|

|   | 3.2 | Survival of Representations and Warranties.  | 19 |
|--------|-----|---------------------------------------------------|----|

|   | ARTICLE 4 LOAN AND LOAN DOCUMENTS | 20 |
|--------|-----------------------------------|----|

|   | 4.1 | Funding of the Loan.  | 20 |
|--------|-----|----------------------------|----|

|   | 4.2 | Loan Documents.  | 20 |
|--------|-----|-----------------------|----|

|   | 4.3 | Term of the Loan, Extensions.  | 21 |
|--------|-----|-------------------------------------|----|

|   | 4.4 | Prepayments.  | 22 |
|--------|-----|--------------------|----|

|   | 4.5 | Required Principal Payments.  | 22 |
|--------|-----|------------------------------------|----|

|   | 4.6 | Receipt of Payments.  | 22 |
|--------|-----|----------------------------|----|

|   | 4.7 | Protective Advances.  | 22 |
|--------|-----|----------------------------|----|

|   | 4.8 | Lender's Inability to Fund.  | 22 |
|--------|-----|-----------------------------------|----|

|   | ARTICLE 5 INTEREST | 23 |
|--------|--------------------|----|

|   | 5.1 | Interest Rate.  | 23 |
|--------|-----|----------------------|----|

|   | ARTICLE 6 COSTS OF MAINTAINING LOAN | 23 |
|--------|-------------------------------------|----|

|   | 6.1 | Borrower Withholding.  | 23 |
|--------|-----|-----------------------------|----|

|   | ARTICLE 7 LOAN EXPENSE AND ADVANCES | 23 |
|--------|-------------------------------------|----|

|   | 7.1 | Loan and Administration Expenses.  | 23 |
|--------|-----|-----------------------------------------|----|

|   | 7.2 | Loan Fees.  | 24 |
|--------|-----|------------------|----|

|   | 7.3 | [reserved]  | 24 |
|--------|-----|------------------|----|

|   | 7.4 | [reserved]  | 24 |
|--------|-----|------------------|----|

|   | 7.5 | Lender’s Attorneys’ Fees and Disbursements.  | 24 |
|--------|-----|---------------------------------------------------------------|----|

|   | 7.6 | Time of Payment of Fees and Expenses.  | 24 |
|--------|-----|---------------------------------------------|----|

|   | 7.7 | Expenses and Advances Secured by Loan Documents.  | 24 |
|--------|-----|--------------------------------------------------------|----|

|   | 7.8 | Right of Lender to Make Advances to Cure Borrower’s Defaults.  | 24 |
|--------|-----|---------------------------------------------------------------------------|----|

|   | ARTICLE 8 NON-CONSTRUCTION REQUIREMENTS PRECEDENT | 25 |
|--------|---------------------------------------------------|----|

|   | 8.1 | Non-Construction Conditions Precedent.  | 25 |
|--------|-----|----------------------------------------------|----|

|   | ARTICLE 9 CONSTRUCTION REQUIREMENTS PRECEDENT | 30 |
|--------|-----------------------------------------------|----|

|   | 9.1 | Construction Documents Required as of Closing.  | 30 |
|--------|-----|------------------------------------------------------|----|

|   | 9.2 | Construction Deliveries Required as of the Full Loan Opening.  | 32 |
|--------|-----|---------------------------------------------------------------------|----|

|   | ARTICLE 10 BUDGET, CONTINGENCY FUND AND CHANGE ORDERS | 33 |
|--------|-------------------------------------------------------|----|

|   | 10.1 | Budget.  | 33 |
|--------|------|---------------|----|

|   | 10.2 | Budget Line Items.  | 33 |
|--------|------|--------------------------|----|

|   | 10.3 | [reserved]  | 34 |
|--------|------|------------------|----|

----

|   | 10.4 | [reserved]  | 34 |
|--------|------|------------------|----|

|   | 10.5 | Change Orders.  | 34 |
|--------|------|----------------------|----|

|   | ARTICLE 11 [reserved] | 34 |
|--------|-----------------------|----|

|   | ARTICLE 12 [reserved] | 34 |
|--------|-----------------------|----|

|   | ARTICLE 13 [reserved] | 34 |
|--------|-----------------------|----|

|   | ARTICLE 14 SALE OF RESIDENTIAL UNITS | 34 |
|--------|--------------------------------------|----|

|   | 14.1 | Price List Schedule.  | 34 |
|--------|------|----------------------------|----|

|   | 14.2 | Sales Agreements.  | 34 |
|--------|------|-------------------------|----|

|   | 14.3 | Purchaser Deposits.  | 35 |
|--------|------|---------------------------|----|

|   | 14.4 | Residential Unit Sales.  | 36 |
|--------|------|-------------------------------|----|

|   | 14.5 | Sales Operations and Seller’s Obligations; Amendment and Termination of Sales Agreements.  | 37 |
|--------|------|-------------------------------------------------------------------------------------------------------|----|

|   | 14.6 | Delivery of Sales Information and Documents.  | 37 |
|--------|------|----------------------------------------------------|----|

|   | 14.7 | Borrower’s Acknowledgment Regarding Buyer Financing.  | 37 |
|--------|------|------------------------------------------------------------------|----|

|   | 14.8 | Condominium Regime.  | 37 |
|--------|------|---------------------------|----|

|   | 14.9 | Release of Residential Units.  | 42 |
|--------|------|-------------------------------------|----|

|   | 14.10 | Application of Sales Proceeds.  | 43 |
|--------|-------|--------------------------------------|----|

|   | ARTICLE 15 OTHER COVENANTS | 44 |
|--------|----------------------------|----|

|   | 15.1 | Borrower further covenants and agrees as follows:  | 44 |
|--------|------|---------------------------------------------------------|----|

|   | 15.2 | Single Purpose Entity Covenants.  | 54 |
|--------|------|----------------------------------------|----|

|   | 15.3 | Authorized Representative.  | 56 |
|--------|------|----------------------------------|----|

|   | 15.4 | Negative Covenants.  | 56 |
|--------|------|---------------------------|----|

|   | ARTICLE 16 CASUALTIES AND CONDEMNATION | 57 |
|--------|----------------------------------------|----|

|   | 16.1 | Lender’s Election to Apply Proceeds on Indebtedness.  | 57 |
|--------|------|------------------------------------------------------------------|----|

|   | 16.2 | Borrower’s Obligation to Rebuild and Use of Proceeds Therefor.  | 58 |
|--------|------|----------------------------------------------------------------------------|----|

|   | ARTICLE 17 ASSIGNMENTS BY LENDER AND BORROWER | 58 |
|--------|-----------------------------------------------|----|

|   | 17.1 | Assignments and Participations.  | 58 |
|--------|------|---------------------------------------|----|

|   | 17.2 | Prohibition of Assignments and Transfers by Borrower.  | 58 |
|--------|------|-------------------------------------------------------------|----|

|   | 17.3 | Prohibition of Transfers in Violation of ERISA.  | 59 |
|--------|------|-------------------------------------------------------|----|

|   | 17.4 | Successors and Assigns.  | 60 |
|--------|------|-------------------------------|----|

|   | ARTICLE 18 TIME OF THE ESSENCE | 60 |
|--------|--------------------------------|----|

|   | 18.1 | Time is of the Essence.  | 60 |
|--------|------|-------------------------------|----|

|   | ARTICLE 19 EVENTS OF DEFAULT | 60 |
|--------|------------------------------|----|

|   | 19.1 | Events of Default.  | 60 |
|--------|------|--------------------------|----|

|   | ARTICLE 20 LENDER’S REMEDIES IN EVENT OF DEFAULT | 62 |
|--------|--------------------------------------------------------|----|

|   | 20.1 | Remedies Conferred Upon Lender.  | 62 |
|--------|------|---------------------------------------|----|

|   | ARTICLE 21 GENERAL PROVISIONS | 63 |
|--------|-------------------------------|----|

|   | 21.1 | Captions.  | 63 |
|--------|------|-----------------|----|

|   | 21.2 | Modification; Waiver.  | 63 |
|--------|------|-----------------------------|----|

|   | 21.3 | Governing Law.  | 63 |
|--------|------|----------------------|----|

|   | 21.4 | Acquiescence Not to Constitute Waiver of Lender’s Requirements.  | 63 |
|--------|------|-----------------------------------------------------------------------------|----|

|   | 21.5 | Disclaimer by Lender.  | 63 |
|--------|------|-----------------------------|----|

----

|   | 21.6 | Partial Invalidity; Severability.  | 64 |
|--------|------|-----------------------------------------|----|

|   | 21.7 | Definitions Include Amendments.  | 64 |
|--------|------|---------------------------------------|----|

|   | 21.8 | Execution in Counterparts.  | 65 |
|--------|------|----------------------------------|----|

|   | 21.9 | Entire Agreement.  | 65 |
|--------|------|-------------------------|----|

|   | 21.10 | Reserved.  | 65 |
|--------|-------|-----------------|----|

|   | 21.11 | References to Senior Loan Agreement and Concurrent Lenders Approval. | 65 |
|--------|-------|----------------------------------------------------------------------|----|

|   | 21.12 | Jurisdiction.  | 65 |
|--------|-------|---------------------|----|

|   | 21.13 | Reserved.  | 66 |
|--------|-------|-----------------|----|

|   | 21.14 | Binding Effect.  | 66 |
|--------|-------|-----------------------|----|

|   | 21.15 | Waiver of Accord and Satisfaction.  | 66 |
|--------|-------|------------------------------------------|----|

|   | ARTICLE 22 NOTICES | 66 |
|--------|--------------------|----|

|   | ARTICLE 23 WAIVER OF JURY TRIAL | 68 |
|--------|---------------------------------|----|

----

----

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

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

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

----

----

----

----

----

----

----

----

----

----

----

----

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

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

----

----

----

----

----

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

----

| 4.1   | Funding of the Loan. |
|-----------------|----------------------|

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

----

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

----

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

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

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

| 4.7   | Protective Advances. |
|-----------------|----------------------|

| 4.8   | Lender's Inability to Fund. |
|-----------------|-----------------------------|

----

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

| 6.1   | Borrower Withholding. |
|-----------------|-----------------------|

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

----

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

| 7.3   | [reserved] |
|-----------------|------------|

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

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

----

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

----

----

----

----

----

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

----

----

----

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

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

----

| 10.3   | [reserved] |
|------------------|------------|

| 10.4   | [reserved] |
|------------------|------------|

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

| 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. |
|------------------|----------------------------------------------|

| 14.7   | Borrower’s Acknowledgment Regarding Buyer Financing. |
|------------------|------------------------------------------------------------|

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

----

----

----

----

----

| 14.9   | Release of Residential Units. |
|------------------|-------------------------------|

----

| 14.10   | Application of Sales Proceeds. |
|-------------------|--------------------------------|

----

| 15.1   | Borrower further covenants and agrees as follows: |
|------------------|---------------------------------------------------|

----

----

----

----

----

----

----

----

----

----

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

----

----

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

| 15.4   | Negative Covenants. |
|------------------|---------------------|

----

| 16.1   | Lender’s Election to Apply Proceeds on Indebtedness. |
|------------------|------------------------------------------------------------|

----

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

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

| 17.2   | Prohibition of Assignments and Transfers by Borrower. |
|------------------|-------------------------------------------------------|

----

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

| 21.11   | References to Senior Loan Agreement and Concurrent Lenders Approval. |
|-------------------|----------------------------------------------------------------------|

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

----

| 21.13   | Reserved. |
|-------------------|-----------|

| 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: |
|--------|---------------|

|   | Hunter’s Glen/Ford Investments I LLC |
|--------|--------------------------------------------|

|   | 200 Crescent Court, Suite 1350 |
|--------|--------------------------------|

|   | Dallas, Texas  75201 |
|--------|--------------------------------|

|   | Attention: | President |
|--------|------------|-----------|

|   | Telephone: | 214.871.5131 |
|--------|------------|--------------|

|   | Facsimile: | 214.871.5199 |
|--------|------------|--------------|

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

----

----

----

----

| 1. | Restrictive Covenants recorded under Document No(s). 2006234734, 2006240877, 2007225317, 2008013712, 2008078527, 2008085863 and 2009176432 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.  (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 Agreements recorded under Document No(s). 2008078527, 2008085863, and 2009176432 of the Official Public Records of Travis County, Texas and Estoppel Certificate and Agreement recorded concurrently with this Deed of Trust. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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, as further evidenced by Subordination and Non-Disturbance Agreement recorded under Document No. 2009176433 of the Official Public Records of Travis County, Texas, and as further evidenced by Subordination and Non-Disturbance Agreement in recorded concurrently with this Deed of Trust. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 8. | Apparent easement evidenced by the location of electric meter outside of a dedicated easement as shown on the Survey dated March 24, 2010, 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. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10. | The terms, conditions and stipulations set out in that certain Estoppel Certificate and Agreement recorded under Document No. 2009176432 of the Official Public Records of Travis County, Texas. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Re: | CJUF II Stratus Block 21 LLC:  Loan Agreement by and between CJUF II Stratus Block 21 LLC and Hunter’s Glen/Ford Investments I LLC, dated as of March 31, 2010 (“Loan Agreement”); Certificate Concerning Litigation |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Dear ________: |
|--------|----------------|

----

|   | (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 those limits; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (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 insured loss); |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (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. |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------|

----

----

----

----

----

----

----

----

| 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 |

----

----

----

----

----

----

----

----

----

----

----

----

----

----

| 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 as Retail. |
|----|--------------------------------------------------------------------------------------------------------------------------|

| 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 written consent. |
|----|-------------------------------------------------------------------------------------------------------------------------|

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

----

----

----

----