EXPRESSLY PROMISED TO
PAY OR DELIVER TO LENDER HERETO.
27.
ACKNOWLEDGEMENT AND CONSENT TO PLEDGE.
THIS NOTE IS SUBJECT TO A
SECURITY INTEREST IN FAVOR OF, AND PLEDGED AS COLLATERAL TO, PREMIER BANK AND
ITS ASSIGNS ("PREMIER").
BY EXECUTION HEREOF, BORROWER CONSENTS TO SUCH
SECURITY INTEREST AND PLEDGE OF THIS NOTE TO PREMIER, AND CONSENTS TO THE
ASSIGNMENT OF THIS NOTE TO PREMIER IN ACCORDANCE THEREWITH.
28.
ENTIRE AGREEMENT.
THIS NOTE AND THE OTHER LOAN DOCUMENTS TOGETHER
CONSTITUTE THE ENTIRE AGREEMENT AMONG THE PARTIES CONCERNING THE SUBJECT MATTER
HEREOF, AND ALL PRIOR DISCUSSIONS, AGREEMENTS AND STATEMENTS, WHETHER ORAL OR
WRITTEN, ARE MERGED INTO THIS NOTE AND THE OTHER LOAN DOCUMENTS.
THERE ARE NO
UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES AND THIS NOTE AND THE OTHER LOAN
DOCUMENTS MAY NOT BE
15
CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS
OF THE PARTIES.
[The remainder of this page is intentionally left blank.]
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This Note has been executed by Borrower on this the 12th day of November, 2007,
effective for all purposes as of the Effective Date.
BORROWER:
UNITED DEVELOPMENT FUNDING X, L.P.
a Delaware limited partnership
By:
United Development Funding X, Inc.
Its:
General Partner
By:
/s/ Hollis M. Greenlaw
Name:
Hollis M. Greenlaw
Its:
President and Chief Executive Officer
The terms of this Note are hereby accepted by Lender.
LENDER:
UNITED DEVELOPMENT FUNDING III, L.P.,
a Delaware limited partnership
By:
UMTH Land Development, L.P.
Its:
General Partner
By:
UMT Services, Inc.
Its:
General Partner
By:
/s/ Ben Wissink
Name:
Ben Wissink
Its:
Chief Operating Officer
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Schedule 1
ADVANCE SCHEDULE
Date of Advance
Amount Advanced
Date of Principal Repayment
Amount of Principal Repayment
Aggregate Principal Amount Outstanding