Document:

Amendment No. 1 to the Master Lease Document Leases

 Exhibit 10.2 
 AMENDMENT NO. 1 TO MASTER LEASE 
 THIS AMENDMENT (the “Amendment”),
dated as of the 24th day of April, 2006, between Universal Health Realty Income Trust (“Lessor”), a Maryland real estate investment trust having an address at 367 South Gulph Road, King of Prussia, Pennsylvania 19406, and the
certain wholly-owned subsidiaries of Universal Health Services, Inc. (“UHS”) set forth on Exhibit A hereto (each a “Lessee,” and together, the “Lessees”), a Delaware corporation having an address at
367 South Gulph Road, King of Prussia, Pennsylvania 19406. 
 W I T N E S S E T H 
 WHEREAS, that certain Master Lease Document, General Terms and Conditions, by and among Lessor and certain wholly-owned subsidiaries
of UHS, dated December 24, 1986, as the same heretofore has been amended (said Lease, as amended, is hereinafter referred to as the “Lease”), governs certain leases between Lessor and Lessees; 
 WHEREAS, certain premises (each a “Leased Property” and together, the
“Leased Properties”), as therein described, are now leased and demised by Lessor to the Lessees subject to the terms of the Master Lease; 
 WHEREAS, UHS has requested that Lessor modify certain provisions of the Master Lease and Lessor has agreed to do so subject to and in
accordance with the terms and provisions of this Amendment; 
 WHEREAS, the parties hereto mutually desire to amend the
Master Lease as herein set forth, and are executing and delivering this Amendment for such purpose; 
 NOW, THEREFORE,
the parties hereto, in consideration of the terms and conditions herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, hereby amend the Master Lease as follows. 
 1. Amendment. Notwithstanding anything to the contrary contained in the Master Lease, effective on and after April 24, 2006, Article XXXVIII
of the Master Lease is hereby amended by adding the following sub-section: 
 “38.4 Change of Control. 

 

	 	a)	A “Change of Control” shall occur in the event that, directly or indirectly: 

  

	 	i.	Lessor shall consolidate with, or merge with and into, any individual, firm, corporation or other entity (each a “Person”) (other than a wholly-owned subsidiary of Lessor
in a transaction the principal purpose of which is to change the state of organization of Lessor); 

  

	 	ii.	 any Person shall consolidate with Lessor, or merge with and into Lessor and Lessor shall be the continuing or surviving entity of such consolidation or merger and,
in connection with such merger, all or part of 

	 	 
the shares of beneficial interest of Lessor be changed into or exchanged for stock or other securities of any other Person (or Lessor);

  

	 	iii.	any Person or “group” other than Lessor or an affiliate of Lessor becomes the “beneficial owner” (as defined in Rule 13d-3 under the Securities Exchange Act of
1934, as amended) directly or indirectly of securities of Lessor representing more than 20% of the voting power of Lessor’s securities in one more transactions (including by way of merger, reorganization or consolidation); or

  

	 	iv.	there is a change in the composition of the Board of Trustees of Lessor as a result of which the majority of the Trustees are not Incumbent Trustees. “Incumbent Trustees”
shall mean Trustees who either (i) are Trustees of Lessor as of the date hereof, or (ii) are elected, or nominated for election, to the Board or Trustees of Lessor with the affirmative votes of at least a majority of the Incumbent Trustees
at the time of such election or nomination. 

  

	 	b)	Lessor agrees to provide Notice to Lessee not less than 60 days prior to any proposed Change of Control. 

  

	 	c)	In the event of a Change of Control, Lessee shall have the option exercisable at any time within 12 months of the Change of Control to purchase the Leased Property, upon not less
than one month’s Notice, at the Fair Market Value Purchase Price of the Leased Property as of the date Lessee exercises its option to purchase the Leased Property.” 

 2. Brokerage. Lessee and Lessor represent that neither has dealt with a broker or finder in connection with this Amendment. Lessee or Lessor, as
applicable, shall indemnify, defend (with legal counsel reasonably acceptable to the other) and save harmless the other from and against all liability, claims, suits, demands, judgments, costs, interest and expenses (including, without limitation,
reasonable counsel fees and disbursements incurred in the defense thereof) to which the other may be subject or suffer by reason of any claim made for any commission, reimbursement or other compensation arising from or as a result of a claim by any
broker or finder that it dealt with such party in connection with the consummation of this Amendment. 
 3. Full Force and Effect. The
Lease, as hereby amended, shall remain in full force and effect according to its terms and conditions. 
 4. Defined Terms. All
capitalized terms used but not defined in this Amendment shall, for the purposes hereof, have the respective meanings ascribed to such terms in the Lease. 
 5. Successors and Assigns. The covenants, agreements, terms and conditions contained in this Amendment shall bind and inure to the benefit of the parties hereto and their respective successors and assigns.

  

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 6. Amendments in Writing. This Amendment may not be changed orally, but only by a writing signed
by the party against whom enforcement thereof is sought. 
 7. Effectiveness. This Amendment shall not be binding in any respect upon
Lessor until a counterpart hereof is executed by Lessor and delivered to Lessee. 
  

 3 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Amendment as of the
day and year first above written. 
  

			
	UNIVERSAL HEALTH REALTY INCOME TRUST
		
	By:	 	 /s/ Cheryl K. Ramagano

	 Name:
	 	 Cheryl K. Ramagano

	 Title:
	 	 Vice President

  

			
	UNIVERSAL HEALTH SERVICES OF RANCHO SPRINGS, INC.
		
	By:	 	 /s/ Steve Filton

	 Name:
	 	 Steve Filton

	 Title:
	 	 Vice President

  
  

			
	THE BRIDGEWAY, INC.
		
	By:	 	 /s/ Steve Filton

	 Name:
	 	 Steve Filton

	 Title:
	 	 Vice President

  
  

			
	WELLINGTON REGIONAL MEDICAL CENTER INCORPORATED
		
	By:	 	 /s/ Steve Filton

	 Name:
	 	 Steve Filton

	 Title:
	 	 Vice President

  

			
	 MCALLEN HOSPITALS, L.P.
 By: South Texas
Heart, Inc., General Partner

		
	By:	 	 /s/ Steve Filton

	 Name:
	 	 Steve Filton

	 Title:
	 	 Vice President

  

 4 

 Exhibit A 
 Lessees 
 UNIVERSAL HEALTH SERVICES OF RANCHO SPRINGS, INC. 
 THE BRIDGEWAY, INC. 
 WELLINGTON REGIONAL MEDICAL CENTER INCORPORATED 
 MCALLEN HOSPITALS, L.P 
  

 5Untitled Document

AMENDED
AND RESTATED 
 EMPLOYMENT AGREEMENT

          THIS
AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this "Agreement") is entered
into as of the 16th day of April, 2006 by and between MFA MORTGAGE INVESTMENTS,
INC., a Maryland corporation ("MFA"), and STEWART ZIMMERMAN, an individual
residing at 3063 Wynsum Avenue, Merrick, New York 11566 (the "Executive"). 

W I T N E S S
E T H : 

          WHEREAS,
MFA and the Executive entered into an employment agreement, effective as of August
1, 2002 and amended as of September 25, 2003 (the "Employment
Agreement"); 

          WHEREAS,
MFA and the  Executive  desire  to  amend the terms of the  Executive's  employment and
extend the  period of  employment  set forth in the  Employment  Agreement  to  December
31, 2010 on the terms and  conditions  set forth  in this Agreement; and 

          WHEREAS,
the  Executive  wishes to continue  serving MFA and MFA wishes to secure the  continued
exclusive  services  of the  Executive  under the  terms  and  conditions  described
below. 

          NOW
THEREFORE,  in  consideration  of  the  foregoing  premises  and  the  mutual  agreements
herein  contained,  the parties  hereto agree to amend and restate the  Employment
Agreement in its entirety to read as follows: 

     1. Term of Employment. 

          (a)
MFA hereby employs the  Executive,  and the Executive  hereby  accepts  employment  with
MFA,  in the  positions  and  with  the  duties  and  responsibilities  as  set  forth
in  Paragraph 2  below for the Term of Employment,  subject to the  terms and
conditions of this Agreement. 

          (b)
The term of employment (the "Term of Employment") under this Agreement
shall include the Initial Term and each Renewal term. The Initial Term shall
commence as of April 16, 2006 and shall continue until December 31, 2010.
Subject to the Executive's right to cause the Term of Employment to end at any
time upon 12 months' prior notice to MFA, the Term of Employment shall automatically
renew for a one-year period (each such renewal, a "Renewal Term") at the
end of the Initial Term and each Renewal Term, unless either party shall give
notice to the other not less than 12 months prior to the end of the Initial Term or
any Renewal Term, as the case may be, of his or its intent not to renew such
Initial Term or Renewal Term, as the case may be. Notwithstanding the foregoing
sentences of this Paragraph 1(b), the Term of the Term of Employment may be
terminated before the expiration of the Initial Term or any Renewal Term in
accordance with Paragraph 5 hereof. 

     2. Position; Duties and Responsibilities. 

          (a)
During the Term of Employment, the Executive shall be employed as Chairman,
President and Chief Executive Officer of MFA, reporting directly to the Board of
Directors of MFA (the "Board of Directors"), with such duties and
day-to-day management responsibilities as are customarily performed by persons
holding such offices at similarly situated mortgage REITs and such other
duties as may be mutually agreed upon between the Executive and the Board of
Directors. 

          (b)
During the Term of Employment, the Executive shall, without additional compensation,
also (i) serve on the board of directors of, serve as an officer of, and/or perform
such executive and consulting services for, or on behalf of, such subsidiaries or
affiliates of MFA as the Board of Directors may, from time to time, request. MFA and
such subsidiaries and affiliates are hereinafter referred to, collectively, as the
"Company." For purposes of this Agreement, the term
"affiliate" shall have the meaning ascribed thereto in Rule 12b-2 under the
Securities Exchange Act of 1934, as amended (the "Act"). 

          (c)
During the Term of  Employment,  the Executive  shall  serve  MFA  faithfully,
diligently  and  to the  best  of his  ability  and shall  devote  substantially  all of
his time and  efforts to his  employment  and the  performance of his duties  under  this
Agreement.  Nothing  herein  shall  preclude  the  Executive  from engaging in charitable
and community  affairs  and managing his  personal,  financial and legal  affairs,  so
long as such  activities do not materially  interfere with his  carrying  out  his
duties  and  responsibilities  under  this  Agreement. 

     3. Compensation. 

          (a) Base Salary. During the Term of Employment, the Executive shall be entitled to
receive an annualized base salary (the "Base Salary") of not less than
nine hundred thousand dollars ($900,000). In addition to Base Salary, the
Executive shall receive the following annual grants of common stock of the Company
(the fair market value of such stock at the time of grant (i.e., $100,000),
together with the Base Salary for such year, “Base Compensation”), subject
to the Executive’s continuing employment with the Company on the date of grant: 

		(i) 	 	 On
the  effective  date  of  this  Agreement,  and on  January 1st (or the first  business
day  thereafter)  of  each  of  the  following  four  years,  the  Executive  shall
receive a grant of  common  stock  with  an  aggregate  fair market  value on such date
(or  the first business day  thereafter)  of $100,000; 

		(ii) 	 	 Each
such  award  shall  be  subject  to  definitive  documentation,  and such  shares of
stock  shall  be fully  vested  and  non-forfeitable  upon  the  date of  grant,  but in
no event may be sold  or  transferred  prior  to the time  the  value  of  the  Executive’s
holdings in MFA exceeds  five times  his  Base  Compensation  (and  thereafter  may  be
sold  or  transferred  to  the  extent  the  value  of  the  Executive’s  stock
holdings exceeds such multiple). 

          (b) Performance Bonus. The Executive shall be eligible to participate in a
Performance Bonus Pool for Senior Executives (the "Bonus Pool") each
year during the Term of Employment. The aggregate Bonus Pool shall be determined by
reference to MFA's Return on Average Equity ("ROAE") as more fully described
in Exhibit A to this Agreement, and shall be allocated among the CEO and MFA's
two Executive Vice Presidents based on the recommendation of the CEO and the
assessment by the Compensation Committee of the Board of Directors (the
"Compensation Committee") of each participant's performance. The
Compensation Committee, in its discretion, can adjust the aggregate Bonus Pool
downward in any year by as much as ten percent (10%) depending upon the
Compensation Committee's assessment of MFA leverage, book value stability and
share price relative to peer group, among other considerations. 

2 

          Twenty-five
percent  (25%),  or such larger  percentage  upon  which  the  Executive  and the
Compensation  Committee  shall  agree,  of any amount in excess of  $100,000  allocated
to the  Executive  from the Bonus Pool with respect  to  calendar  year  2006  will be
paid  in  restricted  stock.  Fifty  percent  (50%),  or such larger  percentage  upon
which  the Executive and the  Compensation  Committee shall agree, of  any amount in
excess of $100,000  allocated  to the  Executive  from the Bonus  Pool with  respect to
calendar  year 2007 and  each  subsequent  year will be paid in  restricted  stock.  In
each case,  twenty five percent (25%) of the restricted  stock  will vest upon grant,
and an  additional  twenty five percent  (25%)  will vest on  January  1st of each of the
first  three  years  following the grant.  Such  restricted  stock cannot be  transferred
or sold during the  Executive's  employment by MFA  until  the  value of the  Executive's
stock  holdings  in MFA  exceeds five times his Base Compensation;  thereafter,  vested
stock may be sold or  transferred  to the  extent the value of  the Executive's stock
holdings exceeds such multiple. 

          (c) Equity Compensation. The Executive shall be eligible to receive such stock
option, restricted stock, phantom share or dividend equivalent rights grants or
other equity awards as the Compensation Committee or the Board of Directors, as the
case may be, shall deem appropriate. 

          (d) Discretion to Increase Compensation. Nothing in this Agreement shall preclude
the Board of Directors or the Compensation Committee from increasing or considering
increasing the Executive's compensation during the Term of the Employment. The
Base Salary as adjusted to reflect any increase shall be the Base Salary for all
purposes of this Agreement. 

     4. Employee Benefit Programs and Fringe Benefits. 

          During
the  Term  of  Employment,  the  Executive  shall be  entitled  to six weeks of  vacation
each  calendar year and to  participate  in all executive  incentive  and employee
benefit  programs of MFA now or  hereafter  made  available to MFA's  senior  executives
or salaried  employees  generally,  as such  programs  may be in  effect  from time to
time.  MFA  shall  reimburse  the  Executive  for  any and all  necessary,  customary and
usual  business  expenses,  properly  receipted  in  accordance  with MFA's  policies,
incurred  by  Executive in connection with his employment. 

     5. Termination of Employment. 

          (a) Termination Due to Death or Disability. If the Executive's employment is
terminated during the Term of Employment by reason of the Executive's death or
Disability, the Executive's Term of Employment shall terminate automatically
without further obligations to the Executive, his legal representative or his
estate, as the case may be, under this Agreement except for (i) any compensation
earned but not yet paid, including and without limitation, any amount of Base
Compensation accrued or earned but unpaid and any other payments payable to the
Executive pursuant to Paragraph 5(f) below, which amounts shall be promptly paid
in a lump sum to the Executive, his legal representative or his estate, as the case
may be, and (ii) continued payment on a monthly basis of the Executive's then
current Base Compensation for a period of two years following the date of such
termination, which shall be paid to the Executive, his legal representative or his
estate, as the case may be. In the event of such termination due to his
Disability, Executive's health insurance coverage shall be continued at 

3 

MFA's expense
for the duration of such Disability;  provided, that, if such coverage cannot be
provided under MFA's health insurance policy for the duration of such Disability,
such coverage or the cost of comparable coverage shall be provided by MFA
until the Executive's attainment of age 70 or such later date through which
coverage is permissible under MFA's health insurance policy. 

          (b) Termination Without Cause or for Good Reason. In the event the Executive's
employment is terminated by MFA without Cause (excluding by notice of MFA's
determination not to renew the Initial Term or any Renewal Term pursuant to
Paragraph 1(b)) or by the Executive for Good Reason, unless any such termination
is preceded by the Executive's giving notice of his determination not to renew the
Initial Term or any Renewal Term pursuant to Paragraph 1(b), MFA shall pay the
Executive an amount (the "Severance Amount") equal to three (3) times the
greater of (i) the Executive's combined Base Compensation and actual Performance
Bonus for the preceding fiscal year or (ii) the average for the three preceding
years of the Executive's combined actual Base Compensation and Performance
Bonus. Fifty percent of the Severance Amount shall be paid within five (5) days
after the date the Executive terminates for Good Reason or is terminated by the
Company for any reason other than Cause, and the remaining 50% of the Severance
Amount shall be paid in three equal monthly installments beginning on the first
business day of the month following the month of such termination. 

          (c) Termination by MFA for Cause or Voluntary Termination by the Executive. In the
event the Executive's employment is terminated by MFA for Cause, or is terminated
by the Executive on his own initiative for other than a Good Reason (including
pursuant to Paragraph 1(b)), the Executive shall be entitled to any compensation
earned but not yet paid, including and without limitation, any amount of Base
Compensation accrued or earned but unpaid and any other payments payable to the
Executive pursuant to Paragraph 5(f) below, as of the date of termination. 

          (d) Termination Related to Change in Control. In the event of (1) the termination of
the Executive's employment by MFA without Cause that occurs both within two
months before a Change in Control and following the occurrence of a
Pre-Change-in-Control Event, (2) the resignation of his employment by the
Executive for any reason within six months following a Change in Control, or (3) the
termination of the Executive's employment by MFA other than for Cause or the
Employee's resignation of his employment for Good Reason within twenty-four months
following a Change in Control, 

		(i) 	 	 MFA
shall pay to Executive  in a lump sum,  within 30  days  following  the  termination  of
employment,  an  amount  equal  to  300% of the sum  of  (a)  the  Executive's  then
current  Base  Compensation  and  (b) the  Executive's  bonus for the  immediately
preceding  year;

		(ii) 	 	 all
of  the  Executive's  outstanding  restricted  stock,  phantom shares and  stock  options
shall  immediately  vest  in full  and  such  options  shall  remain  exercisable,  and
any  dividend  equivalents  associated  therewith  shall  continue  to  be  payable,
until  the  earlier  of  (a)  90  days  following  the  date  of  such  termination  and
(b)  the  date  on  which  each  such  option  would  have  expired  had  the
Executive's  employment  not terminated; and

4 

		(iii) 	 	 the
Executive  shall  continue to  participate in all  health,  life  insurance,  retirement
and  other  benefit  programs at MFA's  expense  for  the  balance  of  the  Term  of
Employment,  to  the  same  extent  as  though  the  Executive's  employment  had not
terminated.

The  Executive,
in his  sole  and  absolute  discretion,  may  elect  to  reduce  any  such  payment  in
order  to  avoid  imposition  of excise tax under  Section  4999 of the Internal  Revenue
Code of 1986, as amended. 

          (e) Non-Renewal of Term of Employment  Notwithstanding any other term of this Agreement
to the contrary, (i) upon any notice by MFA to not renew the Initial Term or
any Renewal Term pursuant to Paragraph 1(b), the Executive shall be entitled to
(x) a payment in an amount equal to the Executive's Base Compensation and (y)
any other payments payable to the Executive pursuant to Paragraph 5(f) below and
(ii) upon any notice by the Executive to not renew the Initial Term or any Renewal
Term pursuant to Paragraph 1(b), the Executive shall be entitled to the payments
payable to the Executive pursuant to Paragraph 5(f) below; provided, however,
that, the benefits providing under Paragraph 5(f)(v) are subject in all events
to the Executive’s continued employment through the end of the Initial Term. 

          (f) Other Payments. Upon the termination of the Executive's employment, in addition
to the amounts payable under any Paragraph above, the Executive shall be entitled
to receive the following: 

		(i) 	 	 any
annual  bonus  earned  during  one  or  more  preceding  years  but  not  paid;

		(ii) 	 	 any
vested  deferred  compensation  (including  any  interest  accrued  on  or  appreciation
in  value of  such deferred amounts);

		(iii) 	 	 reimbursement
for  reasonable  business  expenses  incurred  but  not  yet  reimbursed by MFA;

		(iv) 	 	 any
other  benefits  to which the  Executive  or his  legal  representative  may  be
entitled  under  the  2004  Equity  Compensation  Plan and  under  all other  applicable
plans  and  programs  of  MFA,  as  provided  in  Paragraph  4  above; and

		(v) 	 	 upon
the  termination of the  Executive's  employment  pursuant  to  Paragraphs  5(a),  5(b)
or 5(e) above,  all  of  the  Executive's  outstanding  restricted  stock,  phantom
shares and  stock  options  shall  immediately  vest  in full  and  such  options  shall
remain  exercisable,  and  any  dividend  equivalents  associated  therewith  shall
continue  to  be  payable  until the earlier  of (a) 90  days  following  the  date  of
such  termination  and  (b) the  date on  which  each  such  option  would have
expired  had  the  Executive's  employment not terminated.

          (g) No Mitigation; No Offset. In the event of any termination of the Executive's
employment under this Agreement, he shall be under no obligation to seek other
employment or otherwise in any way to mitigate the amount of any payment provided
for in this Paragraph 5, and there shall be no offset against amounts due him
under this Agreement on account of any remuneration attributable to any subsequent
employment that he may obtain. 

5 

          (h) Payments Subject to Section 409A. Notwithstanding anything herein to the contrary,
the Executive shall not be entitled to any payment pursuant to this Paragraph 5
prior to the earliest date permitted under Section 409A of the Internal Revenue
Code of 1986, as amended, and applicable Treasury regulations thereunder. To the
extent any payment pursuant to this Paragraph 5 is required to be delayed six
months pursuant to the special rules of Section 409A related to "specified
employees," each affected payment shall be delayed until six months after the
Executive's termination of employment. 

          (i) Mutual Release. MFA's obligation to make any payment or provide any benefit
pursuant to this Paragraph 5 shall be contingent upon, and is the consideration for,
the Executive executing and delivering to MFA a general release (the
"Release"), substantially in the form annexed hereto as Exhibit B,
releasing MFA, and all current and former members, officers and employees of
MFA, from any claims relating to the Executive's employment hereunder, other than
claims relating to continuing obligations under, or preserved by, (x) this
Agreement or (y) any compensation or benefit plan, program or arrangement in
which the Executive was participating as of the date of termination of his
employment, and no such amounts shall be provided until the Executive executes and
delivers to MFA a letter which provides that the Executive had not revoked
such Release after seven days following the date of the Release. The Release
shall also be executed by MFA and delivered to the Executive as part of the
consideration for the Executive's execution and delivery of the Release, and,
except as otherwise provided under the terms of the Release, shall release the
Executive from any and all claims MFA may have against the Executive. 

     6. Definitions. 

          For
purposes  of  this  Agreement,  the  following terms shall be defined as set forth below: 

          (a)
  Cause. "Cause" shall mean the Executive's (i) conviction,
  or entry of a guilty plea or a plea of nolo contendre with respect to,
  a felony, a crime of moral turpitude or any crime committed against MFA, other
  than traffic violations, (ii) engagement in willful misconduct, willful or gross
  negligence, or fraud, embezzlement or misappropriation relating to significant
  amounts, in each case in connection with the performance of his duties under
  this Agreement; (iii) failure to adhere to the lawful directions of the Board
  of Directors that are reasonably consistent with his duties and position provided
  for herein; (iv) breach in any material respect of any of the provisions of
  Paragraph 7 of this Agreement resulting in material and demonstrable economic
  injury to MFA; (v) chronic or persistent substance abuse that materially and
  adversely affects his performance of his duties under this Agreement; or (vi)
  breach in any material respect of the terms and provisions of this Agreement
  resulting in material and demonstrable economic injury to MFA. Notwithstanding
  the foregoing, (i) the Executive shall be given written notice of any action
  or failure to act that is alleged to constitute Cause (a "Default"),
  and an opportunity for 20 business days from the date of such notice in which
  to cure such Default, such period to be subject to extension in the discretion
  of the Board of Directors; and (ii) regardless of whether the Executive is able
  to cure any Default, the Executive shall not be deemed to have been terminated
  for Cause without (x) reasonable prior written notice to the Executive setting
  forth the reasons for the decision to terminate the Executive for Cause, (y)
  an opportunity for the Executive, together with his counsel, to be heard by
  the Board of Directors, and (z) delivery to the Executive of a notice of termination
  approved by said Board of 

6 

Directors
stating its good faith opinion that the Executive has engaged in actions or conduct
described in the preceding sentence, which notice specifies the particulars of such
action or conduct in reasonable detail; provided, however, MFA may suspend the Executive
with pay until such time as his right to appear before the Board of Directors has been
exercised, so long as such appearance is within two (2) weeks of the date of suspension. 

          (b) Change in Control. A "Change in Control" shall mean the occurrence of any one
of the following events: 

		(i) 	 	 any
"person," as such term is used in Sections 13(d) and 14(d) of the
Act (other than MFA, any of its affiliates or any trustee, fiduciary or other
person or entity holding securities under any employee benefit plan or trust of
MFA or any of its affiliates) together with all affiliates and
"associates" (as such term is defined in Rule 12b-2 under the Act) of
such person, shall become the "beneficial owner" (as such term is
defined in Rule 13d-3 under the Act), directly or indirectly, of securities of
MFA representing 30% or more of either (A) the combined voting power of MFA's
then outstanding securities having the right to vote in an election of the
Board of Directors ("voting securities") or (B) the then outstanding
shares of common stock of MFA ("Shares") (in either such case other
than as a result of an acquisition of securities directly from MFA); or

		(ii) 	 	 persons
who, as of the effective date of this Agreement, constitute MFA's Board of
Directors (the "Incumbent Directors") cease for any reason, including,
without limitation, as a result of a tender offer, proxy contest, merger or
similar transaction, to constitute at least a majority of the Board of
Directors, provided that any person becoming a Director of MFA subsequent to
the effective date whose election or nomination for election was approved by a
vote of at least a majority of the Incumbent Directors shall, for purposes of
this Agreement, be considered an Incumbent Director; or

		(iii) 	 	 there
shall  occur (A) any  consolidation  or merger  of MFA  or any  subsidiary  where the
shareholders of  MFA,  immediately prior to  the  consolidation  or  merger,  would  not,
immediately  after  the  consolidation  or  merger,  beneficially  own (as such  term  is
defined  in Rule  13d-3  under  the  Act),  directly  or  indirectly,  shares
representing  in  the  aggregate 60% or more  of the  voting  securities  of  the
corporation  issuing  cash  or  securities  in  the  consolidation  or  merger  (or  of
its  ultimate  parent  corporation,  if  any),  (B)  any  sale,  lease,  exchange  or
other  transfer  (in  one  transaction  or  a  series  of  transactions  contemplated  or
arranged  by any  party  as a single  plan)  of  all  or  substantially  all  of the
assets  of MFA or (C)  any  plan or  proposal  for the  liquidation  or  dissolution of
MFA.

7 

	 	Notwithstanding
the foregoing, a "Change in Control" shall not be deemed to have
occurred for purposes of the foregoing clause (i) solely as the result of an
acquisition of securities by MFA which, by reducing the number of Shares or other
voting securities outstanding, increases (x) the proportionate number of Shares
beneficially owned by any person to 30% or more of the Shares then outstanding or
(y) the proportionate voting power represented by the voting securities
beneficially owned by any person to 30% or more of the combined voting power of
all then outstanding voting securities;  provided, however, that, if any person
referred to in clause (x) or (y) of this sentence shall thereafter become the
beneficial owner of any additional Shares or other voting securities (other than
pursuant to a stock split, stock dividend, or similar transaction), then a
"Change in Control" shall be deemed to have occurred for purposes of
this Paragraph 6(b).
 

          (c) Disability. "Disability" shall mean the Executive's inability for a
period of six consecutive months, to render substantially the services provided for
in this Agreement by reason of mental or physical disability, whether resulting
from illness, accident or otherwise, other than by reason of chronic or
persistent abuse of any substance (such as narcotics or alcohol). 

          (d) Good Reason. "Good Reason" shall mean: 

		(i) 	 	 a
material  diminution  in  the  Executive's  title,  duties  or  responsibilities;

		(ii) 	 	 relocation
of the  Executive's  place of  employment  without  his  consent  outside  the New York
City  metropolitan area;

		(iii) 	 	 the
failure  of  MFA  to  pay  within  thirty  (30)  business  days any payment  due from MFA;

		(iv) 	 	 the
failure  of  MFA  to  pay  within  a  reasonable  period  after  the  date  when  amounts
are required  to  be  paid  to  the  Executive  under  any  benefit  programs  or  plans;
or

		(v) 	 	 the
failure  by MFA  to  honor  any of its  material  obligations herein.

          (e) Non Cash Items and Merger Expenses. "Non Cash Items and Merger
Expenses" shall mean depreciation, merger expenses, gains/losses on asset
sales, and impairment charges. 

          (f) Pre-Change-in-Control Event. A "Pre-Change-in-Control Event" shall mean
the occurrence of any one of the following events: 

		(i) 	 	 the
Board  shall  adopt a  resolution  to the  effect  that any  person has taken  actions
which,  if  consummated,  would result  in such  person  acquiring  effective  control
of the  business  and  affairs  of  MFA;

8 

		(ii) 	 	 there
shall  commence  a  tender  offer  or  proxy  contest  resulting  in any  of  the
transactions  specified  in  subparagraphs  (i)-(iii)  of Paragraph 6(b);

		(iii) 	 	 MFA
shall  make any  agreement  resulting  in any of  the  transactions  specified  in
subparagraphs  (i)-(iii)  of Paragraph 6(b);

		(iv) 	 	 there
shall  be  a  public  announcement  of  a  transaction  of  the  kind  specified  in
subparagraphs  (i)-(iii)  of Paragraph 6(b); or

		(v) 	 	 any
other meeting,  writing or written  communication  with,  by or to the  Board  of
Directors  or  any  officer  or  executive  of  MFA,  that is  held,  made  or
undertaken  in  good  faith in  anticipation  of  a Change in Control.

          (g) Return on Average Equity. "Return on Average Equity" shall mean twelve
months GAAP net income plus (minus) certain Non Cash Items and Merger Expenses
divided by average Tangible Net Worth. 

          (h) Tangible Net Worth. "Tangible Net Worth" shall mean stockholder equity
less (i) goodwill and (ii) preferred stockholder equity. 

     7. Covenant Not To Compete. 

          In
the event of the termination of the Executive's employment with MFA other than
upon notification by the Executive of the nonrenewal of the Term of
Employment, the Executive will not, without the prior written consent of MFA,
manage, operate, control or be connected as a stockholder (other than as a holder
of shares publicly traded on a stock exchange or the NASDAQ National Market
System, provided that the Executive shall not own more than five percent of the
outstanding shares of any publicly traded company) or partner with, or as an
officer, director, employee or consultant of, any mortgage REIT for a period of one
year following termination of his employment with MFA. For the period of one
year following the termination of his employment by MFA for any reason, the
Executive shall not solicit any employees of MFA to work for any mortgage REIT.
Except as otherwise required by law, the Executive shall keep confidential all
materials, files, reports, correspondence, records and other documents
(collectively the "Company Materials") used, prepared or made available
to him in connection with his employment by MFA and which have not otherwise been
made available to the public, and upon termination of his employment shall return
such Company Materials to MFA. The Executive acknowledges that MFA may seek
injunctive relief or other specific enforcement of its rights under this Paragraph. 

     8. Indemnification. 

          MFA
shall  indemnify  the  Executive  to the  fullest  extent  permitted  by  Maryland  law
as amended  from  time to time in connection  with the  Executive's  duties with  MFA,
against  all  costs,  expenses,  liabilities  and losses  (including,  without
limitation,  attorneys' fees,  judgments,  fines,  penalties,  ERISA  excise  taxes and
amounts  paid in  settlement)  actually  and  reasonably  incurred  by  the  Executive in
connection  with an action,  suit or  proceeding.  During  the Term of  Employment  and
for six  years  following  the  date of the  Executive's  termination  as an  officer  of
MFA,  MFA  (or  any  successor  thereto)  shall  provide  comprehensive  coverage  under
its  officers  and  directors  insurance  policy  (or  policies)  on  substantially  the
same  terms and levels  that it  provides  to its  senior  executive  officers, at MFA's
sole cost. 

9 

     9. Assignability; Binding Nature. 

          This
  Agreement shall inure to the benefit of MFA and the Executive and their respective
  successors, heirs (in the case of the Executive) and assigns. No rights or obligations
  of MFA under this Agreement may be assigned or transferred by MFA except that
  any such rights or obligations may be assigned or transferred pursuant to a
  merger or consolidation in which MFA is not the continuing entity, or the sale
  or liquidation of all or substantially all of the assets of MFA, provided
  that the assignee or transferee is the successor to all or substantially all
  of the assets of MFA and such assignee or transferee assumes the liabilities,
  obligations and duties of MFA, as contained in this Agreement, either contractually
  or as a matter of law. This Agreement shall not be assignable by the Executive.

     10. Representation. 

          MFA
represents  and  warrants  that  it  is  fully  authorized  and empowered to enter into
this  Agreement  and  that  its  entering  into  this  Agreement  and  the  performance
of its  obligations  under this Agreement will not  violate any agreement  between MFA
and any other person,  firm  or organization or any law or governmental regulation. 

     11. Entire Agreement. 

          This
Agreement  contains  the  entire  agreement  between  MFA  and  the  Executive
concerning  the  subject  matter hereof and  supersedes  all prior  agreements,
understandings,  discussions,  negotiations and  undertakings,  whether written or oral,
between them with respect thereto. 

     12. Amendment or Waiver. 

          This
Agreement  cannot be changed,  modified  or  amended  without  the  consent  in  writing
of  both  the  Executive  and MFA.  No waiver by either MFA or the  Executive  at  any
time  of  any  breach  by  the  other  party  of  any  condition  or provision  of this
Agreement  shall be deemed a  waiver of a similar or  dissimilar  condition  or provision
at  the  same or at any  prior  or  subsequent  time.  Any  waiver  must  be  in  writing
and  signed  by  the  Executive  or  an  authorized officer of MFA, as the case may be. 

     13. Severability. 

          In
the event that any  provision  or portion  of  this  Agreement  shall  be  determined  to
be  invalid  or  unenforceable  for  any  reason,  in  whole  or in  part,  the
remaining  provisions  of this  Agreement  shall be unaffected  thereby  and  shall
remain in full  force  and  effect to the  fullest extent permitted by law. 

10 

     14. Reasonableness. 

          To
the  extent  that  any  provision  or  portion of this  Agreement is determined  to be
unenforceable  by a court of law or  equity,  that  provision  or  portion of  this
Agreement  shall  nevertheless  be  enforceable  to  the  extent that such court
determines is reasonable. 

     15. Survivorship. 

          The
respective  rights and  obligations  of  the parties  hereunder  shall survive any
termination of this  Agreement  to  the  extent  necessary  to  the  intended
preservation of such rights and obligations. 

     16. Governing Law. 

          This
Agreement  and all rights  thereunder,  and  any  controversies  or  disputes  arising
with  respect  thereto,  shall be governed by and construed  and  interpreted  in
accordance  with  the  laws  of the  State  of  New  York,  applicable  to  agreements
made and to be performed  entirely  within  such  State,  without  regard  to  conflict
of  laws  provisions  thereof  that  would  apply  the law of any  other  jurisdiction. 

     17. Dispute Resolution. 

          In
the  event  of any  dispute,  controversy  or claim  arising  out of or  relating  to
this  Agreement  or  Executive's  employment or  termination  thereof (other than a
controversy  or  claim  arising  under  Paragraph  7,  to  the  extent  necessary  for
MFA  (or  its  affiliates  where  applicable)  to enforce the provisions  thereof),  the
parties  hereby agree to settle such dispute,  controversy  or claim in  a binding
arbitration  by a single  arbitrator  in accordance  with  the  Commercial  Arbitration
Rules  of  the  American  Arbitration  Association,  which  arbitration  shall  be
conducted in New York,  New York.  The parties  agree that the  arbitral  award  shall be
final and  non-appealable  and shall  be  the  sole  and  exclusive  remedy  between  the
parties  hereunder.  The parties  agree that  judgment on the  arbitral  award  may  be
entered  in  any  court  having  competent  jurisdiction  over  the  parties  or  their
assets.  All  reasonable fees and expenses  related to any such  arbitration  (including
reasonable  attorneys'  fees  and  related  disbursements) shall be paid by MFA. 

     18. Legal Fees. 

          MFA
shall  pay  directly  all  reasonable  legal fees incurred by the  Executive in
connection  with the  negotiation, preparation and execution of this Agreement. 

     19. Notices. 

          Any
notice  given to either  party  shall be  in  writing  and  shall be  deemed  to have
been  given  when  delivered  personally  or  sent  by  certified  or  registered  mail,
postage  prepaid,  return  receipt  requested,  duly  addressed  to  the  party
concerned,  if  to  MFA,  at  its  principal office,  and if to the Executive,  at the
address of  the  Executive  shown  on  MFA's  records  or  at  such  other  address as
such party may give notice of. 

     20. Headings. 

          The
headings  of the  paragraphs  contained  in this  Agreement are for  convenience  only
and shall not be  deemed to  control or affect the  meaning or  construction  of  any
provision of this Agreement. 

11 

     21. Counterparts. 

          This
Agreement  may be  executed  in two or  more counterparts. 

12 

     IN
WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first
written above. 

	 	 	MFA
      MORTGAGE INVESTMENTS, INC.
	 	 	 	

	 	By:   	/s/
      James   A.
                                                  Brodsky
	 	  	 	
      

    
	 	 	Name:  	James A. Brodsky
	 	 	Title:  	Chairman,
                                                  Compensation
                                                  Commitee

	 	 	 	 
	 	/s/
      Stewart Zimmerman 
	 	  	   
 
	 	 	 Stewart
      Zimmerman
	 	 	 	 

13 

Exhibit A

Aggregate
Performance Bonus Pool for  Senior Executives

Aggregate
bonus pool can be adjusted  down by as much as 10%,  dependent  upon  Compensation
Committee's  assessment  of  leverage,  book value  stability  and share price  relative
to  peer group.  Individual  bonus  allocation from pool dependent  upon  Compensation
Committee's  assessment of  performance in  accordance with the Committee’s Charter. 

Bonus Pool

	ROAE less than 4.5%	 	 	$	 400,000	 
	ROAE 4.5% to 8.0%	 	 	$	 600,000	 
	ROAE greater than 8.0%	 	 	 	See Below	 

Senior
Executive Bonus Pool Example

	ROAE	 	 	 	8%
	 	 	9%
	 	 	10%
	
	 
	12%
	
	 
	13%
	
	 
	14%
	
	 
	16%
	
	 
	18%
	
	 
	20%
	
	 
	22%
        and above
	 
	9/30/05
      Common Equity	 	 	 	576,000,000	 	 	576,000,000	 	 	576,000,000	 	 	576,000,000	 	 	576,000,000	 	 	576,000,000	 	 	576,000,000	 	 	576,000,000	 	 	576,000,000	 	 	576,000,000	 
	Net
      Income	 	 	 	46,080,000	 	 	51,840,000	 	 	57,600,000	 	 	69,120,000	 	 	74,880,000	 	 	80,640,000	 	 	92,160,000	 	 	103,680,000	 	 	115,200,000	 	 	126,720,000	 
	 
	Net
      Income to achieve 8%	 	 
	hurdle	 	 	 	46,080,000	 	 	46,080,000	 	 	46,080,000	 	 	46,080,000	 	 	46,080,000	 	 	46,080,000	 	 	46,080,000	 	 	46,080,000	 	 	46,080,000	 	 	46,080,000	 
	Earnings
      over Hurdle	 	 	 	0	 	 	5,760,000	 	 	11,520,000	 	 	23,040,000	 	 	28,800,000	 	 	34,560,000	 	 	46,080,000	 	 	57,600,000	 	 	69,120,000	 	 	80,640,000	 
	Aggregate
      Bonus Pool	 	 	 	600,000	 	 	1,000,000	 	 	1,500,000	 	 	1,800,000	 	 	2,200,000	 	 	3,000,000	 	 	3,600,000	 	 	4,200,000	 	 	5,100,000	 	 	6,000,000	 

In the event of
a  fractional  ROAE (with  respect to  the  percentages  contained in the above table),
the  Aggregate  Bonus  Pool  shall  be  interpolated  in  linear  fashion  between  the
applicable  whole  percentages. 

EXHIBIT B

MUTUAL
RELEASE

     This
Mutual Release of Claims (this "Release") is made as of _____________,
by and between MFA MORTGAGE INVESTMENTS, INC. (the "Company") and
_________________ (the "Executive"). 

     1. Release by the Company. 

          (a)
The Company on behalf of itself, its agents, successors, affiliated entities
and assigns, in consideration for the Executive's execution and delivery of this
Release, hereby forever releases and discharges the Executive, and his agents,
heirs, successors, assigns, executors and administrators, from any and all known
and unknown causes of action, actions, judgments, liens, indebtedness, damages,
losses, claims, liabilities, and demands of whatsoever kind and character in
any manner whatsoever arising on or prior to the date of this Release, including
but not limited to (i) any claim for breach of contract, breach of implied
covenant, breach of oral or written promise, defamation, interference with
contract relations or prospective economic advantage, negligence,
misrepresentation; (ii) any and all liability that was or may have been alleged
against or imputed to the Executive by the Company or by anyone acting on its
behalf; (iii) any punitive, compensatory or liquidated damages; and (iv) all
rights to and claims for attorneys' fees and costs except as otherwise provided in
his employment agreement with the Company dated April 16, 2006 (the "Employment
Agreement"). 

          (b)
The  Company  shall not file or cause to be filed any  action,  suit,  claim,  charge or
proceeding with any federal,  state or local court or agency  relating  to any claim
within  the scope of this  Release.  In the event  there is  presently  pending any
action,  suit, claim,  charge or proceeding within  the  scope  of  this  Release,  or if
such  a  proceeding  is  commenced in the future,  the Company shall promptly  withdraw
it,  with  prejudice,  to the  extent  it has the  power to do  so.  The  Company
represents  and  warrants  that its has not  assigned any claim  released  herein,  or
authorized any other  person to assert any claim on its behalf. 

          (c)
Anything  to the  contrary  notwithstanding  in  this  Release or the  Employment
Agreement,  this Release shall not  apply to  claims  or  damages  based on (i) any right
or claim  that  arises  after  the date on which  the  Company  executes  this  Release,
including  any  right  to  and  enforce  the  Employment  Agreement  with respect to
provisions  pertaining  to matters  that arise  after the date of the Release and that
survive  termination  of employment or (ii) any act of willful  misconduct,  gross
negligence,  fraud or  misappropriation  of  funds. 

     2. Release by the Executive. 

          (a)
The  Executive,  on behalf of  himself,  his  agents,  heirs, successors,  assigns,
executors and administrators,  in  consideration  for  the  termination  payments  and
other  consideration  provided  for under the  Employment  Agreement,  hereby forever
releases and  discharges the Company,  and its  successors,  its  affiliated  entities,
and,  in  such  capacities,  its  past  and  present  directors,  employees,  agents,
attorneys,  accountants,  representatives,  plan  fiduciaries,  successors  and  assigns
from any and all known  and  unknown  causes of  action,  actions,  judgments,  liens,
indebtedness,  damages,  losses,  claims,  liabilities,  and  demands  of  whatsoever
kind  and  character  in  any  manner  whatsoever  arising  on or prior to the date of
this  Release,  including  but not  limited  to (i) any  claim  for  breach of  contract,
breach  of  implied  covenant,  breach  of  oral or  written  promise,  wrongful
termination,  intentional  infliction  of emotional  distress,  defamation,  interference
with contract  relations or  prospective  economic  advantage,  negligence,
misrepresentation  or employment  discrimination,  and including without  limitation
alleged violations of Title  VII of the Civil Rights Act of 1964,  as amended,
prohibiting  discrimination  based  on  race,  color,  religion,  sex  or  national
origin;  the  Family  and  Medical  Leave  Act;  the  Americans With  Disabilities  Act;
the Age  Discrimination  in  Employment  Act;  other  federal,  state  and  local  laws,
ordinances and  regulations;  and any unemployment or workers'  compensation  law,
excepting  only those  obligations  of the  Company  pursuant to Paragraph 5 of the
Employment  Agreement 

17 

or otherwise
continuing  under the  Employment  Agreement and  any  claims to  benefits  under any
compensation  or  benefit  plan,  program  or  arrangement  in which  the  Executive  was
participating  as  of  the  date  of  termination  of  his  employment;  (ii) any and all
liability  that was or may have  been  alleged  against  or  imputed  to  the  Company
by  the  Executive  or by  anyone  acting  on  his  behalf;  (iii)  all  claims for
wages,  monetary or  equitable  relief,  employment  or  reemployment  with the  Company
in any  position,  and any  punitive,  compensatory  or liquidated  damages;  and (iv)
all  rights to and claims for  attorneys'  fees and costs except as  otherwise provided
in the Employment Agreement. 

          (b)
The  Executive  shall  not  file or cause to be filed  any  action,  suit,  claim,
charge  or  proceeding  with  any  federal,  state  or  local  court or  agency  relating
to any  claim  within the scope of this  Release.  In the event  there  is  presently
pending  any  action,  suit,  claim,  charge or  proceeding  within  the  scope of this
Release,  or if such a  proceeding  is commenced in the future,  the  Executive  shall
promptly  withdraw  it, with  prejudice,  to the extent he has  the power to do so.  The
Executive  represents  and  warrants  that  he has  not  assigned  any  claim  released
herein,  or  authorized  any  other  person  to  assert  any  claim  on his  behalf. 

          (c)
In the  event  any  action,  suit,  claim,  charge or  proceeding  within  the scope of
this  Release  is  brought by  any  government  agency,  putative  class  representative
or  other  third  party to  vindicate  any  alleged  rights of the  Executive,  (i) the
Executive  shall,  except  to the  extent  required  or  compelled  by law,  legal
process or  subpoena,  refrain  from  participating,  testifying  or  producing
documents  therein,  and  (ii)  all  damages,  inclusive  of  attorneys'  fees,  if  any,
required  to  be  paid  to  the  Executive  by the  Company as a  consequence  of such
action,  suit,  claim,  charge  or  proceeding  shall be  repaid to the  Company by the
Executive  within ten (10) days of his receipt  thereof. 

18 

          (d)
BY HIS SIGNATURE  BELOW,  THE EXECUTIVE  ACKNOWLEDGES  THAT: 

               (1)
HE HAS  RECEIVED  A COPY  OF  THIS  RELEASE  AND  WAS  OFFERED  A  PERIOD  OF  TWENTY-ONE
(21)  DAYS TO  REVIEW  AND  CONSIDER IT; 

               (2)
IF HE SIGNS THIS RELEASE  PRIOR TO THE  EXPIRATION OF  TWENTY-ONE  DAYS,  HE  KNOWINGLY
AND  VOLUNTARILY  WAIVES AND  GIVES UP THIS RIGHT OF REVIEW; 

               (3)
HE  HAS  THE  RIGHT  TO  REVOKE  THIS  RELEASE  FOR A  PERIOD  OF SEVEN  (7) DAYS  AFTER
HE SIGNS IT BY  MAILING  OR  DELIVERING A WRITTEN  NOTICE OF  REVOCATION  TO THE
COMPANY'S  GENERAL  COUNSEL,  NO LATER THAN THE CLOSE OF  BUSINESS ON THE  SEVENTH DAY
AFTER THE DAY ON WHICH HE SIGNED THIS RELEASE; 

               (4)
THIS  RELEASE  SHALL  NOT  BECOME  EFFECTIVE  OR  ENFORCEABLE  UNTIL  THE  SEVEN  DAY
REVOCATION  PERIOD  HAS  EXPIRED  WITHOUT  THE  RELEASE  HAVING  BEEN  REVOKED  (THE
"EFFECTIVE DATE"); 

               (5)
THIS  RELEASE  WILL BE FINAL  AND  BINDING  AFTER THE  EXPIRATION  OF THE  REVOCATION
PERIOD  REFERRED TO IN SECTION  2(d)(3).  HE AGREES NOT TO CHALLENGE ITS ENFORCEABILITY; 

               (6)
HE IS AWARE  OF HIS  RIGHT TO  CONSULT  AN  ATTORNEY,  HAS BEEN ADVISED IN WRITING TO
CONSULT  WITH AN ATTORNEY,  AND  HAS HAD THE  OPPORTUNITY  TO  CONSULT  WITH  AN
ATTORNEY,  IF  DESIRED, PRIOR TO SIGNING THIS RELEASE; 

               (7)
NO PROMISE OR  INDUCEMENT  FOR THIS  RELEASE HAS BEEN  MADE EXCEPT AS SET FORTH IN THIS
RELEASE; 

19 

               (8)
HE IS LEGALLY  COMPETENT  TO EXECUTE THIS RELEASE AND  ACCEPT FULL RESPONSIBILITY FOR IT;
AND 

               (9)
HE HAS  CAREFULLY  READ  THIS  RELEASE,  ACKNOWLEDGES  THAT HE HAS NOT  RELIED ON ANY
REPRESENTATION  OR  STATEMENT,  WRITTEN  OR  ORAL,  NOT  SET  FORTH  IN  THIS  DOCUMENT,
AND  WARRANTS  AND  REPRESENTS  THAT  HE IS  SIGNING  THIS  RELEASE  KNOWINGLY AND
VOLUNTARILY. 

20

     IN
WITNESS WHEREOF, the parties have hereunto set their hands this _____ day of
___________________. 

	 	 	 	

      

      
	 	 	 
	 	  	 
 
	 	 	Executive

	 	 	MFA MORTGAGE
      INVESTMENTS, INC.
	 	 	 	

      

      
	 	By:   	 
	 	  	 	 
 

21

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