Document:

Exhibit 10.58

 Exhibit 10.58 
 GUARANTY AGREEMENT 
 THIS GUARANTY dated February     , 2008
(together with any amendments or modifications hereto in effect from time to time, the “Guaranty”), made by COMSTOCK POTOMAC YARD, L.C., a Virginia limited liability company having an address at
                                        
                     (“Guarantor”), in favor of STONEHENGE FUNDING, LC, having an office at 11465 Sunset Hills
Road, #620, Reston, Virginia 20190 (“Lender”). 
 To induce Lender to make loans, extensions of credit or other
financial accommodations to COMSTOCK HOLDING COMPANIES, INC. (“Borrower”), now or in the future, to secure the observance, payment and performance of the Liabilities (as defined below), and with full knowledge that
Lender would not make the said loans, extensions of credit or financial accommodations without this Guaranty Agreement, which shall be construed as a contract of suretyship, Guarantor jointly and severally, and unconditionally agrees as follows:

 1. LIABILITIES GUARANTEED. 
 1.1. Guarantor, jointly and severally, hereby guarantees and becomes surety to Lender for the full, prompt and unconditional payment of the Liabilities (as defined below), when and as the same shall become due,
whether at the stated maturity date, by acceleration or otherwise, and the full, prompt and unconditional performance of each term and condition to be performed by Borrower under the Loan Documents (as defined below). This Guaranty is a primary
obligation of Guarantor and shall be a continuing inexhaustible Guaranty. This is a guaranty of payment and not of collection. Lender may require Guarantor to pay and perform its liabilities and obligations under this Guaranty and may proceed
immediately against Guarantor without being required to bring any proceeding or take any action against Borrower, any other guarantor or any other person, entity or property prior thereto, the liability of Guarantor hereunder being joint and
several, and independent of and separate from the liability of Borrower, any other guarantor or person, and the availability of other collateral security for the Note and the other Loan Documents. 
 2. DEFINITIONS. 
 2.1.
“Note” means that certain Promissory Note of even date herewith in the principal amount of Four Million and 00/100 Dollars ($4,000,000) from Borrower to Lender. 
 2.2. “Loan Documents” shall have the meaning set forth in the Note. The terms of the Loan Documents are hereby made a part of
this Guaranty to the same extent and with the same effect as if fully set forth herein. 
 2.3 “Liabilities” means,
collectively: (i) the repayment of all sums due under the Note (and all extensions, renewals, replacements and amendments thereof) and the other Loan Documents; (ii) the performance of all terms, conditions and covenants set forth in the

 
Loan Documents; and (iii) all other obligations or indebtedness of Borrower to Lender whenever borrowed or incurred, including without limitation,
principal, interest, fees, late charges and expenses, including reasonable attorneys’ fees. 
 2.4 All capitalized terms not otherwise
defined herein shall have the meaning ascribed to them in the Loan Documents. 
 3. REPRESENTATION AND WARRANTIES. Guarantor
represents and warrants to Lender as follows: 
 3.1. Organization, Powers. Guarantor (i) is a limited liability company
duly formed, validly existing and in good standing under the laws of the Commonwealth of Virginia; (ii) has the power and authority as a limited liability company to own its properties and assets and to carry on its business as now being
conducted and as now contemplated; and (iii) has the power and authority as a limited liability company to execute, deliver and perform, and by all necessary action has authorized the execution, delivery and performance of, all of its
obligations under this Guaranty and any other Loan Document to which it is a party. 
 3.2. Execution of Guaranty. This
Guaranty and each other Loan Document to which Guarantor is a party have been duly executed and delivered by Guarantor. Execution, delivery and performance of this Guaranty and each other Loan Document to which Guarantor is a party will not:
(i) violate any provision of law, order of any court, agency or instrumentality of government, or any provision of any indenture, agreement or other instrument to which it is a party or by which it or any of its properties is bound;
(ii) result in the creation or imposition of any lien, charge or encumbrance of any nature, other than the liens created by the Loan Documents; and (iii) require any authorization, consent, approval, license, exemption of, or filing or
registration with, any court or governmental authority. 
 3.3. Obligations of Guarantor. This Guaranty and each other Loan
Document to which Guarantor is a party are the legal, valid and binding obligations of Guarantor, enforceable against it in accordance with their terms, except as the same may be limited by bankruptcy, insolvency, reorganization or other laws or
equitable principles relating to or affecting the enforcement of creditors’ rights generally. The loans or credit accommodations made by Lender to Borrower and the assumption by Guarantor of its obligations hereunder and under any other Loan
Document to which Guarantor is a party will result in material benefits to Guarantor. This Guaranty was entered into by Guarantor for commercial purposes. 
 3.4. Litigation. There is no action, suit, or proceeding at law or in equity or by or before any governmental authority, agency or other instrumentality now pending or, to the knowledge of Guarantor,
threatened against or affecting Guarantor or any of its properties or rights which, if adversely determined, would materially impair or affect: (i) the value of any collateral securing the Liabilities; (ii) Guarantor’s right to carry
on its business substantially as now conducted (and as now contemplated); (iii) its financial condition; or (iv) its capacity to consummate and perform its obligations under this Guaranty or any other Loan Document to which Guarantor is a
party. 
  

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 3.5. No Defaults. Guarantor is not in default in the performance, observance or fulfillment
of any of the obligations, covenants or conditions contained herein. 
 3.6. No Untrue Statements. No Loan Document or other
document, certificate or statement furnished to Lender by or on behalf of Guarantor contains any untrue statement of a material fact or omits to state a material fact necessary in order to make the statements contained herein and therein not
misleading. Guarantor acknowledges that all such statements, representations and warranties shall be deemed to have been relied upon by Lender as an inducement to make the Loan to Borrower. 
 4. NO LIMITATION OF LIABILITY. 
 4.1. Without incurring responsibility to Guarantor, and without impairing or releasing the obligations of Guarantor to Lender, and without reducing the amount due under the terms of this Guaranty, Lender may at any time and from time to
time, without the consent of or notice to Guarantor, upon any terms or conditions, and in whole or in part: 
 4.1.1. Change the manner,
place or terms of payment of (including, without limitation, the interest rate and monthly payment amount), and/or change or extend the time for payment of, or renew or modify, any of the Liabilities, any security therefor, or any of the Loan
Documents evidencing same, and the Guaranty herein made shall apply to the Liabilities and the Loan Documents as so changed, extended, renewed or modified; 
 4.1.2. Sell, exchange, release, surrender, realize upon or otherwise deal with in any manner and in any order, any property securing the Liabilities; 
 4.1.3. Exercise or refrain from exercising any rights against Borrower or other obligated parties (including Guarantor) or against any security for the
Liabilities; 
 4.1.4. Settle or compromise any Liabilities, whether in a proceeding or not, and whether voluntarily or involuntarily,
dispose of any security therefor (with or without consideration), and subordinate the payment of any of the Liabilities, whether or not due, to the payment of liabilities owing to creditors of Borrower other than Lender and Guarantor; 
 4.1.5. Apply any sums it receives, by whomever paid or however realized, to any of the Liabilities; 
 4.1.6. Add, release, settle, modify or discharge the obligation of any maker, endorser, guarantor, surety, obligor or any other party who is in any way
obligated for any of the Liabilities; 
 4.1.7. Accept any additional security for the Liabilities; and/or 
  

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 4.1.8. Take any other action which might constitute a defense available to, or a discharge of, Borrower
or any other obligated party (including Guarantor) in respect of the Liabilities. 
 4.2. The invalidity, irregularity or unenforceability of
all or any part of the Liabilities or any Loan Document, or the impairment or loss of any security therefor, whether caused by any action or inaction of Lender, or otherwise, shall not affect, impair or be a defense to Guarantor’s obligations
under this Guaranty. 
 5. LIMITATION ON SUBROGATION. Until such time as the Liabilities are paid in full, Guarantor waives any
present or future right to which Guarantor is or may become entitled to be subrogated to Lender’s rights against Borrower or to seek contribution, reimbursement, indemnification, payment or the like, or participation in any claim, right or
remedy of Lender against Borrower or any security which Lender now has or hereafter acquires, whether or not such claim, right or remedy arises under contract, in equity, by statute, under common law or otherwise. If, notwithstanding such waiver,
any funds or property shall be paid or transferred to Guarantor on account of such subrogation, contribution, reimbursement, or indemnification at any time when all of the Liabilities have not been paid in full, Guarantor shall hold such funds or
property in trust for Lender and shall forthwith pay over to Lender such funds and/or property to be applied by Lender to the Liabilities. 
 6. COVENANTS. 
 6.1. Financial Statements; Compliance Certificate. 
 6.1.1. Guarantor shall furnish to Lender the following financial information, in each instance prepared in accordance with generally accepted accounting
principles consistently applied: 
 (a) Not later than thirty (30) days after the filing with the Internal Revenue Service, a true,
complete and signed copy of the federal tax return, including all schedules, of Guarantor. 
 (b) Such other information respecting the
financial condition of Guarantor as Lender may from time to time reasonably request including, but not limited to, a financial statement. 
 6.1.2. Guarantor shall promptly notify Lender of the occurrence of any Default, Event of Default under this Guaranty or any other Loan Document, adverse litigation or material adverse change in its financial condition. 
 6.2. Subordination of Other Debts. Guarantor agrees: (a) to subordinate the obligations now or hereafter owed by Borrower to Guarantor
(“Subordinated Debt”) to any and all obligations of Borrower to Lender now or hereafter existing while this Guaranty is in effect, provided however that Guarantor may receive regularly scheduled principal and interest 

  

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payments on the Subordinated Debt so long as (i) all sums due and payable by Borrower to Lender have been paid in full on or prior to such date, and
(ii) no event which is or, with the passage of time or giving of notice or both, could become an Event of Default shall have occurred and be continuing; (b) Guarantor will either place a legend indicating such subordination on every note,
ledger page or other document evidencing any part of the Subordinated Debt or deliver such documents to Lender; and (c) except as permitted by this paragraph, Guarantor will not request or accept payment of or any security for any part of the
Subordinated Debt, and any proceeds of the Subordinated Debt paid to Guarantor, through error or otherwise, shall immediately be forwarded to Lender by Guarantor, properly endorsed to the order of Lender, to apply to the Liabilities. 
 7. EVENTS OF DEFAULT. 
 Each of
the following shall constitute a default (each, an “Event of Default”) hereunder: 
 7.1. Non-payment when due of any
sum required to be paid to Lender under any of the Loan Documents or of any of the other Liabilities; 
 7.2. A breach by Guarantor of any
other term, covenant, condition, obligation or agreement under this Guaranty, and the continuance of such breach for a period of thirty (30) days after written notice thereof shall have been given to Guarantor; 
 7.3. Any representation or warranty made by Guarantor in this Guaranty shall prove to be false, incorrect or misleading in any material respect as of the
date when made; 
 7.4. An Event of Default under any of the Loan Documents. 
 8. REMEDIES. 
 8.1. Upon an
Event of Default, all liabilities of Guarantor hereunder shall become immediately due and payable without demand or notice and, in addition to any other remedies provided by law, Lender may: 
 8.1.1. Enforce the obligations of Guarantor under this Guaranty. 
 8.1.2. To the extent not prohibited by and in addition to any other remedy provided by law, setoff against any of the Liabilities any sum owed by Lender in any capacity to Guarantor whether due or not. 
 8.1.3. Perform any covenant or agreement of Guarantor in default hereunder (but without obligation to do so) and in that regard pay such money as may be
required or as Lender may reasonably deem expedient. Any costs, expenses or fees, including reasonable attorneys’ fees and costs, incurred by Lender in connection with the foregoing shall be included in the Liabilities guaranteed hereby, and
shall be due and payable on demand, together with interest at the Default Rate (as defined and described in the Note), such interest to be calculated from the 

  

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date of such advance to the date of repayment thereof. Any such action by Lender shall not be deemed to be a waiver or release of Guarantor hereunder and
shall be without prejudice to any other right or remedy of Lender. 
 8.2. Settlement of any claim by Lender against Borrower, whether in any
proceeding or not, and whether voluntary or involuntary, shall not reduce the amount due under the terms of this Guaranty, except to the extent of the amount actually paid by Borrower or any other obligated party and legally retained by Lender in
connection with the settlement (unless otherwise provided for herein). 
 9. MISCELLANEOUS. 
 9.1. CONFESSION OF JUDGMENT. GUARANTOR DOES HEREBY AUTHORIZE AND EMPOWER ANY ATTORNEY OF ANY COURT OF RECORD WITHIN THE UNITED STATES TO
APPEAR FOR GUARANTOR IN ANY COURT LOCATED WITHIN A JURISDICTION WHERE BORROWER OR AFFILIATES OF BORROWER OPERATE AND CONFESS JUDGMENT AGAINST GUARANTOR FOR THE PRINCIPAL SUM AND ANY AND ALL INTEREST DUE TO THE DATE OF CONFESSION OF JUDGMENT AND FOR
COSTS OF SUIT AND AN ATTORNEY’S COMMISSION OF FIVE PERCENT (5%) OR FIFTEEN THOUSAND ($15,000.00) DOLLARS, WHICHEVER IS GREATER. FOR PURPOSES OF CONFESSING JUDGMENT IN THE COMMONWEALTH OF VIRGINIA, GUARANTOR HEREBY APPOINTS AND DESIGNATES
J. PHILLIP LONDON, JR. AND GEORGE E. KOSTEL, ESQUIRE, EITHER OF WHOM MAY ACT AS GUARANTOR’S DULY CONSTITUTED ATTORNEY-IN-FACT, TO CONFESS JUDGMENT AGAINST GUARANTOR PURSUANT TO THE PROVISIONS OF THIS GUARANTY AND SECTION 8.01-432 OF THE CODE OF
VIRGINIA (1950), AS AMENDED, WHICH JUDGMENT SHALL BE CONFESSED IN THE CIRCUIT COURT OF FAIRFAX COUNTY OR THE UNITED STATES DISTRICT COURT FOR THE EASTERN DISTRICT OF VIRGINIA. UPON LENDER’S REQUEST, GUARANTOR (i) SHALL NAME SUCH ADDITIONAL
OR ALTERNATIVE PERSONS DESIGNATED BY LENDER AS GUARANTOR’S DULY CONSTITUTED ATTORNEY OR ATTORNEY-IN-FACT TO CONFESS JUDGMENT AGAINST GUARANTOR IN ACCORDANCE WITH THE TERMS OF THIS GUARANTY; AND (ii) SHALL AGREE TO THE DESIGNATION OF ANY
ADDITIONAL CIRCUIT COURTS IN THE COMMONWEALTH OF VIRGINIA IN WHICH JUDGMENT MAY BE CONFESSED AGAINST GUARANTOR. NO SINGLE EXERCISE OF THE POWER TO CONFESS JUDGMENT GRANTED IN THIS SECTION SHALL EXHAUST THE POWER, REGARDLESS OF WHETHER SUCH EXERCISE
IS RULED INVALID, VOID OR VOIDABLE BY ANY COURT. THE POWER TO CONFESS JUDGMENT GRANTED IN THIS SECTION MAY BE EXERCISED FROM TIME TO TIME AS OFTEN AS THE HOLDER OF THIS GUARANTY MAY ELECT. FURTHER, GUARANTOR HEREBY WAIVES AND RELEASES ALL ERRORS AND
ALL RIGHTS TO EXEMPTION, APPEAL, STAY OF EXECUTION, OR INQUISITION OR EXTENSION UPON ANY LEVY UPON REAL ESTATE OR PERSONAL PROPERTY TO WHICH GUARANTOR 

  

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MAY OTHERWISE BE ENTITLED UNDER THE LAWS OF THE COMMONWEALTH OF VIRGINIA OR ANY OTHER STATE WITHIN THE UNITED STATES NOW IN FORCE OR WHICH MAY HEREAFTER
BE PASSED. THIS POWER AND AUTHORIZATION MAY BE USED AND REUSED AND SHALL NOT BE EXHAUSTED BY USE. THE PROVISIONS OF THIS SECTION 9.1 SHALL BE EXERCISABLE BY LENDER ONLY FOLLOWING AN EVENT OF DEFAULT HEREUNDER. 
 9.2. Remedies Cumulative. The rights and remedies of Lender, as provided herein and in any other Loan Document, shall be cumulative and
concurrent, may be pursued separately, successively or together, may be exercised as often as occasion therefor shall arise, and shall be in addition to any other rights or remedies conferred upon Lender at law or in equity. The failure, at any one
or more times, of Lender to exercise any such right or remedy shall in no event be construed as a waiver or release thereof. Lender shall have the right to take any action it deems appropriate without the necessity of resorting to any collateral
securing this Guaranty. 
 9.3. Integration. This Guaranty and the other Loan Documents constitute the sole agreement of the
parties with respect to the transaction contemplated hereby and supersede all oral negotiations and prior writings with respect thereto. 
 9.4. Attorneys’ Fees and Expenses. If Lender retains the services of counsel by reason of a claim of a default or an Event of Default hereunder or under any of the other Loan Documents, or on account of any matter
involving this Guaranty, or for examination of matters subject to Lender’s approval under the Loan Documents, all costs of suit and all reasonable attorneys’ fees and such other reasonable expenses so incurred by Lender shall forthwith, on
demand, become due and payable and shall be secured hereby. 
 9.5. No Implied Waiver. Lender shall not be deemed to have
modified or waived any of its rights or remedies hereunder unless such modification or waiver is in writing and signed by Lender, and then only to the extent specifically set forth therein. A waiver in one event shall not be construed as continuing
or as a waiver of or bar to such right or remedy on a subsequent event. 
 9.6. Waiver. Guarantor waives notice of acceptance
of this Guaranty and notice of the Liabilities and waives notice of default, non-payment, partial payment, presentment, demand, protest, notice of protest or dishonor, and all other notices to which Guarantor might otherwise be entitled or which
might be required by law to be given by Lender. Guarantor waives the right to marshalling of Borrower’s assets or any stay of execution and the benefit of all exemption laws, to the extent permitted by law, and any other protection granted by
law to guarantors, now or hereafter in effect with respect to any action or proceeding brought by Lender against it. Guarantor irrevocably waives all claims of waiver, release, surrender, alteration or compromise and the right to assert against
Lender any defenses, set-offs, counterclaims, or claims that Guarantor may have at any time against Borrower or any other party liable to Lender. 
  

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 9.7. No Third Party Beneficiary. Except as otherwise provided herein, Guarantor and Lender
do not intend the benefits of this Guaranty to inure to any third party and no third party (including Borrower) shall have any status, right or entitlement under this Guaranty. 
 9.8. Partial Invalidity. The invalidity or unenforceability of any one or more provisions of this Guaranty shall not render any other
provision invalid or unenforceable. In lieu of any invalid or unenforceable provision, there shall be added automatically a valid and enforceable provision as similar in terms to such invalid or unenforceable provision as may be possible.

 9.9. Binding Effect. The covenants, conditions, waivers, releases and agreements contained in this Guaranty shall bind, and
the benefits thereof shall inure to, the parties hereto and their respective heirs, executors, administrators, successors and assigns; provided, however, that this Guaranty cannot be assigned by Guarantor without the prior written consent of Lender,
and any such assignment or attempted assignment by Guarantor shall be void and of no effect with respect to the Lender. 
 9.10.
Modifications. This Guaranty may not be supplemented, extended, modified or terminated except by an agreement in writing signed by the party against whom enforcement of any waiver, change, modification or discharge is sought.

 9.11. Jurisdiction. ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS GUARANTY SHALL BE
BROUGHT AND MAINTAINED EXCLUSIVELY IN THE COURTS OF THE COMMONWEALTH OF VIRGINIA OR IN THE UNITED STATES DISTRICT COURT FOR THE EASTERN DISTRICT OF VIRGINIA; PROVIDED THAT NOTHING IN THIS GUARANTY SHALL BE DEEMED OR OPERATE TO PRECLUDE THE
LENDER FROM BRINING SUIT OR TAKING OTHER LEGAL ACTION IN ANY OTHER JURISDICTION IN WHICH BORROWER OR AFFILIATES OF BOROWER OPERATE. GUARANTOR HEREBY EXPRESSLY AND IRREVOCABLY SUBMITS TO THE JURISDICTION OF THE COURTS OF THE COMMONWEALTH OF VIRGINIA
AND OF THE UNITED STATES DISTRICT COURT FOR THE EASTERN DISTRICT OF VIRGINIA. FOR THE PURPOSE OF ANY SUCH LITIGATION AS SET FORTH ABOVE, GUARANTOR FURTHER IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS BY REGISTERED MAIL, POSTAGE PREPAID, OR BY
PERSONAL SERVICE WITHIN OR WITHOUT THE COMMONWEALTH OF VIRGINIA. GUARANTOR HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH LITIGATION BROUGHT IN ANY SUCH
COURT REFERRED TO ABOVE AND ANY SUCH CLAIM THAT ANY SUCH LITIGATION HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.  
 9.12.
Notices. All notices and communications under this Guaranty shall be in writing and shall be given by either (a) hand-delivery, (b) certified or registered mail, post 

  

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prepaid, return receipt requested, or (c) reliable overnight commercial courier (charges prepaid), to the addresses listed in this Guaranty. Notice
shall be deemed to have been given and received: (i) if by hand delivery, upon delivery; (ii) if by certified or registered mail, return receipt requested, upon receipt or rejection; and (iii) if by overnight courier, on the date
scheduled for delivery. A party may change its address by giving written notice to the other party as specified herein. 
 9.13.
Governing Law. This Guaranty shall be governed by and construed in accordance with the substantive laws of the Commonwealth of Virginia without reference to conflict of laws principles. 
 9.14. Continuing Enforcement. If, after receipt of any payment of all or any part of the Liabilities, Lender is compelled or agrees, for
settlement purposes, to surrender such payment to any person or entity for any reason (including, without limitation, a determination that such payment is void or voidable as a preference or fraudulent conveyance, an impermissible setoff, or a
diversion of trust funds), then this Guaranty shall continue in full force and effect or be reinstated, as the case may be, and Guarantor shall be liable for, and shall indemnify, defend and hold harmless Lender with respect to the full amount so
surrendered. The provisions of this Section shall survive the termination of this Guaranty and shall remain effective notwithstanding the payment of the Liabilities, the cancellation of the Notes, this Guaranty or any other Loan Document, the
release of any security interest, lien or encumbrance securing the Liabilities or any other action which Lender may have taken in reliance upon its receipt of such payment. Any cancellation, release or other such action shall be deemed to have been
conditioned upon any payment of the Liabilities having become final and irrevocable. 
 9.15. WAIVER OF JURY TRIAL.
GUARANTOR AND LENDER AGREE THAT, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ANY SUIT, ACTION OR PROCEEDING, WHETHER CLAIM OR COUNTERCLAIM, BROUGHT BY LENDER OR GUARANTOR ON OR WITH RESPECT TO THIS GUARANTY OR ANY OTHER LOAN DOCUMENT OR THE DEALINGS
OF THE PARTIES WITH RESPECT HERETO OR THERETO, SHALL BE TRIED ONLY BY A COURT AND NOT BY A JURY. LENDER AND GUARANTOR EACH HEREBY KNOWINGLY, VOLUNTARILY, INTENTIONALLY AND INTELLIGENTLY, AND WITH THE ADVICE OF THEIR RESPECTIVE COUNSEL, WAIVE, TO THE
EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT TO A TRIAL BY JURY IN ANY SUCH SUIT, ACTION OR PROCEEDING. GUARANTOR ACKNOWLEDGES AND AGREES THAT THIS SECTION IS A SPECIFIC AND MATERIAL ASPECT OF THIS GUARANTY AND THAT LENDER WOULD NOT EXTEND CREDIT
TO BORROWER IF THE WAIVERS SET FORTH IN THIS SECTION WERE NOT A PART OF THIS GUARANTY. 
 9.16. LIMITATION ON LIABILITY;
WAIVER OF PUNITIVE DAMAGES. EACH OF THE PARTIES HERETO, INCLUDING LENDER BY ACCEPTANCE HEREOF, AGREES THAT IN ANY JUDICIAL, MEDIATION OR ARBITRATION PROCEEDING OR ANY CLAIM OR CONTROVERSY BETWEEN 

  

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THEM THAT MAY ARISE OUT OF OR BE IN ANY WAY CONNECTED WITH THIS GUARANTY, ANY OTHER LOAN DOCUMENT OR ANY OTHER AGREEMENT OR DOCUMENT BETWEEN THEM OR THE
OBLIGATIONS EVIDENCED HEREBY OR RELATED HERETO, IN NO EVENT SHALL EITHER PARTY HAVE A REMEDY OF, OR BE LIABLE TO THE OTHER FOR (1) INDIRECT, SPECIAL OR CONSEQUENTIAL DAMAGES OR (2) PUNITIVE OR EXEMPLARY DAMAGES. EACH OF THE PARTIES HEREBY
EXPRESSLY WAIVES ANY RIGHT OR CLAIM TO PUNITIVE OR EXEMPLARY DAMAGES IT MAY HAVE OR WHICH MAY ARISE IN THE FUTURE IN CONNECTION WITH ANY SUCH PROCEEDING, CLAIM OR CONTROVERSY, WHETHER THE SAME IS RESOLVED BY ARBITRATION, MEDIATION, JUDICIALLY OR
OTHERWISE. 
 IN WITNESS WHEREOF, Guarantor, intending to be legally bound, has duly executed and delivered this Guaranty
Agreement as of the day and year first above written. 
  

					
	 	 	GUARANTOR:
	WITNESS:	 	 COMSTOCK POTOMAC YARD, L.C., a
 Virginia
limited liability company

			
		 	By:	 	Comstock Homebuilding Companies, Inc., its Manager
			
	  
	 	By:	 	  

		 	Name:	 	
		 	Title:	 	

  

 10Exhibit 10.59

 Exhibit 10.59 
 SUPPLEMENT TO INDENTURE 
 This SUPPLEMENT TO INDENTURE, dated as of January 7, 2008 (this
“Supplement”), is between Comstock Homebuilding Companies, Inc., a Delaware corporation (the “Company”), and Wells Fargo Bank, N.A., as Trustee (in such capacity, the “Trustee”). 
 RECITALS OF THE COMPANY 
 WHEREAS, the
Company and the Trustee have executed and delivered the Indenture, dated as of March 15, 2007 (the “Indenture”), pursuant to which the Company’s Senior Notes due 2017 (the “Original Notes”) were issued; 
 WHEREAS, J.P. Morgan Ventures Corporation, the beneficial holder of the Original Notes (the “Original Noteholder”), has consented to amend and
restate the Indenture and the Original Notes, subject to the terms and provisions of this Supplement; 
 WHEREAS, the Company has duly
authorized the execution and delivery of this Supplement; and 
 WHEREAS, all things necessary to make this Supplement a valid agreement of
the Company, in accordance with its terms, have been done. 
 NOW, THEREFORE, THIS SUPPLEMENT WITNESSETH: 
 For good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and for the equal and proportionate benefit of all
Holders of the Original Notes, the Indenture is hereby supplemented as follows: 
 1. Upon execution and delivery of this Supplement, the
Company shall pay to the Original Noteholder a cash deposit (the “Deposit”) in the amount of Two Hundred Fifty Thousand Dollars ($250,000.00). The Original Noteholder shall hold the Deposit until the Closing Date (as hereinafter defined)
and apply it to the payment described in Section 3(a) or Section 4(a) of this Supplement, as the case may be, provided that the Original Noteholder may take from the Deposit for its own account an amount (the “Expense Payment”)
up to One Hundred Thousand Dollars ($100,000.00) to pay or reimburse itself for its fees and expenses in connection with the Letter of Intent dated December 21, 2007 (the “Letter of Intent”) between the Company and the Original
Noteholder and the Transaction Documents (as defined in the Letter of Intent), including, without limitation, expenses of attorneys, accountants, or advisors retained by or representing the Original Noteholder. 
 2. Prior to the Closing Date, the Original Noteholder shall not issue a Put Election Notice (as defined in the Indenture) unless an Event of Default (as
defined in the Indenture) under the Indenture which is not currently existing occurs. There shall be no notices of default issued prior to the Closing Date for the failure of the Company to make a deposit into the Interest Reserve Account (as
defined in the Indenture) on December 30, 2007, pursuant to Section 10.5(f) of the Indenture. 

 3. On or before the Closing Date (as hereinafter defined), the Company shall either (a) pay to the
Original Noteholder or its designee in cash the amount of Fifteen Million Dollars ($15,000,000.00) or (b) cause, subject to the satisfaction of the conditions precedent set forth in Section 4 of this Supplement, the Company and the Trustee
to execute an Amended and Restated Indenture in the form of Exhibit A hereto (the “Amended Indenture”) and issue new Senior Notes (as defined in the Amended Indenture) in exchange for the Original Notes held by the Original
Noteholder. The Company shall give to the Original Noteholder and Trustee an irrevocable and binding notice in the form of Exhibit B hereto (the “Closing Date Notice”) of whether it will make the payment under clause (a) of
this Section 3 or cause the execution and delivery of the Amended Indenture and issuance of the new Senior Notes, specifying the date (the “Closing Date”) on which such events shall occur, provided that the Closing Date shall be not
later than ten (10) days after the date of the Closing Date Notice and in no event shall be later than March 10, 2008. If the Company fails to deliver the Closing Date Notice by 5:00 PM, New York time, on February 29, 2008, it shall
be deemed to have elected to make the payment under clause (a) of this Section 3. To the extent the Deposit exceeds the Expense Payment at the time a payment under clause (a) of this Section 3 is payable, the Original Noteholder
shall apply such excess against the Company’s obligations to make such a payment. On the date any payment under clause (a) of this Section 3 is payable, the Company shall (i) pay all accrued and unpaid interest accruing with
respect to the Original Notes through and including such date, in cash and not from funds in the Interest Reserve Account, and (ii) cause the Trustee to pay from the Interest Reserve Account to the Original Noteholder a restructuring fee in the
amount of One Hundred Thousand Dollars ($100,000.00), which payment shall be deemed not to be a payment of, and shall not affect the Company’s obligations to pay, principal or interest with respect to the Original Notes. Upon the Original
Noteholder’s receipt of the payment under clause (a) of this Section 3 and any other amounts payable under this Paragraph, the Company and the Original Noteholder shall deliver a notice to the Trustee in the form of Exhibit C
hereto and the Original Notes shall be surrendered to the Trustee for cancellation. 
 4. The obligations of the Original Noteholder to
consent to the execution and delivery of the Amended Indenture, and the obligations of the Trustee to execute and deliver the Amended Indenture, are subject to the satisfaction of the following conditions precedent on or before the Closing Date:

 (a) the Company shall have paid a restructuring payment in the amount of Eight Million Dollars ($8,000,000) in cash to the Original
Noteholder or its designee; provided that to the extent the Deposit then exceeds the Expense Payment, the Original Noteholder shall apply such excess against the Company’s obligations under this Section 4(a); 
 (b) the Company shall have (i) issued and duly executed and delivered Senior Notes (the “New Notes”) in accordance with the Amended
Indenture in the aggregate principal amount of Seven Million Dollars ($7,000,000), and (ii) instructed the Trustee to exchange the Original Notes for the New Notes, in accordance with Section 9.5 of the Indenture; 
 (c) the Company shall have directed the Trustee to transfer to the Original Noteholder, and the Original Noteholder shall have received, the entire
balance of the Interest Reserve Account, in the amount of at least $866,700, as a pre-payment of the interest due with respect to the New Notes until December 31, 2008, with the balance of such funds constituting a 

 
restructuring fee paid to the Original Noteholder which payment shall be deemed not to be a payment of, and shall not affect the Company’s obligations
to pay, principal or interest with respect to the New Notes; 
 (d) the Company shall have paid all accrued and unpaid interest accruing with
respect to the Original Notes through and including the Closing Date, in cash and not from funds in the Interest Reserve Account; 
 (e) the
Company shall have issued warrants (the “Warrants”) to the Original Noteholder or its designee to purchase 1,000,000 shares of Class A common stock of the Company (the “Stock”) exercisable at the Original Noteholder’s
option at any time within seven (7) years from the Closing Date at an exercise price equal to $.70 per share of Stock, which Warrants shall be in the form of Exhibit D hereto; and 
 (f) the Company shall have certified to the Trustee and the Original Noteholder that each of the Amended Indenture, the New Notes and the Warrants have
been duly authorized, executed and delivered by the Company and constitute legal, valid and binding obligations of the Company, enforceable against the Company in accordance with their terms; 
 5. Until the execution and delivery of the Amended Indenture and the satisfaction of the conditions precedent set forth in Section 4 of this
Supplement, the Trustee shall not withdraw, transfer or apply any funds in the Interest Reserve Account except in accordance with this Supplement. 
 6. If for any reason other than the Original Noteholder’s material breach of its obligations under the Transaction Documents, either the Company fails to proceed to the Closing (as defined in the Letter of Intent) on the date set forth
in the Closing Notice or the Closing Date does not occur by March 10, 2008, then in either such event (a) the Original Noteholder shall be entitled to apply the Deposit (less any costs, fees and expenses paid from the Deposit) to the
outstanding principal amount of the Original Notes and (b) the Original Noteholder shall be entitled to receive a restructuring fee in the amount of One Hundred Thousand Dollars ($100,000.00). Notwithstanding anything to the contrary in the
Indenture or the Control Agreement, if the Original Noteholder notifies the Trustee that the Original Noteholder is entitled to the restructuring fee in accordance with the preceding sentence, the Trustee shall immediately pay One Hundred Thousand
Dollars ($100,000.00) from the Interest Reserve Account to the Original Noteholder without any further direction or consent of the Company, which payment shall not be deemed to be a payment of principal or interest with respect to the Original
Notes, and the Company shall remain obligated to pay all such principal and interest with respect to the Original Notes. 
 7. The Company
hereby represents and warrants, for the benefit of the Trustee and the Original Noteholder, that: 
 (a) this Supplement has been duly
authorized, executed and delivered by the Company and constitutes the legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms; 
 (b) the Company has no unencumbered assets; 

 (c) the Company has paid interest with respect to the Original Notes through December 31, 2007; and

 (d) the average closing price of the Stock during the month of December 2007, as reported on The NASDAQ Stock Market was $.70 per share of
the Stock. 
 [signature page follows] 

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

			
	 COMSTOCK HOMEBUILDING COMPANIES, INC.

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
	
	 WELLS FARGO BANK, N.A., as Trustee

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

 EXHIBIT A 
 Form of Amended Indenture 
 [see next page] 

 EXHIBIT B 
 Form of Closing Date Notice 
                     , 2008 
 Wells Fargo
Bank, N.A., as Trustee 
 [address] 
 J.P. Morgan Ventures
Corporation 
 c/o JPMorgan Chase Bank, N.A. 
 277 Park Avenue,
8th Floor 
 New York, New York 10172 
 Attention:
Mr. John P. McDonagh 
 Re: Closing Date Notice 
 Ladies and Gentlemen: 
 We refer to the Supplement to Indenture, dated as of January 7, 2008 (the
“Supplement”), between Comstock Homebuilding Companies, Inc. (the “Company”) and Wells Fargo Bank, N.A., as Trustee. Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Supplement.

 Pursuant to Section 3 of the Supplement, the Company hereby notifies you that
[the Company will make the payment under clause (a) of Section 3 of the Supplement] [the Company will cause the execution and delivery of the Amended Indenture and issuance of the New Notes]. The Closing Date shall be
                    , 2008.1 

 

			
	 COMSTOCK HOMEBUILDING COMPANIES, INC.

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  
  

	 1
	 The Closing Date shall be not later than ten (10) days after the date of the Closing Date Notice and in no event
shall be later than March 10, 2008. 

 EXHIBIT C 
 Form of Notice to Trustee 
                     , 2008 
 Wells Fargo
Bank, N.A., as Trustee 
 [address] 
 Ladies and Gentlemen:

 We refer to the Supplement to Indenture, dated as of January 7, 2008 (the “Supplement”), between Comstock Homebuilding
Companies, Inc. (the “Company”) and Wells Fargo Bank, N.A., as Trustee. Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Supplement. 
 Pursuant to Section 3 of the Supplement, the Company and the Original Noteholder hereby notify you that the Original Noteholder has received the
payment under clause (a) of the Section 3 of the Supplemental and all other amounts payable under the Supplement and the Original Notes will be surrendered to the Trustee for cancellation. 
  

			
	 COMSTOCK HOMEBUILDING COMPANIES, INC.

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
	
	 J.P. MORGAN VENTURES CORPORATION

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

 EXHIBIT D 
 Form of Warrants 
 [see next page]

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