Document:

EXHIBIT 10.70

 Exhibit 10.70 
 CONSENSUAL FORECLOSURE AND SETTLEMENT AGREEMENT 
 This CONSENSUAL FORECLOSURE AND SETTLEMENT AGREEMENT (“Agreement”) is made and entered into as of August         , 2009 (the “Effective Date”) by
and among COMSTOCK HOMEBUILDING COMPANIES, INC., a Delaware corporation (“Borrower”); COMSTOCK MASSEY PRESERVE, L.L.C., a Virginia limited liability company (“Comstock Massey”); COMSTOCK HOMES OF
RALEIGH, L.L.C., a North Carolina limited liability company (“Comstock Raleigh”); COMSTOCK HOLLAND ROAD, L.L.C., a Virginia limited liability company (“Comstock Holland”); COMSTOCK HOMES OF ATLANTA,
LLC, a Georgia limited liability company (“Comstock Atlanta”); COMSTOCK JAMES ROAD, LLC, a Georgia limited liability company (“Comstock James Road”); TRIBBLE ROAD DEVELOPMENT, LLC, a Georgia limited
liability company (“Tribble Road Development”); COMSTOCK SUMMERLAND, L.C., a Virginia limited liability company (“Comstock Summerland”); COMSTOCK LANDING, LLC, a Virginia limited liability company
(“Comstock Landing”); COMSTOCK WAKEFIELD, LLC, a Virginia limited liability company (“Comstock Wakefield”); COMSTOCK WAKEFIELD II, LLC, a Virginia limited liability company (“Comstock
Wakefield II”); and WACHOVIA BANK, NATIONAL ASSOCIATION, a national banking association (“Wachovia” or “Lender”) (Comstock Massey, Comstock Raleigh, Comstock Holland, Comstock Atlanta,
Comstock James Road, Tribble Road Development, Comstock Summerland, Comstock Wakefield, and Comstock Wakefield II are collectively referred to as “Guarantors”; Borrower and Guarantors are collectively referred to as
“Obligors” and each, individually, as an “Obligor”; Wachovia and the Obligors are collectively referred to as the “Parties” and each, individually, as a
“Party”). Capitalized terms used but not defined in this Agreement shall have their meaning in the “Existing Loan Documents” defined below. 
 RECITALS 
 A. Comstock was originally indebted to
Lender under a Revolving Promissory Note dated May 26, 2006 in the principal amount of $40,000,000.00 (as modified and amended, if applicable, the “Original Note”). 
 B. In connection with the Original Note, the Obligors, as applicable, executed the following documents and agreements: 
 1. Credit Agreement (the “Credit Agreement”) dated May 26, 2006 between Lender and Comstock,
joined into by Comstock Raleigh (formerly Capitol Homes, Inc.) and Comstock Massey (formerly Comstock Wesel, L.L.C.), as modified and amended; 
 2. Deed of Trust, Security Agreement and Financing Statement dated May 26, 2006 from Comstock Massey (formerly Comstock Wesel, L.L.C.) to TRSTE, Inc., a Virginia corporation
(“TRSTE”) and recorded in the Wake County Register of Deeds in Book 11976, Page 1996; 
 3. Deed of Trust, Security Agreement and Financing Statement dated May 26, 2006 from Comstock Raleigh (formerly Capitol Homes, Inc.) to TRSTE and recorded in the Durham County Register of Deeds in Book 5222, Page 995; 
  

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 4. Deed of Trust, Security Agreement and Financing Statement dated
May 26, 2006 from Comstock Raleigh (formerly Capitol Homes, Inc.) to TRSTE and recorded in the Johnston County Register of Deeds in Book 3128, Page 783; 
 5. Deed of Trust, Security Agreement and Financing Statement dated May 26, 2006 from Comstock Raleigh (formerly Capitol
Homes, Inc.) to TRSTE and recorded in the Wake County Register of Deeds in Book 11976, Page 1982; 
 6.
Supplemental Deed of Trust, Security Agreement and Financing Statement dated June 26, 2006 from Comstock Raleigh (formerly Capitol Homes, Inc.) to TRSTE and recorded in the Wake County Register of Deeds in Book 12031, Page 441; 
 7. Supplemental Deed of Trust, Security Agreement and Financing Statement dated July 21, 2006 from Comstock Raleigh
(formerly Capitol Homes, Inc.) to TRSTE and recorded in the Johnston County Register of Deeds in Book 3165, Page 476; 
 8. Supplemental Deed of Trust, Security Agreement and Financing Statement dated July 25, 2006 from Comstock Raleigh (formerly Capitol Homes, Inc.) to TRSTE and recorded in the Wake County Register of Deeds in Book 12079, Page 404;

 9. Deed of Trust, Security Agreement and Financing Statement dated July 21, 2006 from Comstock Landing,
LLC to TRSTE and recorded in the Wake County Register of Deeds in Book 12080, Page 830; 
 10. Supplemental Deed
of Trust, Security Agreement and Financing Statement dated July 27, 2006 from Comstock Wakefield and Comstock Wakefield II to TRSTE and recorded in the Wake County Register of Deeds in Book 12094, Page 1730; 
 11. Deed to Secure Debt, Security Agreement and Financing Statement dated August 29, 2006 from Comstock Atlanta to
Lender and recorded with Cherokee County Clerk of Superior Court in Book 9018, Page 173; 
 12. Deed to Secure
Debt, Security Agreement and Financing Statement dated August 29, 2006 from Comstock Atlanta to Lender and recorded with Forsyth County Clerk of Superior Court in Book 4428, Page 387; 
 13. Deed to Secure Debt, Security Agreement and Financing Statement dated August 29, 2006 from Comstock Atlanta to
Lender and recorded with Jackson County Clerk of Superior Court in Book 45I, Page 458; 
 14. Deed to Secure
Debt, Security Agreement and Financing Statement dated September 14, 2006 from Comstock James Road to Lender and recorded with Forsyth County Clerk of Superior Court in Book 4450, Page 620; 
 15. Deed to Secure Debt, Security Agreement and Financing Statement dated September 27, 2006 from Tribble Road
Development to Lender and recorded with Forsyth County Clerk of Superior Court on in Book 4469, Page 410; 
  

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 16. Supplemental Deed of Trust, Security Agreement and Financing Statement
dated October 18, 2006 from Comstock Raleigh to TRSTE and recorded in the Wake County Register of Deeds in Book 12223, Page 2235; 
 17. Supplemental Deed of Trust, Security Agreement and Financing Statement dated November 9, 2006 from Comstock Raleigh to TRSTE and recorded in the Wake County Register of Deeds in Book 12261, Page
489; 
 18. Deed of Trust, Security Agreement and Financing Statement dated November 13, 2006 from Comstock
Summerland to TRSTE and recorded in the Prince William County Register of Deeds as instrument number 200611170162991; 
 19. Supplemental Deed of Trust, Security Agreement and Financing Statement dated December 13, 2006 from Comstock Raleigh to TRSTE and recorded in the Wake County Register of Deeds in Book 12308, Page 2241; 
 20. Unconditional Guaranty dated May 26, 2006 by Comstock Raleigh (formerly Capitol Homes, Inc.) in favor of Lender;

 21. Unconditional Guaranty dated May 26, 2006 by Comstock Massey (formerly Comstock Wesel, L.L.C.) in
favor of Lender; 
 22. Unconditional Guaranty dated July 17, 2006 by Comstock Holland in favor of Lender;

 23. Unconditional Guaranty dated July 21, 2006 by Comstock Landing in favor of Lender; 
 24. Unconditional Guaranty dated August 1, 2006 by Comstock Wakefield in favor of Lender; 
 25. Unconditional Guaranty dated August 1, 2006 by Comstock Wakefield II in favor of Lender; 
 26. Unconditional Guaranties dated August 29, 2006 by Comstock Atlanta in favor of Lender; 
 27. Unconditional Guaranty dated September 14, 2006 by Comstock James Road in favor of Lender; 
 28. Unconditional Guaranty dated September 27, 2006 by Tribble Road Development in favor of Lender; 
 29. Unconditional Guaranty dated October 18, 2006 by Comstock Raleigh in favor of Lender; and 
 30. Unconditional Guaranty dated November 13, 2006 by Comstock Summerland in favor of Lender. 
  

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 C. Thereafter, the Parties entered into that certain Forbearance Agreement made effective
February 21, 2007, as modified and amended by letter agreements dated January 15, 2008, March 3, 2008, and April 14, 2008 (the “Original Forbearance Agreement”). 
 D. Thereafter, the Parties entered into that certain Loan Modification and Forbearance Agreement made effective December 10, 2008 (the
“Second Forbearance Agreement”). In conjunction with the Second Forbearance Agreement, the Original Note was amended and split into three separate notes: (1) a term note in the principal amount of $11,608,484.00 (the
“Term Note”); (2) a revolving note in the principal amount of $8,000,000.00 (the “Revolver”); and (3) a term note in the principal amount of $3,000,000.00 (the “Tribble Road
Note”). The Term Note, the Revolver, and the Tribble Road Note are collectively referred to as the “Amended Notes”. 
 E. The documents described in Paragraphs A through D, all financing statements filed in conjunction therewith, and all other documents executed or authorized by Obligors in connection with the Original
Note, the Credit Agreement, the Original Forbearance Agreement, the Second Forbearance Agreement, and the Amended Notes are collectively referred to as the “Existing Loan Documents”. The Existing Loan Documents, together with
this Agreement and any documents executed pursuant to this Agreement, are collectively referred to as the “Loan Documents”. All indebtedness whether now existing or hereafter arising that is due and owing by Obligors to
Lender under the Loan Documents is collectively referred to as the “Obligations”. All real and personal property and fixtures pledged as collateral for the Obligations is collectively referred to as the
“Property”. 
 F. Obligors acknowledge that (1) the Forbearance Period has terminated; (2) as
of the Effective Date, Borrower is in default under the Existing Loan Documents; and (3) as a result of the default, all Obligations are immediately due and payable in full and Lender is presently entitled to exercise all rights and remedies
available to it under the Existing Loan Documents and under applicable law. 
 G. Subject to the terms and conditions of this
Agreement (1) Obligors have given their consent to, and have agreed to cooperate with Lender in, the foreclosure of the Collateral (hereafter defined), and (2) Lender has agreed to accept a promissory note in the amount of $1,805,243.00 in
full satisfaction of any and all claims Lender has or may have against Obligors, including but not limited to any deficiency following completion of the foreclosures, with the exception of any claim for a breach of the representations and warranties
contained in this Agreement. 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants hereinafter contained,
the Parties due hereby stipulate, covenant and agree as follows: 
 1. Representations, Warranties and Acknowledgements.
Obligors, jointly and severally, hereby represent, warrant and acknowledge to Lender, upon which Lender is relying, that: 
 1.1 The foregoing recitals are true and correct. 
  

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 1.2 Each is authorized under applicable law to execute, deliver and perform
this Agreement and all documents, instruments and agreements executed in connection herewith and neither the execution and delivery of this Agreement nor the fulfillment of or compliance with any of the terms and conditions of this Agreement will,
to the best of each Obligor’s knowledge, conflict with or result in a breach of the terms, conditions or provisions of or constitute a violation or default under any contract, agreement, applicable law, regulation, judgment, writ, order or
decree to which any of Obligors, or their respective properties are subject. 
 1.3 The Existing Loan Documents
are legal, valid and binding obligations of Obligors in accordance with their respective terms. The liens, security interests and other encumbrances in favor of Lender granted under the Existing Loan Documents are duly perfected and are not subject
to avoidance or invalidation for any reason. 
 1.4 There are no pending, nor to the best knowledge of Obligors,
threatened actions, litigation, disputes, alleged defaults for breaches, suits or proceedings against or in any way relating adversely to any Obligor or its properties before any court, arbitrator or governmental or administrative body or agency,
except as described in Schedule 1.4 attached hereto. 
 1.5 Obligors have received no notice of
default in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any agreement or instrument to which any of them is a party or by which their properties are bound except as described in this
Agreement or set forth in Schedule 1.5 attached hereto. 
 1.6 Neither this Agreement nor any report,
schedule, certificate, agreement or any instrument heretofore or contemporaneously herewith provided to Lender by Obligors contain any misrepresentation or untrue statement of facts or omits to state any material facts. 
 1.7 Neither the execution and delivery of this Agreement nor the performance of any actions required by this Agreement is
being consummated by any party to hinder, delay or defraud any entity to which any Obligors were or are now or will hereafter become indebted. 
 1.8 As of the Effective Date, the balances due under the Amended Notes, excluding Lender’s attorneys’ fees and costs, were as follows: 
  

				
	 Term Note
	  	 
	 Principal
	  	$	        
	 Accrued Interest
	  	$	 
	 Total
	  	$	 
		
	 Revolver
	  	 
	 Principal
	  	$	 
	 Accrued Interest
	  	$	 
	 Total
	  	$	 

  

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	 Tribble Road Note
	  	 
	 Principal
	  	$	        
	 Accrued Interest
	  	$	 
	 Total
	  	$	 

 2. Foreclosure of Collateral. Obligors acknowledge that
Lender intends to commence proceedings to foreclose its security title, liens, and security interests in and to all Property securing the Obligations, as described in the Loan Documents (collectively, the “Collateral”), in
accordance with the provisions of the Loan Documents and applicable law (the “Foreclosure Proceedings”). Obligors jointly and severally (i) ratify and affirm Lender’s security title, liens, and security interests in
and to the Collateral, (ii) acknowledge and agree that Obligors have received commercially reasonable, timely, and accurate notice of Lender’s intention to foreclose its security title, liens, and security interests in the Collateral and
that Lender has satisfied all requirements set forth in the Loan Documents relating to commencement of the Foreclosure Proceedings, (iii) covenant and agree to use commercially reasonable efforts to cooperate with Lender in connection with the
Foreclosure Proceedings, (iv) covenant and agree that none of Obligors, or any person claiming by or through any of Obligors, shall contest, oppose, delay, or otherwise interfere with the commencement and prosecution of the Foreclosure
Proceedings (or any foreclosure sale arising from the Foreclosure Proceedings), and (v) covenant and agree not to file any voluntary bankruptcy petition (or solicit the filing of an involuntary bankruptcy petition) with respect to any owner of
Collateral other than Comstock Atlanta before the earlier of (a) completion of the foreclosure of Lender’s liens and security interests in that Collateral, or (b) the 181st day following the Effective Date. Lender agrees to reimburse Obligors for any out-of-pocket expenses incurred by
Obligors in connection with Obligors’ assistance with the Foreclosure Proceedings, but only to the extent such expenses have been approved by Lender in writing. 
 3. Foreclosure Waivers. To facilitate the expeditious conduct of the foreclosure proceedings, Obligors, as applicable, shall execute and deliver to Lender such documents as may be permitted under
the laws of Virginia, North Carolina, and Georgia in order to expedite the foreclosure process, including, without limitation, a “Waiver of Right to Notice of Hearing and Right to Hearing” in the form attached hereto as Exhibit A
for each of the deeds of trust on record in North Carolina (collectively, the “Waivers”). Obligors authorize Lender to change the first page of each of the Waivers to reflect the proper caption of the foreclosure proceedings
in North Carolina. 
 4. Deliveries by Obligors. Obligors covenant to Lender that within five (5) business days
after each written request therefor (to the extent that any of such items are in the possession or direct control of Obligors), Obligors will deliver or cause the following items relating to the Collateral to be delivered to Lender whether such
request is made prior or subsequent to the date of this Agreement or the foreclosure of any of the Collateral: (i) any warranties, guaranties, and assurances given by third parties; (ii) any certificates of occupancy, licenses, and other
governmental permits or notices; (iii) any surveys, plats, drawings, engineering reports, environmental reports, appraisal reports, maps, plans and specifications, and other similar matters; (iv) any service contracts, supply contracts,
management agreements, employment agreements, maintenance agreements, or other similar agreements; (v) any tax assessments, notices, bills and/or statements; and (vi) any keys necessary to obtain full access to the Collateral. 

 

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 5. Contracts. Obligors represent and warrant to Lender that, as of the date of this
Agreement and to the actual knowledge of Obligors after due inquiry and investigation, attached hereto as Schedule 5 is a true, complete, and correct listing of all material commitments, rental agreements, equipment leases, guaranties,
leases, or contracts entered into by any Obligor that could affect Lender’s rights with respect to the Collateral. 
 6.
Payables. Obligors represent and warrant to Lender that, as of the date of this Agreement and to the actual knowledge of Obligors after due inquiry and investigation, attached hereto as Schedule 6 is a true and correct listing of all
known payables owing in connection with the Collateral, including trade payables, mechanics’ liens, real and personal property taxes, utility charges, lease payments, and license and permit fees (hereafter collectively called the
“Payables”). 
 7. Bonds. Obligors represent and warrant to Lender that Schedule 7,
attached hereto, contains a complete list of all bonds, letters of credit and cash escrows (the “Bonds”) posted by any Obligor with the local governmental authorities (each an “Authority” and,
together, the “Authorities”) having jurisdiction over the Collateral as of the date of this Agreement. Each of the Bonds shall remain the obligation of the Obligor posting the applicable Bond, and Lender agrees that Obligors
shall be authorized to communicate with the Authorities with respect to extensions, renewals or reductions of the Bonds and, if required by the Authority, shall execute such standard authorization forms as any Authority may require for an Obligor to
transact with the Authority with respect to the Bonds. Lender shall allow Obligors reasonable access to the Collateral for the purpose of performing any work which may be required in order to obtain a reduction or release of the Bonds, and Obligors
agree to indemnify and save Lender harmless from any claim that may arise against Lender by virtue of any Obligor, its agents or employees entering on the Collateral. Prior to entry on the Collateral, the applicable Obligor shall deliver to Lender a
certificate of insurance evidencing commercial general liability insurance in the amount of One Million Dollars ($1,000,000) per occurrence and in the aggregate (which limits shall apply for single limit bodily injury, property damage and
products-completed operations), listing the Lender as an additional insured. Lender and Obligors shall designate individuals responsible for receiving and sharing correspondence related to the Bonds, and each shall forward all such correspondence or
other information related to the Bonds to the other party within fifteen (15) days of its receipt thereof. Lender’s and Obligors’ designated Bond contacts are as follows: 
  
  
  
  

			
	Lender:	  	
	Phone:	  	
	E-mail:	  	
		
	Obligor:	  	Kelly Wyche
	Phone:	  	(703) 230-1112
	E-mail:	  	kwyche@comstockhomebuilding.com

  

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 8. Closing of Units. Obligors shall use commercially reasonable efforts to close the
sale of the following units on or before September 30, 2009 (subject to Lender’s written approval of the HUD-1 settlement statement in each instance): 
  

									
	 Obligation Number
	  	Market	  	Community	  	Bldg	  	Lot
	000-26-8356-3	  	VA	  	Summerland	  	13	  	2B
	000-26-8353-0	  	VA	  	Summerland	  	13	  	3A
	000-26-8358-9	  	VA	  	Summerland	  	13	  	5B
	000-26-8359-7	  	VA	  	Summerland	  	14	  	3A
	000-26-8368-8	  	VA	  	Summerland	  	14	  	5B
	000-26-8369-6	  	VA	  	Summerland	  	14	  	2B

 9. Subordinate Deficiency Note. In consideration of Lender’s entering
into this Agreement and in full settlement of all any all claims Lender has or may have against Obligors under the Existing Loan Documents, including but not limited to any deficiency claims of Lender against the Obligors arising out of the
Foreclosure Proceedings, Borrower will execute and deliver to Lender at Closing a promissory note in the principal amount of $1,805,243.00 substantially in the form of Exhibit B attached hereto (the “Subordinate Deficiency
Note”). The Subordinate Deficiency Note shall be due and payable in full on the third anniversary of the Subordinate Deficiency Note. The Subordinate Deficiency Note shall be non-interest bearing unless there is a default, in which
event interest shall accrue on the unpaid principal balance of the Subordinate Deficiency Note at the rate of 3% per annum from and after the date of the default. Borrower shall be entitled to a dollar-for-dollar credit against the unpaid
principal amount of the Subordinate Deficiency Note for any proceeds paid to Lender from the closing of any completed units, including but not limited to the units described in paragraph 8 above, subject to (a) Lender’s written approval of
the HUD-1 settlement statement in each instance , and (b) such payment being received by Lender on or before September 30, 2009. Any credits to which Borrower becomes entitled under this section shall be reflected in an Amended and
Restated Subordinate Deficiency Note, which shall be issued by Lender on or before October 14, 2009. 
 10. Release of
Liability under the Loan Documents. Notwithstanding any provision in this Agreement to the contrary, in consideration of Obligors’ agreement to cooperate with the foreclosure of Lender’s liens and security interests and Obligors’
execution of the Subordinate Deficiency Note, Lender hereby releases Obligors from any liability under the Loan Documents except for the liability evidenced by the Subordinate Deficiency Note (as amended, if applicable) and any liability associated
with a breach of the representations and warranties contained in this Agreement (provided, however, that the Amended Notes shall remain in full force and effect and shall continue to be enforceable against the Collateral for purposes of the
Foreclosure Proceedings). 
 11. Cash Collateral. Obligors acknowledge and agree that (a) Lender has lawfully
enforced its security interest in the accrued interest on Borrower’s Certificate of Deposit #514291620837144 (the “Cash Collateral”), such that Borrower no longer has any right, title or interest in the Cash Collateral,
and (b) Lender has the right to apply the Cash Collateral to the Obligations in any manner in Lender’s discretion. 
  

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 12. Reaffirmation of Obligations. Except as expressly stated in this Agreement, no
action of Lender under this Agreement or otherwise shall act to release Obligors from the Obligations, all of which are hereby ratified and affirmed the same as if repeated on this date, and Obligors acknowledge that none of them has any legal or
equitable defenses or offsets with respect to the Obligations except to the extent of the release contained in Section 10 above. Obligors ratify and confirm all terms and conditions of the Obligations and the Loan Documents, and acknowledge
that the same are in full force and effect and constitute the legal, valid and binding obligations of Obligors enforceable against Obligors in accordance with their terms. 
 13. No Novation. Obligors stipulate and agree that: 
 13.1 This Agreement is not a novation and, except as otherwise modified hereby, the terms and provisions of the Existing Loan
Documents shall remain in full force and effect. In the event of any conflict between the terms of this Agreement and the terms of the Existing Loan Documents, the terms of this Agreement shall control. 
 13.2 The liens and security interests granted under the Existing Loan Documents will continue to secure payment of the
Obligations (including the Amended Notes) in accordance with their original priorities. 
 14. Affirmative Covenants.
Obligors covenant and agree that from the date hereof and until payment in full of the Subordinate Deficiency Note, unless Lender shall otherwise consent in writing: 
 14.1 Obligors shall execute such other and further documents, instruments and agreements as Lender may reasonably request to
effect the express provisions of this Agreement; and 
 14.2 Obligors shall allow Lender and its agents, during
normal business hours, to have access to the Property and all books, records and such other documents of Obligors as Lender shall reasonably require, and allow Lender to make copies thereof; and deliver promptly such other information regarding the
operation, business affairs, and financial condition of Obligors which Lender may reasonably request. 
 15. Additional
Representations and Warranties. As of the effective date of this Agreement, Obligors make the following representations and warranties with respect to all of the Property except the Tribble Road Property, as that term is defined in the Second
Forbearance Agreement (the “Non-Tribble Property”): 
 15.1 the following projects have adequate legal
vehicular and pedestrian access to public roads: 
  

	 	(i)	            , 

  

	 	(ii)	            , 

  

	 	(iii)	             and 

  

	 	(iv)	            ; 

  

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 15.2 to the best of Obligors’ knowledge, sewer, water and all other
appropriate utilities are available at ordinary costs at the Non-Tribble Property through public or unencumbered private easements, and in sufficient quantities to serve the Non-Tribble Property; 
 15.3 if applicable, required written approvals of septic tanks or wells have been issued by all appropriate governmental
authorities in respect of the Non-Tribble Property; 
 15.4 the Plans and Specifications and the anticipated use
of the Non-Tribble Property materially comply with all applicable restrictive covenants, zoning ordinances, building laws and codes, and other applicable laws, regulations and requirements (including without limitation, the Americans with
Disabilities Act, as amended); 
 15.5 the current zoning classification of the Non-Tribble Property and any
covenants and restrictions affecting the Non-Tribble Property permit construction of the planned improvements on the Non-Tribble Property; 
 15.6 Borrower has obtained, or has the present ability to obtain, all permits and approvals of any type required to complete the improvements on the Non-Tribble Property (subject to any moratoria which
may be imposed by the applicable governmental authorities after the Effective Date, although Obligors warrant that they are unaware of any impending or threatened moratoria), provided however, Lender acknowledges permits may become unavailable
should the previously approved development plans for the Non-Tribble Property expire; 
 15.7 all public
improvements appurtenant to the Non-Tribble Property have been fully authorized by appropriate ordinance or municipal action; 
 15.8 as of the Effective Date, Borrower has satisfied all conditions imposed by any governmental authority in connection with any grant of subdivision or land development approval; 
 15.9 no notice of taking by eminent domain or condemnation of any part of the Non-Tribble Property has been received, and
Borrower has no knowledge that any such proceeding is contemplated; 
 15.10 to the best of Obligors’
knowledge, no part of the Non-Tribble Property has been damaged as a result of any fire, explosion, accident, flood or other casualty which is not now fully restored; and 
 15.11 to the best of Obligors’ knowledge, there are presently no environmental conditions on the Non-Tribble Property
that may require remedial action in the future. 
 16. Release of Claims and Covenant Not to Sue. As a material
inducement to Lender to enter into this Agreement and to grant the additional concessions to Obligors reflected herein, all in accordance with and subject to the terms and conditions of this Agreement, and all of which are to their direct advantage
and benefit, Obligors, jointly and 

  

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severally, do hereby: (a) remise, release, acquit, satisfy and forever discharge Lender, and all of the past, present and future officers, directors, employees, agents, attorneys,
representatives, participants, successors and assigns of Lender, from any and all manner of debts, accountings, bonds, warranties, representations, covenants, promises, contracts, controversies, agreements, liabilities, obligations, expenses,
damages, judgments, executions, actions, claims, demands and causes of action of any nature whatsoever, whether at law or in equity, either now accrued or hereafter maturing and whether known or unknown, which any Obligor now has or hereafter can,
shall or may have by reason of any matter, cause or thing, from the beginning of the world to and including the date of this Agreement, including specifically, but without limitation, matters arising out of, in connection with or relating to
(i) the Obligations, (ii) the Loan Documents or the obligations evidenced thereby, including, the administration or funding thereof, and (iii) any other relationship, agreement or transaction between any Obligor and Lender or any of
their respective subsidiaries or affiliates; and (b) covenant and agree never to institute or cause to be instituted or continue prosecution of any suit or other form of action or proceeding of any kind or nature whatsoever against Lender or
any subsidiaries or affiliates of Lender, or any of its past, present or future officers, directors, employees, agents, attorneys, representatives, participants, successors or assigns, by reason of or in connection with any of the foregoing matters,
claims or causes of action, provided, however, that the foregoing release and covenant not to sue shall not apply to any claims arising out of the performance of this Agreement with respect to acts, occurrences or events transpiring after the date
of this Agreement. 
 17. Waiver of Automatic Stay; Supplemental Stay. Obligors acknowledge and agree that in the
event of the filing of any petition for bankruptcy relief filed by or against any Obligor: 
 17.1 Obligors
consent to the entry of an order granting Lender relief from the automatic stay of section 362 of the Bankruptcy Code and shall not assert or request any other party to assert that the automatic stay provided by section 362 of the Bankruptcy Code
shall operate or be interpreted to stay, interdict, condition, reduce or inhibit the ability of Lender to enforce any rights it has under the Loan Documents or any other rights Lender has against any Obligor or against any property owned by any
Obligor; and 
 17.2 Obligors shall not seek or request any other party to seek a supplemental stay or any other
relief, whether injunctive or otherwise, pursuant to section 105 of the Bankruptcy Code or any other provision of the Bankruptcy Code, to stay, interdict, condition, reduce or inhibit the ability of Lender to enforce any rights it has under the Loan
Documents or any other rights Lender has against any Obligor or against any property which it owns. 
 18. Miscellaneous.

 18.1 Cumulative Rights. No right, power or remedy conferred upon or reserved to Lender in the Loan
Documents is exclusive of any other right, power or remedy conferred upon the Lender thereunder or at law or in equity. Each remedy shall be cumulative and may be exercised by Lender concurrently or consecutively in its discretion. 
  

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 18.2 No Waiver. Lender may, in its discretion, from time to time
waive or forbear from enforcing any provision contained in this Agreement or the Subordinate Deficiency Note, and no such waiver or forbearance shall be deemed a waiver by Lender of any other right or remedy provided herein or by law or be deemed a
waiver of the right at any later time to enforce strictly all provisions contained in this Agreement or the Subordinate Deficiency Note and to exercise any and all remedies provided herein and by law. 
 18.3 Headings. The headings of the articles, sections and subsections of this Agreement are for the convenience of
reference only, are not to be considered a part hereof, and shall not limit or otherwise affect any of the terms hereof or thereof. 
 18.4 Admissions. Obligors expressly acknowledge and agree that the waivers, estoppels and releases contained in this Agreement shall not be construed as an admission of wrongdoing, liability or
culpability on the part of Lender or an admission by Lender of the existence of any claims of any Obligor against Lender. 
 18.5 Construction of Agreement. Each party acknowledges that it has participated in the negotiation of this Agreement, and no provision of this Agreement shall be construed against or interpreted
to the disadvantage of any party hereto by any court or other governmental or judicial authority by reason of such party having or being deemed to have structured, dictated or drafted such provision. Obligors acknowledge that at all times they have
been represented by an attorney in the negotiation of the terms of and in the preparation and execution of this Agreement, and have had the opportunity to review and analyze this Agreement for a sufficient period of time prior to the execution and
delivery thereof. No representations or warranties have been made by or on behalf of Lender, or relied upon by any Obligor, pertaining to the subject matter of this Agreement, other than those set forth in this Agreement. This Agreement embodies the
entire agreement and understanding among the parties to the subject matter hereof and supersede all prior proposals, negotiations, agreements and understanding relating to such subject matter. 
  

 12 

 18.6 Notices. Any notice required or permitted to be given under this
Agreement shall be in writing and shall be deemed given on the third day following the date deposited in the United States mail, postage prepaid, sent by first class mail and, alternatively, shall be deemed given on the next day following the date
such notice is delivered to a nationally recognized overnight delivery service such as Federal Express and addressed as follows: 
  

	 	Obligors:	Comstock Homebuilding Companies, Inc. 

	 	 	Attn: Christopher Clemente 

	 	 	11465 Sunset Hills Road 

	 	 	5th Floor 

	 	 	Reston, VA 20190 

  

	 	copy to:	Jubal R. Thompson, Esq. 

	 	 	General Counsel 

	 	 	11465 Sunset Hills Road 

	 	 	5th Floor 

	 	 	Reston, VA 20190 

  

	 	Lender:	Wachovia Bank, National Association 

	 	 	Attn: Ron J. Sanders 

	 	 	1753 Pinnacle Drive 

	 	 	 5th Floor, South Tower 

	 	 	McLean, VA 22102 

	 	 	Mail Code VA1927 

  

	 	copy to:	Kiah T. Ford IV, Esq. 

	 	 	Parker Poe Adams & Bernstein LLP 

	 	 	Three Wachovia Center, Suite 3000 

	 	 	401 S. Tryon Street, 

	 	 	Charlotte, NC 28202 

 Either
party may, from time to time, designate a different notice address by notice given as herein provided. 
 18.7
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of North Carolina. 
 18.8 No Assignment by Obligors. The rights and obligations of Obligors hereunder may not be assigned or transferred to any person or entity without the express written consent of Lender.

 18.9 No Modifications. The terms of the Loan Documents may not be changed, modified, waived, discharged
or terminated orally, but only by an instrument or instruments in writing, signed by the party against whom the enforcement of the change, modification, waiver, discharge or termination is asserted. 
 18.10 Invalid Provision to Affect No Others. If any provisions of this Agreement shall be held invalid, then such
provision only shall be deemed invalid, and the remainder of this Agreement shall remain operative and in full force and effect. 
 18.11 Time of Essence. Time is of the essence in respect of this Agreement. 
  

 13 

 18.12 Arbitration. Upon demand of any party hereto, whether made
before or after institution of any judicial proceeding, any dispute, claim or controversy arising out of, connected with or relating to the Loan Documents (“Disputes”) between or among parties to this Agreement shall be
resolved by binding arbitration as provided herein. Institution of a judicial proceeding by a party does not waive the right of that party to demand arbitration hereunder. Disputes may include, without limitation, tort claims, counterclaims,
disputes as to whether a matter is subject to arbitration, claims brought as class actions, claims arising from Loan Documents executed in the future, or claims arising out of or connected with the transaction reflected by this Agreement.

 Arbitration shall be conducted under and governed by the Commercial Financial Disputes Arbitration Rules (the
“Arbitration Rules”) of the American Arbitration Association (the “AAA”) and Title 9 of the U.S. Code. All arbitration hearings shall be conducted in the city in which the office of Lender first stated
above is located. The expedited procedures set forth in Rule 51 et seq. of the Arbitration Rules shall be applicable to claims of less than $1,000,000.00. All applicable statutes of limitation shall apply to any Dispute. A judgment upon the
award may be entered in any court having jurisdiction. The panel from which all arbitrators are selected shall be comprised of licensed attorneys. The single arbitrator selected for expedited procedure shall be a retired judge from the highest court
of general jurisdiction, state or federal, of that state where the hearing will be conducted or if such person is not available to serve, the single arbitrator may be a licensed attorney. Not withstanding the foregoing, this arbitration provision
does not apply to disputes under or related to swap agreements. 
 18.13 Preservation and Limitation of
Remedies. Notwithstanding the preceding arbitration provisions, Lender and Obligors agree to preserve, without diminution, certain remedies that any party hereto may employ or exercise freely, independently or in connection with an arbitration
proceeding after any arbitration action is brought. Lender and Obligors shall have the right to proceed in any court of proper jurisdiction or by self-help to exercise or prosecute the following remedies, as applicable: (i) all rights to
foreclose against any real or personal property or other security by exercising a power of sale granted under Loan Documents or under applicable law or by judicial foreclosure and sale, including a proceeding to confirm the sale; (ii) all
rights of self-help including peaceful occupation of real property and collection of rents, set-off, and peaceful possession of personal property; (iii) obtaining provisional or ancillary remedies including injunctive relief, sequestration,
garnishment, attachment, appointment of receiver and filing an involuntary bankruptcy proceeding; and (iv) when applicable, a judgment by confession of judgment. Preservation of these remedies does not limit the power of an arbitrator to grant
similar remedies that may be requested by a part in a Dispute. 
 Obligors and Lender agree that no party shall
not have a remedy of punitive or exemplary damages against the other in any Dispute and hereby waive any right or claim to punitive or exemplary damages they have now or which may arise in the future in connection with any Dispute where the Dispute
is resolved by arbitration or judicially. 
 18.14 Counterparts; Facsimile Signatures. This Agreement may
be executed in multiple counterparts, each of which shall be deemed an original, and all counterparts together shall constitute one and the same instrument. Facsimile signatures are acceptable under this Agreement. 
  

 14 

 18.15 Reaffirmation of Guaranties. Guarantors, jointly and severally,
do hereby: 
 (i) acknowledge their consent and approval to the terms of this Agreement; 
 (ii) stipulate that the Guaranties remain in full force and effect, and are not subject to offset, defense, reduction or
counterclaim except to the extent of the release contained in Section 10 above; and 
 (iii) reaffirm the
Guaranties in all respects. 
 18.16 Closing. The closing of this Agreement must occur on or before August
        , 2009. 
 18.17 Conditions Precedent to Closing.
The obligation of Lender to close this Agreement is subject to Obligors, as applicable, delivering and/or satisfying each of the following conditions precedent in a form and content satisfactory to Lender: 
 (i) executed duplicate originals of this Agreement; 
 (ii) executed Subordinate Deficiency Note; 
 (iii) executed Waivers; 
 (iv) certified resolutions approving the execution and delivery of this Agreement, the Subordinate Deficiency Note, and the Waivers by Obligors; and 
 (v) such other documents, instruments, agreements and information as Lender may reasonably request. 
 “Closing” shall occur when Lender declares that the foregoing conditions have been satisfied as evidenced by Lender’s execution
of this Agreement. 
 IN WITNESS WHEREOF, the parties have executed and delivered this Agreement under seal, pursuant to
authority duly given as of the day and year first above written. 
  

			
	BORROWER:
	
	COMSTOCK HOMEBUILDING COMPANIES, INC.
		
	By:	 	 
		 	Christopher Clemente, CEO

  

 15 

					
	GUARANTORS:
	
	 COMSTOCK MASSEY PRESERVE, L.L.C.
 (formerly Comstock Wesel, L.L.C.)

		
	By:	 	 Comstock Homebuilding Companies, Inc.
 its Manager

			
		 	By:	 	 
		 		 	Christopher Clemente, CEO
	
	 COMSTOCK HOMES OF RALEIGH, LLC
 (formerly Capitol Homes Inc.)

		
	By:	 	 Comstock Homebuilding Companies, Inc.
 its Manager

			
		 	By:	 	 
		 		 	Christopher Clemente, CEO
	
	COMSTOCK HOMES OF ATLANTA, LLC
		
	By:	 	 Comstock Homebuilding Companies, Inc.
 its Manager

			
		 	By:	 	 
		 		 	Christopher Clemente, CEO
	
	COMSTOCK JAMES ROAD, LLC
		
	By:	 	 Comstock Homebuilding Companies, Inc.
 its Manager

			
		 	By:	 	 
		 		 	Christopher Clemente, CEO
	
	TRIBBLE ROAD DEVELOPMENT, LLC
		
	By:	 	 Comstock Homebuilding Companies, Inc.
 its Manager

			
		 	By:	 	 
		 		 	Christopher Clemente, CEO

  

 16 

					
	COMSTOCK SUMMERLAND, L.C.
		
	By:	 	 Comstock Homebuilding Companies, Inc.
 its Manager

			
		 	By:	 	 
		 		 	Christopher Clemente, CEO
	
	COMSTOCK HOLLAND ROAD, LLC
		
	By:	 	 Comstock Homebuilding Companies, Inc.
 its Manager

			
		 	By:	 	 
		 		 	Christopher Clemente, CEO
	
	COMSTOCK LANDING, LLC
		
	By:	 	 Comstock Homebuilding Companies, Inc.
 its Manager

			
		 	By:	 	 
		 		 	Christopher Clemente, CEO
	
	COMSTOCK WAKEFIELD, LLC
		
	By:	 	 Comstock Homebuilding Companies, Inc.
 its Manager

			
		 	By:	 	 
		 		 	Christopher Clemente, CEO
	
	COMSTOCK WAKEFIELD II, LLC
		
	By:	 	 Comstock Homebuilding Companies, Inc.
 its Manager

			
		 	By:	 	 
		 		 	Christopher Clemente, CEO

  

 17 

			
	LENDER:
	
	WACHOVIA BANK, NATIONAL ASSOCIATION
		
	By:	 	 
		 	Ron J. Sanders
		 	Vice President

  

 18 

 Schedule 1.4 
 Pending Litigation 

 Schedule 1.5 
 Pending Default Notices 

 Schedule 5 
 Contracts 

 Schedule 6 
 Payables 

 Schedule 7 
 Bonds 

 Exhibit A 
 Waiver of Right to Notice of Hearing and Right to Hearing 

 Exhibit B 
 Subordinated Deficiency NoteEXHIBIT 10.71

 Exhibit 10.71 
 THIRD AMENDMENT OF LOAN AGREEMENT 
 THIS THIRD AMENDMENT OF LOAN AGREEMENT (the “Third Amendment”), is made as of the              day of September, 2009 (“Third Amendment Effective
Date”) by and among COMSTOCK PENDERBROOK, L.C., a Virginia limited liability company (“Borrower”) and COMSTOCK HOMEBUILDING COMPANIES, INC., a Delaware corporation (“Comstock” or
“Guarantor”) (Borrower and Comstock are referred to herein collectively as “Obligors”), and GUGGENHEIM CORPORATE FUNDING, LLC, having an address at 135 East 57th Street, New York, New York, 10022 (“Administrative Agent”), for the benefit of the
several banks and other financial institutions or entities from time-to-time parties to the Loan Agreement, defined below (the “Lenders” and together with the Administrative Agent, the “Beneficiary”). 
 RECITALS 
 WHEREAS, Borrower, Guarantor, Administrative Agent and Lenders entered into a Loan Agreement dated February 22, 2007, as amended by that certain First Amendment of Loan Agreement dated April 10, 2007 (the “First
Amendment”), and as further amended by that Forbearance Agreement and Second Amendment of Loan Agreement dated January 27, 2009 (the “Second Amendment”) (collectively the foregoing documents being hereafter referenced
as the “Loan Agreement”), pursuant to which the Lenders agreed to and did make loans to the Borrower in the original aggregate principal amount of $28,000,000.00 (the “Loans”) for the purposes stated in the Loan
Agreement. The Loans are now secured by, among other things, (1) an Amended and Restated Deed of Trust With Absolute Assignment Of Leases And Rents, Security Agreement and Fixture Filing executed by Borrower, as Grantor, in favor of the
Administrative Agent and Lenders, as Beneficiaries (the “Deed of Trust”); (2) an Environmental Indemnity Agreement executed by Borrower and Guarantor (the “Environmental Indemnity Agreement”); (3) the
Limited Guaranty executed by the Guarantor (the “Guaranty”); (4) the Completion Guaranty executed by the Guarantor (the “Completion Guaranty”); (5) the Pledge Agreement executed by the Guarantor (the
“Pledge”); and (6) the Collateral Assignment of Developer’s Rights executed by the Borrower (the “Collateral Assignment”), each dated February 22, 2007 unless otherwise indicated (collectively, with
the Loan Agreement, the “Loan Documents”); and 
 WHEREAS, a number of defaults occurred under the Loan
Documents including the failure by Borrower to make payment in full of amounts due and owing under the Loan Documents. As a result of such defaults, the Borrower, Guarantor, Lenders and Adminstrative Agent entered into the Second Amendment. The
Borrower and Guarantor have now requested that the Administrative Agent continue to forebear from exercising certain of its rights, and make certain additional modifications to the terms and provisions of the Loans and the Loan Agreement; and

  

 1 

 WHEREAS, the Administrative Agent and the Lenders are willing to continue forebearing from
exercising certain rights and remedies under the Loan Agreement and to make certain additional modifications to the terms and provisions of the Loans and the Loan Agreement as hereafter amended in accordance with the provisions of this Third
Amendment. 
 NOW, THEREFORE, for and in consideration of the sum of Ten and 00/100 Dollars ($10.00) cash in hand paid, and
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto stipulate and agree as follows: 
 1. Recitals. All of the foregoing recitals are hereby incorporated into this Third Amendment. Capitalized terms that are not otherwise defined in this Third Amendment shall have the same meanings
herein as ascribed to such terms in the Loan Agreement. 
 2. Acknowledgment of Loan Balances.  
 a) Borrower and Guarantor hereby represent, warrant, agree and acknowledge that the outstanding balances on the Loans as of
September 11, 2009 are as follows: 
 Tranche A Term Loan: 
  

				
	 Principal
	  	$	0.00
	 Interest
	  	 	0.00
		  	 	 
	 Total
	  	$	0.00

 Tranche B Term Loan: 
  

				
	 Principal
	  	$	12,141,351.32
	 Accrued PIK Interest
	  	 	1,022,773.89
		  	 	 
	 Total
	  	$	13,164,125.21

 b) Borrower and Guarantor each hereby reaffirm to the Administrative Agent and the
Lenders (i) the validity and enforceability of the Loan Agreement and the other Loan Documents as modified herein; (ii) that the signature of Borrower and Guarantor upon the Loan Agreement and the other Loan Documents were authorized and
are genuine; and (iii) neither the Borrower nor the Guarantor has any knowledge of any offsets or defenses to the enforceability of the Loan Agreement and the other Loan Documents. 
 c) The parties hereto acknowledge that (i) the quarterly administration fee due and owing to the Administrative Agent pursuant to the
Fee Letter through June 30, 2009 on the Tranche B Term Loan has been paid and received by Administrative Agent, (ii) the prinicipal balance of the Tranche B Term Loan as of September 11, 2009 is $ 12,141,351.32, and (iii) PIK
Interest accrued as of September 11, 2009 in accordance with Section 2.6(g) of the Loan Agreement is $ 1,022,773.89 and shall be recomputed for the full calendar 2009 year as required by Section 2(g)(ii). 
  

 2 

 3. Payment of Fees and Costs. Simultaneously with the execution of this Third
Amendment, Borrower agrees to reimburse Administrative Agent for all reasonable attorney’s fees and costs incurred by Administrative Agent, not to exceed $25,000.  
 4. Modification of Loan Agreement. 
 Provided that Borrower and Guarantor timely satisfy all of the terms, conditions and requirements set forth in this Third Amendment, the Loan Agreement from and after the Third Amendment Effective Date is
hereby modified as follows: 
  

	 	a)	Section 2.6(g)(ii) of the Loan Agreement is amended to read as follows: 

 (ii) On each of December 31, 2009 and December 31, 2010, PIK Interest charged for the preceding twelve (12) month period shall
be recomputed based upon the rates shown on the schedules in Section 2.6(g)(i) corresponding to the cumulative Residential Units closed during the preceding twelve (12) month period, and the principal balance and Interest paid on
the Loans during the preceding tweleve (12) months shall be adjusted to take into account this recomputation. By way of example, the PIK Interest rate for Q1 2009 is 1200. If there are five (5) Residential Units closed during Q1 2009,
based upon the number of Units closed, PIK Interest for Q2 2009 will accrue at a rate of 1200 basis points. If there are then eight (8) additional Residential Units closed during Q2 2009, based upon the cumulative number of Residential Units
closed for Q1 2009 and Q2 2009 (which is 13), PIK Interest for Q3 2009 will accrue at a rate of 550 basis points. If two (2) additional Residential Units closed during Q3 2009, based upon the cumulative number of Residential Units closed for Q1
2009, Q2 2009 and Q3 2009 (which is 15), PIK Interest for Q4 2009 will accrue at a rate of 450 basis points. If two (2) additional Residential Units closed during Q4 2009, based upon the cumulative number of Residential Units closed for the
calendar year 2009 (which is 17), PIK Interest for the entire calendar year 2009 is recomputed based upon a rate of 350 basis points, and the amount of PIK Interest for the calendar year 2009 added to the principal balance of the Loans would be
adjusted accordingly, and any excess cash Interest paid in calendar year 2009 as a result of the retroactive recalculation of PIK Interest would be applied as a credit against future Interest due. The PIK Interest for Q1 2010 would then begin to
accrue at a rate of 1200 basis points. 
  

 3 

	 	b)	Section 5.1 of the Loan Agreement is amended to read as follows: 

 On the fifteenth day of each calendar month, beginning February 15, 2009, Borrower shall submit to Administrative Agent Borrower’s calculation of NOI for the preceding month, a balance sheet for
Borrower in form acceptable to Administrative Agent for the preceeding month, and a rent roll for the Project in form acceptable to Administrative Agent for the current month. 
  

	 	c)	Section 7.7(b) of the Loan Agreement is amended to read as follows: 

 Release of Units. Upon receipt of a Closing Notice and satisfaction of all conditions precedent set forth in
Section 7.7(a) and this Section 7.7(b), and upon the confirmation of the closing of a Residential Unit and/or Parking Units pursuant to an Approved Condominium Contract (such confirmation to be satisfied through the delivery
of a fully executed HUD-1 settlement statement from the settlement agent coordinating the closing, and written confirmation from the settlement agent coordinating the closing of such agent’s receipt of immediately available funds sufficient to
fully fund the closing in accordance with the fully executed HUD-1 settlement statement for the closing), Administrative Agent shall authorize in writing recordation of the deed transferring title to the Unit pursuant to the Approved Condominium
Contract and agrees to release the applicable Residential Unit, Parking Units and its appurtenant undivided interest in the common elements from the lien of the Deed of Trust and the other Loan Documents upon receipt of the Unit Release Payment for
each Unit so sold. As used herein, “Unit Release Payment” means the greater of (i) 75% of the Net Sales Price for such Residential Unit and its Parking Units, or (ii) $125,000, subject to adjustment in accordance with
Section 7.7(c). Borrower shall cause the Title Insurer, as escrowee, to pay the proceeds of sale in an amount of not less than the Unit Release Payment directly to Administrative Agent by wire-transfer of immediately available funds. The
proceeds of sale shall be applied to the outstanding principal balance of the Tranche B Term Loans. 
  

	 	d)	The following is added to Section 7.7 of the Loan Agreement: 

 (c) Adjustment to Unit Release Payment. 
 (i) The “Unit
Release Payment”, as defined in Section 7.7(b), is subject to the Borrower meeting the following monthly and quarterly requirements: 
 (A) The Borrower completing no less than three (3) Residential Unit settlements per month (the “Monthly Sales Requirement”), measured on the last calendar day of each month (the
“Monthly Measuring Date”); 
  

 4 

 (B) The Borrower completing no less than ten (10) Residential Unit
settlements per calendar quarter (the “Quarterly Sales Requirement”), measured on the last calendar day of each calendar quarter (the “Quarterly Measuring Date”); 
 (C) The average Unit Release Payment, measured on a monthly basis on each Monthly Measuring Date, shall not be less than
$135,000 (the “Average Price Requirement”). 
 (D) For purposes of verifying compliance with
the Monthly Sales Requirement and the Quarterly Sales Requirement, Administrative Agent acknowledges that Borrower shall be entitled to apply any Residential Unit settlements in excess of either the Monthly Sales Requirement or the Quarterly Sales
Requirement to the next applicable Monthly Sales Requirement and Quarterly Sales Requirement, on a cumulative basis. Should Borrower not be in compliance with the Monthly Sales Requirement, the Quarterly Sales Requirement or the Average Price
Requirement on the applicable measuring date, the unit release payment required under Section 7.7(b) shall automatically be adjusted so that it is equal to the greater of (i) 90% of the Net Sales Price for such Residential Unit and
its Parking Units, or (ii) $135,000 (the “Revised Unit Release Payment”) and, in addition, if the Borrower is not in compliance with the Average Price Requirement on such measuring date, the Borrower shall make a payment to
Administrative Agent within five (5) days of such measuring date in an amount that will cause the Borrower to be compliant with the Average Price Requirement for such measuring date (the “Average Price Requirement True-Up
Payment”). Upon the Borrower (i) making the required Average Price Requirement True-Up Payment (to the extent applicable), and (ii) re-establishing compliance (to the extent the Borrower was not in compliance) with the Monthly
Sales Requirement and the Quarterly Sales Requirement upon a future measuring date, the release payment required under Section 7.7(b) shall be equal to the Unit Release Payment, subject to further adjustment in accordance with this
Section 7.7(c) upon any future non-compliance with the requirements hereof. 
  

	 	e)	The following are added to Article VI of the Loan Agreement: 

 6.18 Subordinate Debt. So long as any obligations remain outstanding under the Loans, the Subordinate Debt shall be (i) unsecured and (ii) fully subordinate to the Loans, as evidenced by
subordination language set forth

  

 5 

 
in the Deficiency Notes. Further, the JP Morgan Subordinate Debt shall at all times be unsecured and subject to the JP Morgan Subordination and Standstill Agreement. Without the prior written
consent of the Administrative Agent, which consent may be withheld in its sole and absolute discretion, the Guarantor shall not modify or amend the Deficiency Note Subordinate Debt except for a reduction in principal amount. 
 6.19 Potomac Yard Project Sale Activity. Borrower shall provide Administrative Agent by the fifteenth
(15th) day of each month with a report for the
preceding month for the Potomac Yard Project in the same form as the Sales Report. Within ten (10) days after written request from Administrative Agent, Borrower shall provide Administrative Agent with any additional information reasonably
requested by Administrative Agent or Lenders regarding sales activity at the Potomac Yard Project. 
  

	 	f)	Exhibit I attached to this Third Amendment is added to the Loan Agreement as Exhibit I. 

  

	 	g)	The following is added to the Table of Exhibits to the Loan Agreement: 

 Exhibit I – List of Deficiency Note Subordinate Debt 
  

	 	h)	The following definitions in Appendix A of the Loan Agreement are amended to read as follows: 

 “Net Sales Price” means with respect to the sale of any Unit (A) the Base Purchase Price for such Unit plus Upgrades
and any costs associated with the purchase of a Parking Unit, less (B) (i) customary closing costs both paid by the Borrower and paid by the Borrower on behalf of the Unit buyer, (ii) reasonable warranty reserves (not to exceed
$750.00), (iii) brokerage commissions (including a 1.5% internal sales commission paid to Borrower’s sales agent), expenses and prorations, paid by Borrower as shown on the HUD-1 settlement statement for such sale and approved by
Administrative Agent, and (iv) the costs to convert the Unit and otherwise make the Unit ready for sale in accordance with the Condominium Contract, such costs to be shown on the HUD-1 settlement statement for each Unit settlement, except as
otherwise agreed to by Borrower and Administrative Agent in writing prior to a Unit settlement. 
 “NOI” means,
for any applicable period, Gross Operating Income minus Interest to be paid pursuant to the Agreement, all amounts to be paid pursuant to Section 5.2, Unit Release Payments made pursuant to Section 7.7(b), and
Operating Expenses. 
  

 6 

	 	i)	The following definitions are added to Appendix A of the Loan Agreement: 

 “Average Price Requirement” shall have the meaning set forth in Section 7.7(c)(i)(C). 
 “Average Price Requirement True-Up Payment” shall have the meaning set forth in Section 7.7(c)(i)(D). 
 “Deficiency Notes” means the unsecured promissory notes evidencing the Deficiency Note Subordinate Debt, which obligations
shall be fully subordinate to the Loans. 
 “Deficiency Note Subordinate Debt” means the unsecured promissory
notes representing the deficiency claims against Guarantor by the lenders set forth on Exhibit I, as more particularly described and set forth in the Deficiency Notes; provided, however, no amounts due to Bank of America, N.A. pursuant to
that certain modification to the line of credit agreement dated 11/26/08 with Guarantor shall be deemed to be Deficiency Note Subordinate Debt. 
 “JP Morgan Subordinate Debt” means the promissory notes issued pursuant to that certain Indenture dated March 15, 2007, by and between Guarantor and Wells Fargo Bank, N.A., or its
assigns (“Trustee”), as amended and restated pursuant to that certain Amended and Restated Indenture dated March 14, 2008, by and between Guarantor and Trustee. These promissory notes have been or shall be acquired by an entity
controlled or sponsored by Christopher Clemente (“Purchaser”) pursuant to that certain Note Purchase Agreement by and among Trustee and the Purchaser, and as thereafter amended and restated and subject to a JP Morgan Subordination
and Standstill Agreement. 
 “JP Morgan Subordination and Standstill Agreement” means a subordination and
standstill agreement, by and among Administrative Agent, Guarantor and the holder of the JP Morgan Subordinate Debt, as applicable, as the same may be modified or amended. 
 “Monthly Measuring Date” shall have the meaning set forth in Section 7.7(c)(i)(A). 
 “Monthly Sales Requirement” shall have the meaning set forth in Section 7.7(c)(i)(A). 
 “Potomac Yard Project” means a mixed use 465-unit condominium project located in Alexandria, Virginia between U.S. Route 1 and the Potomac River more commonly known as Eclipse at Center
Park Condominium. 
  

 7 

 “Quarterly Measuring Date” shall have the meaning set forth in
Section 7.7(c)(i)(B). 
 “Quarterly Sales Requirement” shall have the meaning set forth in
Section 7.7(c)(i)(B). 
 “Revised Unit Release Payment” shall have the meaning set forth in
Section 7.7(c)(i)(D). 
 “Subordinate Debt” means, collectively, the JP Morgan Subordinate Debt and
the Deficiency Note Subordinate Debt. 
 5. Release of Escrowed Funds. The parties hereto acknowledge that Administrative
Agent has been holding in escrow the difference between the amount of money actually paid by Borrower pursuant to the terms of Section 5(h) of the Second Amendment and the amount of money to be paid to Administrative Agent pursuant to the terms
of Section 4(c) of this Third Amendment (“Escrowed Funds”). The parties hereto represent, warrant, agree and acknowledge that the amount of the Escrowed Funds as of September 11, 2009 is $ 267,459.00. Upon satisfaction of all of
the conditions set forth in Section 6(a) of this Third Amendment, Administrative Agent shall release to Borrower fifty percent (50%) of the Escrowed Funds. Upon satisfaction of the conditions set forth in Sections 6(b)(iv) and 6(b)(v) of
this Third Amendment, Administrative Agent shall release to Borrower the remainder of the Escrowed Funds. 
 6. Conditions to
Effectiveness/Termination of Effectiveness. 
 (a) This Third Amendment shall become effective upon the
occurrence of each of the following, to the satisfaction of the Administrative Agent: 
  

	 	(i)	the Administrative Agent shall have received counterparts of this Third Amendment, duly executed and delivered by all parties; and 

  

	 	(ii)	the Administrative Agent shall have received such other information and documents as the Administrative Agent may reasonably request, in form and substance satisfactory
to the Administrative Agent. 

 (b) In the event that any of the conditions set forth in
subsections (i) – (v) below (the “Termination Conditions”) are not satisfied by October 30, 2009, upon notice being given to the Borrower from the Administrative Agent, this Third Amendment shall no longer be
effective, the Loans shall thereafter be administered in accordance with the terms of the Second Amendment and the balance of the Escrowed Funds (if any) shall be applied by the Administrative Agent to the principal balance due on the Tranche B Term
Loan. Failure to satisfy any or all of the Termination Conditions by October 30, 2009 shall not be deemed an Event of Default under this Third Amendment. The Termination Conditions are as follows: 
  

	 	(i)	the JP Morgan Subordination and Standstill Agreement shall have been executed and delivered to Administrative Agent in form and substance acceptable to the
Administrative Agent; 

  

 8 

	 	(ii)	the JP Morgan Subordinate Debt and Deficiency Notes shall have been executed and delivered to Administrative Agent in form and substance acceptable to the
Administrative Agent; 

  

	 	(iii)	The JP Morgan Subordinate Debt shall have been purchased by those entities set forth in the definition thereof; 

  

	 	(iv)	Administrative Agent, Borrower and Guarantor shall enter into a Cash Collateral Agreement incorporating the terms and provisions set forth in Exhibit 6(b)(iv) attached
to this Third Amendment and otherwise containing terms and provisions in form and substance acceptable to Administrative Agent (“Cash Collateral Agreement”); and 

  

	 	(v)	Comstock Potomac Yard, L.C. (“CPY”), Guarantor and KeyBank shall enter into an amendment to the Potomac Yard Loan (as defined below) containing terms and
conditions consistent with that certain letter dated September 14, 2009 from Guarantor to Administrative Agent regarding the amendment to the Potomac Yard Loan, and such other terms and conditions that are acceptable to Administrative Agent.
“Potomac Yard Loan” shall mean that certain loan made by KeyBank to CPY in the original principal amount of $40,000,000 for the Potomac Yard Project. 

 7. No Waiver by Lender. 
 Borrower and Guarantor each represent, warrant and agree that: 
 a) Administrative
Agent and Lenders have not waived and, by entering into this Third Amendment, do not waive any existing default or any default which may occur subsequent to execution of this Third Amendment; and 
 b) Administrative Agent and Lenders have not waived and, by entering into this Third Amendment do not waive, any of their respective
remedies against the Borrower or the Guarantor. 
  

 9 

 8. General Release of Claims. 
 a) For any time in the past up to and including the Third Amendment Effective Date hereof, Borrower and Guarantor each represent and warrant
that they, individually and/or collectively, have no claims, defenses, actions or causes of action or set offs of any kind or nature which they, individually and/or collectively can assert against the Administrative Agent or any Lender in connection
with the Loans, this Third Amendment, the Loan Agreement or any other Loan Document. 
 b) IN THE EVENT BORROWER OR THE
GUARANTOR, INDIVIDUALLY AND/OR COLLECTIVELY HAVE ANY CLAIMS, DEFENSES, ACTIONS OR CAUSES OF ACTION OR SET OFFS OF ANY KIND OR NATURE, KNOWN OR UNKNOWN, FOR ANY TIME IN THE PAST UP TO AND INCLUDING THE THIRD AMENDMENT EFFECTIVE DATE HEREOF, WHICH
THEY INDIVIDUALLY AND/OR COLLECTIVLEY NOW OR HEREAFTER MAY ASSERT AGAINST THE ADMINISTRATIVE AGENT OR ANY LENDER, IN CONNECTION WITH THE LOAN AGREEMENT, DEED OF TRUST OR ANY OTHER LOAN DOCUMENT AND/OR THE ENFORCEMENT BY THE ADMINISTRATIVE AGENT OR
ANY LENDER OF THIS THIRD AMENDMENT, THE LOAN AGREEMENT, DEED OF TRUST OR ANY OTHER LOAN DOCUMENT, THEN BY EXECUTING THIS THIRD AMENDMENT, THEY FOREVER WAIVE AND RELINQUISH THEM. 
 9. Default. 
 The following shall constitute Events of Default: 
 a) Failure by Borrower to make any payments on the Loans in
accordance with the terms of the Loan Documents, as modified by this Third Amendment; 
 b) Failure by Borrower or Guarantor to
perform any term, covenant or agreement in this Third Amendment; 
 c) Failure by Borrower or Guarantor to perform any term,
covenant or agreement in any of the Loan Documents that constitutes an Event of Default thereunder; 
 d) The filing by Borrower
or Guarantor of any voluntary or involuntary petition under any Chapter of the Bankruptcy Code, Title 11, U.S.C.A. 
 If an
Event of Default shall occur, the Administrative Agent may declare the Loans to be in default and declare the entire amount then outstanding, including all interest, late charges and all other amounts owing, to be immediately due and payable without
regard to any previously agreed maturity date or the Forbearance Period (as defined in the Second Amendment). Upon the occurrence of an Event of Default, and at any time thereafter, the Administrative Agent and

  

 10 

 
the Lenders, in addition to all other rights and remedies provided for in the Loan Documents and the Third Amendment shall have the right to institute foreclosure proceedings under the Deed of
Trust and to sell and dispose of any collateral given to secure the Loans, upon such terms and in such manner as the Administrative Agent or the Lenders deems advisable, consistent with the Loan Documents. Such action by the Administrative Agent or
the Lenders shall not be exclusive of any other remedy available to them. 
 10. Conflict Between Documents. 

In the event that there is any conflict between the terms and provisions of the Loan Documents and any one or more of the terms and
conditions of this Third Amendment or of any documents executed pursuant hereto, the terms and conditions of the Third Amendment and the documents executed pursuant hereto shall supersede and control the terms of the Loan Document in conflict
therewith. 
 11. Time is of the Essence. 
 Time is of the essence as to all of the obligations of the parties under this Third Amendment and the Loan Documents. 
 12. Applicable Law. 
 This Third Amendment shall be construed, performed
and enforced in accordance with the laws of the Commonwealth of Virginia. 
 13. Further Assurances. 
 The parties hereto agree to execute, acknowledge and deliver such other documents and to provide such other information as may be reasonably
necessary and/or required in order to fully consummate the transactions which are the subject hereof. The Borrower and Guarantor agree to promptly execute and deliver any documents the Administrative Agent or the Lenders may reasonably believe to be
necessary or required to fully perfect Lender’s interests in any and all collateral provided for in any of the Loan Documents. 
 14. Binding Effect. 
 This Third Amendment and the respective covenants, provisions, terms, conditions and
agreements herein contained together with the Loan Documents, shall inure to the benefit of, and be binding upon, the parties hereto and their respective legal successors and assigns. 
 15. Entire Agreement. 
 This Third Amendment and the documents to be executed pursuant hereto and the Loan Documents constitute the entire agreement between the parties hereto with regard to the subject matter addressed herein.
Borrower and Guarantor acknowledge and agree that all prior

  

 11 

 
discussions, negotiations and correspondence between the parties relating to the subject matter hereof are hereby merged into this Third Amendment and that there are no other oral, written or
other agreements of any nature whatsoever between the parties with respect to the subject matter hereof other than those documents specifically referred to in this Third Amendment and in the Loan Documents. 
 16. Modifications and Waiver. 
 No modification or waiver of any of the provisions of this Third Amendment or the Loan Documents, and no consent by any party to any departure therefrom shall be effective unless such modification or
waiver shall be in writing and signed by a duly authorized representative of all parties, and the same shall then be effective only for the period and on the conditions and for the specific instance and purposes specified in such writing. No waiver
of any breach or default shall be deemed to be a waiver of any breach or default thereafter occurring. No omission or delay by any party in exercising any right or power hereunder or under any Loan Document shall impair such right or power or be
construed to be a waiver of any default or any acquiescence therein. 
 17. Severability. 
 Should any one or more of the provisions contained in this Third Amendment or the Loan Documents be declared invalid, illegal or
unenforceable in any respect, the validity, legality and enforceability of any of the remaining provisions contained therein shall not in any way be affected or impaired thereby. 
 18. Successors and Assigns. 
 This Third Amendment and the respective covenants, provisions, terms, conditions and agreements herein contained shall inure to the benefit of, and be binding upon, the parties hereto and their respective
heirs, legal representatives, successors and assigns. Whenever in this Third Amendment one of the parties hereto is named or referred to, the heirs, legal representatives, successors and assigns of such parties shall be included, and all covenants
and conditions contained in this Third Amendment by or on behalf of a party shall bind and inure to the benefit of their respective heirs, legal representatives, successors and assigns, whether so expressed or not. This paragraph shall in no manner
be construed to confer upon Borrower or Guarantor any right to assign any of their rights and obligations hereunder. 
 19.
Number and Gender. 
 Words which import one gender shall be applied to any gender where appropriate or whenever the
context of this Third Amendment requires, words of the singular number shall include the plural and vice versa. 
  

 12 

 20. Counterparts. 
 This Third Amendment may be executed in one or more counterparts, and all such executed counterparts shall constitute one agreement, binding
on all the parties hereto, notwithstanding that all the parties are not signators to the original or the same counterpart. 
 21. Notices. 
 All notices, requests, demands or other communications provided for herein shall be made
pursuant to the Loan Documents. 
 22. Agreement to Lifting of Automatic Stay. 
 Borrower and Guarantor agree that in the event Borrower shall (a) file with any bankruptcy court of competent jurisdiction or be the
subject of any petition under Title 11 of the U.S. Code, as amended; (b) be the subject of any order for relief issued under Title 11 of the U.S. Code, as amended; (c) file or be the subject of any petition seeking any reorganization,
arrangement, composition, readjustment, liquidation, dissolution, or similar relief under any present or future federal or state act or law relating to bankruptcy, insolvency or other relief for debtors; (d) have sought or consented to or
acquiesced in the appointment of any trustee, receiver, conservator, or liquidator; (e) be the subject of any order, judgment or decree entered by any court of competent jurisdiction approving a petition filed against such party for any
reorganization, arrangement, composition, readjustment, liquidation, dissolution, or similar relief under any present or future federal or state act or law relating to bankruptcy, insolvency, or relief for debtors, Lender immediately shall be
entitled to relief from any automatic stay imposed by Section 362 of Title 11 of the U.S. Code, as amended, or otherwise, on or against the exercise of the rights and remedies available to it under the Loan Documents and Borrower and Guarantor
each waive any right to object and agree not to object to any motion by the Administrative Agent and/or the Lenders for relief from the automatic stay. It is understood and agreed by the Borrower and Guarantor that this provision was a negotiated
and bargained for condition of the Administrative Agent and the Lenders and that they would not have agreed to the terms of this Third Amendment if this provision had not been included. 
 23. WAIVER OF JURY TRIAL/SUBMISSION TO JURISDICTION. 
 a) TO THE MAXIMUM EXTENT PERMITTED BY LAW, BORROWER, GUARANTOR, THE ADMINISTRATIVE AGENT AND LENDERS HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT TO A TRIAL BY JURY IN RESPECT OF ANY
LITIGATION BASED HEREON, ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS THIRD AMENDMENT, ANY OTHER LOAN DOCUMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING,

  

 13 

 
STATEMENT (WHETHER VERBAL OR WRITTEN) OR ACTION OF ANY PARTY OR ANY EXERCISE BY ANY PARTY OF THEIR RESPECTIVE RIGHTS UNDER THE LOAN DOCUMENTS OR IN ANY WAY RELATING TO THE LOANS OR THE PROJECT
(INCLUDING, WITHOUT LIMITATION, ANY CLAIM OR DEFENSE ASSERTING THAT THIS THIRD AMENDMENT WAS FRAUDULENTLY INDUCED OR IS OTHERWISE VOID OR VOIDABLE). THIS WAIVER IS A MATERIAL INDUCEMENT FOR THE ADMINSTRATIVE AGENT AND THE LENDERS TO ENTER INTO THIS
THIRD AMENDMENT. 
 b) IN ADDITION TO ANY OTHER PROPER JURISDICTION AND VENUE PROVIDED FOR IN THE LOAN DOCUMENTS, BORROWER AND
GUARANTOR, TO THE FULL EXTENT PERMITTED BY LAW, HEREBY KNOWINGLY, INTENTIONALLY AND VOLUNTARILY, WITH AND UPON THE ADVICE OF COMPETENT COUNSEL, CONSENT TO AND SUBMIT TO PERSONAL JURISDICTION AND VENUE OF ANY LITIGATION CONCERNING OR RELATING TO THIS
THIRD AMENDMENT IN THE CIRCUIT COURT OF FAIRFAX COUNTY AND/OR THE UNITED STATES DISTRICT COURT FOR THE EASTERN DISTRICT OF VIRGINIA, AND BORROWER AND GUARANTOR AGREE THAT SUCH JURISDICTION AND VENUE ARE PROPER. 
 24. Power and Authority. 
 Each of the parties to this Third Amendment warrants that it has full power and authority to enter into, execute, deliver and perform this Third Amendment, and that no consent, license, approval,
authorization, registration or declaration with any court, governmental authority or any other person or entity is required in connection with the execution, delivery, performance, validity and enforceability of this Third Amendment or the documents
to be executed in connection herewith. 
 25. Representation by Counsel. 
 BORROWER AND GUARANTOR EACH ACKNOWLEDGE AND AGREE THAT THEY HAVE HAD THE OPPORTUNITY TO BE REPRESENTED BY COUNSEL OF THEIR CHOICE AND HAVE
BEEN ADVISED TO SEEK INDEPENDENT LEGAL COUNSEL, THEY HAVE REVIEWED THIS THIRD AMENDMENT AND HAVE BEEN FULLY ADVISED OF ITS CONTENTS AND THE MEANING THEREOF. BORROWER AND GUARANTOR FURTHER REPRESENT THAT THEY ARE SIGNING THIS THIRD AMENDMENT
VOLUNTARILY AND WITH FULL UNDERSTANDING OF ITS CONTENTS AND MEANING. 
 [Remainder of page intentionally left blank. Signatures
begin on the following page] 
  

 14 

 WITNESS the following signatures and seals as of the date first above written. 

 

							
	 BORROWER:
  
 COMSTOCK PENDERBROOK, L.C.,
 a Virginia limited
liability company

		
	By:    	 	 Comstock Homebuilding Companies, Inc.,
 a Delaware corporation,
 Its Manager

				
		 	By:	 	 	 	(SEAL)
		 	Name:	 	Christopher Clemente	 	
		 	Title:	 	CEO	 	

 STATE OF
                         
 CITY/COUNTY OF
                                         
                           , to-wit: 
 I,
                                         
                           , a Notary Public in and for the City/County and Sate aforesaid, do hereby certify
that Christopher Clemente, CEO of Comstock Homebuilding Companies, Inc., the Manager of Comstock Penderbrook, L.C., whose name as such is signed to the foregoing instrument bearing date on the
         day of September, 2009, has acknowledged the same before me in my City/County and State aforesaid. 
 GIVEN under my hand and seal this
                             day of September, 2009. 

	
	
	  
	Notary Public

 My Commission Expires:
                                         
                    
 Notary No.
                                         
        
 [signatures continue on the following page] 
  

 15 

					
	 GUARANTOR:
  
 COMSTOCK HOMEBUILDING COMPANIES, INC.
 a Delaware
corporation

			
	By:  	 	 	 	(SEAL)
		 	Name: Christopher Clemente
		 	Title: CEO

 STATE OF
                         
 CITY/COUNTY OF
                                         
           , to-wit: 
 I,
                                         
                   , a Notary Public in and for the City/County and Sate aforesaid, do hereby certify that Christopher Clemente, CEO of Comstock
Homebuilding Companies, Inc., whose name as such is signed to the foregoing instrument bearing date on the          day of September, 2009, has acknowledged the same before me in my City/County and
State aforesaid. 
 GIVEN under my hand and seal this
             day of September, 2009. 

	
	
	  
	Notary Public

 My Commission Expires:
                                         
                        
 Notary No.
                                         
    
 [signatures continue on the following page] 
  

 16 

					
	 ADMINISTRATIVE AGENT:
  
 GUGGENHEIM CORPORATE FUNDING, LLC,
 as
Administrative Agent

			
	By:	 	 	 	(SEAL)
	Name:	 	 	 	
	Title:	 	 	 	

  
 STATE OF
                                 
 CITY/COUNTY OF
                                         
                   , to-wit: 
 I,
                                         
               , a Notary Public in and for the City/County and Sate aforesaid, do hereby certify that
                            ,
                             of Guggenheim Corporate Funding, LLC, whose name as such is signed to the
foregoing instrument bearing date on the              day of September, 2009, has acknowledged the same before me in my City/County and State aforesaid. 
 GIVEN under my hand and seal this              day of September, 2009.

	
	
	  
	Notary Public

 My Commission Expires:
                                         
                    
 Notary No.
                                         
    
 [signatures continue on the following page] 
  

 17 

					
	 LENDER:
  
 ORPHEUS FUNDING LLC

		
	 By:
	 	 Guggenheim Investment Management, LLC,
 its Manager

			
	By:	 	 	 	(SEAL)
	Name:	 	 	 	
	Title:	 	 	 	

 STATE OF
                         
 CITY/COUNTY OF
                                         
               , to-wit: 
 I,
                                         
                       , a Notary Public in and for the City/County and Sate aforesaid, do hereby certify that
                            ,
                             of Guggenheim Investment Management, LLC., the Manager of Orpheus Funding
LLC, whose name as such is signed to the foregoing instrument bearing date on the                  day of September, 2009, has acknowledged the same before me in
my City/County and State aforesaid. 
 GIVEN under my hand and seal this
                 day of September, 2009. 

	
	
	  
	Notary Public

 My Commission Expires:
                                         
                
 Notary No.
                                        

  

 18

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