Document:

Exhibit 10.29

 

 

 

SERVICE AGREEMENT

 

THIS SERICE AGREEMENT (“Agreement”)
is entered into as of the 13th day of February, 2007 between China Housing and Land Development, Inc., whose
principal offices are at 6 Youyi Dong Road, Xi’an, China 710054 (hereinafter referred to as the Company”) and Albert
Scott McLelland, having an address at ______________ (hereinafter referred to as the “Director”) to provide the terms
under which the Director shall perform his functions as a elected independent director to the Board of Directors of the Company
during his or her respective terms.

 

WHEREAS, the Company’s
business consists of the development of land and properties and activities incidental thereto (the “Business”) and
the Company is a public company subject to the securities laws and rules and other applicable laws and rules of the United States
and China;

 

WHEREAS, the Company
recognizes the unique qualifications and contributions of the Director and desires to secure the services of the Director on the
terms and conditions set forth herein; and

 

WHEREAS, the Director
is prepared to commit to such services in return for specific arrangements on compensation and other benefits on the terms and
conditions set forth herein.

 

NOW, THEREFORE, in
consideration of the foregoing premises and the mutual covenants and agreements herein contained, the Company and the Director
do hereby agree as follows:

 

		1.	DUTIES OF THE DIRECTOR

 

		1.1	The Director shall carry out his duty as an independent director to the Company for a term of one
years unless terminated earlier by the majority vote of the board of directors and shall make himself or herself available to perform
such functions in keeping with all the applicable laws, rules and regulations of the United States and the People’s Republic
of China, including not limited to the applicable securities laws, the laws of the State of Delaware.

 

		1.2	The Director hereby agrees faithfully to render the service expected of an independent director
and to promote the interests of the Company to the best of his ability and keep his or her duty of care, confidentiality and loyalty
among other duties. The Director further agrees to devote necessary time, attention, skill and best efforts to the performance
of his duties under this Agreement.

 

    	 

    	 

    

 

		1.3	The Director shall have such power and authority as shall reasonably be required to enable him
to perform his duties hereunder in an efficient manner.

 

		1.4	The Director shall not self-deal or do anything harmful to the interest of the Company or its shareholders
and shall not engage in any insider trading or similar activities.

 

		1.5	The Director shall maintain her or his standing and capacity as an “independent director”
under the relevant rules of the Securities and Exchange Commission and relevant rules and regulations of relevant stock exchanges
and shall not engage in any employment or service with the Company or otherwise that may impair such standing.

 

		2.	COMPENSATION AND EXPENSES

 

During his or her term
as a Director until the ease of his or her function as a Director:

 

		2.1	The Company agrees to pay the Director and annual retainer (the “Retainer”) of $55,000
to be paid quarterly.

 

		2.2	The Company shall promptly pay or reimburse the Director for all reasonable expenses actually and
properly in accordance with the Company’s policy incurred or paid by him in connection with the performance of his services
under this Agreement including, without limitation, travel expenses upon presentation of expense statements or vouchers or such
other supporting documentation in such form and containing such information as the Company may from time to time require.

 

		3.	MISCELLANEOUS

 

		3.1	This Agreement expresses the entire understanding and agreement of the parties and supersedes any
and all prior agreements and understandings, whether written or oral, relating in any way to the subject matter of this Agreement.
This Agreement cannot be modified, amended or supplemented except by a written instrument or instruments executed by each of the
parties hereto.

 

		3.2	This Agreement shall have a term during the period the director serves as a director of the Company
until such time he or she is removed by the board of directors by a vote of the majority or not elected by the next shareholders
meeting whichever comes earlier.

 

		3.3	All rights and remedies herein granted or referred to are cumulative, resort to one shall not preclude
resort to another. No waiver by either party of a breach of this Agreement, or any part hereof, shall be deemed to be a waiver
of any other prior, concurrent or subsequent breach of the same or different provisions of this Agreement.

 

    	-2-

    	 

    

 

		3.4	This Agreement shall be governed by and construed under the laws of the State of New York. If any
provision of this Agreement shall be invalid or unenforceable, this Agreement shall be deemed amended but only to the extent required
to make it valid and enforceable, and this Agreement as thereby amended shall remain in full force and effect.

 

		3.5	Arbitration is the only and exclusive remedy to the parties for any dispute arising from this agreement.
The parties hereby expressly waive the right to any jury or non-jury trial and hereby expressly submit to the exclusive jurisdiction
of an arbitration tribunal under the auspices of the American Arbitration Association in the city of New York with such tribunal
composed of three arbitrators of which one is selected by each party and the third one selected by the two arbitrators already
selected respectively by the parties The ward by the tribunal shall be exclusive, binding, final and enforceable against the parties.
In any arbitration arising out of this Agreement, the prevailing party shall be entitled to request and receive an amount as and
for the reasonable counsel fees and expenses incurred by the prevailing party in connection with such action, proceeding or arbitration.

 

		3.6	In this Agreement, unless the context requires otherwise or it is otherwise expressly provided,
words denoting any gender include all genders.

 

 

IN WITNESS WHEREOF,
the Company and the Director have executed this Agreement as of the day and year first above written.

 

  

	 	 	 	China Housing And Land Development,
Inc.	 
	 	 	 	 	 
	 	 	 	 	 
	/s/ / Albert Scott McLelland	 	 	/s/ Pingji Lu	 
	/ Albert Scott McLelland

	 	 	Name: Pingji Lu

	 
		 	 	Its: Chairman

	 

 

 

 

    	-3-THIRD EXTENSION AGREEMENT

 

THIS THIRD EXTENSION
AGREEMENT (this “Agreement”) is made and entered into on the date set forth on the signature page hereto,
to be effective as of February 5, 2013 (the “Effective Date”), by and between RALEY HOLDINGS, LLC,
a Nevada limited liability company, on its behalf and on behalf of certain participant lenders (“Agent”)
and UNITED DEVELOPMENT FUNDING IV, a Maryland real estate investment trust (“Borrower”).

 

RECITALS:

 

A.Agent and certain
participants extended a revolving line of credit (the “Loan”) to Borrower pursuant to that certain Secured
Line of Credit Promissory Note in the original maximum principal amount of U.S. Eight Million and NO/100 Dollars ($8,000,000.00),
dated as of February 5, 2010, executed and issued by Borrower to Agent and its assigns, as amended on August 10, 2010 and increased
to the new maximum principal amount of U.S. Twenty Million and NO/100 Dollars ($20,000,000.00) and as further amended pursuant
to that certain Extension Agreement dated as of February 5, 2011, and that certain Second Extension Agreement dated of February
5, 2012 (as so amended, and as it may be further amended, modified, renewed, extended, or restated from time to time, the “Note”).

 

B.The payment and performance of
Borrower’s obligations under the Note are secured by a lien and security interest against certain assets of Borrower for
which advances are made under the Note (the “Collateral”).

 

C.The Loan is evidenced and secured
by the following: (i) the Note, (ii) that certain Collateral Assignment of Note and Liens and Security Agreement (the “Security
Agreement”), executed by Borrower for the benefit of Agent and its assigns, pursuant to which Borrower has granted
to Agent, a security interest in the Collateral, and (iii) all collateral instruments securing the payment and performance of the
Note including, without limitation, for each promissory note owned by Borrower covered by the Security Agreement, an allonge in
the form attached to the Security Agreement, and, if such promissory note is secured by a deed of trust, a Collateral Assignment
of Note, Deed of Trust and Loan Documents and Assumption in the form attached to the Security Agreement, and such other documents,
agreements, assignments and instruments as Agent shall require in order to evidence, acknowledge or perfect its security interest
in the Collateral, as determined by Agent in its sole discretion (collectively, as each may be amended, modified, renewed, extended,
or restated from time to time, the “Collateral Documents”). This Note, the Security Agreement, the Collateral
Documents, all UCC financing statements, amendments thereto and continuation statements filed by or in favor of Agent and its assigns,
all Advance Requests (as such term is defined in the Note), and all other instruments, agreements, certificates, assignments and
other agreements and documents executed, entered into or delivered by any party in connection with this Note, whether prior to,
on or after the Effective Date, are collectively referred to in this Agreement as the “Loan Documents”.

 

D.The current Maturity
Date of the Note is February 5, 2013, and Borrower has requested that Agent extend the Maturity Date of the Note to February 5,
2014.

 

E.Agent is willing
to extend the Maturity Date of the Note to February 5, 2014, as further set forth in this Agreement.

 

    	Third Extension Agreement – Raley Holdings, LLC – UDF IV	Page 1

    	 

    

AGREEMENT:

 

NOW, THEREFORE, for
and in consideration of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Agent
and Borrower agree as follows:

 

1.Extension.
The Maturity Date of the Note is hereby extended to February 5, 2014. All references in the Note to the Maturity Date shall be
deemed to refer to the new Maturity Date of February 5, 2014.

 

2.Borrower
Representations. Borrower represents and warrants to Agent as follows:

 

(a)No
event constituting an Event of Default (as defined in the Note) has occurred and is continuing.

 

(b)The
representations and warranties made in the Note and the other Loan Documents by Borrower and in all certificates and other documents
delivered pursuant thereto are true and correct in all material respects.

 

(c)All
of the covenants and agreements contained in the Note and the other Loan Documents to be complied with and performed by Borrower
have been duly complied with and performed in all material respects.

 

3.Acknowledgment
of Debt. Borrower acknowledges and agrees that the Loan, as evidenced and secured by the Loan Documents, is a valid and existing
indebtedness payable and owing to Agent, and Borrower covenants and agrees to pay the Note, as extended by this Agreement, in accordance
with its terms.

 

4.Costs.
Borrower agrees to pay all costs and expenses incurred by Agent in connection with the transactions contemplated by this Agreement
and the other Loan Documents, including, without limitation, reasonable fees and expenses of legal counsel to Agent.

 

5.Ratification;
No Waiver. Borrower hereby represents and agrees that there are no oral agreements which modify
any of the Loan Documents, and that the Loan Documents, as expressly modified herein and as previously modified pursuant to the
written amendment referenced in the recitals hereto, remain unaltered and in full force and effect and constitute the entire agreement
between Borrower and Agent with respect to the Loan. Nothing herein shall constitute, and there has not otherwise occurred, any
extinguishment or release of the obligations and agreements of Borrower under the Note or any of the other Loan Documents, and
nothing herein shall constitute, and there has not otherwise occurred, any novation with respect to the Note. Borrower does hereby
expressly ratify and confirm that the liens and security interests created by the Loan Documents are valid and subsisting. Borrower
hereby acknowledges and agrees that Agent has made no agreement, and is in no way obligated, to grant any future extension, indulgence,
waiver, or consent or enter into any further agreement or modification with respect to the Loan.

 

6.Binding Effect;
Assignment. This Agreement shall be binding on and its successors and assigns, including, without limitation, any receiver,
trustee or debtor in possession of or for Borrower, and shall inure to the benefit of Agent and its successors and assigns.

 

7.Captions;
Number or Gender of Words. The captions in this Agreement are for the convenience of reference only and shall not limit or
otherwise affect any of the terms or provisions hereof. Except where the context indicates otherwise, words in the singular number
will include the plural and words in the masculine gender will include the feminine and neutral, and vice versa, when they should
so apply.

 

    	Third Extension Agreement – Raley Holdings, LLC – UDF IV	Page 2

    	 

    

 

8.Counterparts.
This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all of which
together shall constitute but one and the same instrument.

 

9.Severability.
If any provision of this Agreement shall be held invalid under any applicable laws, then all other terms and provisions of this
Agreement and the Loan Documents shall nevertheless remain effective and shall be enforced to the fullest extent permitted by applicable
law.

 

10.FINAL
AGREEMENT. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS EMBODY THE FINAL, ENTIRE
AGREEMENT AMONG THE PARTIES HERETO AND THERETO AND SUPERSEDE ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS, AND UNDERSTANDINGS,
WHETHER WRITTEN OR ORAL, RELATING TO THE SUBJECT MATTER HEREOF AND THEREOF AND MAY NOT BE CONTRADICTED OR VARIED BY EVIDENCE OF
PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OF THE PARTIES HERETO OR THERETO. THERE ARE NO ORAL AGREEMENTS
AMONG THE PARTIES HERETO OR THERETO. THE PROVISIONS OF THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS MAY BE AMENDED OR WAIVED ONLY
BY AN INSTRUMENT IN WRITING SIGNED BY THE RESPECTIVE PARTIES TO SUCH DOCUMENTS.

 

[The remainder of this page is left blank
intentionally.]

 

 

    	Third Extension Agreement – Raley Holdings, LLC – UDF IV	Page 3

    	 

    

 

IN WITNESS WHEREOF, the parties hereto
have caused this Agreement on this the 24th day of February, 2013, to be effective as of the Effective Date.

 

  

	 	AGENT:
	 	 
	 	RALEY HOLDINGS, LLC, 
	 	a Nevada limited liability company
	 	 	 
	 	By:	/s/ Richard Raley
	 	Name: Richard Raley
	 	Title: Owner

 

 

	 	
        BORROWER:

        

         

	 	UNITED DEVELOPMENT FUNDING IV,
	 	
        a real estate investment trust organized under the laws of the
        state of Maryland

        

	 	 	 
	 	By:	/s/ David Hanson
	 	Name: David Hanson
	 	Title: Chief Operating Officer

 

 

    	Third Extension Agreement – Raley Holdings, LLC – UDF IV	Page 4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00215-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00215-of-00352.parquet"}]]