Document:

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                                                                   EXHIBIT 10.36

            SECOND AMENDED AND RESTATED SUBORDINATED LOAN AGREEMENT

         THIS SECOND AMENDED AND RESTATED SUBORDINATED LOAN AGREEMENT (as
amended from time to time, the "Agreement") is made and entered into as of this
4th day of December, 2002 by and between ORIGEN FINANCIAL, L.L.C., a Delaware
limited liability company ("Borrower"), whose address is 260 East Brown Street,
Suite 200, Birmingham, Michigan 48009, and SUN COMMUNITIES OPERATING LIMITED
PARTNERSHIP, a Michigan limited partnership ("Lender"), whose address is 31700
Middlebelt Road, Suite 145, Farmington Hills, Michigan 48334.

                                    RECITALS:

         A. Borrower, Origen Financial, Inc. ("Origen Inc.") and Lender have
entered into that certain Amended and Restated Subordinated Loan Agreement dated
February 1, 2002, as amended by the First Amendment to Amended and Restated
Subordinated Loan Agreement dated March 22, 2002, the Second Amendment to
Amended and Restated Subordinated Loan Agreement dated June 18, 2002, and the
Third Amendment to Amended and Restated Subordinated Loan Agreement dated August
12, 2002 (the "Original Loan Agreement").

         B. Origen Inc. was merged with and into Borrower effective April 25,
2002 and Borrower is therefore the successor to Origen Inc.'s obligations under
the Original Loan Agreement.

         C. Lender and Borrower desire to amend and restate the Original Loan
Agreement in its entirety in accordance with the terms and conditions set forth
in this Agreement.

         NOW, THEREFORE, the parties agree as follows:

         1. LOAN. The Line of Credit provided hereunder shall have the following
         terms:

         Type of Loan: Line of Credit

         Interest Rate: 700 basis points over LIBOR, but not less than eleven
         percent (11%) per annum, or in excess of fifteen percent (15%) per
         annum

         Note Amount: $27,500,000

         Maturity: December 31, 2003; provided that the due date shall be
         automatically extended to December 31, 2004 if the Master Repurchase
         Agreement between Borrower and Credit Suisse First Boston Mortgage
         Capital LLC dated December 18, 2001, as amended from time to time (the
         "CSFB Agreement"), is renewed on terms acceptable to Lender upon the
         expiration of the CSFB Agreement in May 2003.

The Loan and any amendments, extensions, renewals, or refinancing thereof are
subject to this Agreement.

         2. LINE OF CREDIT LOAN. Provided that no Event of Default exists and no
Event of Default will be caused by any draw under the Loan, Lender agrees to
loan to Borrower, from time to time up to the Note Amount (as described above),
in increments determined at Lender's discretion and in accordance with the terms
of the Sixth Amended and Restated Promissory Note of even date herewith made by
Borrower in connection with the Loan and attached to this Agreement as EXHIBIT
A. The Sixth Amended Note shall replace the Fifth Amended and Restated
Promissory Note dated August 12, 2002 executed by Borrower in connection with
the Original Loan Agreement. Notwithstanding anything to the contrary herein,
Lender's obligation to make any advance to Borrower under the Loan shall
automatically: (a) cease and terminate

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upon the maturity date stated in the Sixth Amended Note; and (b) suspend upon
any earlier occurrence of an Event of Default unless and until waived by Lender
in writing.

         3. BORROWER'S REPRESENTATIONS AND WARRANTIES. Borrower represents and
warrants to Lender, all of which representations and warranties shall be
continuing until the Loan is fully paid and Borrower's obligations under this
Agreement and the Related Documents are fully performed, as follows:

                  A. Borrower's Existence and Authority. Borrower is a Delaware
         limited liability company, and the person executing this Agreement on
         behalf of Borrower has full power and complete authority to execute
         this Agreement and all Related Documents on behalf of Borrower, and
         this Agreement and the Related Documents are valid, binding and
         enforceable against Borrower.

                  B. Financial Information. All financial information provided
         to Lender has been prepared and will continue to be prepared in
         accordance with generally accepted accounting principles ("GAAP"),
         consistently applied, and fully and fairly presents the financial
         condition of Borrower as of the date or for the operating period
         thereof. There has been no material adverse change in Borrower's
         business, property, or financial condition since the date of Borrower's
         latest Financial Statements provided to Lender.

                  C. No Litigation/No Misrepresentations. There are no civil or
         criminal proceedings pending before any court, government agency,
         arbitration panel, or administrative tribunal or, to Borrower's
         knowledge, threatened against Borrower, which may result in any
         material adverse change in the business, property, or financial
         condition of Borrower. All representations and warranties in this
         Agreement and the Related Documents are true and correct and no
         material fact has been omitted.

         4. AFFIRMATIVE COVENANTS. As of the date of this Agreement and
continuing until all of Borrower's obligations under this Agreement and the
Related Documents are fully performed and the Loan is fully repaid to Lender,
Borrower shall at all times comply with the following covenants:

                  A. Notice of Adverse Events. Borrower shall promptly notify
         Lender in writing of any litigation, indictment, governmental
         proceeding, default, or any other occurrence which may have a material
         adverse effect on Borrower's business, property or financial condition.

                  B. Maintain Business Existence and Operations. Borrower shall
         do all things necessary to keep in full force and effect its corporate
         existence and continue its business as presently conducted.

                  C. General Compliance with Law. Borrower shall at all times
         operate its business in strict compliance with all applicable Federal,
         State, and local laws, ordinances and regulations, and refrain from
         engaging in any civil or criminal activity proscribed by Federal, State
         or local law.

                  D. Delivery of Financial Statements. Within forty-five (45)
         days after the end of each fiscal quarter, Borrower shall deliver to
         Lender copies of its unaudited financial statements prepared in
         accordance with GAAP, consistently applied. Within ninety (90) days
         after the end of each fiscal year, Borrower shall deliver to Lender
         copies of its audited financial statements prepared in accordance with
         GAAP, consistently applied.

         5. EVENTS OF DEFAULT. The occurrence of any of the following events
shall constitute an Event of Default under this Agreement:

                                      -2-

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                  A. Failure to Pay Amounts Due. Any amount of principal or
         interest under the Sixth Amended Note is not paid when due.

                  B. Misrepresentations; False Financial Information. Any
         statement, warranty or representation of Borrower in connection with or
         contained in this Agreement, the Related Documents, or any Financial
         Statements now or hereafter furnished to Lender by or on behalf of
         Borrower, is false or misleading.

                  C. Noncompliance with Loan Agreements. Borrower breaches any
         covenant, term, condition or agreement stated in this Agreement, the
         Related Documents or any agreement relating to Senior Debt (as defined
         below).

                  D. Cessation/Termination of Existence. Borrower shall cease
         doing business or Borrower's existence is terminated by sale,
         dissolution, merger or otherwise.

                  E. Bankruptcy or Receivership. Any conveyance is made of
         substantially all of Borrower's assets, any assignment is made for the
         benefit of creditors, any receiver is appointed, or any insolvency,
         liquidation or reorganization proceeding under the Bankruptcy Code or
         otherwise shall be filed by or against Borrower.

                  F. Attachments; Tax Liens. Any attachment, execution, levy,
         forfeiture, tax lien or similar writ or process is issued against any
         property of Borrower.

                  G. Material Adverse Change. Any material adverse change occurs
         or is imminent the effect of which would be to substantially diminish
         Borrower's financial condition, business, or the ability to perform its
         agreements with Lender.

                  H. Other Lender Default. Any other indebtedness of Borrower to
         Lender or any other creditor (including, without limitation, Financial
         Institutions (as defined below) becomes due and remains unpaid after
         acceleration of the maturity or after the stated maturity.

                  I. Other Indebtedness. Borrower incurs any Indebtedness (other
         than Senior Debt) in excess of $100,000 in the aggregate after the date
         of this Agreement.

                  J. Change of Control Event. Absent Lender's prior written
         consent, any Change of Control Event with respect to Borrower occurs
         after Borrower's first draws on the Loan.

         6.       REMEDIES ON DEFAULT.

                  A. Acceleration Set-Off. Upon the occurrence of any Event of
         Default, Lender may, at Lender's option, declare the Loan to be
         immediately due and payable. The foregoing shall not in any way impair
         Lender's right to demand repayment under the terms of the Sixth Amended
         Note.

                  B. Remedies; No Waiver. The remedies provided in this
         Agreement are cumulative and not exclusive, and Lender may exercise any
         remedies available to it at law, in equity, and as are provided in this
         Agreement, the Related Documents and any other written agreement
         between Borrower and Lender. No delay or failure of Lender in
         exercising any right, remedy, power, or privilege under this Agreement
         or the Related Documents shall affect that right, remedy, power or
         privilege, nor shall any single or partial exercise preclude the
         exercise of any other right, remedy, power or privilege. No delay or
         failure of Lender to demand strict adherence to the terms of this
         Agreement or

                                      -3-

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         the Related Documents shall be deemed to constitute a course of conduct
         inconsistent with Lender's right at any time, before or after any Event
         of Default, to prospectively demand strict adherence to the terms of
         this Agreement and the Related Documents.

         7.       SUBORDINATION.

                  A. The indebtedness evidenced by the Sixth Amended Note and
         any renewals or extensions thereof (such indebtedness being herein
         called the "Subordinated Indebtedness") shall at all times be wholly
         subordinate and junior in right to payment in full of all Senior Debt
         (as defined below). The provisions of this section on subordination
         shall constitute a continuing offer to all persons who, in reliance
         upon such provisions, become holders of, or continue to hold, Senior
         Debt, and such provisions are made for the benefit of the holders of
         Senior Debt, and such holders are hereby made obligees hereunder the
         same as if their names were written herein as such, and they and/or
         each of them may proceed to enforce such provisions. Unless and until
         an event of default under any of the Senior Debt (other than an event
         of default which exists solely by reason of a default under this
         Agreement) shall have occurred and be continuing ("Superior Default"),
         Borrower shall pay the principal and interest on all Subordinated
         Indebtedness according to the terms hereof.

                  For purposes of this Agreement, "Senior Debt" means the
         principal of, and interest on and other amounts due on or in connection
         with any Indebtedness of Borrower (other than the Sixth Amended Note)
         to any Financial Institution (as defined below), whether outstanding on
         the date of this Agreement, or thereafter created, incurred or assumed
         by Borrower (including all deferrals, renewals, extensions or
         refundings of, or amendments, modifications or supplements to,
         Indebtedness of the kind described in this clause). Notwithstanding
         anything herein to the contrary, Senior Debt shall not include: (a)
         Indebtedness of or amounts owed by Borrower for compensation to
         employees, or for goods or materials purchased in the ordinary course
         of business or for services, or (b) Indebtedness of Borrower to any of
         its subsidiaries or affiliates. In no event shall any Financial
         Institution be deemed to be an affiliate of Borrower. Indebtedness of
         Borrower to any of its subsidiaries or affiliates shall be pari passu
         in all respects with the Subordinated Indebtedness.

                  For purposes of this Agreement, "Financial Institution" means
         any bank as defined in section 3(a)(2) of the Securities Act of 1933,
         as amended (the "Securities Act"), savings and loan association or
         other institution as defined in section 3(a)(5)(A) of the Securities
         Act, insurance company as defined in section 2(13) of the Securities
         Act, or investment banking firm. For purposes of this Agreement, Credit
         Suisse First Boston Mortgage Capital, LLC ("CSFBMC") shall be
         considered a Financial Institution.

                  For purposes of this Agreement, "Indebtedness" means, with
         respect to any person, (a) any liability, contingent or otherwise, of
         such person (i) for borrowed money (whether or not the recourse of the
         lender is to the whole of the assets of such person or only to a
         portion thereof), (ii) evidenced by a note, debenture or similar
         instrument or representing the balance deferred and unpaid of the
         purchase price of any property purchased, (iii) for the payment of
         money relating to a lease that is required to be capitalized under
         GAAP; or (iv) to repurchase securities or other property, including
         without limitation, Borrower's obligations to repurchase securities
         under the CSFB Agreement; (b) any obligation secured by a lien to which
         the property or assets of such person are subject, whether or not the
         obligations secured thereby shall have been assumed by or shall
         otherwise be such person's legal liability; and (c) any and all
         deferrals, renewals, extensions and refundings of, or amendments,
         modifications or supplements to, any liability of the kind described in
         any of the preceding clauses (a) or (b).

                                      -4-

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                  B. The terms hereof, the subordination effected hereby and the
         rights of the holders of the Senior Debt shall not be affected by (a)
         any amendment of or addition or supplement to any Senior Debt or any
         instrument or agreement relating thereto, (b) any exercise or
         non-exercise of any right, power or remedy under or in respect of any
         Senior Debt or any instrument or agreement relating thereto, or (c) any
         waiver, consent, release, indulgence, extension, renewal, modification,
         delay or other action, inaction or omission, in respect of any Senior
         Debt or any instrument or agreement relating thereto or any security
         therefor or guaranty thereof, whether or not any holder of any
         Subordinated Indebtedness shall have had notice or knowledge of any of
         the foregoing.

                  C. Upon the happening of (a) a Superior Default which is a
         default in respect of payment of principal, premium, if any, or
         interest on Senior Debt or (b) a Superior Default (other than a
         Superior Default in respect of payment of principal, premium, if any,
         or interest on Senior Debt) and receipt by Lender of written notice
         thereof from any holder of Senior Debt, then until all Senior Debt
         shall have been paid in full, Borrower shall not, directly or
         indirectly, make or agree to make, and neither Lender nor any assignee
         or successor holder of any Subordinated Indebtedness shall demand,
         accept or receive (a) any payment (in cash, property or securities, by
         set-off or otherwise), direct or indirect, of or on account of any
         principal or interest in respect of any Subordinated Indebtedness, and
         no such payment shall be accepted by any holder of any Subordinated
         Indebtedness, or (b) any payment for the purpose of any redemption,
         purchase or other acquisition, direct or indirect, of any Subordinated
         Indebtedness, and no such payment shall be due.

                  In the case of any Superior Default (other than a Superior
         Default with respect to payment of principal, premium, if any, or
         interest on Senior Debt), the foregoing restrictions shall cease to
         apply to any payment received with respect to the Subordinated
         Indebtedness after the expiration of 180 days after the holder of
         Senior Debt shall have sent notice of the Superior Default to the
         holder of the Sixth Amended Note, unless prior to the expiration of
         such 180-day period one or more holders of the Senior Debt shall have
         commenced and be diligently prosecuting an action, suit or other legal
         or equitable proceeding or otherwise take action or exercise any other
         remedy against Borrower or its property based upon the Superior
         Default, or unless a Superior Default which is a payment default shall
         have occurred and be continuing; provided, further, that during such
         180-day period following the Superior Default (other than a Superior
         Default with respect to payment of principal, premium, if any, or
         interest on Senior Debt) the holders of the Subordinated Indebtedness
         shall refrain from prosecuting any such action, suit or other legal or
         equitable proceeding against Borrower or its property based upon an
         Event of Default hereunder.

                  In the event that a Superior Default (other than a Superior
         Default with respect to payment of principal, premium or interest on
         Senior Debt) is cured or is waived by the appropriate holders of the
         Senior Debt (whether by amendment to the applicable loan agreement,
         forbearance agreement or otherwise) prior to the expiration of the
         aforesaid 180-day period applicable to such Superior Default, then any
         Event of Default occurring under this Agreement solely by reason of the
         occurrence of such Superior Default shall be deemed not to have
         occurred. Any judicial proceedings initiated by a holder of
         Subordinated Indebtedness at a time when such holder has no knowledge
         that such proceedings are prohibited by this paragraph shall not be
         deemed a violation of any provisions of this Agreement and, upon
         receipt of notice from the holder of the Senior Debt that such
         proceedings are so prohibited, such holder of the Subordinated
         Indebtedness shall terminate such proceedings, without prejudice.

                  D. Upon any distribution (whether of cash, securities or other
         property) to

                                      -5-

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         creditors of Borrower in a liquidation or dissolution of Borrower, or
         in a bankruptcy, reorganization, insolvency, receivership, assignment
         for the benefit of creditors, marshalling of assets or similar
         proceeding relating to Borrower or its property:

                           (1) holders of Senior Debt shall be entitled to
         receive payment in full in cash of such Senior Debt (including interest
         accruing after the commencement of any such proceeding or interest that
         would have accrued but for the commencement of such proceeding to the
         date of payment on, and other amounts included in, Senior Debt) before
         the holder of the Sixth Amended Note shall be entitled to receive any
         payment of principal of, premium (if any) or interest on the Sixth
         Amended Note or any other distributions with respect to the Sixth
         Amended Note;

                           (2) until the Senior Debt is paid in full in cash as
         provided in clause (1) of this paragraph, any distribution to which the
         holder of the Sixth Amended Note would be entitled but for this section
         on subordination shall be made to the holders of Senior Debt as their
         interests may appear.

                  In the event that any payment or distribution of assets of
         Borrower prohibited by the provisions of this section on subordination
         of any kind or character, whether in cash, property or securities,
         shall be received by the holder of the Sixth Amended Note before all
         Senior Debt is paid in full, or provision made for such payment in
         accordance with the terms of the Senior Debt, such payment or
         distribution shall be held in trust for the benefit of, and shall be
         paid over or delivered to, the holders of such Senior Debt or their
         representative or representatives, or to the trustee or trustees under
         any indenture pursuant to which any instruments evidencing any of such
         Senior Debt may have been issued, as their respective interests may
         appear, for application to the payment of all Senior Debt remaining
         unpaid to the extent necessary to pay such Senior Debt in full in
         accordance with its terms, after giving effect to any concurrent
         payment or distribution to the holders of such Senior Debt.

                  E. In the event that the Sixth Amended Note is declared due
         and payable before its stated maturity because of the occurrence of an
         Event of Default hereunder, the holders of the Senior Debt shall be
         entitled to receive payment in full of all amounts due with respect to
         all Senior Debt before the holder of the Sixth Amended Note is entitled
         to receive any payment on account of the principal of, premium (if any)
         or interest on, or any repurchase, redemption or other retirement
         (including, without limitation, any defeasance) of, the Sixth Amended
         Note.

                  F. The holders of Subordinated Indebtedness shall not be
         subrogated to the rights of the holders of Senior Debt to receive
         payments or distributions of assets of Borrower applicable to the
         Senior Debt.

                  G. No payments or distributions to the holders of Senior Debt
         by or on behalf of Borrower by virtue of this Agreement which otherwise
         would have been made to the holder of the Sixth Amended Note, shall, as
         between Borrower and the holder of the Sixth Amended Note, be deemed to
         be payment by Borrower to or on account of the Senior Debt, it being
         understood that the provisions of this paragraph are intended solely
         for the purpose of defining the relative rights of the holders of
         Subordinated Indebtedness on the one hand and the holders of Senior
         Debt, on the other hand.Nothing contained herein is intended to or
         shall impair, as between Borrower and Lender, the obligation of
         Borrower, which is absolute and unconditional, to pay to Lender, the
         principal of and interest on the Subordinated Indebtedness as and when
         the same shall become due and payable in accordance with its terms, or
         is intended to or shall affect (except to the extent specifically
         provided in the above paragraph) the relative rights of the holders
         hereof and creditors of Borrower other than the holders of the Senior
         Debt, nor shall anything herein

                                      -6-

<PAGE>

         or therein prevent any holder of the Sixth Amended Note from exercising
         all remedies otherwise permitted by applicable law upon default
         hereunder subject to the rights, if any, hereunder of the holders of
         Senior Debt in respect of cash, property or securities of Borrower
         received upon the exercise of any such remedy.

         8.       COLLATERAL SECURITY.

         To secure the payment of all amounts due to Lender by Borrower in
connection with the Loan and pursuant to terms of this Agreement and the Sixth
Amended Note, Borrower has granted Lender a security interest in those assets
described under the following documents: (i) the Security Agreement dated
February 1, 2002 between Origen LLC and Lender, as amended from time to time,
(ii) Amended and Restated Security Agreement dated February 1, 2002 between
Origen Inc. and Lender, as amended from time to time, (iii) the Amended and
Restated Stock Pledge Agreement dated February 1, 2002 between Origen Inc. and
Lender, as amended from time to time, (iv) the Limited Liability Company
Interest Security and Pledge Agreement dated February 1, 2002 between Origen LLC
and Lender, as amended from time to time, and (v) the Amended and Restated
Limited Liability Company Interest Security and Pledge Agreement dated February
1, 2002 between Origen Inc. and Lender, as amended from time to time.

         9.       MISCELLANEOUS.

                  A. Compliance with Lender Agreements. Borrower acknowledges
         that it has read and understands this Agreement, the Related Documents,
         and all other written agreements between Borrower and Lender, and
         Borrower agrees to fully comply with all of the agreements.

                  B. Further Action. Borrower agrees, from time to time, upon
         Lender's request to make, execute, acknowledge, and deliver to Lender,
         such further and additional instruments, documents, and agreements, and
         to take such further action as may be required to carry out the intent
         and purpose of this Agreement and prompt repayment of the Loan.

                  C. Governing Law/Partial Illegality. This Agreement and the
         Related Documents shall be interpreted and the rights of the parties
         determined under the laws of the State of Michigan. Should any part,
         term, or provision of this Agreement be adjudged illegal or in conflict
         with any law of the United States of America or State of Michigan, the
         validity of the remaining portion or provisions of the Agreement shall
         not be affected.

                  D. Writings Constitute Entire Agreement; Modifications Only in
         Writing. This Agreement together with all other written agreements
         between Borrower and Lender, including, without limitation, the Related
         Documents, constitute the entire agreement of the parties and there are
         no other agreements, express or implied. None of the parties shall be
         bound by anything not expressed in writing, and neither this Agreement
         nor the Related Documents can be modified except (i) by a writing
         executed by Borrower and by Lender, and (ii) with the prior consent of
         CSFBMC.

                  E. Successors, Assigns and Benefit. This Agreement shall inure
         to the benefit of and shall be binding upon all of the parties to this
         Agreement and their respective successors and assigns; provided
         however, that Borrower may not assign or transfer its rights or
         obligations under this Agreement without Lender's prior written
         consent. The parties hereto agree that holders of Senior Debt,
         including, without limitation, CSFBMC, are third party beneficiaries of
         this Agreement and this Agreement shall inure to the benefit of and be
         enforceable by such holders of Senior Debt.

                                      -7-

<PAGE>

                  F. Headings. All section and paragraph headings in this
         Agreement are included for reference only and do not constitute a part
         of this Agreement.

                  G. Term of Agreement. This Agreement shall continue in full
         force and effect until all of Borrower's obligations to Lender are
         fully satisfied and the Loan is fully repaid.

                  H. Counterparts; Reproductions. This Agreement may be executed
         in counterparts, each of which shall be deemed to be an original and
         all of which together shall constitute one instrument. Facsimile copies
         of signatures to this Agreement shall be deemed to be originals, and
         the parties may rely upon such facsimile copies to the same extent as
         the originals.

         10. DEFINITIONS. The following words shall have the following meanings
in this Agreement:

                  A. "Change of Control Event" shall mean, with respect to
         Borrower, (a) an event or series of events by which any person, entity
         or group (as such term is used in Section 13(d) and 14(d) of the
         Securities Exchange Act of 1934, as amended (the "Exchange Act")) of
         persons or other entities acting in concert as a partnership or other
         group (a "Group of Persons") (other than persons who are, or Groups of
         Persons entirely made up of, (i) management personnel of Borrower or
         (ii) any affiliates of any such management personnel) shall, as a
         result of a tender or exchange offer or offers, an open market purchase
         or purchases, a privately negotiated purchase or purchases or
         otherwise, become the beneficial owner (within the meaning of Rule
         13d-3 under the Exchange Act, except that a person or entity shall be
         deemed to have "beneficial ownership" of all securities that such
         person or entity has the right to acquire, whether such right is
         exercisable immediately or only after the passage of time), directly or
         indirectly, of 20% or more of the combined voting power of the then
         outstanding voting stock of Borrower; or (b) Borrower consolidates
         with, or merges with or into, another person or entity, or sells,
         assigns, conveys, transfers, leases or otherwise disposes of all or
         substantially all of its assets to any person or entity, or any person
         or entity consolidates with, or merges with or into Borrower, in any
         such event pursuant to a transaction in which the outstanding voting
         stock of Borrower is converted into or exchanged for cash, securities
         or other property.

                  B. "Event of Default" shall mean any of the events described
         in Section 5 of this Agreement or in the Related Documents.

                  C. "Financial Statements" shall mean all balance sheets,
         income statements, and other financial information which have been, are
         now, or in the future are furnished to Lender.

                  D. "Sixth Amended Note" shall mean that certain line of credit
         promissory note from Borrower to Lender, in the form attached hereto as
         EXHIBIT A, as amended from time to time.

                  E. "Related Documents" shall mean any and all documents,
         promissory notes, and agreements executed in connection with this
         Agreement. This term shall include documents existing before, at the
         time of execution of, and documents executed concurrent with or after
         the date of, this Agreement.

                         [signatures on following page]

                                      -8-
<PAGE>

         IN WITNESS WHEREOF, the parties have executed this Second Amended and
Restated Subordinated Loan Agreement as of the date first written above.

                                      BORROWER:

                                      ORIGEN FINANCIAL, L.L.C., a Delaware
                                      limited liability company

                                      By:  /s/  Ronald A. Klein
                                         ---------------------------------------

                                      Its:    Chief Executive Officer
                                           -------------------------------------

                                      LENDER:

                                      SUN COMMUNITIES OPERATING LIMITED
                                      PARTNERSHIP, a Michigan limited
                                      partnership

                                      By: Sun Communities, Inc., a Maryland
                                      corporation
                                      Its:  General Partner

                                               By:
                                                    ----------------------------

                                               Its:
                                                    ----------------------------

                                      -10-

<PAGE>

         IN WITNESS WHEREOF, the parties have executed this Second Amended and
Restated Subordinated Loan Agreement as of the date first written above.

                                      BORROWER:

                                      ORIGEN FINANCIAL, L.L.C., a Delaware
                                      limited liability company

                                      By:
                                         ---------------------------------------

                                      Its:
                                           -------------------------------------

                                      LENDER:

                                      SUN COMMUNITIES OPERATING LIMITED
                                      PARTNERSHIP, a Michigan limited
                                      partnership

                                      By: Sun Communities, Inc., a Maryland
                                      corporation
                                      Its:  General Partner

                                               By:    /s/  Gary A. Shiffman
                                                    ----------------------------

                                               Its: Chief Executive Officer
                                                    ----------------------------

                                      -10-<PAGE>

                                                                   EXHIBIT 10.37

                        SUBORDINATED TERM LOAN AGREEMENT

         THIS SUBORDINATED TERM LOAN AGREEMENT (as amended from time to time,
the "Agreement") is made and entered into as of this 4th day of December, 2002
by and between ORIGEN FINANCIAL, L.L.C., a Delaware limited liability company
("Borrower"), whose address is 260 East Brown Street, Suite 200, Birmingham,
Michigan 48009, and SUN COMMUNITIES OPERATING LIMITED PARTNERSHIP, a Michigan
limited partnership ("Lender"), whose address is 31700 Middlebelt Road, Suite
145, Farmington Hills, Michigan 48334.

                                    RECITALS:

         A. Borrower has requested from Lender, and Lender has agreed to make
the loan described below (the "Loan") to Borrower, in accordance with the terms
and conditions set forth in this Agreement.

         NOW, THEREFORE, the parties agree as follows:

         1. LOAN. The Loan provided hereunder shall have the following terms:

         Type of Loan:     Term Loan

         Interest Rate: 700 basis points over LIBOR, but not less than eleven
         percent (11%) per annum, or in excess of fifteen percent (15%) per
         annum

         Note Amount:      $10,000,000

         Maturity: December 31, 2003; provided that the due date shall be
         automatically extended to December 31, 2004 if the Master Repurchase
         Agreement between Borrower and Credit Suisse First Boston Mortgage
         Capital LLC dated December 18, 2001, as amended from time to time (the
         "CSFB Agreement"), is renewed on terms acceptable to Lender upon the
         expiration of the CSFB Agreement in May 2003.

The Loan and any amendments, extensions, renewals, or refinancing thereof are
subject to this Agreement.

         2. TERM PROMISSORY NOTE. Upon the execution of this Agreement, Borrower
shall execute and deliver the Term Promissory Note of even date herewith
attached to this Agreement as EXHIBIT A (the "Note") to evidence the
indebtedness under the Loan.

         3. BORROWER'S REPRESENTATIONS AND WARRANTIES. Borrower represents and
warrants to Lender, all of which representations and warranties shall be
continuing until the Loan is fully paid and Borrower's obligations under this
Agreement and the Related Documents are fully performed, as follows:

                  A. Borrower's Existence and Authority. Borrower is a Delaware
         limited liability company, and the person executing this Agreement on
         behalf of Borrower has full power and complete authority to execute
         this Agreement and all Related Documents on behalf of Borrower, and
         this Agreement and the Related Documents are valid, binding and
         enforceable against Borrower.

                  B. Financial Information. All financial information provided
         to Lender has been prepared and will continue to be prepared in
         accordance with generally accepted accounting principles ("GAAP"),
         consistently applied, and fully and fairly presents the financial
         condition of Borrower as of the date or for the operating period
         thereof. There

<PAGE>

         has been no material adverse change in Borrower's business, property,
         or financial condition since the date of Borrower's latest Financial
         Statements provided to Lender.

                  C. No Litigation/No Misrepresentations. There are no civil or
         criminal proceedings pending before any court, government agency,
         arbitration panel, or administrative tribunal or, to Borrower's
         knowledge, threatened against Borrower, which may result in any
         material adverse change in the business, property, or financial
         condition of Borrower. All representations and warranties in this
         Agreement and the Related Documents are true and correct and no
         material fact has been omitted.

         4. AFFIRMATIVE COVENANTS. As of the date of this Agreement and
continuing until all of Borrower's obligations under this Agreement and the
Related Documents are fully performed and the Loan is fully repaid to Lender,
Borrower shall at all times comply with the following covenants:

                  A. Notice of Adverse Events. Borrower shall promptly notify
         Lender in writing of any litigation, indictment, governmental
         proceeding, default, or any other occurrence which may have a material
         adverse effect on Borrower's business, property or financial condition.

                  B. Maintain Business Existence and Operations. Borrower shall
         do all things necessary to keep in full force and effect its corporate
         existence and continue its business as presently conducted.

                  C. General Compliance with Law. Borrower shall at all times
         operate its business in strict compliance with all applicable Federal,
         State, and local laws, ordinances and regulations, and refrain from
         engaging in any civil or criminal activity proscribed by Federal, State
         or local law.

                  D. Delivery of Financial Statements. Within forty-five (45)
         days after the end of each fiscal quarter, Borrower shall deliver to
         Lender copies of its unaudited financial statements prepared in
         accordance with GAAP, consistently applied. Within ninety (90) days
         after the end of each fiscal year, Borrower shall deliver to Lender
         copies of its audited financial statements prepared in accordance with
         GAAP, consistently applied.

         5. EVENTS OF DEFAULT. The occurrence of any of the following events
shall constitute an Event of Default under this Agreement:

                  A. Failure to Pay Amounts Due. Any amount of principal or
         interest under the Note is not paid when due.

                  B. Misrepresentations; False Financial Information. Any
         statement, warranty or representation of Borrower in connection with or
         contained in this Agreement, the Related Documents, or any Financial
         Statements now or hereafter furnished to Lender by or on behalf of
         Borrower, is false or misleading.

                  C. Noncompliance with Loan Agreements. Borrower breaches any
         covenant, term, condition or agreement stated in this Agreement, the
         Related Documents or any agreement relating to Senior Debt (as defined
         below).

                  D. Cessation/Termination of Existence. Borrower shall cease
         doing business or Borrower's existence is terminated by sale,
         dissolution, merger or otherwise.

                  E. Bankruptcy or Receivership. Any conveyance is made of
         substantially all of Borrower's assets, any assignment is made for the
         benefit of creditors, any receiver is

                                      -2-

<PAGE>

         appointed, or any insolvency, liquidation or reorganization proceeding
         under the Bankruptcy Code or otherwise shall be filed by or against
         Borrower.

                  F. Attachments; Tax Liens. Any attachment, execution, levy,
         forfeiture, tax lien or similar writ or process is issued against any
         property of Borrower.

                  G. Material Adverse Change. Any material adverse change occurs
         or is imminent the effect of which would be to substantially diminish
         Borrower's financial condition, business, or the ability to perform its
         agreements with Lender.

                  H. Other Lender Default. Any other indebtedness of Borrower to
         Lender or any other creditor (including, without limitation, Financial
         Institutions (as defined below) becomes due and remains unpaid after
         acceleration of the maturity or after the stated maturity.

                  I. Other Indebtedness. Borrower incurs any Indebtedness (other
         than Senior Debt) in excess of $100,000 in the aggregate after the date
         of this Agreement.

                  J. Change of Control Event. Absent Lender's prior written
         consent, any Change of Control Event with respect to Borrower occurs
         after Borrower's first draws on the Loan.

         6.       REMEDIES ON DEFAULT.

                  A. Acceleration Set-Off. Upon the occurrence of any Event of
         Default, Lender may, at Lender's option, declare the Loan to be
         immediately due and payable. The foregoing shall not in any way impair
         Lender's right to demand repayment under the terms of the Note.

                  B. Remedies; No Waiver. The remedies provided in this
         Agreement are cumulative and not exclusive, and Lender may exercise any
         remedies available to it at law, in equity, and as are provided in this
         Agreement, the Related Documents and any other written agreement
         between Borrower and Lender. No delay or failure of Lender in
         exercising any right, remedy, power, or privilege under this Agreement
         or the Related Documents shall affect that right, remedy, power or
         privilege, nor shall any single or partial exercise preclude the
         exercise of any other right, remedy, power or privilege. No delay or
         failure of Lender to demand strict adherence to the terms of this
         Agreement or the Related Documents shall be deemed to constitute a
         course of conduct inconsistent with Lender's right at any time, before
         or after any Event of Default, to prospectively demand strict adherence
         to the terms of this Agreement and the Related Documents.

         7.       SUBORDINATION.

                  A. The indebtedness evidenced by the Note and any renewals or
         extensions thereof (such indebtedness being herein called the
         "Subordinated Indebtedness") shall at all times be wholly subordinate
         and junior in right to payment in full of all Senior Debt (as defined
         below). The provisions of this section on subordination shall
         constitute a continuing offer to all persons who, in reliance upon such
         provisions, become holders of, or continue to hold, Senior Debt, and
         such provisions are made for the benefit of the holders of Senior Debt,
         and such holders are hereby made obligees hereunder the same as if
         their names were written herein as such, and they and/or each of them
         may proceed to enforce such provisions. Unless and until an event of
         default under any of the Senior Debt (other than an event of default
         which exists solely by reason of a default under this Agreement) shall
         have occurred and be continuing ("Superior Default"), Borrower shall

                                      -3-

<PAGE>

         pay the principal and interest on all Subordinated Indebtedness
         according to the terms hereof.

                  For purposes of this Agreement, "Senior Debt" means the
         principal of, and interest on and other amounts due on or in connection
         with any Indebtedness of Borrower (other than the Note) to any
         Financial Institution (as defined below), whether outstanding on the
         date of this Agreement, or thereafter created, incurred or assumed by
         Borrower (including all deferrals, renewals, extensions or refundings
         of, or amendments, modifications or supplements to, Indebtedness of the
         kind described in this clause). Notwithstanding anything herein to the
         contrary, Senior Debt shall not include: (a) Indebtedness of or amounts
         owed by Borrower for compensation to employees, or for goods or
         materials purchased in the ordinary course of business or for services,
         or (b) Indebtedness of Borrower to any of its subsidiaries or
         affiliates. In no event shall any Financial Institution be deemed to be
         an affiliate of Borrower. Indebtedness of Borrower to any of its
         subsidiaries or affiliates shall be pari passu in all respects with the
         Subordinated Indebtedness.

                  For purposes of this Agreement, "Financial Institution" means
         any bank as defined in section 3(a)(2) of the Securities Act of 1933,
         as amended (the "Securities Act"), savings and loan association or
         other institution as defined in section 3(a)(5)(A) of the Securities
         Act, insurance company as defined in section 2(13) of the Securities
         Act, or investment banking firm. For purposes of this Agreement, Credit
         Suisse First Boston Mortgage Capital, LLC ("CSFBMC") shall be
         considered a Financial Institution.

                  For purposes of this Agreement, "Indebtedness" means, with
         respect to any person, (a) any liability, contingent or otherwise, of
         such person (i) for borrowed money (whether or not the recourse of the
         lender is to the whole of the assets of such person or only to a
         portion thereof), (ii) evidenced by a note, debenture or similar
         instrument or representing the balance deferred and unpaid of the
         purchase price of any property purchased, (iii) for the payment of
         money relating to a lease that is required to be capitalized under
         GAAP; or (iv) to repurchase securities or other property, including
         without limitation, Borrower's obligations to repurchase securities
         under the CSFB Agreement; (b) any obligation secured by a lien to which
         the property or assets of such person are subject, whether or not the
         obligations secured thereby shall have been assumed by or shall
         otherwise be such person's legal liability; and (c) any and all
         deferrals, renewals, extensions and refundings of, or amendments,
         modifications or supplements to, any liability of the kind described in
         any of the preceding clauses (a) or (b).

                  B. The terms hereof, the subordination effected hereby and the
         rights of the holders of the Senior Debt shall not be affected by (a)
         any amendment of or addition or supplement to any Senior Debt or any
         instrument or agreement relating thereto, (b) any exercise or
         non-exercise of any right, power or remedy under or in respect of any
         Senior Debt or any instrument or agreement relating thereto, or (c) any
         waiver, consent, release, indulgence, extension, renewal, modification,
         delay or other action, inaction or omission, in respect of any Senior
         Debt or any instrument or agreement relating thereto or any security
         therefor or guaranty thereof, whether or not any holder of any
         Subordinated Indebtedness shall have had notice or knowledge of any of
         the foregoing.

                  C. Upon the happening of (a) a Superior Default which is a
         default in respect of payment of principal, premium, if any, or
         interest on Senior Debt or (b) a Superior Default (other than a
         Superior Default in respect of payment of principal, premium, if any,
         or interest on Senior Debt) and receipt by Lender of written notice
         thereof from any holder of Senior Debt, then until all Senior Debt
         shall have been paid in full, Borrower shall not, directly or
         indirectly, make or agree to make, and neither Lender nor any

                                      -4-

<PAGE>

         assignee or successor holder of any Subordinated Indebtedness shall
         demand, accept or receive (a) any payment (in cash, property or
         securities, by set-off or otherwise), direct or indirect, of or on
         account of any principal or interest in respect of any Subordinated
         Indebtedness, and no such payment shall be accepted by any holder of
         any Subordinated Indebtedness, or (b) any payment for the purpose of
         any redemption, purchase or other acquisition, direct or indirect, of
         any Subordinated Indebtedness, and no such payment shall be due.

                  In the case of any Superior Default (other than a Superior
         Default with respect to payment of principal, premium, if any, or
         interest on Senior Debt), the foregoing restrictions shall cease to
         apply to any payment received with respect to the Subordinated
         Indebtedness after the expiration of 180 days after the holder of
         Senior Debt shall have sent notice of the Superior Default to the
         holder of the Note, unless prior to the expiration of such 180-day
         period one or more holders of the Senior Debt shall have commenced and
         be diligently prosecuting an action, suit or other legal or equitable
         proceeding or otherwise take action or exercise any other remedy
         against Borrower or its property based upon the Superior Default, or
         unless a Superior Default which is a payment default shall have
         occurred and be continuing; provided, further, that during such 180-day
         period following the Superior Default (other than a Superior Default
         with respect to payment of principal, premium, if any, or interest on
         Senior Debt) the holders of the Subordinated Indebtedness shall refrain
         from prosecuting any such action, suit or other legal or equitable
         proceeding against Borrower or its property based upon an Event of
         Default hereunder.

                  In the event that a Superior Default (other than a Superior
         Default with respect to payment of principal, premium or interest on
         Senior Debt) is cured or is waived by the appropriate holders of the
         Senior Debt (whether by amendment to the applicable loan agreement,
         forbearance agreement or otherwise) prior to the expiration of the
         aforesaid 180-day period applicable to such Superior Default, then any
         Event of Default occurring under this Agreement solely by reason of the
         occurrence of such Superior Default shall be deemed not to have
         occurred. Any judicial proceedings initiated by a holder of
         Subordinated Indebtedness at a time when such holder has no knowledge
         that such proceedings are prohibited by this paragraph shall not be
         deemed a violation of any provisions of this Agreement and, upon
         receipt of notice from the holder of the Senior Debt that such
         proceedings are so prohibited, such holder of the Subordinated
         Indebtedness shall terminate such proceedings, without prejudice.

                  D. Upon any distribution (whether of cash, securities or other
         property) to creditors of Borrower in a liquidation or dissolution of
         Borrower, or in a bankruptcy, reorganization, insolvency, receivership,
         assignment for the benefit of creditors, marshalling of assets or
         similar proceeding relating to Borrower or its property:

                           (1) holders of Senior Debt shall be entitled to
         receive payment in full in cash of such Senior Debt (including interest
         accruing after the commencement of any such proceeding or interest that
         would have accrued but for the commencement of such proceeding to the
         date of payment on, and other amounts included in, Senior Debt) before
         the holder of the Note shall be entitled to receive any payment of
         principal of, premium (if any) or interest on the Note or any other
         distributions with respect to the Note;

                           (2) until the Senior Debt is paid in full in cash as
         provided in clause (1) of this paragraph, any distribution to which the
         holder of the Note would be entitled but for this section on
         subordination shall be made to the holders of Senior Debt as their
         interests may appear.

                  In the event that any payment or distribution of assets of
         Borrower prohibited by

                                      -5-

<PAGE>

         the provisions of this section on subordination of any kind or
         character, whether in cash, property or securities, shall be received
         by the holder of the Note before all Senior Debt is paid in full, or
         provision made for such payment in accordance with the terms of the
         Senior Debt, such payment or distribution shall be held in trust for
         the benefit of, and shall be paid over or delivered to, the holders of
         such Senior Debt or their representative or representatives, or to the
         trustee or trustees under any indenture pursuant to which any
         instruments evidencing any of such Senior Debt may have been issued, as
         their respective interests may appear, for application to the payment
         of all Senior Debt remaining unpaid to the extent necessary to pay such
         Senior Debt in full in accordance with its terms, after giving effect
         to any concurrent payment or distribution to the holders of such Senior
         Debt.

                  E. In the event that the Note is declared due and payable
         before its stated maturity because of the occurrence of an Event of
         Default hereunder, the holders of the Senior Debt shall be entitled to
         receive payment in full of all amounts due with respect to all Senior
         Debt before the holder of the Note is entitled to receive any payment
         on account of the principal of, premium (if any) or interest on, or any
         repurchase, redemption or other retirement (including, without
         limitation, any defeasance) of, the Note.

                  F. The holders of Subordinated Indebtedness shall not be
         subrogated to the rights of the holders of Senior Debt to receive
         payments or distributions of assets of Borrower applicable to the
         Senior Debt.

                  G. No payments or distributions to the holders of Senior Debt
         by or on behalf of Borrower by virtue of this Agreement which otherwise
         would have been made to the holder of the Note, shall, as between
         Borrower and the holder of the Note, be deemed to be payment by
         Borrower to or on account of the Senior Debt, it being understood that
         the provisions of this paragraph are intended solely for the purpose of
         defining the relative rights of the holders of Subordinated
         Indebtedness on the one hand and the holders of Senior Debt, on the
         other hand. Nothing contained herein is intended to or shall impair, as
         between Borrower and Lender, the obligation of Borrower, which is
         absolute and unconditional, to pay to Lender, the principal of and
         interest on the Subordinated Indebtedness as and when the same shall
         become due and payable in accordance with its terms, or is intended to
         or shall affect (except to the extent specifically provided in the
         above paragraph) the relative rights of the holders hereof and
         creditors of Borrower other than the holders of the Senior Debt, nor
         shall anything herein or therein prevent any holder of the Note from
         exercising all remedies otherwise permitted by applicable law upon
         default hereunder subject to the rights, if any, hereunder of the
         holders of Senior Debt in respect of cash, property or securities of
         Borrower received upon the exercise of any such remedy.

         8.       COLLATERAL SECURITY.

         To secure the payment of all amounts due to Lender by Borrower in
connection with the Loan and pursuant to terms of this Agreement and the Sixth
Amended Note, Borrower has granted Lender a security interest in those assets
described under the following documents: (i) the Security Agreement dated
February 1, 2002 between Origen LLC and Lender, as amended from time to time,
(ii) Amended and Restated Security Agreement dated February 1, 2002 between
Origen Financial, Inc. and Lender, as amended from time to time, (iii) the
Amended and Restated Stock Pledge Agreement dated February 1, 2002 between
Origen Financial, Inc. and Lender, as amended from time to time, (iv) the
Limited Liability Company Interest Security and Pledge Agreement dated February
1, 2002 between Origen LLC and Lender, as amended from time to time, and (v) the
Amended and Restated Limited Liability Company Interest Security and Pledge
Agreement dated February 1, 2002 between Origen Financial, Inc. and Lender, as
amended from time to time.

                                      -6-

<PAGE>

         9.       MISCELLANEOUS.

                  A. Compliance with Lender Agreements. Borrower acknowledges
         that it has read and understands this Agreement, the Related Documents,
         and all other written agreements between Borrower and Lender, and
         Borrower agrees to fully comply with all of the agreements.

                  B. Further Action. Borrower agrees, from time to time, upon
         Lender's request to make, execute, acknowledge, and deliver to Lender,
         such further and additional instruments, documents, and agreements, and
         to take such further action as may be required to carry out the intent
         and purpose of this Agreement and prompt repayment of the Loan.

                  C. Governing Law/Partial Illegality. This Agreement and the
         Related Documents shall be interpreted and the rights of the parties
         determined under the laws of the State of Michigan. Should any part,
         term, or provision of this Agreement be adjudged illegal or in conflict
         with any law of the United States of America or State of Michigan, the
         validity of the remaining portion or provisions of the Agreement shall
         not be affected.

                  D. Writings Constitute Entire Agreement; Modifications Only in
         Writing. This Agreement together with all other written agreements
         between Borrower and Lender, including, without limitation, the Related
         Documents, constitute the entire agreement of the parties and there are
         no other agreements, express or implied. None of the parties shall be
         bound by anything not expressed in writing, and neither this Agreement
         nor the Related Documents can be modified except (i) by a writing
         executed by Borrower and by Lender, and (ii) with the prior consent of
         CSFBMC.

                  E. Successors, Assigns and Benefit. This Agreement shall inure
         to the benefit of and shall be binding upon all of the parties to this
         Agreement and their respective successors and assigns; provided
         however, that Borrower may not assign or transfer its rights or
         obligations under this Agreement without Lender's prior written
         consent. The parties hereto agree that holders of Senior Debt,
         including, without limitation, CSFBMC, are third party beneficiaries of
         this Agreement and this Agreement shall inure to the benefit of and be
         enforceable by such holders of Senior Debt.

                  F. Headings. All section and paragraph headings in this
         Agreement are included for reference only and do not constitute a part
         of this Agreement.

                  G. Term of Agreement. This Agreement shall continue in full
         force and effect until all of Borrower's obligations to Lender are
         fully satisfied and the Loan is fully repaid.

                  H. Counterparts; Reproductions. This Agreement may be executed
         in counterparts, each of which shall be deemed to be an original and
         all of which together shall constitute one instrument. Facsimile copies
         of signatures to this Agreement shall be deemed to be originals, and
         the parties may rely upon such facsimile copies to the same extent as
         the originals.

         10. DEFINITIONS. The following words shall have the following meanings
in this Agreement:

                  A. "Change of Control Event" shall mean, with respect to
         Borrower, (a) an event or series of events by which any person, entity
         or group (as such term is used in Section 13(d) and 14(d) of the
         Securities Exchange Act of 1934, as amended (the

                                      -7-

<PAGE>

         "Exchange Act")) of persons or other entities acting in concert as a
         partnership or other group (a "Group of Persons") (other than persons
         who are, or Groups of Persons entirely made up of, (i) management
         personnel of Borrower or (ii) any affiliates of any such management
         personnel) shall, as a result of a tender or exchange offer or offers,
         an open market purchase or purchases, a privately negotiated purchase
         or purchases or otherwise, become the beneficial owner (within the
         meaning of Rule 13d-3 under the Exchange Act, except that a person or
         entity shall be deemed to have "beneficial ownership" of all securities
         that such person or entity has the right to acquire, whether such right
         is exercisable immediately or only after the passage of time), directly
         or indirectly, of 20% or more of the combined voting power of the then
         outstanding voting stock of Borrower; or (b) Borrower consolidates
         with, or merges with or into, another person or entity, or sells,
         assigns, conveys, transfers, leases or otherwise disposes of all or
         substantially all of its assets to any person or entity, or any person
         or entity consolidates with, or merges with or into Borrower, in any
         such event pursuant to a transaction in which the outstanding voting
         stock of Borrower is converted into or exchanged for cash, securities
         or other property.

                  B. "Event of Default" shall mean any of the events described
         in Section 5 of this Agreement or in the Related Documents.

                  C. "Financial Statements" shall mean all balance sheets,
         income statements, and other financial information which have been, are
         now, or in the future are furnished to Lender.

                  D. "Note" shall mean that certain line of credit promissory
         note from Borrower to Lender, in the form attached hereto as EXHIBIT A,
         as amended from time to time.

                  E. "Related Documents" shall mean any and all documents,
         promissory notes, and agreements executed in connection with this
         Agreement. This term shall include documents existing before, at the
         time of execution of, and documents executed concurrent with or after
         the date of, this Agreement.

                         [signatures on following page]

                                     - 8 -

<PAGE>

         IN WITNESS WHEREOF, the parties have executed this Subordinated Term
Loan Agreement as of the date first written above.

                                       BORROWER:

                                       ORIGEN FINANCIAL, L.L.C., a Delaware
                                       limited liability company

                                       By:  /s/   Ronald A. Klein
                                          --------------------------------------

                                       Its:  Chief Executive Officer
                                             -----------------------------------

                                       LENDER:

                                       SUN COMMUNITIES OPERATING LIMITED
                                       PARTNERSHIP, a Michigan limited
                                       partnership

                                       By: Sun Communities, Inc., a Maryland
                                       corporation
                                       Its:  General Partner

                                                By:
                                                   -----------------------------

                                                Its:
                                                    ----------------------------

                                       -9-

<PAGE>

         IN WITNESS WHEREOF, the parties have executed this Subordinated Term
Loan Agreement as of the date first written above.

                                       BORROWER:

                                       ORIGEN FINANCIAL, L.L.C., a Delaware
                                       limited liability company

                                       By:
                                          --------------------------------------

                                       Its:
                                             -----------------------------------

                                       LENDER:

                                       SUN COMMUNITIES OPERATING LIMITED
                                       PARTNERSHIP, a Michigan limited
                                       partnership

                                       By: Sun Communities, Inc., a Maryland
                                       corporation
                                       Its:  General Partner

                                                By:  /s/   Gary A. Shiffman
                                                   -----------------------------

                                                Its:   Chief Executive Officer
                                                    ----------------------------

                                       -9-

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