Document:

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                                                                   EXHIBIT 10.53

                     AMENDED AND RESTATED SECURITY AGREEMENT

      THIS AMENDED AND RESTATED SECURITY AGREEMENT (this "Agreement") is entered
into as of February 1, 2002 by and between ORIGEN FINANCIAL, INC., a Virginia
corporation whose address is 260 E. Brown Street, Suite 200, Birmingham,
Michigan 48009 ("Borrower") and SUN COMMUNITIES OPERATING LIMITED PARTNERSHIP, a
Michigan limited partnership whose address is 31700 Middlebelt Road, Suite 145,
Farmington Hills, MI 48334 ("Secured Party").

                                    RECITALS:

            A. Borrower and Secured Party entered into a Subordinated Loan
      Agreement dated December 18, 2001 (the "Original Loan Agreement"), in
      which Secured Party agreed to make a line of credit available to Borrower
      for up to $12,500,000 thereafter (the "Original Line of Credit"), and in
      connection with the Original Line of Credit Borrower executed and
      delivered to Sun Communities, Inc. a Demand Promissory Note dated December
      18, 2001, with an original principal amount of $12,500,000 (the "Original
      Note").

            B. To secure the payment of all amounts due to Secured Party by
      Borrower in connection with the Original Line of Credit and pursuant to
      terms of the Original Loan Agreement and the Original Note, and to secure
      all of Borrower's other obligations to Secured Party of any nature,
      Borrower executed a Security Agreement dated December 18, 2001 (the
      "Original Security Agreement").

            D. The Secured Party, Borrower, and Origen Financial, L.L.C., a
      Delaware limited liability company ("Origen LLC") have entered into an
      Amended and Restated Subordinated Loan Agreement dated February 1, 2002
      (as amended from time to time, the "Amended Loan Agreement") under which
      Secured Party has agreed to increase the Original Line of Credit up to the
      amount of $17,500,000 (the "Amended Line of Credit") as evidenced by an
      Amended and Restated Promissory Note dated February 1, 2002 (as amended
      from time to time, "Amended Note"), and pursuant to the terms of the
      Related Documents (as defined in the Amended Loan Agreement).

            E. To secure the payment of all amounts due to Secured Party by
      Borrower in connection with the Amended Line of Credit and pursuant to
      terms of the Amended Loan Agreement, the Amended Note and to secure all of
      Borrower's other obligations to Secured Party of any nature now or in the
      future owing from Borrower to Secured Party (the "Obligations"), Borrower,
      together with the Secured Party, desire to amend and restate the Original
      Pledge Agreement in accordance with the terms and conditions of this
      Agreement.

      THEREFORE, the parties hereby agree as follows:

      1. DEFINITIONS. Unless otherwise defined herein, the following terms shall
have the following meanings:
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      (a) "Accounts" means all "accounts", as such term is defined in Section
      9-102(2) of the Code, in which Borrower now or hereafter has any right,
      title or interest.

      (b) "Books" means all books, records and correspondence relating to the
      Collateral (as defined herein).

      (c) "Chattel Paper" means any and all "chattel paper", as such term is
      defined in Section 9-102(11) of the Code, in which Borrower now or
      hereafter has any right, title or interest.

      (d) "Code" means the Uniform Commercial Code as the same may from time to
      time be in effect in the State of Michigan.

      (e) "Contracts" means any and all contracts, instruments, undertakings,
      documents, leases or other agreements in or under which Borrower may now
      or hereafter has any right, title or interest and which pertain to the
      purchase, lease, sale or other disposition by Borrower of any Inventory,
      Equipment, Fixtures, real property or any interest in real property, as
      any of the same may from time to time be amended, supplemented or
      otherwise modified.

      (f) "Current Accounts" means an Account that arises from a bona fide
      outright sale of goods by Borrower, or from services performed by Borrower
      that is not subject to any claim of reduction, counterclaim, set-off,
      allowances, adjustments, or the like, and is not outstanding more than 60
      days from the date of its invoice.

      (g) "Documents" means any and all "documents" and "instruments", as such
      terms are defined in Section 9-102(30) and (47) of the Code, in which
      Borrower now or hereafter has any right, title or interest.

      (h) "Equipment" means all "equipment", as such term is defined in Section
      9-102(33) of the Code, in which Borrower now or hereafter has any right,
      title or interest.

      (i) "Fixtures" means, to the extent not otherwise included as Equipment,
      all machinery, apparatus, equipment, fittings, fixtures, furniture and
      furnishings in which Borrower now or hereafter has any right, title or
      interest located upon or affixed to or which becomes affixed to any real
      property owned or leased by Borrower, or any part thereof, and used or
      usable in connection with any future occupancy or use of such premises,
      including replacements and additions thereto.

      (j) "General Intangibles" means all "general intangibles", as such term is
      defined in Section 9-102(42) of the Code, in which Borrower now or
      hereafter has any right, title or interest. General Intangibles shall also
      include all equity interests of Borrower in other entities, including but
      not limited to membership interest in Origen Special Purpose II, L.L.C., a
      Delaware limited liability company.

      (k) "Inventory" means all "inventory", as such term is defined in Section
      9-102(48) of the Code, in which Borrower now or hereafter has any right,
      title or interest.

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      (l) "Loans" means any loan originated by or acquired by Borrower, whether
      an original loan, an additional loan or a substitution for an existing
      loan including all indebtedness of any Borrower with respect to such loans
      or any collateral pledge with respect to such loans including but not
      limited to any manufactured homes, together with all other collateral
      provided as security for such loans; servicing agreements, backup
      servicing agreements, servicing records, insurance, guarantees,
      indemnitees, and warranties and proceeds thereof, financing statements and
      other agreements or arrangements of whatever character from time to time
      relating to the loans, income if any from the loans, all hedges, all
      insured closing letters, all escrow instructions covering all or any of
      the loans, all collections from such loans, all blocked accounts and all
      amounts and deposits therein, all collection accounts and escrow accounts
      relating to any loan, all dealer financing agreements, all loan
      agreements, all loan documents, all consignment agreements, sale
      contracts, security agreements, the right to payment of interest or
      finance charges and collateral securing such obligations, and any other
      rights and other assets relating to such loans or any interest in the
      loans, whether constituting real or personal property, accounts, chattel
      paper, equipment, goods, instruments, general intangibles, inventory or
      proceeds, or securities backed by or representing an interest in such
      loans and any and all replacements, substitutions, distributions on or
      proceeds of any and all of the foregoing.

      (m) "Proceeds" means all "proceeds", as such term is defined in Section
      9-102(64) of the Code.

      2. SECURITY INTEREST. Borrower hereby grants to Secured Party a continuing
security interest in all of its right, title and interest in, to and under all
Accounts, Current Accounts, Books, Chattel Paper, Contracts, Documents,
Equipment, Fixtures, General Intangibles, Inventory, Loans and Proceeds
(collectively, the "Collateral"). This grant is made for the purpose of securing
the Obligations owing by Borrower to Secured Party. Borrower promises punctually
to pay the Obligations when it is so required in accordance with the Obligations
and any note or agreement evidencing the Obligations, including the Amended
Note.

      3. SUBORDINATION. The security interests in the Collateral granted to
Secured Party may be subordinate to and subject to liens or security interests
which the holders of Senior Debt (as defined in the Amended Loan Agreement) may
now or hereafter have in the Collateral as a result of any indebtedness of
Borrower comprising the Senior Debt. If subordinated, such subordination shall
be evidenced within the provisions of the Amended Loan Agreement, and, if
required by the holders of the Senior Debt, in a separate written subordination
agreement between the Secured Party and the holders of the Senior Debt.

      4. WARRANTIES AND COVENANTS. Borrower represents, warrants and covenants
to Secured Party as follows:

            (a) Except for the security interests granted hereby and any other
      security interests authorized by this Agreement or any other agreement
      between Borrower and Secured Party, Borrower is, or, as to Collateral to
      be acquired by Borrower after the date

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      hereof, will be, the owner of the Collateral free from any adverse lien,
      security interest or encumbrance other than those identified on the
      attached EXHIBIT A; and Borrower agrees to defend the Collateral and
      proceeds thereof against any claims and demands of all persons at any time
      claiming the same or any interest therein.

            (b) The security interests hereby created are valid and Borrower has
      the authority and right to subject the Collateral to the security
      interests hereby created.

            (c) All financial statements, certificates and other information
      concerning the financial condition of Borrower, and proceeds hereafter
      furnished by Borrower to Secured Party shall be in all respects true and
      correct at the time the same are provided and shall be deemed, for all
      purposes, to have been furnished by Borrower to Secured Party for the
      purpose of obtaining credit or an extension of credit.

            (d) This Agreement has been duly executed and delivered by a duly
      authorized officer of Borrower and constitutes the legal, valid and
      binding obligation of Borrower, enforceable in accordance with its terms.

            (e) Borrower does not conduct Borrower's business under any other
      name than that given above, and agrees not to change or reorganize the
      business entity under which it does business except upon the Secured
      Party's prior written approval.

            (f) There are no actions or proceedings either threatened or pending
      against Borrower which might result in any material adverse change in
      Borrower's financial condition or materially affect any of Borrower's
      assets.

All of Borrower's warranties contained in this Section 4 shall be continuing
warranties until Borrower has no remaining Obligations to Secured Party.

      5. LOSS OR DEPRECIATION OF COLLATERAL. Borrower shall immediately notify
Secured Party of any event causing a material loss or depreciation in value of
Collateral and the amount of such loss or depreciation.

      6. RECORDS, INSPECTION, AUDIT AND COVENANT FOR FURTHER ASSURANCES.

            (a) At the request of Secured Party, Borrower will advise Secured
      Party of the places where its books of Accounts and records, including all
      records of the Collateral and the dispositions made thereof by Borrower
      and of its Accounts and all collections thereon, are kept and maintained.

            (b) Borrower will keep and maintain such books and records with
      respect to the Collateral as Secured Party may from time to time
      reasonably prescribe for the purpose of enabling Secured Party to audit
      the same.

            (c) Borrower shall at all reasonable times and from time to time
      allow Secured Party, by or through any of its agents, attorneys or
      accountants, to examine or inspect the

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      Collateral wherever located and to examine, inspect and make extracts from
      Borrower's books and records. Borrower shall do, make, execute and deliver
      all such additional and further acts, things, deeds, assurances and
      instruments as Secured Party may reasonably require, to assure to Secured
      Party its rights hereunder.

      7. PRESERVATION AND DISPOSITION OF THE COLLATERAL AND PROCEEDS.

            (a) Borrower will keep the Collateral in good condition and will not
      waste or destroy any of the same. Borrower will not use the Collateral in
      violation of any statute or ordinance.

            (b) Borrower will pay promptly when due all taxes, assessments and
      governmental charges upon or against the Collateral before the same become
      delinquent and before penalties accrue thereon.

            (c) At its option, Secured Party may discharge taxes, liens, other
      encumbrances or security interests not otherwise authorized by this
      Agreement or any other agreement between Borrower and Secured Party at any
      time levied or placed on the Collateral and may pay for the maintenance
      and preservation of the Collateral. Borrower agrees to reimburse Secured
      Party, on demand, for any payment made or any expense incurred by Secured
      Party pursuant to the foregoing authorization.

            (d) Borrower, at its own expense, shall keep all of the Collateral
      fully insured against loss or damage by fire, theft, explosion, business
      interruption, and all other risks, in such amounts, with such companies,
      under such policies, and in such form as shall be satisfactory to Secured
      Party.

            (e) Borrower, unless in default, may use, consume and sell Inventory
      in carrying on its business in the ordinary course; but a sale in the
      ordinary course of business shall not include any transfer or sale in
      satisfaction, partial or complete, of a debt owed by Borrower. Borrower
      shall not, without the prior written consent of Secured Party, otherwise
      sell or dispose of the Collateral or any portion thereof.

      8. COLLECTIONS. In the absence of contrary instructions from Secured
Party, Borrower at its own expense shall take all necessary action promptly to
collect its Accounts and Loans. Upon an Event of Default, as such term is
defined in the Amended Loan Agreement, and when and to the extent required by
Secured Party, Borrower shall (a) pay or deliver all cash proceeds of Accounts
and Loans to Secured Party immediately upon receipt in the exact form received
without commingling with other property, or (b) immediately upon receipt,
deposit all such proceeds in a collateral collection account established and
controlled by Secured Party at a financial institution of its choosing, and/or
(c) notify account borrowers that their accounts, Loans and/or contract rights
(to the extent included in Accounts) have been assigned to Secured Party and
shall be paid directly to Secured Party. At its option, at any time after an
Event of Default and at Borrower's expense, Secured Party may, in addition to
its other rights hereunder, sue, compromise on terms it considers proper,
endorse, sell or otherwise deal with the Accounts and Loans and proceeds of any
Collateral either in its own name or that of Borrower. After deduction

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of any expenses, including, without limitation, attorneys fees and expenses, to
the extent permitted under applicable law, all proceeds received by Secured
Party may be applied by Secured Party to payment of any Obligations, if due,
whether at maturity, by acceleration or otherwise, in such order as Secured
Party may choose. At any time and from time to time, Secured Party may make like
application of the balance of the collateral collection account or it may
release all or a part of the balance to Borrower.

      9. ASSIGNMENTS, INVOICES AND INFORMATION. At Secured Party's request,
Borrower shall:

            (a) give Secured Party assignments in the form specified by Secured
      Party of specific Accounts and Loans as the Accounts and Loans arise;

            (b) furnish Secured Party with the original or a copy of invoices,
      and contracts applicable to each Account and Loan noting thereon, if
      Secured Party so requires, Secured Party's assignment and any additional
      statement required; and/or

            (c) notify Secured Party immediately if any Account or Loan arises
      out of a contract with the United States or any of its agencies and take
      any action required by Secured Party with reference to the Federal
      Assignment of Claims Act.

      10. NOTATION OF ASSIGNMENT, INFORMATION AND PAYMENT OF ACCOUNTS. When and
to the extent required by Secured Party, Borrower shall:

            (a) mark records of Accounts, Loans and contract rights (to the
      extent included in Accounts) in a manner satisfactory to Secured Party to
      show Secured Party's interest therein;

            (b) furnish to Secured Party satisfactory evidence of performance of
      contracts and Loans; and

            (c) give Secured Party lists of account borrowers (showing names,
      addresses and amounts owing) and such other data concerning its Accounts
      and Loans as Secured Party may from time to time specify.

      11. FINANCING STATEMENTS; PERFECTION.

            (a) Borrower irrevocably authorizes Secured Party to prepare and
      file any financing statement, amendments, continuations, and all other
      documents, as Secured Party deems necessary to perfect and maintain the
      security interest and lien granted herein. This authorization shall remain
      in full force and effect and may be relied on by Secured Party as long as
      any Obligations remain outstanding.

            (b) Borrower agrees to promptly execute and deliver to Secured
      Party, concurrently with this Agreement and at any time thereafter, at
      Secured Party's request, all financing statements, assignments, promissory
      notes, certificates of title, affidavits,

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      reports, notices, schedules of Accounts, designations of Inventory,
      letters of authority, stock certificates and any and all other documents
      and agreements, in form satisfactory to Secured Party, to perfect and
      maintain its security interest in the Collateral.

            (c) Except as otherwise provided in this Agreement or any other
      agreement between Borrower and Secured Party, without the prior written
      consent of Secured Party, Borrower will not allow or suffer any adverse
      financing statement covering the Collateral, or any portion thereof, to be
      on file in any public office.

      12. RIGHTS AND REMEDIES ON DEFAULT. Upon the occurrence of any Event of
      Default, and at any time thereafter, Secured Party shall have the rights
      and remedies of a secured party under the Code in addition to the rights
      and remedies provided herein or in any other instrument or agreement
      executed by Borrower.

      Without limiting the generality of the foregoing, Borrower expressly
      agrees that in any such event Secured Party, without demand of performance
      or other demand, advertisement or notice of any kind (except the notice
      specified below of time and place of public or private sale) to or upon
      Borrower or any other person (all and each of which demands,
      advertisements and/or notices are hereby expressly waived), may forthwith
      collect, receive, appropriate and realize upon the Collateral, or any part
      thereof, and/or may forthwith sell, lease, assign, give an option or
      options to purchase or sell or otherwise dispose of and deliver the
      Collateral (or contract to do so), or any part thereof, in one or more
      parcels at public or private sale or sales, at any exchange broker's board
      or at any of Secured Party's offices or elsewhere at such prices as
      Secured Party may deem best, for cash or on credit or for future delivery
      without assumption of any credit risk. Secured Party shall have the right
      upon any such public sale or sales and, to the extent permitted by law,
      upon any such private sale or sales, to purchase the whole or any part of
      the Collateral so sold, free of any right of equity of redemption, which
      equity of redemption Borrower hereby releases. Secured Party may require
      Borrower to assemble the Collateral and proceeds and make them available
      to Secured Party at a place to be designated by Secured Party which is
      reasonably convenient to all parties.

      Secured Party shall apply the net proceeds of any such collection,
      recovery, receipt, appropriation, realization or sale after deducting all
      reasonable costs and expenses of every kind incurred therein or incidental
      to the care, safe-keeping or otherwise of any or all of the Collateral or
      in any way relating to the rights of Secured Party hereunder, including,
      without limitation, reasonable attorneys fees and expenses, to the payment
      in whole or in part of the Obligations, in such order as Secured Party may
      elect, Borrower remaining liable for any deficiency remaining unpaid after
      such application, and only after so paying over such net proceeds and
      after the payment by Secured Party of any other amount required by any
      provision of law, need Secured Party account for the surplus, if any, to
      Borrower. To the extent permitted by applicable law, Borrower waives all
      claims, damages and demands against Secured Party arising out of the
      repossession, retention or sale of the Collateral. Unless the Collateral
      is perishable or threatens to decline speedily in value or is of a type
      customarily sold on a recognized market, Secured Party will give Borrower
      reasonable notice of the time and place of any public sale thereof or of
      the time

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      after which any private sale or other intended disposition thereof is to
      be made. The requirement of reasonable notice shall be met if such notice
      is mailed, postage prepaid, to the address of Borrower, at least ten (10)
      days before the time of the sale or disposition. Borrower shall pay to
      Secured Party on demand any and all expenses, including, without
      limitation, reasonable attorneys fees and expenses, to the extent
      permitted under applicable law, incurred or paid by Secured Party in
      protecting or enforcing the Obligations and other rights of Secured Party
      hereunder including its rights to take possession of Collateral and
      proceeds thereof.

      13. SECURED PARTY'S APPOINTMENT AS ATTORNEY-IN-FACT. Borrower hereby
irrevocably constitutes and appoints Secured Party, with full power of
substitution, as its true and lawful attorney-in-fact with full power and
authority in the place and stead of Borrower and in the name of Borrower or in
its own name, from time to time in the sole and absolute discretion of Secured
Party, for the purpose of carrying out the terms of this Agreement, to take any
and all appropriate action and to execute any and all documents and instruments,
including without limitation, any financing statements necessary or helpful to
perfect or continue Secured Party's security interest in the Collateral, which
may be necessary or desirable to accomplish the purposes of this Agreement. This
power of attorney being coupled by an interest shall be irrevocable so long as
any Obligations remain unpaid. All acts of any such attorney are ratified and
approved, and except for willful misconduct, he or she will not be liable for
any act or omission or for any error of judgment or mistake of law.

      14. SECURITY NOT CONTINGENT. Secured Party's rights under this Agreement
shall not be contingent upon the exercise or enforcement by Secured Party of any
other rights or remedies he may have against Borrower or others. No election by
Secured Party to proceed in one form of action or proceeding, or against any
party, or on any obligation, shall constitute a waiver of Secured Party's right
to enforce its rights under this Agreement.

      15. GENERAL. Secured Party shall not be deemed to have waived any of its
rights hereunder or under any other agreement or instrument signed by Borrower
unless such waiver be in writing and signed by Secured Party. No delay or
omission on the part of Secured Party in exercising any right shall operate as a
waiver of such right or any other right. A waiver on any one occasion shall not
be construed as a bar to or waiver of any right or remedy on any future
occasion. All of Secured Party's rights and remedies, whether evidenced hereby
or by any other agreement or instrument, shall be cumulative and may be
exercised singularly or concurrently. Any demand upon or notice to Borrower that
Secured Party may elect to give shall be effective when deposited in the mails
addressed to Borrower at its principal place of business. Demands or notices
addressed to Borrower's address at which Secured Party customarily communicates
with Borrower shall also be effective. This Agreement shall be terminated only
by the filing of a termination statement in accordance with the applicable
provisions of the Code and/or when there are no outstanding Obligations and no
commitments on the part of Borrower to Secured Party under any agreement which
might give rise to any Obligations. Prior to such termination this shall be a
continuing agreement in every respect. This Agreement and all rights and
obligations hereunder including matters of construction, validity and
performance, shall be governed by the laws of the State of Michigan. This
Agreement is intended to take effect when signed by Borrower and delivered to
Secured Party. This Agreement may be executed in counterparts, each

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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.

      IN WITNESS WHEREOF, the parties have executed this Amended and Restated
Security Agreement as of the day and year above written.

                                   "BORROWER"

                                   ORIGEN FINANCIAL, INC., a Virginia
                                   corporation

                                   By: /s/ Ronald Klein
                                       ----------------------------------------

                                   Its: CEO
                                        ---------------------------------------

                                   "SECURED PARTY"

                                   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: President
                                        ---------------------------------------

                                       9<PAGE>

                                                                   EXHIBIT 10.54

                   AMENDED AND RESTATED STOCK PLEDGE AGREEMENT

      This AMENDED AND RESTATED STOCK PLEDGE AGREEMENT (this "Agreement") is
entered into as of February 1, 2002, by and between ORIGEN FINANCIAL, INC., a
Virginia corporation ("Pledgor") and SUN COMMUNITIES OPERATING LIMITED
PARTNERSHIP, a Michigan limited partnership ("Secured Party").

                                    RECITALS:

      A. Pledgor is a shareholder of the following corporations: Origen Special
Holdings Corporation, a Delaware corporation ("OSH"), Origen Manufactured Home
Financial, Inc., a Virginia corporation ("OMHF"), and Origen Insurance Agency,
Inc., a Virginia corporation ("OIA", collectively with OSH and OMHF, the "Origen
Subsidiaries").

      B. The Secured Party had previously made available to Pledgor a line of
credit up to the amount of $12,500,000 (the "Original Loan"), pursuant to the
terms and conditions of that certain Subordinated Loan Agreement dated December
18, 2001, as amended, between Pledgor and the Secured Party (the "Original Loan
Agreement") and related documents.

      C. To secure the prompt satisfaction by Pledgor of all of its obligations
to the Secured Party under the Original Loan Agreement and related documents,
Pledgor executed and delivered to Secured Party a Limited Liability Company
Interest Security and Pledge Agreement dated December 18, 2001 (the "Original
Pledge Agreement").

      D. The Secured Party, Pledgor, and Origen Financial, L.L.C., a Delaware
limited liability company ("Origen LLC") have entered into an Amended and
Restated Subordinated Loan Agreement dated February 1, 2002 (as amended from
time to time, the "Amended Loan Agreement") under which Secured Party has agreed
to increase the line of credit under the Original Loan up to the amount of
$17,500,000 (the "Amended Loan") as evidenced by an Amended and Restated
Promissory Note dated February 1, 2002 (as amended from time to time, "Amended
Note"), and pursuant to the terms of the Related Documents (as defined in the
Amended Loan Agreement).

      E. To secure the prompt satisfaction by Pledgor of all of its obligations
to the Secured Party under the Amended Loan and to secure all of Borrower's
other obligations to Secured Party of any nature now or in the future owing from
Borrower to Secured Party, Pledgor, together with Secured Party, desires to
amend and restate the Original Pledge Agreement in accordance with the terms and
conditions of this Agreement.

      NOW, THEREFORE, in consideration of the foregoing, and the mutual
covenants contained herein, the parties agree as follows:

      1. GRANT OF SECURITY INTEREST. As security for the prompt and complete
payment and performance when due of all liabilities, obligations or indebtedness
owing by Pledgor to Secured Party under the Amended Loan Agreement, the Related
Documents and all of Borrower's other obligations to Secured Party of any nature
now or in the future owing from Borrower to Secured Party (collectively, the
"Obligations"), Pledgor pledges and grants to Secured Party a continuing
security interest in, and lien on, all of Pledgor's right, title and interest in
and to the common stock and the preferred stock of the Origen Subsidiaries
(collectively, the "Shares"), together with all certificates, options, warrants
or other distributions or rights issued as an addition to, in substitution or in
exchange for, or on account of, the Shares, and all proceeds of the foregoing,
including, without limitation, any and all dividends, cash, instruments and
other property from time to time received, receivable or otherwise distributed
in respect of, or in exchange for, any of the above (collectively, the "Pledged
Stock").
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      2. DELIVERY OF CERTIFICATES. Concurrent with the execution and delivery of
this Agreement, Secured Party has retained possession of the stock certificates
evidencing the Shares (the "Certificates"). The Certificates have been retained
by Secured Party in order to perfect the pledge established hereunder and this
Agreement shall be interpreted so as to cause the pledge of the Shares to be
perfected. Secured Party acknowledges that, for all other purposes, Pledgor is
the lawful and beneficial owner of the Shares. Secured Party shall hold the
Certificates in accordance with the terms and conditions of this Agreement.

      3. FUTURE RECEIPTS. If Pledgor receives or becomes entitled to receive
any:

            (a) stock certificate(s) issued in respect of the Pledged Stock,
      including, without limitation, any certificate representing a stock
      dividend or payable in respect of the Pledged Stock or issued in
      connection with any increase or reduction of capital, reclassification,
      merger, consolidation, sale of assets, combination of shares, stock split,
      spin-off or split-off;

            (b) option, warrant or right, whether issued as an addition to, in
      substitution or in exchange for, or on account of, any of the Pledged
      Stock; or

            (c) dividends or distributions on the Pledged Stock payable other
      than in cash, including securities issued by other than Secured Party or
      the Company;

Pledgor shall accept the same as Secured Party's agent, in trust for Secured
Party, and shall deliver same to Secured Party, in the exact form received with,
as applicable, Pledgor's endorsement when necessary or appropriate stock powers
duly executed in blank. Any property received by Secured Party hereunder shall
be held by Secured Party pursuant to the terms of this Agreement as additional
security for the Obligations.

      4. CASH DIVIDENDS AND DISTRIBUTIONS. So long as no Event of Default has
occurred and is continuing under the Amended Loan Agreement or the Related
Documents (an "Event of Default"), Pledgor may receive for its own use all cash
dividends and distributions on the Pledged Stock.

      5. VOTING AND OTHER RIGHTS. So long as no Event of Default has occurred
and is continuing, Pledgor may exercise any and all voting and other consensual
rights with respect to the Pledged Stock for any purpose not inconsistent with
the terms of this Agreement.

      6. SECURED PARTY'S DUTIES. Subject to applicable law, Secured Party shall
have no duty with respect to the Pledged Stock beyond the exercise of reasonable
care to assume the safe custody of the Pledged Stock while held hereunder.
Without limiting the generality of the foregoing, Secured Party shall have no
obligation to take any steps to preserve rights in the Pledged Stock against any
other parties or to exercise any rights represented thereby; provided, however,
that Secured Party may, at its option, do so and Pledgor shall reimburse the
Secured Party for all expenses incurred in connection therewith.

      7. COVENANTS AND WARRANTS OF PLEDGOR. Pledgor covenants that, until the
Obligations have been satisfied in full, Pledgor will not sell, convey or
otherwise dispose of any of the Pledged Stock or any interest therein, or
create, incur, or permit to exist any pledge, mortgage, lien, charge,
encumbrance or any security interest whatsoever in or with respect to any of the
Pledged Stock except for that created hereby. Pledgor warrants, and will at the
Pledgor's expense defend, the Secured Party's right, title and security interest
in and to the Pledged Stock against the claims of any person.

      8. EVENT OF DEFAULT AND REMEDIES. Upon the occurrence of an Event of
Default, the Secured Party, in its discretion, shall have the right to exercise
each and all of the following

                                      - 2 -
<PAGE>
remedies (which remedies are cumulative and are in addition to, and not
exclusive of, any rights or remedies provided by law, including, without
limitation, the rights and remedies of a secured party under the Michigan
Uniform Commercial Code):

            (a) Cash Dividends. All cash dividends and distributions on the
            Pledged Stock shall be paid to the Secured Party. In the event
            Pledgor shall receive any such cash dividends or distributions,
            Pledgor shall hold same as Secured Party's agent, in trust for
            Secured Party, and shall deliver same to Secured Party in the exact
            form received with the Pledgor's endorsement when necessary.

            (b) Voting Rights. Secured Party, at its option, may vote the
            Pledged Stock in its discretion. Pledgor hereby grants to Secured
            Party or its nominee an irrevocable proxy to exercise all voting and
            other rights and privileges relating to the Pledged Stock, which
            proxy shall be effective immediately upon the occurrence of an Event
            of Default and written notice to Pledgor of Secured Party's election
            to exercise such proxy, and shall be coupled with an interest. After
            the occurrence of an Event of Default and upon request of Secured
            Party, Pledgor agrees to deliver to Secured Party such further
            evidence of such irrevocable proxy to vote the Pledged Stock as
            Secured Party may request. Any or all of the Pledge Stock held by
            Secured Party hereunder may at any time be registered in the name of
            Secured Party or its nominee, and upon Secured Party's request,
            Pledgor will cause the issuer of the Pledged Stock to effect such
            registration. Pledgor hereby appoints Secured Party as its
            attorney-in-fact to arrange for the transfer of the Pledged Stock to
            the name of Secured Party or its nominee and all acts of Secured
            Party as attorney-in-fact are hereby ratified and confirmed and such
            power is coupled with an interest and is irrevocable until the
            Obligations are paid in full. Secured Party may exercise all rights
            and privileges herein granted with respect to the Pledged Stock
            without liability and Secured Party shall have no duty to exercise
            any of the aforesaid rights or privileges and shall not be
            responsible for any failure to do so or delay in so doing.

            (c) Disposition of Pledged Stock. Secured Party may, without demand
            of performance or other demand, advertisement or notice of any kind
            (except the notice specified below of time and place of public or
            private sale) to Pledgor or any other person realize upon the
            Pledged Stock or any part thereof, and may sell or otherwise dispose
            of and deliver the Pledged Stock or any part thereof or interest
            therein, in one or more parcels at public or private sale or sales,
            at any exchange, broker's board or at the Secured Party's offices or
            elsewhere, at such prices and on such terms (including, without
            limitation, a requirement that any purchaser purchase the Pledged
            Stock for investment and without any intention to make a
            distribution thereof) as they may deem best, for cash or on credit,
            or for future delivery without assumption of any credit risk, with
            the right to Secured Party or any purchaser to purchase upon any
            such sale the whole or any part of the Pledged Stock free of any
            right or equity of redemption in Pledgor, which right or equity is
            hereby expressly waived and released. Secured Party need not give
            more than five (5) days notice of the time and place of any public
            sale or of the time after which a private sale may take place, which
            notice Pledgor hereby deems reasonable.

            (d) Application of Proceeds. Any cash dividend or distribution
            received by Secured Party and the proceeds of any disposition of the
            Pledged Stock by Secured Party shall be applied as follows:

                        (i) First, to the costs and expenses incurred in
                  connection with enforcing this Agreement or incidental thereto
                  or to the care or safekeeping

                                     - 3 -
<PAGE>
                  of any of the Pledged Stock or in any way relating to the
                  rights of Secured Party, including reasonable attorneys' fees
                  and legal expenses;

                        (ii) Second, to the satisfaction of the Obligations;

                        (iii) Third, to the payment of any other amounts
                  required by applicable law (including, without limitation, the
                  Michigan Uniform Commercial Code); and

                        (iv) Fourth, to Pledgor to the extent of any surplus
                  proceeds.

      9. FURTHER ASSURANCES. Pledgor shall, at any time and from time to time,
upon the written request of Secured Party, execute and deliver such further
documents and do such further acts and things as Secured Party may reasonably
request to effect the purposes of this Agreement.

      10. TERMINATION. Upon the satisfaction in full of the Obligations and the
payment of all additional costs and expenses of Secured Party hereunder, this
Agreement shall terminate and Secured Party shall deliver, or cause to be
delivered, to Pledgor the Certificates necessary to transfer title to the Shares
to Pledgor.

      11. WITHHOLDING TAXES. Pledgor shall pay all withholding taxes on the
Shares, and Pledgor hereby indemnifies Secured Party, its General Partner, and
their officers, directors, agents and representatives from and against any and
all liability associated with the withholding taxes on the Shares.

      12. MISCELLANEOUS PROVISIONS.

            (a) This Agreement shall be governed by, and construed and enforced
in accordance with, the laws of the State of Michigan.

            (b) All of the terms contained herein shall survive the consummation
of the transactions contemplated herein, and shall be binding upon and inure to
the benefit of and be enforceable by and against, the parties and their
respective successors, assigns, heirs at law, legal representatives and estates.

            (c) This Agreement and any other documents executed in connection
herewith together constitute the full and entire understanding and agreement
among the parties with respect to the transactions herein contemplated, and
shall supersede all prior understandings or agreements relating thereto, whether
written or oral, all of which are declared to be null and void and of no further
force or effect.

            (d) This Agreement may only be amended or modified, and any of the
terms, conditions, covenants, representations or warranties contained herein may
only be waived, by a written instrument duly executed by the parties.

            (e) The paragraph headings in this Agreement are for convenience of
reference only and are not to be considered in construing this Agreement. This
Agreement may be executed in counterparts and all counterparts, when taken
together, shall constitute but one and the same agreement. 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.

                            [signature page attached]

                                     - 4 -
<PAGE>
      IN WITNESS WHEREOF, the parties have executed this Amended and Restated
Stock Pledge Agreement as of the day and year above written.

                                     PLEDGOR:

                                     ORIGEN FINANCIAL, INC., a Virginia
                                     corporation

                                     By: /s/ Ronald Klein
                                         ---------------------------------------

                                     Its:  CEO
                                          --------------------------------------

                                     SECURED PARTY:

                                     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: CEO
                                               ---------------------------------

                                     - 5 -

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