Document:

Form of Indemnification Agreement

 Exhibit 10.7 

 
 INDEMNIFICATION AGREEMENT 

 
 THIS INDEMNIFICATION AGREEMENT
(“Agreement”) is made as of                     , 2013 by and between TRI Pointe Homes, Inc., a Delaware corporation (the
“Company”), and
                                        , a
director and/or officer of the Company (the “Indemnitee”). 
  
 WHEREAS, the Company has concluded that to retain and attract talented and experienced individuals to serve as directors and officers of the Company, it is necessary for the Company to
contractually indemnify officers and directors and to assume for itself maximum liability for expenses and damages in connection with claims against such directors and officers in connection with their service to the Company; 

 
 WHEREAS, Section 145 of the Delaware General
Corporation Law (the “DGCL”), under which the Company is organized, empowers the Company to indemnify by agreement its officers, directors, employees and agents, and persons who serve, at the request of the Company, as directors,
officers, employees or agents of other corporations or enterprises, and expressly provide that the indemnification provided by the DGCL is not exclusive; 
  

WHEREAS, the Company’s Certificate of Incorporation (the “Certificate of Incorporation”) and the
Company’s Bylaws (the “Bylaws”) authorize the Company to provide indemnification and to advance expenses to the full extent permitted by Delaware law; 

 
 WHEREAS, Indemnitee is currently serving as a[n]
[director][and][officer] of the Company and the Company wishes Indemnitee to continue his service in such capacity without concern of unwarranted personal liability arising out of or related to such services to the Company; 

 
 WHEREAS, the Company wishes to provide Indemnitee with
an independent contractual right to indemnification and advancement of expenses in addition to those rights provided by the DGCL, the Certificate of Incorporation and the Bylaws; 

 
 NOW, THEREFORE, the Company and Indemnitee, intending
to be legally bound, hereby agree as follows: 
  

1.    Indemnification in Third Party Proceedings. The Company shall indemnify, defend, and hold harmless
Indemnitee from and against, and shall compensate and reimburse Indemnitee for, any Damages (as defined below) that are directly or indirectly suffered or incurred by Indemnitee as a result of, or are directly or indirectly connected with, any
threatened, pending or completed action, suit or proceeding (other than an action, suit or proceeding by or in the right of the Company to procure a judgment in its favor), whether civil, criminal, administrative or investigative (a
“Proceeding”), to which Indemnitee is or was a party, or is threatened to be made a party, by reason of, or arising from, the fact that Indemnitee is or was an officer of the Company or any of its subsidiaries or a member of the
boards of directors of the Company or any of its subsidiaries (collectively, the “Company’s Board”), by reason of any action or inaction on the part of Indemnitee in his role as an officer of the Company or any of its
subsidiaries or member of the Company’s Board, or by reason of the fact that Indemnitee is or was serving at the request of the Company as a director, officer, employee, agent or fiduciary of 

 
the Company or of another corporation, partnership, joint venture, trust or other enterprise, provided, however, that the Company shall not be obligated to indemnify Indemnitee under this
Section 1 unless Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company, and, with respect to any criminal Proceeding, Indemnitee had no reasonable cause to
believe Indemnitee’s conduct was unlawful. The termination of any Proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent shall not, of itself, create a presumption that
(i) Indemnitee did not act in good faith, (ii) Indemnitee did not act in a manner which Indemnitee reasonably believed to be in the best interests of the Company, or (iii) with respect to any criminal Proceeding, Indemnitee had
reasonable cause to believe that Indemnitee’s conduct was unlawful. Anyone seeking to overcome the presumption that Indemnitee is entitled to indemnification under this Section 1 shall have the burden of proof and the burden of persuasion
by clear and convincing evidence. “Damages” shall mean any Expenses (as defined below), judgments, fines or amounts paid in settlement actually and reasonably incurred by Indemnitee or on his behalf in connection with a Proceeding.
“Expenses” shall mean any direct and indirect costs and expenses actually and reasonably incurred by Indemnitee or on his behalf in connection with the investigation, defense or appeal of a Proceeding, including any fee (including any
legal fee, expert fee, accounting fee or advisory fee), charge, cost (including any cost of investigation) or expense of any nature, but shall not include the amount of any judgments, fines or amounts paid in settlement of any Proceeding.

  
 2.    Indemnification in
Proceedings by or in the Right of the Company. The Company shall indemnify, defend, and hold harmless Indemnitee from and against, and shall compensate and reimburse Indemnitee for, any Expenses and, to the extent permitted by law, amounts paid
in settlement that are directly or indirectly suffered or incurred by Indemnitee as a result of, or are directly or indirectly connected with, any threatened, pending or completed Proceeding by or in the right of the Company to procure a judgment in
its favor, to which Indemnitee is or was a party, or is threatened to be made a party, by reason of, or arising from, the fact that Indemnitee is or was an officer of the Company or any of its subsidiaries or a member of the Company’s Board, by
reason of any action or inaction on the part of Indemnitee in his role as an officer of the Company or any of its subsidiaries or a member of the Company’s Board or by reason of the fact that Indemnitee is or was serving at the request of the
Company as a director, officer, employee, agent or fiduciary of the Company or of another corporation, partnership, joint venture, trust or other enterprise, provided, however, that the Company shall not be obligated to indemnify Indemnitee under
this Section 2: (1) unless Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company; or (2) for any claim, issue or matter as to which Indemnitee shall
have been adjudged to be liable to the Company by a court of competent jurisdiction due to willful misconduct of a culpable nature in the performance of his duty to the Company, unless and only to the extent that the court in which such Proceeding
is or was pending shall determine upon application that, despite the adjudication of such liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnity for Expenses and then only to the extent
that the court shall determine. The termination of any Proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent shall not, of itself, create a presumption that (i) Indemnitee did not act
in good faith, or (ii) Indemnitee did not act in a manner which Indemnitee reasonably believed to be in the best interests of the Company. 

  
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 Anyone seeking to overcome the presumption that Indemnitee is entitled to indemnification
under this Section 2 shall have the burden of proof and the burden of persuasion by clear and convincing evidence. 
  

3.    Expenses; Indemnification Procedure. 

 
 (a)    Advancement of Expenses.
The Company shall advance all Expenses incurred by Indemnitee in connection with the investigation, defense, settlement or appeal of any Proceeding referenced in Sections 1 or 2 hereof (but not amounts actually paid in settlement of any such
Proceeding). Indemnitee hereby undertakes to repay such amounts advanced only if, and to the extent that, it shall ultimately be determined such Expenses were not reasonable or that Indemnitee is not entitled to be indemnified by the Company under
the provisions of this Agreement, the Certificate of Incorporation or Bylaws of the Company, the DGCL or otherwise. The advances to be made hereunder shall be paid by the Company to Indemnitee within ten (10) days following delivery of a
written statement therefor by Indemnitee to the Company. Such statement or statements shall reasonably evidence the Expenses incurred by Indemnitee. Any advances and undertakings to repay pursuant to this Section 3(a) shall be made without
regard to the financial ability of Indemnitee to make repayment and shall be unsecured and interest free. 
  

(b)    Witness Expenses. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee
is, by reason of, or arising from, the fact that Indemnitee is or was an officer of the Company or a member of the Company’s Board, a witness in any Proceeding to which Indemnitee is not a party, he shall be indemnified against all expenses
actually and reasonably incurred by him or on his behalf in connection therewith. 
  
 (c)    Notice/Cooperation by Indemnitee. Indemnitee shall give the Company notice in writing as soon as practicable of the commencement of, or the threat of commencement of, any
claim made against Indemnitee for which indemnification will or could be sought under this Agreement. Notice to the Company shall be directed to the President of the Company at the address shown on the signature page of this Agreement (or such other
address as the Company shall designate in writing to Indemnitee). In addition, Indemnitee shall give the Company such information and cooperation as it may reasonably require and as shall be within Indemnitee’s power. 

 
 (d)    Procedure. Any
indemnification provided for in Sections 1 or 2 shall be made no later than thirty (30) days after receipt of the written request of Indemnitee. If a claim under this Agreement, under any statute, or under any provision of the
Company’s Certificate of Incorporation or Bylaws providing for indemnification, is not paid in full by the Company within thirty (30) days after a written request for payment thereof has first been received by the Company, Indemnitee may,
but need not, at any time thereafter bring an action against the Company to recover the unpaid amount of the claim and, subject to Section 18 of this Agreement, Indemnitee shall also be entitled to be paid for the Expenses (including
attorneys’ fees) of bringing such action. It shall be a defense to any such action (other than an action brought to enforce a claim for Expenses incurred in connection with any Proceeding in advance of its final disposition) that Indemnitee has
not met the standard of conduct which makes it permissible under applicable law for the Company to indemnify Indemnitee for the amount 

  
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claimed, but the burden of proving such defense shall be on the Company. Neither the failure of the Company (including the Company’s Board, any committee or subgroup of the Company’s
Board, independent legal counsel, or the Company’s stockholders) to have made a determination that indemnification of Indemnitee is proper in the circumstances because Indemnitee has met the applicable standard of conduct required by applicable
law, nor an actual determination by the Company (including the Company’s Board, any committee or subgroup of the Company’s Board, independent legal counsel, or the Company’s stockholders) that Indemnitee has not met such applicable
standard of conduct, shall create a presumption that Indemnitee has or has not met the applicable standard of conduct. 
  

(e)    Settlements. Notwithstanding anything to the contrary contained herein, the Company shall not be
required to indemnify Indemnitee under this Agreement for any amounts paid in settlement of any Proceeding effected without the Company’s prior written consent. The Company shall not settle any Proceeding in any manner that would impose any
penalty or limitation on Indemnitee without Indemnitee’s prior written consent. Neither the Company nor Indemnitee shall unreasonably withhold their consent to any proposed settlement. 
  
 (f)    Selection of Counsel. In the event the Company shall be obligated under
Section 3(a) hereof to pay the Expenses of any Proceeding against Indemnitee, the Company, if appropriate, shall be entitled to assume the defense of Indemnitee in such Proceeding, with counsel approved by Indemnitee, which approval shall not
be unreasonably withheld, upon the delivery to Indemnitee of written notice of its election to do so. After delivery of such notice, approval of such counsel by Indemnitee and the retention of such counsel by the Company, the Company will not be
liable to Indemnitee under this Agreement for any fees of counsel subsequently incurred by Indemnitee with respect to the same Proceeding; provided, that (i) Indemnitee shall have the right to employ his counsel in any such Proceeding at
Indemnitee’s expense; and (ii) if (A) the employment of counsel by Indemnitee has been previously authorized by the Company, (B) counsel to Indemnitee shall have reasonably concluded that there may be a conflict of interest
between the Company and Indemnitee in the conduct of any such defense or (C) the Company shall not, in fact, have employed counsel to assume the defense of such Proceeding, then in each case, the fees and expenses of Indemnitee’s counsel
shall be at the expense of the Company, except as otherwise expressly provided in this Agreement. 
  
 4.    Additional Indemnification Rights; Nonexclusivity. 
  

(a)    Scope. Notwithstanding any other provisions of this Agreement, the Company hereby agrees to indemnify
Indemnitee to the fullest extent permitted by law, notwithstanding that such indemnification is not specifically authorized by the other provisions of this Agreement, the Certificate of Incorporation, the Bylaws or by statute. In the event of any
change, after the date of this Agreement, in any applicable law, statute or rule which expands the right of a Delaware corporation to indemnify a member of its board of directors, such changes shall be, ipso facto, within the purview of
Indemnitee’s rights and the Company’s obligations, under this Agreement. In the event of any change in any applicable law, statute or rule which narrows the right of a Delaware corporation to indemnify a member of its board of directors,
such changes, to the extent not otherwise required by such law, statute or rule to be applied to this Agreement shall have no effect on this Agreement or the parties’ rights and obligations hereunder. 

  
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 (b)    Nonexclusivity. The provisions for indemnification and
advancement of Expenses provided by this Agreement shall not be deemed exclusive of any rights to which Indemnitee may be entitled under the Certificate of Incorporation, the Bylaws, any agreement, any vote of stockholders or disinterested
directors, Delaware law, or otherwise, both as to action in Indemnitee’s official capacity and as to action in another capacity while holding such office. Indemnitee’s rights provided under this Agreement shall continue after Indemnitee
has ceased acting as an officer of the Company or any of its subsidiaries or a member of the Company’s Board. 
  

5.    Partial Indemnification and Contribution. 
  
 (a)    Partial Indemnification. If Indemnitee is entitled under any provision of
this Agreement to indemnification by the Company for some or a portion of the Expenses, judgments, fines or amounts paid in settlement actually and reasonably incurred by him in the investigation, defense, settlement or appeal of any Proceeding, but
is not entitled, however, to indemnification for the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion of such Expenses, judgments, fines or amounts paid in settlement to which Indemnitee is entitled. For
purposes of this Section 5(a) and without limitation, the termination of any claim, issue or matter by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter. 

 
 (b)    Contribution. If the
indemnification provided in this Agreement is unavailable in whole or in part and may not be paid to Indemnitee for any reason other than those explicitly set forth herein, then in respect to any Proceeding in which the Company is jointly liable
with Indemnitee (or would be if joined in such Proceeding), to the fullest extent permissible under applicable law, the Company, in lieu of indemnifying and holding harmless Indemnitee, shall pay, in the first instance, all Damages and Expenses
actually and reasonably incurred by Indemnitee in connection with such Proceeding without requiring Indemnitee to contribute to such payment, and the Company hereby waives and relinquishes any right of contribution it may have at any time against
Indemnitee. 
  

6.    Determination of Right To Indemnification. Any indemnification under this Agreement shall
be made by the Company unless a determination is made that indemnification of such Indemnitee is not proper in the circumstances because he has not met the applicable standards of conduct set forth in Section 1 or 2, as applicable, hereof. Any
such determination shall be made (i) by a majority vote of the directors who are not parties to the Proceeding in question (“Disinterested Directors”), even if less than a quorum, (ii) by a majority vote of a committee of
Disinterested Directors designated by majority vote of Disinterested Directors, even if less than a quorum, (iii) by a vote of stockholders who are not at that time parties to the Proceeding in question holding a majority of the outstanding
shares of stock of all classes entitled to vote on the matter, voting as a single class, (iv) by independent legal counsel, or (v) by a court of competent jurisdiction. 

 
 7.    Mutual Acknowledgment. Both
the Company and Indemnitee acknowledge that in certain instances, Federal law or applicable public policy may prohibit the Company from indemnifying its directors, officers or other advisors under this Agreement or otherwise. Indemnitee understands
and acknowledges that the Company has undertaken or may be required 

  
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in the future to undertake to the Securities and Exchange Commission to submit the question of indemnification to a court in certain circumstances for a determination of the Company’s right
under public policy to indemnify Indemnitee. 
  

8.    Severability. Nothing in this Agreement is intended to require or shall be construed as requiring the
Company to do or fail to do any act in violation of applicable law. The Company’s inability, pursuant to applicable law (as determined by a court of competent jurisdiction), to perform its obligations under this Agreement shall not constitute a
breach of this Agreement. The provisions of this Agreement shall be severable as provided in this Section 8. If this Agreement or any portion hereof shall be held to be invalid, illegal or unenforceable for any reason whatsoever, then
(a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, all portions of any provisions of this Agreement containing any such provision held to be invalid, illegal or
unenforceable that are not themselves invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and (b) to the fullest extent possible, the provisions of this Agreement (including, without limitation, all portions
of any provisions of this Agreement containing any such provision held to be invalid, illegal or unenforceable that are not themselves invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested by the
provision held invalid, illegal or unenforceable. 
  

9.    Exceptions. Any other provision herein to the contrary notwithstanding, the Company shall not be
obligated pursuant to the terms of this Agreement to indemnify Indemnitee or to advance Expenses in connection with any of the following: 
  

(a)    Excluded Acts. Any actions or omissions or transactions from which an officer or director of a
corporation may not be relieved of liability under Delaware law; 
  
 (b)    Claims Initiated by Indemnitee. Any Proceedings or claims initiated or brought voluntarily by Indemnitee and not by way of defense, except with respect to Proceedings
brought to establish or enforce a right to indemnification and/or advancement of Expenses arising under this Agreement, the Certificate of Incorporation, the Bylaws or any other statute or law, but such indemnification or advancement of Expenses may
be provided by the Company in specific cases if the Company’s Board finds it to be appropriate; 
  

(c)    Lack of Good Faith. Any Proceeding instituted by Indemnitee to enforce or interpret this Agreement, if a
court of competent jurisdiction determines that each of the material assertions made by Indemnitee in such Proceeding was not made in good faith or was frivolous; 

 
 (d)    Claims Under
Section 16(b). Expenses and the payment of profits arising from the purchase and sale by Indemnitee of securities in violation of Section 16(b) of the Securities Exchange Act of 1934, as amended, or any similar successor statute;

  
 (e)    Insurance
Payments. Any claims for which payment is actually made to Indemnitee under a valid, enforceable and collectible insurance policy; 
  

(f)    Other Payments. To the extent that Indemnitee is indemnified and actually paid or Expenses are advanced
otherwise than pursuant to this Agreement; 

  
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 (g)    Personal Advantage. If it is proved by final judgment in a
court of law or other final adjudication to have been based upon or attributable to Indemnitee’s in fact having gained any personal profit or advantage to which he was not legally entitled; or 

 
 (h)    Unlawful Indemnification.
If a final decision by a court having jurisdiction in the matter shall determine that such indemnification or advancement of Expenses is not lawful. 
  

10.    Remedies of Indemnitee. In the event that (i) the Company makes a determination that Indemnitee is
not entitled to indemnification under Section 1 or 2 of this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 3 of this Agreement, or (iii) payment of indemnification is not made pursuant to this
Agreement within thirty (30) days after receipt by the Company of a written request therefor, Indemnitee shall be entitled to an adjudication in an appropriate court in the State of Delaware, or in any other court of competent jurisdiction, of
his entitlement to such indemnification and shall be entitled to reimbursement of Expenses incurred in connection therewith in accordance with Section 18. 
  

11.    Insurance. To the extent that the Company maintains an insurance policy or policies providing liability
insurance for directors, officers, employees, agents or fiduciaries of the Company or any other corporation, partnership, joint venture or other enterprise which such person serves at the request of the Company, Indemnitee shall be covered by such
policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any such director, officer, employee, agent or fiduciary under such policy or policies. 

 
 12.    Subrogation. In the event
of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including
execution of such documents as are necessary to enable the Company to bring suit to enforce such rights. 
  

13.    Effectiveness of Agreement. To the extent that the indemnification permitted under the terms of certain
provisions of this Agreement exceeds the scope of the indemnification provided for under Delaware law, such provisions shall not be effective unless and until the indemnification permitted by such provisions comes within the scope of the
indemnification provided for under Delaware law. In all other respects, the balance of this Agreement shall be effective as of the date set forth on the first page. 

 
 14.    Enforcement. The Company
expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby in order to induce Indemnitee to serve as an officer of the Company or any of its subsidiaries and/or a member of the
Company’s Board, and the Company acknowledges that Indemnitee is relying upon this Agreement as consideration for serving as an officer of the Company or any of its subsidiaries or a member of the Company’s Board. 

 
 15.    Construction of Certain
Phrases. 
  
 (a) For purposes of this Agreement,
references to the “Company” shall include, in addition to the resulting corporation, any constituent corporation (including any 

  
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constituent of a constituent) absorbed in a consolidation or merger which, if its separate existence had continued, would have had power and authority to indemnify its directors, officers,
employees or agents, so that if Indemnitee is or was a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, Indemnitee shall stand in the same position under the provisions of this
Agreement with respect to the resulting or surviving corporation as Indemnitee would have with respect to such constituent corporation if its separate existence had continued. 

 
 (b) For purposes of this Agreement, references to “other
enterprises” shall include employee benefit plans; references to “fines” shall include any ERISA excise taxes or penalties; and references to “serving at the request of the Company” shall include any service as a director,
officer, employee or agent of the Company which imposes duties on, or involves services by, such director, officer, employee or agent with respect to an employee benefit plan, its participants, or beneficiaries. 

 
 16.    Counterparts. This
Agreement may be executed in one or more counterparts, each of which shall constitute an original. 
  
 17.    Successors and Assigns. This Agreement shall be binding upon the Company and its successors and assigns, and shall inure to the benefit of Indemnitee and
Indemnitee’s estate, heirs, legal representatives and assigns. This Agreement will continue in effect whether Indemnitee continues to serve as an officer or director of the Company or any of its subsidiaries or any other enterprise at the
Company’s request. 
  

18.1    Attorneys’ Fees. In the event that any action is instituted by Indemnitee under this Agreement to
enforce or interpret any of the terms hereof, or to recover under any directors’ and officers’ liability insurance policies maintained by the Company, Indemnitee shall be entitled to be paid all court costs and Expenses, including
reasonable attorneys’ fees, incurred by Indemnitee with respect to such action, unless as a part of such action, the court of competent jurisdiction determines that each of the material assertions made by Indemnitee as a basis for such action
were not made in good faith or were frivolous. In the event of an action instituted by or in the name of the Company under this Agreement or to enforce or interpret any of the terms of this Agreement, Indemnitee shall be entitled to be paid all
court costs and Expenses, including attorneys’ fees, incurred by Indemnitee in defense of such action (including with respect to Indemnitee’s counterclaims and cross-claims made in such action), unless as a part of such action the court
determines that each of Indemnitee’s material defenses to such action were made in bad faith or were frivolous. 
  

19.    Notices. All notices, requests, demands and other communications under this Agreement shall be in
writing and shall be deemed duly given (i) if delivered by hand and receipted for by the party addressee, on the date of such receipt, or (ii) if mailed by domestic certified or registered mail, properly addressed with postage prepaid, on
the third business day after the date postmarked; otherwise a notice shall be deemed duly given when such notice shall be actually received by the addressee. Addresses for notice to either party are as shown on the signature page of this Agreement,
or as subsequently modified by written notice. The failure to notify the Company shall not relieve the Company of any obligation which it may have to Indemnitee under this Agreement or otherwise. 

  
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 20.    Modification and Waiver. No supplement, modification,
termination or amendment of this Agreement shall be binding unless executed in writing by both parties. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not
similar) nor shall such wavier constitute a continuing waiver. 
  
 21.    Choice of Law. This Agreement shall be governed by and its provisions construed in accordance with the laws of the State of Delaware as applied to contracts between
Delaware residents entered into and to be performed entirely within Delaware. 
  
 [Signature Page Follows] 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Indemnification Agreement
as of the date first above written. 
  
 AGREED TO AND ACCEPTED

  

									
	INDEMNITEE:	 		 	TRI POINTE HOMES, INC.
					
	 By:
	 	 	 		 	 By:
	 	 
		 		 		 		 	 Name:  

	 Address:
	 		 		 	 Title:    

					
	 	 	 	 		 		 	
					
	 	 	 	 		 		 	
					
	 	 	 	 		 		 	

  
 10Exhibit 10.68

 Exhibit 10.68 
 LOAN AGREEMENT 
 THIS LOAN AGREEMENT (as amended, modified or
supplemented from time to time, this “Agreement”), dated as of the      day of October, 2011, is made by and between BCL PENDERBROOK, LLC, a Delaware limited liability company (“Lender”),
and COMSTOCK PENDERBROOK, L.C., a Virginia limited liability company (“Borrower”). 
 RECITALS

 A. Borrower desires to obtain a loan to refinance all of the condominium units owned by Borrower (the
“Units”) and appurtenant undivided percentage interests in the common elements (the “Common Elements”) in the condominium known as Penderbrook Square (the “Condominium”) located at 3905 Penderview
Drive, Fairfax, Virginia and more particularly described in Exhibit A attached hereto (the “Property”). 

B. Lender is willing to make a loan to Borrower in the principal amount of Five Million Four Hundred
Twelve Thousand Three Hundred Thirty Dollars ($5,412,330)
(the “Loan”) on the terms and subject to the conditions set forth in this Agreement. 
 AGREEMENT

 For and in consideration of the mutual covenants set forth in this Agreement, and for other good and valuable
consideration, the receipt and sufficiency of which are acknowledged, Lender and Borrower agree as follows: 
 SECTION ONE

 THE LOAN 
 1.1 Advance. Upon the satisfaction of the conditions precedent set forth in Section 3, Lender shall advance the Loan to Borrower by wire transfer in immediately available funds to an
account or accounts designated by Borrower. 
 1.2 Note. The Loan will be evidenced by a Deed of Trust Note made
by Borrower payable to the order of Lender (as the same may be further amended, renewed, restated, supplemented or substituted from time to time, the “Note”). 
 1.3 Use of Proceeds. The proceeds of the Loan will be used (a) to pay off the outstanding principal amount and any accrued and unpaid interest, fees, and other charges under the Amended
and Restated Promissory Note dated February 1, 2007 in the original principal amount of $17,339,125.42 made by Borrower and payable to the order of Guggenheim Corporate Funding, LLC (as successor-in-interest to Corus Bank, N.A.) and
(b) for general corporate purposes. For the avoidance of doubt, general corporate purposes do not include (i) prepayment of debt or making of any other debt payments other than regular debt payments scheduled as of the closing of the Loan,
except as otherwise expressly permitted in the Loan Documents (as defined in Section 3.1(a)); (ii) payment of employee compensation or rent accrued for more than 30 days as of the closing of the Loan, provided however, such payments
shall not be prohibited if (x) they are repaid from the proceeds of the sale or refinance of the project owned by Comstock Cascades II, L.C. (“Cascades”) and (y) the aggregate outstanding indebtedness of Borrower and its
affiliates to Lender and its affiliates divided by the sum of (1) the appraised value of the Units as set forth in the Note that are encumbered by the Deed of Trust and (2) the agreed upon appraised value of other real property owned by
Borrower or any of its affiliates that are encumbered by a mortgage, deed of trust, or deed to secure debt securing any indebtedness to Lender or any of its affiliates (the “Aggregate LTV”) is equal to or less than fifty percent
(50%); 

  
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(iii) payment of any operating and capital expenses outside the ordinary course of business without the prior written approval of Lender, which approval shall be granted or withheld in
Lender’s sole and absolute discretion and (iv) payment of dividends or similar forms of distributions before the Loan is repaid in full without the prior written approval of Lender, which approval shall be granted or withheld in
Lender’s sole and absolute discretion. 
 1.4 Guaranty. Comstock Homebuilding Companies, Inc., a Delaware
corporation (“Comstock”), Comstock Emerald Farm, L.C., a Virginia limited liability company, and Comstock Potomac Yard, L.C., a Virginia limited liability company (collectively, “Guarantors”), shall jointly and
severally guaranty the payment and performance of Borrower’s obligations, covenants and agreements under the Loan Documents (hereinafter defined), which guaranty shall be secured by a first priority perfected security interest in all of
Guarantors’ unencumbered assets as more particularly set forth in a guaranty, pledge and security agreement made by Guarantors in favor of Lender (the “Guaranty”). 

1.5 Term. The Note shall mature upon the date that is thirty-six (36) months after the date of closing on the Loan
(the “Maturity Date”). 
 1.6 Fees. Borrower shall pay Lender a fee of one percent (1%) of
the principal amount of the Loan, which fee shall be payable in full upon closing of the Loan. 
 1.7 Security.
The Loan shall be secured by, among other things, the following: 
  

	 	(i)	the Guaranty; 

  

	 	(ii)	a first lien Deed of Trust, Security Agreement and Fixture Filing made by Borrower for the benefit of Lender (as amended, restated, supplemented or substituted, the
“Deed of Trust”) on the Property; 

  

	 	(iii)	an Assignment of Leases and Rents made by Borrower for the benefit of Lender (as amended, restated, supplemented or substituted, the “Leases
Assignment”) on the Property; 

  

	 	(iv)	an Assignment of Sales Contracts and Deposits made by Borrower for the benefit of Lender (as amended, restated, supplemented or substituted, the “Contracts
Assignment”); 

  

	 	(v)	an Environmental Indemnity Agreement made by Borrower and Guarantors for the benefit of Lender (as amended, restated, supplemented or substituted, the
“Environmental Indemnity”); 

  

	 	(vi)	UCC-1 Financing Statements (as amended, restated, supplemented or substituted, the “Financing Statements”). 

1.8 Stonehenge Subordination Agreement. It is understood and acknowledged that the Loan is part of the Senior Indebtedness
(as defined in the Subordination Agreement dated July 12, 2011 by Stonehenge Funding, L.C. and Comstock for the benefit of BCL Eclipse, LLC) to which indebtedness of any type from Comstock to Stonehenge Funding, L.C. is made wholly subordinate.

 SECTION TWO 
 PAYMENTS, ETC. 
 2.1 Payments; Prepayments. Payments of
principal, including mandatory prepayments, and interest with respect to the Loan shall be due and payable as set forth in the Note. All payments due under the Loan 

  
 2 

 
Documents shall be made in immediately available funds to Lender at such place as designated by Lender from time to time. Payments shall be applied, at Lender’s sole discretion:
(i) first, to payment of accrued and unpaid interest, if any; (ii) second, to payment of any principal then due, if any; (iii) third, to late charges, if any; (iv) fourth, to reasonable attorneys’ fees and costs of
collection and (v) fifth, to reduce the outstanding principal balance of the Note until such principal shall have been fully repaid. All payments hereunder shall be made without offset, demand, counterclaim, deduction, abatement, defense, or
recoupment, each of which Borrower hereby waives. The terms and conditions of optional prepayments are as set forth in the Note. 
 2.2 Late Charges. If any payment due under the Note is not made within ten (10) days following its due date, Borrower shall pay to Lender upon demand a late charge equal to five percent
(5%) of the amount of such payment. 
 2.3 Default Rate. After an Event of Default (hereinafter defined), the
interest which accrues on the Note shall be increased to the Default Rate (as defined in the Note). 
 2.4
Computations. Interest and fees on the Loan shall be computed on the basis of a year of three hundred sixty (360) days and actual days elapsed. 
 2.5 Indebtedness. As used in this Agreement, the term “Indebtedness” means all present and future indebtedness of Borrower to Lender arising out of or in connection with the
Note or any of the other Loan Documents. 
 SECTION THREE 

CONDITIONS 
 3.1 Conditions Precedent to Closing. In addition to any other conditions stated in this Agreement, the following conditions must be satisfied prior to Lender closing on the Loan: 

 

	 	(a)	Loan Documents. Receipt by Lender of appropriately completed and duly executed originals of this Agreement, the Note, the Guaranty, the Deed of
Trust, the Leases Assignment, the Contracts Assignment, the Environmental Indemnity and the Financing Statements, all as Lender may require (collectively with any other documents executed and delivered evidencing the Indebtedness, the “Loan
Documents”); 

  

	 	(b)	Organizational Documents. Borrower shall provide to Lender: (i) a currently certified copy of its articles of organization and all amendments
thereto; (ii) evidence satisfactory to Lender and its counsel that it is in good standing in the jurisdiction where organized and qualified to do business in every jurisdiction in which the nature of its businesses or its properties makes such
qualification necessary; (iii) resolutions authorizing the due execution and delivery of the Loan Documents to which it is a party and (iv) certified copies of its operating agreement and all amendments thereto. Each Guarantor shall
provide to Lender: (i) a currently certified copy of its articles or certificate of incorporation or organization, as applicable, and all amendments thereto; (ii) evidence satisfactory to Lender and its counsel that it is in good standing
in the jurisdiction where organized and qualified to do business in every jurisdiction in which the nature of its businesses or its properties makes such qualification necessary; (iii) resolutions authorizing the due execution and delivery of
the Loan Documents to which it is a party and a certificate of incumbency and (iv) certified copies of its bylaws or operating agreement, as applicable, and all amendments thereto (all of the foregoing, collectively, the “Organizational
Documents”). 

  
 3 

	 	(c)	Opinion. Receipt by Lender of the opinion of the counsel for Borrower and Guarantors, in form and content satisfactory to Lender, in its sole, but
reasonable, discretion. 

  

	 	(d)	Insurance. Receipt by Lender of certificate(s) of insurance to evidence a fully paid policy or policies of comprehensive public liability insurance
naming Lender as an additional insured thereunder in an amount not less than Two Million Dollars ($2,000,000) in the aggregate, with not less than One Million Dollars ($1,000,000) per occurrence; in any event, the amount of all insurance shall be
sufficient to prevent any co-insurance contribution on any loss, with each policy providing for a thirty (30) day prior written notice of cancellation, amendment or alteration; together with the insurance required pursuant to Section 2.3
of the Deed of Trust. 

  

	 	(e)	Financing Statements. The financing statements necessary to perfect Lender’s security interest in the personal property subject to the Deed of
Trust and the personal property subject to the Guaranty, and in any other collateral requiring filing of a financing statement for perfection of a lien thereon, shall be duly filed, and Borrower and Guarantors each hereby consent to and authorize
such filing, in all appropriate offices and jurisdictions. All other financing statements covering any of such personal property shall be terminated or Lender shall be reasonably satisfied that such terminations are forthcoming, and filing and
recording receipts evidencing such filings and terminations shall be delivered to Lender, all in form and substance satisfactory to Lender. 

  

	 	(f)	Property Documents. Lender shall have received and approved, in its sole discretion, the following: 

 

	 	(1)	Appraisal. An appraisal of the Property prepared by an appraiser acceptable to Lender, in form and content acceptable to Lender, conforming to all regulatory and
internal appraisal guidelines applicable to or established by Lender, in its sole, absolute, nonreviewable discretion, reflecting an “as is” value and a “discounted cash flow value” satisfactory to Lender (the
“Appraisal”), such Appraisal having been received and previously approved by Lender. For the avoidance of doubt; Borrower acknowledges that the gross appraised value to be used to calculate any mandatory prepayment under
Section 4(a) of the Note is as set forth in Schedule 4(a) to the Note and not as set forth in the Appraisal; 

  

	 	(2)	Title Insurance. A commitment for title insurance (the “Title Commitment”) insuring the first priority lien of the Deed of Trust, containing no
exceptions unacceptable to Lender, issued in the name of Lender by a title company acceptable to Lender and in an amount equal to the principal amount of the Note. Such Title Commitment and the title policy issued pursuant thereto (the
“Title Policy”) shall reflect that all requirements for the issuance of the Title Policy have been satisfied, and shall contain such other endorsements or coverages as Lender may require; 

 

	 	(3)	Condominium Documents. Copies of all condominium documents and all amendments thereto with respect to the Property, including without limitation the plats and
plans, declaration, bylaws, rules and regulations, current condominium operating budget and any notices of special assessment (collectively, the “Condominium Documents”); 

 

	 	(4)	Environmental Audit. A Phase I environmental audit of the Property prepared by an environmental consulting firm acceptable to Lender, in its sole discretion,
confirming that the Property is in compliance with all applicable environmental laws; 

  
 4 

	 	(5)	Flood Hazard. Evidence that no part of the building(s) in which the Units are located is located in a special flood hazard area; 

 

	 	(6)	Zoning. Receipt by Lender of a zoning endorsement to the Title Policy acceptable to Lender or such other written evidence as is acceptable to Lender that the
Property is zoned consistent with the uses contemplated; 

  

	 	(7)	Leases; Sales Agreements. Copies of all existing leases and sales agreements with respect to the Property, if any, together with (i) such information
regarding pre-qualification and deposit as may be in Borrower’s possession or control and (ii) a proposed form of lease and form of sales agreement for future leases and sales; 

 

	 	(8)	Management Agreements. Copies of all management agreements with respect to the Property; 

 

	 	(9)	Certificates of Occupancy. Copies of all certificates of occupancy with respect to the Property; 

 

	 	(10)	Service Contracts. Copies of all service contracts related to the Property; 

 

	 	(11)	Licenses and Permits. Copies of all licenses and permits related to the Property; 

 

	 	(12)	Rent Roll. Certified rent roll for the Property as of the date of the closing of the Loan and 

 

	 	(13)	Tax Bills. Copies of all real estate tax bills with respect to the Property during the two-year period prior to closing of the Loan. 

 

	 	(g)	No Default. No event shall have occurred and be continuing that constitutes an Event of Default (as defined below). 

 

	 	(h)	Representations. All representations and warranties contained in this Agreement shall be true and correct in every material respect as of the date
of closing. 

  

	 	(i)	Fees and Expenses. Borrower shall pay in full all fees and charges incurred by Lender in the procuring and making of the Loan, including without
limitation, the reasonable fees and disbursements of Lender’s attorneys, charges for the Appraisal, fees and expenses relating to examination of title, title insurance premiums, surveys, and document recording, documentary, transfer or other
similar taxes and revenue stamps and Lender’s loan fees. 

  

	 	(j)	Satisfactory Documents and Other Matters. All documents delivered pursuant to this Agreement must be in form and substance satisfactory to Lender
and its counsel, and all legal matters incident to this Agreement must be satisfactory to Lender’s counsel. 

  
 5 

 SECTION FOUR 
 REPRESENTATIONS AND WARRANTIES 
 In order to induce Lender to extend credit
to Borrower, Borrower and each Guarantor make the following representations and warranties as to itself as applicable: 
 4.1
Organization. Borrower is a limited liability company duly organized, validly existing and in good standing under the laws of the Commonwealth of Virginia and is duly qualified as a foreign limited liability company and in good standing
under the laws of each other jurisdiction in which such qualification is required. Each Guarantor is a corporation or a limited liability company, as applicable, duly organized, validly existing and in good standing under the laws of the State of
Delaware or the Commonwealth of Virginia, as applicable, and is duly qualified as a foreign corporation or limited liability company, as applicable, and in good standing under the laws of each other jurisdiction in which such qualification is
required. 
 4.2 Execution and Delivery. Borrower and each Guarantor has the power, and has taken all the
necessary actions, to execute and deliver and perform its respective obligations under the Loan Documents, and the Loan Documents, when executed and delivered, will be binding obligations of Borrower enforceable in accordance with their respective
terms. 
 4.3 Power and Authority. Borrower and each Guarantor has the power and authority to own its properties
and to carry on its business as now being conducted. 
 4.4 Financial Statements. All financial statements and
information delivered to Lender by Borrower or any Guarantor are correct and complete in all material respects, and present fairly the financial conditions, and reflect all known liabilities, contingent and otherwise, of Borrower and Guarantors as
of the dates of such statements and information, and since such dates no material adverse change in the assets, liabilities, financial condition, business or operations of Borrower or any Guarantor has occurred. 

4.5 Taxes. All tax returns and reports of Borrower and Guarantors required by law to be filed have been duly filed, and all
taxes, assessments, other governmental charges or levies (other than those presently payable without penalty or interest and those that are being contested in good faith in appropriate proceedings) upon Borrower or any Guarantor and upon any of its
properties, assets, income or franchises that are due and payable have been paid. 
 4.6 Litigation. There is no
action, suit or proceeding pending or, to the knowledge of Borrower or any Guarantor, threatened against or affecting Borrower or any Guarantor that, either in any case or in the aggregate, may result in any material adverse change in the business,
properties or assets or in the condition, financial or otherwise, of Borrower or any Guarantor, or that may result in any material liability on the part of Borrower or any Guarantor that would materially and adversely affect the ability of Borrower
or any Guarantor to perform its and/or their obligations under the Loan Documents, or that questions the validity of any of the Loan Documents or any action taken or to be taken in connection with the Loan Documents. 

4.7 No Breach. The execution and delivery of the Loan Documents, and compliance with the provisions of the Loan Documents,
will not conflict with or violate any provisions of law or conflict with, result in a breach of, or constitute a default under the Organizational Documents, any judgment, order or decree binding on Borrower or any Guarantor, or any other agreements
to which Borrower or any Guarantor is a party. 
 4.8 No Defaults. Except for Existing Debt identified on
Schedule 4.14 that is subject to a forbearance agreement that remains in good standing, and to the best of Borrower’s and Guarantors’ knowledge, neither Borrower nor any Guarantor is in default with respect to any debt, direct or
indirect, or with respect to the Condominium Documents. 

  
 6 

 4.9 Compliance. Borrower and each Guarantor is in compliance in all material
respects with all applicable laws and regulations, including, without limitation, the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). 
 4.10 Approvals. No authorizations, approvals or consents of, and no filings and registrations with, any governmental or regulatory authority or agency are necessary for the execution,
delivery or performance of the Loan Documents by Borrower or any Guarantor. 
 4.11 Title to Assets. Borrower and
each Guarantor has good and marketable title to all of its assets, subject only to the liens and security interests permitted by this Agreement. 
 4.12 Use of Proceeds. The proceeds of the Loan shall be used only for the purposes set forth in Section 1.3 of this Agreement. The proceeds of the Loan shall not be used to
purchase or carry any margin stock, as such term is defined in Regulations U and X of the Board of Governors of the Federal Reserve System. 
 4.13 Perfection and Priority. When the Loan is advanced, Lender shall have a valid, enforceable and perfected security interest in the Security Property (as defined in the Deed of Trust) and
the Collateral (as defined in the Guaranty), subject only to liens permitted by Lender. 
 4.14 Outstanding Debt; Accrued
Obligations. As of the closing, (i) Borrower will have no outstanding debt other than the Loan, and (ii) no Guarantor will have any outstanding debt other than the debt set forth on Schedule 4.14 attached hereto (the
“Existing Debt”). As of the closing, Borrower and Guarantors have no accrued rent or employee compensation. 

4.15 Capitalization. 
  

	 	(a)	The authorized capital stock of Comstock consists of 77,266,500 shares of Class A common stock and 2,733,500 shares of Class B common stock and 50,000 shares of
preferred stock. As of the date of this Agreement, 17,220,462 shares of Class A Common Stock were issued and outstanding, and the following are unexercised shares: 1,370,515 shares of restricted stock, 762,500 shares in options, and 489,479
shares in warrants. 

  

	 	(b)	Comstock owns 100% of the membership interests in the other Guarantors. 

 4.16 Solvency. Both immediately before and immediately after the closing of the Loan (a) the fair value of the assets of Borrower and each Guarantor will exceed its debts and
liabilities, subordinated, contingent or otherwise and (b) Borrower and each Guarantor will be able to pay its debts and liabilities, subordinated, contingent or otherwise, as such debts and liabilities become due. 

4.17 Intellectual Property. None of the execution, delivery or performance of this Agreement and the other Loan Documents
will alter, impair or otherwise affect or require the consent, approval or other authorization of any other person in respect of any right of Borrower or any Guarantor in any intellectual property. 

4.18 Disclosure. The representations and warranties made in this Agreement and all other documents furnished to Lender by
Borrower or any Guarantor in connection with this Agreement or any transaction contemplated hereby, and in all materials furnished by Borrower or any Guarantor to Lender in connection with the Loan, (i) do not and will not contain, at the time
furnished, any untrue statement of a material fact and (ii) do not and will not omit, at the time furnished, any material fact necessary in order to make them not misleading. 

  
 7 

 SECTION FIVE 
 COVENANTS OF BORROWER AND GUARANTORS 
 In consideration of credit extended
or to be extended by Lender, Borrower and each Guarantor covenants and agrees as follows: 
 5.1 Financial
Information. Borrower and each Guarantor shall deliver to Lender: (i) each year within ninety (90) days after the close of its fiscal year, financial statements prepared in accordance with generally accepted accounting principles
consistently applied, certified as true and correct by an officer of each such entity; (ii) each year within thirty (30) days after filing with the Internal Revenue Service, a copy of each such entity’s federal income tax return and
all schedules thereto; and (iii) promptly following Lender’s request, such financial and other information with respect to such entity and the Property as Lender reasonably may require from time to time. All financial statements shall be
in such reasonable detail and shall be accompanied by such certificates of Borrower or such Guarantor, as applicable, as may be reasonably required by Lender. 
 5.2 Taxes. Borrower and each Guarantor shall timely file all tax returns and reports required by law to be filed, and timely pay all taxes, assessments, other governmental charges or levies
upon itself and upon any of its properties, assets, income or franchises. 
 5.3 Compliance with Laws. Borrower
and each Guarantor shall comply with all applicable laws and regulations, including, without limitation, ERISA. 
 5.4
Maintain Existence, Properties, Insurance and Business; Organizational Documents. Borrower and each Guarantor shall maintain its existence in good standing, maintain and keep its properties in good condition (ordinary wear and tear, fire
or other casualty excepted), and maintain adequate insurance for all of its properties with financially sound and reputable insurers. Borrower and each Guarantor shall remain in the same line of business as it is in on the date of this Agreement and
shall not enter into any new lines of business without the prior written consent of Lender. The Organizational Documents of Borrower and of each Guarantor shall not be amended, changed or modified in any respect without prior written consent of
Lender; provided, however, that on the condition that Lender is given thirty (30) days’ advance written notice, Lender hereby consents to Comstock’s change in corporate domicile from Delaware to Virginia and all amendments to its
organizational documents as are reasonably required to effect such change in domicile subsequent to the closing of the Loan; provided further that UCC-1 financing statements shall be filed in the changed domicile at the cost and expense of the
Comstock. 
 5.5 Notices. As soon as it has actual knowledge, Borrower and each Guarantor shall notify Lender of
the institution or threat of any material litigation or condemnation or administrative proceeding of any nature involving Borrower or any Guarantor. 
 5.6 Books and Records. Borrower and each Guarantor shall maintain complete and accurate books of account and records. The principal books of account and records for Borrower and each
Guarantor shall be kept and maintained at 11465 Sunset Hills Road, 4th Floor, Reston, VA 20190. Neither Borrower nor any Guarantor shall remove such books of account and records without giving Lender at least thirty (30) days’ prior
written notice. Borrower and each Guarantor, upon reasonable notice from Lender, shall permit Lender, or any officer, employee or agent designated by Lender, to examine its books of account and records, and each agree that Lender or such officer,
employee or agent may audit and verify such books of account and records. Borrower and each Guarantor shall reimburse Lender for any reasonable expenses incurred by Lender in connection with any audits of its books of account and records. All books
of account maintained by Borrower and each Guarantor shall be maintained and prepared in accordance with generally accepted accounting principles consistently applied. 

  
 8 

 5.7 Liens. Neither Borrower nor any Guarantor shall create, incur, assume or
permit to exist any mortgage, deed of trust, assignment, pledge, lien, security interest, charge or encumbrance, including, without limitation, the right of a vendor under a conditional sale contract or the lessor under a capitalized lease
(collectively, the “Liens”) of any kind or nature in or upon any of its assets, except: 
  

	 	(a)	Liens created or deposits made that are incidental to the conduct of its business, that are not incurred in connection with any borrowing or the obtaining of any credit
and that do not and will not interfere with the use by Borrower or any Guarantor, as applicable, of any of its assets in the normal course of its business or materially impair the value of such assets for the purpose of such business;

  

	 	(b)	Liens created in connection with project-level financing by Comstock or its affiliate of projects other than the Condominium; and 

 

	 	(c)	Liens securing the Indebtedness; 

provided, however, that, no Guarantor shall be required to comply with this Section 5.7 while the Aggregate LTV is equal to
or less than fifty percent (50%). 
 5.8 Debt. 

 

	 	(a)	Without the prior written consent of Lender, neither Borrower nor any Guarantor shall incur or permit to exist any debt for borrowed funds, the deferred purchase price
of goods or services, or capitalized lease obligations, except for (i) trade debt incurred in the ordinary course of business, (ii) debt incurred in connection with project level financing by Comstock or its affiliate of projects other
than the Condominium, (iii) the Existing Debt, and (iv) the Indebtedness. 

  

	 	(b)	Other than principal and interest payments due and owing under the Revolving Line of Credit Note dated February 22, 2006 in the original principal amount of
Fifteen Million Dollars ($15,000,000) made by Comstock payable to the order of Bank of America, N.A., any unsecured loan hereafter extended to Borrower or any Guarantor by a third party and any secured or unsecured loan extended to Borrower or any
Guarantor by a director or officer of Borrower or any Guarantor, or any entity under the control of a director or officer of Borrower or any Guarantor, shall be subject to a subordination agreement in substantially the same form as attached as
Exhibit B. 

  

	 	(c)	Except for the Indebtedness, no indebtedness of Borrower or any Guarantor may be prepaid in whole or in part other than the Loan during the Term; provided that Comstock
may prepay the following with Lender’s prior written consent: 

  

	 	(i)	Subordinated Deficiency Note dated September 21, 2009 in the original principal amount of $400,000 made by Comstock payable to the order of Cornerstone Bank;

  

	 	(ii)	Amended and Restated Subordinated Deficiency Note dated November 5, 2009 in the original principal amount of $205,488.23 made by Comstock payable to the order of
Wachovia Bank, National Association; and 

  

	 	(iii)	Subordinated Deficiency Note dated November 10, 2009 in the original principal amount of $25,000 made by Comstock payable to the order of Fifth Third Bank.

  

	 	(d)	No Guarantor shall be required to comply with this Section 5.8 while the Aggregate LTV is equal to or less than fifty percent (50%).

 5.9 Contingent Liabilities. Without the prior written consent of Lender, neither Borrower nor any
Guarantor shall guarantee, endorse, become contingently liable upon or assume the obligation of any person, or permit any such contingent liability to exist, except by the endorsement of negotiable instruments for deposit or collection or similar
transactions in the ordinary course of business; provided, however, that no Guarantor shall be required to comply with this Section 5.9 while the Aggregate LTV is equal to or less than fifty percent (50%). 

  
 9 

 5.10 Sale of Assets. Without the prior written consent of Lender, neither
Borrower nor any Guarantor shall sell, lease, assign or otherwise dispose of any of its assets except for (a) sales in the ordinary course of business including sales of Units, (b) the disposition of assets that are no longer needed or
useful in its business and (c) obsolete or non-performing assets which are replaced with assets of similar or better quality and utility. No sale, lease, assignment or other disposition of any of Borrower’s or Guarantor’s assets shall
be for less than fair market value or not at arm’s length. 
 5.11 Liquidations, Terminations, Mergers and
Acquisitions. Without the prior written consent of Lender, which Lender may grant or withhold in its sole discretion, neither Borrower nor any Guarantor shall dissolve, liquidate, terminate, merge or consolidate with (including by operation
of law) any other person. 
 5.12 Loans and Advances; Investments. Without the prior written consent of Lender,
Borrower shall not make any loan or advance to any of its affiliates, directors, members, managers, officers or employees, or any other person, except for the creation of accounts receivable in the ordinary course of business on terms that are no
less favorable than would apply in an arm’s-length transaction nor shall any Guarantor make any (i) investments in any subsidiary or affiliate other than in the ordinary course of, and consistent with, its business as currently conducted
or (ii) loans or advances to any of its directors, officers or employees. 
 5.13 Subsidiaries and Joint
Ventures. Without the prior written consent of Lender, neither Borrower nor any Guarantor shall form any subsidiary, become a general or limited partner in any partnership or become a party to a joint venture; provided that Comstock shall be
permitted to form any subsidiary, become a general or limited partner in any partnership, or become a party to a joint venture with respect to any corporate opportunity (i) that is not subject to the Right of First Refusal and First Offer
Agreement dated July 12, 2011 by and between Comstock and BridgeCom Development I, LLC (the “ROFR Agreement”) pursuant to the terms and conditions of the ROFR Agreement or (ii) with respect to which it previously complied
with Section 2 of the ROFR Agreement. If Lender grants its consent to the formation or acquisition of a subsidiary, Borrower or such Guarantor, as applicable, shall cause such subsidiary to perform and observe all of the covenants contained in
this Agreement. 
 5.14 Affiliates. Without the prior written consent of Lender, neither Borrower nor any
Guarantor shall engage in business with any of its affiliates, stockholders, officers or directors except in the ordinary course of business and on terms that are no less favorable to Borrower or such Guarantor, as applicable, than would apply in an
arm’s-length transaction. 
 5.15 Organization; Control and Management. Until such time as the Loan is fully
repaid, there shall be no Transfer (hereinafter defined) of any interest in Borrower, nor any change in the Control (hereinafter defined) or management of Borrower or any Guarantor, nor any Transfer of the Property except for sales of Units in
accordance with the Loan Documents, without Lender’s prior written consent. “Transfer” means any assignment, pledge, conveyance, sale, transfer, mortgage, encumbrance, grant of a security interest or other disposition, either
directly or indirectly, by operation of law or otherwise. “Control” means the ownership, directly or indirectly, in the aggregate of fifty percent (50%) or more of the beneficial ownership interests of an entity and the
possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of an entity, whether through the ability to exercise voting power, by contract or otherwise. “Controlled by” and
“controlling” shall have the respective correlative meaning thereto. 
 5.16 Minimum Liquidity
Covenants. Guarantors shall, collectively, maintain the minimum liquidity requirements set forth in Section 3.21 of the Guaranty. 
 5.17 Minimum Sales Requirement. 
  

	 	(a)	 Borrower shall enter into and close under sales contracts on at least eleven (11) Units (the “Minimum Sales”) for each six-month
period (the “Measuring Period”) during the Term 

  
 10 

	 	
(the first such period shall commence on the date of the closing of the Loan). Each sales contract shall be subject to the prior approval of Lender, provided that Lender shall not unreasonably
withhold its approval of any sales contract with a purchase price of at least 90% of the appraised gross value per square foot. If more than eleven (11) Units are sold within any such Measuring Period, the excess sales shall carry forward to
satisfy all or a portion of the foregoing sales requirement for any ensuing Measuring Period and continuing on a cumulative basis until the Maturity Date. 

  

	 	(b)	Borrower may not close under any sales contract that would result in the Condominium becoming ineligible for Federal Housing Administration financing.

 5.18 Intentionally omitted. 

5.19 Performance of Other Contracts. Borrower and each Guarantor shall duly and punctually perform all of its material
contracts and other obligations to all parties with which it has contracts and other obligations. 
 5.20 Participation
Rights. 
  

	 	(a)	Lender (or its affiliate) shall have a right of first refusal to participate as a joint venture partner with Comstock in each future material corporate opportunity
(each, a “Corporate Opportunity”) as more particularly set forth in the ROFR Agreement. 

  

	 	(b)	Within 45 days following Lender’s written request, which request may be delivered from and after October 1, 2011 so long as Cascades owns the Cascades
project, Comstock shall exercise its rights under the Cascades operating agreement to repurchase all of the Class B Units and shall admit Lender (or its affiliate) as a member of Cascades on substantially similar terms as current Class B members as
set forth in the governing documents for Cascades; provided however, Comstock shall not have the absolute right to repurchase Lender’s (or its affiliate’s) equity interest in Cascades unless in connection with (i) a cash-out
refinancing of the Cascades project (with Fannie Mae, Freddie Mac or similar institutional financing) or (ii) the sale of the Cascades project. 

  

	 	(c)	If New Hampshire Ave Ventures, L.C and/or W Street Ventures, L.C. (together, the “Ventures”) is seeking additional material financing, Lender (or its
affiliate) shall have the right, but not the obligation, as part of a Corporate Opportunity, to provide such financing on terms and conditions to be agreed upon by the parties; provided that such terms shall include a minimum preferred return of
twenty percent (20%) or such greater amount as may be mutually agreed to by the parties. 

 5.21
Observation Rights. Lender shall be entitled to designate representatives to receive copies of all materials distributed to, and attend any meeting of, Comstock’s Investment Committee (including any subcommittee thereof) as an
observer upon not less than three (3) business days’ prior notice. 
 5.22 Non-Competes. Comstock shall
maintain in full force and effect and enforce its rights under the (i) Confidentiality and Non-Competition Agreement dated December 17, 2004 by and between Comstock and Gregory V. Benson; (ii) Confidentiality and Non-Competition
Agreement dated December 17, 2004 by and between Comstock and Christopher Clemente; and (iii) Confidentiality and Non-Competition Agreement dated August 17, 2010 by and between Comstock and Joseph Squeri. 

5.23 Collateral Monitoring. At Lender’s sole discretion, a third-party professional selected by Lender and reasonably
acceptable to Borrower may be retained once per calendar year, at Borrower’s sole cost and expense, to establish and monitor the conditions of the collateral assets throughout the Term. 

  
 11 

 5.24 Notice to Lender. Borrower and each Guarantor shall promptly advise
Lender in writing of any condition, event, or act that comes to its attention that (i) would prejudice Lender’s rights under the Loan Documents; (ii) would, with notice or lapse of time or both, become an Event of Default;
(iii) constitutes an Event of Default or (iv) constitutes a material adverse change to its assets, business, properties or business prospects. 
 5.25 Perform Obligations. Borrower and each Guarantor shall fully perform and discharge its obligations under the Loan Documents when and as they become due. 

5.26 Waiver of Subrogation. Notwithstanding anything to the contrary contained in this Agreement, Borrower hereby
unconditionally and irrevocably waives, releases, and abrogates any and all rights it may now or hereafter have under any agreement, at law or in equity (including any law subrogating the rights of Borrower to those of Lender), to assess any claim
against or seek contribution, indemnification, or any other form of reimbursement from any other party liable for payment of any or all of the obligations for any payment made by Borrower under or in connection with the Loan Documents. This
Section 5.26 shall survive the termination of this Agreement. 
 5.27 Further Assurances. At any time
and from time to time, upon the written request of Lender, and at the sole expense of Borrower or Guarantor, as applicable, Borrower and each Guarantor shall promptly and duly execute and deliver such further instruments and documents and take such
further actions as Lender may reasonably request for purposes of obtaining, creating, perfecting, validating, or preserving Lender’s rights under the Loan Documents. 
 SECTION SIX 
 DEFAULT AND REMEDIES 

6.1 Events of Default. Each of the following shall constitute an “Event of Default” under this Agreement:

  

	 	(a)	Failure to Pay. If: (i) Borrower shall fail to pay any payment required under the Note (the “Payments”) when due thereunder
or (ii) Borrower shall fail to pay any amount (other than the Payments) as and when due under any of the Loan Documents; 

  

	 	(b)	Failure to Give Notices. If Borrower or any Guarantor fails to give Lender any notice required by Section 5.5 or
Section 5.24 of this Agreement within ten (10) business days after it has actual knowledge of the event giving rise to the obligation to give such notice; 

 

	 	(c)	Failure to Permit Inspections. If Borrower or any Guarantor refuses to permit Lender to inspect its books and records in accordance with the
provision of Section 5.6, or fails to permit Lender to inspect the Property upon reasonable advance notice; 

  

	 	(d)	Failure to Observe Covenants. If Borrower or any Guarantor fails to perform or observe any term, covenant, warranty or agreement contained in this
Agreement or in the other Loan Documents, excluding however the covenant contained in the first sentence of Section 5.17(a), and such failure shall continue for a period of thirty (30) days after written notice of such failure has
been given to Borrower or Guarantor, as applicable, by Lender; provided, however, if such default is not in the payment of any sum due to Lender hereunder, or was not the subject of an Event of Default for which notice was previously provided, and
provided Borrower or Guarantor, as applicable, is diligently pursuing the cure of such default, then Borrower or Guarantor, as applicable, shall have an additional sixty (60) days within which to cure such default prior to Lender exercising any
right or remedy available hereunder, at law or in equity; 

  
 12 

	 	(e)	Defaults under Loan Documents. If an Event of Default shall occur under the Note or any other Loan Document and shall not be cured within any
applicable grace period, and if an Event of Default shall occur under any Loan Document (as defined in the Loan Agreement dated as of July 12, 2011 by and between BCL Eclipse, LLC and Comstock Potomac Yard, L.C.); 

 

	 	(f)	Breach of Representation. Discovery that any representation or warranty made or deemed made by Borrower or any Guarantor in this Agreement or in
any other Loan Document, or any statement or representation made in any certificate, report or opinion delivered pursuant to this Agreement or other Loan Document or in connection with any borrowing under this Agreement by Borrower or any Guarantor
or any officer, agent, employee or director of Borrower or any Guarantor, was materially untrue when made or deemed made; 

  

	 	(g)	Voluntary Bankruptcy. If Borrower or any Guarantor makes an assignment for the benefit of creditors, files a petition in bankruptcy, petitions or
applies to any tribunal for any receiver or any trustee of Borrower or any Guarantor or any substantial part of the property of Borrower or any Guarantor, or commences any proceeding relating to Borrower or any Guarantor under any reorganization,
arrangement, composition, readjustment, liquidation or dissolution law or statute of any jurisdiction, whether in effect now or after this Agreement is executed; 

 

	 	(h)	Involuntary Bankruptcy. If, within sixty (60) days after the filing of a bankruptcy petition or the commencement of any proceeding against
Borrower or any Guarantor seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any present or future statute, law or regulation, the proceeding shall not have been dismissed, or, if
within sixty (60) days after the appointment, without the consent or acquiescence of Borrower or Guarantor, of any trustee, receiver or liquidator of any Borrower or all of any substantial part of the properties of Borrower or any Guarantor,
the appointment shall not have been vacated; 

  

	 	(i)	Cross-Default. If, as a result of default, any present or future obligations of Borrower or any Guarantor to Lender or any other creditor are
declared to be due and payable prior to the expressed maturity of such obligations; 

  

	 	(j)	Material Adverse Change. A material adverse change occurs in the financial or business condition of Borrower or any Guarantor;

  

	 	(k)	Judgment. If a judgment, attachment, garnishment or other process is entered against Borrower and is not vacated or bonded within sixty
(60) days after entry (or such shorter period of time as necessary in order to avoid attachment or foreclosure), or if a judgment, attachment, garnishment or other process is entered against any Guarantor that would materially affect such
Guarantor’s ability to perform its obligations under the Loan Documents, and such judgment, attachment, garnishment or other process is not vacated or bonded within sixty (60) days after entry (or such shorter period of time as necessary
in order to avoid attachment or foreclosure); 

  

	 	(l)	Dissolution. The dissolution, liquidation or termination of existence of Borrower or any Guarantor; or 

 

	 	(m)	Change in Management/Control. A change in the management of or controlling interest in Borrower or any Guarantor without the prior written consent
of Lender. 

  
 13 

 6.2 Remedies. Upon the occurrence of an Event of Default (a) Lender, at
its option, by written notice to Borrower, may declare all Indebtedness to Lender to be immediately due and payable, whether such Indebtedness was incurred prior to, contemporaneous with or subsequent to the date of this Agreement and whether
represented in writing or otherwise, without presentment, demand, protest or further notice of any kind, and (b) Lender may exercise all rights and remedies available to it under the Loan Documents and applicable law. Borrower agrees to pay all
costs and expenses incurred by Lender in enforcing any obligation under this Agreement or the other Loan Documents, including, without limitation, attorneys’ fees. No failure or delay by Lender in exercising any power or right will operate as a
waiver of such power or right, nor will any single or partial exercise of any power or right preclude any other future exercise of such power or right, or the exercise of any other power or right. 

SECTION SEVEN 
 INDEMNIFICATION 
 Borrower and Guarantors jointly and severally indemnify and hold harmless
Lender, its affiliates, and each of their officers, directors, employees, agents, advisors and representatives (each, an “Indemnified Party”) from and against any and all claims, damages, losses, liabilities and expenses (including,
without limitation, reasonable fees and disbursements of counsel) that may be incurred by or asserted or awarded against any Indemnified Party (including, without limitation, in connection with any investigation, litigation or proceeding or the
preparation of a defense in connection therewith), arising out of or in connection with or by reason of the Loan contemplated hereby (including, without limitation, arising out of or in connection with the litigation styled Board of Directors of
the Unit Owners Association of Penderbrook Square, A Condominium and The Unit Owners Association of Penderbrook Square, A Condominium v. Comstock Penderbrook, L.C. filed in Fairfax County Circuit Court, Virginia (Case No. C2010-16708) and the
litigation styled Network Multi-Family Security Corporation v. Comstock Penderbrook, L.C. filed in Fairfax county Circuit Court, Virginia (Case No. 2011-01784)), except to the extent arising from an Indemnified Party’s gross
negligence or willful misconduct. In the case of an investigation, litigation or other proceeding to which the indemnity in this Section 7 applies, such indemnity shall be effective whether or not such investigation, litigation or proceeding is
brought by Borrower or any Guarantor, any of their directors, security holders or creditors, an Indemnified Party or any other person, or an Indemnified Party is otherwise a party thereto. No Indemnified Party will have any liability (whether direct
or indirect, in contract, tort or otherwise) to Borrower or any Guarantor, any of their affiliates, security holders or creditors for or in connection with the transactions contemplated hereby, except for direct damages (as opposed to special,
indirect, consequential or punitive damages including, without limitation, any loss of profits, business or anticipated savings) determined in a final non-appealable judgment by a court of competent jurisdiction to have resulted from such
Indemnified Party’s gross negligence or willful misconduct. 
 SECTION EIGHT 

MISCELLANEOUS 
 8.1 Defined Terms. Each accounting term used in this Agreement, not otherwise defined, shall have the meaning given to it under GAAP applied on a consistent basis. The term
“person” shall mean any individual, partnership, corporation, trust, joint venture, unincorporated association, governmental subdivision or agency or any other entity of any nature. The term “subsidiary” means, with
respect to any person, a corporation or other person of which shares of stock or other ownership interest having ordinary voting power to elect a majority of the board of directors or other managers of such corporation or person are at the time
owned, or the management of which is otherwise controlled, directly or indirectly, through one or more intermediaries, by such person. The term “affiliate” means, with respect to any specified person, any other person that, directly
or indirectly, controls or is controlled by, or is under common control with, such specified person. All meanings assigned to defined terms in this Agreement shall be applicable to the singular and plural forms of the terms defined. 

  
 14 

 8.2 Notices. All notices, requests, demands and other communication with
respect hereto shall be in writing and shall be delivered by hand, prepaid by Federal Express (or a comparable overnight delivery service) or sent by the United States first-class mail, certified, postage prepaid, return receipt requested, to the
parties at their respective addresses set forth as follows: 
 If to Lender, to: 

BCL Penderbrook, LLC 
 c/o SunBridge Manager, LLC 
 5425 Wisconsin Avenue, Suite 701 

Chevy Chase, Maryland 20815 
 Attention: Timothy B. Peterson 
 with a copy to: 

Arent Fox LLP 

1050 Connecticut Avenue NW 
 Washington, DC 20036 
 Attention: Jay L. Halpern, Esq. 

If to Borrower, to: 
 Comstock Penderbrook, L.C. 
 c/o Comstock Homebuilding Companies, Inc. 

11465 Sunset Hills Road, 4th Floor 
 Reston, VA 20190 
 Attention: Christopher Clemente, CEO 

with a copy to: 

Comstock Homebuilding Companies, Inc. 
 11465 Sunset Hills Road, 4th Floor 
 Reston, VA 20190 

Attention: Jubal Thompson, General Counsel 
 Any notice, request, demand or other communication delivered or sent in the manner aforesaid shall be deemed given or made (as the case may be) upon the earliest of (a) the date it is actually
received, (b) on the business day after the day on which it is delivered by hand, (c) on the business day after the day on which it is properly delivered by Federal Express (or a comparable overnight delivery service) or (d) on the
third (3rd) business day after the day on which it is deposited in the United States mail, certified and return receipt requested. Any party may change such party’s address by notifying the other party of the new address in any manner
permitted by this Section 8.2. 
 8.3 Successors and Assigns. This Agreement will be binding upon and inure
to the benefit of Lender and Borrower and their respective successors, assigns, personal representatives, executors and administrators, provided that Borrower may not assign or transfer its rights under this Agreement. 

8.4 Entire Agreement. Except for the other Loan Documents expressly referred to in this Agreement, this Agreement
represents the entire agreement between Lender and Borrower on the subject matter hereof, supersedes all prior commitments, and may be modified only by an agreement in writing. 

8.5 Survival. All agreements, covenants, representations and warranties made in this Agreement and all other provisions of
this Agreement will survive the delivery of this Agreement and the other Loan Documents and the making of the advances under this Agreement and will remain in full force and effect until the obligations of Borrower under this Agreement and the other
Loan Documents are fully discharged. 

  
 15 

 8.6 Governing Law. This Agreement will be governed by and construed in
accordance with the laws of the Commonwealth of Virginia, without reference to conflict of laws principles. 
 8.7
Headings. Section headings are for convenience of reference only and shall not affect the interpretation of this Agreement. 
 8.8 Participations. Lender shall have the right to sell all or any part of its rights under the Loan Documents, and Borrower authorizes Lender to disclose to any prospective participant in
the Loan any and all financial and other information in Lender’s possession concerning Borrower or the collateral. 

8.9 Third Party Beneficiary. The parties do not intend the benefits of this Agreement or any other Loan Document to inure
to any third party. 
 8.10 Waiver of Jury Trial. TO THE FULLEST EXTENT PERMITTED BY LAW, LENDER AND BORROWER
KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHTS THEY MAY HAVE TO A TRIAL BY JURY BASED ON, ARISING OUT OF OR UNDER, OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT. 

8.11 Waiver. The rights of Lender under this Agreement and the other Loan Documents shall be in addition to all other
rights provided by law. No waiver of any provision of this Agreement or any other Loan Document shall be effective unless in writing, and no waiver shall extend beyond the particular purpose involved. No waiver in any one case shall require Lender
to give any subsequent waivers. 
 8.12 Severability. If any provision of this Agreement or any other Loan
Document is held to be void, invalid, illegal or unenforceable in any respect, such provision shall be fully severable and this Agreement or the applicable Loan Document shall be construed as if the void, invalid, illegal or unenforceable provision
were not included in this Agreement or in such Loan Document. 
 8.13 No Setoffs. With respect to a monetary
default claimed by Lender under the Loan Documents, no setoff, claim, counterclaim, reduction or diminution of any obligation or defense of any kind or nature that Borrower has or may have against Lender (other than the defenses of payment and
Lender’s gross negligence or willful misconduct) shall be available against Lender in any action, suit or proceeding brought by Lender to enforce this Agreement or any other Loan Document. The foregoing shall not be construed as a waiver by
Borrower of any such rights or claims against Lender, but any recovery upon any such rights or claims shall be had from Lender separately, it being the intent of this Agreement and the other Loan Documents that Borrower shall be obligated to pay,
absolutely and unconditionally, all amounts due under this Agreement and the other Loan Documents. 
 8.14
Counterparts. This Agreement may be executed for the convenience of the parties in several counterparts, which are in all respects similar and each of which is to be deemed to complete in and of itself, and any one of which may be
introduced in evidence or used for any other purpose without the production of the other counterparts thereof. 
 8.15
Consent to Jurisdiction. Borrower and each Guarantor irrevocably submit to jurisdiction of any state or federal court sitting in the Commonwealth of Virginia over any suit, action, or proceeding arising out of or relating to this Loan
Agreement, the Note or any other Loan Documents. Borrower and each Guarantor irrevocably waive, to the fullest extent permitted by law, any objection that they may now or hereafter have to the venue of any such suit, action or proceeding brought in
any such court and any claim that any such suit, action, or proceeding brought in any such court has been brought in an inconvenient forum. Final judgment in any such court shall be conclusive and binding and may be enforced in any court in which
the undersigned is subject to jurisdiction by a suit upon such judgment provided that service of process is effected as provided herein or as otherwise permitted by applicable laws. 

  
 16 

 IN WITNESS WHEREOF, Borrower and Lender have caused this Agreement to be executed in their
respective names by duly authorized representatives as of the day and year first above written. Guarantors join herein to consent and agree to the terms, conditions, provisions and covenants of those sections of this Agreement that address a
covenant or obligation of Guarantors. 
  

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

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

			
		 	By:	 	  

		 		 	Christopher Clemente.
		 		 	Chief Executive Officer

  

							
	LENDER:
	
	BCL PENDERBROOK, LLC,
	a Delaware limited liability company
		
	By:	 	BridgeCom Loans, LLC,
		 	a Delaware limited liability company,
		 	its Manager
			
		 	By:	 	 SunBridge Manager, LLC,
 a Delaware limited liability company,
 its Managing Member

				
		 		 	By:	 	  

		 		 		 	Charles A. Ledsinger, Jr.
		 		 		 	President

 [signatures continue on following page] 

  
 17 

 
			
	ACKNOWLEDGED AND AGREED:
	
	GUARANTORS:
	
	 COMSTOCK HOMEBUILDING COMPANIES, INC.,

a Delaware corporation

		
	By:	 	  

		 	Christopher Clemente.
		 	Chief Executive Officer

  

					
	COMSTOCK EMERALD FARM, L.C.,
	 a Virginia limited liability company

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

		 		 	Christopher Clemente.
		 		 	Chief Executive Officer

  

					
	COMSTOCK POTOMAC YARD, L.C.,
	a Virginia limited liability company
		
	By:	 	Comstock Homebuilding Companies, Inc.,
		 	a Delaware corporation,
		 	its Manager
			
		 	By:	 	  

		 		 	Christopher Clemente.
		 		 	Chief Executive Officer

  
 18 

 EXHIBIT A 

LEGAL DESCRIPTION OF PROPERTY 
 See attached. 

  
 Exhibit A

 SCHEDULE 4.14 

EXISTING DEBT 
  

									
	 	  	Lender	  	Balance as of
08/31/11	 	  	Recourse
		  	Bank of America	  	$	3,751,621	  	  	Unsecured
	 *
	  	Cardinal Bank	  	$	9,740,151	  	  	Secured
		  	Cornerstone (Haven Trust)	  	$	400,000	  	  	Unsecured
		  	Branch Banking & Trust	  	$	263,362	  	  	Secured
		  	Wachovia	  	$	132,488	  	  	Unsecured
		  	Seller – Emerald Farm	  	$	100,000	  	  	Unsecured
		  	Fifth Third	  	$	25,000	  	  	Secured
	 *
	  	BCL Eclipse	  	$	8,321,051	  	  	Secured
		  		  	  
	  
	 	  	
				
	 **
	  	Due to affiliates – Stonehenge	  	$	5,008,477	  	  	Unsecured
		  		  	  
	  
	 	  	
		  	Total	  	$	27,742,150	  	  	
		  		  	  
	  
	 	  	

  

	*	Guaranty obligation of Comstock 

	**	Subject to a forbearance agreement 

  
 Schedule 4.14

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