Document:

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                                                                   EXHIBIT 10.55

                              AMENDED AND RESTATED
                       LIMITED LIABILITY COMPANY INTEREST
                          SECURITY AND PLEDGE AGREEMENT

THIS AMENDED AND RESTATED LIMITED LIABILITY COMPANY INTEREST SECURITY AND PLEDGE
AGREEMENT (this "Agreement") is made as of February 1, 2002 by ORIGEN FINANCIAL,
INC., a Virginia corporation ("Pledgor"), in favor of SUN COMMUNITIES OPERATING
LIMITED PARTNERSHIP, a Michigan limited partnership (the "Secured Party").

                                R E C I T A L S:

      A. Pledgor currently owns 100% of the membership interests in Origen
Special Purpose II, L.L.C., a Delaware limited liability company (the
"Company").

      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 all other obligations of Pledgor
to the 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, the parties agree as follows:

      1. GRANT OF SECURITY INTEREST. As collateral security for the prompt and
complete payment and performance when due (whether at the stated maturity, by
acceleration or otherwise) of all liabilities, obligations and indebtedness owed
by Pledgor to the Secured Party under the Amended Loan Agreement and the Amended
Note and all other obligations of Pledgor to the Secured Party (collectively,
the "Obligations"), Pledgor grants to the Secured Party a first security
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interest in and to Pledgor's right, title and interest as a member (the
"Membership Interest") in the Company, including, without limitation, any and
all moneys or other property payable or to become payable to Pledgor or to which
Pledgor now or in the future may be entitled, in its capacity as a member in the
Company, including, without limitation, by way of distribution, return of
capital or otherwise in respect of the Membership Interest, and, to the extent
not otherwise included, all "proceeds" of the Membership Interest as such term
is defined in the Uniform Commercial Code (the "Code") from time to time in
effect in the State of Michigan (collectively, the "Collateral").

      2. DISTRIBUTIONS. So long as no default has occurred and is continuing
under the Amended Loan Agreement or the Related Documents (an "Event of
Default"), Pledgor shall be entitled to receive for its own use all
distributions with respect to the Membership Interest. If an Event of Default
has occurred and is continuing, Pledgor shall not be entitled to receive or
retain other distributions paid in respect of the Membership Interest, whether
in redemption of, or in exchange for the Membership Interest, or whether in
connection with a reduction of capital, capital surplus or paid-in surplus or
the Membership Interest or otherwise, other than for the payment of personal
taxes of the members of Company associated with their investment in Company, and
any and all such dividends or distributions shall be forthwith delivered to the
Secured Party to hold as Collateral and shall, if received by Pledgor, be
received in trust for delivery to the Secured Party, be segregated from the
other property or accounts of Pledgor, and be forthwith delivered to the Secured
Party as Collateral in the same form as so received (with any necessary
endorsements), with such Proceeds to be applied by the Secured Party to reduce
the Obligations.

      3. REGISTRATION OF PLEDGE. Concurrently with the execution of this
Agreement, Pledgor has sent to the Company written instructions in the form of
Exhibit A, and has obtained from the Company an executed acknowledgment and
consent in the form of Exhibit A.

      4. VOTING RIGHTS. So long as no Event of Default has occurred and is
continuing, Pledgor may exercise all voting and membership rights with respect
to the Membership Interest; provided, however, that no vote will be cast or
membership right exercised or other action taken which would be inconsistent
with or result in a breach of any provision of the Amended Loan Agreement, the
Related Documents, or this Agreement.

      5. EVENT OF DEFAULT. If an Event of Default has occurred and is
continuing, the Secured Party may direct the Company to register the Membership
Interest in the name of the Secured Party or its nominee, and the Secured Party
or its nominee may thereafter receive all distributions with respect to, and
exercise all voting, membership and other rights pertaining to, the Membership
Interest as if it were the absolute owner of the Membership Interest.

      6. REPRESENTATIONS AND WARRANTIES OF PLEDGOR. Pledgor represents and
warrants to the Secured Party that (a) Pledgor is the record and beneficial
owner of, and has good and legal title to, the Membership Interest, free of any
and all liens or options in favor of, or claims of, any other person, except the
lien created by this Agreement, and (b) Pledgor has the legal right to execute
and deliver, to perform its obligations under, and to grant the security
interest in the Collateral pursuant to, this Agreement.

      7. ASSIGNMENT; PLEDGE; AMENDMENT. Without the prior written consent of the
Secured Party, Pledgor will not (i) sell, assign, transfer, exchange or
otherwise dispose of, or grant

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any option with respect to, the Collateral; (ii) create or permit to exist any
lien or option in favor of, or any claim of, any person with respect to any of
the Collateral, except, in either case, for the lien created by this Agreement;
or (iii) amend or modify the Company's Operating Agreement dated December 18,
2001 (the "Operating Agreement"), or enter into any agreement or arrangement
with the Company or its members which amends or modifies the rights and
obligations of the Company and its members as set forth in the Operating
Agreement. Pledgor will defend the right, title and interest of the Secured
Party in and to the Collateral against the claims and demands of all other
persons.

      8. FURTHER ASSURANCES. At any time and from time to time, upon the written
request of the Secured Party, Pledgor will promptly execute and deliver such
further instruments and documents and take such further actions as the Secured
Party may reasonably request for the purposes of obtaining or preserving the
security interest created by this Agreement, including, without limitation, the
filing of any financing or continuation statements under the Code. Pledgor
authorizes the Secured Party to file any such financing or continuation
statement without the signature of Pledgor to the extent permitted by applicable
law.

      9. REMEDIES. If an Event of Default has occurred and is continuing, the
Secured Party may exercise, in addition to all rights and remedies granted in
the Amended Loan Agreement, the Related Documents, and this Agreement, all
rights and remedies of a secured party under the Code. The rights and remedies
of the Secured Party are cumulative, may be exercised singly or concurrently,
and are not exclusive of any rights or remedies provided by law.

      10. ATTORNEY-IN-FACT. Pledgor irrevocably constitutes and appoints the
Secured Party, or its representative, with full power of substitution, as its
true and lawful attorney-in-fact with full irrevocable power and authority in
the place and stead of Pledgor, and in the name of Pledgor or in the Secured
Party's name, after an Event of Default has occurred and for so long as it is
continuing, for the purpose of carrying out the terms of this Agreement.
Anything to the contrary contained herein notwithstanding, the Secured Party may
not exercise the rights granted to them in this Section 10 unless the Pledgor
has been provided with prior written notice of such exercise. The powers
conferred on the Secured Party are solely to protect its interests in the
Collateral and will not impose any duty upon the Secured Party to exercise any
such powers. The Secured Party will be accountable only for amounts that it
actually receives as a result of the exercise of such powers, and neither the
Secured Party, nor its General Partner, or any of their officers, directors,
employees or agents will be responsible to Pledgor or to the Company for any act
or failure to act.

      11. LIMITATION ON DUTIES REGARDING COLLATERAL. The Secured Party's sole
duty with respect to the custody, safekeeping and physical preservation of the
Collateral in its possession, under the Code or otherwise, will be to deal with
it in the same manner as the Secured Party deals with similar securities and
property for its own account. Neither the Secured Party, its General Partner,
nor any of their directors, officers, employees or agents will be liable for
failure to demand, collect or realize upon any of the Collateral or for any
delay in doing so or, except as provided by applicable law, will be under any
obligation to sell or otherwise dispose of any Collateral upon the request of
Pledgor or otherwise.

      12. NO WAIVER. The Secured Party will not by any act, delay, omission or
otherwise be deemed to have waived any right or remedy under this Agreement or
to have acquiesced in any

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Event of Default or in any breach of any of the terms and conditions of this
Agreement except by a written instrument executed by the Secured Party. No
single or partial exercise of any right, power or privilege under this Agreement
will preclude any other or further exercise thereof or the exercise of any other
right, power or privilege. A waiver by the Secured Party of any right or remedy
under this Agreement on any one occasion will not be construed as a bar to any
right or remedy which the Secured Party would otherwise have on any future
occasion.

      13. AMENDMENTS. The terms and provisions of this Agreement may not be
waived or modified except by a written instrument executed by Pledgor and the
Secured Party.

      14. BENEFIT AND BINDING EFFECT. This Agreement will be binding upon the
successors and permitted assigns of Pledgor and will inure to the benefit of the
Secured Party and its successors and assigns.

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

      16. GOVERNING LAW. This Agreement shall be governed by, and construed in
accordance with, the laws of the State of Michigan.

      IN WITNESS WHEREOF, Pledgor and the Secured Party have executed this
Amended and Restated Limited Liability Company Interest Security and Pledge
Agreement as of the date first 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
                                            ---------------------------------

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                                                                   EXHIBIT 10.56

                               SECURITY AGREEMENT

      THIS SECURITY AGREEMENT (as amended from time to time, the "Agreement") is
entered into as of February 1, 2002 by and between ORIGEN FINANCIAL, L.L.C., a
Delaware limited liability company 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, Origen Financial, Inc. ("Origen Inc." and together with
Borrower, the "Origen Companies") and Secured Party 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 agreed to
make a line of credit available to the Origen Companies for up to $17,500,000
(as amended from time to time, the "Line of Credit"), and the Origen Companies
executed and delivered to Secured Party a Second Amended and Restated Promissory
Note dated February 1, 2002 (as amended from time to time, the "Second Amended
Note") to evidence the Line of Credit.

      B. To secure the payment of all amounts due to Secured Party by Borrower
in connection with the Line of Credit and pursuant to terms of the Amended Loan
Agreement and the Second Amended Note, to secure all of Borrower's other
obligations to Secured Party of any nature now or in the future owing from the
Borrower to Secured Party (hereinafter collectively referred to as the
"Obligations"), Borrower has agreed to execute this Agreement.

      THEREFORE, the parties hereby agree as follows:

      1. DEFINITIONS. Unless otherwise defined herein, the following terms shall
have the following meanings:

      (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
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      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 Insurance Agency, L.L.C.,
      Origen Manufactured Home Financial, L.L.C., Origen Special Purpose, L.L.C.
      and Origen Financial of South Dakota, L.L.C.

      (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.

      (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,

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      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 Second
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 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 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.

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            (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 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

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      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 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 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.

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<PAGE>
      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, 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

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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 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

                                       7
<PAGE>
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 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.

   [Remainder of page intentionally left blank. Signatures on following page.]

                                       8
<PAGE>
      IN WITNESS WHEREOF, the parties have executed this Security Agreement as
of the day and year above written.

                                    "BORROWER"

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

                                    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
                                         ---------------------------------------

                                       9

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