Document:

EX-10.1

TERM LOAN AGREEMENT

THIS TERM LOAN AGREEMENT (“Agreement”) is made and entered into as of December 18,
2008, by and between MMA FINANCIAL HOLDINGS, INC., a Florida corporation (the “Borrower”),
which has a principal executive office located at 621 E. Pratt Street, Suite 300, Baltimore,
Maryland 21202, and OAK GROVE COMMERCIAL MORTGAGE, LLC, a Delaware limited liability company (the
“Lender”), which has a registered office located at 2177 Youngman Avenue #300, St. Paul,
Minnesota 55116.

RECITALS

WHEREAS, capitalized terms used but not defined in these recitals shall have the respective
meanings set forth for such terms in Section 1.1 hereof;

WHEREAS, the Borrower has requested that the Lender provide to the Borrower a twelve (12)
month term loan in the original principal amount of up to Fifteen Million Dollars ($15,000,000.00)
pursuant to the terms and conditions of this Agreement that is secured by all of the issued and
outstanding capital stock of MMA Mortgage Corporation; and

WHEREAS, the Lender is willing to provide to the Borrower such term loan pursuant to the terms
and conditions of this Agreement.

In consideration of the mutual agreements set forth herein, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged by the parties, the
parties hereto agree as follows:

ARTICLE I

DEFINITIONS

Section 1.1 Definitions. For all purposes of this Agreement, except as otherwise
expressly provided, the following terms shall have the meanings assigned to them in this Section or
in the Section referenced after such term:

“Acquisition Agreement” shall mean that certain Acquisition Agreement, dated as of
December 18, 2008, entered into by and between MMA Mortgage Corporation and the Lender.

“Affiliate” or “Affiliates” means any Person controlled by, controlling or
under common control with the Borrower, including any Subsidiary of the Borrower. For purposes of
this definition, “control,” when used with respect to any specified Person, means the power to
direct the management and policies of such Person, directly or indirectly, whether through the
ownership of voting securities, by contract or otherwise.

“Agencies” means the Federal Housing Administration, the United States Department of
Housing and Urban Development, Fannie Mae, the Government National Mortgage Association, and the
Federal Home Loan Mortgage Corporation.

“Agreement” means this Term Loan Agreement, as such may be amended, modified,
supplemented, or restated from time to time.

“Business Day” means any day on which the Federal Reserve Bank of New York is open for
business.

“Constituent Documents” means the Borrower’s (i) articles of incorporation, (ii)
bylaws, and (iii) any other similar document or agreement governing the Borrower’s existence,
organization or management or concerning disposition of ownership interests of the Borrower or
voting rights among the Borrower’s owners.

“Declaration Notice” has the meaning set forth in Section 6.2(b).

“Default” means an event that, with giving of notice or passage of time or both, would
constitute an Event of Default.

“Default Period” means any period of time beginning on the day an Event of Default
occurs and ending on the date that such Event of Default has been cured or waived.

“Default Rate” means, with respect to the Term Note, an annual interest rate in effect
during a Default Period or following the Maturity Date, which interest rate shall be equal to a
fixed rate of interest equal to twenty-five percent (25%) per annum.

"Defined Benefit Pension Plan" is a Pension Plan that is subject to Title IV of ERISA.

“Director” means a director if the Person is a corporation, a governor or manager if
the Person is a limited liability company, or a general partner if the Person is a partnership.

“Dollars” and the sign “$” means freely transferable lawful money of the United
States.

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from
time to time.

“ERISA Affiliate” means any trade or business (whether or not incorporated) that is a
member of a group which includes the Borrower and which is treated as a single employer under
Section 414 of the IRC.

“Event of Default” has the meaning set forth in Section 6.1.

“Exit Fee” has the meaning set forth in Section 2.3(b).

“Funding Date” shall mean, as the context so requires, the Initial Funding Date or
the Subsequent Funding Date.

“GAAP” means generally accepted accounting principles (other than such deviations from
generally accepted accounting principals disclosed on Schedule 6.06 to the Acquisition Agreement),
applied on a basis consistent with the accounting practices applied in the financial statements
described in Section 4.6.

“Guarantees” means the Parent Guaranty and the Subsidiary Guaranty.

“Guarantors” means the Parent Guarantor and the Subsidiary Guarantor.

“IRC” means the Internal Revenue Code of 1986, as amended from time to time.

“Interest Payment Date” has the meaning set forth in Section 2.4(a).

“Initial Funding Date” has the meaning set forth in Section 2.1(a).

“Lien” means any security interest, mortgage, deed of trust, pledge, lien, charge,
encumbrance, title retention agreement or analogous instrument or device, including the interest of
each lessor under any capitalized lease and the interest of any bondsman under any payment or
performance bond, in, of or on any assets or properties of a Person, whether now owned or hereafter
acquired and whether arising by agreement or operation of law.

“Loan Documents” means this Agreement, the Term Note, the Security Documents, the
Guarantees, and all other writings, documents, instruments, certificates and statements
contemplated hereunder to be executed or supplied by the Borrower, the Parent Guarantor, or the
Subsidiary Guarantor.

“Material Adverse Effect” means any of the following:

(i) A material adverse effect on the business, operations, results of operations,
prospects, assets, liabilities or financial condition of the Borrower or of MMA Mortgage
Corporation, but not including results of the current credit market conditions or other
general market conditions to the extent not disproportionately adversely affecting the
business, operations, results of operations, assets, liabilities, or financial condition of
the Borrower or of MMA Mortgage Corporation or any results of the announcement of the
transactions contemplated by the Acquisition Agreement;

(ii) A material adverse effect on the ability of the Borrower to perform its
obligations under the Loan Documents;

(iii) A material adverse effect on the ability of the Lender to enforce the Obligations
or to realize the intended benefits of the Security Documents, including a material adverse
effect on the validity or enforceability of any Loan Document or of any rights against any
Guarantor, or on the status, existence, perfection, priority or enforceability of any Lien
securing payment or performance of the Obligations; or

(iv) Any claim against the Borrower or MMA Mortgage Corporation or threat of litigation
which presents a reasonable possibility of being determined against the Borrower or MMA
Mortgage Corporation, as applicable, which if determined adversely would cause the Borrower
or MMA Mortgage Corporation to be liable to pay an amount exceeding $2,000,000.00 or would
be an event described in clauses (i), (ii) and (iii) above.

“Maturity Date” shall mean the earliest of (i) at the Closing (as defined in the
Acquisition Agreement), (ii) December 18, 2009, or (iii) the date the Lender demands payment of the
Obligations or they become automatically due and payable after an Event of Default pursuant to
Section 6.2.

“MMA Mortgage Corporation” means MMA Mortgage Investment Corporation, a corporation
organized under the laws of the State of Florida, which is a wholly-owned subsidiary of the
Borrower.

“Multiemployer Plan” means a multiemployer plan (as defined in Section 4001(a)(3) of
ERISA) to which the Borrower or any ERISA Affiliate contributes or is obligated to contribute.

“Obligations” means the obligations arising under the Term Note and each and every
other debt, liability and obligation of every type and description which the Borrower may now or at
any time hereafter owe to the Lender arising under any Loan Document, whether such debt, liability
or obligation now exists or is hereafter created or incurred, and whether it is direct or indirect,
due or to become due, absolute or contingent, primary or secondary, liquidated or unliquidated, or
sole, joint, several or joint and several.

“Officer” means an officer if the Person is a corporation, an officer or a manager if
the Person is a limited liability company, or a partner if the Person is a partnership.

“Origination Fee” has the meaning set forth in Section 2.3(a).

“Owner” means with respect to any Person, each Person having legal or beneficial title
to an ownership interest in such Person or a right to acquire such an interest.

“Parent Guarantor” means Municipal Mortgage & Equity, LLC, a limited liability company
organized under the laws of the State of Delaware.

“Parent Guaranty” means that certain Limited Liability Company Guaranty, dated as of
the date hereof, made by the Parent Guarantor in favor of the Lender.

“Pension Plan” means a pension plan (as defined in Section 3(2) of ERISA) maintained
for employees of the Borrower or any ERISA Affiliate and covered by Title IV of ERISA.

“Permitted Liens” means

	 	(a)	 	Liens created by any of the Security Documents;

	 	(b)	 	Liens existing on the date of this Agreement and disclosed on Schedule
5.3 hereto or incurred after the date of this Agreement in connection with
indebtedness permitted under Section 5.2;

	 	(c)	 	Liens incurred after the date of this Agreement by way of purchase money
security interest, purchase money mortgage, conditional sale or other title retention
agreement, capitalized lease or other deferred payment contract, and attaching only to
the property being acquired, provided that the indebtedness secured thereby is
permitted hereunder at the time of such incurrence and does not exceed the lesser of
the purchase price or the fair market value of such property at the time of its
acquisition and the aggregate of such indebtedness incurred in any fiscal year does not
exceed $500,000 in the aggregate;

	 	(d)	 	Deposits or pledges to secure payment of workers’ compensation, unemployment
insurance, old age pensions or other social security obligations, in the ordinary
course of business of the Borrower;

	 	(e)	 	Liens for taxes, fees, assessments and governmental charges not delinquent or
to the extent that payments therefor shall not at the time be required to be made in
accordance with the provisions of Section 5.9;

	 	(f)	 	Liens of carriers, warehousemen, mechanics and materialmen, and other like
Liens arising in the ordinary course of business, for sums not due or to the extent
that payment therefor shall not at the time be required to be made in accordance with
the provisions of Section 5.9;

	 	(g)	 	Deposits to secure the performance of bids, trade contracts, leases, statutory
obligations and other obligations of a like nature incurred in the ordinary course of
business; and

	 	(h)	 	Zoning restrictions, easements, licenses, restrictions on the use of real
property or irregularities in title thereto, which do not materially impair the use of
such property in the operation of the Borrower’s business or the value of such property
for the purpose of such business.

“Person” means any individual, corporation, partnership, joint venture, limited
liability company, association, joint stock company, trust, unincorporated organization or
government or any agency or political subdivision thereof.

“Plan” means an employee benefit plan (as defined in Section 3(3) of ERISA) maintained
for employees of the Borrower or any ERISA Affiliate.

“Pledge Agreement” means that certain Pledge Agreement, dated as of the date hereof,
entered into by and between the Borrower and the Lender.

“Re-Ven Disposition” means the sale or other disposition of all of the membership
interests or all or substantially all of the assets of MMA Renewable Ventures, LLC, a Maryland
limited liability company, by MMA New Initiatives, LLC to a third party in an arms-length
transaction.

“Scheduled Forbearance Agreements” has the meaning set forth in Section 4.11.

“Security Documents” means the Pledge Agreement and any other document delivered to
the Lender from time to time to secure the Obligations.

“Subsequent Funding Date” has the meaning set forth in Section 2.1(b).

“Subsidiary” means, with respect to any Person, any corporation, partnership, limited
liability company, association, joint venture or other business entity of which more than 50% of
the total voting power of shares of stock or other ownership interests entitled (without regard to
the occurrence of any contingency) to vote in the election of the Person or Persons (whether
directors, managers, trustees or other Persons performing similar functions) having the power to
direct or cause the direction of the management and policies thereof is at the time owned or
controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that
Person or a combination thereof.

“Subsidiary Guarantor” means MMA Mortgage Corporation.

“Subsidiary Guaranty” means that certain Corporate Guaranty, dated as of the date
hereof, made by the Subsidiary Guarantor in favor of the Lender.

“Suspended Event of Default” has the meaning set forth in Section 6.2(b).

“Term Note” means the Borrower’s term promissory note, payable to the order of the
Lender in substantially the form of Exhibit A hereto, as the same may be renewed and amended from
time to time, and all replacements thereto.

“UCC” means the Uniform Commercial Code as in effect in the state designated in
Section 7.12 as the state whose laws shall govern this Agreement, or in any other state whose laws
are held to govern this Agreement or any portion hereof.

“Unsuspendable Event of Default” has the meaning set forth in Section 6.2(b).

Section 1.2 Other Definitional Terms; Rules of Interpretation. The words “hereof”,
“herein” and “hereunder” and words of similar import when used in this Agreement shall refer to
this Agreement as a whole and not to any particular provision of this Agreement. All accounting
terms not otherwise defined herein have the meanings assigned to them in accordance with GAAP. All
terms defined in the UCC and not otherwise defined herein have the meanings assigned to them in the
UCC. References to Articles, Sections, subsections, Exhibits, Schedules and the like, are to
Articles, Sections and subsections of, or Exhibits or Schedules attached to, this Agreement unless
otherwise expressly provided. The words “include”, “includes” and “including” shall be deemed to
be followed by the phrase “without limitation”. Unless the context in which used herein otherwise
clearly requires, “or” has the inclusive meaning represented by the phrase “and/or”. Defined terms
include in the singular number the plural and in the plural number the singular. Reference to any
agreement (including the Loan Documents), document or instrument means such agreement, document or
instrument as amended or modified and in effect from time to time in accordance with the terms
thereof (and, if applicable, in accordance with the terms hereof and the other Loan Documents),
except where otherwise explicitly provided, and reference to any promissory note includes any
promissory note which is an extension or renewal thereof or a substitute or replacement therefor.
Reference to any law, rule, regulation, order, decree, requirement, policy, guideline, directive or
interpretation means as amended, modified, codified, replaced or reenacted, in whole or in part,
and in effect on the determination date, including rules and regulations promulgated thereunder.

ARTICLE II

AMOUNT AND TERMS OF THE TERM NOTE

Section 2.1 Funding and Repayment of Term Note.

(a) Initial Funding of Term Note. The Lender agrees, subject to the terms and conditions of
this Agreement, to make an advance to the Borrower on the date on which all of the conditions set
forth in Section 3.1 herein are satisfied (the “Initial Funding Date”) in an original
principal amount equal to Ten Million Dollars ($10,000,000).

(b) Subsequent Funding of Term Note. The Lender agrees, subject to the terms and conditions
of this Agreement, to make an additional advance to the Borrower on the date on which all of the
conditions set forth in Section 3.2 herein are satisfied (the “Subsequent Funding Date”)
in an original principal amount equal to Five Million Dollars ($5,000,000).

(c) Repayment of Term Note. The entire unpaid principal balance of the Term Note, and all
unpaid interest accrued thereon, shall be due and payable on the Maturity Date. All prepayments
of amounts outstanding under the Term Note shall be applied first to any fees payable by the
Borrower to the Lender, next to any accrued but unpaid interest, and finally to outstanding
principal amounts. The Borrower’s obligation to repay the term loan advance(s) and to pay
interest on it shall be evidenced by the Term Note and shall be secured by the collateral
described in the Pledge Agreement.

Section 2.2 Interest; Default Interest; and Usury.

(a) Interest. Except as provided in Section 2.2(b) and Section 2.2(c), the principal amount
of the Term Note shall bear interest at the fixed rate of twenty percent (20%) per annum.

(b) Default Interest Rate. At any time during any Default Period, in the Lender’s sole
discretion and without waiving any of its other rights or remedies, the principal of the Term Note
shall bear interest at the Default Rate or such lesser rate as the Lender may determine, effective
as of the first day of the month in which any Default Period begins through the last day of such
Default Period, or any shorter time period that the Lender may determine. The decision of the
Lender to impose a rate that is less than the Default Rate or to not impose the Default Rate for
the entire duration of the Default Period shall be made by Lender in its sole discretion and shall
not be a waiver of any of its other rights and remedies, including its right to retroactively
impose the full Default Rate for the entirety of any such Default Period.

(c) Usury. In any event, no rate change shall be put into effect which would result in a
rate greater than the highest rate permitted by law. Notwithstanding anything to the contrary
contained in any Loan Document, all agreements which either now are or which shall become
agreements between the Borrower and the Lender are hereby limited so that in no contingency or
event whatsoever shall the total liability for payments in the nature of interest, additional
interest and other charges exceed the applicable limits imposed by any applicable usury laws. If
any payments in the nature of interest, additional interest and other charges made under any Loan
Document are held to be in excess of the limits imposed by any applicable usury laws, it is agreed
that any such amount held to be in excess shall be considered payment of principal hereunder, and
the indebtedness evidenced hereby shall be reduced by such amount so that the total liability for
payments in the nature of interest, additional interest and other charges shall not exceed the
applicable limits imposed by any applicable usury laws, in compliance with the desires of the
Borrower and the Lender. This provision shall never be superseded or waived and shall control
every other provision of the Loan Documents and all agreements between the Borrower and the
Lender, or their successors and assigns.

Section 2.3 Fees.

(a) Origination Fee. On any Funding Date, the Borrower shall pay to the Lender a
non-refundable origination fee in the amount equal to one percent (1.0%) of the principal amount
funded by the Lender on such Funding Date (the “Origination Fee”). In the Lender’s sole
discretion, the Lender may fund the principal amount of any term loan advance, net of the
Origination Fee, on any Funding Date.

(b) Exit Fee. At the time any principal amount of the Term Note is paid by the Borrower
regardless of whether such amount is prepaid or paid on the Maturity Date, the Borrower shall pay
to the Lender a fee in an amount equal to two percent (2%) of the principal amount of the Term
Note paid (the “Exit Fee”); provided, however, the Lender agrees to waive the payment of
the Exit Fee by the Borrower if repayment of the Term Note is made in connection with the closing
of the transactions contemplated by the Acquisition Agreement.

Section 2.4 Time for Interest Payments; Payment on Non-Business Days; Computation of
Interest and Fees.

(a) Time For Interest Payments. Accrued and unpaid interest shall be due and payable in
arrears on the first day of each month and on the Maturity Date (each an “Interest Payment
Date”). Interest will accrue from the most recent date to which interest has been paid or, if
no interest has been paid, from the date of such term loan advance to the Interest Payment Date.

(b) Payment on Non Business Days. Whenever any payment to be made hereunder shall be stated
to be due on a day which is not a Business Day, such payment may be made on the next succeeding
Business Day, and such extension of time shall in such case be included in the computation of
interest on the term loan advance(s) or the fees hereunder, as the case may be.

(c) Computation of Interest and Fees. Interest accruing on the outstanding principal balance
of the Term Note and fees hereunder outstanding from time to time shall be computed on the basis
of actual number of days elapsed in a year of 360 days.

Section 2.5 Use of Proceeds. The Borrower shall use the proceeds of the Term Note for
working capital and other general corporate purposes, to make loans to its Affiliates, or to pay
dividends to its Affiliates if such dividend payments are permitted pursuant to the terms of the
Pledge Agreement.

Section 2.6 Liability Records. The Lender may maintain from time to time, at its
discretion, records as to the Obligations. All entries made on any such record shall be presumed
correct until the Borrower establishes the contrary. Upon the Lender’s demand, the Borrower will
admit and certify in writing the exact principal balance of the Obligations that the Borrower then
asserts to be outstanding. Any billing statement or accounting rendered by the Lender shall be
conclusive and fully binding on the Borrower unless the Borrower gives the Lender specific written
notice of exception within 30 days after receipt.

Section 2.7 Taxes. Any and all payments by the Borrower hereunder shall be made, in
accordance with this Article II, free and clear of and without deduction for any and all present or
future taxes, levies, imposts, deductions, charges or withholdings, and all liabilities with
respect thereto, excluding, in the case of the Lender, taxes imposed on its income, and franchise
taxes imposed on it. If the Borrower shall be required by law to deduct any such amounts from or
in respect of any sum payable hereunder to the Lender, (i) the sum payable shall be increased as
may be necessary so that after making all required deductions (including deductions applicable to
additional sums payable under this Section 2.7) the Lender receives an amount equal to the sum it
would have received had no such deductions been made, (ii) the Borrower shall make such deductions
and (iii) the Borrower shall pay the full amount deducted to the relevant taxation authority or
other authority in accordance with applicable law. The Borrower further agrees to pay any present
or future stamp or documentary taxes or any other excise or property taxes, charges or similar
levies which arise from any payment made hereunder or from the execution, delivery or registration
of, or otherwise with respect to, the Term Note.

Section 2.8 Setoff. The Lender may at any time or from time to time, at its sole
discretion and without demand and without notice to anyone, setoff any liability owed to the
Borrower by the Lender, whether or not such is due and payable, against any Obligation, that is due
and payable.

ARTICLE III

CONDITIONS OF LENDING

Section 3.1 Conditions Precedent to the Initial Term Loan Advance. The Lender’s
obligation to make the initial term loan advance in the principal amount of Ten Million Dollars
($10,000,000) shall be subject to the conditions precedent that the Lender shall have received all
of the following, each properly executed by the appropriate party and in form and substance
satisfactory to the Lender:

(a) This Agreement.

(b) The Acquisition Agreement.

(c) The Term Note.

	 	(d)	 	The Pledge Agreement.

(e) The Guarantees.

(f) Current searches of appropriate filing offices showing that (i) no Liens have been filed
and remain in effect against the Borrower or MMA Mortgage Corporation except Permitted Liens or
Liens held by Persons who have agreed in writing that upon receipt of proceeds of the term loan
advance, they will satisfy, release or terminate such Liens in a manner satisfactory to the
Lender, and (ii) the Lender has duly filed all financing statements necessary to perfect the
security interests granted by the Borrower to the Lender pursuant to the Pledge Agreement, to the
extent such security interest is capable of being perfected by filing, and performance of all
other actions required to be performed by the Borrower under the Pledge Agreement, including but
not limited to the delivery by the Borrower of (i) assignments separate from certificates duly
executed by the Borrower in blank relating to the pledge of all the capital stock of MMA Mortgage
Corporation and (ii) all the original capital stock certificates of MMA Mortgage Corporation.

(g) (i) A certificate of the Borrower’s Secretary or Assistant Secretary certifying that
attached to such certificate are (A) the resolutions of the Borrower’s Directors and, if required,
Owners, authorizing the execution, delivery and performance by the Borrower of the Loan Documents
to which it is a party, (B) true, correct and complete copies of the Borrower’s Constituent
Documents, and (C) incumbency signatures of the Borrower’s Officers or agents authorized to execute
and deliver the Loan Documents to which it is a party and other instruments, agreements and
certificates on the Borrower’s behalf; (ii) A certificate of the Parent Guarantor’s Secretary or
Assistant Secretary certifying that attached to such certificate are (A) the resolutions of the
Parent Guarantor’s Directors and, if required, Owners, authorizing the execution, delivery and
performance by the Parent Guarantor of the Loan Documents to which it is a party, (B) true, correct
and complete copies of the Parent Guarantor’s Amended and Restated Certificate of Formation,
Amended and Restated Certificate of Formation and Operating Agreement, and Amended and Restated
By-Laws, and (C) incumbency signatures of the Parent Guarantor’s Officers or agents authorized to
execute and deliver the Loan Documents to which it is a party and other instruments, agreements and
certificates on the Parent Guarantor’s behalf; and (iii) A certificate of the Secretary or
Assistant Secretary of MMA Mortgage Corporation certifying that attached to such certificate are
(A) the resolutions of MMA Mortgage Corporation’s Directors and, if required, Owners, authorizing
the execution, delivery and performance by MMA Mortgage Corporation of the Loan Documents to which
it is a party, (B) true, correct and complete copies of the Articles of Incorporation and Bylaws of
MMA Mortgage Corporation, and (C) incumbency signatures of MMA Mortgage Corporation’s Officers or
agents authorized to execute and deliver the Loan Documents to which it is a party and other
instruments, agreements and certificates on MMA Mortgage Corporation’s behalf.

(h) A current good standing certificate for the Borrower issued by the Secretary of State of
Florida.

(i) A current good standing certificate for the Parent Guarantor issued by the Secretary of
State of Delaware.

(j) A current good standing certificate for MMA Mortgage Corporation issued by the Secretary
of State of Florida.

(k) An opinion of counsel to the Borrower, the Parent Guarantor, and MMA Mortgage
Corporation, addressed to the Lender, in form and substance reasonably acceptable to the Lender.

(l) Certificates of the insurance required hereunder.

(m) Payment of the fees and commissions due under Section 2.3 through the date of the initial
term loan advance and expenses incurred by the Lender through such date and required to be paid by
the Borrower under Section 7.5, including all legal expenses incurred through the date of this
Agreement.

(n) Approvals by Federal National Mortgage Association and the Federal Home Loan Mortgage
Corporation to the pledge of the stock in MMA Mortgage Corporation to Lender.

(o) The filing with the Florida Secretary of State of an amendment to the Articles of
Incorporation of MMA Mortgage Corporation, in a form acceptable to the Lender in its sole
discretion, so that the Articles of Incorporation, as amended, of MMA Mortgage Corporation require
the affirmative vote of each independent director of MMA Mortgage Corporation and the prior
written consent of the Lender prior to the taking by MMA Mortgage Corporation of certain actions
relating to the declaration of bankruptcy or acknowledgment of insolvency as further described in
such amendment.

(p) Evidence satisfactory to the Lender that any UCC financing statement amendment,
termination, or release necessary for the Borrower to comply herewith has been authorized for
filing or been filed.

(q) Such other documents as the Lender may reasonably require.

Section 3.2 Conditions Precedent to the Subsequent Term Loan Advance. The Lender’s
obligation to make the subsequent term loan advance in the principal amount of Five Million Dollars
($5,000,000) shall be subject to satisfaction of each of the following the conditions precedent:

(a) (i) each of the representations and warranties contained in Article IV of the Agreement
shall be true and correct on and as of the Subsequent Funding Date as though made on and as of
such date, except to the extent that such representations and warranties relate solely to an
earlier date; (ii) no event shall have occurred and be continuing, or would result from the making
of such subsequent term loan advance that would constitute a Default or an Event of Default
(without regard to whether the Lender has issued a Declaration Notice with respect thereto, if
applicable); and (iii) the Lender shall have received a certificate executed by an executive
officer of the Borrower dated as of the Subsequent Funding Date, certifying the statements in
Section 3.2(a) (i) and (ii) above are true and correct;

(b) the Acquisition Agreement has not then been terminated and is in full force and effect on
Subsequent Funding Date and the transactions contemplated by the Acquisition Agreement have not
yet then been consummated;

(c) The Re-Ven Disposition shall have closed and done so within 45 days after the date hereof
on terms substantially similar to the terms described in writing by MMA Mortgage Corporation to
the Lender prior to the date of this Agreement, and in any event, generating net proceeds to the
seller of at least $14 million and the Borrower shall have presented reasonable evidence to that
effect (including a certificate to that effect from an executive officer of the Borrower); and

(d) Such other documents as the Lender may reasonably require.

ARTICLE IV

REPRESENTATIONS AND WARRANTIES

The Borrower represents and warrants to the Lender as follows:

Section 4.1 Existence and Power; Name; Chief Executive Office; and Organizational
Identification Number. The Borrower is a corporation, duly organized, validly existing and in
good standing under the laws of the State of Florida and is duly licensed or qualified to transact
business in all jurisdictions where the character of the property owned or leased or the nature of
the business transacted by it makes such licensing or qualification necessary except jurisdictions
in which the failure to so qualify would not, in the aggregate, have a Material Adverse Effect.
The Borrower has all requisite power and authority to conduct its business, to own its properties
and to execute and deliver, and to perform all of its obligations under, the Loan Documents to
which it is a party. During its existence, the Borrower has done business solely under the names
set forth in Schedule 4.1. The Borrower’s chief executive office and principal place of business
is located at the address set forth in Schedule 4.1. The Borrower’s organizational identification
is K22809.

Section 4.2 Ownership. The Borrower owns one hundred percent (100%) of the
outstanding capital stock issued by MMA Mortgage Corporation. The Parent Guarantor owns directly
or indirectly one hundred percent (100%) of the outstanding capital stock of the Borrower.

Section 4.3 Authorization of Borrowing; No Conflict as to Law or Agreements. The
execution, delivery and performance by the Borrower of the Loan Documents have been duly authorized
by all necessary corporate action and do not and will not (i) require any consent or approval of
the Borrower’s Owners, except such consent or approval as has been obtained or given prior to the
date hereof; (ii) require any authorization, consent or approval by, or registration, declaration
or filing with, or notice to, any governmental department, commission, board, bureau, agency or
instrumentality, domestic or foreign, or any third party, except such authorization, consent,
approval, registration, declaration, filing or notice as has been obtained from the Agencies and
any other parties, accomplished or given prior to the date hereof; (iii) violate any provision of
any law, rule or regulation or of any order, writ, injunction or decree presently in effect having
applicability to the Borrower or of the Borrower’s Constituent Documents; (iv) result in a breach
of or constitute a default under any indenture or loan or credit agreement or any other material
agreement, lease or instrument to which the Borrower is a party or by which it or its properties
may be bound or affected; or (v) result in, or require, the creation or imposition of any Lien
(other than any security interest granted by the Borrower to the Lender) upon or with respect to
any of the properties now owned or hereafter acquired by the Borrower.

Section 4.4 Legal Agreements. This Agreement constitutes and, upon due execution by
the Borrower, the other Loan Documents to which the Borrower is a party will constitute the legal,
valid and binding obligations of the Borrower, enforceable against the Borrower in accordance with
their respective terms.

Section 4.5 Subsidiaries. MMA Mortgage Corporation has no Subsidiaries.

Section 4.6 Financial Condition; No Adverse Change. The Borrower has furnished to the
Lender (a) the audited balance sheets of MMA Mortgage Corporation as of December 31, 2006 and
December 31, 2007 and the related audited statements of earnings and comprehensive earnings,
stockholders’ equity and cash flows for each of the fiscal years then ended, together a true and
correct copy of the report on such audited information by Ernst & Young and all letters from such
accountants with respect to the results of such audits and (b) the unaudited balance sheet and
statements of earnings of MMA Mortgage Corporation as of and for the nine months ended September
30, 2008. Except as set forth in the notes thereto or in any disclaimers included therewith, all
such financial statements were prepared in accordance with GAAP and fairly present the consolidated
financial condition and results of operations of MMA Mortgage Corporation as of the respective
dates thereof and for the respective periods covered thereby, subject in the cast of such unaudited
financial statements to normal year-end adjustments (the effect of which will not individually or
in the aggregate, have a Material Adverse effect).

Section 4.7 Litigation. There are no actions, suits or proceedings pending or, to the
Borrower’s knowledge, threatened against or affecting the Borrower or MMA Mortgage Corporation or
the properties of the Borrower or MMA Mortgage Corporation before any court or governmental
department, commission, board, bureau, agency or instrumentality, domestic or foreign, which, if
determined adversely to the Borrower or MMA Mortgage Corporation, would have a Material Adverse
Effect, apart from those matters specifically listed in Schedule 4.7.

Section 4.8 Regulation U. The Borrower is not engaged in the business of extending
credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U
of the Board of Governors of the Federal Reserve System), and no part of the proceeds of the term
loan advance(s) will be used to purchase or carry any margin stock or to extend credit to others
for the purpose of purchasing or carrying any margin stock.

Section 4.9 Taxes. The Parent Guarantor, the Borrower, and their Subsidiaries have
paid or caused to be paid to the proper authorities when due all federal, state and local taxes
required to be withheld by each of them. The Parent Guarantor, the Borrower, and their
Subsidiaries have filed all federal, state and local tax returns which to the knowledge of the
Officers of the Parent Guarantor, the Borrower, or any of their Subsidiaries, as the case may be,
are required to be filed, and the Parent Guarantor, the Borrower, and their Subsidiaries have paid
or caused to be paid to the respective taxing authorities all taxes as shown on said returns or on
any assessment received by any of them (other than assessments that are being contested in good
faith by appropriate proceedings and for which proper reserves have been made) to the extent such
taxes have become due.

Section 4.10 Plans. Neither the Borrower nor any ERISA Affiliate (i) contributes to,
has contributed to or has any liability with respect to any Multiemployer Plan or Defined Benefit
Pension Plan or (ii) provides,  has provided or has any obligation to provide post-retirement
medical or insurance benefits with respect to employees or former employees (other than benefits
required under Section 601 of ERISA, Section 4980B of the IRC or applicable state law). Neither
the Borrower nor any ERISA Affiliate has received any notice or has any knowledge to the effect
that it is not in full compliance with any of the requirements of ERISA, the IRC or applicable
state law with respect to any Plan. All Pensions Plans of the Borrower and any ERISA Affiliate
that are operated as plans that are qualified under the provisions of Section 401(a) of the IRC
satisfy in form and operation all applicable qualification requirements and no Pension Plan has
received or committed to receive a transfer of assets and/or liabilities or spin-off from another
plan, except transfers, which qualify as transfers from eligible rollover distributions within the
meaning of IRC Section 402(c)(4). Neither the Borrower nor any ERISA Affiliate has (i) any
accumulated funding deficiency (as defined in Section 302 of ERISA and Section 412 of the IRC)
under any Pension Plan, whether or not waived or (ii) any liability or knowledge of any facts or
circumstances which could result in any liability to the Pension Benefit Guaranty Corporation, the
Internal Revenue Service, the Department of Labor or any participant or other person in connection
with any Plan (other than routine claims for benefits under the Plan).

Section 4.11 Default. Each of the Borrower and MMA Mortgage Corporation is in
compliance with all provisions of all agreements, instruments, decrees and orders to which it is a
party or by which it or its property is bound or affected, the breach or default of which could
have a Material Adverse Effect except (i) to the extent such compliance is related to the timely
delivery of financial statements by the Parent Guarantor, the Borrower, MMA Mortgage Corporation,
or any of their Affiliates under such agreements or instruments or (ii) as scheduled on Schedule
4.11(a). Schedule 4.11(b) lists the forbearance agreements to which the Borrower or MMA Mortgage
Corporation currently is a party (the “Scheduled Forbearance Agreements”). Each of the
Borrower and MMA Mortgage Corporation is in compliance with each of the terms of the Scheduled
Forbearance Agreements to which each is a party and no default has occurred and is continuing under
any of the Scheduled Forbearance Agreements.

Section 4.12 Submissions to Lender. All financial and other information provided to
the Lender by or on behalf of the Borrower in connection with the Borrower’s request for any term
loan advance contemplated hereby is (i) true and correct in all material respects, (ii) does not
omit any material fact necessary to make such information not misleading and, (iii) as to
projections, valuations or proforma financial statements, present a good faith opinion as to such
projections, valuations and proforma condition and results.

Section 4.13 Financial Solvency. Both before and after giving effect to all of the
transactions contemplated in the Loan Documents, none of the Borrower or MMA Mortgage Corporation:

(a) Was or will be insolvent, as that term is used and defined in Section 101(32) of the
United States Bankruptcy Code and Section 2 of the Uniform Fraudulent Transfer Act;

(b) Has unreasonably small capital or is engaged or about to engage in a business or a
transaction for which any remaining assets of the Borrower, any Subsidiary, or any Affiliates
thereto are unreasonably small;

(c) By executing, delivering or performing its obligations under the Loan Documents or other
documents to which it is a party or by taking any action with respect thereto, intends to, nor
believes that it will, incur debts beyond its ability to pay them as they mature;

(d) By executing, delivering or performing its obligations under the Loan Documents or other
documents to which it is a party or by taking any action with respect thereto, intends to hinder,
delay or defraud either its present or future creditors; and

(e) At this time contemplates filing a petition in bankruptcy or for an arrangement or
reorganization or similar proceeding under any law of any jurisdiction, nor, to the best knowledge
of the Borrower, is the subject of any actual, pending or threatened bankruptcy, insolvency or
similar proceedings under any law of any jurisdiction.

Section 4.14 Execution and Delivery of Loan Documents; No Documentary Stamp Tax. Each
of the Loan Documents has been made, executed, and delivered by the Parent Guarantor, the Borrower,
and MMA Mortgage Corporation outside of the State of Florida. No documentary stamp tax will be
imposed upon any of the Loan Documents or upon the filing of any initial financing statement
describing any collateral granted by the Borrower to the Lender under any of the Loan Documents.

ARTICLE V

COVENANTS

So long as the Obligations shall remain unpaid, the Borrower will comply or will cause MMA
Mortgage Corporation or such other party as identified in the covenants contained in this Article
V, as applicable, to comply with the following covenants or requirements unless the Lender shall
otherwise consent in writing:

Section 5.1 Reporting Requirements. The Borrower will deliver, or cause to be
delivered, to the Lender each of the following, which shall be in form and detail acceptable to the
Lender:

(a) Quarterly Financial Statements of Parent Guarantor. As soon as available, and in any
event within 90 days after the end of each calendar quarter, the Borrower will deliver to the
Lender an unaudited/internal balance sheet and statements of income and retained earnings of the
Parent Guarantor as at the end of and for such quarter and for the year to date period then ended,
prepared, on a consolidating and consolidated basis to include any Subsidiaries, in reasonable
detail and stating in comparative form the figures for the corresponding date and periods in the
previous year, all prepared in accordance with GAAP, subject to year-end audit adjustments and to
any disclaimers included therewith provided such disclaimers are substantially similar to
disclaimers previously contained in the Parent Guarantor’s financial statements, and which fairly
represent the Parent Guarantor’s financial position and the results of its operations; and
accompanied by a compliance certificate of an Officer of the Parent Guarantor stating (i) that
such financial statements have been prepared in accordance with GAAP, subject to year-end audit
adjustments and to any disclaimers included therewith provided such disclaimers are substantially
similar to disclaimers previously contained in the Parent Guarantor’s financial statements, and
fairly represent the Parent Guarantor’s financial position and the results of its operations, and
(ii) whether or not such Officer has knowledge of the occurrence of any Default or Event of
Default not theretofore reported and remedied and, if so, stating in reasonable detail the facts
with respect thereto.

(b) Monthly Financial Statements of MMA Mortgage Corporation. As soon as available, and in
any event within 60 days after the end of each calendar month, the Borrower shall cause MMA
Mortgage Corporation to deliver to the Lender an unaudited/internal balance sheet and statements
of income and retained earnings of MMA Mortgage Corporation as at the end of and for such month
and for the year to date period then ended, prepared in reasonable detail and stating in
comparative form the figures for the corresponding date and periods in the previous year, all
prepared in accordance with GAAP, subject to year-end audit adjustments and to any disclaimers
included therewith provided such disclaimers are substantially similar to disclaimers previously
contained in MMA Mortgage Corporation financial statements, and which fairly represent the
financial position of MMA Mortgage Corporation and the results of its operations; and accompanied
by a compliance certificate of an Officer of MMA Mortgage Corporation stating that such financial
statements have been prepared in accordance with GAAP, subject to year-end audit adjustments and
to any disclaimers included therewith provided such disclaimers are substantially similar to
disclaimers previously contained in MMA Mortgage Corporation financial statements, and fairly
represent the financial position of MMA Mortgage Corporation and the results of its operations.

(c) Service Related Reports. As soon as available, and in any event within 15 days after the
end of each calendar month, the Borrower shall cause MMA Mortgage Corporation to deliver to the
Lender a delinquency report, a production pipeline report, and a servicing report with respect to
such calendar month, each in a form and containing information of the type consistent with such
reports previously generated by MMA Mortgage Corporation in the ordinary course of business and in
a form reasonably acceptable to the Lender.

(d) Insurance Reports. Promptly upon the request of the Lender, the Borrower shall provide
to the Lender reports on each existing insurance policy of MMA Mortgage Corporation containing
information as the Lender may reasonably request, including but not limited to (i) the name of the
insurer, (ii) the risks insured, (iii) the amount of the insurance policy, (iv) the properties
insured, (v) the then current property values on the basis of which insurance has been obtained as
well as the manner of determining those values, and (vi) the expiration date of the policy.

(e) Litigation. Promptly after the commencement thereof, the Borrower will deliver to the
Lender notice in writing of all litigation and of all proceedings before any governmental or
regulatory agency affecting the Borrower or MMA Mortgage Corporation which seek a monetary
recovery against the Borrower or MMA Mortgage Corporation in excess of $1,000,000.00.

(f) Defaults. When any Officer of the Borrower becomes aware of the probable occurrence of
any Default or Event of Default, the Borrower will deliver to the Lender, no later than 3 days
after such officer becomes aware of such Default or Event of Default, notice of such occurrence,
together with a detailed statement by a responsible Officer of the Borrower of the steps being
taken by the Borrower to cure the effect thereof.

(g) Disputes. Promptly upon knowledge thereof, the Borrower will deliver to the Lender
notice of any disputes or claims by the customers of the Borrower or MMA Mortgage Corporation
exceeding $2,000,000.00 in the aggregate during any fiscal year.

(h) Reports to Owners. Promptly upon their distribution, the Borrower will deliver to the
Lender copies of all financial statements, reports and proxy statements which the Parent Guarantor
shall have sent to its Owners.

(i) Violations of Law. Promptly upon knowledge thereof, the Borrower will deliver to the
Lender notice of the Parent Guarantor’s, the Borrower’s, or any of their Subsidiaries’ violation
of any law, rule or regulation, the non-compliance with which could have a Material Adverse Effect
on the Parent Guarantor, the Borrower, or any of their Subsidiaries.

(j) Material Adverse Effect. Promptly upon knowledge thereof, the Borrower will deliver to
the Lender notice of any event that could reasonably be expected to cause a Material Adverse
Effect.

(k) Other Reports. From time to time, with reasonable promptness, the Borrower will deliver
to the Lender any and all materials, reports, records or information as the Lender may reasonably
request.

Section 5.2 Indebtedness. MMA Mortgage Corporation will not incur, create, assume or
permit to exist any liability for indebtedness or liability on account of deposits or advances or
any indebtedness for borrowed money, whether or not it is the actual borrower thereof, or
reimbursement obligations arising under any letters of credit whether or not issued on MMA Mortgage
Corporation’s behalf, or any other indebtedness or liability evidenced by notes, bonds, debentures
or similar obligations, except: (a) indebtedness arising under the Loan Documents; (b) indebtedness
of MMA Mortgage Corporation in existence on the date hereof and listed in Schedule 5.2 hereto, the
indebtedness amounts of which the Borrower hereby certifies to the Lender to be accurate as of the
date of this Agreement; and (c) indebtedness of MMA Mortgage Corporation incurred to fund the
origination of loans for sale to government agencies in the ordinary course of business consistent
with past practice. On the Initial Funding Date, Synovus Bank and Fifth Third Bank shall each
provide to the Lender a certificate confirming the accuracy of the amounts outstanding (including
the face amount of letters of credit) set forth on Schedule 5.2 with respect to the credit
facilities described thereon to which each is party. No additional borrowings will be made, or
letters of credit issued, for the benefit of any party to such credit facilities, except for (i)
letters of credit issued to secure obligations of MMA Mortgage Corporation to Freddie Mac incurred
in the ordinary course of business thereunder and (ii) draws to fund unfunded construction loan
commitments not to exceed an aggregate amount of Twenty Six Million Dollars ($26,000,000.00) over
the term of this Agreement.

Section 5.3 Liens. MMA Mortgage Corporation will not create, assume, or permit to
exist any Lien on any of its assets except for Permitted Liens and Borrower will not create,
assume, or permit to exist any Lien on any of the capital stock of MMA Mortgage Corporation owned
by it other than in favor of the Lender. Notwithstanding anything to the contrary above no assets
of MMA Mortgage Corporation are or will be pledged to secure any obligations on the Synovus Line
(as described in Schedule 5.3) or the Fifth Third Bank Line (as described in Schedule 5.3), and the
unpaid principal balance of the assets pledged by other parties to secure the Other Synovus
Obligations (as described in Schedule 5.2) are, and will at all times be, at least equal the amount
of such Other Synovus Obligations. If at any time any of the assets pledged by such other parties
to secure the Other Synovus Obligations is in default, Borrower shall promptly notify the Lender in
writing of such default. In accordance with the preceding sentence, the borrower under the Mission
Bay loan on the date of this Agreement is currently delinquent on the payment of interest on such
loan, which has a current outstanding principal balance of $1,476,089.00.

Section 5.4 Guaranties. MMA Mortgage Corporation will not assume, guarantee, endorse
or otherwise become directly or contingently liable in connection with any obligations of any other
Person, except: (a) the endorsement of negotiable instruments by MMA Mortgage Corporation for
deposit or collection or similar transactions in the ordinary course of business; and (b)
guaranties, endorsements and other direct or contingent liabilities in connection with the
obligations of other Persons, in existence on the date hereof and listed in Schedule 5.2 hereto.

Section 5.5 Investments and Subsidiaries. MMA Mortgage Corporation will not make or
permit to exist any loans or advances to, or make any investment or acquire any interest whatsoever
in, any other Person or Affiliate, including any partnership or joint venture, nor purchase or hold
beneficially any stock or other securities or evidence of indebtedness of any other person or
Affiliate, except: (a) loans originated in the ordinary course of business in connection with the
agency loan business of MMA Mortgage Corporation consistent with past practice; (b) investments in
direct obligations of the United States of America or any agency or instrumentality thereof whose
obligations constitute full faith and credit obligations of the United States of America having a
maturity of one year or less, commercial paper issued by U.S. corporations rated “A 1” or “A 2” by
Standard & Poor’s Ratings Services or “P 1” or “P 2” by Moody’s Investors Service or certificates
of deposit or bankers’ acceptances having a maturity of one year or less issued by members of the
Federal Reserve System having deposits in excess of $100,000,000 (which certificates of deposit or
bankers’ acceptances are fully insured by the Federal Deposit Insurance Corporation); (c) travel
advances or loans to MMA Mortgage Corporation’s Officers and employees not exceeding at any one
time an aggregate of $25,000.00; and (d) prepaid rent not exceeding one month or security deposits.

Section 5.6 Salaries. Except as otherwise permitted in the Acquisition Agreement
while the Acquisition Agreement is in effect, MMA Mortgage Corporation will not pay excessive or
unreasonable salaries, bonuses, commissions, consultant fees or other compensation; or increase the
salary, bonus, commissions, consultant fees or other compensation of any Director, Officer or
consultant, or any member of their families, by more than 10% in any one year, either individually
or for all such persons in the aggregate, or pay any such increase from any source other than
profits earned in the year of payment.

Section 5.7 Books and Records; Inspection and Appraisals.

(a) The Borrower will, and will cause MMA Mortgage Corporation, to keep accurate books of
record and account for itself pertaining to its business and financial condition in which true and
complete entries will be made in accordance with GAAP and, upon the Lender’s reasonable request,
will permit any officer, employee, attorney, accountant or other agent of Lender to audit, review,
make extracts from or copy any and all company and financial books and records of the Borrower and
MMA Mortgage Corporation at all times during ordinary business hours, and to discuss the
Borrower’s and MMA Mortgage Corporation’s affairs with any of its Directors, Officers, employees
or agents.

(b) The Borrower hereby irrevocably authorizes all accountants and third parties to disclose
and deliver to Lender or its designated agent, at the Borrower’s expense, all financial
information, books and records, work papers, management reports and other information in their
possession regarding MMA Mortgage Corporation.

Section 5.8 Compliance with Laws. (i) The Borrower will and the Borrower will cause
MMA Mortgage Corporation to comply with the requirements of applicable laws and regulations, the
non compliance with which would materially and adversely affect its business or its financial
condition and (ii) Borrower use and keep any collateral pledged by Borrower pursuant to any
Security Document, and require that others use and keep such collateral, only for lawful purposes,
without violation of any federal, state, or local law, statute, or ordinance.

Section 5.9 Payment of Taxes and Other Claims. The Borrower will and the Borrower
will cause each of its Subsidiaries to pay or discharge, when due, (a) all taxes, assessments and
governmental charges levied or imposed upon it or upon its income or profits, upon any properties
belonging to it (including the collateral pledged by the Borrower pursuant to any Security
Document) or upon or against the creation, perfection or continuance of any security interest
granted by the Borrower pursuant to any Security Document, prior to the date on which penalties
attach thereto, (b) all federal, state and local taxes required to be withheld by it, and (c) all
lawful claims for labor, materials and supplies which, if unpaid, might by law become a Lien upon
any properties of the Borrower or any Subsidiary; provided, that the Borrower or such Subsidiary
shall not be required to pay any such tax, assessment, charge or claim whose amount, applicability
or validity is being contested in good faith by appropriate proceedings and for which proper
reserves have been made.

Section 5.10 Maintenance of Properties. MMA Mortgage Corporation will keep and
maintain all of its properties necessary or useful in its business in good condition, repair and
working order (normal wear and tear excepted) and will from time to time replace or repair any
worn, defective or broken parts; provided, however, that nothing in this Section
5.10 shall prevent MMA Mortgage Corporation from discontinuing the operation and maintenance of any
of its properties if such discontinuance is, in MMA Mortgage Corporation’s judgment, desirable in
the conduct of its business and not disadvantageous in any material respect to the Lender.

Section 5.11 Insurance. MMA Mortgage Corporation will obtain and at all times
maintain insurance with insurers acceptable to the Lender in such amounts and against such risks as
is usually carried by companies engaged in similar business and owning similar properties in the
same general areas in which MMA Mortgage Corporation operates. MMA Mortgage Corporation will from
time to time upon request by the Lender furnish the Lender with the insurance policies or
certificates evidencing such insurance in form and substance satisfactory to the Lender. All
insurance policies shall contain a provision whereby such insurance policies cannot be cancelled or
any coverage reduced except after the insurance company provides 10 days’ written notice to the
Lender.

Section 5.12 Preservation of Existence. The Borrower and MMA Mortgage Corporation
will each preserve and maintain its existence and all of its rights, privileges and franchises
necessary or desirable in the normal conduct of its business.

Section 5.13 Ordinary Course of Business. Except as otherwise permitted in the
Acquisition Agreement while the Acquisition Agreement is in effect, MMA Mortgage Corporation shall
operate its business only in the ordinary course of business and in a manner consistent with past
practice.

Section 5.14 Pledge or Other Transfer of MMA Mortgage Corporation Stock. Borrower
will not, so long as any of the Obligations are outstanding, sell, assign, exchange, pledge or
otherwise transfer or encumber any of its rights in and to any of the issued and outstanding
capital stock of MMA Mortgage Corporation (except pursuant to the Loan Documents) or grant or
permit to exist any option, warrant or other right to purchase any capital stock of MMA Mortgage
Corporation or enter into or permit to exist any agreement to issue any of the foregoing (except in
each case in connection with the indefeasible payment in full of the Obligations).

Section 5.15 Delivery of Instruments, etc. Upon request by the Lender, the Borrower
will, to the extent required by the Security Documents, promptly deliver to the Lender in pledge
all instruments, documents and chattel paper constituting collateral under any Security Document,
duly endorsed or assigned by the Borrower.

Section 5.16 Sale or Transfer of Assets; Suspension of Business Operations. Except as
otherwise permitted in the Acquisition Agreement while the Acquisition Agreement is in effect, MMA
Mortgage Corporation will not sell, lease, assign, transfer or otherwise dispose of (i) all or a
substantial part of its assets, or (ii) any of its property or any interest therein (whether in one
transaction or in a series of transactions) to any other Person other than the sale of inventory or
the disposition of obsolete equipment, each in the ordinary course of business, and will not
liquidate, dissolve or suspend business operations (except in each case in connection with the
indefeasible payment in full of the Obligations).

Section 5.17 Consolidation and Merger; Asset Acquisitions. MMA Mortgage Corporation
will not consolidate with or merge into any Person, or permit any other Person to merge into it, or
acquire (in a transaction analogous in purpose or effect to a consolidation or merger) all or
substantially all the assets of any other Person (except in each case in connection with the
indefeasible payment in full of the Obligations).

Section 5.18 Restrictions on Nature of Business. MMA Mortgage Corporation will not
engage in any line of business materially different from that presently engaged in by MMA Mortgage
Corporation and will not purchase, lease or otherwise acquire assets not related to its business.

Section 5.19 Accounting. MMA Mortgage Corporation will not adopt any material change
in accounting principles other than as required by GAAP. MMA Mortgage Corporation will not adopt,
permit or consent to any change in its fiscal year.

Section 5.20 Plans. MMA Mortgage Corporation will not (i) adopt, create, assume,
permit to exist, or become a party to any Pension Plan (other than any Pension Plan existing on the
date of this Agreement and listed on Schedule 5.20 hereto), (ii) incur any obligation to contribute
to any Multiemployer Plan, (iii) incur any obligation to provide post-retirement medical or
insurance benefits with respect to employees or former employees (other than benefits required by
law) or (iv) amend any Plan in a manner that would materially increase its funding obligations.

Section 5.21 Place of Business; Name. The Borrower will not, and the Borrower will
cause MMA Mortgage Corporation to not, transfer its chief executive office or principal place of
business. The Borrower will not change its name or jurisdiction of organization.

Section 5.22 Performance by the Lender. If the Borrower or MMA Mortgage Corporation
at any time fails to perform or observe any of the foregoing covenants contained in this Article V
or elsewhere herein, and if such failure shall continue for a period of ten calendar days after the
Lender gives the Borrower written notice thereof (or in the case of the agreements contained in
Section 5.9 and Section 5.11, immediately upon the occurrence of such failure, without notice or
lapse of time), the Lender may, but need not, perform or observe such covenant on behalf and in the
name, place and stead of the Borrower (or, at the Lender’s option, in the Lender’s name) and may,
but need not, take any and all other actions which the Lender may reasonably deem necessary to cure
or correct such failure (including the payment of taxes and maintenance of insurance); and the
Borrower shall thereupon pay to the Lender on demand the amount of all monies expended and all
costs and expenses (including reasonable attorneys’ fees and legal expenses) incurred by the Lender
in connection with or as a result of the performance or observance of such agreements or the taking
of such action by the Lender, together with interest thereon from the date expended or incurred at
the Default Rate.

Section 5.23 Amendment of Articles of Incorporation of MMA Mortgage Corporation. MMA
Mortgage Corporation may not modify, restate, or otherwise amend any provision in its Articles of
Incorporation that (i) restricts or prohibits MMA Mortgage Corporation from taking certain actions
relating to the declaration of bankruptcy or the acknowledgment of insolvency without the prior
written consent of the Lender and each independent director of MMA Mortgage Corporation or (ii)
relates to the appointment or duties of the independent directors of MMA Mortgage Corporation.

ARTICLE VI

EVENTS OF DEFAULT, RIGHTS AND REMEDIES

Section 6.1 Events of Default. “Event of Default”, wherever used herein, means any
one of the following events:

(a) Default in the payment of any Obligations when they become due and payable except in the
case of a failure to pay interest on the Term Note when and as due, in which case only if such
failure to pay such interest continues for a period of three (3) Business Days after such interest
is due and payable provided that failure to pay any remaining accrued and unpaid interest at the
Maturity Date shall not have a cure period;

(b) Default by the Borrower in the performance of, breach, or compliance with any covenant or
agreement contained in any of the Loan Documents to which it is a party, or the failure by the
Borrower to cause MMA Mortgage Corporation or any other party to comply with any covenant or
agreement applicable to MMA Mortgage Corporation or such other party that is contained in any of
the Loan Documents, which default, breach, or failure remains unremedied for three (3) Business
Day after such default, breach, or failure to comply has occurred;

(c) Default by any Guarantor in the performance of, breach, or compliance with any covenant
or agreement contained in its respective Guaranty, which default, breach, or failure remains
unremedied for three (3) Business Day after such default, breach, or failure to comply has
occurred;

(d) The Borrower, the Parent Guarantor, or MMA Mortgage Corporation shall be or become
insolvent, or admit in writing its inability to pay its debts as they mature, or make an
assignment for the benefit of creditors; or the Borrower, the Parent Guarantor, or MMA Mortgage
Corporation shall apply for or consent to the appointment of any receiver, trustee, or similar
officer for it or for all or any substantial part of its property; or such receiver, trustee or
similar officer shall be appointed without the application or consent of the Borrower, the Parent
Guarantor, or MMA Mortgage Corporation; or the Borrower, the Parent Guarantor, or MMA Mortgage
Corporation shall institute (by petition, application, answer, consent or otherwise) any
bankruptcy, insolvency, reorganization, arrangement, readjustment of debt, dissolution,
liquidation or similar proceeding relating to it under the laws of any jurisdiction; or any such
proceeding shall be instituted (by petition, application or otherwise) against the Borrower, the
Parent Guarantor, or MMA Mortgage Corporation; or any judgment, writ, warrant of attachment or
execution or similar process shall be issued or levied against a substantial part of the property
of the Borrower, the Parent Guarantor, or MMA Mortgage Corporation;

(e) A petition shall be filed by or against the Borrower, the Parent Guarantor, or MMA
Mortgage Corporation under the United States Bankruptcy Code naming the Borrower, the Parent
Guarantor, or MMA Mortgage Corporation as debtor;

(f) Any representation or warranty made by the Borrower, the Parent Guarantor, or MMA
Mortgage Corporation in any Loan Document to which it is a party or by the Borrower (or any of its
Officers,) the Parent Guarantor, or MMA Mortgage Corporation in any agreement, certificate,
instrument or financial statement or other statement contemplated by or made or delivered pursuant
to or in connection with any Loan Document shall prove to have been incorrect in any material
respect when deemed to be effective;

(g) The rendering against the Borrower, the Parent Guarantor, or MMA Mortgage Corporation of
an arbitration award, final judgment, decree or order for the payment of money in excess of (x)
$2,000,000.00 in the case of the Borrower or the Parent Guarantor or (y) $500,000 in the case of
MMA Mortgage Corporation, and the continuance of such arbitration award, judgment, decree or order
unsatisfied and in effect for any period of 30 consecutive days without a stay of execution;

(h) A default that results in the acceleration of payment of any bond, indenture, material
lease, debenture, note, other evidence of material indebtedness, or other instrument under which
any such evidence of indebtedness has been issued or by which it is governed that could reasonably
be expected to result in the payment to any Person other than the Lender of any amount in excess
of (x) $2,000,000.00 by the Borrower, or (y) $500,000.00 by MMA Mortgage Corporation, after the
expiration of the applicable period of grace, if any, specified in such evidence of indebtedness,
indenture, other instrument, lease or contract;

(i) The Borrower, the Parent Guarantor, or MMA Mortgage Corporation shall liquidate,
dissolve, terminate or suspend its business operations; MMA Mortgage Corporation shall merge with
another organization; or MMA Mortgage Corporation sell or attempt to sell all or substantially all
of its assets, without the Lender’s prior written consent;

(j) The Parent Guarantor shall fail to own directly or indirectly one hundred percent (100%)
of the Borrower;

(k) The Borrower shall fail to own one hundred percent (100%) of MMA Mortgage Corporation;

(l) Any Guarantor seeks, claims, or otherwise attempts to limit, modify, or revoke its
Guaranty;

(m) MMA Mortgage Corporation shall cease to hold any of the material licenses issued to it by
any of the Agencies or any material agreement with any of the Agencies under which MMA Mortgage
Corporation has the right to service mortgages is terminated;

(n) MMA Mortgage Corporation shall cease to have a warehouse borrowing line available to it
on substantially the same terms as such warehouse borrowing line is available to MMA Mortgage
Corporation on the date hereof; or

(o) Default or breach by MMA Mortgage Corporation in any material respect in the performance
of or compliance with any covenant or agreement contained in the Acquisition Agreement.

Section 6.2 Rights and Remedies.

(a) Upon the occurrence of an Event of Default described in Section 6.1(a), (d), (e), (i) as
such subsection (i) applies to the Borrower or to MMA Mortgage Corporation, as applicable, or (m),
the Lender may immediately exercise any or all of the following rights and remedies:

(i) The Lender may, by notice to the Borrower, declare the Obligations to be forthwith
due and payable, whereupon all Obligations shall become and be forthwith due and payable,
without presentment, notice of dishonor, protest or further notice of any kind, all of which
the Borrower hereby expressly waives;

(ii) The Lender may, without notice to the Borrower and without further action, apply
any and all money owing by the Lender to the Borrower to the payment of the Obligations;

(iii) The Lender may exercise and enforce any and all rights and remedies available
upon default to a secured party under the UCC, including the right to take possession of any
collateral pledged by the Borrower to the Lender, or any evidence thereof, proceeding
without judicial process or by judicial process (without a prior hearing or notice thereof,
which the Borrower hereby expressly waives) and the right to sell, lease or otherwise
dispose of any or all of such collateral (with or without giving any warranties as to the
collateral, title to the collateral or similar warranties);

(iv) The Lender may exercise and enforce its rights and remedies under the Loan
Documents; and

(v) The Lender may exercise any other rights and remedies available to it by law or
agreement.

Notwithstanding the foregoing, upon the occurrence of an Event of Default described in Section
6.1(d) or (e), the Obligations shall be immediately due and payable automatically without
presentment, demand, protest or notice of any kind.

(b) Upon the occurrence of an Event of Default described in Section 6.1 other than those
referenced in Section 6.1(a), (d), (e), (i) as such subsection (i) applies to the Borrower or to
MMA Mortgage Corporation, as applicable, or (m) (each of the Events of Default referenced in
Section 6.1(a), (d), (e), (i) as such subsection (i) applies to the Borrower or to MMA Mortgage
Corporation, as applicable, or (m) shall hereinafter be referred to as an “Unsuspendable Event
of Default”), the Lender may in its sole discretion provide to the Borrower written notice
identifying the Event of Default(s) and referencing this Section 6.2(b) of the Agreement (the
“Declaration Notice”). Upon receipt of such Declaration Notice, the Event of Default(s)
identified in the written notice shall be suspended for a period of 90 days (any such Event of
Default if so declared, a “Suspended Event of Default”). During any such 90 day
suspension period, the Lender may not exercise the remedies described in Section 6.2(a)(i)-(v) of
this Agreement or any other remedies that would otherwise be available to the Lender, with respect
to any such Suspended Event of Default provided that to the extent any Unsuspendable Event of
Default occurs during such period, the 90 day suspension period shall immediately terminate and
the Lender may immediately exercise all of its remedies hereunder, and the Borrower will not have
the right to sell the stock or assets of MMA Mortgage Corporation as set forth below. During any
such 90 day suspension period and notwithstanding any provisions contained in this Agreement, the
Pledge Agreement, or the Acquisition Agreement to the contrary, the Borrower may, at its option,
(i) sell the capital stock of MMA Mortgage Corporation or any or all of the assets of MMA Mortgage
Corporation or (ii) liquidate any of Borrower’s assets or apply any of its cash reserves if the
sale of such MMA Mortgage Corporation capital stock or assets, the liquidation of any of
Borrower’s assets, and the application of its cash reserves in the aggregate generates proceeds in
an amount sufficient to indefeasibly pay the Lender in full all Obligations then owed under all of
the Loan Documents. If the Borrower cures any such Suspended Event of Default(s) within any 90
day suspension period (if applicable), this Agreement and the Acquisition Agreement will remain in
full force and effect. If the Borrower indefeasibly pays in full to the Lender all Obligations
then owed under all of the Loan Documents within any 90 day suspension period, this Agreement and
the Acquisition Agreement shall terminate. If the Borrower fails to cure any such Suspended Event
of Default(s) within any 90 day suspension period, the Lender may immediately proceed to exercise
one or more of the remedies described in Section 6.2(a)(i)-(v) of this Agreement or any other
remedies available to the Lender. For the purposes of clarity and for the avoidance of doubt, the
provisions of Section 6.2 shall not apply unless and until a Declaration Notice is provided by the
Lender to the Borrower in accordance with this Section 6.2(b).

(c) Notwithstanding any provision of this Section 6.2 to the contrary, each party to this
Agreement hereby acknowledges that the consent or approval of the Loan Documents by Fannie Mae
does not constitute (i) the consent or approval by Fannie Mae to the sale of the capital stock or
the assets of MMA Mortgage Corporation to any third party other than to the Lender or (ii) waiver
by Fannie Mae of continuing compliance by MMA Mortgage Corporation with all Fannie Mae capital and
liquidity requirements notwithstanding any liquidation of assets or application of cash reserves.

Section 6.3 Certain Notices. If notice to the Borrower of any intended action is
required by law in a particular instance, such notice shall be deemed commercially reasonable if
given (in the manner specified in Section 7.3) at least ten calendar days before the date of
intended disposition or other action.

ARTICLE VII

MISCELLANEOUS

Section 7.1 No Waiver; Cumulative Remedies; Compliance with Laws. No failure or delay
by the Lender in exercising any right, power or remedy under the Loan Documents shall operate as a
waiver thereof; nor shall any single or partial exercise of any such right, power or remedy
preclude any other or further exercise thereof or the exercise of any other right, power or remedy
under the Loan Documents. The remedies provided in the Loan Documents are cumulative and not
exclusive of any remedies provided by law. The Lender may comply with any applicable state or
federal law requirements in connection with a disposition of any collateral and such compliance
will not be considered adversely to affect the commercial reasonableness of any sale of the
collateral.

Section 7.2 Amendments, Etc. No amendment, modification, termination or waiver of any
provision of any Loan Document or consent to any departure by the Borrower therefrom shall be
effective unless the same shall be in writing and signed by the Lender, and then such waiver or
consent shall be effective only in the specific instance and for the specific purpose for which
given. No notice to or demand on the Borrower in any case shall entitle the Borrower to any other
or further notice or demand in similar or other circumstances.

Section 7.3 Notices; Communication of Confidential Information. Except as otherwise
expressly provided herein, all notices, requests, demands and other communications provided for
under the Loan Documents shall be in writing and shall be (a) personally delivered, (b) sent by
first class United States mail, (c) sent by overnight courier of national reputation, or (d)
transmitted by telecopy, in each case delivered or sent to the party to whom notice is being given
to the business address or telecopier number set forth below next to its signature or, as to each
party, at such other business address or telecopier number as it may hereafter designate in writing
to the other party pursuant to the terms of this Section. All such notices, requests, demands and
other communications shall be deemed to be an authenticated record communicated or given on (a) the
date received if personally delivered, (b) when deposited in the mail if delivered by mail, (c) the
date delivered to the courier if delivered by overnight courier, or (d) the date of transmission if
sent by telecopy. All notices, financial information, or other business records sent by either
party to this Agreement may be transmitted, sent, or otherwise communicated via such medium as the
sending party may deem appropriate and commercially reasonable; provided, however, that the risk
that the confidentiality or privacy of such notices, financial information, or other business
records sent by the Borrower may be compromised shall be borne exclusively by the Borrower.

Section 7.4 Further Documents. The Borrower will from time to time execute, deliver,
endorse and authorize the filing of any and all instruments, documents, conveyances, assignments,
and other agreements and writings that the Lender may reasonably request in order to protect the
Lender’s rights under the Loan Documents.

Section 7.5 Costs and Expenses. The Borrower shall pay on demand all reasonable
documented out-of-pocket costs and expenses, including reasonable attorneys’ fees, incurred by the
Lender in connection with the preparation, negotiation, collection, and enforcement of the
Obligations, this Agreement, the Loan Documents, and any other document or agreement related hereto
or thereto; provided, however, that the amount of out-of-pocket costs and expenses, including legal
fees and disbursements, incurred by the Lender that is payable by the Borrower in connection with
the preparation and negotiation of the Loan Documents shall not exceed Seventy-Five Thousand
Dollars ($75,000). In the Lender’s sole discretion, the Lender may deduct the amount of any such
costs and expenses invoiced on or before funding of the Term Note from the amount advanced under
Section 2.1(a) on the Initial Funding Date.

Section 7.6 Indemnity. In addition to the payment of expenses pursuant to
Section 7.5, the Borrower shall indemnify, defend and hold harmless the Lender, and any of its
participants, parent corporations, subsidiary corporations, affiliated corporations, successor
corporations, and all present and future officers, directors, employees, attorneys and agents of
the foregoing (the “Indemnitees”) from and against any of the following (collectively,
“Indemnified Liabilities”):

(a) Any and all transfer taxes, documentary taxes, assessments or charges made by any
governmental authority by reason of the execution and delivery of the Loan Documents or the making
of the term loan advance(s); and

(b) Any and all other liabilities, losses, damages, penalties, judgments, suits, claims,
costs and expenses of any kind or nature whatsoever (including the reasonable fees and
disbursements of counsel) in connection with the foregoing and any other investigative,
administrative or judicial proceedings, whether or not such Indemnitee shall be designated a party
thereto, which may be imposed on, incurred by or asserted against any such Indemnitee, in any
manner related to or arising out of or in connection with the making of the term loan advance(s)
and the Loan Documents or the use or intended use of the proceeds of the term loan advance(s).

If any investigative, judicial or administrative proceeding arising from any of the foregoing is
brought against any Indemnitee, upon such Indemnitee’s request, the Borrower, or counsel designated
by the Borrower and satisfactory to the Indemnitee, will resist and defend such action, suit or
proceeding to the extent and in the manner directed by the Indemnitee, at the Borrower’s sole costs
and expense. Each Indemnitee will use its best efforts to cooperate in the defense of any such
action, suit or proceeding. If the foregoing undertaking to indemnify, defend and hold harmless
may be held to be unenforceable because it violates any law or public policy, the Borrower shall
nevertheless make the maximum contribution to the payment and satisfaction of each of the
Indemnified Liabilities which is permissible under applicable law. The Borrower’s obligation under
this Section 7.6 shall survive the termination of this Agreement and the discharge of the
Borrower’s other obligations hereunder.

Section 7.7 Execution in Counterparts; Telefacsimile Execution. This Agreement and
other Loan Documents may be executed in any number of counterparts, each of which when so executed
and delivered shall be deemed to be an original and all of which counterparts, taken together,
shall constitute but one and the same instrument. Delivery of an executed counterpart of this
Agreement by telefacsimile shall be equally as effective as delivery of an original executed
counterpart of this Agreement. Any party delivering an executed counterpart of this Agreement by
telefacsimile also shall deliver an original executed counterpart of this Agreement but the failure
to deliver an original executed counterpart shall not affect the validity, enforceability, and
binding effect of this Agreement.

Section 7.8 Retention of Borrower’s Records. The Lender shall have no obligation to
maintain any electronic records or any documents, schedules, invoices, agings, or other papers
delivered to the Lender by the Parent Guarantor, the Borrower, MMA Mortgage Corporation, or in
connection with the Loan Documents for more than 30 days after receipt by the Lender. If there is
a special need to retain specific records, Borrower must inform Lender of its need to retain those
records with particularity, which must be delivered in accordance with the notice provisions of
Section 7.3 of this Agreement within 30 days of Lender taking control of same.

Section 7.9 Binding Effect; Assignment; Complete Agreement; Sharing Information. The
Loan Documents shall be binding upon and inure to the benefit of the Borrower, the Parent
Guarantor, or MMA Mortgage Corporation, as applicable, and the Lender and their respective
permitted successors and assigns. Neither this Agreement nor any of the Loan Documents may be
assigned by any party hereto or thereto except with the prior written consent of the other parties
hereto or thereto; provided, that, the Lender may assign this Agreement and any other Loan
Documents without the prior written consent of any party to the Acquiror (as defined in the
Acquisition Agreement), any Affiliate, or to any other Person who is not or could not reasonably be
expected to become a direct competitor of the Borrower or of MMA Mortgage Corporation. This
Agreement, together with the Loan Documents, comprises the complete and integrated agreement of the
parties on the subject matter hereof and supersedes all prior agreements, written or oral, on the
subject matter hereof. To the extent that any provision of this Agreement contradicts other
provisions of the Loan Documents, this Agreement shall control. The Lender may share information
regarding the Borrower and its Affiliates with the Lender’s assignees, accountants, lawyers and
other advisors.

Section 7.10 Severability of Provisions. Any provision of this Agreement which is
prohibited or unenforceable shall be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof.

Section 7.11 Headings. Article, Section and subsection headings in this Agreement are
included herein for convenience of reference only and shall not constitute a part of this Agreement
for any other purpose.

Section 7.12 Governing Law; Jurisdiction, Venue; Waiver of Jury Trial. The Loan
Documents shall be governed by and construed in accordance with the substantive laws (other than
conflict laws) of the State of Minnesota. The parties hereto hereby (i) consent to the personal
jurisdiction of the state and federal courts located in the State of Minnesota in connection with
any controversy related to this Agreement; (ii) waive any argument that venue in any such forum is
not convenient; (iii) agree that any litigation initiated by the Lender or the Borrower in
connection with this Agreement or the other Loan Documents may be venued in either the state or
federal courts located in the City of Minneapolis, County of Hennepin, State of Minnesota or in any
other state or federal court determined by the Lender in its sole discretion; and (iv) agree that a
final judgment in any such suit, action or proceeding shall be conclusive and may be enforced in
other jurisdictions by suit on the judgment or in any other manner provided by law. THE BORROWER
AND THE LENDER EACH HEREBY WAIVES ANY RIGHT TO TRIAL BY JURY IN ANY ACTION AT LAW OR IN EQUITY OR
IN ANY OTHER PROCEEDING BASED ON OR PERTAINING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT.

1

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their
respective officers thereunto duly authorized as of the date first above written.

MMA FINANCIAL HOLDINGS, INC.

By: /s/ Michael L. Falcone

Its: President and CEO

Address for Notices:

MMA Financial Holdings, Inc.

621 E. Pratt Street, Suite 300

Baltimore, Maryland 21202

Telecopier: (410) 727-5387

Attention: President

OAK GROVE COMMERCIAL MORTGAGE, LLC

By: /s/ David A. Williams

Its: CEO

Address for Notices:

Oak Grove Commercial Mortgage, LLC

2177 Youngman Avenue #300

St. Paul, Minnesota 55116

Telecopier: (651) 603-5042

Attention: Kevin Filter and David Williams

2

TABLE OF EXHIBITS AND SCHEDULES

	 	 	 
	Exhibit A

Schedule 4.1

Schedule 4.7

	 	Form of Term Note

Trade Names, Chief Executive Office, and Principal Place of Business

Litigation Matters

	 	 	 
	Schedule 4.11(a) List of Other Technical Defaults

	Schedule 4.11(b) List of Forbearance Agreements

	Schedule 5.2

Schedule 5.3

	 	Permitted Indebtedness and Guarantees

Permitted Liens

Schedule 5.20 Pension Plans

3

Exhibit A to Term Loan Agreement

TERM NOTE

$15,000,000.00 December 18, 2008

For value received, the undersigned, MMA FINANCIAL HOLDINGS, INC., a Florida corporation (the
“Borrower”), hereby promises to pay on the Maturity Date under the Term Loan Agreement
(defined below), to the order of OAK GROVE COMMERCIAL MORTGAGE, LLC, a Minnesota limited liability
company (the “Lender”), at its office in St. Paul, Minnesota, or at any other place
designated at any time by the holder hereof, in lawful money of the United States of America and in
immediately available funds, the principal sum of Fifteen Million and 00/100 Dollars
($15,000,000.00) or the aggregate unpaid principal amount of any term loan advance made by the
Lender to the Borrower under the Term Loan Agreement (defined below) together with interest on the
principal amount hereunder remaining unpaid from time to time, computed on the basis of the actual
number of days elapsed and a 360-day year, from the date hereof until this Note is fully paid at
the rate from time to time in effect under the Term Loan Agreement dated the same date as this Note
(as the same may hereafter be amended, supplemented or restated from time to time, the “Term
Loan Agreement”) by and between the Lender and the Borrower. The principal hereof, interest
accruing thereon, and any other fees shall be due and payable as provided in the Term Loan
Agreement. This Note may be prepaid only in accordance with the Term Loan Agreement.

This Note is issued pursuant, and is subject, to the Term Loan Agreement, which provides,
among other things, for acceleration hereof. This Note is the Term Note referred to in the Term
Loan Agreement.

This Note is secured, among other things, pursuant to the Pledge Agreement (as defined in the
Term Loan Agreement), and may now or hereafter be secured by one or more other security agreements,
mortgages, deeds of trust, assignments or other instruments or agreements. This Note is entitled
to the benefits of the Guarantees (as defined in the Term Loan Agreement).

The Borrower hereby agrees to pay all costs of collection, including reasonable attorneys’
fees and legal expenses in the event this Note is not paid when due, whether or not legal
proceedings are commenced.

Presentment or other demand for payment, notice of dishonor and protest are expressly waived.

MMA FINANCIAL HOLDINGS, INC.

By: /s/ Michael L. Falcone

Name: Michael L. Falcone

Its: President and CEO

4

Schedule 4.1 to Term Loan Agreement

Trade Names, Chief Executive Office, and Principal Place of Business,

TRADE NAMES

MMA Financial Holdings, Inc.

Midland Financial Holdings, Inc.

MMI Financial Corporation

CHIEF EXECUTIVE OFFICE/PRINCIPAL PLACE OF BUSINESS

621 East Pratt Street, Suite 300

Baltimore, Maryland 21202

3000 Bayport Drive, Ste 1100

Tampa, Florida 33607

5

Schedule 4.7 to Term Loan Agreement

LIST OF LITIGATION MATTERS

	1.	 	On November 17, 2008 MMA Mortgage Corporation received a Notice of Termination, Demand for
Payment and Return of Equipment (the Notice of Demand) regarding Lease #911-0085030-000 in
respect of the commercial finance lease of all computer equipment and peripherals pursuant to
Lease Agreement #900-1588860-510 from CIT Technology Financing Services I, LLC (CIT). The
Notice of Demand alleges that MMA Mortgage Corporation failed to pay CIT under the Lease and
demands immediate payment of $85,089.21 and immediate return of the equipment.

	2.	 	MMA Mortgage Corporation is a defendant in the proceeding Vacaville Meadows Limited v Midland
Mortgage Investment Corporation & Ors filed in the Fresno County Superior Court, California
concerning delayed conversion of certain construction loans to permanent loans. The
plaintiff, Vacaville Meadows Limited (Vacaville), alleges that in May 2003 Midland Affordable
Housing advised Vacaville that it desired to repudiate its loan commitment and not fund the
permanent loan and that MMA Mortgage Corporation stated that it would not charge any extension
or default fees on the construction loan if Vacaville would forbear enforcing the permanent
loan and seek permanent financing from another source.  Vacaville claims that it did seek and
secure permanent loan financing, but that MMA Mortgage Corporation demanded payment of the
extension fees on the construction loan despite its prior promise.  Vacaville claims it’s been
damaged by paying extension fees and interest on the construction loan as a result of the
repudiation of the permanent loan commitment.  The complaint seeks relief “in excess of
$500,000” and “punitive damages in an amount to be determined.”

 

	3.	 	On June 5, 2006, Gateway Senior Housing, Ltd. (Gateway) filed a breach of contract suit in
the 172d Judicial Court of Jefferson County, Texas, naming four affiliates of the Parent
Guarantor as Defendants.  The affiliates named as Defendants are:  (1) MMA Financial, Inc.;
(2) Construction Finance, LLC f/k/a MuniMae Midland Construction Finance, LLC (Midland
Construction); (3) MMA Affordable Housing Group Trust f/k/a Midland Affordable Housing Group
Trust (“Group Trust”); and (4) MMA Mortgage Corporation.  On August 7, 2006, Defendants
removed the case to the United States District Court for the Eastern District of Texas
(Beaumont Division), Case No. 06cv0458, on the basis of diversity of citizenship. The lawsuit
stems from a loan agreement with Gateway to construct senior housing in Beaumont, Texas.
Gateway’s complaint seeks $891,745.84 in damages, plus attorney’s fees.

6

Schedule 4.11(a) to Term Loan Agreement 

LIST OF TECHNICAL DEFAULTS

1. Term Credit and Security Agreement for Acquisition Line Financing dated as of May 10, 2006
by and between Compass Bank and MMA Capital Corporation. The Borrower is a guarantor of the
obligations arising under this agreement. This agreement is past maturity, and the current amount
outstanding under this agreement is $25.9 million. The parties are actively negotiating an
extension.

2. Sixth Amended and Restated Loan Agreement dated as of March 21, 2008 among the Borrowers
and the Guarantors listed therein and MMA Multifamily Equity REIT. The Borrower is a guarantor of
the obligations arising under this agreement. This line expires December 31, 2008, and the current
amount outstanding under the line is $23,530,204.73. The parties are actively negotiating an
extension.

3. Annex to Participation Agreement dated as of June 28, 2006 between MMA Capital Corporation
and Police and Fire Retirement System of the City of Detroit. The participant exercised its put
right for $47,000,000. The Borrower is a guarantor of the obligations arising under this
agreement. The participant was paid $26,000,000 and is being kept current on interest and is not
pursuing its remedies.

4. Tenth Amended and Restated Multicurrency — Cross Border Schedule to the Master Agreement
between Merrill Lynch Capital Services, Inc. and MMA Financial Holdings, Inc. The counterparty may
require the posting of additional collateral in an amount equal to $3.3 million.

7

Schedule 4.11(b) to Term Loan Agreement

LIST OF FORBEARANCE AGREEMENTS

1. With respect to Fourth Amended and Completely Restated Loan Agreement effective as of
February 23, 2007 by and among Synovus Bank of Tampa Bay [Synovus Bank], MMA Capital Corporation,
MMA Mortgage Investment Corporation, MMA Construction Finance, LLC, Municipal Mortgage & Equity,
LLC, MMA Financial Holdings, Inc. and MMA Financial, Inc., as amended to the date hereof.

2. With respect to Business Loan Agreement effective as of October 3, 2002 between Midland
Financial Holdings, Inc. Midland Equity Corporation, Midland Mortgage Investment Corporation,
Midland Capital Corporation and Municipal Mortgage & Equity, LLC and First National Bank of Florida
[Fifth Third Bank], as amended to the date hereof.

8

 Schedule 5.2 to Term Loan Agreement

PERMITTED INDEBTEDNESS AND GUARANTEES

OF MMA MORTGAGE INVESTMENT CORPORATION

INDEBTEDNESS

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	Monthly	 	 	 	 
	Creditor
	 	Principal Amount	 	Maturity Date	 	Payment	 	Collateral
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	Up to$100,000,000;	 	N.A. Discretionary	 	 	 	 	 	See description of
	 
	 	Balance as of 12/17/08:	 	Facility to fund	 	 	 	 	 	financing
	US Bank N.A.
	 	$	63,147,694.44	 	 	Agency Deliveries	 	 	N.A.	 	 	statement below
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Columbus Bank
	 	 	 	 	 	 	 	 	 	 	 	 	 	See description

	and Trust LOC:
	 	 	 	 	 	 	 	 	 	 	 	 	 	of Synovus

	Freddie Mac Loss
	 	 	 	 	 	 	 	 	 	 	 	 	 	financing

	Sharing -
	 	 	 	 	 	 	 	 	 	 	 	 	 	statement

	Catonsville #10004
	 	$	380,000		 		12/20/08		 	 	N.A.	 	 	below
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Columbus Bank
	 	 	 	 	 	 	 	 	 	 	 	 	 	See description

	and Trust LOC:
	 	 	 	 	 	 	 	 	 	 	 	 	 	of Synovus

	Freddie Mac Loss
	 	 	 	 	 	 	 	 	 	 	 	 	 	financing

	Sharing -Azalea
	 	 	 	 	 	 	 	 	 	 	 	 	 	statement

	LC’s —  #10003
	 	$	407,600		 		1/5/09		 	 	N.A.	 	 	below
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Columbus Bank
	 	 	 	 	 	 	 	 	 	 	 	 	 	See description

	and Trust LOC:
	 	 	 	 	 	 	 	 	 	 	 	 	 	of Synovus

	Freddie Mac Loss
	 	 	 	 	 	 	 	 	 	 	 	 	 	financing

	Sharing #9985 -
	 	 	 	 	 	 	 	 	 	 	 	 	 	statement

	Brunswick House
	 	$	160,000		 		10/24/09		 	 	N.A.	 	 	below
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	See description
	Columbus Bank
	 	 	 	 	 	 	 	 	 	 	 	 	 	of Synovus

	and Trust LOC:
	 	 	 	 	 	 	 	 	 	 	 	 	 	financing

	Freddie Mac Loss
	 	 	 	 	 	 	 	 	 	 	 	 	 	statement

	Sharing #9927
	 	$	1,186,800		 		6/2/09		 	 	N.A.	 	 	below
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	See description
	Columbus Bank
	 	 	 	 	 	 	 	 	 	 	 	 	 	of Synovus

	and Trust LOC:
	 	 	 	 	 	 	 	 	 	 	 	 	 	financing

	Freddie Mac Loss
	 	 	 	 	 	 	 	 	 	 	 	 	 	statement

	Sharing #9928
	 	$	1,534,000		 		6/1/09		 	 	N.A.	 	 	below
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	See description
	Columbus Bank
	 	 	 	 	 	 	 	 	 	 	 	 	 	of Synovus

	and Trust LOC:
	 	 	 	 	 	 	 	 	 	 	 	 	 	financing

	Freddie Mac Loss
	 	 	 	 	 	 	 	 	 	 	 	 	 	statement

	Sharing #9972
	 	$	1,776,000		 		9/19/09		 	 	N.A.	 	 	below
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	See description
	Columbus Bank
	 	 	 	 	 	 	 	 	 	 	 	 	 	of Synovus

	and Trust LOC:
	 	 	 	 	 	 	 	 	 	 	 	 	 	financing

	Freddie Mac Loss
	 	 	 	 	 	 	 	 	 	 	 	 	 	statement

	Sharing #9986
	 	$	1,192,000		 		10/17/09		 	 	N.A.	 	 	below
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Columbus Bank
	 	 	 	 	 	 	 	 	 	 	 	 	 	See description

	and Trust LOC:
	 	 	 	 	 	 	 	 	 	 	 	 	 	of Synovus

	Freddie Mac Loss
	 	 	 	 	 	 	 	 	 	 	 	 	 	financing

	Sharing #9990 -
	 	 	 	 	 	 	 	 	 	 	 	 	 	statement

	Brunswick House
	 	$	1,030,000		 		1/24/09		 	 	N.A.	 	 	below
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	See description
	Columbus Bank
	 	 	 	 	 	 	 	 	 	 	 	 	 	of Synovus

	and Trust LOC:
	 	 	 	 	 	 	 	 	 	 	 	 	 	financing

	Freddie Mac Loss
	 	 	 	 	 	 	 	 	 	 	 	 	 	statement

	Sharing — Arbors
	 	$	675,200		 		3/20/09		 	 	N.A.	 	 	below
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Columbus Bank
	 	 	 	 	 	 	 	 	 	 	 	 	 	See description

	and Trust LOC:
	 	 	 	 	 	 	 	 	 	 	 	 	 	of Synovus

	Freddie Mac Loss
	 	 	 	 	 	 	 	 	 	 	 	 	 	financing

	Sharing — Cottages
	 	 	 	 	 	 	 	 	 	 	 	 	 	statement

	of Homestead
	 	$	664,000		 		6/4/09		 	 	N.A.	 	 	below
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Columbus Bank
	 	 	 	 	 	 	 	 	 	 	 	 	 	See description

	and Trust LOC:
	 	 	 	 	 	 	 	 	 	 	 	 	 	of Synovus

	Freddie Mac Loss
	 	 	 	 	 	 	 	 	 	 	 	 	 	financing

	Sharing — Crystal
	 	 	 	 	 	 	 	 	 	 	 	 	 	statement

	Pointe
	 	$	442,080		 		3/7/09		 	 	N.A.	 	 	below
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Columbus Bank
	 	 	 	 	 	 	 	 	 	 	 	 	 	See description

	and Trust LOC:
	 	 	 	 	 	 	 	 	 	 	 	 	 	of Synovus

	Freddie Mac Loss
	 	 	 	 	 	 	 	 	 	 	 	 	 	financing

	Sharing — Cutler
	 	 	 	 	 	 	 	 	 	 	 	 	 	statement

	Riverside
	 	$	880,000		 		6/6/09		 	 	N.A.	 	 	below
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Columbus Bank
	 	 	 	 	 	 	 	 	 	 	 	 	 	See description

	and Trust LOC:
	 	 	 	 	 	 	 	 	 	 	 	 	 	of Synovus

	Freddie Mac Loss
	 	 	 	 	 	 	 	 	 	 	 	 	 	financing

	Sharing — Henderson
	 	 	 	 	 	 	 	 	 	 	 	 	 	statement

	Court
	 	$	580,000		 		6/16/09		 	 	N.A.	 	 	below
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Columbus Bank
	 	 	 	 	 	 	 	 	 	 	 	 	 	See description

	and Trust LOC:
	 	 	 	 	 	 	 	 	 	 	 	 	 	of Synovus

	Freddie Mac Loss
	 	 	 	 	 	 	 	 	 	 	 	 	 	financing

	Sharing — Heritage
	 	 	 	 	 	 	 	 	 	 	 	 	 	statement

	Park #10013
	 	$	2,340,000		 		1/3/10		 	 	N.A.	 	 	below
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Columbus Bank
	 	 	 	 	 	 	 	 	 	 	 	 	 	See description

	and Trust LOC:
	 	 	 	 	 	 	 	 	 	 	 	 	 	of Synovus

	Freddie Mac Loss
	 	 	 	 	 	 	 	 	 	 	 	 	 	financing

	Sharing — Parkside
	 	 	 	 	 	 	 	 	 	 	 	 	 	statement

	Terrace
	 	$	1,436,720		 		6/30/09		 	 	N.A.	 	 	below
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Columbus Bank
	 	 	 	 	 	 	 	 	 	 	 	 	 	See description

	and Trust LOC:
	 	 	 	 	 	 	 	 	 	 	 	 	 	of Synovus

	Freddie Mac Loss
	 	 	 	 	 	 	 	 	 	 	 	 	 	financing

	Sharing — Reserve
	 	 	 	 	 	 	 	 	 	 	 	 	 	statement

	at Las Brisas
	 	$	795,200		 		7/25/09		 	 	N.A.	 	 	below
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Columbus Bank
	 	 	 	 	 	 	 	 	 	 	 	 	 	See description

	and Trust LOC:
	 	 	 	 	 	 	 	 	 	 	 	 	 	of Synovus

	Freddie Mac Loss
	 	 	 	 	 	 	 	 	 	 	 	 	 	financing

	Sharing — River
	 	 	 	 	 	 	 	 	 	 	 	 	 	statement

	Walk
	 	$	406,000		 		3/20/09		 	 	N.A.	 	 	below
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Columbus Bank
	 	 	 	 	 	 	 	 	 	 	 	 	 	See description

	and Trust LOC:
	 	 	 	 	 	 	 	 	 	 	 	 	 	of Synovus

	Freddie Mac Loss
	 	 	 	 	 	 	 	 	 	 	 	 	 	financing

	Sharing -
	 	 	 	 	 	 	 	 	 	 	 	 	 	statement

	Shakespeare Park
	 	$	576,000		 		5/1/09		 	 	N.A.	 	 	below
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Columbus Bank
	 	 	 	 	 	 	 	 	 	 	 	 	 	See description

	and Trust LOC:
	 	 	 	 	 	 	 	 	 	 	 	 	 	of Synovus

	Freddie Mac Loss
	 	 	 	 	 	 	 	 	 	 	 	 	 	financing

	Sharing — Walker
	 	 	 	 	 	 	 	 	 	 	 	 	 	statement

	Mews
	 	$	936,000		 		5/1/09		 	 	N.A.	 	 	below
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

Note: The Schedule above includes all letters of credit issued on the Synovus Line issued as
security for obligations of MMA Mortgage Corporation to Freddie Mac, but does not include other
letters of credit on that line or the amount of cash drawn on that line (collectively, the
“Other Synovus Obligations”), as to which MMA Mortgage Corporation is not liable or
obligated. As of December 17, 2008 the cash drawn on the line is $25,822,818.09 and the face
amount of the other letter of credit is $5,789,839.

Synovus Financing Statement Note: All right, title, and interest of Debtor in and to (i) all
loans as to which a security interest was previously granted in the Original Loan Agreement or
subsequent amendment thereto, (ii) Pledged Loans, defined as all receivables which are pledged by
Debtor from time to time to secure disbursements under the Loan Agreement, (iii) all documents and
instruments relating to the above Pledged Loans, (iv) all Pledged Property, meaning all property
pledged by Debtor to Secured Party in connection with the Loan Agreement, (v) all of debtors
accounts related to the Pledged Loans to the extent that such accounts are collateral accounts or
reserves, (vi) all of Debtor’s contract rights, general intangibles, and general receivables,
including goodwill, trademarks, patents, patent applications, deposit accounts, and etc. related to
the Pledged Loans, and (vii) all documents, notes, mortgages, etc., related to the Pledged Loans.
There are no currently effective financing statements filed by Synovus against MMA Mortgage
Corporation that names MMA Mortgage Corporation as a debtor or covers any property owned or pledged
by MMA Mortgage Corporation.

GUARANTEES

	 	 	 	 	 
	Primary Obligor

	 	Amount and Description of
	 	Beneficiary of Guaranty
	 

	 	 
	 	 
	
 
	 	Obligation Guaranteed
	 	

	
 
	 	 
	 	

None

9

Schedule 5.3 to Term Loan Agreement

PERMITTED LIENS

OF MMA MORTGAGE INVESTMENT CORPORATION

	 	 	 	 	 	 	 
	Creditor

	 	Amount Secured
	 	Maturity Date
	 	Collateral
	 

	 	 
	 	 
	 	 
	U.S. Bank National

Association

	 	Up to $100,000,000
	 	Discretionary/Demand

facility
	 	

See Note 1 below.
	
 
	 	 
	 	 
	 	 
	Citicorp Vendor

Finance, Inc.

	 	 	 	 	 	All computer

equipment and

peripherals leased

to Debtor pursuant

to 8/10/07 and

05/01/02 Lease with

Dell Financial

Services and

assigned to Secured

Party.
	 

	 	 	 	 	 	 
	Dell Financial

Services L.P.

	 	 	 	 	 	All computer

equipment and

peripherals

financed to Debtor

pursuant to

revolving credit

account dated

7/27/07, and all

Lessee’s interest

in any software and

services financed

under same account,

along with all

substitutions,

additions, or

proceeds.
	 

	 	 	 	 	 	 
	CIT Technology

Financial Services

LLC

	 	 	 	 	 	Dell computer

equipment as shown

on attached

equipment lease

schedule.
	 

	 	 	 	 	 	 

Note 1: All right, title, and interest of Debtor in and to (i) Pledged Loans, defined as any and
all indebtedness or obligations evidence by promissory notes, debentures, bonds, or other
instruments made, purchased, or otherwise acquired by the Debtor which are pledged to Secured Party
and identified as collateral pursuant to the credit agreement, and all proceeds and derivatives
thereto, (ii) all investments purchased with the proceeds of loans from Secured Party, including
all substitutions, proceeds, and derivatives thereto, (iii) all P & I advances of mortgage
borrowers held for the benefit of holders of mortgage-backed securities, including all computers,
files, and records related to the foregoing collateral, and (iv) all proceeds and collections of
the foregoing collateral.

10

Schedule 5.20 to Term Loan Agreement

PENSION PLANS

None.

2625558 v04 12/18/2008

11EX-10.2

EXECUTION COPY

ACQUISITION AGREEMENT

dated as of December 18, 2008

by and between

MMA MORTGAGE INVESTMENT CORPORATION

and

OAK GROVE COMMERCIAL MORTGAGE, LLC

1

TABLE OF CONTENTS

	 	 	 
	ARTICLE I PURCHASE AND CONTRIBUTION
	1.01.

1.02.

1.03.

	 	Purchased Acquired Assets

Consideration

Contributed Assets

	 	 	 
	ARTICLE II DESCRIPTION OF ACQUIRED
	ASSETS; EXCLUDED ASSETS
	2.01.

2.02.

	 	Acquired Assets

Excluded Assets

	 	 	 
	ARTICLE III ASSUMPTION OF LIABILITIES
	3.01.

3.02.

	 	Assumed Liabilities

Retained Liabilities

	 	 	 
	ARTICLE IV CONSIDERATION; ALLOCATION
	4.01.

	 	Allocation of Consideration.

	 	 	 
	ARTICLE V CLOSING; CLOSING DELIVERIES
	5.01.

5.02.

	 	Closing

Closing Deliveries

	 	 	 
	ARTICLE VI REPRESENTATIONS AND WARRANTIES OF TRANSFEROR
	6.01.

6.02.

6.03.

6.04.

6.05.

6.06.

6.07.

6.08.

6.09.

6.10.

6.11.

6.12.

6.13.

6.14.

6.15.

6.16.

6.17.

6.18.

6.19.

6.20.

6.21.

6.22.

6.23.

6.24.

6.25.

6.26.

6.27.

6.28.

6.29.

	 	Organization of Transferor

Authorization; Due Execution

Title to and Condition of Assets

No Conflicts; Consents and Approvals

Governmental Approvals and Filings

Financial Statements

Absence of Changes

Taxes.

Legal Proceedings

Compliance With Laws and Orders

Benefit Plans; ERISA.

Real Property.

Intellectual Property Rights

Contracts.

Licenses

Insurance.

Employees; Labor Relations.

Substantial Business Relationships.

No Powers of Attorney

Defaults

Brokers

Status of Outstanding Loans.

No Undisclosed Liabilities; Certain Other Liabilities.

Affiliate Transactions

Books and Records

Environmental Matters

Lender Loss Reserve and Escrow Accounts and Letter of Credit

Solvency

Accuracy of Information

	 	 	 
	ARTICLE VII REPRESENTATIONS AND WARRANTIES OF ACQUIROR
	7.01.

7.02.

7.03.

7.04.

7.05.

7.06.

7.07.

7.08.

7.09.

7.10.

7.11.

	 	Organization

Authority

No Conflicts

Governmental Approvals and Filings

LLC Agreement and Capitalization.

Activities of Acquiror

Compliance with Agency Requirements

Access to Funds

Legal Proceedings

Brokers

Accuracy of Information

	 	 	 
	ARTICLE VIII COVENANTS
	8.01.

8.02.

8.03.

8.04.

8.05.

8.06.

8.07.

8.08.

8.09.

8.10.

8.11.

8.12.

8.13.

8.14.

	 	Cooperation; Approvals

Books and Records

Notice and Cure

Due Diligence and Continued Access

Operation of the Business Prior to Closing

No Solicitation, Etc

Employee and Employee Benefits.

Maintenance of Letter of Credit

Change of Name

Payment of Liabilities

Escrow and Lender Loss Reserve Accounts

Transfers of Acquired Assets, Assumed Contracts and Mortgage Loans.

Additional Obligations of Transferor/Advances.

Updated Mortgage Loan Schedule

	 	 	 
	ARTICLE IX COVENANTS OF ACQUIROR
	9.01.

9.02.

9.03.

9.04.

9.05.

	 	Cooperation; Approvals

Notice and Cure

Use of Transferor’s Corporate Name

Completion of Transaction

Compliance with Lender Loss Reserve Accounts and Related Escrow Accounts

	 	 	 
	ARTICLE X TAX MATTERS
	10.01.

10.02.

	 	Filing Returns and Payment of Taxes

Tax Matters

	 	 	 
	ARTICLE XI CONDITIONS TO CLOSING
	11.01.

11.02.

11.03.

	 	Conditions to Obligations of Each Party

Additional Conditions to Acquiror’s Performance

Additional Conditions to Transferor’s Performance

	 	 	 
	ARTICLE XII SURVIVAL OF REPRESENTATIONS, WARRANTIES, COVENANTS AND AGREEMENTS
	12.01.

	 	Survival of Representations, Warranties, Covenants and Agreements

	 	 	 
	ARTICLE XIII TERMINATION
	13.01.

13.02.

	 	Termination

Effect of Termination

	 	 	 
	ARTICLE XIV INDEMNIFICATION
	14.01.

14.02.

14.03.

14.04.

14.05.

	 	Indemnification.

Method of Asserting Claims

Indemnity Payments.

Subrogation

Exclusive Remedy

	 	 	 
	ARTICLE XV DEFINITIONS
	15.01.

	 	Definitions.

	 	 	 
	ARTICLE XVI MISCELLANEOUS
	16.01.

16.02.

16.03.

16.04.

16.05.

16.06.

16.07.

16.08.

16.09.

16.10.

16.11.

16.12.

16.13.

16.14.

16.15.

16.16.

16.17.

16.18.

	 	Notices

Entire Agreement

Expenses

Public Announcements

Confidentiality

Further Assurances; Post-Closing Cooperation.

Waiver

Amendment

No Third Party Beneficiary

No Assignment; Binding Effect

Headings; Exhibits

Remedies

Waiver of Trial by Jury

Consent to Jurisdiction and Service of Process

Severability

Governing Law

Counterparts

Representation by Counsel

2

Exhibits

	 	 	 
	Exhibit 5.02(a)(i)

Exhibit 5.02(a)(ii)

Exhibit 5.02(a)(iii)

	 	Bill of Sale, Assignment and Assumption Agreement

LLC Agreement

Transition Services Agreement
	
 
	 	 
	Exhibit 5.02(a)(iv)

Exhibit 5.02(a)(v)

Exhibit 5.02(b)(vi)

Exhibit 5.02(b)(vii)

Exhibit 7.05(a)

Exhibit 11.02(d)(1) and (2)

Exhibit 11.03(c)

	 	Non-Compete Agreement

Amendment and Termination Agreement

Non-Disparagement Agreement

Non-Compete Agreement of Williams and Filter

Acquiror Single-Member LLC Agreement

Forms of Opinions of Transferor’s Counsel

Form of Opinion of Acquiror’s Counsel

3

ACQUISITION AGREEMENT

This ACQUISITION AGREEMENT (this “Agreement”) dated as of December 18, 2008, is made
and entered into by and between MMA MORTGAGE INVESTMENT CORPORATION, a Florida corporation
(“Transferor”), and OAK GROVE COMMERCIAL MORTGAGE, LLC, a Delaware limited liability
company (“Acquiror”). Capitalized terms used in this Agreement have the meaning given to
such term in Article XV or elsewhere in this Agreement.

RECITALS

A. Transferor is in the business of the origination of, investment in and servicing of
mortgage loans, both for the Transferor’s account and on behalf of Third Parties, and related
activities (such business, as currently conducted by Transferor, is referred to herein as the
“Business”).

B. Acquiror desires to purchase from Transferor, and Transferor desires to sell to Acquiror,
33.33% of the Acquired Assets, subject to the terms and conditions set forth herein.

C. Transferor desires that the Acquiror assume, and the Acquiror has agreed to assume, 33.33%
of the Assumed Liabilities, subject to the terms and conditions set forth herein.

D. Transferor desires to contribute to the Acquiror, and the Acquiror desires to accept from
the Transferor, 66.67% of the Acquired Assets and Assumed Liabilities of the Transferor, subject to
the terms and conditions set forth herein.

NOW, THEREFORE, in consideration of the mutual representations, warranties, covenants and
agreements set forth in this Agreement, and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

ARTICLE I

PURCHASE AND CONTRIBUTION

1.01. Purchased Acquired Assets. Except as otherwise provided herein, and subject to
the terms and conditions set forth in this Agreement, Transferor agrees to sell, convey, assign,
transfer and deliver to Acquiror, and Acquiror agrees to purchase from Transferor at the Closing,
all of the right, title and interest in and to 33.33% of the Acquired Assets free and clear of all
Liens other than Permitted Liens (the “Purchased Acquired Assets”).

1.02. Consideration. In consideration for the Purchased Acquired Assets, at the
Closing:

(a) Acquiror shall pay to Transferor by wire transfer of immediately available funds (the
“Cash Closing Payment”) an amount equal to (i) $23,500,000, minus (ii) the total amount of
principal and accrued interest outstanding as of the Closing under the term promissory note (the
“Term Note”) made by MMA Financial Holdings Incorporated (“Parent”) pursuant to the
Term Loan Agreement, dated the date hereof, by and between Parent and Acquiror (the “Loan
Agreement”) in the original principal amount of up to $15,000,000 pursuant to which an initial
loan advance of $10,000,000 was made and a subsequent advance of $5,000,000 may be made, payable to
the order of Acquiror, minus (iii) any amounts determined by the Closing Date to be due under
Section 8.12 that have not been paid by Transferor, and

(b) Acquiror shall transfer and assign the Term Note to Transferor.

1.03. Contributed Assets. Except as otherwise provided herein, and subject to the
terms and conditions set forth in this Agreement, Transferor agrees to contribute to Acquiror, and
Acquiror agrees to accept from Transferor at the Closing, all of the right, title and interest in
and to 66.67% of the Acquired Assets free and clear of all Liens other than Permitted Liens (the
“Contributed Acquired Assets”). In exchange for the Contributed Acquired Assets, Acquiror
shall issue to Transferor, and deliver to Transferor certificates representing:

(a) the number of Series A Preferred Units that has a Liquidation Preference equal to (i)
Thirty Million Dollars ($30,000,000) minus (ii) the amount of Indebtedness, if any, that is part of
the Assumed Liabilities (other than the principal amount due under the Warehouse Line), and

(b) the number of Series B Preferred Units that has a Liquidation Preference equal to
Seventeen Million Dollars ($17,000,000).

The Series A Preferred Units and the Series B Preferred Units are defined in, and have the rights
and preferences set forth in, the LLC Agreement. The Series A Preferred Units and Series B
Preferred Units are referred to herein together as the “Preferred Units,” and collectively
with the Cash Closing Payment and the Term Note, as the “Consideration”.

ARTICLE II

DESCRIPTION OF ACQUIRED ASSETS; EXCLUDED ASSETS

2.01. Acquired Assets. The assets, properties and rights to be conveyed to Acquiror
shall be substantially all of the assets of the Business (other than the Excluded Assets),
including all of the right, title and interest of Transferor, or of any of its Affiliates, in and
to the following (the “Acquired Assets”):

(a) all cash or cash equivalents (including commercial paper) being held in or required to be
held in reserve or restricted accounts to satisfy the lender loss reserve requirements related to
restricted liquidity and operational liquidity of Fannie Mae (the “Lender Loss Reserve
Accounts”);

(b) all cash or cash equivalents that are being held in or required to be held in segregated
trust accounts to hold funds for principal and interest, taxes and insurance and other payments
related to the Mortgage Loans or Servicing Agreements that are collected from or on behalf of an
Investor, pursuant to the terms of the Mortgage Loans or Servicing Agreements, including the
accounts set forth on Schedule 2.01(b) (the “Related Escrow Accounts”); and an
amount of cash equal any Servicing Fees paid to, withheld or received by the Transferor prior to
the Closing Date to the extent allocable to periods on or after the Closing Date (the parties
hereto acknowledging that Servicing Fees are payable in advance); and an amount of cash equal to
any application fees, good faith deposits, commitment fees or origination fees received by the
Transferor prior to the Closing Date with respect to Mortgage Loans to be funded after the Closing
Date that are included in the Acquired Assets in accordance with Section 2.01(g);

(c) all receivables or rights to payment related to Acquired Assets or Assumed Liabilities,
other than the Advances and right to receive payment for Servicing Fees that are identified as
Excluded Assets in Section 2.02(d);

(d) all loans and notes receivables, including any and all Mortgage Notes funded and held for
sale by Transferor that have not been sold to the Agencies as of the Closing Date (and any
Contracts and Mortgage Loan Documents related thereto), including those identified on Schedule
2.01(d), other than the loan receivables that are identified as Excluded Assets in Section
2.02(d) (the “Mortgage Loan Portfolio”);

(e) (i) all of Transferor’s Servicing Rights, and (ii) all rights to receive Servicing Fees
allocable to periods on and after the Closing Date, with any Servicing Fees paid with regard to
periods that begin before and end after the Closing Date being allocated between Transferor and
Acquiror on the basis of the number of days in the period to which the fees relate that are before
or after the Closing Date (with any sums that are paid to Transferor before the Closing Date but
are allocable to periods on or after the Closing Date to be remitted by Transferor to Acquiror);

(f) all rights and benefits on or after the Closing Date under the servicing agreements,
pooling and servicing agreements, subservicing agreements, master servicing agreements, interim
servicing agreements and related agreements related to the Business, all Contracts (“Agency
Contracts”) with the Federal Housing Administration (“FHA”), United States Department
of Housing and Urban Development (“HUD”), Federal National Mortgage Association
(“Fannie Mae”), Government National Mortgage Association (“GNMA”), and Federal Home
Loan Mortgage Corporation (“Freddie Mac”) (FHA, HUD, Fannie Mae, GNMA and Freddie Mac being
hereinafter collectively referred to as the “Agencies”)) providing for the origination,
sale, assignment or transfer of Mortgage Loans to and/or insurance, guarantee or loss sharing of
Mortgage Loans by the Agencies and/or servicing of such Mortgage Loans by Transferor, including
those Agency Contracts and other Contracts set forth on Schedule 2.01(f) (the
“Servicing Agreements” and together with the Transferor’s Servicing Rights and rights to
receive Servicing Fees as set forth in Section 2.01(e), the “Servicing Portfolio”);

(g) any and all rights and benefits associated with any forward or unfunded commitments and
any Mortgage Loans in the process of origination on the Closing Date, including any Mortgage Loan
Documents related thereto, for which applications have been submitted or which are otherwise to be
underwritten by Transferor, including those set forth on Schedule 2.01(g), which will be
updated to reflect those forward and unfunded commitments and Mortgage Loans in process as of the
Closing Date;

(h) all fixed assets, including office equipment, computers (including all equipment and
devices, such as data processing hardware and related telecommunications equipment, media, and
tools), furniture and fixtures, supplies and inventory, improvements and other equipment, machinery
and tangible personal property, whether owned or leased, and Transferor’s rights under all related
warranties, including the items listed on Schedule 2.01(h);

(i) all Transferor’s rights under the lease agreements (the “Office Leases”) pursuant
to which Transferor occupies the leased real property located at 2177 Youngman Avenue, St. Paul,
Minnesota 55116 and the office space located at 1705 W. Northwest Highway, Suite 145, Grapevine,
Texas 76051 (the “Leased Offices”), provided, however, that if Tim Leonhard is not a Hired
Business Employee, then the office space located at 1705 W. Northwest Highway, Suite 145,
Grapevine, Texas 76051 shall be an Excluded Asset;

(j) all other Contracts related to the Business (in addition to the Servicing Agreements,
Office Leases, and Software Contracts) that are listed on Schedule 2.01(j), including any
lease agreements with respect to the fixed assets used in the Business, (such Contracts, together
with the Contracts listed on Schedule 2.01(d), Servicing Agreements, Office Leases, and
Software Contracts are referred to as the “Assumed Contracts”);

(k) all credits, prepaid expenses, deferred charges, security deposits, prepaid items and
duties to the extent related to an Acquired Asset, an Assumed Liability or an Assumed Contract;

(l) to the extent transferable, all Licenses issued by the Agencies or any Governmental or
Regulatory Authority necessary to operate the Business, including the Licenses set forth on
Schedule 2.01(l);

(m) any and all rights of Transferor associated with the name “Glaser Financial Group” or any
variations thereof that contain the name “Glaser”;

(n) all restrictions on competition and obligations regarding confidentiality imposed for the
benefit of Transferor on Third Parties, including present and former Business Employees of
Transferor, to the extent those restrictions and obligations can be assigned or otherwise
transferred to Acquiror;

(o) all claims, credits, refunds, causes of action, and rights to damages, profits or set-off
whatsoever, whether known or unknown, whether arising by way of counterclaim or otherwise, to the
extent related to the Acquired Assets and arising or accruing from and after the Closing Date or to
the extent related to the Assumed Liabilities or Assumed Contracts;

(p) to the extent transferable but subject to Section 8.12, all guaranties, warranties,
indemnities and similar rights in favor of Transferors or any of their Affiliates to the extent
related to any Servicing Agreement, any Acquired Asset, any Assumed Liability or any Assumed
Contract;

(q) to the extent transferable but subject to Section 8.12, (i) all rights under insurance
policies and insurance proceeds directly relating to Mortgage Loans identified in the Mortgage Loan
Schedule, and (ii) all bank accounts, other accounts, safe deposit boxes, lock boxes and safes
related to the Business that are the Lender Loss Reserve Accounts or Related Escrow Accounts or to
which payments relating to any Mortgage Loans or other Acquired Assets purchased hereunder are
directed to be made;

(r) all business information and originals or complete copies of all related Books and
Records, Mortgage Files and related Mortgage Loan Documents, all lists and copies of underwriting
files relating to forward or unfunded commitments, including those with any Agency, provided that
Transferor may retain records that Transferor is required by Law to retain in its possession so
long as Acquiror is provided with complete copies thereof;

(s) subject to Section 8.12, all transferable Contracts, agreements, licenses, and other
commitments and arrangements with any Person respecting the ownership, license, acquisition,
design, development, distribution, marketing, development, use, outsourcing or maintenance of
computer program code, related technical or user documentation, and databases, in each case related
to the Business, including the items which are listed on Schedule 2.01(s) as (i) licenses
from third parties (development and/or marketing), (ii) licenses from third parties (internal use
only), (iii) development contracts, work-for-hire agreements, information technology outsourcing
agreements, and consulting and employment agreements, (iv) licenses and sublicenses to others, and
(v) maintenance, support, or enhancement agreements (“Software Contracts”), and all
technical and descriptive materials relating to the acquisition, design, development, use, or
maintenance of computer code, program documentation, computer equipment and materials;

(t) all of the intangible rights and property of the Transferor, including all Transferor’s
Intellectual Property rights, all telephone and facsimile numbers, all listings in all telephone
books and directories, Transferor’s webpage and web address, and Transferor’s corporate name and
logo (subject to the restrictions set forth in Section 8.09 and Section 9.03), including those
listed on Schedule 2.01(t); and

(u) all goodwill in and related to the Business.

2.02. Excluded Assets. The Acquired Assets shall not include any of the following
assets, properties and rights of Transferor, all of which shall be deemed retained by Transferor
(the “Excluded Assets”):

(a) all cash and cash equivalents and marketable securities, other than those specified in
Sections 2.01(a) and 2.01(b);

(b) the Letter of Credit Collateral (but subject to the obligation with regard to the Letter
of Credit Collateral specified in Section 8.08);

(c) all minute books, stock records and corporate seals of Transferor;

(d) (i) the right to be reimbursed for any Advances made by the Transferor prior to the
Closing Date, (ii) those loans receivables that are being held for investment rather than being
held for sale to the Agencies, which are listed in Schedule 2.02(d)(ii), (iii) all
Servicing Rights and all rights to receive Servicing Fees with respect to Mortgage Loans that have
been foreclosed or have been assigned to special asset management, or its equivalent, of any Agency
prior to the Closing Date, which are listed on Schedule 2.02(d)(iii), or are moved into
that category between the date of this Agreement and the Closing Date, and (iv) all rights to
receive Servicing Fees allocable to periods before the Closing Date, with any Servicing Fees paid
with regard to periods that begin before and end after the Closing Date being allocated between
Transferor and Acquiror on the basis of the number of days in the period in which the fees relate
that are before or after the Closing Date (with any sums that are paid to Acquiror on or after the
Closing Date but are allocable to periods before the Closing Date to be remitted by Acquiror to
Transferor);

(e) other than those described in Section 2.01(q) and subject to Section 2.01(o), all
insurance policies and rights thereunder, including all insurance proceeds that Transferors have a
right to receive as of the Closing Date;

(f) originals or copies of all Books and Records existing as of the Closing Date that
Transferor is required by Law to retain in its possession, or that Transferor reasonably determines
it may need in connection with the preparation or audits of Tax Returns, the preparation of
financial statements, the conduct of litigation or involvement in governmental investigations, or
for other purposes related to the ongoing activities of Transferor or its Affiliates (so long as
the use of such Books and Records does not violate any non-competition obligations of Transferor or
its Affiliates), provided, that Acquiror is provided with the originals or complete copies thereof;

(g) all claims for and rights to refunds of Taxes that relate to periods ending prior to the
Closing Date or the conduct of the Business prior to Closing Date;

(h) all rights in connection with, and assets of, Benefit Plans;

(i) all rights of Transferor under this Agreement and the Transaction Documents;

(j) all claims of Transferor against Third Parties relating to Retained Liabilities; and

(k) all of the Contracts, assets, rights and claims described in Schedule 2.02(k).

ARTICLE III

ASSUMPTION OF LIABILITIES

3.01. Assumed Liabilities. Subject to Section 3.02, at the Closing, Acquiror shall
assume and agree to perform and discharge only the following Liabilities of Transferor and no
others (the “Assumed Liabilities”):

(a) subject to acquiring the Bank’s consent, all Liabilities of Transferor for repayment of
warehouse financing under the Amended and Restated Credit Agreement dated as of November 16, 2005
by and between MMA Mortgage Investment Corporation and U.S. Bank National Association, as amended
by Amendments dated as of December 5, 2005, December 14, 2005, March 15, 2006, July 24, 2006,
November 30, 2006, November 30, 2007, March 27, 2008, April 30, 2008 and November 14, 2008 (the
“Warehouse Line”) relating to the Mortgage Loans funded and held for sale by Transferor
that are set forth in Section 2.01(d) (the “Warehouse Loans”), and all interest and fees
with regard to the Warehouse Line relating to periods or portions of periods beginning on or after
the Closing Date (but not with regard to periods or portions of periods ending before the Closing
Date). Transferor is aware that Acquiror may obtain its own credit facility for warehouse
financing and use the proceeds of such new credit facility to pay the outstanding balance (other
than interest and fees with regard to periods or portions of periods ending before the Closing
Date) due and owing as of the Closing Date with respect to the funding of Warehouse Loans on the
Warehouse Line;

(b) all Liabilities with respect to obligations to maintain, pay or otherwise distribute the
escrow funds held in the Related Escrow Accounts on the Closing Date;

(c) all Liabilities arising out of or related to the Assumed Contracts, but only to the extent
first arising and accruing on or after the Closing Date; and

(d) subject to Sections 14.01(a)(iii) and Section 14.03(b) below, the Losses incurred under
the loss sharing arrangements with the Agencies set forth in the Agency Contracts or, if not set
forth in an Agency Contract, the applicable guidelines of an Agency (including those loss sharing
and reimbursement obligations under the Master Agreement, dated December 30, 2005, between Freddie
Mac and Transferor, and the “Loss Sharing” sections under the Fannie Mae Multifamily/Delegated
Underwriting and Servicing Guide), which are related to (i) Mortgage Loans that were sold by
Transferor to the Agencies prior to the Closing Date and for which the Servicing Rights and rights
to receive Servicing Fees with respect thereto are part of the Acquired Assets, or (ii) Mortgage
Loans originated by Transferor prior to the Closing Date to be sold to the Agencies that are part
of the Acquired Assets, but in each case only to the extent the obligations to incur such Losses
first arise on or after the Closing Date (the “Servicing Portfolio Loss Sharing Costs”).

3.02. Retained Liabilities. The Assumed Liabilities shall specifically exclude any
and all other Liabilities (the “Retained Liabilities”), including:

(a) all Liabilities in connection with, resulting from, or arising out of, directly or
indirectly, the ownership, operation or control of the Acquired Assets or the Business prior to the
Closing Date;

(b) all interest and fees accrued on the Warehouse Line with regard to periods, or portions of
periods, ending before the Closing Date;

(c) all amounts payable by Transferor to an Affiliate of Transferor;

(d) all Liabilities (regardless of whether the Liability arises prior to, on or after the
Closing Date) relating to (i) Benefit Plans, (ii) Business Employees who are not Hired Business
Employees, or (iii) Hired Business Employees with regard to services performed before the Closing
Date;

(e) all legal, accounting, brokerage, finders fees, if any, or other expenses of Transferor in
connection with this Agreement or the consummation of the transactions contemplated hereby;

(f) any Liability (A) for any Taxes of Transferor or its Affiliates with respect to any
taxable period, regardless of whether that taxable period ends before, on or after the Closing
Date, or (B) for any Transfer Taxes resulting from or attributable to the consummation of the
transactions contemplated by this Agreement other than those Transfer Taxes for which Acquiror is
responsible in accordance with Section 10.01;

(g) any Liability, including the obligation to give notice, under the Worker Adjustment and
Retraining Notification Act, if any, arising out of or resulting from layoffs of employees by
Transferor prior to the Closing Date;

(h) all Liabilities in respect of the Excluded Assets; and

(i) all Liabilities set forth on Schedule 3.02(i).

ARTICLE IV

CONSIDERATION; ALLOCATION

4.01. Allocation of Consideration.

(a) 33.33% of the Consideration, plus any applicable Assumed Liabilities, shall be allocated
among the Purchased Acquired Assets as set forth on a schedule agreed to by Acquiror and Transferor
before the Closing (the “Allocation Schedule”).

(b) The Acquiror and Transferor shall (i) timely file with each relevant tax authority all
forms and Tax Returns required to be filed in connection with the Allocation Schedule, (ii) be
bound by the Allocation Schedule for purposes of determining Taxes, (iii) prepare and file, and
cause their respective Affiliates to prepare and file, their Tax Returns on a basis consistent with
the Allocation Schedule, and (iv) not take any position, or cause or permit their respective
Affiliates to take any position, inconsistent with the Allocation Schedule on any Tax Return, in
any audit or proceeding before any Tax authority or in any report made for Tax, financial
accounting or any other purposes or otherwise; provided, however, that
notwithstanding anything in this Section 4.01 to the contrary, the parties shall be permitted to
take a position inconsistent with the Allocation Schedule if required to do so as a result of any
audit by any Tax authority by a final and unappealable decision, judgment, decree or other order by
any court of competent jurisdiction.

ARTICLE V

CLOSING; CLOSING DELIVERIES

5.01. Closing. The consummation of the transactions contemplated hereby (the
“Closing”) will take place at the offices of Oppenheimer Wolff & Donnelly LLP, Plaza VII,
45 South Seventh Street, Suite 3300, Minneapolis, Minnesota 55402 on the third Business Day
following the date on which all conditions to Closing set forth in Article XI have been satisfied
or waived (other than conditions that by their nature are to be satisfied at the Closing but
subject to the satisfaction or waiver of such conditions), or at such other time and place as
Acquiror and Transferor mutually agree (the date and time the Closing actually occurs is referred
to herein as the “Closing Date”).

5.02. Closing Deliveries. In addition to any other documents to be delivered under
other provisions of this Agreement, at the Closing:

(a) Transferor shall deliver to Acquiror:

(i) a bill of sale, contribution, assignment and assumption agreement by and between
Transferor and Acquiror in substantially the form of Exhibit 5.02(a)(i) (the “Bill of
Sale, Assignment and Assumption Agreement”), executed by Transferor;

(ii) an amended and restated limited liability company agreement by and among Acquiror, Mud
Duck Equities LLC (“Mud Duck”) and Transferor in substantially the form of Exhibit
5.02(a)(ii) (the “LLC Agreement”), executed by Transferor;

(iii) a transition services agreement by and among Municipal Mortgage & Equity LLC
(“MuniMae”), Parent, Transferor and Acquiror in substantially the form of
Exhibit 5.02(a)(iii) (the “Transition Services Agreement”), executed by Transferor,
Parent and MuniMae;

(iv) a non-competition, non-solicitation and non-disparagement agreement substantially in the
form of Exhibit 5.02(a)(iv) in which Transferor, MuniMae and Parent each agrees that for
five years after the Closing Date it will not, and it will cause its Affiliates not to, (A) compete
directly or indirectly with the Business or Acquiror in originating or acquiring loans for sale to
Agencies (provided that originating tax-exempt or taxable Mortgage Loans secured by mortgages on
affordable housing developments which are to be sold to Agencies will not be deemed to be competing
with the Business or the Acquiror to the extent that the entity that originates the Mortgage Loans
does not sell them directly to the Agencies and grants Acquiror an option of first refusal to buy
the loans from the entity for resale to Agencies), (B) solicit Acquiror’s employees, (C) attempt to
cause or induce any borrower, client, customer, investor, supplier, licensee, licensor, franchisee,
employee or consultant of Transferor to cease doing business with Acquiror or to deal with any
competitor of Acquiror, or otherwise attempt to interfere with any such Person’s relationship with
Acquiror, or (D) disparage Acquiror or any of Acquiror’s directors, officers, employees or agents
(the “Non-Compete Agreement”);

(v) amendments to each of the Separation Agreements and Correspondent Agreements, dated
January 31, 2007, of David Williams and Kevin Filter with MMA Financial, Inc., a Maryland
corporation, in substantially the form of Exhibit 5.02(a)(v) (the “Amendment and
Termination Agreement”), executed by Transferor, MuniMae and MMA Financial, Inc.;

(vi) an executed security agreement, dated as of the Closing Date, in a form to be agreed upon
prior to the Closing, granting the Acquiror a security interest in the Letter of Credit Collateral
as provided for in Section 8.08 (the “Security Agreement”), executed by Transferor;

(vii) the Recorded Assignments (subject to Transferor’s post-closing obligations set forth in
Section 8.12(c));

(viii) evidence of the release of all Liens on Acquired Assets, other than Permitted Liens;

(ix) a certificate executed by the Secretary of Transferor certifying and attaching all
requisite resolutions or actions of Transferor’s board of directors and shareholders approving the
execution and delivery of this Agreement and the consummation of the transactions contemplated
hereby and certifying to the incumbency and signatures of the officers of Transferor executing this
Agreement, the Transaction Documents to which Transferor is a party, and any other document
relating to the transactions contemplated hereby;

(x) evidence that any bank accounts, other accounts, safe deposit boxes, lock boxes and safes
related to the Business that are the Lender Loss Reserve Accounts or Related Escrow Accounts or to
which payments relating to any Mortgage Loans or other Acquired Assets purchased hereunder are
directed to be made have been transferred to the Acquiror (to the extent that the Acquiror requests
that such accounts be transferred to the Acquiror), or, in the alternative, Transferor shall
transfer the cash and cash equivalents in such accounts to new accounts established by Acquiror;

(xi) subject to Transferor’s post-closing obligations set forth in Section 8.02, the Books and
Records included in the Acquired Assets; and

(xii) such other deeds, bills of sale, assignments, certificates of title, documents and
other instruments of transfer and conveyance as may reasonably be requested by Acquiror, each in
form and substance reasonably satisfactory to Acquiror and executed by Transferor, Parent and/or
MuniMae, as applicable, including evidence that prior to the Closing good and transferable title to
all Acquired Assets owned by an Affiliate of Transferor (including with respect to the Acquired
Assets owned by MuniMae listed on Schedule 2.01(h)) has been duly and lawfully transferred by such
Affiliate to Transferor free of any Liens.

(b) Acquiror shall deliver to Transferor:

(i) the Cash Closing Payment by wire transfer to an account specified by Transferor;

(ii) the Term Note and any necessary instruments of transfer;

(iii) certificates representing the Preferred Units;

(iv) the Bill of Sale, Assignment and Assumption Agreement, executed by Acquiror;

(v) the LLC Agreement, executed by Acquiror and Mud Duck;

(vi) an agreement, in the form of Exhibit 5.02(b)(vi), executed by Acquiror and Mud
Duck, in which Acquiror and Mud Duck each agrees that for five years after the Closing Date it will
not, and it will cause each of its Affiliates not to, disparage Transferor, Parent, MuniMae, any of
Transferor’s Parent’s or MuniMae’s Affiliates or any of their respective shareholders, directors,
officers, employees or agents (the “Non-Disparagement Agreement”);

(vii) fully executed copies of an agreement or agreements, in the form of Exhibit
5.02(b)(vii), between David Williams or Kevin Filter, on the one hand, and Acquiror on the
other, under which David Williams and Kevin Filter agree that while there are any outstanding
Preferred Units, neither of them, nor any of their Affiliates, will, other than through Acquiror,
engage directly or indirectly in originating or acquiring Mortgage Loans for sale to Agencies or
solicit or offer employment to any employees of Acquiror or any of its Subsidiaries (“Williams
and Filter Non-Compete Agreement”);

(viii) the Transition Services Agreement, executed by Acquiror;

(ix) the Amendment and Termination Agreement, executed by David Williams and Kevin Filter;

(x) a certificate of good standing for Acquiror for the State of Delaware to be dated as of a
date not more than five (5) Business Days prior to the Closing Date; and

(xi) a certificate executed by the Secretary of Acquiror certifying, as complete and accurate
as of the Closing, and attaching copies of the certificate of formation, the LLC Agreement and
other governing documents of Acquiror, certifying and attaching all requisite resolutions or
actions of Acquiror’s board of directors and members approving the execution and delivery of this
Agreement and the consummation of the transactions contemplated hereby and certifying to the
incumbency and signatures of the officers of Acquiror executing this Agreement, the Transaction
Documents to which Acquiror is a party, and any other document relating to the transactions
contemplated hereby.

ARTICLE VI

REPRESENTATIONS AND WARRANTIES OF TRANSFEROR

Subject to the specific exceptions disclosed in the disclosure schedules delivered by
Transferor to Acquiror and dated as of the date hereof (the “Disclosure Schedule”),
Transferor represents and warrants to Acquiror on the date hereof, and as of the Closing as though
made at Closing, as follows below. Each item disclosed in the Disclosure Schedule as an exception
to a given representation and warranty shall constitute an exception to the given representation
and warranty and shall be deemed to be disclosed with respect to each section of the Disclosure
Schedule that is specifically identified (by cross reference or otherwise) in the Disclosure
Schedule as being qualified by such exception. Terms defined in this Agreement are used with the
same meaning in the Disclosure Schedule.

6.01. Organization of Transferor. Transferor is a corporation duly organized, validly
existing and in good standing under the Laws of the State of Florida, and has full corporate power
and authority to conduct its business as and to the extent now conducted and to own, use and lease
its Assets and Properties. Transferor is duly qualified, licensed or admitted to do business and
is in good standing in those jurisdictions specified in Schedule 6.01. Transferor is duly
qualified to do business as a foreign corporation and is in good standing under the Laws of each
state or other jurisdiction in which either the ownership or use of the Assets and Properties owned
or used by it, or the nature of the activities conducted by it, requires such qualification, except
where the failure to be so qualified would not have a Material Adverse Effect. Transferor has
prior to the execution of this Agreement delivered to Acquiror true and complete copies of the
articles of incorporation and by-laws of Transferor as in effect on the date hereof. Except as set
forth on Schedule 6.01, since July 1, 2005, Transferor has not had any Subsidiaries. Since
July 1, 2005, none of the Subsidiaries of Transferor has had any operations or employed any
persons. Without limiting the generality of the foregoing, none of the Subsidiaries of Transferor
owns or has an interest in any of the assets used in the Business, has participated in the
operations of the Business, or has any Liabilities for which the Acquiror could be held liable.

6.02. Authorization; Due Execution. The execution, delivery and performance of this
Agreement and the other Transaction Documents by Transferor and the transfer of the Acquired Assets
to Acquiror has been duly and validly authorized and approved by all necessary corporate action of
Transferor and does not require the approval of any of the shareholders or members of MuniMae or
Parent pursuant to statute, any of their governing documents or otherwise (other than Parent’s
approval as shareholder of Transferor, which has been duly and validly obtained). This Agreement,
and the other Transaction Documents to which Transferor is a party, have been duly and validly
executed and delivered by Transferor and constitute the legal, valid and binding obligation of
Transferor enforceable against Transferor in accordance with their terms, except as may be limited
by applicable bankruptcy, insolvency, reorganization, recharacterization or other similar Laws
affecting creditor’s rights generally and by general equitable principles (regardless of whether
considered in a proceeding in equity or at law).

6.03. Title to and Condition of Assets. Transferor has good and transferable title to
or a valid leasehold interest in or valid rights under Contract to use, as applicable, all of the
Acquired Assets, free and clear of all Liens except for Permitted Liens. Notwithstanding anything
to the contrary herein, no assets of Transferor are pledged to secure any obligations on the
Synovus Line (as described in Schedule 5.3 to the Loan Agreement or the Fifth Third Bank Line (as
described in Schedule 5.3 of the Loan Agreement), and the unpaid principal balance of the loans
pledged by other parties to secure the Other Synovus Obligations (as described in Schedule 5.2 of
the Loan Agreement) is, and will be at all times, at least equal the amount of such Other Synovus
Obligations. The sale, transfer and assignment by Transferor to Acquiror of the Acquired Assets
and the instruments required to be executed by Transferor and delivered to Acquiror pursuant to the
Agency Contracts, Servicing Agreements, Mortgage Loan Documents, and all handbooks, manuals,
guidelines and requirements applicable to Fannie Mae DUS lenders or sellers/servicers, GNMA lenders
or sellers/services, FHA lenders or sellers/servicers, HUD lenders or sellers/servicers or Freddie
Mac lenders or sellers/servicers, are, or will be on the Closing Date, valid and enforceable in
accordance with their terms and will effectively vest in Acquiror good and transferable title to
the Acquired Assets, free and clear of all Liens except for Permitted Liens. Transferor has full
power, right and authority to sell, assign and convey to Acquiror good and transferable title to or
a valid leasehold interest in the Acquired Assets, free and clear of all Liens other than Permitted
Liens. Except as set forth on Schedule 6.03, the Acquired Assets include all rights,
assets and property used in, related to or necessary for the conduct of the Business as it has been
operated since the Audited Financial Statement Date. Except as set forth on Schedule 6.03
and except for the Excluded Assets, no Affiliate of Transferor owns or has an interest in any asset
used in the Business. All buildings, structures, facilities, fixtures, equipment and other items
of tangible property and assets included in the Acquired Assets are in good working condition and
repair, subject to normal wear and maintenance and are located such that they are not materially
encroaching on the property or rights of any Person.

6.04. No Conflicts; Consents and Approvals. The execution and delivery by Transferor
of this Agreement does not, and the execution and delivery by Transferor of the Transaction
Documents to which it is a party, the performance by Transferor of its obligations under this
Agreement and such Transaction Documents and the consummation of the transactions contemplated
hereby and thereby will not:

(a) conflict with or result in a violation or breach of any of the terms, conditions or
provisions of the certificate or articles of incorporation or by-laws (or other comparable
corporate charter documents) of Transferor;

(b) subject to obtaining the consents, approvals and actions, making the filings and giving
the notices disclosed in Schedule 6.04(b), conflict with or result in a violation or breach
of any term or provision of any Law or Order applicable to Transferor or any of the Assumed
Contracts; or

(c) except as disclosed in Schedule 6.04(c), (i) conflict with or result in a
violation or breach of, (ii) constitute (with or without notice or lapse of time or both) a default
under, (iii) require Transferor to obtain any consent, approval or action of, make any filing with
or give any notice to any Person as a result or under the terms of, (iv) result in or give to any
Person any right of termination, cancellation, acceleration or modification in or with respect to,
(v) result in or give to any Person any additional rights or entitlement to increased, additional,
accelerated or guaranteed payments under, or (vi) result in the creation or imposition of any Lien
upon the Acquired Assets under, any Assumed Contract or License to which Transferor is a party or
any agreement to which Parent is a party.

6.05. Governmental Approvals and Filings. Except as disclosed in Schedule
6.05, no consent, approval or action of, filing with or notice to any Agency or Governmental or
Regulatory Authority on the part of Transferor is required in connection with the execution,
delivery and performance of this Agreement or any of the Transaction Documents to which it is a
party or the consummation of the transactions contemplated hereby or thereby.

6.06. Financial Statements. Prior to the execution of this Agreement, Transferor has
delivered to Acquiror true and complete copies of the following Financial Statements:

(a) the audited balance sheets of Transferor as of December 31, 2006 and 2007, and the related
audited statements of earnings and comprehensive earnings, stockholders’ equity and cash flows for
each of the fiscal years then ended, together with a true and correct copy of the report on such
audited information by Ernst & Young and all letters from such accountants with respect to the
results of such audits (the “Audited Financial Statements”); and

(b) the unaudited balance sheet and statements of earnings of Transferor as of and for the
nine months ended September 30, 2008 (the “Unaudited Financial Statements”).

Except as set forth in the notes thereto or in Schedule 6.06, all such Financial Statements
were prepared in accordance with GAAP and fairly present the consolidated financial condition and
results of operations of Transferor as of the respective dates thereof and for the respective
periods covered thereby, subject, in the case of such Unaudited Financial Statements, to normal
year-end adjustments (the effect of which will not, individually or in the aggregate, have a
Material Adverse Effect) and the absence of notes that, if presented, would not differ materially
from those included in the Audited Financial Statements for the fiscal year ended December 31,
2007. Each of the balance sheets included in the Audited Financial Statements and Unaudited
Financial Statements do not include any assets, other than the Excluded Assets, that are not of a
type intended to constitute part of the Acquired Assets after giving effect to the transactions
contemplated hereby.

6.07. Absence of Changes. Except for the execution and delivery of this Agreement and
the transactions contemplated hereby, since the Audited Financial Statement Date, there has not
been any event or development which, individually or together with other such events or
developments, could reasonably be expected to result in a Material Adverse Effect. Without
limiting the foregoing, except as disclosed in Schedule 6.07, since the Audited Financial
Statement Date, Transferor has not (or there otherwise has not been):

(i) sold, assigned, licensed, pledged, mortgaged or transferred any of the assets, properties
or rights included in the Acquired Assets or cancelled any debts or claims, other than in the
ordinary course of business and consistent with past practice;

(ii) entered into any transaction or created any Liability other than in the ordinary course
of business consistent with past practices, or entered into any transaction with any Affiliate of
Transferor;

(iii) made any commitment for any capital expenditure (other than the origination or
acquisition of Mortgage Loans in the ordinary course of business consistent with past practice) in
excess of $100,000 individually or $500,000 in the aggregate;

(iv) (x) increased the salary, wages or other compensation of any officer or employee of
Transferor whose total compensation is, or after giving effect to such change would be, $100,000 or
more; (y) established or modified (A) targets, goals, pools or similar provisions in respect of any
fiscal year under any Benefit Plan, employment Contract or other employee compensation arrangement
or (B) salary ranges, increase guidelines or similar provisions in respect of any Benefit Plan,
employment Contract or other employee compensation arrangement; or (z) adopted, entered into,
amended, modified or terminated (partial or complete) any Benefit Plan except to the extent
required by applicable Law;

(v) incurred Indebtedness in an aggregate principal amount exceeding $250,000 in the
aggregate, other than Indebtedness that will be Retained Liabilities or Indebtedness with respect
to the funding of Warehouse Loans under its Warehouse Line which has been incurred in the ordinary
course of business in accordance with past practices;

(vi) incurred any physical damage, destruction or other casualty loss not covered by insurance
affecting any of the plant, real or personal property or equipment of Transferor in an aggregate
amount exceeding or expected to exceed $250,000 in the aggregate;

(vii) acquired or disposed of, or incurred a Lien (other than a Permitted Lien) on, any
Acquired Assets;

(viii) (x) amended the certificate or articles of incorporation or by-laws (or other
comparable corporate charter documents) of Transferor, (y) reorganized, liquidated or dissolved or
(z) entered into a Business Combination involving Transferor and any other Person;

(ix) commenced or terminated any line of business;

(x) entered into any transaction with any officer, director, or Affiliate of Transferor or any
Associate of any such officer, director or Affiliate;

(xi) entered into any lease of real property;

(xii) received any notice by any of the Agencies of the termination of, or of an intent to
terminate or discontinue, any business relationship or Agency Contract;

(xiii) suffered any departure by, or termination of, any key employees of Transferor,
including any of the senior management employees of Transferor; or hired any additional senior
management employees;

(xiv) made any material change in the accounting methods used by Transferor or made or changed
any Tax election or settled any Tax claim or assessment related to the Business;

(xv) become aware of any change in Law, statute or regulation applicable to Transferor or
affecting the Business or the Acquired Assets which would reasonably be expected to have a Material
Adverse Effect; or

(xvi) entered into any agreement or understanding to do any of the foregoing.

6.08. Taxes.

(a) All Taxes owed by Transferor for any taxable period or portion thereof ending on or before
the Closing Date, whether or not shown on any Tax Return, have been or will be paid by Transferor
and all Tax Returns required to be filed on or before the Closing Date by or with respect to
Transferor have been or will be filed within the time and in the manner prescribed by Law. All
such Tax Returns are and will be, in all material respects, true, correct and complete and
correctly and accurately reflect the amount of Tax liability for the period covered by such
returns, except to the extent of items that may be disputed by applicable Tax authorities, but for
which there is substantial authority to support the position taken by Transferor. No deficiency
for any Taxes or claim for additional Taxes for which Acquiror could be held liable has been
proposed, asserted or threatened to be asserted against the Transferor by any Tax authority, and
Transferor knows of no basis for the assertion of a Tax deficiency against it for which Acquiror
could be held liable. Transferor files Tax Returns in all jurisdictions where it is required to so
file, and since July 1, 2005 no claim has been made in writing by any Tax authority in any other
jurisdiction in which Transferor is engaged in the Business at the date of this Agreement that
Transferor is or may be subject to taxation by that jurisdiction. Neither Transferor nor any of
its predecessors has ever been a party to or bound by, nor does it have or has it ever had any
obligation under any Tax sharing agreement, or similar contract or arrangement for which Acquiror
could be held liable.

(b) There are no Liens or other encumbrances with respect to Taxes upon any of the Acquired
Assets, other than with respect to Taxes not yet due and payable. No issue relating to Transferor
or involving any Taxes for which Transferor might be liable has been resolved in favor of any Tax
authority in any audit or examination which, by application of the same principles, could
reasonably be expected to result in a deficiency for Taxes of Transferor or Acquiror for any other
period.

(c) Transferor has made available to Acquiror true, complete and correct copies of all Tax
Returns, audit reports, and statements of deficiencies for each of the last three taxable years
filed by or issued to or with respect to the Business or Transferor (or, insofar as such items
relate to Transferor, by or to any affiliated, consolidated, combined, or unitary group of which
Transferor was then a member).

(d) Transferor has not been and is not currently in violation (or, with or without notice or
lapse of time or both, would be in violation) of any applicable Law or regulation relating to the
payment, collection, or withholding of Taxes, or the remittance thereof, and all withholding and
payroll Tax requirements required to be complied with by Transferor up to and including the Closing
Date have been satisfied or will be satisfied.

(e) Transferor is not a foreign person within the meaning of Treasury Regulation Section
1.1445-2(b).

6.09. Legal Proceedings. Except as disclosed in Schedule 6.09:

(a) there are no Actions or Proceedings pending or, to the Knowledge of Transferor, threatened
against, Transferor or any of its Assets and Properties which (i) could reasonably be expected to
result in the issuance of an Order restraining, enjoining or otherwise prohibiting or making
illegal the consummation of any of the transactions contemplated by this Agreement or any of the
Transaction Documents or otherwise result in a material diminution of the benefits to Acquiror
contemplated by this Agreement or any of the Transaction Documents, or (ii) if determined adversely
to Transferor, could reasonably be expected to result in (x) any injunction or other equitable
relief against Transferor that would interfere in any material respect with its business or
operations or could otherwise be reasonably expected to have a Material Adverse Effect or (y)
Losses by Transferor, individually or in the aggregate exceeding $25,000 for which Acquiror could
be held liable; and

(b) there are no Orders outstanding against Transferor that will affect any of the Acquired
Assets on or after the Closing Date or will affect Acquiror as operator of the Business.

Prior to the execution of this Agreement, Transferor has delivered to Acquiror all responses of
counsel for Transferor to auditors’ requests for information delivered in connection with the
Audited Financial Statements (together with any updates provided by such counsel) regarding Actions
or Proceedings pending or threatened against Transferor.

6.10. Compliance With Laws and Orders. Except as disclosed in Schedule 6.10,
Transferor is not, in any material respect, in violation of any applicable federal, state or local
Law, statute, rule, regulation or ordinance or in receipt of any notice that asserts a current such
violation. Since December 31, 2005, Transferor has not received any notice from any Governmental
or Regulatory Authority that it is in violation of or in default under any Law or Order applicable
to Transferor or any of the Acquired Assets, except violations that could not reasonably be
expected to have, individually or in the aggregate, a Material Adverse Effect. Neither Transferor
nor, to the best of Transferor’s Knowledge, any director, officer, agent, employee or other Person
associated with or acting on behalf of Transferor has used any corporate funds for any unlawful
contribution, gift, entertainment or other unlawful expense relating to political activity; made
any direct or indirect unlawful payment to any foreign or domestic government official or employee
from corporate funds; or made any bribe, rebate, payoff, influence payment, kickback or other
unlawful payment.

6.11. Benefit Plans; ERISA.

(a) Schedule 6.11(a) contains a true and complete list of all Benefit Plans. Except
as set forth on Schedule 6.11(a), Transferor has not scheduled or agreed upon future
increases of benefit levels (or creations of new benefits) with respect to any Benefit Plan, and no
such increases or creation of benefits have been proposed, made the subject of representations to
employees or requested or demanded by Business Employees under circumstances which make it
reasonable to expect that such increases will be granted.

(b) Transferor has provided Acquiror with a copy of the current summary plan description and
summary of material modifications of each Benefit Plan or, if a summary plan description is not
required under ERISA for such plan, a summary of the benefits of such Benefit Plan.

(c) Transferor does not have any liability arising directly or indirectly in connection with
any failure of Transferor or any ERISA Affiliate to comply with the Consolidated Omnibus
Reconciliation Act of 1985, as amended, subject to the provisions of Section 4980B of the Code and
Part 6 of Subtitle B of Title I of ERISA (“COBRA”) for which Acquiror could be held liable.

(d) Transferor does not have any Liability arising directly or indirectly to or with respect
to any “multiemployer plan” within the meaning of Section 4001(a)(3) of ERISA or any defined
benefit pension plan subject to Title IV of ERISA for which Acquiror could be held liable.

(e) Except as set forth on Schedule 6.11(e), no Benefit Plan will result in the
payment of money or any other property or rights, or accelerate or provide any other rights or
benefits, to any current or former employee of Transferor (or other current or former service
provider thereto) that would not have been required but for the transactions provided for herein.
Except as set forth on Schedule 6.11(e), Transferor does not maintain any Benefit Plan
which provides severance or similar benefits to Business Employees or other service providers with
respect to the Business.

(f) No Benefit Plan will be transferred to or assumed by Acquiror (or any Affiliate of
Acquiror) and nothing has occurred or failed to occur with respect to any Benefit Plan which will
result in any Liability to Acquiror or any Affiliate of Acquiror.

6.12. Real Property.

(a) Transferor does not own or lease any real property, other than the Leased Offices.

(b) Transferor has a valid and subsisting leasehold estate in and the right to quiet enjoyment
of the real properties leased by it for the full term of the respective leases thereof. To the
best of Transferor’s Knowledge, each lease referred to in paragraph (c) below is a legal, valid and
binding agreement, enforceable against the lessor in accordance with its terms, and, except as set
forth in Schedule 6.12(b), Transferor has not received notice of any default thereunder.
Transferor does not owe any brokerage commissions with respect to any such leased space.

(c) Transferor has delivered to Acquiror prior to the execution of this Agreement true and
complete copies of all leases (including any amendments and renewal letters) with respect to the
Leased Offices.

6.13. Intellectual Property Rights. Schedule 6.13 lists all of the rights of
Transferor in Intellectual Property (other than know-how) that: (i) is owned by, licensed to or
otherwise controlled by Transferor; or (ii) is used in the conduct of the Business. Except as
disclosed in Schedule 6.13, in shrink-wrap licenses, or in “click to accept” licenses, (i)
there are no restrictions on such Intellectual Property that would prevent or impair the continued
use of such Intellectual Property in connection with the Business upon the consummation of the
transactions contemplated hereby, (ii) Transferor has delivered or made available to Acquiror prior
to the execution of this Agreement all material documentation in Transferor’s possession with
respect to any invention, process, design, computer program or other know-how or trade secret
included in such Intellectual Property, (iii) Transferor has not received any notice that it is in
default under any license to use such Intellectual Property, and (iv) to the Knowledge of
Transferor, such Intellectual Property is not being infringed by any other Person. Transferor is
not infringing any Intellectual Property of any other Person.

6.14. Contracts.

(a) Schedule 6.14(a) (with paragraph references corresponding to those set forth
below) contains a true and complete list of each of the following Assumed Contracts (true and
complete copies or, if none, reasonably complete and accurate written descriptions of which,
together with all amendments and supplements thereto and all waivers of any terms thereof, have
been delivered to Acquiror prior to, or will be delivered to Acquiror immediately following, the
execution of this Agreement):

(i) all Assumed Contracts providing for a commitment of employment or consultation services
for a specified or unspecified term, the name, position and rate of compensation of each Person
party to such an Assumed Contract and the expiration date of each such Assumed Contract, other than
Assumed Contracts as to which the Acquiror will not be required to make payments after the Closing
exceeding $25,000 as to any Assumed Contract or $250,000 as to all the excluded Assumed Contracts;

(ii) all Assumed Contracts with any Person containing any provision or covenant that will
prohibit or limit the ability of Acquiror to engage in any business activity or compete with any
Person or will prohibit or limit the ability of any Person to compete with Acquiror;

(iii) all partnership, joint venture, shareholders’ or other similar Assumed Contracts with
any Person;

(iv) all Assumed Contracts relating to Indebtedness of Transferor in excess of $50,000;

(v) all collective bargaining or similar labor Assumed Contracts;

(vi) all Assumed Contracts that will (A) limit or contain restrictions on the ability of
Acquiror to incur Indebtedness, to incur or suffer to exist any Lien, to purchase or sell any
Assets and Properties, to change the lines of business in which it participates or engages or to
engage in any Business Combination or (B) require Acquiror to maintain specified financial ratios
or levels of net worth or other indicia of financial condition;

(vii) all Assumed Contracts between Transferor on the one hand and any of Transferor or
Transferor’s Affiliates or any employees of Transferor on the other hand (other than Benefit Plans
and employment contracts already disclosed in Schedule 6.14(a) and described in (i) above);

(viii) all other Assumed Contracts, other than Mortgage Notes or Mortgage Loan agreements
acquired or entered into by Transferor in the ordinary course of business consistent with past
practice or Agency Contracts, that (A) involve the payment or potential payment, pursuant to the
terms of any such Assumed Contract, by or to Acquiror after the Closing of more than $25,000 and
(B) cannot be terminated by Acquiror after the Closing within thirty (30) calendar days after
giving notice of termination without resulting in any material cost or penalty to Acquiror; and

(ix) to the extent not otherwise covered by clauses (i) to (viii) above, and except for
Assumed Contracts related to the actual assignment and sale of individual loans made by Transferor
to Mortgagors in the ordinary course of business in accordance with past practices, all Agency
Contracts, all Servicing Agreements and all other Assumed Contracts pursuant to which Transferor
originates, sells or services Mortgage Loans.

(b) Except as to Assumed Contracts the termination of which, or the liability for breach of
which would not reasonably be expected to have a Material Adverse Effect either individually or in
the aggregate, each Assumed Contract required to be disclosed in Schedule 6.14(a) is in
full force and effect and constitutes a legal, valid and binding agreement, enforceable against
Transferor to the extent a party thereto in accordance with its terms, except as may be limited by
applicable bankruptcy, insolvency, reorganization, recharacterization or other similar Laws
affecting creditor’s rights generally and by general equitable principles (regardless of whether
considered in a proceeding in equity or at law); and except as disclosed in Schedule
6.14(b), (i) Transferor is not in violation or breach of or default under any such Assumed
Contract (and with notice or lapse of time or both, would not be in violation or breach of or
default under any such Assumed Contract), (ii) Transferor has not received notice that any other
party to an Assumed Contract claims that such Assumed Contract is not its legal, valid and binding
obligation or is unenforceable against such other party or that Transferor is in default under such
Assumed Contract, and (iii) other than the Assumed Contracts, there are no other Contracts to which
Transferor is a party or by which any of its Assets and Properties is bound.

6.15. Licenses. Schedule 6.15 contains a true and complete list of all
Licenses of Transferor used in or required to operate the Business, including all state Licenses
required to enable Transferor to lend and/or service/sell Mortgage Loans. Prior to the execution
of this Agreement, Transferor has delivered to Acquiror true and complete copies of all such
Licenses. Except as disclosed in Schedule 6.15:

(i) each License listed in Schedule 6.15 is valid and in full force and effect;

(ii) Transferor holds all Licenses necessary or desirable to the conduct of the Business; and

(iii) Transferor is not, and has not received any notice that it is, in default under any such
License to an extent or in a manner which could reasonably be expected to result in the termination
thereof.

6.16. Insurance.

(a) Schedule 6.16 contains a true and complete list of all liability, property,
workers’ compensation, directors’ and officers’ liability and other insurance policies currently in
effect that insure the business, operations or employees of Transferor. The insurance coverage
provided by such policies will not terminate or lapse prior to the Closing Date by reason of the
transactions contemplated by this Agreement.

(b) To the best of Transferor’s Knowledge, all mortgaged properties are currently insured
against loss by fire, hazards or extended coverage insurance policies in accordance with all
applicable requirements under the Agency Contracts, Servicing Agreements, Mortgage Loan Documents,
Laws, Orders, all handbooks, manuals, guidelines and requirements applicable to Fannie Mae DUS
lenders or sellers/servicers, GNMA lenders or sellers/services, FHA lenders or sellers/servicers,
HUD lenders or sellers/servicers or Freddie Mac lenders or sellers/servicers, and the reasonable
and customary mortgage servicing practices of prudent mortgage lending institutions which service
mortgage loans of the same type as the Mortgage Loans in the jurisdiction in which the related
mortgage properties are located and in an amount at least equal to the outstanding principal
balance of the applicable Mortgage Loans or, where applicable, carry a sufficient amount of
guaranteed replacement cost coverage unless prohibited by applicable state law. To the best of
Transferor’s Knowledge, all such insurance policies are in full force and effect, and all premiums
with respect to such policies have been paid. Transferor has complied with all of its obligations
under the Agency Contracts and Agency guidelines relating to the maintenance of the above-described
insurance.

6.17. Employees; Labor Relations.

(a) Schedule 6.17(a) contains a list of the name of each officer and employee of
Transferor at the date hereof, together with each such person’s position or function, annual base
salary or wages and any incentive or bonus arrangement with respect to such person in effect on
such date (each a “Business Employee”).

(b) (i) Transferor is not subject to any collective bargaining agreements or any Contracts,
decrees or orders requiring Transferor to recognize, deal with or employ any persons organized as a
collective bargaining unit or other form of organized labor and there are no threatened or
contemplated attempts to organize for collective bargaining purposes any of the employees of
Transferor; and (ii) Transferor has complied in all material respects with all applicable Laws
respecting employment and employment practices, terms and conditions of employment, wages and
hours, and Transferor is not liable for any material arrears of wages of any Taxes or penalties for
failure to comply with any such Law, and, except as set forth in Schedule 6.17(b), no
unfair labor practice complaint, sex or age discrimination claim, or claim under the Americans with
Disabilities Act is pending against Transferor before the National Labor Relations Board or any
other Governmental or Regulatory Authority. There never has been any work stoppage or strike by
employees of Transferor. Since December 31, 2005, Transferor has not received any notice of
noncompliance with applicable Laws relating to the employment of labor, including those relating to
wages, hours and collective bargaining.

(c) Except for Business Employees who are parties to employment Contracts listed on
Schedule 6.14(a), all Business Employees are “at-will” employees.

6.18. Substantial Business Relationships.

(a) Schedule 6.18(a) lists all Persons for whose benefit or at whose request
Transferor has made loans which are owned by Transferor and are outstanding, which in the aggregate
exceed $500,000. Except as disclosed in Schedule 6.18(a), to the best of Transferor’s
Knowledge, no such Person is threatened with bankruptcy or insolvency.

(b) Transferor has serviced the Mortgage Loans and otherwise has been in compliance in all
material respects with all Agency Contracts, Servicing Agreements and all handbooks, manuals,
guidelines and requirements applicable to Fannie Mae DUS lenders or sellers/servicers, GNMA lenders
or sellers/services, FHA lenders or sellers/servicers, HUD lenders or sellers/servicers or Freddie
Mac lenders or sellers/servicers. Other than the Agency Contracts identified on Schedule
2.01(f) or Schedule 6.18(b), there are no side letters or other agreements setting
forth requirements, contractual obligations, conditions or other provisions regarding the
relationship between the Agencies and the Transferor (other than the Agencies’ published handbooks,
guidelines, manuals and requirements).

(c) Except as identified on Schedule 6.18(c), Transferor has not received any notice
from Fannie Mae of any default or deficiency in Transferor’s performance as a DUS lender or Fannie
Mae approved seller/servicer and none of GNMA, FHA, HUD or Freddie Mac has provided Transferor with
notice of any default or deficiency in Transferor’s performance as a lender or seller/servicer.
Transferor is in full compliance with each net worth, reserve, liquidity and other financial
conditions required by any of the Agencies.

6.19. No Powers of Attorney. Except as set forth in Schedule 6.19, Transferor
does not have any powers of attorney or comparable delegations of authority outstanding.

6.20. Defaults. Except as set forth on Schedule 6.20, Transferor is not in
default or violation (and with notice or lapse of time or both would not be in default or
violation) in respect of any Mortgage Loans made to Mortgagors in the ordinary course of business.

6.21. Brokers. Other than with respect to Lazard Freres & Co. LLC (any fees of which
shall be paid by Transferor), all negotiations relative to this Agreement and the transactions
contemplated hereby have been carried out by Transferor directly with Acquiror without the
intervention of any Person on behalf of Transferor in such manner as to give rise to any valid
claim by any Person against Acquiror or Transferor for a finder’s fee, brokerage commission or
similar payment.

6.22. Status of Outstanding Loans.

(a) Schedule 6.22(a) is a complete and accurate list of all Mortgage Loans that are
part of the Acquired Assets, the Mortgage Loan Portfolio and the Servicing Portfolio reflecting the
following information, as of the date of this Agreement, and as to be updated as of the Closing
Date, with respect to each Mortgage Loan: the (i) name of the beneficial owner of the Mortgage
Loan (the “Investor”), (ii) loan number, (iii) Mortgagor’s name, (iv) address of mortgaged
property, (v) current principal balance, (vi) interest rate provided in the Mortgage Note, (vii)
whether it has a fixed or adjustable interest rate, (viii) next date on which the mortgage payment
is due, (ix) tax and interest reserve balance, (x) replacement reserve balance, (xi) other balance
and description, (xii) monthly principal and interest payment, (xiii) monthly tax and interest
payments, (xiv) monthly replacement reserve, (xv) monthly other payment and description, (xvi)
Advances outstanding, (xvii) Servicing Fee, (xviii) watchlist or similar classification, (xix)
12/31/07 debt service coverage ratio and (xx) most recent debt service coverage ratio, if available
(the “Mortgage Loan Schedule”). Except as set forth in Schedule 6.22(a), (A) each
Mortgage Loan on the Mortgage Loan Schedule is in full force and effect, is not in default and, if
it has been sold to or insured or guaranteed by, or is expected to be sold to or insured or
guaranteed by an Agency, complies with all applicable requirements of that Agency, and (B) the full
original principal amount of each such Mortgage Loan has been fully advanced or disbursed to the
applicable borrower, there is no requirement for future advances and any and all requirements as to
use of escrow funds that have been disbursed for completion of on-site or off-site improvements
have been complied with in all material respects. All costs, fees and expenses, mortgage
registration and other Taxes and personal property and intangible Taxes incurred in making, closing
or recording each such Mortgage Loan that were required to be paid were paid. There will be no
obligation on the part of Acquiror, or of any other party, to make supplemental payments in
addition to those made by the Mortgagor, except to the extent those payments are not required to be
made until after the Closing Date or are to be made out of escrow funds that are included in the
Acquired Assets. The Mortgage File contains each of the documents and instruments specified to be
included therein and all documents evidencing and securing each Mortgage Loan and required to be
maintained by the requirements of the Investors, duly executed and in due and proper form. Each
such document or instrument is genuine and the information contained therein is true, accurate and
complete in all material respects.

(b) Schedule 6.22(b) is a complete and accurate list (by category), as of the date of
this Agreement, to be updated as of a date not more than five Business Days before the Closing
Date, of all outstanding unfunded forward commitments and commitments for construction Mortgage
Loans that are part of the Acquired Assets and indicates in each case the party from whom
Transferor expected to obtain the funds for such Mortgage Loan commitment.

(c) Schedule 6.22(c) is a complete and accurate list (by category), as of the date of
this Agreement, to be updated as of a date not more than five Business Days before the Closing
Date, of all Mortgage Loans as to which Transferor has received applications but not yet made loan
commitments, forward commitments, unfunded commitments and commitments for permanent Mortgage Loans
(whether relating to loans to be made by Transferor on its own behalf or on behalf of another
party) and indicates in each case the proposed permanent lender and the intended disposition of
such loan (e.g., sale to Fannie Mae, etc.).

(d) Schedule 6.22(d) is a complete and accurate list, as of the date of this
Agreement, to be updated as of a date not more than five Business Days before the Closing Date, of
all Mortgage Loans originated or serviced by Transferor which are identified as a non-performing,
“watch list” or other similarly classified loans, or upon which any delinquency advances or
servicing advances have been made, and includes a description of: (i) Investor, (ii) Mortgagor
name, (iii) address of mortgaged property, (iv) current principal balance, (v) interest rate, (vi)
whether it is fixed or adjustable, (vii) date the next payment is due, (viii) taxes and interest
balance, (ix) replacement reserve balance, (x) other balance and description, (xi) monthly
principal and interest payment, (xii) monthly taxes and interest payment, (xiii) monthly
replacement reserve payment, (xiv) monthly other payment and description, (xv) Advances
outstanding, (xvi) Servicing Fee, (xvii) watchlist or similar classification, (xviii) watchlist
level or similar classification, (xix) 12/31/07 debt service coverage ratio, (xx) most recent debt
service coverage ratio, if available, and (xxi) comments made by Transferor in relation to the
Mortgage Loans, and includes a description of whether or not the non performance has been reported
to any Agency and a narrative of the issues and action plan for each such Mortgage Loan, including
a description of any communications or discussions with any Agency concerning such Mortgage Loan.

(e) Schedule 6.22(e) is a complete and accurate list, as of the date of this
Agreement, to be updated as of a date not more than five Business Days before the Closing Date, of
all permanent Mortgage Loans owned or serviced by Transferor for which the underlying Mortgagor or
project has a debt service coverage ratio of less than 1.10 to 1.0, based upon the most recent
financial reporting provided to Transferor.

(f) Schedule 6.22(f) is a complete and accurate list, as of the date of this Agreement
and as will be updated as of a date not more than five Business Days before the Closing Date, of
all Mortgage Loans owned or serviced by Transferor for which, in Transferor’s reasonable and good
faith judgment, based on information currently available to Transferor, Transferor may be required
to make delinquency or servicing advances, including tax advances, during the next 12 months, or as
to which, in Transferor’s reasonable and good faith opinion, the borrower is reasonably likely to
be unable to meet scheduled debt service requirements during such period.

(g) Schedule 6.22(g) is a complete and accurate list, as of the date of this
Agreement, to be updated as of a date not more than five Business Days before the Closing Date, of
all construction Mortgage Loans owned or serviced by Transferor as to which Transferor believes, in
its reasonable and good faith judgment (i) that the remaining loan proceeds will not be sufficient
to complete the construction of the project free and clear of all Liens, or (ii) that will have
inadequate reserves to cover interest, taxes and insurance until conversion or stabilization.

(h) Schedule 6.22(h) is a complete and accurate list, as of the date of this
Agreement, to be updated as of a date not more than five Business Days before the Closing Date, of
all construction Mortgage Loans where the project is currently encumbered by mechanics,
materialmens or other similar Liens, including identification of each construction Mortgage Loans
where the borrower has not provided a bond or other collateral in an amount equal to at least 100%
of the aggregate amount of all such Liens.

(i) Except as disclosed in Schedule 6.22(i), Transferor received a lender’s policy of
title insurance in favor of Transferor in connection with all Mortgage Loans made by Transferor and
secured by real property, in an amount not less than the loan amount.

(j) Transferor has delivered to the Acquiror the Transferor’s asset management tape and MIAC
tape setting forth all the Mortgage Loans that are part of the Acquired Assets, the Mortgage Loan
Portfolio and the Servicing Portfolio as of the date of this Agreement.

6.23. No Undisclosed Liabilities; Certain Other Liabilities.

(a) Except as reflected or reserved against in the balance sheet included in the Unaudited
Financial Statements or in the notes to the Audited Financial Statements or as disclosed in
Schedule 6.23, there are no Liabilities or contingent liabilities (including guarantees)
which in any case constitute Assumed Liabilities, against, relating to or affecting Transferor or
any of its Assets and Properties, other than Liabilities which were or are incurred in the ordinary
course of business consistent with past practice and which cannot reasonably be expected to be
material to the financial condition of Acquiror after the Closing.

(b) Transferor has no obligation or liability under the Synovus Line (as described in Schedule
5.3 to the Loan Agreement) or the Fifth Third Bank Line ( as described in Schedule 5.3 to the Loan
Agreement), except for obligations with respect to letters of credit outstanding under the L.O.C.
Facility (as defined under the Synovus Line) that have been issued by the Lender under the Synovus
Line for the account of the Transferor.

6.24. Affiliate Transactions. Except as disclosed in Schedule 6.24, (i) there
are no (a) Liabilities of Transferor owed to any of Transferor’s Affiliates, or (b) Liabilities of
any of Transferor’s Affiliates owed to Transferor, and (ii) Transferor has not, directly or
indirectly, extended credit, arranged to extend credit, or renewed any extension of credit, in the
form of a personal loan, to or for any director or executive officer of Transferor, or to or for
any family member or affiliate of any director or executive officer of Transferor, in each of the
cases described in (i) or (ii) above that constitute Acquired Assets or Assumed Liabilities.

6.25. Books and Records. The Books and Records of Transferor are complete and correct
in all material respects and have been maintained in accordance with reasonable business practices.
All Books and Records of Transferor which have been delivered or otherwise made available to
Acquiror are true, complete and accurate copies of Transferor’s records.

6.26. Environmental Matters. Except as shown on Schedule 6.26, to the best of
Transferor’s Knowledge, no property with respect to which Transferor has made a loan is in material
violation of any Environmental Law. Except as shown on Schedule 6.26, Transferor has
obtained a Phase I Environmental Assessment for each property with respect to which it has made a
loan.

6.27. Lender Loss Reserve and Escrow Accounts and Letter of Credit. The Lender Loss
Reserve Accounts are in compliance with the requirements of Fannie Mae’s operational and restricted
liquidity requirements and have, and will have as of the Closing Date, an aggregate balance equal
to the amount necessary to comply with such requirements, and are and will be in a form necessary
to comply with such requirements. The Related Escrow Accounts are in compliance with the
requirements of all Agency Contracts, Servicing Agreements and all handbooks, manuals, guidelines
and requirements applicable to Fannie Mae DUS lenders or sellers/servicers, GNMA lenders or
sellers/services, FHA lenders or sellers/servicers, HUD lenders or sellers/servicers or Freddie Mac
lenders or sellers/servicers. The Letter of Credit and the Letter of Credit Collateral are in
compliance with the reserve requirements under the Freddie Mac loss sharing program and the Letter
of Credit Collateral is adequate to satisfy such requirements.

6.28. Solvency. Transferor is not and, immediately prior to and following the
transfer of the Acquired Assets to Acquiror will not be, insolvent, as determined under any
applicable bankruptcy, insolvency, fraudulent conveyance or similar Laws of any applicable
jurisdiction. Immediately after giving effect to the consummation of the transactions contemplated
hereby: (a) Transferor will be able to pay its Liabilities as they become due in the ordinary
course of business; (b) Transferor will not have unreasonably small capital with which to conduct
its present or proposed business; (c) Transferor will have assets (calculated at fair market value)
that exceed its Liabilities; and (d) taking into account all pending and threatened litigation,
final judgments against Transferor in actions for money damages are not reasonably anticipated to
be rendered at a time when, or in amounts such that, Transferor will be unable to satisfy any such
judgments promptly in accordance with their terms (taking into account the maximum probable amount
of such judgments in any such actions and the earliest reasonable time at which such judgments
might be rendered) as well as all other obligations of Transferor. The cash available to
Transferor, after taking into account all other anticipated uses of the cash, will be sufficient to
pay all Transferor’s debts and judgments when they are required to be paid in accordance with their
terms.

6.29. Accuracy of Information. No representation or warranty by the Transferor in
this Agreement, and no statement by Transferor, Parent or MuniMae in any Transaction Document or
other document, certificate or other writing furnished or to be furnished by or on behalf of
Transferor, Parent or MuniMae at the Closing hereunder contains or will contain any untrue
statement of material fact or omits to state or will omit to state any material fact necessary in
order to make the statements herein or therein, in light of the circumstances under which they were
made, not misleading as of the date of this Agreement or the date furnished, as the case may be,
and all of the foregoing accurately, completely and correctly present or will present the
information required or purported to be set forth herein or therein. There is no material fact or
circumstance as of the date hereof which has not been disclosed in writing to Acquiror of which
Transferor, Parent or MuniMae has Knowledge which could reasonably be expected to result in a
Material Adverse Effect.

ARTICLE VII

REPRESENTATIONS AND WARRANTIES OF ACQUIROR 

Acquiror hereby represents and warrants to Transferor as follows:

7.01. Organization. Acquiror is a limited liability company duly organized, validly
existing and in good standing under the Laws of the State of Delaware. Acquiror has full limited
liability company power and authority to execute and deliver this Agreement and the Transaction
Documents to which it will be a party, to perform its obligations hereunder and thereunder and to
consummate the transactions contemplated hereby and thereby, and to conduct the Business after the
Closing. Subject to Transferor’s obligations set forth in Section 8.12(e), Acquiror is, or will be
as soon as practicable after the Closing, duly qualified, licensed or admitted to do business and
is in good standing in all jurisdictions in which the ownership, use or leasing of its Assets and
Properties, or the conduct or nature of its business, makes such qualification, licensing or
admission necessary and in which the failure to be so qualified, licensed or admitted and in good
standing could reasonably be expected to have an adverse effect on the validity or enforceability
of this Agreement or any of the Transaction Documents to which it is a party, on the ability of
Acquiror to perform its obligations hereunder or thereunder or the financial condition or prospects
of Acquiror after the Closing.

7.02. Authority. The execution and delivery by Acquiror of this Agreement and the
Transaction Documents to which it is a party, and the performance by Acquiror of its obligations
hereunder and thereunder, have been duly and validly authorized by the members and the board of
managers of Acquiror and no other limited liability company action on the part of Acquiror is
necessary. This Agreement has been duly and validly executed and delivered by Acquiror and
constitutes, and upon the execution and delivery by Acquiror of the Transaction Documents to which
it is a party, such Transaction Documents will constitute, legal, valid and binding obligations of
Acquiror enforceable against Acquiror in accordance with their respective terms, except as
enforceability may be limited by bankruptcy, insolvency, reorganization, recharacterization or
other similar Laws affecting creditor’s rights generally and by general equitable principles
(regardless of whether considered in a proceeding in equity or at Law).

7.03. No Conflicts. The execution and delivery by Acquiror of this Agreement do not,
and the execution and delivery by Acquiror of the Transaction Documents to which it is a party, the
performance by Acquiror of its obligations under this Agreement and such Transaction Documents and
the consummation of the transactions contemplated hereby and thereby will not:

(a) conflict with or result in a violation or breach of any of the terms, conditions or
provisions of the certificate of formation, the limited liability company agreement as currently in
effect or as expected to be in effect on the Closing Date or other governing documents of Acquiror;

(b) subject to obtaining the consents, approvals and actions required by the Agencies and
making the filings and giving the notices required under the HSR Act, if any, conflict with or
result in a violation or breach of any term or provision of any Law or Order applicable to Acquiror
or any of its Assets and Properties; or

(c) except for the filing and processes required under the HSR Act, if any, (i) conflict with
or result in a violation or breach of, (ii) constitute (with or without notice or lapse of time or
both) a default under, (iii) require Acquiror to obtain any consent, approval or action of, make
any filing with or give any notice to any Person as a result or under the terms of, or (iv) result
in the creation or imposition of any Lien upon Acquiror or any of its Assets and Properties under,
any Contract or License (other than an Assumed Contract, a License that is part of the Acquired
Assets or the Letter of Credit or any other Contract or License that is being sold or contributed
by Transferor to Acquiror or by which the Acquired Assets are encumbered or bound when they are
transferred by Transferor to Acquiror) to which Acquiror is, or after the Closing will be, a party
or, by which any of its current Assets and Properties are, or the Assets and Properties it will own
after the Closing will be, bound.

7.04. Governmental Approvals and Filings. Except for the filing and processes
required under the HSR Act, no consent, approval or action of, filing with or notice to any
Governmental or Regulatory Authority on the part of Acquiror is required in connection with the
execution, delivery and performance of this Agreement or the Transaction Documents to which it is a
party or the consummation of the transactions contemplated hereby or thereby.

7.05. LLC Agreement and Capitalization.

(a) At the date of this Agreement, the limited liability company agreement of Acquiror is in
the form of Exhibit 7.05(a) and the only member of Acquiror is Mud Duck, which holds 100%
of the membership interests in Acquiror.

(b) Immediately following the Closing, (i) the LLC Agreement will be in the form of
Exhibit 5.02(a)(ii), (ii) the only authorized membership interests in Acquiror will be
50,000 Common Units, 30,000 Series A Preferred Units, 17,000 Series B Preferred Units and 41,750
Undesignated Preferred Units, (iii) the only outstanding Units will be 23,500 Common Units, at
least 65% of which will be owned by Mud Duck, and the Series A Preferred Units and Series B
Preferred Units that are issued to Transferor at the Closing, and (iv) Acquiror will not have
issued any options, warrants, or other rights or any other convertible or exchangeable securities,
and will not be a party to any other agreements, that currently or upon the payment of money, the
passage of time or the occurrence of any other event, will entitle any Person to acquire any
ownership interest in Acquiror.

(c) When Acquiror issues Series A Preferred Units and Series B Preferred Units to Transferor
at the Closing, (i) those Preferred Units will be duly authorized, validly issued, fully paid and
non-assessable, will represent valid equity interests in Acquiror, and will entitle their holders
to all the rights and preferences of Series A Preferred Units and Series B Preferred Units
specified in the LLC Agreement, and (ii) Transferor will own those Series A Preferred Units and
Series B Preferred Units free and clear of any Liens or claims of other persons (other than the
Series B Setoff Rights).

7.06. Activities of Acquiror. Acquiror was formed for the purpose of entering into
the transactions that are the subject of this Agreement, and at the date of this Agreement,
Acquiror has never engaged in any activities other than activities related to its execution of this
Agreement. At the date of this Agreement, Acquiror’s only assets are $1,000 and an agreement to
fund the loan to Parent pursuant to, and at the times stated in, the Loan Agreement in the original
principal amount of up to $15,000,000, contributed by Mud Duck to acquire 100% of the membership
interests and Acquiror has no Liabilities. At the Closing Date, before the Closing, the only
assets of Acquiror will be: (a) the Term Note and (b) an amount of cash equal to the Cash Closing
Payment, both of which will have been contributed by Mud Duck, or other members holding no more
than one-third of the Common Units, in exchange for Common Units, and Acquiror will not have any
Liabilities.

7.07. Compliance with Agency Requirements. On the Closing Date, the assets and
financial condition of Acquiror will be adequate to cause Acquiror to be in compliance in all
material respects with all net worth, reserve, liquidity and other financial conditions required by
any of the Agencies under any of the Agency Contracts that will be Assumed Liabilities or under any
Agency guidelines that will be applicable to the Business after the Closing.

7.08. Access to Funds. Mud Duck has, or has enforceable agreements under which it can
obtain, and Mud Duck has entered into a legally binding and enforceable agreement to contribute to
Acquiror prior to the Closing, all the funds necessary to enable Acquiror to pay the Cash Closing
Payment to Transferor at the Closing.

7.09. Legal Proceedings. There are no Actions or Proceedings pending or, to the
knowledge of Acquiror, threatened against, relating to or affecting Acquiror or any of its Assets
and Properties which could reasonably be expected to result in the issuance of an Order
restraining, enjoining or otherwise prohibiting or making illegal the consummation of any of the
transactions contemplated by this Agreement or any of the Transaction Documents or could reasonably
be expected to have a material adverse effect upon the financial condition or operations of
Acquiror or the Business.

7.10. Brokers. All negotiations relative to this Agreement and the transactions
contemplated hereby have been carried out by Acquiror directly with Transferor without the
intervention of any Person on behalf of Acquiror in such manner as to give rise to any valid claim
by any Person against Transferor or Transferor for a finder’s fee, brokerage commission or similar
payment.

7.11. Accuracy of Information. No representation or warranty by the Acquiror in this
Agreement, and no statement by Acquiror or Mud Duck in any Transaction Document or other document,
certificate or other writing furnished or to be furnished by or on behalf of Acquiror or Mud Duck
at the Closing hereunder contains or will contain any untrue statement of material fact or omits to
state or will omit to state any material fact necessary in order to make the statements herein or
therein, in light of the circumstances under which they were made, not misleading as of the date of
this Agreement or the date furnished, as the case may be, and all of the foregoing accurately,
completely and correctly present or will present the information required or purported to be set
forth herein or therein. There is no material fact or circumstance as of the date hereof which has
not been disclosed in writing to Transferor of which Acquiror or Mud Duck has Knowledge which could
reasonably be expected to result in a material adverse effect upon the financial condition or
operations of the Business.

ARTICLE VIII

COVENANTS

Transferor covenants and agrees with Acquiror that, at all times from and after the date
hereof, for the period specified herein or, if no period is specified herein, indefinitely,
Transferor will comply with all covenants and provisions of this Article VIII, except to the extent
Acquiror may otherwise give its prior consent in writing.

8.01. Cooperation; Approvals. From and after the date of this Agreement until the
Closing or the date on which this Agreement terminates, Transferor will use its commercially
reasonable efforts to promptly take, or cause to be taken, all actions, and to do, or cause to be
done, and to assist and cooperate with the Acquiror in doing, all things necessary, proper or
advisable to timely cause the conditions in Article XI to be satisfied and to consummate and make
effective the transactions contemplated by this Agreement, as promptly as practicable, including
(a) using commercially reasonable efforts to obtain as promptly as practicable all consents,
approvals or actions of, making all filings with and giving all notices to Governmental or
Regulatory Authorities, the Agencies or any other Person, including U.S. Bank National Association
(the “Bank”), as lender under the Warehouse Line, required with regard to the transactions
contemplated hereby, including those described in Schedules 6.04 or 6.05; (b) providing
such other information and communications to such Governmental or Regulatory Authorities, Agencies
or other Persons as such Governmental or Regulatory Authorities, Agencies or other Persons may
reasonably request; and (c) cooperating with Acquiror as promptly as practicable in Acquiror’s
efforts to obtain all consents, approvals or actions of, making all filings with and giving all
notices to Governmental or Regulatory Authorities, Agencies or other Persons required of Acquiror
to consummate the transactions contemplated hereby. Transferor will provide prompt notification to
Acquiror when any such consent, approval, action, filing or notice referred to in clause (a) above
is obtained, taken, made or given, as applicable, and will advise Acquiror of any communications
(and, unless precluded by Law, provide copies of any such communications that are in writing) with
any Governmental or Regulatory Authority, Agency or other Person regarding any of the transactions
contemplated by this Agreement or any of the Transaction Documents. Transferor shall be
responsible and agrees to pay for all costs, fees and expenses related to obtaining all consents,
approvals or actions of the Agencies and the Bank, other than costs incurred by Acquiror in
fulfilling its obligations under Article IX, and hereby authorizes the Acquiror and its employees,
counsel, accountants and other authorized representatives and agents to contact and conduct
discussions with the Agencies and the Bank, and any other persons or entities Acquiror deems
appropriate (collectively, the “Authorized Third Parties”) concerning the transactions
contemplated hereby and any consents or approvals from the Agencies, the Bank or such other
Authorized Third Parties that are necessary or are reasonably deemed advisable by the Acquiror.
Notwithstanding anything herein to the contrary, all conditions to the consents, approvals or
actions required by the Agencies, the Bank or the Authorized Third Parties, to consummate the
transactions contemplated hereby shall be subject to the Acquiror’s approval, which it may grant or
withhold to the extent Acquiror reasonably determines any such condition could not have reasonably
been anticipated, is unduly burdensome or is not commercially reasonable.

8.02. Books and Records. At Closing or immediately thereafter, Transferor will
deliver to Acquiror all of the Books and Records and any applicable tax basis information for the
Acquired Assets, and if at any time after the Closing Transferor discovers in its possession or
under its control any other Books and Records, it will forthwith deliver such Books and Records to
Acquiror.

8.03. Notice and Cure. From and after the date of this Agreement until the Closing,
Transferor will notify Acquiror promptly in writing of, and contemporaneously will provide Acquiror
with true and complete copies of any and all information or documents relating to, and will use
commercially reasonable efforts to cure, any event, transaction or circumstance occurring after the
date of this Agreement that causes or will cause any covenant or agreement of Transferor under this
Agreement to be breached, that renders or will render untrue any representation or warranty of
Transferor contained in this Agreement as if the same were made on or as of the date of such event,
transaction or circumstance or would cause any condition set forth in Article XI to fail to be
satisfied as of the Closing. Notice given pursuant to this Section 8.03 that relates to facts
existing or circumstances occurring prior to the date of this Agreement shall not cure or otherwise
have any effect on the representations, warranties, covenants or agreements contained in this
Agreement for purposes of determining satisfaction of any condition contained herein nor shall such
notice in any way limit Acquiror’s right to seek indemnity under Article XIV. Notice given
pursuant to this Section 8.03 with respect to matters first occurring after the date of this
Agreement shall not cure or otherwise have any effect on any representations, warranties,
covenants, or agreements for purposes of determining whether the conditions of Section 11.02(c)
have been satisfied or whether Acquiror has the right to terminate this Agreement pursuant to
Section 13.01, but shall cure the related breach of any representation or warranty for all other
purposes under this Agreement.

8.04. Due Diligence and Continued Access. Between the date of this Agreement and the
Closing Date, Transferor will afford Acquiror and its advisors access, during normal business hours
(or other mutually agreed upon times), to the personnel, Assets and Properties, Contracts, Books
and Records, Mortgage Files, Mortgage Loan Documents and other documents and data of Transferor,
and, to the extent Transferor in the exercise of commercially reasonable efforts can arrange it,
certain Third Parties that contract with the Business as the Acquiror may request. Without
limiting the generality of the foregoing, Transferor shall provide copies of any documents
containing information regarding the Business, Assets and Properties, Contracts, Books and Records,
Mortgage Files and Mortgage Loan Documents of Transferor as Acquiror may request, including updated
copies of the Transferor’s asset management tape and MIAC tape reflecting all of the Mortgage Loans
that are part of the Acquired Assets or the Servicing Portfolio and any actions plan write-ups for
Mortgage Loans listed in Schedule 6.22(d), as requested by the Acquiror from time to time; provided
that, Acquiror agrees that information obtained by way of such access after the Due Diligence Date
can not be asserted as a basis to terminate this Agreement under Section 13.01(b), although such
information may, if applicable, be asserted as a basis for termination for any other reason under
Article XIII hereof. The Transferor will deliver a complete and accurate copy of the Transferor’s
asset management tape and MIAC tape reflecting all of the Mortgage Loans that are part of the
Acquired Assets or the Servicing Portfolio as of the Closing Date.

8.05. Operation of the Business Prior to Closing. Between the date of this Agreement
and the Closing Date, Transferor will (a) conduct the Business in the ordinary course of business
(subject to the availability of funds under the Warehouse Line, which is currently available), and
preserve the Business and Transferor’s Assets and Properties, in each case, in substantially the
same manner as heretofore conducted or preserved consistent with past practice, (b) use its best
efforts to preserve intact the current business organization of Transferor, keep available the
services of the current officers and employees of Transferor, and maintain the contractual
relations and goodwill of Transferor with the Agencies, Mortgagors, landlords, creditors and others
having business relationships with Transferor, (c) not cause or permit any amendment, supplement,
waiver or modification to or of its articles of incorporation or bylaws or create any Subsidiaries;
(d) not declare, set aside, make or pay dividends or other distributions on or in respect of, or
redeem or repurchase, directly or indirectly, any shares of capital stock of Transferor, unless it
is permitted under Section 6 of the Pledge Agreement, dated the date of this Agreement, between MMA
Financial Holdings, Inc. and Mud Duck, or issue or sell any shares of capital stock of Transferor,
or any securities convertible or exchangeable for any such shares, except to Parent or MuniMae; (e)
not take, and cause the Parent to not take, any action or knowingly omit to take any commercially
reasonable action that it has the ability to take, which action or omission would result in a
breach of any of the representations and warranties set forth in Article VI; (f) not change in any
respect its accounting practices, policies or principles, except as may be required by applicable
Law or GAAP; (g) not incur new or increased Indebtedness that will be Assumed Liabilities, except
in the ordinary course of business consistent with past practices; (h) maintain balances in the
Lender Loss Reserve Accounts of cash reserves that are adequate to satisfy the lender loss reserve
requirements of Fannie Mae related to operational liquidity, and of cash or cash equivalents
(including commercial paper) adequate to satisfy the lender loss reserve requirements of Fannie Mae
related to restricted liquidity; (i) not engage in any of the Tax matters activities described in
Section 6.07(xiv); (j) not solicit Mortgagors for prepayment of Mortgage Loans; (k) maintain all
insurance policies at such insurance coverage levels as required by any Servicing Agreements,
Agency Contracts, and other handbooks, guidelines or requirements of the Agencies, including with
respect to any casualty loss to any mortgaged property subject to a Mortgage Loan; (l) comply with
all requirements pursuant to, and to the extent within its control, maintain its ability to borrow
under, its Warehouse Line; (m) not undertake any matters outside the ordinary course of business
without the prior written consent of Acquiror; and (n) not commit to fund any new loans or enter
into new forward commitments without the prior consent of Acquiror. An action shall be deemed to
be in the ordinary course of business only if it is consistent with past practice.

8.06. No Solicitation, Etc. From and after the date of this Agreement until the
earlier to occur of the Closing or termination of this Agreement pursuant to Article XIII,
Transferor, Parent and MuniMae will not, and shall cause each of their respective Affiliates not
to, directly or indirectly, solicit, initiate, or encourage any inquiries or proposals from, or
discuss or negotiate with, any Person relating to any transaction involving the sale of the
Business, the Acquired Assets, the Assets and Properties or the capital stock of Transferor (by
sale, merger or otherwise).

8.07. Employee and Employee Benefits.

(a) Employment of Business Employees by Acquiror.

(i) Acquiror is not obligated to hire any Business Employee but may interview all Business
Employees. Transferor shall use commercially reasonable efforts to persuade all Business Employees
to whom Acquiror extends offers of employment to accept such offers. Acquiror shall provide
Transferor with a list of Business Employees to whom Acquiror has made offers of employment that
has been accepted to be effective on the day immediately following the Closing Date (the “Hired
Business Employees”). Effective immediately at 11:59 p.m. on the Closing Date, Transferor will
terminate its employment of all Hired Business Employees.

(ii) Neither Transferor nor any of its Affiliates shall solicit the continued employment of
any Business Employee (unless and until Acquiror has informed Transferor in writing that the
particular Business Employee will not receive any employment offer from Acquiror) or the employment
of any Hired Business Employee after the Closing while that Hired Business Employee continues to be
employed by Acquiror and for a period of three months after that Hired Business Employee’s
employment by Acquiror ends. However, nothing in this Section will prevent Transferor or an
Affiliate from placing advertisements regarding employment opportunities in publications of general
circulation or trade publications, provided those advertisements are not directed particularly at
employees of Acquiror.

(iii) It is understood and agreed that (A) Acquiror’s expressed intention to extend offers of
employment as set forth in this Section shall not constitute any commitment, Contract or
understanding (expressed or implied) of any obligation on the part of Acquiror to a post-Closing
employment relationship of any fixed term or duration or upon any terms or conditions other than
those that Acquiror may establish pursuant to individual offers of employment, and (B) employment
offered by Acquiror may be “at will,” in which case it may be terminated by Acquiror or by an
employee at any time for any reason (subject to any written commitments to the contrary made by
Acquiror or an employee and applicable Law). Nothing in this Agreement shall be deemed to prevent
or restrict in any way the right of Acquiror to terminate, reassign, promote or demote any of the
Hired Business Employees after the Closing or to change adversely or favorably the title, powers,
duties, responsibilities, functions, locations, salaries, other compensation or terms or conditions
of employment of such employees.

(b)

(i) Transferor will, effective as of the Closing Date, cause the accounts or benefits of each
Hired Business Employee under a Benefit Plan that is a qualified or non-qualified retirement plan
to be fully vested.

(ii) Transferor will, and will cause MMA Financial, Inc. to, accelerate the vesting of any
deferred compensation payment due following the Closing Date under any agreement with the Business
Employees listed on Schedule 8.07 who become Hired Business Employees, and shall make such payment
to such Hired Business Employees, on the Closing Date.

(iii) Transferor will waive the tuition reimbursement repayment obligations that might
otherwise be owed by Hired Business Employees under Transferor’s tuition reimbursement plan.

(iv) To the extent permitted under the Benefit Plans, Transferor will, and will cause MMA
Financial, Inc. to, provide Hired Business Employees who participate in Transferor’s Benefit Plans
that provide medical and dental benefits as of the Closing Date with coverage under such Benefit
Plans until the last day of the month during which the Closing Date occurs, with COBRA continuation
coverage offered as of the first day of the following month.

(c) Subject to the terms of each Benefit Plan and unless otherwise specified by applicable
Law, Transferor shall pay the following in cash within seven Business Days after the Closing Date:
(i) wages and other remuneration due to Hired Business Employees with respect to their services as
employees of Transferor through the close of business on the Closing Date, including accrued
vacation, PTO balances and pro rata bonus payments, if applicable; (ii) any matching or other
employer contributions required with respect to Hired Business Employees under the terms of
Transferor’s 401(k) plan; and (iii) all other obligations due through the close of business on the
Closing Date to Hired Business Employees under the terms of the Benefit Plans or otherwise.

(d) Acquiror will set its own initial terms and conditions of employment for the Hired
Business Employees and others it may hire, including work rules, benefits and salary and wage
structure, all as permitted by Law.

(e) General Provisions.

(i) Transferor and Acquiror shall give any notices required by Law and take whatever other
actions with respect to the plans, programs and policies described in this Section 8.07 as may be
necessary to carry out the arrangements described in this Section 8.07.

(ii) Transferor and Acquiror shall provide each other with such plan documents and summary
plan descriptions, employee data or other information as may be reasonably required to carry out
the arrangements described in this Section 8.07.

(iii) If any of the arrangements described in this Section 8.07 are determined by the IRS or
other Governmental or Regulatory Authority to be prohibited by Law, Transferor and Acquiror shall
modify such arrangements to as closely as possible reflect their expressed intent and retain the
allocation of economic benefits and burdens to the parties contemplated herein in a manner that is
not prohibited by Law.

(iv) Transferor shall provide Acquiror with completed I-9 forms and attachments with respect
to all Hired Business Employees, except for such employees as Transferor certifies in writing to
Acquiror are exempt from such requirement.

(v) Acquiror shall not have any responsibility, liability or obligation, whether to Business
Employees, former employees, their beneficiaries or to any other Person, with respect to any
Benefit Plans or any other employee benefit plans, practices, programs or arrangements maintained
by Transferor.

8.08. Maintenance of Letter of Credit. Transferor hereby agrees that the $17,400,000
of letters of credit issued to Transferor by Columbus Bank and Trust Company to satisfy the reserve
requirement under the Freddie Mac loss sharing program under the Agency Contract with Freddie Mac
(the “Letters of Credit”) will remain in full force and effect until the earlier of (a) the
one year anniversary of the Closing Date) and (b) such time as Acquiror establishes a reserve
account to satisfy the Freddie Mac reserve requirement for such loss sharing program;
provided, however, that if the Letters of Credit are terminated prior to the one
year anniversary of the Closing Date, then Transferor will, and will cause its Affiliates to,
permit Acquiror to use the property of Transferor or its Affiliates that secures the Letters of
Credit (the “Letter of Credit Collateral”) as security for a new letter of credit obtained
by the Acquiror until the one year anniversary of the Closing Date. Transferor and its Affiliates
that own Letter of Credit Collateral shall, as of the Closing, grant a security interest in the
Letter of Credit Collateral to Acquiror, subordinate to the security interest of Columbus Bank and
Trust Company, as security for the obligation of Transferor and its Affiliates to make such Letter
of Credit Collateral available to Acquiror to secure a new letter of credit until the earlier of
(a) and (b) above, and the Transferor and its Affiliates shall enter into at the Closing a Security
Agreement in a form reasonably satisfactory both to the Transferor and to Acquiror granting that
security interest. The Acquiror will be responsible for any interest and other fees due and
payable on such Letters of Credit from and after the Closing, which are listed in Schedule
8.08, until the earlier of (a) and (b) above. In accordance with Section 4.6 of the LLC
Agreement (for no consideration other than satisfaction of the requirements set forth in this
Section 8.08), automatic redemption of the number of Series B Preferred Units that have a
cumulative Liquidation Preference (as defined in the LLC Agreement) equal to Two Million Dollars
($2,000,000) will occur upon the termination of the Letters of Credit and release of the Lien on
the Letter of Credit Collateral securing the reimbursement obligation relating to the Letters of
Credit (or any new letter of credit that is secured by the Letter of Credit Collateral as permitted
by this Section). Transferor and Acquiror agree to treat the redemption of the Series B Preferred
Units set forth in this Section 8.08 as an adjustment to the Consideration for all Tax purposes,
with such adjustment considered to be made exclusively to the Contributed Assets which were
contributed to Acquiror for the Series B Preferred Units.

8.09. Change of Name. On or promptly after the Closing Date, Transferor shall amend
its articles of incorporation and take all other actions necessary to change its name to one
sufficiently dissimilar to Transferor’s present name, in Acquiror’s reasonable judgment, to avoid
confusion. The Acquiror may, in its discretion, use Transferor’s present corporate name and logo
from the time of Closing; provided, however, that Acquiror will do so solely in
connection with the Business and in a manner that in Transferor’s reasonable judgment, will not
create confusion regarding the lack of continuing involvement of MuniMae in the Business.

8.10. Payment of Liabilities. Transferor shall pay or otherwise satisfy in the
ordinary course of business all of its Liabilities and obligations, other than Assumed Liabilities
that are not due and payable in the ordinary course until after the Closing Date. Acquiror and
Transferor hereby waive compliance with the bulk-transfer provisions of Article 6 of the Uniform
Commercial Code (or any similar law) (“Bulk Sales Laws”) in connection with the transaction
contemplated by this Agreement.

8.11. Escrow and Lender Loss Reserve Accounts. After the Closing Date, if Transferor
discovers that it failed to transfer to Acquiror as of the Closing any cash or cash equivalents
that were required as of the Closing to be held in escrow in Related Escrow Accounts or in the
Lender Loss Reserve Accounts with respect to the Mortgage Loan Portfolio, Servicing Portfolio or
under the Agency Contracts, resulting in a shortfall in such accounts, then Transferor will
promptly transfer and remit to Acquiror an amount of cash equal to such shortfall.

8.12. Transfers of Acquired Assets, Assumed Contracts and Mortgage Loans.

(a) Acquiror shall assume and take over from Transferor the benefit and burden of the Assumed
Contracts to which Transferor is party with effect from the Closing Date; provided that insofar as
any of the Assumed Contracts cannot be transferred to Acquiror except by an assignment made with
the consent of another party or by an agreement of novation, then (without prejudice to any other
rights of Acquiror) the following provisions shall apply:

(i) neither this Agreement nor any other agreement or instrument shall constitute an
assignment or an attempted assignment of such Assumed Contract if the assignment or attempted
assignment would constitute a breach of such Assumed Contract;

(ii) Transferor shall be responsible for obtaining, and shall use its best efforts both before
and after Closing Date to obtain, any such consent or novation;

(iii) until such consent or novation is obtained, Transferor shall do all such acts and things
as Acquiror may reasonably require to provide Acquiror with the benefits of any right of Transferor
against the other party to such Assumed Contract arising out of its cancellation by the other party
or otherwise, provided that Acquiror fulfills or pays the cost of fulfilling all Transferor’s
obligations under such Assumed Contract (other than the costs of Transferor set forth in Section
8.12(b)); and

(iv) if and to the extent that no arrangements contained in this Section 8.12 can be made,
Transferor shall upon request of Acquiror use its best efforts to cause such Assumed Contract to be
terminated without liability to Acquiror and after the Assumed Contract is terminated, Acquiror
shall have no further obligation to the Transferor relating to such Assumed Contract.

(b) Transferor will take all other actions as Acquiror may reasonably request to put Acquiror
in actual possession and operating control of the Acquired Assets (whether or not disclosed as
transferable), including, with respect to those Acquired Assets that are fixed assets, whether
leased or otherwise and whether or not disclosed as transferable, set forth in Section 2.01(h) or
that are software, whether licensed or otherwise and whether or not disclosed as transferable, set
forth in Section 2.01(s), paying any transfer charges or other costs of obtaining consent to
assignment of leases or licenses, any costs of buying leased or licensed assets so they can be
delivered to Acquiror, any up front fees for replacing the license or lease that cannot be assigned
or any cost of purchasing replacement assets to be delivered to Acquiror, or obtaining a new
software license for any such software as requested by Acquiror, and shall, after the Closing Date,
be a trustee for Acquiror in respect of all the Acquired Assets until the same shall have been
formally delivered and/or formally transferred or assigned to Acquiror and all necessary transfers
of title have been registered. Notwithstanding anything herein to the contrary, Transferor shall
be responsible for all the costs of any license fees, buy-out fees and other acquisition fees and
costs that must be paid by Transferor in order to obtain any Acquired Asset (whether or not
disclosed as transferable) set forth in Sections 2.01(h) or 2.01(s) or any replacement thereof, or
any Assumed Contract, lease or license for any such Acquired Asset or any replacement thereof that
has not been deducted from the Cash Closing Payment set forth in Section 1.02(a).

(c) Unless previously recorded in the name of the Investor as set forth on the Mortgage Loan
Schedule, Transferor shall, at its expense, cause to be prepared and executed, and, where
applicable, record all documents necessary to legally transfer and assign all right, title and
interest in and to the Servicing Portfolio, Mortgage Loan Portfolio and any Mortgage Loans that are
part of the Acquired Assets from Transferor to Acquiror, including the Mortgage Note endorsements
and all assignments of the Mortgage Loans, notices of transfer or equivalent instruments in
recordable form sufficient under the applicable Servicing Agreements, Mortgage Loan Documents, and
all handbooks, manuals, guidelines and requirements applicable to Fannie Mae DUS lenders or
sellers/servicers, GNMA lenders or sellers/services, FHA lenders or sellers/servicers, HUD lenders
or sellers/servicers or Freddie Mac lenders or sellers/servicers, and the Laws of the jurisdiction
wherein the related mortgaged property is located to reflect the transfer of the Mortgage Loan to
the Acquiror (the “Recorded Assignments”). Transferor shall provide a special purpose
resolution authorizing those officers of Acquiror to sign such documents on Transferor’s behalf.
Transferor shall be responsible for obtaining and shall pay the cost of securing the approval of
the Investors, including payment of any fees, sub-servicer fees or transfer fees due. In addition,
Transferor shall, at Transferor’s cost and expense (i) obtain the release of the Mortgage Loan
Documents from the Transferor’s custodian of the Mortgage Loans, (ii) ship the Mortgage Loan
Documents and any related Mortgage File to Acquiror or a custodian designated by Acquiror, and
(iii) obtain and deliver complete master file tape information and any other electronically stored
information. To the extent not delivered as of the Closing, subsequent to the Closing, Transferor
agrees to complete and be responsible for preparing and delivering all documents necessary to
legally transfer and assign all right, title and interest in and to the Servicing Portfolio,
Mortgage Loan Portfolio and any Mortgage Loans that are part of the Acquired Assets, including any
Recorded Assignments. With respect to any Mortgage Loan, Transferor shall deliver to Acquiror any
Recorded Assignments at the Closing, or to the extent not available as of the Closing, within ten
(10) Business Days after the Closing Date. Transferor shall diligently pursue obtaining the
Recorded Assignments and shall deliver the same to Acquiror immediately upon receipt.

(d) In accordance with the Agency Contracts, Servicing Agreements, Mortgage Loan Documents,
and all handbooks, manuals, guidelines and requirements applicable to Fannie Mae DUS lenders or
sellers/servicers, GNMA lenders or sellers/services, FHA lenders or sellers/servicers, HUD lenders
or sellers/servicers or Freddie Mac lenders or sellers/servicers, and applicable Laws, Transferor
will transmit to the Mortgagors of the Mortgage Loans, the requisite taxing authorities, insurance
companies and/or agents, insurers and the banks at which escrow deposits are maintained,
notification of the assignment of the Acquired Assets and instructions to deliver all payments,
notices, tax bills, insurance statements, and escrow account statements, as the case may be, to
Acquiror from and after the Closing Date. Transferor shall use a mutually agreeable form of letter
to the Mortgagors and Transferor shall deliver the completed form of letter to Transferor ten (10)
Business Days prior to mailing. Acquiror shall approve or disapprove the completed letter within
three (3) Business Days after receipt.

(e) To the extent a License is not transferable by the Transferor to the Acquiror at Closing,
Transferor agrees to assist and cooperate with Acquiror to obtain any such Licenses necessary to
operate the Business.

(f) Transferor agrees to maintain its corporate existence and power and authority to take the
actions contemplated by this Section 8.12 for a period of two (2) years from the Closing Date.

8.13. Additional Obligations of Transferor/Advances.

(a) Effective as of the Closing Date, Transferor appoints Acquiror and its successor and
assigns, its true and lawful attorney, with full power of substitution, in its name but on behalf
and for the benefit of and at the expense of Acquiror:

(i) to collect in its name for the account of Acquiror all accounts, notes and loan
receivables and other items included in the Acquired Assets; and

(ii) to do all such acts and things in relation to the foregoing as is reasonably necessary to
exercise such powers, as Acquiror may deem advisable.

(b) The foregoing power is coupled with an interest and will be irrevocable by the granting
Transferor, its successors or assigns, whether upon its dissolution or otherwise, in any manner or
for any reason. Except as specifically required by this Agreement, Acquiror will retain for its
own account any amounts collected pursuant to the foregoing power, including any sums payable as
interest in respect thereof. All Servicing Fees accruing after the Closing Date (other than as set
forth in Section 2.02(d)) shall inure to the benefit of the Acquiror. Transferor will hold in
trust for the benefit of the Acquiror, and will pay to Acquiror on the first and fifteenth day of
each month (or on the following Business Day if the 1st or 15th day falls on a non-Business Day),
any amounts which are received by Transferor in respect of any Acquired Assets and all Servicing
Fees accruing after the Closing Date. Acquiror will hold in trust for the benefit of the
Transferor, and will pay to Transferor on the first and fifteenth day of each month (or on the
following Business Day if the 1st or 15th day falls on a non-Business Day), any amounts which are
received by Acquiror in respect of any Excluded Assets.

(c) Any collections by Transferor or Acquiror with respect to Advances (which, for purposes of
this paragraph, will include Advances made by Acquiror at or after the Closing) relating to a
Mortgage Loan shall, for any outstanding Advances made before the Closing with respect to such
Mortgage Loan and any outstanding Advances made at or after the Closing with respect to such
Mortgage Loan, be applied (i) to the extent the collection received designates a particular payment
obligation that was the subject of an Advance, (for example, the payment designates that it is to
be applied to the interest payment advanced on a certain date), to the outstanding Advance related
to the designated payment obligation, and (ii) otherwise, first to the earliest funded outstanding
Advance relating to such Mortgage Loan.

8.14. Updated Mortgage Loan Schedule. Within two (2) Business Days following the
Closing Date, Transferor shall deliver to Acquiror via email or other means specified by the
Acquiror, an electronic version of the Mortgage Loan Schedule in Excel format reflecting the
information set forth in Section 6.22(a) as of the close of business on the Closing Date along with
a certificate of an officer of the Transferor certifying that it is accurate and complete as of the
close of business on the Closing Date.

ARTICLE IX

COVENANTS OF ACQUIROR

Acquiror covenants and agrees with Transferor that, at all times from and after the date
hereof, for the period specified herein or, if no period is specified herein, indefinitely,
Acquiror will comply with all covenants and provisions of this Article IX, except to the extent
Transferor may otherwise give its prior consent in writing.

9.01. Cooperation; Approvals. From and after the Due Diligence Date until the Closing
or the date on which this Agreement terminates (or, with respect to obtaining the consents,
approvals or actions of the Agencies required with regard to the transactions contemplated hereby,
from and after the date of this Agreement until the Closing or the date on which this Agreement
terminates), Acquiror will use its commercially reasonable efforts to promptly take, or cause to be
taken, all actions, and to do, or cause to be done, and to assist and cooperate with Transferor in
doing, all things necessary, proper or advisable to timely cause the conditions in Article XI to be
satisfied and to consummate and make effective the transactions contemplated by this Agreement as
promptly as practicable, including (a) using commercially reasonable efforts to obtain as promptly
as practicable all consents, approvals or actions of, making all filings with and giving all
notices to Governmental or Regulatory Authorities, the Agencies or any other Person, including the
Bank, as lender under the Warehouse Line, required with regard to the transactions contemplated
hereby, including those described in Schedules 7.03 or 7.04; (b) providing such other
information and communications to such Governmental or Regulatory Authorities, Agencies or other
Persons such Governmental or Regulatory Authorities, Agencies or other Persons may reasonably
request; and (c) cooperating with Transferor as promptly as practicable in Transferor’s efforts to
obtain all consents, approvals or actions of, making all filings with and giving all notices to
Governmental or Regulatory Authorities, Agencies or other Persons required of Transferor to
consummate the transactions contemplated hereby. Acquiror will provide prompt notification to
Transferor when any such consent, approval, action, filing or notice referred to in clause (a)
above is obtained, taken, made or given, as applicable, and will advise Transferor of any
communications (and, unless precluded by Law, provide copies of any such communications that are in
writing) with any Governmental or Regulatory Authority, Agency or other Person regarding any of the
transactions contemplated by this Agreement or any of the Transaction Documents.

9.02. Notice and Cure. From and after the date of this Agreement until the Closing,
Acquiror will notify Transferor promptly in writing of, and contemporaneously will provide
Transferor with true and complete copies of any and all information or documents relating to, and
will use commercially reasonable efforts to cure, any event, transaction or circumstance occurring
after the date of this Agreement that causes or will cause any covenant or agreement of Acquiror
under this Agreement to be breached, that renders or will render untrue any representation or
warranty of Acquiror contained in this Agreement as if the same were made on or as of the date of
such event, transaction or circumstance or would cause any condition set forth in Article XI to
fail to be satisfied as of the Closing. Notice given pursuant to this Section 9.02 which relates
to facts existing or circumstances occurring prior to the date of this Agreement shall not cure or
otherwise have any effect on the representations, warranties, covenants or agreements contained in
this Agreement for purposes of determining satisfaction of any condition contained herein nor shall
such notice in any way limit Transferor’s right to seek indemnity under Article XIV. Notice given
pursuant to this Section 9.02 with respect to matters first occurring after the date of this
Agreement shall not cure or otherwise have any effect on any representations, warranties,
covenants, or agreements for purposes of determining whether the conditions of Section 11.03(b)
have been satisfied, but shall cure the related breach of any representation or warranty for all
other purposes under this Agreement.

9.03. Use of Transferor’s Corporate Name. After the Closing Date, if Acquiror
determines to use Transferor’s corporate name of “MMA Mortgage Investment Corporation” and
corporate logo, it shall do so solely for use in connection with the Business and in a manner that
in the reasonable judgment of MuniMae will avoid confusion regarding the lack of continuing
involvement of MuniMae in the Business.

9.04. Completion of Transaction. Acquiror will use its commercially reasonable
efforts to complete its due diligence investigation of the Transferor prior to the date that is the
one-month anniversary of the date of this Agreement (the “Due Diligence Date”), but
Acquiror’s failure to complete its due diligence investigation of the Transferor prior to the Due
Diligence Date will not extend the Due Diligence Date or extend or otherwise affect the date by
which Acquiror is required to fulfill any obligations under this Agreement. After the Due
Diligence Date, Acquiror will use its commercially reasonable efforts to cause all the conditions
to the Closing in Sections 11.01 and 11.03 to be satisfied, and the Closing to take place, as
promptly as practicable.

9.05. Compliance with Lender Loss Reserve Accounts and Related Escrow Accounts. From
and after the Closing Date, Acquiror covenants and agrees that it will hold, invest and apply all
cash, cash equivalents or other assets in the Lender Loss Reserve Accounts or the Related Escrow
Accounts that are transferred to Acquiror under this Agreement in accordance with the agreements,
Agency guidelines or other arrangements relating to those accounts, if Acquiror’s failure to do
that could constitute a breach by Transferor of its obligations with regard to some or all of the
Lender Loss Reserve Accounts or the Related Escrow Accounts or could otherwise result in liability
of Transferor or any of its Affiliates.

ARTICLE X

TAX MATTERS

10.01. Filing Returns and Payment of Taxes. Transferor shall prepare and file, or
cause to be prepared and filed, with the appropriate authorities all Tax Returns and shall pay, or
cause to be paid, when due all Taxes of the Transferor or its Affiliates relating to the ownership
or operation of the Acquired Assets attributable to any taxable period (or portion thereof) which
ends on or prior to the Closing Date (the “Pre-Closing Tax Period”). Acquiror shall
prepare and file, or cause to be prepared and filed, with the appropriate authorities all Tax
Returns, and shall pay, or cause to be paid, when due all Taxes relating to the ownership or
operation of the Acquired Assets attributable to taxable periods beginning after the Closing Date
(the “Post-Closing Tax Period”). In the event that Acquiror makes a payment of any Taxes
related to the operation or ownership of the Acquired Assets for any Pre-Closing Tax Period,
Transferor shall promptly reimburse Acquiror for the amount of such payment. In the event that
Transferor makes a payment of any Taxes related to the operation or ownership of the Acquired
Assets for any Post-Closing Tax Period, Acquiror shall promptly reimburse Transferor for the amount
of such payment. Both Acquiror and Transferor shall have access to each other’s books and records
at reasonable times for purposes of handling the foregoing Tax matters and dealing with any
Liabilities or claims arising out of, or relating to, Taxes related to the Acquired Assets or the
Business. All transfer, documentary, sales, use, stamp, registration, and other such Taxes and
fees (including any penalties and interest) incurred in connection with the consummation of the
transactions contemplated by this Agreement (the “Transfer Taxes”) shall be borne equally
by the Acquiror and Transferor when due. Transferor shall prepare the Tax Returns related to the
Transfer Taxes, and Acquiror shall provide such reasonable cooperation and information as
Transferor may request in connection with such preparation. The Transferor will file, to the
extent required by applicable Law, all necessary Tax Returns and other documentation with respect
to all such Transfer Taxes, and, if required by applicable Law, Acquiror will join in the execution
of any such Tax Returns and other documentation.

10.02. Tax Matters. To the extent any such actions would have a material adverse
affect on Acquiror or any of the Acquired Assets in any Post-Closing Tax Period, without the prior
written consent of Acquiror, which may be withheld in Acquiror’s reasonable discretion, Transferor
will not make or change any Tax election, file any amended Tax Return (except to correct errors or
as otherwise required by Law), enter into any closing agreement, or settle any Tax claim or
assessment relating to Transferor.

ARTICLE XI

CONDITIONS TO CLOSING

11.01. Conditions to Obligations of Each Party. The respective obligations of
Acquiror and Transferor to effect the transactions contemplated hereby shall be subject to the
satisfaction, at or prior to the Closing, of the following conditions, any of which may be waived
in a writing executed by each of Acquiror and Transferor:

(a) No Order. No Governmental or Regulatory Authority shall have enacted, issued,
promulgated, enforced or entered any statute, rule, regulation, executive order, decree, injunction
or other Order (whether temporary, preliminary or permanent) which is in effect and which has the
effect of making the transactions contemplated hereby illegal or otherwise prohibiting the
consummation of the transactions contemplated hereby.

(b) No Injunctions or Restraints; Illegality. No temporary restraining order,
preliminary or permanent injunction or other Order issued by any court of competent jurisdiction or
other legal restraint or prohibition preventing the consummation of the transactions contemplated
hereby shall be in effect, nor shall any Action or Proceeding brought by a Governmental or
Regulatory Authority seeking any of the foregoing be pending.

(c) HSR Act. All required waiting periods shall have expired or otherwise been
terminated under the HSR Act.

11.02. Additional Conditions to Acquiror’s Performance. Acquiror’s obligation to
proceed to Closing shall be conditioned upon the satisfaction (or the waiver in writing by
Acquiror) of each of the following:

(a) Acquiror shall have completed its due diligence investigation of the Transferor, including
the Business, the Acquired Assets, the Mortgage Loan Portfolio and the Servicing Portfolio, to the
complete satisfaction (as determined in Acquiror’s sole discretion) of Acquiror; provided,
however, that this provision shall not apply to the extent that Acquiror fails to notify
Transferor, by telephone, email or written notice, on or before the Due Diligence Date, that
Acquiror is terminating this Agreement, pursuant to Section 13.01(b), due to its dissatisfaction
with the results of its due diligence investigation of the Transferor.

(b) Transferor shall have obtained and delivered to Acquiror written consent to the
transactions contemplated hereby of the Bank and each of the Agencies and each other Person listed
on Schedule 11.02(b) hereto, all in form and substance reasonably satisfactory to Acquiror,
and Acquiror will not waive this condition without the consent of Transferor.

(c) Each of Transferor’s representations and warranties set forth in Article VI shall be true
and correct in all material respects, both as of the date of the Agreement and as of the Closing
Date, except that those representations and warranties already qualified by any materiality
standard shall be true and correct in all respects, and those relating to facts as they existed on
a specified date will only be required to have been true and correct on that date, and Transferor
shall have delivered to Acquiror a certificate executed by an executive of Transferor to that
effect.

(d) Transferor shall have obtained and delivered to Acquiror the written opinions of
Transferor’s counsel, dated as of the Closing Date, as to matters described on Exhibits
11.02(d)(1) and 11.02(d)(2).

(e) Transferor shall have obtained and delivered to Acquiror the written opinion of an
investment bank or appraiser satisfactory to the Acquiror to the effect that, as of the date of
such opinion, that the Consideration is fair, from a financial point of view, to Transferor and if
this condition is not satisfied by reason of any such opinion not stating the Consideration is
fair, then Acquiror will not waive this condition without the consent of Transferor.

(f) The balance of the Lender Loss Reserve Accounts shall be at least the amount required to
be held in such accounts, and shall be in a form required, pursuant to the applicable requirements
of Fannie Mae.

(g) Transferor shall have performed in all material respects all obligations and agreements
and complied with all covenants in this Agreement or in any Transaction Document to be performed
and complied with by Transferor at or before Closing.

(h) No Material Adverse Effect shall have occurred since the date of this Agreement.

(i) No bankruptcy or similar proceeding shall have been declared by or against Transferor.

(j) All Hired Business Employees shall have entered into noncompetition agreements with the
Acquiror in a form reasonably satisfactory to Acquiror.

(k) All escrow funds held in the Related Escrow Accounts shall be held in cash, as required
pursuant to any applicable requirements.

(l) None of the Servicing Rights or Agency Contracts shall have been terminated by the
Agencies.

(m) As of the Closing Date, the total current unpaid principal balance of Mortgage Loans being
serviced under the Servicing Portfolio will be at least $6,500,000,000 (for the avoidance of doubt,
which excludes the Mortgage Loans listed in Schedule 2.02(d)(ii) and (iii)) and the total estimated
Servicing Fees for servicing those Mortgage Loans for the twelve months following the Closing Date
will be at least $20,000,000, each as calculated by Acquiror from the Transferor’s MIAC tape.

(n) Transferor shall have delivered an assignment of lease and consent to assignment of lease
for the leases related to the Leased Offices and any related estoppels or other agreements,
certificates or documents reasonably requested by Acquiror, each in form and substance reasonably
satisfactory to Acquiror and executed by Transferor or the applicable landlord or lessor.

(o) Transferor shall have obtained and delivered a certificate of good standing for Transferor
for the State of Florida, which shall be dated as of a date not more than five (5) Business Days
prior to the Closing Date.

(p) Insurance coverages that comply with all requirements of the Agency Contracts and all
applicable Agency guidelines will be available to Acquiror at Closing.

(q) Transferor shall have delivered each of the deliverables listed in Section 5.02(a).

11.03. Additional Conditions to Transferor’s Performance. Transferor’s obligation to
proceed to Closing shall be conditioned upon the satisfaction (or the waiver in writing by
Transferor) of each of the following:

(a) Each of Acquiror’s representations and warranties set forth in Article VII of this
Agreement shall be true and correct in all material respects, both as of the date of this Agreement
and as of the Closing Date, except those representations and warranties already qualified by any
materiality standard shall be true and correct in all respects, and those relating to facts as they
existed on a specified date will only be required to have been true and correct on that date, and
Acquiror shall have delivered to Transferor a certificate executed by an executive of Acquiror to
that effect.

(b) Acquiror shall have performed in all material respects all obligations and agreements and
complied with all covenants in this Agreement or in any Transaction Document to be performed and
complied with by Acquiror at or before Closing.

(c) Acquiror shall have obtained and delivered to Transferor the written opinion of Acquiror’s
counsel, dated as of the Closing Date, as to matters described on Exhibit 11.03(c).

(d) Nothing shall have occurred since the date of this Agreement that, individually or when
aggregated with other similar events or conditions, has resulted, or is reasonably likely to
result, in a material adverse change in the financial condition or prospects of the Acquiror, not
including results of current credit market conditions or other general market conditions to the
extent not disproportionately adversely affecting the financial condition or prospects of Acquiror
or any default by the borrower under the Term Note.

(e) Acquiror shall have arranged, including by way of the consummation of the transactions
contemplated by this Agreement, for working capital sufficient to conduct the Business after the
Closing in a manner similar to the way it was conducted during the first nine months of 2008, and
Acquiror shall have delivered to Transferor a certificate to that affect, signed by an executive of
Acquiror and dated the Closing Date.

(f) Acquiror shall have delivered each of the deliverables listed in Section 5.02(b).

ARTICLE XII

SURVIVAL OF REPRESENTATIONS, WARRANTIES,

COVENANTS AND AGREEMENTS

12.01. Survival of Representations, Warranties, Covenants and Agreements. Each and
every representation, warranty and covenant set forth in this Agreement shall survive the Closing,
subject to the limitations set forth in this Section 12.01. No party shall have any liability (for
indemnification or otherwise) for a breach of any representation or warranty unless such party is
given a Claim Notice or Indemnity Notice specifying the factual basis of the claim and extent of
the Losses in reasonable detail, to the extent then known or available, on or before the expiration
of the period ending on the date that is the three-year anniversary of the Closing Date, except
that (a) any claim by the Indemnified Party for breach of the representations and warranties set
forth in Sections 6.08 (Taxes), 6.11 (Benefit Plans; ERISA) and 6.26 (Environmental Matters) and
the covenants set forth in Article X (Tax Matters) may be brought at any time up to ninety (90)
days following the expiration of the statute of limitations applicable to the subject matter of the
claim; (b) any claim for breach of the representations and warranties set forth in Section 6.03
(Title to and Condition of Assets) and 7.05 (LLC Agreement and Capitalization) will survive without
limitation as to time. The right to indemnification or any other remedy based on representations,
warranties, covenants and obligations in this Agreement will not be affected by any investigation
or audit conducted before or after the Closing Date or the actual or constructive knowledge of any
party (whether acquired before or after the execution and delivery of this Agreement or the
Closing) and each party shall be entitled to rely upon the representations and warranties set forth
herein regardless of any such investigation or knowledge. The knowing waiver in writing of any
condition regarding the accuracy of any representation or warranty, or regarding the performance of
or compliance with any covenant or obligation, will not affect the right of indemnification or any
other remedy of the waiving party after the Closing based on the inaccuracy of such representation
or warranty or the nonperformance of or noncompliance with such covenant or obligation.

ARTICLE XIII

TERMINATION 

13.01. Termination. This Agreement may be terminated:

(a) at any time prior to the Closing Date by mutual written consent of Acquiror and
Transferor;

(b) by Acquiror at any time on or prior to the Due Diligence Date if it is not satisfied, in
its sole discretion, with the results of its due diligence investigation of the Transferor;

(c) by Acquiror if anything occurs that (i) delays satisfaction of any closing condition
specified in Section 11.01 or 11.02 beyond the Drop Dead Date, or (ii) prevents or would prevent
satisfaction of any such condition by the Drop Dead Date;

(d) by Transferor if anything occurs that (i) delays satisfaction of any closing condition
specified in Section 11.01 or 11.03 beyond the Drop Dead Date, or (ii) prevents or would prevent
satisfaction of any such condition by the Drop Dead Date;

(e) by either Acquiror or Transferor, if (i) the Closing shall not have taken place on or
before March 31, 2009 (the “Drop Dead Date”), or such later date as the parties may have
agreed to in writing, provided that neither Acquiror nor Transferor will be entitled to
terminate this Agreement pursuant to this Section 13.01(e) if such party’s breach of this Agreement
has prevented the consummation of the transactions contemplated hereby, (ii) there shall be in
effect a final nonappealable Order permanently preventing consummation of the transactions
contemplated hereby, or (iii) there shall be any legal requirement enacted, promulgated or issued
or deemed applicable to the transactions contemplated hereby by any Governmental or Regulatory
Authority that would make the consummation of the transactions contemplated hereby illegal; or

(f) in accordance with Section 6.2(b) of the Loan Agreement.

13.02. Effect of Termination. Subject to Sections 8.03 and 9.02, in the event of the
termination of this Agreement prior to the Closing pursuant to the provisions of Section 13.01,
this Agreement shall become void and have no effect, without any Liability to any Person in respect
hereof or of the transactions contemplated hereby on the part of any party hereto, or any of its
directors, officers, representatives, stockholders, members or Affiliates, except for any Liability
resulting from such party’s breach of this Agreement occurring prior to termination of this
Agreement and any resulting remedies therefor available at law or equity. This Section 13.02 and
Article XVI (Miscellaneous) shall survive such termination and shall remain in full force and
effect.

ARTICLE XIV

INDEMNIFICATION

14.01. Indemnification.

(a) By Transferor. Transferor shall indemnify Acquiror against any and all Losses and against
all claims in respect thereof (including, without limitation, amounts paid in settlement and costs
of investigation) or diminution in value, whether or not involving a Third-Party Claim to which
Acquiror may become subject or which it may suffer or incur, directly or indirectly, as a result
from or in connection with:

(i) any inaccuracy of any representation or a breach of any warranty made by Transferor to
Acquiror in this Agreement or any Disclosure Schedule or any instrument or other document delivered
pursuant to this Agreement, without giving effect to any qualifications as to materiality or
Material Adverse Effect contained in such representations and warranties, provided that,
except as to any inaccuracy of any representation or a breach of any warranty by Transferor set
forth in Section 6.03 (Title to and Condition of Assets) or resulting from knowing and intentional
fraud by the Transferor or anyone acting on its behalf, Transferor shall not be obligated to
indemnify Acquiror pursuant to this Section 14.01(a)(i) unless and until all of Acquiror’s Losses
exceed, in the aggregate, Four Hundred Thousand Dollars (U.S. $400,000.00), following which event
Acquiror shall be entitled to indemnification for the full amount of all of Acquiror’s Losses
suffered or incurred, and provided further that, except as to any inaccuracy of any
representation or a breach of any warranty by Transferor set forth in Section 6.03 (Title to and
Condition of Assets) or resulting from knowing and intentional fraud by the Transferor or anyone
acting on its behalf, the aggregate liability of Transferor for Losses pursuant to this Section
14.01(a)(i) shall not exceed Six Million Five Hundred Thousand Dollars ($6,500,000);

(ii) any breach of, or failure to duly and timely perform, any covenant or agreement on the
part of Transferor contained in this Agreement or any instrument or other document delivered
pursuant to this Agreement;

(iii) up to $15,000,000 of Servicing Portfolio Loss Sharing Costs;

(iv) any Liabilities for Taxes attributable to the Pre-Closing Tax Period and any Transfer
Taxes other than those Transfer Taxes for which Acquiror is responsible in accordance with Section
10.01;

(v) any liability, expense, cost, tax or obligation of any nature with respect to any current
or former employee or other individual arising in connection with group health plan coverage
required under COBRA;

(vi) any inaccuracy or a breach of Section 6.27 (Lender Loss Reserve and Escrow Accounts) by
Transferor, any breach of Transferor’s obligations with respect to the Lender Loss Reserve Accounts
set forth in Section 8.05(h), or any shortfall in the Related Escrow Accounts as set forth in
Section 8.11;

(vii) any Liability arising out of the ownership or operation of the Business after July 1,
2005 and prior to the Closing other than the Assumed Liabilities;

(viii) any noncompliance with any Bulk Sales Laws or fraudulent transfer law in respect of the
transactions contemplated by this Agreement;

(ix) Any Liability or Loss arising out of any breach or default under any Assumed Contract
prior to the Closing Date;

(x) any Retained Liabilities; and

(xi) the matters set forth on Schedule 14.01(a).

(b) By Acquiror. Acquiror shall indemnify Transferor against any and all Losses and against
all claims in respect thereof (including, without limitation, amounts paid in settlement and costs
of investigation) or diminution in value, whether or not involving a Third-Party Claim to which
Transferor may become subject or which it may suffer or incur, directly or indirectly, as a result
from or in connection with:

(i) any inaccuracy of any representation or a breach of any warranty made by Acquiror to
Transferor in this Agreement or any Disclosure Schedule or any instrument or other document
delivered pursuant to this Agreement without giving effect to any qualifications as to materiality
or material adverse effect contained in such representations and warranties, provided that, except
as to any inaccuracy of any representation or a breach of any warranty by Acquiror set forth in
Section 7.05 (LLC Agreement and Capitalization) or resulting from knowing and intentional fraud by
the Acquiror or anyone acting on its behalf, Acquiror shall not be obligated to indemnify
Transferor pursuant to this Section 14.01(b)(i) unless and until all of Transferor’s Losses exceed,
in the aggregate, Four Hundred Thousand Dollars (U.S. $400,000.00), following which event
Transferor shall be entitled to indemnification for the full amount of all of Transferor’s Losses
suffered or incurred, and provided further that, except as to any inaccuracy of any
representation or a breach of any warranty by Acquiror set forth in Section 7.05 (LLC Agreement and
Capitalization) or resulting from knowing and intentional fraud by Acquiror or anyone acting on its
behalf, the aggregate liability of Acquiror for Losses pursuant to this Section 14.01(b)(i) shall
not exceed Six Million Five Hundred Thousand Dollars ($6,500,000);

(ii) any breach of, or failure to duly and timely perform any covenant or agreement on the
part of Acquiror contained in this Agreement or any instrument or other document delivered pursuant
to this Agreement;

(iii) any failure to pay or perform any of the Assumed Liabilities (subject to subparagraph
(vi) below of this Section);

(iv) any payment made by Transferor or any Affiliate to Columbus Bank and Trust Company with
respect to payment of interest and fees payable by Acquiror pursuant to Section 8.08;

(v) any Liability arising out of the ownership or operation of the Business on or after the
Closing Date; or

(vi) any obligation to reimburse the bank or other financial institution that issued the
Letters of Credit, or that issues new letters of credit that replace the Letters of Credit, for
sums drawn against the Letters of Credit or the new letters of credit to pay Freddie Mac any
amounts payable under the loss sharing arrangements with Freddie Mac that are Servicing Portfolio
Loss Sharing Costs and any amounts applied with proceeds of liquidation of any Letter of Credit
Collateral to satisfy any such reimbursement obligation; provided, however, that
(A) Acquiror will not be required to pay any such amount until the one(1) year anniversary of the
Closing Date and such liability will be net of any amount of such draws returned by Freddie Mac to
the issuer of such Letters of Credit or letters of credit, Transferor or any Affiliate of
Transferor, in exchange for alternative security furnished to Freddie Mac by Acquiror or otherwise
and (B) if such sums drawn against such Letters of Credit or letters of credit are with respect to
Servicing Portfolio Loss Sharing Costs that are indemnifiable by Transferor pursuant to Section
14.01(a)(iii) the reimbursement obligation with respect thereto will only be indemnifiable by
Acquiror if (x) Transferor agrees in writing (1) that such amounts are indemnifiable Servicing
Portfolio Loss Sharing Costs payable by Transferor to the Acquiror in accordance with Section
14.01(a)(iii), (2) that Transferor waives any right to dispute such indemnification by Transferor
of such Servicing Portfolio Loss Sharing Costs of Acquiror, and (3) that Acquiror may exercise its
Series B Setoff Rights to recover such Servicing Portfolio Loss Sharing Costs, and (y) that
Acquiror recovers such amounts from the Transferor pursuant to its Series B Setoff Rights or
otherwise.

14.02. Method of Asserting Claims. All claims for indemnification by any Indemnified
Party under Section 14.01 will be asserted as follows:

(a) In the event any claim or demand in respect of which an Indemnifying Party might seek
indemnity under Section 14.01 relates to a claim asserted against or sought to be collected from
such Indemnified Party by a Person other than Transferor, Acquiror or any Affiliate of Transferor
or Acquiror (a “Third Party Claim”), the Indemnified Party shall, if a claim is to be made
against an Indemnifying Party under Section 14.01, promptly deliver a Claim Notice to the
Indemnifying Party after the Indemnified Party’s learning of such Third Party Claim. If the
Indemnified Party fails to provide the Claim Notice after the Indemnified Party receives notice of
such Third Party Claim, the Indemnifying Party will not be relieved of any liability that it may
have to the Indemnified Party, except to the extent that the Indemnifying Party demonstrates that
the defense of such action is prejudiced by the Indemnified Party’s failure to give such notice.

(i) If any Third Party Claim is brought against an Indemnified Party and it gives notice to
the Indemnifying Party of the commencement of an Action or Proceeding related to the Third Party
Claim, the Indemnifying Party will be entitled to participate in such proceeding and, to the extent
that it wishes (unless (A) the Indemnifying Party is also a party to such proceeding and the
Indemnified Party determines in good faith that joint representation would be inappropriate, or (B)
the Indemnifying Party fails to provide reasonable assurance to the Indemnified Party of its
financial capacity to defend such Third Party Claim and provide indemnification with respect to
such Third Party Claim), to assume the defense of such Third Party Claim with counsel satisfactory
to the Indemnified Party and, after notice from the Indemnifying Party to the Indemnified Party of
its election to assume the defense of such Third Party Claim, the Indemnifying Party will not, as
long as it diligently conducts such defense, be liable to the Indemnified Party under this Article
XIV for any fees of other counsel or any other expenses with respect to the defense of such Third
Party Claim, in each case subsequently incurred by the Indemnified Party in connection with the
defense of such Proceeding, other than reasonable costs of investigation. If the Indemnifying
Party assumes the defense of a Third Party Claim, (A) it will be conclusively established for
purposes of this Agreement that the Third Party Claim is within the scope of and subject to
indemnification, (B) no compromise or settlement of such Third Party Claim may be effected by the
Indemnifying Party without the Indemnified Party’s consent unless (1) there is no finding or
admission of any violation of Law or any violation of the rights of any Person and no effect on any
other claims that may be made against the Indemnified Party, and (2) the sole relief provided is
monetary damages that are paid in full by the Indemnifying Party; and (C) the Indemnifying Party
will have no liability with respect to any compromise or settlement of such claims effected without
its consent. If a Claim Notice is given to an Indemnifying Party of the commencement of any Third
Party Claim and the Indemnifying Party does not, within ten days after the Indemnified Party’s
Claim Notice is given, give notice to the Indemnified Party of its election to assume the defense
of such Third Party Claim, the Indemnifying Party will be bound by any determination made in any
Action or Proceeding related to such Third Party Claim or any compromise of settlement effected by
the Indemnified Party.

(ii) Notwithstanding the foregoing, if an Indemnified Party determines that there is a
reasonable probability that an Action or Proceeding related to a Third Party Claim may adversely
affect it or its Affiliates other than as a result of monetary damages for which it would be
entitled to indemnification under this Agreement, the Indemnified Party may, by notice to the
Indemnifying Party, join in (or, by waiving any right to indemnification, to assume the exclusive)
defense, compromise, or settlement of such proceeding.

(b) If any Indemnified Party has a claim under Section 14.01 against any Indemnifying Party
that does not involve a Third Party Claim (other than claims for Losses resulting from Indemnified
Party’s participation in the defense of any Third Party Claim that are indemnifiable by the
Indemnifying Party pursuant to this Section), the Indemnified Party shall deliver an Indemnity
Notice with reasonable promptness to the Indemnifying Party. The failure by any Indemnified Party
to give the Indemnity Notice shall not impair such party’s rights hereunder except to the extent
that any Indemnifying Party has been irreparably prejudiced thereby. If the Indemnifying Party
does not deliver a written objection to the Indemnity Notice within ten days of receiving such
Indemnity Notice, then the final amount of Losses due and payable by such Indemnifying Party to
such Indemnified Party pursuant to any Indemnity Notice delivered under this Section 14.02(b) shall
be the amount set forth in the Indemnity Notice.

14.03. Indemnity Payments.

(a) Transferor and Acquiror agree to treat any indemnity payment (including any indemnity
payment made by means of set-off as described in (b) below) made under this Article XIV as an
adjustment to the Consideration for all Tax purposes, with such adjustment considered to be made
exclusively to the Contributed Assets which were contributed to Acquiror in exchange for the Series
B Preferred Units.

(b) Any Loss which is payable by Transferor to Acquiror under Section 14.01(a) will be
satisfied by (i) redemption by the Acquiror in accordance with Section 4.6 of the LLC Agreement of
a number of Series B Preferred Units that have a cumulative Liquidation Preference (as defined in
the LLC Agreement) equal to the dollar amount of such Loss or (ii) a reduction of any distributions
with regard to Series B Preferred Units (“Series B Distributions”) that at the date of the
Loss were due to have been made but had not been made (whether or not they had been declared by the
Board of Acquiror, but only to the extent that they can otherwise legally be declared) by the
dollar amount of such Loss, in each case in accordance with Section 4.6 of the LLC Agreement and
for no consideration other than satisfaction of Transferor’s obligations set forth in this Article
XIV (the “Series B Setoff Rights”), except that, at any time when there are no outstanding
Series B Preferred Units and no unpaid Series B Distributions or with respect to any Losses
asserted after the three-year anniversary of the Closing Date, any Losses which are payable by
Transferor to Acquiror under Section 14.01(a) will be satisfied by payment to Acquiror by
Transferor of cash in the amount of the Losses. If Transferor disputes any Losses that are the
subject of a Redemption Notice (as defined in the LLC Agreement) delivered by the Acquiror,
Transferor must give Acquiror a written notice of the dispute (a “Dispute Notice”), which
describes in reasonable detail the basis for the dispute, within 30 days after Transferor receives
an Indemnity Notice relating to the disputed Losses (the “Dispute Period”). If Transferor
gives a Dispute Notice, Acquiror will not complete its exercise of Series B Setoff Rights with
regard to the amount of disputed Losses until the dispute is finally resolved. Until such dispute
is finally resolved, Acquiror will pay all sums distributed under the LLC Agreement with regard to
the Series B Preferred Units that are proposed to be redeemed, or will pay the Series B
Distributions that are proposed to be reduced, as applicable, in the disputed Redemption Notice
that are not being redeemed or reduced because of the dispute, to a bank or other Person agreed
upon by Acquiror and Transferor, to be held in escrow until the dispute is finally resolved. At the
time the dispute is finally resolved, if it is ultimately determined that (i) Acquiror was entitled
to exercise the Series B Setoff Rights with respect to all of the disputed Losses, all such sums
held in escrow will be returned to Acquiror, (ii) Acquiror was entitled to exercise the Series B
Setoff Rights with respect to a portion, but not all, of the disputed Losses, the sums held in
escrow that were distributed with regard to the Series B Preferred Units that are being redeemed,
and the portion of the Series B Distribution that is being held in escrow that is determined to be
subject to Series B Setoff Rights, as applicable, will be returned to Acquiror and the remainder of
the sums held in escrow will be distributed to the holders of the Series B Preferred Units that
were proposed to be redeemed but are not being redeemed, and to the holders of Series B Preferred
Units who were entitled to the Series B Distributions that are not subject to Series B Setoff
Rights, as applicable, or (iii) Acquiror was not entitled to exercise the Series B Setoff Rights
with respect to any of the disputed Losses, all such sums held in escrow will be disbursed to the
holders of the Series B Preferred Units that were proposed to be redeemed or who were entitled to
the Series B Distribution that is being held in escrow, as applicable (in each instance together
with any income earned on the sum being distributed while it is being held in escrow). The exercise
of the Series B Setoff Rights by Acquiror in good faith, whether or not ultimately determined to be
justified, will not constitute a breach of Acquiror’s obligations set forth herein or in the LLC
Agreement.

(c) Losses which are payable by Acquiror to Transferor under Section 14.01(b) will be
satisfied by payment by Acquiror of cash in the amount of the Losses; provided, however, that
Acquiror may set off any such Losses payable to Transferor by any amounts payable by Transferor to
Acquiror.

14.04. Subrogation. In the event that an Indemnifying Party shall be obligated to
indemnify any Indemnified Party pursuant to this Agreement, the Indemnifying Party shall, upon
payment of such indemnity in full, be subrogated to all rights of such Indemnified Party with
respect to any Third-Party Claim to which the indemnification relates.

14.05. Exclusive Remedy. Except for (i) any action based upon allegations of fraud
with respect to the other in connection with this Agreement or any certificate delivered hereunder,
and (ii) any equitable relief expressly provided for in this Agreement, from and after the Closing
the parties’ sole remedy with respect to any and all claims arising under this Agreement or in
connection with the transactions contemplated hereby, shall be pursuant to this Article XIV, and,
in furtherance of the foregoing, each of the parties hereby waives, from and after the Closing, to
the fullest extent permitted by Law, any and all other rights, claims and causes of action they may
have against one another under this Agreement and in connection with the transactions contemplated
hereby.

ARTICLE XV

DEFINITIONS

15.01. Definitions.

(a) As used in this Agreement, the following defined terms shall have the meanings indicated
below:

“Actions or Proceedings” means any action, arbitration, mediation, audit, hearing,
investigation, litigation or suit (whether civil, criminal, administrative, investigative or
informal) commenced, brought, conducted, or heard by or before, or otherwise involving, any
Governmental or Regulatory Authority, arbitrator or mediator.

“Advances” means with respect to each Servicing Agreement, the aggregate outstanding
amount that as of the Closing has been advanced directly by Transferor from the Transferor’s own
funds or funds borrowed by the Transferor from a Third Party (but not with funds borrowed from or
used out of any Related Escrow Account or other accounts required by such Servicing Agreement) in
connection with servicing Mortgage Loans in accordance with the terms of such Servicing Agreement,
including with respect to property transfer fees, principal, interest, Taxes, insurance premiums
and other advances made pursuant to the applicable Servicing Agreement with respect to payments due
in respect of such Mortgage Loans on or before the Closing.

“Affiliate” means, with respect to any Person, any other Person that directly, or
indirectly through one of more intermediaries, controls or is controlled by or is under common
control with the Person specified. For purposes of this definition, control of a Person means the
power, direct or indirect, to direct or cause the direction of the management and policies of such
Person whether by Contract or otherwise.

“Ancillary Income” means any and all income, revenue, fees, including transfer fees,
expenses, charges or other moneys that the Transferor is entitled to receive, collect or retain as
servicer, subservicer or master servicer pursuant to the Servicing Agreements (other than Servicing
Fees).

“Assets and Properties” of any Person means all assets and properties of every kind,
nature, character and description (whether real, personal or mixed, whether tangible or intangible,
whether absolute, accrued, contingent, fixed or otherwise and wherever situated), including the
goodwill related thereto, operated, owned or leased by such Person, including cash, cash
equivalents, Investment Assets, accounts and notes receivable, chattel paper, documents,
instruments, general intangibles, real estate, equipment, inventory, goods and Intellectual
Property.

“Associate” means, with respect to any Person, any corporation or other business
organization of which such Person is an officer, member or partner or is the beneficial owner,
directly or indirectly, of ten percent (10%) or more of any class of equity securities, any trust
or estate in which such Person has a substantial beneficial interest or as to which such Person
serves as a trustee or in a similar capacity and any relative or spouse of such Person, or any
relative of such spouse, who has the same home as such Person.

“Audited Financial Statement Date” means December 31, 2007.

“Benefit Plan” means any “employee benefit plan” (as such term is defined in Section
3(3) of ERISA) or any other employee benefit arrangement or program, including, without limitation,
any such arrangement or program providing severance pay, sick leave, vacation pay, salary
continuation for disability, retirement benefits, deferred compensation, bonus pay, incentive pay,
stock options, hospitalization insurance, medical insurance or life insurance, sponsored or
maintained by Transferor or to which Transferor is obligated to contribute thereunder on behalf of
any current or former employee.

“Books and Records” means all files, documents, data, drawings, instruments, papers,
books of account, reports, records and lists relating to the Business, condition (financial or
otherwise), results of operations or assets of Transferor, including Financial Statements, Tax
Returns and related work papers and letters from accountants, budgets, pricing guidelines, ledgers,
journals, deeds, title policies, minute books, stock certificates and books, stock transfer
ledgers, Contracts, Licenses, customer lists, information and records, personnel records (subject
to applicable law), computer files and programs, retrieval programs, operating data and plans and
environmental studies and plans.

“Business Combination” means with respect to any Person any merger, consolidation or
combination to which such Person is a party, any sale, or other disposition of all or substantially
all of the capital stock or other equity interests of such Person or any sale, dividend or other
disposition of all or substantially all of the assets of such Person.

“Business Day” means a day other than Saturday, Sunday or any day on which banks
located in the State of Minnesota or the State of Maryland are permitted to be closed.

“Claim Notice” means written notification pursuant to Section 14.02(a) of a Third
Party Claim as to which indemnity under Section 14.01 is sought by an Indemnified Party, enclosing
a copy of all papers served, if any, and specifying the nature of and basis for such Third Party
Claim and for the Indemnified Party’s claim against the Indemnifying Party under Section 14.01,
together with the amount or, if not then reasonably ascertainable, the estimated amount, determined
in good faith, of such Third Party Claim.

“Code” means the Internal Revenue Code of 1986, as amended, and the rules and
regulations promulgated thereunder.

“Contract” means any agreement, lease, evidence of Indebtedness, mortgage, indenture,
security agreement or other contract (whether written or oral).

“DUS” means the Delegated Underwriting and Servicing relationships, status and
guidelines as defined by Fannie Mae in its agreements and guidelines.

“Environmental Law” means any Law relating to human health, safety or protection of
the environment or to emissions, discharges, releases or threatened releases of pollutants,
contaminants or Hazardous Materials in the environment (including ambient air, surface water,
ground water, land surface or subsurface strata), or otherwise relating to the treatment, storage
or disposal of any Hazardous Material.

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and the
rules and regulations promulgated thereunder.

“ERISA Affiliate” means any Person who, pursuant to Sections 414(b), (c), (m) or (o)
of the Code or Section 4001 of ERISA, is in the same controlled group of corporations or who is
under common control, or is otherwise deemed to be a single employer with Transferor.

“Financial Statements” means the financial statements of Transferor delivered to
Acquiror as described in Section 6.06.

“GAAP” means United States generally accepted accounting principles, consistently
applied throughout the specified period and in the immediately prior comparable period.

“Governmental or Regulatory Authority” means any court, tribunal, arbitrator,
authority, agency, commission, official or other instrumentality of the United States, any foreign
country or any domestic or foreign state, county, city or other political subdivision or any
self-regulatory body of any stock exchange.

“Hazardous Material” means (i) any chemicals, materials, substances or wastes which
are now or hereafter become defined as or included in the definition of “hazardous substances,”
“hazardous wastes,” “hazardous materials,” “extremely hazardous wastes,” “restricted hazardous
wastes,” “toxic substances,” “toxic pollutants” or words of similar import, under any Environmental
Law, including any petroleum or petroleum products, radioactive materials, asbestos in any form
that is or could become friable, urea formaldehyde foam insulation and transformers or other
equipment that contain dielectric fluid containing levels of polychlorinated biphenyls (PCBs); and
(ii) any other chemical, material, substance or waste, exposure to which is now or hereafter
prohibited, limited or regulated by any Governmental or Regulatory Authority.

“HSR Act” means Section 7A of the Clayton Act (Title II of the Hart-Scott-Rodino
Antitrust Improvements Act of 1976, as amended) and the rules and regulations promulgated
thereunder.

“Indebtedness” of any Person means all obligations of such Person (i) for borrowed
money, (ii) evidenced by notes, bonds, debentures or similar instruments, (iii) for the deferred
purchase price of goods or services (other than trade payables or accruals incurred in the ordinary
course of business), (iv) under capital leases, (v) incurred pursuant to or as a result of Liens
granted on such Person’s assets, and (vi) in the nature of guarantees of the obligations described
in clauses (i) through (v) above of any other Person, other than undrawn sums that are the subject
of the Letters of Credit.

“Indemnified Party” means any Person claiming indemnification under any provision of
Article XIV.

“Indemnifying Party” means any Person against whom a claim for indemnification is
being asserted under any provision of Article XIV.

“Indemnity Notice” means written notification pursuant to Section 14.02(b) of a claim
for indemnity under Article XIV by an Indemnified Party, specifying the nature of and basis for
such claim in sufficient detail to enable the Indemnifying Party to determine whether it is in fact
obligated to indemnify the Indemnified Party with respect to the matter that is the subject of the
notice, together with the amount or, if not then reasonably ascertainable, the estimated amount,
determined in good faith, of such claim.

“Intellectual Property” means all patents, patent applications, trademarks (whether
registered or not), trademark applications, service mark registrations and service mark
applications, trade names, trade dress, logos, slogans, tag lines, uniform resource locators,
internet domain names, internet domain name applications, corporate names, copyright applications,
registered copyrighted works and commercially significant unregistered copyrightable works
(including proprietary software, books, written materials, prerecorded video or audio tapes, and
other copyrightable works), technology, software, trade secrets, know-how, technical documentation,
specifications, data, designs and other intellectual property and proprietary rights, including the
right to sue for past infringements thereof.

“Investment Assets” means all debentures, notes and other evidences of Indebtedness,
stocks, securities (including rights to purchase and securities convertible into or exchangeable
for other securities), interests in joint ventures and general and limited partnerships, Mortgage
Loans and other investment or portfolio assets owned of record or beneficially by Transferor.

“IRS” means the United States Internal Revenue Service.

“Knowledge” means, with respect to the knowledge of a specified individual as to a
particular fact or other matter, that (i) the specified individual is actually aware of such fact
or other matter, or (ii) a prudent individual should have been aware of such fact or other matter
based on information that the specified individual is aware of without making a separate
investigation concerning the existence of such fact or other matter. The terms “Knowledge of
Transferor,” “Transferor’s Knowledge” or words of similar import shall mean the Knowledge of the
management level employees of Transferor, and a description of a statement as being “to the
Knowledge” of a Person means that the Person does not have Knowledge that the statement is not
entirely correct.

“Laws” means all laws, statutes, rules, regulations, ordinances and other
pronouncements having the effect of law of the United States, any foreign country or any domestic
or foreign state, county, city or other political subdivision or of any Governmental or Regulatory
Authority.

“Liabilities” means Indebtedness or other liabilities, or obligations of a Person
(whether absolute, accrued, contingent, fixed or otherwise, or whether due or to become due).

“Licenses” means all licenses, permits, certificates of authority, authorizations,
approvals, registrations, franchises and similar consents or permissions granted or issued by any
Governmental or Regulatory Authority.

“Liens” means any mortgage, pledge, assessment, security interest, lease, lien,
adverse claim, levy, charge or other encumbrance of any kind, or any conditional sale Contract,
title retention Contract or other Contract to give any of the foregoing.

“Liquidation Preference” has the meaning set forth in the LLC Agreement.

“Loss” means any and all claims, liabilities, obligations, damages, demands,
judgments, settlements, Taxes, fines, fees, penalties, deficiencies, losses and expenses (including
interest, court costs, professional fees and expenses of attorneys, accountants and other experts
or other expenses of litigation or other proceedings or of any claim, default or assessment).

“Material Adverse Effect” means any change, event, violation, inaccuracy,
circumstance, condition or effect (collectively, “Changes”) that, individually or when
aggregated with other Changes, is or is reasonably likely to (x) be materially adverse to the
Business or to the Acquired Assets taken as a whole or to the financial condition, total Assets and
Properties (including the Mortgage Loan Portfolio or the Servicing Portfolio), or operations of
Transferor, (y) affect the relationships of the Business with its customers, vendors or employees
such that the results of operations of the Business are likely to be materially adversely affected,
or (z) materially impair, prevent or delay the ability of Transferor to consummate the transactions
contemplated by this Agreement or to perform its obligations hereunder; provided, however,
that none of the following shall be deemed to constitute a Material Adverse Effect: (i) any Changes
(other than Changes resulting from a bankruptcy or similar proceeding declared by or against
Transferor or its direct or indirect parent company) to the extent resulting from conditions (such
as the current credit market conditions or other general market conditions) generally affecting the
industry in which Transferor operates the Business (other than conditions that have a materially
disproportionate effect on the Business or the Acquired Assets, or on the financial condition,
total Assets and Properties (including the Mortgage Loan Portfolio or the Servicing Portfolio), or
operations of Transferor); (ii) any Changes resulting solely or primarily from any material breach
by Acquiror of any provision of this Agreement; or (iii) any Change resulting from acts of
terrorism or war.

“Mortgage File” means, for each Mortgage Loan, the file containing the photostatic
and/or imaged copies of Mortgage Loan Documents, as well as the credit and closing packages,
disclosures, and custodial documents, which are required to be maintained pursuant to the
applicable Servicing Agreement, and if not specifically set forth in the applicable Servicing
Agreement, pursuant to the applicable handbooks, manuals, guidelines and requirements applicable to
Fannie Mae DUS lenders or sellers/servicers, GNMA lenders or sellers/services, FHA lenders or
sellers/servicers, HUD lenders or sellers/servicers or Freddie Mac lenders or sellers/servicers,.

“Mortgage Loan” means any mortgage loan or other extension of credit secured by a Lien
on real property.

“Mortgage Loan Documents” means, for each Mortgage Loan, all documents pertaining to
such Mortgage Loan, including the Mortgage Note, the mortgage or deed of trust and all assignments
of the mortgage or deed of trust, all endorsements and allonges to the Mortgage Note, the title
insurance policy with all endorsements thereto, any security agreement and financing statements,
any account agreements, and any assignments, assumptions, modifications, continuations or
amendments to any of the foregoing.

“Mortgage Note” means, with respect to a Mortgage Loan, a promissory note or notes, or
other evidence of Indebtedness, with respect to such Mortgage Loan secured by a mortgage or
mortgages, together with any assignment, reinstatement, extension, endorsement or modification
thereof.

“Mortgagor” means the grantor of a Mortgage.

“Order” means any writ, judgment, decree, injunction or similar order of any
Governmental or Regulatory Authority (in each such case whether preliminary or final).

“Permitted Lien” means (i) any Lien for Taxes not yet due and payable or which is
being contested in good faith by appropriate proceedings if adequate reserves with respect thereto
have been established on Transferor’s books in accordance with GAAP, (ii) any statutory Lien
arising in the ordinary course of business by operation of Law with respect to a Liability that is
not yet due and payable or which is being contested in good faith by appropriate proceedings if
adequate reserves with respect thereto have been established on Transferor’s books in accordance
with GAAP, and (iii) those listed on Schedule 15.

“Person” means any natural person, corporation, partnership, limited liability
company, proprietorship, trust, union, association, organization or other entity or Governmental or
Regulatory Authority.

“Representatives” means, as to a Person, the officers, directors, employees, agents,
counsel, accountants, financial advisors, consultants, and other representatives of that Person.

“Servicing Fees” means all of (i) the servicing fees (excluding any Ancillary Income)
payable to the servicer as set forth in a Servicing Agreement and (ii) any Ancillary Income.

“Servicing Rights” means all of Transferor’s right, title and interest immediately
before the Closing associated with, in and to: (a) the right to service Mortgage Loans under the
Servicing Agreements, including the right to receive the Servicing Fees and Ancillary Income; (b)
the related master servicing and/or servicing obligations as specified in each Servicing Agreement,
including the obligations to administer and collect the payments of or relating to Mortgage Loans,
and to remit all amounts and provide information reporting to others in accordance with the
Servicing Agreements; (c) the right of ownership, possession, control or use of any and all
Mortgage Files and Mortgage Loan Documents pertaining to the servicing of Mortgage Loans as
provided in the Servicing Agreements or applicable servicing guidelines or standards; (d) the
rights with respect to, and obligations to make, any advances required pursuant to any Servicing
Agreement, including obligations to reimburse funds borrowed from any custodial or other accounts
under a Servicing Agreement; (e) the “clean-up call” right, if any, to purchase Mortgage Loans upon
the aggregate principal balance thereof being reduced below a specified amount to the extent
provided for in the Servicing Agreement; and (f) all other rights, powers and privileges of
Transferors as the master servicer, servicer or subservicer under the Servicing Agreements as
expressly set forth therein or as deemed at Law.

“Subsidiary” means, with respect to any Person (the “Owner”), any other Person
in which the Owner, directly or indirectly through one or more Subsidiaries or otherwise,
beneficially owns more than fifty percent of either the equity interests in, or the voting control
of, such other Person.

“Tax” or “Taxes” means any federal, state, county, local or foreign taxes,
charges, fees, levies, or other assessments, including all net income, gross income, sales and use,
ad valorem, transfer, gains, profits, excise, franchise, real and personal property, gross receipt,
capital stock, production, business and occupation, disability, employment, unemployment, payroll,
license, estimated, stamp, custom duties, severance or withholding taxes or charges imposed by any
governmental entity, and includes any interest and penalties (civil or criminal) on or additions to
any such taxes and including any obligation to indemnify or otherwise assume or succeed to the Tax
liability of any other person.

“Tax Return” means a report, return or other information required to be supplied to a
governmental authority with respect to Taxes including, if applicable, combined or consolidated
returns for any group of entities that includes Transferor.

“Third Party” means a Person that is not a party to this Agreement.

“Transaction Documents” means the Bill of Sale, Assignment and Assumption Agreement,
LLC Agreement, Transition Services Agreement, Non-Compete Agreement, Amendment and Termination
Agreement, Security Agreement, Non-Disparagement Agreement, Williams and Filter Non-Compete
Agreement, and any other agreements to be entered into or documents delivered in connection with
the consummation of transactions contemplated herein.

“Unaudited Financial Statement Date” means September 30, 2008.

(b) Unless the context of this Agreement otherwise requires, (i) words of any gender include
each other gender; (ii) words using the singular or plural number also include the plural or
singular number, respectively; (iii) the terms “hereof,” “herein,” “hereby” and derivative or
similar words refer to this entire Agreement; (iv) the terms “Article” or “Section” refer to the
specified Article or Section of this Agreement; (v) the phrases “ordinary course of business” and
“ordinary course of business consistent with past practice” refer to the business and practice of
Transferor; and (vi) the words “include,” “includes” and “including” shall be deemed to be followed
by the phrase “without limitation.” All accounting terms used herein and not expressly defined
herein shall have the meanings given to them under GAAP.

(c) The following additional terms are defined elsewhere in this Agreement, as indicated
below:

ARTICLE XVI  

MISCELLANEOUS

16.01. Notices. All notices and other communications hereunder shall be in writing
and shall be deemed given upon receipt or refusal if delivered personally or by commercial delivery
service, or upon receipt or refusal of delivery if mailed by registered or certified mail (return
receipt requested) or sent via facsimile or electronic mail (with proof of receipt at the facsimile
number or email address to which it is to be sent) to the parties at the following addresses (or at
such other address for a party as shall be specified by like notice):

If to Acquiror, to:

with a copy (which shall not constitute notice) to:

Oppenheimer Wolff & Donnelly LLP

Plaza VII, Suite 3300

45 South Seventh Street

Minneapolis, Minnesota 55402

Facsimile No.: 612-607-7100

Attn:

Email address:

If to Transferor, to:

MMA Mortgage Investment Corporation

c/o Municipal Mortgage & Equity LLC

The Pier IV Building

621 East Pratt Street, 3rd Floor

Baltimore, MD 21202

Facsimile No.: 410-727-5387

Attn:

Email address:

with a copy (which shall not constitute notice) to:

Clifford Chance US LLP

31 West 52nd Street

New York, NY 10019

Facsimile No. 212-878-8375

Attn: David W. Bernstein

Email address: david.bernstein@cliffordchance.com

Any party from time to time may change its address, facsimile number, email address or other
information for purposes of notices to that party by giving notice specifying such change to the
other parties hereto.

16.02. Entire Agreement. This Agreement and the Transaction Documents supersede all
prior discussions and agreements between the parties with respect to the subject matter hereof and
thereof, including the Letter of Intent between Mud Duck and the Transferor dated November 12,
2008, and contains the sole and entire agreement between the parties hereto with respect to the
subject matter hereof and thereof.

16.03. Expenses. Except as otherwise expressly provided in this Agreement, whether or
not the transactions contemplated hereby are consummated, each party will pay its own costs and
expenses, and Transferor shall pay the costs and expenses of Transferor, incurred in connection
with the negotiation, execution and closing of this Agreement and the transactions contemplated
hereby. Notwithstanding the foregoing, (i) Acquiror and Transferor shall each pay one-half of any
fee required to be paid to the Federal Trade Commission in connection with any filing under the HSR
Act required in order to consummate the transactions contemplated by this Agreement, and (ii)
Transferor shall be responsible for all fees, costs and expenses required to be paid in connection
with the obtaining of any consent or approval, the making of any filing, or the giving of any
notice necessary to consummate the transactions contemplated by this Agreement, including fees paid
to the Agencies and those expenses set out in Section 8.12(c).

16.04. Public Announcements. Prior to the Closing: (i) neither Transferor nor
Acquiror, nor any of their Affiliates, will issue or make any reports, statements or releases to
the public or generally to the employees, customers, suppliers or other Persons to whom Transferor
sells goods or provide services or with whom Transferor otherwise has significant business
relationships with respect to this Agreement or the transactions contemplated hereby without the
consent of the other, which consent shall not be unreasonably withheld; and (ii) if either party is
unable to obtain the approval of any such public report, statement or release from the other party
and such report, statement or release is, in the opinion of legal counsel to such party, required
by Law in order to discharge such party’s or its Affiliates’ disclosure obligations, then such
party may make or issue the legally required report, statement or release and promptly furnish the
other party with a copy thereof. Transferor and Acquiror will also obtain the other party’s prior
approval of any press release to be issued immediately following the execution of this Agreement
and upon Closing.

16.05. Confidentiality. Each party hereto will hold, and will use its best efforts to
cause its Affiliates and their respective Representatives to hold, in strict confidence from any
Person (other than any such Affiliate or Representative), unless (i) compelled to disclose by
judicial or administrative process (including in connection with obtaining the necessary approvals
of this Agreement and the transactions contemplated hereby of Governmental or Regulatory
Authorities) or by other requirements of Law or (ii) disclosed in an Action or Proceeding brought
by a party hereto in pursuit of its rights or in the exercise of its remedies hereunder, all
documents and information concerning the other party or any of its Affiliates furnished to it by
the other party or such other party’s Representatives in connection with this Agreement or the
transactions contemplated hereby, except to the extent that such documents or information can be
shown to have been (a) previously known by the party receiving such documents or information, (b)
in the public domain (either prior to or after the furnishing of such documents or information
hereunder) through no fault of such receiving party or (c) later acquired by the receiving party
from another source if, to the best of the receiving party’s Knowledge, the receiving party is not
aware that such source is under an obligation to another party hereto to keep such documents and
information confidential; provided that after the Closing, the foregoing restrictions will
not apply to Acquiror’s use of documents and information concerning the business furnished by
Transferor hereunder.

16.06. Further Assurances; Post-Closing Cooperation.

(a) Transferor and Acquiror shall execute and deliver to Acquiror or Transferor, as the case
may be, such other documents and instruments, provide such materials and information and take such
other actions as Acquiror or Transferor may reasonably request for the purpose of carrying out the
intent of this Agreement.

(b) Following the Closing, each party will afford the other party, its counsel and its
accountants, during normal business hours, reasonable access to the books, records and other data
in its possession relating to the Business, or the condition (financial or otherwise), or results
of operations or assets of Transferor with respect to periods prior to the Closing and the right to
make copies and extracts therefrom, to the extent that such access may be reasonably required by
the requesting party in connection with (i) the preparation of Tax Returns, (ii) the determination
or enforcement of rights and obligations under this Agreement, (iii) the preparation of financial
statements, (iv) the filing of reports by the party or its Affiliates with or other compliance with
the requirements of, any Agency or Governmental or Regulatory Authority, (v) the determination or
enforcement of the rights and obligations of any Indemnified Party or (vi) in connection with any
actual or threatened Action or Proceeding. Further, each party agrees for a period extending six
years (or such longer period as such records may be required to be maintained by Law or by
Contract) after the Closing not to destroy or otherwise dispose of any such books, records and
other data unless such party shall first offer in writing to surrender such books, records and
other data to the other party and such other party shall not agree in writing to take possession
thereof during the ten Business Day period after such offer is made.

(c) If, in order properly to prepare its Tax Returns, other documents or reports required to
be filed with any Agency or Governmental or Regulatory Authorities or its financial statements or
to fulfill its obligations hereunder, it is necessary that a party be furnished with additional
information, documents or records relating to the Business, the condition (financial or otherwise)
or results of operations or assets of Transferor not referred to in paragraph (b) above, and such
information, documents or records are in the possession or control of the other party, such other
party shall use its best efforts to furnish or make available such information, documents or
records (or copies thereof) at the recipient’s request, cost and expense. Any information obtained
by either party in accordance with this paragraph shall be held confidential by that party in
accordance with Section 16.05.

(d) Notwithstanding anything to the contrary contained in paragraphs (b) and (c) of this
Section, if the parties are in an adversarial relationship in litigation or arbitration, the
furnishing of information, documents or records in accordance with any provision of this Section
shall be subject to applicable rules relating to discovery.

16.07. Waiver. Any term or condition of this Agreement may be waived at any time by
the party that is entitled to the benefit thereof, but no such waiver shall be effective unless set
forth in a written instrument duly executed by or on behalf of the party waiving such term or
condition. No waiver by any party of any term or condition of this Agreement, in any one or more
instances, shall be deemed to be or construed as a waiver of the same or any other term or
condition of this Agreement on any future occasion. All remedies, either under this Agreement or
by Law or otherwise afforded, will be cumulative and not alternative.

16.08. Amendment. This Agreement may be amended, supplemented or modified only by a
written instrument duly executed by or on behalf of each party hereto.

16.09. No Third Party Beneficiary. The terms and provisions of this Agreement are
intended solely for the benefit of each party hereto and their respective successors or permitted
assigns, and it is not the intention of the parties to confer third-party beneficiary rights upon
any other Person.

16.10. No Assignment; Binding Effect. Neither this Agreement nor any right, interest
or obligation hereunder may be assigned by any party hereto without the prior written consent of
the other party hereto and any attempt to do so will be void, except that Acquiror may assign any
or all of its rights, interests and obligations hereunder (including its rights under Article XIV)
to an Affiliate, provided that any such Affiliate agrees in writing to be bound by all of
the terms, conditions and provisions contained herein, but no such assignment shall relieve
Acquiror of its obligations hereunder. Subject to the preceding sentence, this Agreement is
binding upon, inures to the benefit of and is enforceable by the parties hereto and their
respective successors and assigns.

16.11. Headings; Exhibits. The headings used in this Agreement or in any Exhibits
have been inserted for convenience of reference only and do not affect the meaning or
interpretation of the provisions hereof or thereof. Reference herein to Exhibits, unless
indicated, shall refer to the Exhibits attached to this Agreement, which hereby are incorporated in
and constitute a part of this Agreement.

16.12. Remedies. If any party shall fail to fulfill its obligations hereunder,
including its obligations to close and to satisfy those conditions to Closing which are its
responsibility, the other parties shall have all remedies available to them at law or in equity,
including the right to specific performance.

16.13. Waiver of Trial by Jury. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY
CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT
ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH
PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION (INCLUDING COUNTERCLAIMS AND
CROSS-CLAIMS) DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR THE BREACH,
TERMINATION OR VALIDITY OF THIS AGREEMENT, OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT.
EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (a) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER
PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF
LITIGATION, SEEK TO ENFORCE EITHER OF THE FOREGOING WAIVERS, (b) IT UNDERSTANDS AND HAS CONSIDERED
THE IMPLICATIONS OF SUCH WAIVERS, (c) IT MAKES SUCH WAIVERS VOLUNTARILY, AND (d) IT HAS BEEN
INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS
IN THIS SECTION

16.14. Consent to Jurisdiction and Service of Process. Each party hereby irrevocably
submits to the jurisdiction of the United States District Court for the District of Minnesota or
any state court located in St. Paul, Minnesota, in any action, suit or proceeding seeking to
enforce any provision of, or based on any right arising out of, this Agreement, and agrees that any
such action, suit or proceeding shall be brought only in such court (and waives any objection based
on forum non conveniens or any other objection to venue therein). Each party agrees that process in
any such lawsuit may be served by registered mail or in any other manner permitted by the rules of
the court in which the action, suit or proceeding is brought.

16.15. Severability. If any provision of this Agreement is held to be illegal,
invalid or unenforceable under any present or future Law, and if the rights or obligations of any
party hereto under this Agreement will not be materially and adversely affected thereby, (a) such
provision will be fully severable, (b) this Agreement will be construed and enforced as if such
illegal, invalid or unenforceable provision had never comprised a part hereof, (c) the remaining
provisions of this Agreement will remain in full force and effect and will not be affected by the
illegal, invalid or unenforceable provision or by its severance herefrom and (d) in lieu of such
illegal, invalid or unenforceable provision, there will be added automatically as a part of this
Agreement a legal, valid and enforceable provision as similar in terms to such illegal, invalid or
unenforceable provision as may be possible.

16.16. Governing Law. This Agreement shall be governed by and construed in accordance
with the Laws of the State of Delaware without giving effect to the conflicts of laws principles
thereof that would apply the laws of any other jurisdiction.

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

16.18. Representation by Counsel. Each party hereto represents and agrees that it has
been represented by counsel of its own choosing during the negotiation and execution of this
Agreement and, therefore, waives the application of any Law, regulation, holding or rule of
construction providing that ambiguities in an agreement or other document will be construed against
the party drafting such agreement or documents. Each party to this Agreement has carefully read
and fully understands this Agreement in its entirety, has had it fully explained to them by such
party’s respective counsel, and is fully aware of the contents and meaning, intent and legal effect
of this Agreement.

4

IN WITNESS WHEREOF, this Agreement has been duly executed and delivered by each party hereto
as of the date first above written.

	 	 	 
	
 
	 	TRANSFEROR:
	ACQUIROR:

OAK GROVE COMMERCIAL MORTGAGE, LLC

By: /s/ David A. Williams

Name: David A. Williams

Title: CEO

	 	MMA MORTGAGE INVESTMENT

CORPORATION

By: /s/ Michael L. Falcone

Name: Michael L. Falcone

Title: President and CEO

5

GUARANTEE

In order to induce Oak Grove Commercial Mortgage, LLC (“Acquiror”) to enter into an
Acquisition Agreement (the “Agreement”) dated December 18, 2008 with MMA Mortgage Investment
Corporation (“Transferor”), Municipal Mortgage & Equity LLC (“Guarantor”), a Delaware limited
liability company, unconditionally guarantees all the obligations of Transferor under the
Agreement.

Without limiting what is said in the preceding paragraph, Guarantor agrees as follows:

1. If at any time Transferor fails to fulfill fully any of its obligations under the Agreement
when it is required to fulfill that obligation, Guarantor will cause Transferor to fulfill that
obligation as promptly as practicable, and Guarantor will be liable to Acquiror for any damages it
may suffer because Transferor did not fulfill that obligation when it was required to do so
(whether or not Transferor or Guarantor eventually fulfills that obligation) as fully as though
Guarantor were directly obligated to fulfill that obligation.

2. Guarantor unconditionally guarantees all obligations of Transferor to indemnify Acquiror
contained in Section 14.01(a) or any other provision of the Agreement.

The guarantees set forth above are guarantees of performance, not merely guarantees of
payment. If Transferor fails to fulfill any obligation under the Agreement if and when it is
required to do so, Acquiror may seek and receive payment from Guarantor, or other type of
performance, to the extent permitted by the Agreement, by Guarantor of its obligations under this
Guarantee, without taking any action to compel Transferor to fulfill its obligations under the
Agreement or to respond in damages for its failure to do so.

If the Agreement is amended in any respect, the obligations of Guarantor under this Guarantee
will apply to the amended Agreement whether or not Guarantor has been informed in advance of, or
has consented to, the amendment.

Acquiror’s rights under this Guarantee will be in addition to, and not instead of, its rights
to seek to enforce the Agreement against Transferor, and the fact that Acquiror seeks to cause
Guarantor to fulfill its obligations under this Guarantee with regard to a failure of Transferor to
fulfill obligations under the Agreement will not preclude Acquiror from also seeking monetary
damages from Transferor or seeking to compel Transferor to fulfill those obligations.

The Agreement requires Transferor to deliver at the Closing certain documents executed by
Guarantor or by MMA Financial Holdings Incorporated (“MFH”), a wholly owned subsidiary of
Guarantor. If all of the other conditions to Transferor’s obligations to effect the Closing are
satisfied or waived in accordance with the Agreement, Guarantor agrees to execute those documents,
and to cause MFH to execute those documents, so they can be delivered at the Closing.

Guarantor hereby irrevocably submits to the jurisdiction of the United States District Court
for the District of Minnesota or any state court located in Minneapolis or St. Paul, Minnesota, in
any action, suit or proceeding seeking to enforce any provision of, or based on any right arising
out of, this Guarantee, and agrees that any such action, suit or proceeding shall be brought only
in such court (and waives any objection based on forum non conveniens or any other objection to
venue therein).

This Guarantee shall be governed by and construed in accordance with the Laws of the State of
Delaware without giving effect to the conflicts of laws principles thereof that would apply the
laws of any other jurisdiction.

IN WITNESS WHEREOF this Guarantee has been duly executed and delivered by Guarantor on
December 18, 2008.

	 
	MUNICIPAL MORTGAGE & EQUITY LLC

	By: /s/ Michael L. Falcone

Name: Michael L. Falcone

Title: President and CEO

6

GUARANTEE

In order to induce MMA Mortgage Investment Corporation (“Transferor”) to enter into an
Acquisition Agreement (the “Agreement”) dated December 18, 2008 with Oak Grove Commercial Mortgage,
LLC (“Acquiror”), Mud Duck Equities LLC (“Guarantor”), a Delaware limited liability company,
unconditionally guarantees all the obligations of Acquiror under the Agreement.

Without limiting what is said in the preceding paragraph, Guarantor agrees as follows:

1. If at any time Acquiror fails to fulfill fully any of its obligations under the Agreement
if and when it is required to fulfill that obligation, Guarantor will cause Acquiror to fulfill
that obligation as promptly as practicable, and Guarantor will be liable to Transferor for any
damages it may suffer because Acquiror did not fulfill that obligation if and when it was required
to do so (whether or not Acquiror or Guarantor eventually fulfills that obligation) as fully as
though Guarantor were directly obligated to fulfill that obligation.

2. Guarantor unconditionally guarantees all obligations of Acquiror to indemnify Acquiror
contained in Section 14.01(b) or any other provision of the Agreement.

The guarantees set forth above are guarantees of performance, not merely guarantees of
payment. If Acquiror fails to fulfill any obligation under the Agreement if and when it is
required to do so, Transferor may seek and receive payment from Guarantor, or other type of
performance, to the extent permitted by the Agreement, by Guarantor of its obligations under this
Guarantee, without taking any action to compel Acquiror to fulfill its obligations under the
Agreement or to respond in damages for its failure to do so.

If the Agreement is amended in any respect, the obligations of Guarantor under this Guarantee
will apply to the amended Agreement whether or not Guarantor has been informed in advance of, or
has consented to, the amendment.

Transferor’s rights under this Guarantee will be in addition to, and not instead of, its
rights to seek to enforce the Agreement against Acquiror, and the fact that Transferor seeks to
cause Guarantor to fulfill its obligations under this Guarantee with regard to a failure of
Acquiror to fulfill obligations under the Agreement will not preclude Transferor from also seeking
monetary damages from Acquiror or seeking to compel Transferor to fulfill those obligations.

Transferor is aware that Acquiror is a newly formed entity that does not have the funds it is
required to deliver at the Closing under the Agreement, and that Acquiror expects to obtain those
funds from Guarantor. If all of the other conditions to Acquiror’s obligations to effect the
Closing are satisfied or waived in accordance with the Agreement, Guarantor agrees to provide to
Acquiror the Cash Closing Payment that Acquiror will be required to deliver at the Closing, and to
do so in time so that the Closing will take place after satisfaction or waiver of the conditions to
Closing as contemplated by the Agreement.

The Agreement requires Acquiror to deliver at the Closing certain documents executed by
Guarantor. If all of the other conditions to Acquiror’s obligations to effect the Closing are
satisfied or waived in accordance with the Agreement, Guarantor agrees to execute those documents
so they can be delivered at the Closing.

Guarantor hereby irrevocably submits to the jurisdiction of the United States District Court
for the District of Minnesota or any state court located in Minneapolis or St. Paul, Minnesota, in
any action, suit or proceeding seeking to enforce any provision of, or based on any right arising
out of, this Guarantee, and agrees that any such action, suit or proceeding shall be brought only
in such court (and waives any objection based on forum non conveniens or any other objection to
venue therein).

This Guarantee shall be governed by and construed in accordance with the laws of the State of
Delaware without giving effect to the conflicts of laws principles thereof that would apply the
laws of any other jurisdiction.

IN WITNESS WHEREOF this Guarantee has been duly executed and delivered by Guarantor on
December 18, 2008.

MUD DUCK EQUITIES LLC

By: /s/ David A. Williams

Name: David A. Williams

Title: CEO

7

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