Document:

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                                                                   EXHIBIT 10.44

          FIRST AMENDED AND RESTATED LIMITED LIABILITY COMPANY INTEREST
                          SECURITY AND PLEDGE AGREEMENT

         THIS FIRST AMENDED AND RESTATED LIMITED LIABILITY COMPANY INTEREST
SECURITY AND PLEDGE AGREEMENT (as amended from time to time, the "Agreement") is
made as of December 30, 2002 by ORIGEN FINANCIAL L.L.C., a Delaware limited
liability company ("Pledgor"), in favor of SUN HOME SERVICES, INC., a Michigan
corporation whose address is 31700 Middlebelt Road, Suite 145, Farmington Hills,
MI 48334 ("Secured Party").

                                R E C I T A L S:

         A. Sun Communities Operating Limited Partnership ("SCOLP") made a line
of credit (the "Line of Credit") available to Pledgor for up to $27,500,000
pursuant to a Second Amended and Restated Subordinated Loan Agreement dated
December 4, 2002 between Pledgor and SCOLP (the "Original Line of Credit Loan
Agreement") and a Sixth Amended and Restated Promissory Note dated December 4,
2002 in the original principal amount of $27,500,000 delivered by Pledgor to
SCOLP (the "Original Line of Credit Note").

         B. SCOLP made a term loan (the "Term Loan") in the amount of
$10,000,000 to Pledgor pursuant to a Subordinated Term Loan Agreement dated
December 4, 2002 between SCOLP and Pledgor (the "Original Term Loan Agreement")
and a Term Promissory Note dated December 4, 2002 in the original principal
amount of $10,000,000 delivered by Pledgor to SCOLP (the "Original Term Loan
Note").

         C. SCOLP assigned its interest in the Line of Credit, the Term Loan,
the Original Line of Credit Loan Agreement, the Original Line of Credit Note,
the Original Term Loan Agreement, the Original Term Loan Note and related
documents to Secured Party pursuant to an Assignment of Loans of even date
herewith.

         D. Pledgor and Secured Party have entered into the First Amendment to
Second Amended and Restated Subordinated Loan Agreement of even date herewith
(together with the Original Line of Credit Loan Agreement as it may further be
amended from time to time, the "Line of Credit Loan Agreement") and Pledgor has
delivered to Secured Party the Seventh Amended and Restated Promissory Note of
even date herewith (as it may further be amended from time to time, the "Seventh
Amended Line of Credit Note"), pursuant to which the credit limit of the Line of
Credit has been increased to $48,000,000.

         E. Pledgor and Secured Party have entered into a First Amendment to
Subordinated Term Loan Agreement of even date herewith (together with the
Original Term Loan Agreement as it may further be amended from time to time, the
"Term Loan Agreement") and Pledgor has delivered to Secured Party the First
Amended and Restated Term Promissory Note of even date herewith (as it may
further be amended from time to time, the "First Amended Term Loan Note"),
pursuant to which Secured Party is reflected as the lender.

         F. To secure the payment of all amounts due to SCOLP by Pledgor in
connection with the Line of Credit and to secure all of Pledgor's other
obligations to SCOLP of any nature, Pledgor
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and SCOLP entered into a Limited Liability Company Interest Security And Pledge
Agreement dated February 1, 2002 (the "Original Pledge Agreement").

         G. Pledgor currently owns 100% of the membership interests in Origen
Special Purpose, L.L.C., a Delaware limited liability company, Origen Special
Purpose II, L.L.C., a Delaware limited liability company, Origen Manufactured
Home Financial, L.L.C., a Delaware limited liability company, Origen Insurance
Agency, L.L.C., a Virginia limited liability company, Origen Financial of South
Dakota, L.L.C., a Delaware limited liability company, and Origen Credit L.L.C.,
a Delaware limited liability company (collectively, the "Subsidiaries").

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

         NOW, THEREFORE, the parties agree as follows:

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

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

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endorsements), with such Proceeds to be applied by the Secured Party to reduce
the Obligations.

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

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

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

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

         7. ASSIGNMENT; PLEDGE; AMENDMENT. Without the prior written consent of
the Secured Party, Pledgor will not (i) sell, assign, transfer, exchange or
otherwise dispose of, or grant any option with respect to, the Collateral; (ii)
create or permit to exist any lien or option in favor of, or any claim of, any
person with respect to any of the Collateral, except, in either case, for the
lien created by this Agreement; or (iii) amend or modify the operating agreement
of any of the Subsidiaries (as amended from time to time, collectively, the
"Operating Agreements"), or enter into any agreement or arrangement with any
Subsidiary or its respective members which amends or modifies the rights and
obligations of such Subsidiary and its respective members as set forth in such
Subsidiary's Operating Agreement. Pledgor will defend the right, title and
interest of the Secured Party in and to the Collateral against the claims and
demands of all other persons.

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

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

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

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

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

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

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

         15. COUNTERPARTS; REPRODUCTIONS. This Agreement may be executed in

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

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

                         [signatures on following page]

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

                                 PLEDGOR:

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

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

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

                                 SECURED PARTY:

                                 SUN HOME SERVICES, INC., a Michigan corporation

                                 By:   /s/ Jeffrey P. Jorissen
                                    --------------------------------------------
                                 Its:     Chief Financial Officer
                                     -------------------------------------------

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                                                                   EXHIBIT 10.45

                      SECOND AMENDED AND RESTATED GUARANTY

         THIS SECOND AMENDED AND RESTATED GUARANTY (the "Second Amended
Guaranty") is made December 30, 2002 by Bingham Financial Services Corporation,
a Michigan corporation ("Bingham"), in favor of Sun Home Services, Inc., a
Michigan corporation ("SHS").

                                    RECITALS:

         A. Bingham has executed and delivered to Sun Communities Operating
Limited Partnership ("SCOLP") an Amended and Restated Guaranty dated February 1,
2002, (the "First Amended Guaranty"), pursuant to which Bingham guaranteed the
payment and performance when due of certain obligations owing from Origen
Financial L.L.C. ("Borrower") to SCOLP, including without limitation under the
line of credit loan (the "Line of Credit") evidenced by the Second Amended and
Restated Subordinated Loan Agreement dated December 4, 2002 between Borrower and
SCOLP (collectively, the "Original Line of Credit Loan Agreement") and the Sixth
Amended and Restated Promissory Note dated December 4, 2002 in the original
principal amount of $27,500,000 executed by Borrower in favor of SCOLP (the
"Original Line of Credit Note").

         B. SCOLP made a term loan (the "Term Loan") in the amount of
$10,000,000 to Borrower pursuant to a Subordinated Term Loan Agreement dated
December 4, 2002 between SCOLP and Borrower (the "Original Term Loan Agreement")
and a Term Promissory Note dated December 4, 2002 in the original principal
amount of $10,000,000 delivered by Borrower to SCOLP (the "Original Term Loan
Note").

         C. SCOLP assigned its interest in the First Amended Guaranty, the Line
of Credit, the Term Loan, the Original Line of Credit Loan Agreement, the
Original Line of Credit Note, the Original Term Loan Agreement, the Original
Term Loan Note and related documents to SHS pursuant to an Assignment of Loans
of even date herewith.

         D. Borrower and SHS have entered into the First Amendment to Second
Amended and Restated Subordinated Loan Agreement of even date herewith (together
with the Original Line of Credit Loan Agreement as it may further be amended
from time to time, the "Line of Credit Loan Agreement") and Borrower has
delivered to SHS the Seventh Amended and Restated Promissory Note of even date
herewith (as it may further be amended from time to time, the "Seventh Amended
Line of Credit Note"), pursuant to which the credit limit of the Line of Credit
has been increased to $48,000,000.

         E. Borrower and SHS have entered into a First Amendment to Subordinated
Term Loan Agreement of even date herewith (together with the Original Term Loan
Agreement as it may further be amended from time to time, the "Term Loan
Agreement") and Borrower has delivered to SHS the First Amended and Restated
Term Promissory Note of even date herewith (as it may further be amended from
time to time, the "First Amended Term Loan Note"), pursuant to which SHS is
reflected as the lender.

         F. The Line of Credit is secured by the collateral described in the
First Amended and Restated Security Agreement of even date herewith between
Borrower and SHS, as amended

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from time to time, (ii) the Second Amended and Restated Stock Pledge Agreement
of even date herewith between Borrower and SHS, as amended from time to time,
and (iii) the First Amended and Restated Limited Liability Company Interest
Security and Pledge Agreement of even date herewith between Borrower and SHS, as
amended from time to time, and various Uniform Commercial Code financing
statements filed to perfect the security interests granted under the foregoing
agreements (as they may be amended from time to time, the "Origen Security
Documents").

         G. The Borrower may from time to time request loans, advances or other
financial accommodations from SHS and SHS may, in its discretion, honor such
requests in whole or part and thereby the Borrower may from time to time be
indebted to SHS, including without limitation, under (i) the Line of Credit Loan
Agreement; (ii) the Seventh Amended Line of Credit Note; (iii) the Term Loan
Agreement; (iv) the First Amended Term Loan Note; and (v) the Origen Security
Documents (collectively, the "Origen Loan Documents").

         H. SHS is unwilling to make loans, advances or extend other financial
accommodations to or otherwise do business with the Borrower unless Bingham
continues to unconditionally guarantee payment of all present and future
indebtedness and obligations of Borrower to SHS and as a condition of amending
the Line of Credit and the Term Loan, SHS has required that Bingham execute and
deliver this Second Amended Guaranty.

         I. Bingham is a member of Borrower and will directly benefit from SHS's
making of loans, advances or extending other financial accommodations to or
otherwise doing business with the Borrower.

         J. Bingham desires to amend and restate the First Amended Guaranty in
its entirety in accordance with the terms and conditions set forth in this
Second Amended Guaranty.

         NOW, THEREFORE, in order to induce SHS to make loans, advances or
extend other financial accommodations to and otherwise do business with the
Borrower and for other good and valuable consideration, the receipt and
sufficiency whereof are hereby acknowledged, Bingham hereby covenants and agrees
with SHS as follows:

         1. GUARANTY. Bingham hereby irrevocably and unconditionally guarantees
to SHS and its successors and assigns: (a) the full and prompt payment and
performance when due of the Indebtedness, as hereinafter defined; and (b) the
payment, compliance with and performance of all other obligations, covenants,
representations and warranties of every kind, nature and description in
accordance with all instruments and documents executed by Borrower in favor of
SHS, whether now owing or existing or heretofore or hereafter created or
arising, regardless of whether such obligations, covenants, representations or
warranties are held to be unenforceable, void or of no effect against Borrower
and including without limitation, those under any loan agreement and/or
promissory note executed and delivered by Borrower to SHS, and any extensions,
modifications or renewals thereof. The term "Indebtedness" shall mean all
principal, interest, attorneys' fees, commitment fees, liabilities for costs and
expenses and all other indebtedness, obligations and liabilities under and in
accordance with the terms of all instruments and documents executed by Borrower
in favor of SHS, including, without limitation, the Origen

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Loan Documents, whether direct or indirect, absolute or contingent and whether
now owing or existing or heretofore or hereafter created or arising, and
regardless of whether such indebtedness, obligations or liabilities are held to
be unenforceable, void or of no effect against Borrower, and all costs, expenses
and fees, including reasonable attorneys' fees, arising in connection with the
collection or enforcement of any or all amounts, indebtedness, obligations and
liabilities of Borrower to SHS, as described above, regardless of whether
Borrower is held to be liable for such amounts. Bingham acknowledges and agrees
that any indebtedness of Borrower to SHS as evidenced by any promissory note may
be extended or renewed upon maturity at the sole discretion of SHS and that the
Indebtedness as defined herein, the payment of which is hereby guaranteed, shall
include, without limitation, all indebtedness and other obligations as extended
or renewed and as may be evidenced by any renewal promissory note.

         2. GUARANTY UNCONDITIONAL. This is an irrevocable, unconditional and
absolute guaranty of payment, and not of collection, and Bingham agrees that its
liability on this Second Amended Guaranty shall be immediate and SHS may have
immediate recourse against Bingham for full and immediate payment of the
Indebtedness at any time after the Indebtedness or any part thereof, has not
been paid when due (whether by acceleration or otherwise) or Borrower has
defaulted or otherwise failed to perform when due any of its obligations,
covenants, representations or warranties to SHS.

         3. LIABILITY NOT CONTINGENT. The liability of Bingham on this Second
Amended Guaranty shall not be contingent upon the exercise or enforcement by SHS
of whatever remedies it may have against Borrower or others, or the enforcement
of any lien or realization upon any security or collateral SHS may at any time
possess. Any one or more successive and/or concurrent actions may be brought
hereon against Bingham either in the same action, if any, brought against
Borrower or in separate actions, as often as SHS, in its sole discretion, may
deem advisable. No election to proceed in one form of action or proceeding, or
against any party, or on any obligation, shall constitute a waiver of SHS's
right to proceed in any other form of action or proceeding or against other
parties unless SHS has expressly waived such right in writing. Specifically, but
without limiting the generality of the foregoing, no action or proceeding by SHS
against Borrower under any document or instrument evidencing or securing the
Indebtedness shall serve to diminish the liability of Bingham, except to the
extent SHS realizes payment by such action or proceeding, notwithstanding the
effect of any such action or proceeding upon Bingham's right of subrogation
against Borrower. Receipt by SHS of payment or payments with knowledge of the
breach of any provision with respect to any of the Indebtedness shall not, as to
Bingham, be deemed a waiver of such breach. All rights, powers and remedies of
SHS hereunder and under any other agreement now or at any time hereafter in
force between SHS and Bingham shall be cumulative and not alternative and shall
be in addition to all rights, powers and remedies given to SHS by law.

         4. LIABILITY ABSOLUTE. Bingham agrees that its liability hereunder is
absolute and unconditional and that SHS shall not be obligated (although it may
do so at its sole option) before being entitled to direct recourse against
Bingham to take any steps, whatsoever to preserve, protect, accept, perfect
SHS's interest in, foreclose upon or realize on collateral security, if any, for
the payment of the Indebtedness or any other guaranty of the Indebtedness or

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in any other respect exercise any diligence whatever in collecting or attempting
to collect the Indebtedness by any means.

         5. NO IMPAIRMENT OF LIABILITY. The liability of Bingham shall in no way
be affected or impaired by: (a) any amendment, alteration, extension, renewal,
waiver, indulgence or other modification of the Indebtedness; (b) any settlement
or compromise in connection with the Indebtedness; (c) any subordination of
payments under the Indebtedness to any other debt or claim; (d) any
substitution, exchange, release or other disposition of all or any part of any
collateral for the Indebtedness; (e) any failure, delay, neglect, act or
omission by SHS to act in connection with the Indebtedness; (f) any advances for
the purpose of performing any covenant or agreement of Borrower, or curing any
breach; (g) the filing by or against Borrower of bankruptcy, insolvency,
reorganization or other debtor's relief afforded Borrower pursuant to the
present or future provisions of the Bankruptcy Code or any other state or
federal statute or by the decision of any court; or (h) any other matter whether
similar or dissimilar to the foregoing. The obligations of Bingham are
unconditional, notwithstanding any defect in the genuineness, validity,
regularity or enforceability of the Indebtedness or any other circumstances
whether or not referred to herein, which might otherwise constitute a legal or
equitable discharge or defense of a surety or guarantor.

         6. WAIVERS. Bingham hereby waives each and every defense which, under
principles of guaranty or suretyship law or otherwise, would otherwise operate
to impair or diminish the liability of Bingham hereunder, including, without
limitation: (a) notice of acceptance of this Second Amended Guaranty and of
creations of Indebtedness of Borrower to SHS; (b) any subrogation to the rights
of SHS against Borrower until the Indebtedness has been paid in full; (c)
presentment and demand for payment of any Indebtedness of Borrower; (d) protest,
notice of protest, and notice of dishonor or default to Bingham or to any other
party with respect to any of the Indebtedness; (e) all other notices to which
Bingham might otherwise be entitled; (f) any demand for payment under this
Second Amended Guaranty; (g) any defense arising by reason of any disability or
other defense of Borrower by reason of the cessation from any cause whatsoever
of the liability of Borrower; (h) any rights to extension, composition or
otherwise under the Bankruptcy Code or any amendments thereof, or under any
state or other federal statute; (i) any right or claim or claim of right to
cause a marshalling of Borrower's assets; and (j) any participation in any of
the Indebtedness by a third party. No notice to or demand on Bingham shall be
deemed to be a waiver of the obligation of Bingham or of the right of SHS to
take further action without notice or demand as provided herein; nor in any
event shall any modification or waiver of the provisions of this Second Amended
Guaranty be effective unless in writing nor shall any such waiver be applicable
except in the specific instance for which given.

         7. WARRANTIES AND REPRESENTATIONS. Bingham represents, warrants and
covenants to SHS that, as of the date of this Second Amended Guaranty: Bingham
is meeting its current liabilities as they mature; any financial statements of
Bingham furnished SHS are true and correct and include in the footnotes thereto
all contingent liabilities of Bingham; since the date of said financial
statements there has been no material adverse change in the financial condition
of Bingham; there are not now pending any material court or administrative
proceedings or undischarged judgments against Bingham and no federal or state
tax liens have been filed or

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threatened against Bingham, nor is Bingham in default or claimed default under
any agreement for borrowed money.

         8. NOTICES. Bingham agrees to immediately give SHS written notice of
any material adverse change in its financial condition, including but not
limited to litigation commenced, tax liens filed, default claimed under its
indebtedness for borrowed money or bankruptcy proceedings commenced by or
against Bingham. Bingham agrees to deliver, timely to SHS, annual financial
statements for the preceding fiscal year; and at such reasonable times as SHS
requests to furnish its current financial statements to SHS and permit SHS or
its representatives to inspect at Bingham's offices, its financial records and
properties and make extracts therefrom in order to evaluate the financial
condition of Bingham.

         9. MISCELLANEOUS. This Second Amended Guaranty shall inure to the
benefit of SHS and its successors and assigns, including each and every holder
or owner of any of the indebtedness guaranteed hereby. In the event that any
person other than SHS shall become a holder or owner of any of the Indebtedness,
each reference to SHS hereunder shall be construed as if it referred to each
such holder or owner. This Second Amended Guaranty shall be binding upon Bingham
and its successors and assigns. Bingham agrees that recourse may be had against
its earnings and separate property for all of Bingham's obligations under this
Second Amended Guaranty. This Second Amended Guaranty and all rights and
obligations hereunder, including matters of construction, validity and
performance, shall be governed by the laws of the State of Michigan.

         10. JURY WAIVER. BINGHAM ACKNOWLEDGES THAT THE RIGHT TO TRIAL BY JURY
IS A CONSTITUTIONAL ONE, BUT THAT IT MAY BE WAIVED. BINGHAM, AFTER CONSULTING
(OR HAVING HAD THE OPPORTUNITY TO CONSULT) WITH COUNSEL OF ITS CHOICE, KNOWINGLY
AND VOLUNTARILY, AND FOR ITS BENEFIT WAIVES ANY RIGHT TO TRIAL BY JURY IN THE
EVENT OF LITIGATION REGARDING THE PERFORMANCE OR ENFORCEMENT OF, OR IN ANY WAY
RELATED TO, THIS SECOND AMENDED GUARANTY OR THE INDEBTEDNESS.

         11. COLLATERAL. This Second Amended Guaranty is secured by the
collateral described in: (i) the Second Amended and Restated Security Agreement
of even date herewith between SHS and Bingham; (ii) the Amended and Restated
Membership Pledge Agreement of even date herewith between SHS and Bingham; (iii)
the Amended and Restated Stock Pledge Agreement of even date herewith between
SHS and Bingham; and (iv) various Uniform Commercial Code financing statements
filed to perfect the security interests granted under the foregoing agreements.

         12. GUARANTY FREELY GIVEN. THIS SECOND AMENDED GUARANTY IS FREELY AND
VOLUNTARILY GIVEN TO SHS BY BINGHAM, WITHOUT ANY DURESS OR COERCION, AND AFTER
BINGHAM HAS EITHER CONSULTED WITH COUNSEL OR BEEN GIVEN AN OPPORTUNITY TO DO SO,
AND BINGHAM HAS CAREFULLY AND COMPLETELY READ ALL OF THE TERMS AND PROVISIONS OF
THIS SECOND AMENDED GUARANTY.

                                      -5-
<PAGE>

         13. INTEGRATION. This Second Amended and Guaranty and any other
documents executed in connection herewith together constitute the full and
entire understanding and agreement among the parties with respect to the subject
matter herein contemplated, and shall supersede all prior understandings or
agreements relating thereto, whether written or oral, including without
limitation the First Amended Guaranty, all of which are declared to be null and
void and of no further force or effect.

         IN WITNESS WHEREOF, this Second Amended and Restated Guaranty was
executed and delivered by the undersigned on the date stated in the first
paragraph above.

                                          BINGHAM FINANCIAL SERVICES CORPORATION

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

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

                                      -6-

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