Document:

Amendment #2 dated May 13, 2008 to the Credit Agreement

 Exhibit 10.13 
 AMENDMENT NO. 2 
 TO 
 CREDIT AGREEMENT 
 AMENDMENT NO. 2 TO CREDIT AGREEMENT, dated as of
May 13, 2008 (this “Agreement”), among TIMBERLANDS II, LLC, a Delaware limited liability company (“Wells Timberland”), and WELLS TIMBERLAND ACQUISITION, LLC, a Delaware limited liability company
(“Wells Acquisition”; Wells Timberland and Wells Acquisition each a “Borrower” and collectively, the “Borrowers”), the various other Loan Parties (such capitalized term and all other capitalized
terms not defined herein shall have the meanings provided for in Article I) that are parties hereto, the various financial institutions parties hereto (collectively, the “Lenders”), and COBANK, ACB, as
administrative agent (in such capacity, the “Administrative Agent”) for the Lenders. 
 W I T N E S S E T H:

 WHEREAS, the Borrowers, the Lenders and the Administrative Agent are parties to the Credit Agreement, dated as of
October 9, 2007, as amended by that certain Amendment No. 1 to Credit Agreement, dated as of November 26, 2007 (the “Existing Credit Agreement”); and 
 WHEREAS, the Borrowers have requested that, as of the Effective Date, the Existing Credit Agreement be amended as herein provided; and 

WHEREAS, the Lenders are willing, subject to the terms and conditions hereinafter set forth, to make such amendments; 
 NOW, THEREFORE, in consideration of the agreements herein contained, the parties hereto hereby agree as follows: 
 ARTICLE I 
 DEFINITIONS

 SECTION 1.1. Certain Definitions. The following terms (whether or not underscored) when used in this
Agreement shall have the following meanings: 
 “Administrative Agent” is defined in the preamble. 
 “Agreement” is defined in the preamble. 
 “Amended Credit Agreement” means the Existing Credit Agreement as amended by this Agreement as of the Effective Date. 
 “Borrower” is defined in the preamble. 

 “Effective Date” is defined in Section 5.1. 
 “Existing Credit Agreement” is defined in the first recital. 
 “Lenders” is defined in the preamble. 
 SECTION 1.2. Other Definitions. Unless otherwise defined or the context otherwise requires, terms used herein (including in the preamble and recitals hereto) have the meanings provided for in the
Existing Credit Agreement. 
 ARTICLE II 
 AMENDMENTS 
 SECTION 2.1. Effective on (and subject to the occurrence of) the Effective
Date, Section 1.1 of the Existing Credit Agreement is amended by deleting the definition of “Interest Expense” in its entirety and by adding the following new definitions in the appropriate alphabetical order: 
 “Denominator Interest Expense” means, for any period, the aggregate of interest expense (including, without limitation, all
amounts owed with respect to Rate Protection Agreements entered into with respect to the Loans and, without duplication, the portion of any capitalized lease liabilities allocable to interest expense) payable in cash by Wells Timberland in respect
of the Loans for such period. 
 “Numerator Interest Expense” means, for any period, the aggregate interest
expense of Wells Timberland for such period, as determined in accordance with GAAP and including, without duplication, the portion of any capitalized lease liabilities allocable to interest expense. 
 SECTION 2.2. Effective on (and subject to the occurrence of) the Effective Date, Section 1.1 of the Existing Credit Agreement is amended by
amending and restating in the entirety the definition of “Debt Service Coverage Ratio” as follows: 
 “Debt Service
Coverage Ratio” means, as of the close of any Fiscal Quarter, the ratio, computed for the Rolling Period ending as of the close of such Fiscal Quarter, of: 
 (a)  (i)    Net Income during the Rolling Period ending as of such Fiscal Quarter end; 
 plus 
  

	 	(ii)	Numerator Interest Expense during the Rolling Period ending as of such Fiscal Quarter end; 

 plus 
  

	 	(iii)	the aggregate amount of the Interest Reserve as of such Fiscal Quarter end; 

  

 2 

 plus 
  

	 	(iv)	the amount properly deducted, in determining Net Income, of all income taxes (whether paid or deferred) of Wells Timberland during the Rolling Period ending as of such Fiscal
Quarter end; 

 plus 
  

	 	(v)	the amount properly deducted, in determining Net Income, representing the depreciation, amortization and depletion of assets of Wells Timberland during the Rolling Period ending as
of such Fiscal Quarter end; 

 plus 
  

	 	(vi)	all fees and charges payable to Wells Manager and accrued as deductions to Net Income but not paid (whether in the form of cash, offset or other consideration) during the Rolling
Period ending as of such Fiscal Quarter end; 

 plus 
  

	 	(vii)	all non-cash losses from Rate Protection Agreements properly deducted in determining Net Income of Wells Timberland during the Rolling Period ending as of such Fiscal Quarter end;

 plus 
  

	 	(viii)	all cash receipts from hunting and other recreational leases and licenses covering all or a portion of the Land and not included as revenue in determining Net Income of Wells
Timberland during the Rolling Period ending as of such Fiscal Quarter end; 

 less 
  

	 	(ix)	all non-cash gains from Rate Protection Agreements properly recognized in determining Net Income of Wells Timberland during the Rolling Period ending as of such Fiscal Quarter end;

 less 
  

	 	(x)	all interest income from certificates of deposit issued to Wells Installment Note Issuer and securing the Continuing Letter of Credit Reimbursement Agreement properly recognized in
determining Net Income of Wells Timberland during the Rolling Period ending as of such Fiscal Quarter end; 

  

 3 

 less 
  

	 	(xi)	all fees and charges referenced in subsection (vi) that (A) are paid in cash during the Rolling Period ending as of such Fiscal Quarter from the Revenue Account and
(B) were previously added back to Net Income pursuant to subsection (vi) in the determination of the Debt Service Coverage Ratio because they had been accrued as deductions to Net Income but not paid in cash; 

 to 
 (b)  Denominator Interest Expense during such Rolling Period ending as of such Fiscal Quarter end. 
 So long as Wells
Installment Note Issuer is a Subsidiary and/or Affiliate of either or both of Wells Timberland or Wells Acquisition, for the purposes of the calculation of each of the items specified in Subsection (a) above, all of the financial results and
items of Wells Installment Note Issuer shall be included and reflected therein, whether or not such inclusion and reflection is consistent with GAAP. 
 ARTICLE III 
 REPRESENTATIONS AND WARRANTIES 
 In order to induce the Lenders to make the amendments provided for in Article II, the Borrowers hereby jointly and severally (a) represent
and warrant that (i) each of the representations and warranties of the Loan Parties contained in the Credit Agreement and in the other Loan Documents is true and correct in all material respects as of the date hereof as if made on the date
hereof (except, if any such representation and warranty relates to an earlier date, such representation and warranty shall be true and correct in all material respects as of such earlier date) and (ii) no Default or Event of Default has
occurred and is continuing and (b) agrees that the incorrectness in any material respect of any representation and warranty contained in the preceding clause (a) shall constitute an immediate Event of Default. 
 ARTICLE IV 
 ACKNOWLEDGMENT OF
OTHER LOAN PARTIES 
 By executing this Agreement, each of the Loan Parties (other than the Borrowers) hereby confirms and agrees
that each Loan Document to which it is a party is, and shall continue to be, in full force and effect and is hereby ratified and confirmed in all respects, except that on and after the Effective Date each reference therein to the Credit Agreement
shall refer to the Credit Agreement after giving effect to this Agreement. 
  

 4 

 ARTICLE V 
 CONDITIONS TO EFFECTIVENESS; EXPIRATION 
 SECTION 5.1. Effective Date.
This Agreement shall become effective on such date (herein called the “Effective Date”) when the conditions set forth in this Section have been satisfied. 
 SECTION 5.1.1 Execution of Agreement. The Administrative Agent shall have received counterparts of this Agreement duly executed and
delivered on behalf of the Borrower, each of the other Loan Parties, the Administrative Agent and all the Lenders. 
 SECTION 5.1.2
Representations and Warranties. The representations and warranties made by the Borrowers pursuant to Article III as of the Effective Date shall be true and correct. 
 SECTION 5.2. Expiration. If the Effective Date has not occurred on or prior to May 13, 2008, the agreements of the parties
contained in this Agreement shall, unless otherwise agreed by all the Lenders terminate immediately on such date and without further action. 
 ARTICLE VI 
 MISCELLANEOUS 
 SECTION 6.1. Cross-References. References in this Agreement to any Article or Section are, unless otherwise specified, to such Article or Section of this Agreement. 
 SECTION 6.2. Loan Document Pursuant to Amended Credit Agreement. This Agreement is a Loan Document executed pursuant to the Amended
Credit Agreement. Except as expressly amended hereby, all of the representations, warranties, terms, covenants and conditions contained in the Existing Credit Agreement and each other Loan Document shall remain unamended or otherwise unmodified and
in full force and effect. 
 SECTION 6.3. Limitation of Amendment. The amendment set forth in Article II
shall be limited precisely as provided for herein and shall not be deemed to be a waiver of, amendment of, consent to or modification of any other term or provision of the Existing Credit Agreement or of any term or provision of any other Loan
Document or of any transaction or further or future action on the part of the Borrower or any other Loan Party which would require the consent of any of the Lenders under the Existing Credit Agreement or any other Loan Document. 
 SECTION 6.4. Counterparts. This Agreement may be executed by the parties hereto in several counterparts, each of which shall be
deemed to be an original and all of which shall constitute together but one and the same agreement. 
 SECTION 6.5. Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. 
  

 5 

 SECTION 6.6. Further Assurances. The Borrower shall execute and deliver, and shall
cause each other Loan Party to execute and deliver, from time to time in favor of the Administrative Agent and the Lenders, such documents, agreements, certificates and other instruments as shall be necessary or advisable to effect the purposes of
this Agreement. 
 SECTION 6.7. Costs and Expenses. The Borrower agrees to pay all reasonable costs and expenses of the
Administrative Agent (including the reasonable fees and out-of-pocket expenses of legal counsel of the Administrative Agent) that are incurred in connection with the execution and delivery of this Agreement and the other agreements and documents
entered into in connection herewith. 
 SECTION 6.8. GOVERNING LAW; WAIVER OF JURY TRIAL; ENTIRE AGREEMENT. THIS AGREEMENT SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. EACH PERSON A PARTY HERETO KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHT TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION ARISING UNDER OR IN CONNECTION WITH
THIS AGREEMENT OR ANY AGREEMENT OR DOCUMENT ENTERED INTO IN CONNECTION HEREWITH. THIS AGREEMENT CONSTITUTES THE ENTIRE UNDERSTANDING AMONG THE PARTIES HERETO WITH RESPECT TO THE SUBJECT MATTER HEREOF AND SUPERSEDES ANY PRIOR AGREEMENT, WRITTEN OR
ORAL, WITH RESPECT HERETO. 
 [signature pages follow] 
  

 6 

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

			
	BORROWER:
	
	TIMBERLANDS II, LLC
		
	By:	 	 WELLS TIMBERLAND MANAGEMENT
 ORGANIZATION,
LLC, as Manager

		
	By:	 	 
		 	Name: Brian Davis
		 	Title: Vice President, Finance
	
	WELLS TIMBERLAND ACQUISITION, LLC
		
	By:	 	 WELLS TIMBERLAND MANAGEMENT
 ORGANIZATION,
LLC, as Manager

		
	By:	 	 
		 	Name: Brian Davis
		 	Title: Vice President, Finance
	
	OTHER LOAN PARTIES:
	
	 WELLS TRS HARVESTING OPERATIONS,
 LLC, a Delaware limited liability company

		
	BY:	 	Forest Resource Consultants, Inc., a Georgia corporation, Manager
		
	By:	 	 
	Name:	 	David Foil
	Title:	 	President
	
	WELLS TIMBERLAND REIT, INC.
		
	By:	 	 
		 	Name: Randall D. Fretz
		 	Title: Senior Vice President

  

 7 

			
	
	WELLS TIMBERLAND TRS, INC.
		
	By:	 	 
		 	Name: Randall D. Fretz
		 	Title: Senior Vice President

  

			
	ADMINISTRATIVE AGENT:
	
	COBANK, ACB,
	as Administrative Agent
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	LENDERS:
	
	AGSOUTH FARM CREDIT, ACA
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	WACHOVIA BANK, NATIONAL ASSOCIATION
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	COÖPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK, B.A. “RABOBANK NEDERLAND”, NEW YORK BRANCH
		
	By:	 	 
		 	Name:
		 	Title:

  

			
		
	By:	 	 
		 	Name:
		 	Title:

  

 8First Amendment dated October 15, 2008

 Exhibit 10.36 
 FIRST AMENDMENT TO PLEDGE AGREEMENT 
 THIS FIRST AMENDMENT TO PLEDGE AGREEMENT (the
“Amendment”) dated as of October 15, 2008 is made by MWV SPE, LLC, a Delaware limited liability company (“Wells Installment Note Issuer”), Wells Timberland Operating Partnership, L.P., a Delaware limited partnership
(“Wells Partnership”), Wells Timberland Acquisition, LLC, a Delaware limited liability company (“Wells Acquisition”; Wells Installment Note Issuer, Wells Partnership and Wells Acquisition are collectively referred to as the
“Grantors” and individually as a “Grantor”), and Wachovia Bank, National Association, as Administrative Agent (in such capacity, the “Administrative Agent”) for the Lenders under that certain Subordinated
Credit Agreement dated as of October 9, 2007 among Timberlands II, LLC, a Delaware limited liability company (“Wells Timberland”), Wells Acquisition, the various lending institutions from time to time parties thereto, and the
Administrative Agent, as amended. 
 WITNESSETH: 
 WHEREAS, the parties to this Amendment other than Wells Acquisition entered into a certain Pledge Agreement dated as of October 9, 2007 (the “Pledge Agreement”); and 
 WHEREAS, all capitalized terms used herein shall have the meanings ascribed thereto in the Pledge Agreement unless otherwise provided herein; and

 WHEREAS, pursuant to the Pledge Agreement, Wells Installment Note Issuer pledged 100% of the membership interests in Wells Timberland (the
“Pledged Interests”) to secure the Secured Obligations; and 
 WHEREAS, simultaneously with the effectiveness of this Amendment,
Wells Installment Note Issuer is transferring the Pledged Interests to Wells Acquisition as permitted by Section 7.2.19 of the Credit Agreement; and 
 WHEREAS, the parties desire to amend the Pledge Agreement to add Wells Acquisition as a Grantor with respect to the Pledged Interests and to release Wells Installment Note Issuer as a Grantor under the Pledge
Agreement. 
 NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties
hereby agree as follows: 
  

	 	1.	Consent to Transfer. The Administrative Agent hereby consents to the transfer of the Pledged Interests by Wells Installment Note Issuer to Wells Acquisition.

  

	 	2.	 Continuous Perfection of Security Interests. The parties acknowledge that the Pledged Interests are and remain subject to the security interest created under
the Pledge Agreement and are transferred to Wells Acquisition subject to such security interest. Wells Timberland hereby agrees to (a) issue Certificate No. 2 in the name of Wells Acquisition which shall in the corporate stock ledger of
Wells Timberland 

	 	 
replace Certificate No. 1 issued by Wells Timberland (“Certificate No. 1”), as evidencing the Pledged Interests
(“Certificate No. 2”) and (b) deliver Certificate No. 2 with a corresponding stock power executed in blank to the Administrative Agent. The Administrative Agent hereby agrees, upon its receipt of Certificate
No. 2, to return Certificate No. 1 to Wells Timberland for cancellation. 

  

	 	3.	Joinder of Wells Acquisition. Wells Acquisition hereby joins the Pledge Agreement as Grantor with respect to the Pledged Interests effective on the date hereof and agrees to
be bound by the terms thereof to the extent applicable. 

  

	 	4.	Release of Wells Installment Note Issuer. The parties hereby agree that, effective upon the transfer of the Pledged Interests, Wells Installment Note Issuer shall be released
as a Grantor under the Pledge Agreement and shall have no further liability or obligation thereunder with regard to matters originating after the date hereof. 

  

	 	5.	Amendment to Schedule I to Pledge Agreement. Schedule I to Pledge Agreement is hereby replaced in its entirety by the Schedule I to Pledge Agreement attached hereto as
Exhibit A. 

  

	 	6.	No Other Amendments. The amendments set forth herein shall be limited precisely as provided for herein and shall not be deemed to be a waiver of, amendment of, consent to or
modification of any other term or provision of the Pledge Agreement or of any term or provision of any other Loan Document or of any transaction or further or future action on the part of the Grantor or any Loan Party which would require the consent
of any of the Lenders under the Credit Agreement or any other Loan Document, and the provisions of the Pledge Agreement shall remain unchanged and in full force and effect. Wells Partnership and Wells Acquisition hereby ratify and confirm their
respective representations, warranties and covenants as Grantors under the Pledge Agreement. 

  

	 	7.	Representations and Warranties. Each Grantor hereby represents and warrants that: 

  

	 	a.	each of the representations and warranties of the Grantor contained in the Pledge Agreement and in the Loan Documents is true and correct in all material respects as of the date
hereof as if made on the date hereof (except, if any such representation and warranty relates to an earlier date, such representation and warranty shall be true and correct in all material respects as of such earlier date); 

 

	 	b.	no Default (as defined in the Credit Agreement) or Event of Default (as defined in the Credit Agreement) has occurred and is continuing; and 

  

	 	c.	 the execution, delivery and performance by each Grantor of this Amendment and the consummation of the transactions contemplated hereby and the fulfillment of the
terms hereof do not (i) conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time) a default under (A) the formation documents of the Grantors, or (B) any
material indenture, 

  

 2 

	 	 
agreement, mortgage, deed of trust, or other instrument to which any Grantor is a party or by which it is bound or any of its properties are subject;
(ii) result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement, mortgage, deed of trust, or other instrument; or (iii) violate any law, order, rule, or regulation
applicable to any Grantor of any court or of any Federal or State regulatory body, administrative agency, or other governmental instrumentality having jurisdiction over any Grantor or its properties. 

  

	 	8.	Further Agreement. Each Grantor hereby agrees that (a) the incorrectness in any material respect of any representation and warranty contained in this Section 7
shall constitute an immediate Event of Default; (b) each Loan Document to which each Grantor is a party is in full force and effect with respect to it; and (c) no event that would reasonably be expected to have a Material Adverse Effect
has occurred since the execution of Amendment No. 2 to Subordinated Credit Agreement (as defined in the Credit Agreement). 

  

	 	9.	Effectiveness. This Amendment shall become effective upon the satisfaction of each of the following: (a) its execution and delivery by all parties hereto and
(b) delivery of Certificate No. 2 with a corresponding stock power executed in blank to the Administrative Agent. This Amendment may be executed by the parties in several counterparts, each of which shall be deemed an original and all of
which shall constitute together but one and the same agreement. 

  

	 	10.	Loan Document Pursuant to Subordinated Credit Agreement. This Amendment is a Loan Document executed pursuant to the Subordinated Credit Agreement. Except as expressly amended
hereby, all of the representations, warranties, terms, covenants and conditions contained in the Pledge Agreement shall remain unamended or otherwise unmodified and in full force and effect. 

  

	 	11.	No Waiver; Reservation of Rights. In no way or manner shall this Amendment or any provision herein be construed as a waiver by the Lender Parties of their rights or remedies
under the Pledge Agreement and the other Loan Documents. The Lender Parties hereby expressly, fully and completely reserve all of their rights and remedies under the Pledge Agreement and the other Loan Documents. 

  

	 	12.	Release. Each of the Grantors hereby releases the Administrative Agent, the Lenders and their respective officers, directors, equity owners, agents and employees
(collectively, the “Specified Parties”) of, from and against any and all claims, liability, losses, costs and expenses directly or indirectly relating to or arising out of the Loan Documents and the execution and delivery thereof or
any act or omission of the Specified Parties thereunder or relating thereto which has occurred up through and including the time of the execution and delivery of this Amendment and which is known by, or should have been known by, any of the
Grantors. 

  

 3 

	 	13.	GOVERNING LAW; WAIVER OF JURY TRIAL; ENTIRE AGREEMENT. THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. EACH PERSON
A PARTY HERETO KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHT TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION ARISING UNDER OR IN CONNECTION WITH THIS AMENDMENT OR ANY AGREEMENT OR DOCUMENT ENTERED INTO IN CONNECTION HEREWITH. THIS
AMENDMENT CONSTITUTES THE ENTIRE UNDERSTANDING AMONG THE PARTIES HERETO WITH RESPECT TO THE SUBJECT MATTER HEREOF AND SUPERSEDES ANY PRIOR AGREEMENT, WRITTEN OR ORAL, WITH RESPECT HERETO. 

 [Remainder of Page Intentionally Left Blank; 
 Signature Page to Follow.] 
  

 4 

 IN WITNESS WHEREOF, each of the parties has caused this Amendment to be duly executed and delivered as of
the day and year first above written. 
  

					
	GRANTORS:
	
	MWV SPE, LLC, a Delaware limited liability company
		
	BY:	 	Wells Timberland Management Organization, LLC, a Georgia limited liability company, Manager
			
		 	By:	 	  

		 	Name:	 	Brian Davis
		 	Title:	 	Vice President, Finance
	
	WELLS TIMBERLAND OPERATING PARTNERSHIP, L. P., a Delaware limited partnership
		
	BY:	 	Wells Timberland REIT, Inc., a Maryland corporation, General Partner
			
		 	By:	 	  

		 	Name:	 	Randall D. Fretz
		 	Title:	 	Senior Vice President
	
	WELLS TIMBERLAND ACQUISITION, LLC, a Delaware limited liability company
		
	BY:	 	Wells Timberland Management Organization, LLC, a Georgia limited liability company, Manager
			
		 	By:	 	  

		 	Name:	 	Brian Davis
		 	Title:	 	Vice President, Finance

  

 First Amendment to Pledge Agreement 

 Each of the other Loan Parties hereby confirm and agree that each Loan Document to which it is a party
is, and shall continue to be, in full force and effect and is hereby ratified and confirmed in all respects, except than on and after the effective date of this Amendment each reference therein to the Pledge Agreement shall refer to the Pledge
Agreement after giving effect to this Amendment. 
  

					
	 WELLS TRS HARVESTING OPERATIONS, LLC,
 a
Delaware limited liability company

		
	By:	 	 FOREST RESOURCE CONSULTANTS, INC.,
 a
Georgia corporation,
 as Manager

			
		 	By:	 	  

		 	Name:	 	David Foil
		 	Title:	 	President
	
	 WELLS TIMBERLAND REIT, INC.,
 a Maryland
corporation

		
	By:	 	  

	Name:	 	Randall D. Fretz
	Title:	 	Senior Vice President
	
	 WELLS TIMBERLAND TRS, INC.,
 a Delaware
corporation

		
	By:	 	  

	Name:	 	Randall D. Fretz
	Title:	 	Senior Vice President
	
	 WELLS REAL ESTATE FUNDS, INC.,
 a Georgia
corporation

		
	By:	 	  

	Name:	 	Randall D. Fretz
	Title:	 	Senior Vice President

  

 First Amendment to Pledge Agreement 

					
	 TIMBERLANDS II, LLC
 a Delaware limited
liability company

		
	By:	 	 WELLS TIMBERLAND MANAGEMENT ORGANIZATION, LLC
 a Georgia limited liability company, as Manager

			
		 	By:	 	  

		 	Name:	 	Brian Davis
		 	Title:	 	Vice President, Finance

  

 First Amendment to Pledge Agreement 

					
	 ADMINISTRATIVE AGENT:
  
 WACHOVIA BANK, NATIONAL ASSOCIATION,
 as Administrative
Agent

		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

 First Amendment to Pledge Agreement 

 EXHIBIT A 
 [See Attached] 
  

 First Amendment to Pledge Agreement 

 SCHEDULE I 
 to 
 Pledge Agreement 
 Pledged Membership Interests 
  

												
	 Grantor
	  	 State of
 Organization
 of
Grantor
	  	 Securities
 Issuer
	  	No. of
Membership
Interests	  	Membership
Interests %
of Interests
Pledged	 	 	Certificate
No.
	 Wells Timberland Acquisition, LLC
	  	Delaware	  	Timberlands II, LLC	  	1,000	  	100	%	 	02
						
	 Wells Timberland Operating Partnership, L.P.
	  	Delaware	  	Wells Timberland Acquisition, LLC	  	1,000	  	100	%	 	01

  

 First Amendment to Pledge Agreement

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00157-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00157-of-00352.parquet"}]]