Document:

Security Agreement by Centurion Acquisitions, L.P. and Pars Investment Inc.

    SECURITY
      AGREEMENT

    

    This
      Security Agreement (this “Agreement”)
      dated
      as of the 16th
      day of
      November, 2006 (the “Effective
      Date”),
      is
      made by Centurion Acquisitions, L.P., a Texas limited partnership and Pars
      Investments, Inc., a Texas corporation (for purposes of this Agreement each
      is
      referred to as a “Debtor”
      and
      collectively, “Debtors”),
      in
      favor of United Development Funding III, L.P., a Delaware limited partnership
      (“Lender”).

    

    R
      E C I T A L S:

    

    A. Lender
      has agreed to advance funds to Debtors pursuant to that Secured Promissory
      Note
      dated as of the Effective Date in the principal amount of $5,272,250.00 (the
      “Note”).

    

    B. It
      is a
      condition precedent to Lender’s willingness to accept the Note and advance funds
      to Debtors thereunder that Debtors enter into this Agreement with Lender,
      pursuant to which Debtors grant Lender a security interest in and lien on all
      of
      their respective assets, and Debtors are willing to enter into this Agreement
      and agree to be bound by its terms and conditions.

    

    AGREEMENT:

    

    NOW,
      THEREFORE, in consideration of the foregoing premises and in order to induce
      Lender to accept the Note and advance funds thereunder, and for other good
      and
      valuable consideration, the receipt and sufficiency of which are acknowledged,
      Debtors jointly and severally covenant and agree with Lender as
      follows:

    

    1. Definitions.
      All
      capitalized terms used but not defined in this Agreement shall have the
      respective meanings given to such terms in the Note. Notwithstanding the
      foregoing sentence, terms used in Article 9 of the Uniform Commercial Code
      (the
“Code”)
      in the
      State of Texas, when used in this Agreement, have the definitions given to
      such
      terms as therein defined. 

    

    2. Grant
      of Security Interest.
      Each
      Debtor hereby assigns, pledges and grants to Lender for its benefit, a
      continuing security interest in all of such Debtor’s right, title and interest
      in and to all of its assets, whether now owned or hereafter acquired, and
      including, without limitation, all full and partial interests in the following
      (collectively, the “Collateral”):

    

    (a) all
      accounts receivable, rights to payment, promissory notes, and all guarantees,
      security agreements, insurance policies, and security interests and the rights
      to receive payment thereon; 

    

    (b) all
      cash
      on hand, including, without limitation, cash held in bank accounts, brokerage
      accounts, certificates of deposit, and other depositories, all accounts
      receivable owing by any person or entity, including all such amounts due to
      such
      Debtor, and all security for payment thereof, and in and to all the proceeds,
      monies, income, instruments, securities, accounts, benefit, collections, tax
      refunds, insurance proceeds, and products thereof and thereon and attributable
      or accruing thereto;

    

    (c) all
      of
      such Debtor’s interest in all equipment, inventory, materials, computer software
      and records, goods, and other personal property, and all documents and receipts
      covering such property, and all licenses and permits used or held for use in
      connection with such property; 

    

    (d) all
      patents, trademarks, service marks, copyrights, licenses, and all other
      intellectual property (collectively, the “Intellectual
      Property”),
      and
      all agreements and contracts to which such Debtor is a party regarding the
      use
      and exploitation of any of the Intellectual Property and applications therefor,
      now owned or hereafter acquired by such Debtor;

    

    (e) all
      of
      such Debtor’s contract rights and other general intangibles relating to any of
      the Collateral, including, without limitation, all contract and other rights
      to
      receive proceeds and reimbursements and license agreements; 

    

    (f) all
      such
      Debtor’s interest in any subsidiary company, and all capital stock, equity
      interests, partnership interests, and membership interests and all warrants,
      options and other rights to purchase any such interests, in any other
      corporation, partnership, limited liability company or other business
      entity;

    

    (g) all
      books
      and records (including electronic records, computer disks, tapes, printouts
      and
      other storage media) relating to any of the foregoing; and

    

    (h) all
      of
      such Debtor’s interest in the proceeds of any sale or disposition of any of the
      foregoing, and in and to any and all money, documents, instruments, securities,
      or accounts owned or belonging to Debtor.

    

    Debtors
      shall be deemed to have possession of any of the Collateral in transit to it
      or
      set apart for it or for any of its agents, affiliates or correspondents.

    

    3. Security
      for Obligations.
      This
      Agreement and the security interest created and evidenced hereby secures the
      prompt and complete payment, observance and performance of all duties,
      liabilities, obligations and indebtedness owing by Debtors to Lender arising
      under the Note and the other Loan Documents, fixed or contingent, joint or
      several, whether as principal, surety, endorser, guarantor, or otherwise, now
      existing or hereafter arising, and all modifications, extensions, renewals,
      replacements, and increases of each of the foregoing (all such obligations
      and
      liabilities being the “Obligations”).
      

    

    4. Debtors
      Remains Liable.
      Notwithstanding anything to the contrary contained in this Agreement: (a)
      Debtors shall remain liable under the contracts and agreements included in
      the
      Collateral and obligated to perform all of their respective duties and
      obligations thereunder to the same extent as if this Agreement had not been
      executed, (b) the exercise by Lender of any of its rights hereunder shall not
      release Debtors from any of their respective duties or obligations under the
      contracts and agreements included in the Collateral, and (c) Lender shall have
      no obligation or liability under the contracts and agreements included in the
      Collateral by reason of this Agreement, nor shall Lender be obligated to perform
      any of the obligations or duties of Debtors thereunder or to take any action
      to
      collect or enforce any claim for payment assigned hereunder.

    

    5. Representations
      and Warranties.
      Debtors
      jointly and severally represent and warrant as follows:

    

    (a) Debtors
      own the Collateral free and clear of any lien, security interest, charge or
      encumbrance of any kind whatsoever (collectively, “Liens”)
      except
      for (i) the security interest created hereby in favor of Lender, (ii) Liens
      in
      favor of any person or entity that Lender has agreed in writing shall have
      priority over the Collateral (the “Senior
      Liens”),
      (iii)
      Liens approved by Lender pursuant to a written consent or agreement executed
      by
      Lender or otherwise permitted by the Loan Documents, and (iv) Liens for
      taxes not yet due and payable (collectively, the Liens described in clauses
      (i)
      through (iv) above are referred to herein as the “Permitted
      Liens”).
      No
      effective financing statement, continuation statement or amendment thereto
      promulgated under the Uniform Commercial Code of any state (collectively,
“Financing
      Statements”)
      or
      other instrument similar in effect covering all or any part of the Collateral
      is
      on file in any recording office, except such as may have been filed in favor
      of
      Lender or in favor of the holder(s) of the Permitted Liens. The validity of
      the
      Collateral in whole or in part, and Debtors’ title thereto is not currently
      being questioned in any litigation or regulatory proceeding to which any Debtor
      is a party, nor is any such litigation or proceeding threatened. 

    

    (b) This
      Agreement creates and evidences a valid and perfected security interest in
      the
      Collateral, securing the payment of the Obligations, second in priority only
      to
      any Senior Liens, and all filings and other actions of Debtors necessary or
      desirable to perfect and protect such security interest have been, or will
      be
      upon request, duly taken by Debtors. 

    

    (c) No
      authorization, approval or other action by, and no notice to or other filing
      with, any governmental authority or regulatory body is required, either (i)
      for
      the grant by Debtors of the security interest granted hereby or for the
      execution, delivery or performance of this Agreement by Debtors, or (ii) for
      the
      perfection of or the exercise by Lender of its rights and remedies hereunder
      (other than the filing of Financing Statements by Lender).

    

    (d) Each
      Debtor’s principal place of business is at the address for Debtors set forth in
Section
      17
      of this
      Agreement (the “Principal
      Place of Business”).
      All
      Collateral and books of account and records relating to the Collateral are
      located at Debtors’ Principal Place of Business. 

    

    6. Covenants
      and Further Assurances.

    

    (a) Each
      Debtor agrees that from time to time, at its own expense, it will promptly
      execute and deliver all further instruments and documents, and take all further
      action, that may be reasonably necessary or desirable, or that Lender may
      reasonably request, in order to perfect and protect any security interest
      granted or purported to be granted hereby or to enable Lender to exercise and
      enforce rights and remedies hereunder with respect to any Collateral. Without
      limiting the generality of the foregoing, each Debtor will, subject to the
      priority rights, if any, of the holders of the Senior Liens: (i) mark
      conspicuously each document included in the Collateral and each of its records
      pertaining to the Collateral, with a legend, in form and substance satisfactory
      to Lender, indicating that such document or Collateral is subject to the
      security interest granted hereby; (ii) transfer, register or otherwise put
      any
      of the Collateral in the name of Lender or its nominee; and (iii) execute and
      file such Financing Statements, and such other instruments or notices, as may
      be
      necessary or desirable, or as Lender may request, in order to perfect and
      preserve the security interest granted or purported to be granted
      hereby.

    

    (b) Debtors
      hereby authorize Lender to file one or more Financing Statements relative to
      all
      or any part of the Collateral without the signature of Debtors where permitted
      by law. A carbon, photographic or other reproduction of this Agreement or any
      financing statement covering the Collateral or any part thereof shall be
      sufficient as a Financing Statement where permitted by law. Each Debtor
      acknowledges and agrees that any Financing Statement filed by or on behalf
      of
      Lender against such Debtor, whether such filing is or was made prior to or
      after
      the date of this Agreement, is hereby deemed to include the security interest
      granted by this Agreement, regardless of whether such Financing Statement is
      or
      was filed in connection with the Loan or some other indebtedness owed to Lender.
      

    

    (c) Debtors
      shall at all times maintain the Collateral and their respective books of account
      and records relating to the Collateral at their Principal Place of Business,
      and
      shall not relocate such books of account and records and Collateral unless
      they
      deliver to Lender, prior written notice of such relocation and the new location
      thereof (which must be within the United States). Debtors will furnish to Lender
      from time to time statements and schedules further identifying and describing
      the Collateral and such other reports in connection with the Collateral as
      Lender may reasonably request, all in reasonable detail. 

    

    7. Insurance.

    

    (a) Debtors
      shall, at their own expense, maintain insurance with respect to the Collateral
      in such amounts, against such risks, in such form and with such insurers, as
      shall be reasonably satisfactory to Lender from time to time. Debtors shall
      ensure that the Collateral is, and remains, insured against loss by fire and
      other casualty. Each policy for property damage insurance shall provide for
      all
      losses to be paid to Lender as holder of the security interest created hereby,
      subject to the priority rights, if any, of the holders of the Senior Liens.
      Each
      such policy shall in addition (i) contain the agreement (if available) by the
      insurer that any loss thereunder shall be payable to Lender notwithstanding
      any
      action, inaction or breach of representation or warranty by Debtors, subject
      to
      the priority rights, if any, of the holders of the Senior Liens, (ii) provide
      that there shall be no recourse against Lender for payment of premiums or other
      amounts with respect thereto, and (iii) provide that at least 10 days prior
      written notice of cancellation or of lapse shall be given to Lender by the
      insurer. Debtors shall, if so requested by Lender, deliver to Lender original
      or
      duplicate policies of such insurance and, as often as Lender may reasonably
      request, a report of a reputable insurance broker selected by Debtors with
      respect to such insurance. Further, Debtors shall, at the request of Lender,
      duly execute and deliver instruments of assignment of such insurance policies
      to
      comply with the foregoing requirements and cause the respective insurers to
      acknowledge notice of such assignment.

    

    (b) Reimbursement
      under any liability insurance maintained by Debtors may be paid directly to
      the
      person who shall have incurred liability covered by such insurance. All
      insurance payments to Lender in respect of Collateral shall be applied by Lender
      as specified in the Note.

    

    8. Transfers
      and Other Liens.
      Debtors
      shall not sell, assign (by operation of law or otherwise) or otherwise dispose
      of any of the Collateral, other than obsolete or worn out property and sales
      of
      inventory in the ordinary course of business or as otherwise permitted by the
      Note, or create or suffer to exist any Lien upon or with respect to any of
      the
      Collateral to secure debt of any person, except for Permitted
      Liens.

    

    9. Lender
      Appointed Attorney-in-Fact.
      Each
      Debtor hereby irrevocably appoints Lender as its attorney-in-fact, with full
      authority in the place and stead of such Debtor, as applicable, and in the
      name
      of such Debtor, as applicable, or otherwise, from time to time in Lender's
      discretion at any time after the occurrence of an Event of Default (as such
      term
      is defined in the Note), to take any action and to execute any instrument which
      Lender may deem necessary or advisable to accomplish the purposes of this
      Agreement, including, without limitation:

    

    (a) to
      obtain
      insurance required to be maintained by Debtors and to settle and adjust claims
      under any insurance policy;

    

    (b) to
      ask,
      demand, collect, sue for, recover, compound, receive and give acquittance and
      receipts for moneys due and to become due, under or in respect of any of the
      Collateral including, without limitation, moneys due and to become due;

    

    (c) to
      file
      any claims or take any action or institute any proceedings which Lender may
      deem
      necessary or desirable to enforce the rights of Lender with respect to any
      of
      the Collateral;

    

    (d) to
      commence and prosecute any actions in any court for the purposes of collecting
      amounts owed to Debtors and enforcing any other rights in respect thereof,
      and
      to defend, settle or compromise any action brought and, in connection therewith,
      and to give such discharge or release as Lender may deem appropriate;

    

    (e) to
      receive, open and dispose of mail addressed to Debtors and endorse checks,
      notes, drafts, acceptances, money orders, bills of lading, warehouse receipts
      or
      other instruments or documents evidencing payment made on account of or funds
      paid on behalf of and in the name of any Debtor;

    

    (f) sell,
      assign, transfer, make any agreement in respect of, or otherwise deal with
      or
      exercise rights in respect of, any Collateral as fully and completely as though
      Lender were the absolute owner thereof for all purposes; 

    

    (g) to
      execute Financing Statements or any other documents or writing deemed necessary
      by Lender to evidence or perfect Lender's security interest in the Collateral;
      provided that Lender agrees to furnish copies of any document executed hereunder
      to the appropriate Debtor, as applicable, upon request; and

    

    (h) to
      enter
      on the premises of Debtors in order to exercise any of Lender's rights and
      remedies.

    

    The
      foregoing appointment of Lender as attorney-in-fact is coupled with an interest
      and is irrevocable.

    

    10. Rights
      Prior to Event of Default; Termination.
      

    

    (a) Rights
      Prior to Event of Default.
      So long
      as no Event of Default shall have occurred and be continuing, Debtors shall
      be
      entitled to exercise any and all rights and powers relating or pertaining to
      the
      Collateral for any purpose not inconsistent with the terms of this
      Agreement.

    

    (b) Termination
      of Rights.
      Debtors
      understand and agree that during any period when an Event of Default shall
      have
      occurred and be continuing, and after Lender has given written notice to Debtors
      that Lender has exercised its rights hereunder, all rights of Debtors to
      exercise power with respect to the Collateral, which Debtors were previously
      entitled to exercise shall cease and all such rights shall become vested in
      Lender, which shall have the sole and exclusive right and authority to exercise
      such power immediately upon such written notice. All amounts, if any,
      representing principal prepayment or payoffs and all amounts, if any, collected
      by Debtors after the occurrence of any Event of Default represents trust funds
      which are assigned and belong to Lender and which are to be immediately
      delivered to Lender, and any retention of such funds by Lender before and after
      the occurrence of an Event of Default shall be deemed to be a conversion of
      Lender's property, ipso facto.
      The
      obligor making any payment to Lender under this Agreement shall be fully
      protected in relying on the written statement of Lender that it then holds
      a
      security interest which entitles Lender to receive such payments. Any and all
      money and other property paid over to or received by Lender pursuant to the
      provisions hereof shall be retained by Lender as additional Collateral under
      this Agreement. 

    

    11. Lender
      May Perform.
      If any
      Debtor fails to perform any covenant or agreement contained in this Agreement,
      Lender may itself perform, or cause performance of, such covenant or agreement,
      and the expenses of Lender incurred in connection therewith shall be payable
      by
      Debtor and/or payable under the Note as a Discretionary Advance.

    

    12. Lender's
      Duties.
      The
      powers conferred on Lender under this Agreement are solely to protect its
      interest in the Collateral and shall not impose any duty upon it to exercise
      any
      such powers. Except for the safe custody of any Collateral in its possession
      and
      the accounting for moneys actually received by it hereunder, Lender shall have
      no duty as to any Collateral or as to the taking of any necessary steps to
      preserve rights against prior parties or any other rights pertaining to any
      Collateral. 

    

    13. Remedies.
      If any
      Event of Default shall occur and be continuing, subject to the priority rights,
      if any, of the holders of the Senior Liens, Lender may protect and enforce
      its
      rights under this Agreement and the other Loan Documents by any appropriate
      proceedings, including proceedings for specific performance of any covenant
      or
      agreement contained in any Loan Document, and Lender may enforce the payment
      of
      any Obligations due it or enforce any other legal or equitable right which
      it
      may have. All rights, remedies and powers conferred upon Lender under the Loan
      Documents shall be deemed cumulative and not exclusive of any other rights,
      remedies or powers available under the Loan Documents or at law or in equity.
      Lender's authority and rights shall include, without limitation, the following:
      

    

    (a) Lender
      may exercise in respect of the Collateral, in addition to other rights and
      remedies provided for herein or otherwise available to it, all the rights and
      remedies of a secured party on default under the Code (whether or not the Code
      applies to the affected Collateral) and also may (i) require any or all Debtors
      to, and each Debtor hereby agrees that it will at its expense and upon request
      of Lender forthwith, assemble all or part of the Collateral as directed by
      Lender and make it available to Lender at a place to be designated by Lender
      which is reasonably convenient to it, and (ii) without notice except as
      specified below, sell the Collateral or any part thereof in one or more parcels
      at public or private sale, at any of Lender's offices or elsewhere, for cash,
      on
      credit or for future delivery, and upon such other terms as Lender may deem
      commercially reasonable. Each Debtor agrees that, to the extent notice of sale
      shall be required by law, at least ten (10) business days' notice to such Debtor
      of the time and place of any public sale or the time after which any private
      sale is to be made shall constitute reasonable notification. Lender shall not
      be
      obligated to make any sale of Collateral regardless of notice of sale having
      been given. Lender may adjourn any public or private sale from time to time
      by
      announcement at the time and place fixed therefor, and such sale may, without
      further notice, be made at the time and place to which it was so
      adjourned.

    

    (b) All
      cash
      proceeds received by Lender in respect of any sale of, collection from, or
      other
      realization upon all or any part of the Collateral may, in the discretion of
      Lender, be held by Lender as Collateral for, and/or then or at any time
      thereafter applied in whole or in part by Lender against all or any part of
      the
      Obligations in such order as Lender shall elect, subject to any mandatory
      provisions of this Agreement or applicable law. Any surplus of such cash or
      cash
      proceeds held by Lender and remaining after payment in full of all the
      Obligations shall be paid over to Debtors or to whomsoever may be lawfully
      entitled to receive such surplus.

    

    14. No
      Impairment.
      The
      execution and delivery of this Agreement in no manner shall impair or affect
      any
      other security (by endorsement or otherwise) for the payment of the Obligations
      and no security taken hereafter as security for payment of the Obligations
      shall
      impair in any manner or affect this Agreement, all such present and further
      additional security to be considered as cumulative security. Any of the
      Collateral for, or any obligor on, any of the Obligations may be released
      without altering, varying or diminishing in any way the force, effect, lien,
      security interest, or charge of this Agreement as to the Collateral not
      expressly released, and this Agreement shall continue as a security interest
      and
      charge on all of the Collateral not expressly released until all the Obligations
      secured hereby have been paid in full. This Agreement shall not be construed
      as
      relieving Debtors from full recourse liability on the Obligations and any and
      all further and other indebtedness secured hereby and for any deficiency
      thereon.

    

    15. Indemnity
      and Expenses.

    

    (a) 
      Each
      Debtor agrees to indemnify Lender from and against any and all claims, losses
      and liabilities growing out of or resulting from this Agreement (including,
      without limitation, enforcement of this Agreement), except claims, losses or
      liabilities resulting from Lender's gross negligence or willful misconduct.
      

    

    (b) Each
      Debtor agrees that it will, upon demand, pay to Lender the amount of any and
      all
      reasonable expenses, including the reasonable fees and disbursements of Lender’s
      counsel and of any experts and agents, which Lender may incur in connection
      with
      (i) the administration of this Agreement, (ii) the custody, preservation, use
      or
      operation of, or the sale of, collection from, or other realization upon, any
      of
      the Collateral, (iii) the exercise or enforcement of any of the rights of Lender
      hereunder, or (iv) the failure by any Debtor to perform or observe any of the
      provisions hereof.

    

    16. Security
      Interest Absolute.
      All
      rights of Lender and security interests hereunder, and all obligations of
      Debtors hereunder, shall be absolute and unconditional, irrespective
      of:

    

    (a) any
      lack
      of validity or enforceability of the Note or any other Loan Document or
      instrument relating thereto;

    

    (b) any
      change in the time, manner or place of payment of, or in any other term of,
      all
      or any of the Obligations or any other amendment or waiver of or any consent
      to
      any departure from the Note;

    

    (c) any
      exchange, release or non-perfection of any other collateral, or any release
      or
      amendment or waiver of or consent to departure from any guaranty, for all or
      any
      of the Obligations; or 

    

    (d) any
      other
      circumstance which might otherwise constitute a defense available to, or a
      discharge of, Debtor, or a third party holder of a security
      interest.

    

    17. Notice.
      Any
      notice, request, demand or other communication required or permitted hereunder,
      will be in writing and will be mailed by registered or certified mail, postage
      prepaid, sent by facsimile, delivered personally by hand, or delivered by
      nationally recognized overnight delivery service addressed to Debtors at 3901
      Airport Freeway, Suite 200, Bedford, Texas 76021, Facsimile No. Facsimile No.
      (817) 391-2501 or to Lender at
      1812
      Cindy Lane, Suite 200, Bedford, Texas 76021, Facsimile No. (817) 835-0383
or
      with
      respect to any party, to such other address as a party may have delivered to
      the
      other parties for purposes of notice. Each notice or other communication will
      be
      treated as effective and as having been given and received (a) if sent by mail,
      at the earlier of its receipt or three (3) business days after such notice
      or
      other communication has been deposited in a regularly maintained receptacle
      for
      deposit of United States mail, (b) if sent by facsimile, upon written or
      electronic confirmation of facsimile transfer, (c) if delivered personally
      by
      hand, upon written or electronic confirmation of delivery from the person
      delivering such notice or other communication, or (d) if sent by nationally
      recognized overnight delivery service, upon written or electronic confirmation
      of delivery from such service.

    

    18. Continuing
      Security Interest.
      This
      Agreement shall create a continuing security interest in the Collateral. Upon
      the payment in full of the Obligations as determined by Lender in its sole
      discretion, the security interest granted hereby shall terminate. Upon any
      such
      termination, Lender will, at Debtors’ expense, execute and deliver to Debtors
      such documents as Debtors shall reasonably request to evidence such
      termination.

    

    19. Mutual
      Understanding.
      Each
      Debtor represents and warrants to Lender that such Debtor has read and fully
      understands the terms and provisions hereof, has had an opportunity to review
      this Agreement with legal counsel and has executed this Agreement based on
      such
      Debtor’s own judgment and advice of counsel. If an ambiguity or question of
      intent or interpretation arises, this Agreement will be construed as if drafted
      jointly by the parties and no presumption or burden of proof will arise favoring
      or disfavoring any party because of authorship of any provision of this
      Agreement.

    

    20. Further
      Assurances.
      Each
      Debtor at such Debtor’s expense will promptly execute and deliver to Lender on
      Lender’s request, all such other and further documents, agreements and
      instruments, and shall deliver all such supplementary information, in compliance
      with or accomplishment of the agreements of such Debtor under this Agreement.
      

    

    21. Cumulative
      Remedies.
      Each
      Debtor hereby agrees that all rights and remedies that Lender is afforded by
      reason of the Loan Documents are separate and cumulative with respect to Debtors
      and otherwise and may be pursued separately, successively, or concurrently,
      as
      Lender deems advisable. In addition, all such rights and remedies of Lender
      are
      non-exclusive and shall in no way limit or prejudice Lender’s ability to pursue
      any other legal or equitable rights or remedies that may be available to
      Lender.

    

    22. Enforcement
      and Waiver by Lender.
      Lender
      shall have the right at all times to enforce the provisions of this Agreement
      in
      strict accordance with their respective terms, notwithstanding any conduct
      or
      custom on the part of Lender in refraining from so doing at any time or times.
      The failure of Lender at any time or times to enforce its rights under such
      provisions, strictly in accordance with the same, shall not be construed as
      having created a custom or in any way or manner modified or waived the same.
      All
      rights and remedies of Lender are cumulative and concurrent and the exercise
      of
      one right or remedy shall not be deemed a waiver or release of any other right
      or remedy. 

    

    23. CHOICE
      OF LAW; JURISDICTION; VENUE.
      EXCEPT TO THE EXTENT THAT THE VALIDITY OR PERFECTION OF SECURITY INTERESTS
      OR
      REMEDIES IN RESPECT OF ANY PARTICULAR COLLATERAL IS GOVERNED BY THE LAWS OF
      A
      JURISDICTION OTHER THAN THE STATE OF TEXAS, THIS AGREEMENT AND THE OTHER LOAN
      DOCUMENTS SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE SUBSTANTIVE
      LAWS OF THE STATE OF TEXAS, WITHOUT REGARD TO ITS CONFLICTS OF LAWS PROVISIONS.
      JURISDICTION FOR ALL MATTERS ARISING OUT OF THIS AGREEMENT AND THE OTHER LOAN
      DOCUMENTS SHALL BE EXCLUSIVELY IN THE STATE AND FEDERAL COURTS SITTING IN DALLAS
      COUNTY, TEXAS, AND EACH DEBTOR HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION
      OF
      SUCH STATE AND FEDERAL COURTS AND AGREES AND CONSENTS NOT TO ASSERT IN ANY
      PROCEEDING, THAT ANY SUCH PROCESS IS BROUGHT IN AN INCONVENIENT FORUM OR THAT
      THE VENUE THEREOF IS IMPROPER, AND FURTHER AGREES TO A TRANSFER OF SUCH
      PROCEEDING TO THE COURTS SITTING IN DALLAS COUNTY, TEXAS.

    

    24. Counterparts.
      This
      Agreement may be executed in any number of counterparts, each of which shall
      be
      deemed to be an original, but all of them together shall constitute one and
      the
      same agreement.

    

    25. Severability.
      If any
      provision of this Agreement shall be held invalid under any applicable laws,
      then all other terms and provisions of this Agreement shall nevertheless remain
      effective and shall be enforced to the fullest extent permitted by applicable
      law.

    

    26. Amendments;
      Waivers.
      No
      amendment or waiver of any provision of this Agreement nor consent to any
      departure herefrom, shall in any event be effective unless the same shall be
      in
      writing and signed by the affected party, and then such waiver or consent shall
      be effective only in the specific instance and for the specific purpose for
      which given. Debtors may not be released from their obligations hereunder,
      except pursuant to a written instrument executed by Lender.

    

    27. Binding
      Effect; Assignment.
      This
      Agreement shall be binding on Debtors and their respective successors and
      assigns, including, without limitation, any receiver, trustee or debtor in
      possession of or for any Debtor, and shall inure to the benefit of Lender and
      its successors and assigns. Debtors shall not be entitled to transfer or assign
      this Agreement in whole or in part without the prior written consent of Lender.
      This Agreement is freely assignable and transferable by Lender without the
      consent of Debtors. Should the status, composition, structure or name of any
      Debtor change, this Agreement shall continue and also cover such Debtor under
      the new status composition, structure or name according to the terms of this
      Agreement. 

    

    28. Captions.
      The
      captions in this Agreement are for the convenience of reference only and shall
      not limit or otherwise affect any of the terms or provisions
      hereof.

    

    29. Number
      of Gender of Words.
      Except
      where the context indicates otherwise, words in the singular number will include
      the plural and words in the masculine gender will include the feminine and
      neutral, and vice versa, when they should so apply.

    

    30. WAIVER
      OF JURY TRIAL, PUNITIVE DAMAGES, ETC.
      EACH DEBTOR HEREBY KNOWINGLY, VOLUNTARILY, INTENTIONALLY, AND IRREVOCABLY (A)
      WAIVES, TO THE MAXIMUM EXTENT NOT PROHIBITED BY LAW, ANY RIGHT SUCH DEBTOR
      MAY
      HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR DIRECTLY
      OR INDIRECTLY AT ANY TIME ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS
      AGREEMENT OR THE LOAN DOCUMENTS OR ANY TRANSACTION CONTEMPLATED HEREBY OR
      THEREBY OR ASSOCIATED HEREWITH OR THEREWITH, BEFORE OR AFTER MATURITY OF THE
      NOTE; (B) WAIVES, TO THE MAXIMUM EXTENT NOT PROHIBITED BY LAW, ANY RIGHT SUCH
      DEBTOR MAY HAVE TO CLAIM OR RECOVER IN ANY SUCH LITIGATION ANY “SPECIAL
      DAMAGES”, AS DEFINED BELOW, (C) CERTIFIES THAT NO PARTY HERETO NOR ANY
      REPRESENTATIVE OF LENDER OR COUNSEL FOR ANY PARTY HERETO HAS REPRESENTED,
      EXPRESSLY OR OTHERWISE, OR IMPLIED THAT SUCH PARTY WOULD NOT, IN THE EVENT
      OF
      LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVERS, AND (D) ACKNOWLEDGES THAT
      LENDER HAS BEEN INDUCED TO ENTER INTO THE NOTE AND THE OTHER LOAN DOCUMENTS
      BY,
      AMONG OTHER THINGS, THE WAIVERS AND CERTIFICATIONS CONTAINED IN THIS SECTION.
      AS
      USED IN THIS SECTION, “SPECIAL DAMAGES” INCLUDES ALL SPECIAL, CONSEQUENTIAL,
      EXEMPLARY, OR PUNITIVE DAMAGES (REGARDLESS OF HOW NAMED), BUT DOES NOT INCLUDE
      ANY PAYMENTS OR FUNDS WHICH ANY PARTY HERETO HAS EXPRESSLY PROMISED TO PAY
      OR
      DELIVER TO ANY OTHER PARTY HERETO.

    

    31. ENTIRE
      AGREEMENT.
      THIS AGREEMENT, THE
      NOTE AND THE OTHER LOAN DOCUMENTS TOGETHER CONSTITUTE THE ENTIRE AGREEMENT
      AMONG
      THE PARTIES CONCERNING THE SUBJECT MATTER HEREOF, AND ALL PRIOR DISCUSSIONS,
      AGREEMENTS AND STATEMENTS, WHETHER ORAL OR WRITTEN, ARE MERGED INTO THIS
      AGREEMENT AND THE OTHER LOAN DOCUMENTS. THERE ARE NO UNWRITTEN ORAL AGREEMENTS
      AMONG THE PARTIES AND THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS MAY NOT BE
      CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS
      OF THE PARTIES.

    

    

    [The
      remainder of this page is left blank intentionally.]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, each Debtor has caused this Agreement to be duly executed
      and
      delivered on the 16th day of November, 2006, effective for all purposes as
      of
      the Effective Date.

     

    DEBTORS:     

     

    
      	 	 	 
	 	
              CENTURION
                ACQUISITIONS, L.P.

              a Texas limited partnership

               

              By:  Pars Investments, Inc.

              Its:  General Partner

            
	 
 	 
 	 
 
	 	By:  	/s/ Mehrdad
              Moayedi
	 	
              

              Name:  Mehrdad Moayedi
	 	Its: 
              President

    
      	 	 	 
	 	
              PARS
                INVESTMENTS, INC.

              a Texas corporation

            
	 
 	 
 	 
 
	Date: 	By:  	/s/ Mehrdad
              Moayedi
	 	
              

              Name:  Mehrdad Moayedi
	 	Its: 
              PresidentContinuing Unconditional Guaranty by Pars Investment Inc.

    CONTINUING
      UNCONDITIONAL GUARANTY

    

    This
      Continuing Unconditional Guaranty (this “Guaranty”)
      dated
      as of the 16th
      day of
      November, 2006 (the “Effective
      Date”),
      is
      made by Pars Investments, Inc., a Texas corporation (the “Guarantor”),
      for
      the benefit of United Development Funding III, L.P., a Delaware limited
      partnership and its successors and assigns (“Lender”).
      

    

    R
      E C I T A L S:

    

    A. The
      Lender has agreed to advance funds to Centurion Acquisitions, L.P., a Texas
      limited partnership (the “Borrower”)
      as
      borrower under that certain Secured
      Promissory Note dated as of the Effective Date in the principal amount of U.S.
      $5,272,250.00 (the “Note”).

    

    B. Guarantor
      is the general partner of Borrower and an affiliate of Borrower, and shall
      benefit, directly or indirectly, from the loan made to Borrower pursuant to
      the
      Note. 

    

    C. Guarantor
      is willing to execute this Guaranty in favor of Lender and hereby agree to
      be
      bound by its terms and conditions. 

    

    A
      G R E E M E N T:

    

    NOW,
      THEREFORE, for good and valuable consideration, and intending to be legally
      bound hereby, Guarantor agrees and covenants with Lender as
      follows:

    

    1. Definitions.
      Capitalized terms not defined in this Guaranty shall have the respective
      meanings given to such terms in the Note.

    

    2. Guaranty
      and Surety.
      Guarantor hereby absolutely and unconditionally guarantees, and becomes surety
      for, the full, timely and complete payment when due, whether by lapse of time,
      by acceleration of payment, or otherwise, of all indebtedness, liabilities
      and
      obligations of Borrower to Lender existing or arising under (a) the Note and
      the
      other Loan Documents, (b) all other indebtedness and obligations owed by
      Borrower to Lender, (c) all costs reasonably incurred by Lender to obtain,
      preserve, perfect and enforce the security interests granted by this Agreement
      and to maintain, preserve and collect any collateral, and all taxes,
      assessments, insurance premiums, repairs, reasonable attorneys’ fees and legal
      expenses, rent, storage charges, advertising costs, brokerage fees and expenses
      of sale related thereto, and (d) all renewals, extensions, modifications
      and substitutions of all or any part of the indebtedness and obligations
      described in the foregoing clauses (a) through (c) (collectively, the
“Guaranteed
      Obligations”).
      Guarantor’s obligation under this Guaranty is unconditional, absolute and
      enforceable, irrespective of (a) the validity or enforceability of the
      Guaranteed Obligations in whole or in part or of the Note and the other Loan
      Documents or any provision thereof, (b) whether recovery against Borrower with
      respect to the Guaranteed Obligations in whole or in part is prevented by
      bankruptcy, the operation of law, or otherwise, and (c) any other circumstance
      that might otherwise cause a legal or equitable discharge or defense of
      Guarantor.

    

    3. Subsequent
      Acts by Lender.
      Lender
      may, in its sole discretion and without notice, take or refrain from taking
      any
      action that might otherwise be deemed a legal or equitable release or discharge
      of Guarantor’s obligations under this Guaranty, without either impairing or
      affecting the liability of Guarantor for the full, timely and complete payment
      of the Guaranteed Obligations, which actions might include, by way of
      illustration and not limitation:

    

    (a) the
      renewal or extension of any of the Guaranteed Obligations or any payments
      thereunder, or the acceleration or change of time for payment of the Guaranteed
      Obligations any increase in the principal amount of any promissory note or
      other
      instrument comprising a part of the Guaranteed Obligations and/or any additional
      funds advanced under the Guaranteed Obligations (including any such advances
      in
      excess of the face amount of the Note);

    

    (b) the
      modification, amendment or change in any of the terms relating to any promissory
      note or other agreement, document or instrument now or hereafter executed by
      Borrower in favor of Lender;

    

    (c) the
      absence of any attempt to collect the Guaranteed Obligations from Borrower
      or
      any other person or entity primarily or secondarily liable for the Guaranteed
      Obligations or any other action to enforce Lender’s rights with respect to the
      Guaranteed Obligations;

    

    (d) the
      waiver, consent, or delay in enforcement by Lender with respect to any provision
      of any instrument evidencing the Guaranteed Obligations, including, without
      limitation, the Note and the other Loan Documents;

    

    (e) any
      failure by Lender to take any steps to perfect and maintain its security
      interest in, or to preserve its rights to, any security or collateral given
      for
      the Guaranteed Obligations, or the release or compromise of any lien or security
      held by Lender as security for the Guaranteed Obligations; 

    

    (f) the
      compounding, rearrangement or consolidation by Lender of all or any part of
      the
      Guaranteed Obligations;

    

    (g) the
      release from liability of Borrower or any other guarantor or person or entity
      primarily or secondary liable for the Guaranteed Obligations who may guarantee
      or provide security for the Guaranteed Obligations in whole or in part;
      or

    

    (h) the
      settlement, release, compromise or cancellation of all or any part of the
      Guaranteed Obligations, or the acceptance of partial payment of all or any
      part
      of the Guaranteed Obligations.

    

    4. Expenses.
      Guarantor agrees to pay all costs and expenses, including, without limitation,
      all court costs and reasonable attorneys’ fees paid or incurred by Lender in
      endeavoring to collect all or any part of the Guaranteed Obligations, or in
      enforcing or pursuing its remedies with respect to the Guaranteed
      Obligations.

    

    5. Payment
      by Guarantor.
      In the
      event of any failure to pay with respect to the Guaranteed Obligations or any
      “default” or “event of default” under the Note or the other Loan Documents (the
      terms “default” and “event of default” having the respective meanings given to
      such terms in the Note and the other Loan Documents), Guarantor agrees to pay
      on
      demand, all of the Guaranteed Obligations and all other costs, expenses and
      other amounts payable under this Guaranty. Lender shall not be required to
      liquidate any lien or any other form of security, instrument, or note held
      by
      Lender prior to making such demand. THIS IS A GUARANTY OF PAYMENT AND NOT OF
      COLLECTION, and Guarantor specifically agrees that Lender shall not be required
      to assert any claim, file suit, or proceed to obtain a judgment against Borrower
      or any other guarantor, endorser or surety for the Guaranteed Obligations,
      or
      make any effort at collection of the Guaranteed Obligations, or foreclose
      against or seek to realize upon any security or collateral now or hereafter
      existing for the Guaranteed Obligations, or exercise or assert any other right
      or remedy to which Lender is or may be entitled in connection with the
      Guaranteed Obligations, before or as a condition of enforcing the liability
      of
      Guarantor under this Guaranty or requiring payment of the Guaranteed Obligations
      under this Guaranty. Guarantor agrees, to the full extent it may legally do
      so,
      that suit may be brought against Guarantor with or without making Borrower
      or
      any other person or entity a party to such suit, as Lender may elect. Guarantor
      agrees that Guarantor shall remain fully liable under this Guaranty regardless
      of whether Borrower is held to be not liable on the Guaranteed Obligations
      and
      regardless of whether all or any portion of the Guaranteed Obligations are
      “non-recourse” or “limited recourse” to Borrower. 

    

    6. Application
      of Payments.
      Lender
      shall have the exclusive right to determine the time and manner of application
      of any payments or credits to the Guaranteed Obligations, whether received
      from
      Borrower or any other source, and such determination shall be binding on
      Guarantor. All such payments and credits may be applied, reversed and reapplied,
      in whole or in part, to any of the Guaranteed Obligations as Lender shall
      determine in its sole discretion without affecting the validity or
      enforceability of this Guaranty.

    

    7. Guarantor’s
      Responsibilities.
      Guarantor hereby assumes responsibility for keeping himself informed of the
      financial condition of Borrower, and any and all endorsers and/or other
      guarantors of any instrument or document evidencing all or any part of the
      Guaranteed Obligations and of all other circumstances bearing upon the risk
      of
      nonpayment of the Guaranteed Obligations. Guarantor further agrees that Lender
      shall have no duty to advise Guarantor of any information known to Lender
      regarding such condition or such circumstances or to undertake any
      investigation. If Lender, in its sole discretion, undertakes at any time or
      from
      time to time to provide any information to Guarantor, Lender shall be under
      no
      obligation to update any such information or to provide any such information
      to
      Guarantor on any subsequent occasion.

    

    8. Reinstatement.
      Guarantor agrees that, to the extent any payment or payments are made to Lender
      or Lender receives any proceeds of collateral, which payments or proceeds are
      subsequently invalidated, declared to be fraudulent or preferential, set aside
      and/or required to be repaid to Borrower or any other party, then Guarantor’s
      obligations under this Guaranty to the extent of such repayment, shall
      immediately and automatically be reinstated and continued in full force and
      effect.

     

    9. Subordination.
      Guarantor agrees that any and all claims of Guarantor against Borrower, any
      endorser or any other guarantor of all or any part of the Guaranteed
      Obligations, or against the properties and assets of Borrower, whether arising
      by reason of any payment by Guarantor to Lender pursuant to the provisions
      of
      this Guaranty or otherwise, shall be subordinate and subject in right of payment
      to the prior payment, in full, to Lender of all of the Guaranteed Obligations.
      

    

    10. Waivers
      by Guarantor.
      Guarantor hereby waives to the extent permissible by law: notice of acceptance
      of this Guaranty and of creation of the Guaranteed Obligations, presentment,
      notice of non-payment, and demand for payment of the Guaranteed Obligations,
      protest, notice of protest, and notice of dishonor or default to Guarantor
      or to
      any other party with respect to any of the Guaranteed Obligations, and all
      other
      notices to which Guarantor might otherwise be entitled. 

    

    11. Continuation.
      This
      Guaranty shall continue in full force and effect with respect to Guarantor
      and
      Lender shall be entitled to make loans and advances and extend financial
      accommodations to Borrower on the faith of this Guaranty until Lender delivers
      to Guarantor, a written release of Borrower from his obligations under this
      Guaranty executed by Lender.

    

    12. Mutual
      Understanding.
      Guarantor represents and warrants to Lender that Guarantor has read and fully
      understands the terms and provisions hereof, has had an opportunity to review
      this Guaranty with legal counsel and has executed this Guaranty based on
      Guarantor’s own judgment and advice of counsel. If an ambiguity or question of
      intent or interpretation arises, this Guaranty will be construed as if drafted
      jointly by the Guarantor and Lender and no presumption or burden of proof will
      arise favoring or disfavoring any party because of authorship of any provision
      of this Guaranty.

    

    13. Further
      Assurances.
      Guarantor at Guarantor’s expense will promptly (a) execute and deliver to Lender
      on Lender’s request, all such other and further documents, agreements and
      instruments as may be requested by Lender, and (b) deliver all such
      supplementary information as may be requested by Lender, in compliance with
      or
      accomplishment of the agreements of Guarantor under this Guaranty. 

    

    14. Cumulative
      Remedies.
      Guarantor hereby agrees that all rights and remedies that Lender is afforded
      by
      reason of this Guaranty are separate and cumulative with respect to Guarantor
      and otherwise and may be pursued separately, successively, or concurrently,
      as
      Lender deems advisable. In addition, all such rights and remedies of Lender
      are
      non-exclusive and shall in no way limit or prejudice Lender’s ability to pursue
      any other legal or equitable rights or remedies that may be available to
      Lender.

    

    15. Notice.
      All
      notices and other communications under this Guaranty will be in writing and
      will
      be mailed by registered or certified mail, postage prepaid, sent by facsimile,
      delivered personally by hand, or delivered by nationally recognized overnight
      delivery service addressed to Guarantor at 3901 Airport Freeway, Suite 200,
      Bedford, Texas 76021, Facsimile No. Facsimile No. (817) 391-2501 or, with
      respect to Lender, to Lender at 1812 Cindy Lane, Suite 200, Bedford, Texas
      76021, Facsimile No. (817) 835-0383, or to such other address as a party may
      have delivered to the other parties for purposes of notice. Each notice or
      other
      communication will be treated as effective and as having been given and received
      (a) if sent by mail, at the earlier of its receipt or three business days after
      such notice or other communication has been deposited in a regularly maintained
      receptacle for deposit of United States mail, (b) if sent by facsimile, upon
      written or electronic confirmation of facsimile transfer, (c) if delivered
      personally by hand, upon written or electronic confirmation of delivery from
      the
      person delivering such notice or other communication, or (d) if sent by
      nationally recognized overnight delivery service, upon written or electronic
      confirmation of delivery from such service.

     

    16. Enforcement
      and Waiver by Lender.
      Lender
      shall have the right at all times to enforce the provisions of this Guaranty
      in
      strict accordance with their respective terms, notwithstanding any conduct
      or
      custom on the part of Lender in refraining from so doing at any time or times.
      The failure of Lender at any time or times to enforce its rights under such
      provisions strictly in accordance with the same, shall not be construed as
      having created a custom or in any way or manner modified or waived the same.
      All
      rights and remedies of Lender are cumulative and concurrent and the exercise
      of
      one right or remedy shall not be deemed a waiver or release of any other right
      or remedy. 

    

    17. CHOICE
      OF LAW; JURISDICTION; VENUE.
      EXCEPT TO THE EXTENT THAT THE VALIDITY OR PERFECTION OF SECURITY INTERESTS
      OR
      REMEDIES IN RESPECT OF ANY PARTICULAR COLLATERAL IS GOVERNED BY THE LAWS OF
      A
      JURISDICTION OTHER THAN THE STATE OF TEXAS, THIS GUARANTY SHALL BE CONSTRUED
      IN
      ACCORDANCE WITH AND GOVERNED BY THE SUBSTANTIVE LAWS OF THE STATE OF TEXAS,
      WITHOUT REGARD TO ITS CONFLICTS OF LAWS PROVISIONS. JURISDICTION FOR ALL MATTERS
      ARISING OUT OF THIS GUARANTY SHALL BE EXCLUSIVELY IN THE STATE AND FEDERAL
      COURTS SITTING IN DALLAS COUNTY, TEXAS, AND GUARANTOR HEREBY IRREVOCABLY SUBMITS
      TO THE JURISDICTION OF SUCH STATE AND FEDERAL COURTS AND AGREES AND CONSENTS
      NOT
      TO ASSERT IN ANY PROCEEDING, THAT ANY SUCH PROCESS IS BROUGHT IN AN INCONVENIENT
      FORUM OR THAT THE VENUE THEREOF IS IMPROPER, AND FURTHER AGREES TO A TRANSFER
      OF
      SUCH PROCEEDING TO THE COURTS SITTING IN DALLAS COUNTY,
      TEXAS.

    

    18. Severability.
      If any
      provision of this Guaranty shall be held invalid under any applicable laws,
      then
      all other terms and provisions of this Guaranty shall nevertheless remain
      effective and shall be enforced to the fullest extent permitted by applicable
      law.

    

    19. Amendments;
      Waivers.
      No
      amendment or waiver of any provision of this Guaranty nor consent to any
      departure by Guarantor herefrom shall in any event be effective unless the
      same
      shall be in writing and signed by Lender and Guarantor, and then such waiver
      or
      consent shall be effective only in the specific instance and for the specific
      purpose for which given. 

    

    20. Binding
      Effect; Assignment.
      This
      Guaranty shall be binding on Guarantor and Guarantor’s administrators, other
      legal representatives, successors, heirs and assigns, including, without
      limitation, any receiver, trustee or debtor in possession of or for Guarantor,
      and shall inure to the benefit of Lender and its successors and assigns.
      Guarantor shall not be entitled to transfer or assign this Guaranty in whole
      or
      in part without the prior written consent of Lender. This Guaranty is freely
      assignable and transferable by Lender without the consent of Guarantor. Should
      the status, composition, structure or name of Guarantor change, this Guaranty
      shall continue and also cover the Guaranteed Obligations under the new status
      composition, structure or name according to the terms of this Guaranty.

    

    21. Captions.
      The
      captions in this Guaranty are for the convenience of reference only and shall
      not limit or otherwise affect any of the terms or provisions
      hereof.

    

    22. Number
      of Gender of Words.
      Except
      where the context indicates otherwise, words in the singular number will include
      the plural and words in the masculine gender will include the feminine and
      neutral, and vice versa, when they should so apply.

    

    23. WAIVER
      OF JURY TRIAL, PUNITIVE DAMAGES, ETC.
      GUARANTOR HEREBY KNOWINGLY, VOLUNTARILY, INTENTIONALLY, AND IRREVOCABLY (A)
      WAIVES, TO THE MAXIMUM EXTENT NOT PROHIBITED BY LAW, ANY RIGHT HE MAY HAVE
      TO A
      TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR DIRECTLY OR
      INDIRECTLY AT ANY TIME ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS GUARANTY
      OR THE LOAN DOCUMENTS OR ANY TRANSACTION CONTEMPLATED HEREBY OR THEREBY OR
      ASSOCIATED HEREWITH OR THEREWITH, BEFORE OR AFTER MATURITY OF THE NOTE; (B)
      WAIVES, TO THE MAXIMUM EXTENT NOT PROHIBITED BY LAW, ANY RIGHT HE MAY HAVE
      TO
      CLAIM OR RECOVER IN ANY SUCH LITIGATION ANY “SPECIAL DAMAGES”, AS DEFINED BELOW,
      (C) CERTIFIES THAT NO PARTY HERETO NOR ANY REPRESENTATIVE OF LENDER OR COUNSEL
      FOR ANY PARTY HERETO HAS REPRESENTED, EXPRESSLY OR OTHERWISE, OR IMPLIED THAT
      SUCH PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING
      WAIVERS, AND (D) ACKNOWLEDGES THAT LENDER HAS BEEN INDUCED TO ENTER INTO
      THIS GUARANTY, THE NOTE AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS,
      THE
      WAIVERS AND CERTIFICATIONS CONTAINED IN THIS SECTION. AS USED IN THIS SECTION,
      “SPECIAL DAMAGES” INCLUDES ALL SPECIAL, CONSEQUENTIAL, EXEMPLARY, OR PUNITIVE
      DAMAGES (REGARDLESS OF HOW NAMED), BUT DOES NOT INCLUDE ANY PAYMENTS OR FUNDS
      WHICH ANY PARTY HERETO HAS EXPRESSLY PROMISED TO PAY OR DELIVER TO ANY OTHER
      PARTY HERETO.

    

      25. ENTIRE
      AGREEMENT.
      THIS GUARANTY TOGETHER WITH THE NOTE AND THE OTHER LOAN DOCUMENTS TOGETHER
      CONSTITUTE THE ENTIRE AGREEMENT AMONG THE PARTIES CONCERNING THE SUBJECT MATTER
      HEREOF, AND ALL PRIOR DISCUSSIONS, AGREEMENTS AND STATEMENTS, WHETHER ORAL
      OR
      WRITTEN, ARE MERGED INTO THIS GUARANTY, THE NOTE AND THE OTHER LOAN DOCUMENTS.
      THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES AND THIS GUARANTY,
      THE
      NOTE AND THE OTHER LOAN DOCUMENTS MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR,
      CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.

    

    

    [The
      remainder of this page is left blank intentionally.]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, Guarantor has duly executed this Guaranty on this the 16th
      day
      of November, 2006, effective for all purposes as of the Effective
      Date.

    

    GUARANTOR:   

    
 

    
      	 	 	 
	 	
              PARS
                INVESTMENTS, INC.

              a Texas corporation

            
	 
 	 
 	 
 
	 	By:  	/s/ Mehrdad
              Moayedi
	 	
              

              Name:  Mehrdad Moayedi
	 	Its: 
              President

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