Document:

ex10_4.htm

  
    Exhibit
10.4

     

    RESTATED
AND AMENDED

    PROMISSORY
NOTE

    OF

    FIVE
STAR GROUP, INC.

    PAYABLE
TO THE ORDER OF

    BANK
OF AMERICA, N.A.

    

    

    
      
        	
                Amount
      of Note: $35,000,000

              	
                Interest
      Rate:

              	
                Set
      forth below

              
	 
      	 
      	 
      
	 
      	
                Dated:

              	
                June
      26, 2008

              
	 
      	 
      	 
      
	 
      	
                Maturity
      Date:    

              	
                June 30, 2011, unless
      sooner accelerated or terminated as provided
  below

              

      

    

     

     

    1.           GENERAL PROMISE TO
PAY:   FIVE STAR GROUP, INC., a
corporation organized and existing under the laws of the State of Delaware with
its principal place of business at 903 Murray Road, East Hanover, Morris County,
New Jersey 07936 with its mailing address at 903 Murray Road, P.O. Box 357, East
Hanover, Morris County, New Jersey 07936 (being hereinafter referred to as
“BORROWER”) hereby
promises to pay to the order of
BANK OF AMERICA, N.A. (hereinafter called “LENDER”) the principal sum of
THIRTY-FIVE MILLION AND NO/100
DOLLARS ($35,000,000), or, if any lesser sum is outstanding hereunder,
the aggregate unpaid principal amount of all advances, re-advances, loans and
re-loans made by LENDER to BORROWER hereunder, such payment to be made in lawful
money of the United States, together with interest as hereinafter
provided.

     

    2.           NOTE AND RECORDS OF LENDER TO
EVIDENCE LOAN:

     

    (a)           This
Note is BORROWER’s “master” Revolving Note described in that certain Restated
and Amended Loan and Security Agreement by and between LENDER and BORROWER and
dated even date herewith, such certain Restated
and Amended Loan and Security Agreement and all extensions, modifications
(including without limitation modifications increasing or decreasing the amount
of the Revolving Loan
described below and/or any other financial accommodation provided
thereunder), refinancings, renewals, substitutions, replacements and/or
redatings thereof being hereinafter called the “Loan Agreement” in this
Note.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (b)           This
Note restates, replaces and substitutes for the $35,000,000 “master” Revolving
Note executed by BORROWER in favor of LENDER (then known as Fleet Capital
Corporation) and dated as of June 1, 2005.  This Note evidences the
Revolving Loan described and defined in the Loan Agreement.

     

    (c)           It
is BORROWER’s intention that, in addition to this Note, the borrowing and the
indebtedness owed by BORROWER to LENDER under the Revolving Loan shall be
evidenced by LENDER’s records described below.

     

    (d)           (1)           As
it relates to LENDER’s aforementioned records, BORROWER hereby authorizes LENDER
to record on LENDER’s records all advances made by LENDER to BORROWER under this
Note and all interest and other amounts due hereon and all payments made on
account of principal and/or interest and/or such other amounts.  The
aggregate unpaid principal and/or interest and/or other amounts entered and
shown on LENDER’s records shall further evidence the principal and/or interest
and/or other amounts owing and unpaid on the Revolving Loan. LENDER may from
time to time render, or cause LENDER to render, a statement of the
aforementioned records. If BORROWER fails to object to any such statement within
sixty (60) days after it is received by BORROWER, such statement shall be deemed
to be an account stated and binding upon BORROWER, provided, however, that
nothing in the foregoing shall prevent LENDER or BORROWER from correcting
manifest errors in such statements.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    (2)           Notwithstanding
the foregoing, the following shall apply:

     

    
      	
               
      

            	
              (A)

            	
              Any
      failure by LENDER to enter on its records the date and amount of any
      advance or interest or other amount due on this Note or any failure by
      LENDER to render any such statement shall not, however, limit or otherwise
      affect the obligations of BORROWER under the Loan Agreement or under this
      Note to repay the principal amount of the advances, re-advances,
      borrowings and re-borrowings made by LENDER to BORROWER under the
      Revolving Loan and this Note, together with all interest accruing and
      other amounts due thereon.

            

    

    

    
      	
               
      

            	
              (B)

            	
              The
      failure by LENDER to enter on its records the date and amount of any
      payment made by BORROWER shall not, however, limit or otherwise affect the
      right of BORROWER under the Revolving Loan or this Note to demonstrate its
      payment of any Advance or any interest accruing and other amounts due
      thereon.

            

    

    

    3.           LIMITATION ON OUTSTANDING
BORROWINGS:  Notwithstanding the face amount of this Note, the
total of all outstanding borrowings under this Note shall not at any one time
exceed the Lending Formula set forth in the Loan Agreement.

     

    4.           PROCEDURE FOR ADVANCES AND
DISBURSEMENTS:  All requests by BORROWER for an advance under
this Note and all disbursements made by LENDER under this Note shall be made
pursuant to the terms of the Loan Agreement.

     

    5.           RIGHT TO RECEIVE
ADVANCES:  BORROWER may receive advances under this Note to the
extent allowed by the Loan Agreement.

     

    6.           REPAYMENT OF
PRINCIPAL:  The principal due under this Note shall be paid in
full on June 30, 2011,
or in all cases sooner at the times and in the manner set forth in the
Loan Agreement.

     

    
      
        
        

      

      
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    7.           PAYMENT OF INTEREST ON THE REVOLVING
LOAN:  The interest payable under this Note shall be calculated
and paid at the times and in the manner set forth in the Loan
Agreement.

     

    8.           INDEMNIFICATION RELATING TO LIBOR
OPTION:

     

    (a)           BORROWER
agrees to indemnify LENDER against any loss or expense which LENDER may sustain
or incur as a consequence of (1) any failure by BORROWER to borrow all or any
portion of any Principal Balance (relating to Advances Outstanding under the
Revolving Loan as to which BORROWER has elected to have interest determined or
to be determined, as applicable, at a LIBOR Based Rate and as more fully defined
above) or (2) the receipt or recovery by LENDER of all or any part of any
Principal Balance prior to the maturity thereof whether by voluntary or
involuntary prepayment, acceleration or otherwise.  Capitalized terms
used in this Paragraph shall have the meaning given those terms in the Loan
Agreement.

     

    (b)           The
aforementioned indemnification will be governed in the manner and in the amounts
set forth in the Loan Agreement.

     

    (c)           In
addition, nothing in the foregoing shall limit BORROWER’s liability under any
Master Agreement described in the Loan Agreement.

     

    9.           AUTHORIZATION TO CHARGE
ACCOUNT: Although LENDER may bill BORROWER monthly for accrued monthly
interest and other amounts (including principal) due under this Note and the
Revolving Loan, it is understood that LENDER will, and BORROWER hereby
authorizes LENDER to, charge as of each due date such interest and any other
amounts (including principal)and effect payment by increasing the principal
balance of the Revolving Loan as though an advance were taken by BORROWER
against the Revolving Loan in the amount of any payment effected by
LENDER.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    10.           PREPAYMENT:  BORROWER
may prepay the amounts due under this Note only as allowed by the Loan
Agreement.

     

    11.           LATE
CHARGES:  BORROWER shall be liable for the payment of “late”
charges in the amounts and as set forth in the Loan Agreement.

     

    12.           AUTHORIZATION TO CHARGE
ACCOUNT:  BORROWER hereby authorizes LENDER to charge and
effect payment as of each due date of all interest and other amounts (including
principal) due under this Note and the Revolving Loan in the manner set forth in
the “Authorization to
Charge” (as defined in the Loan Agreement).

     

    13.           PLACE OF
PAYMENT:  All payments made under this Note shall be made at
LENDER’s offices as specified in the Loan Agreement or at any other location
that the holder of this Note may designate by written notice to BORROWER given
in accordance with the Loan Agreement.

     

    14.           DEFINITIONS:  The
definitions contained in the Loan Agreement are incorporated herein by
reference.

     

    15.           CONTINUING RIGHTS OF
LENDER:  LENDER’s rights under this Note shall remain in full
force and effect until all Liabilities (as defined in the Loan Agreement) are
paid in full.

     

    16.           HOLDER ENTITLED TO BENEFITS OF LOAN
AGREEMENT:  The terms of the Loan Agreement are incorporated
herein by reference and the holder of this Note is entitled to the benefits of
the Loan Agreement.

     

    17.           EVENTS OF
DEFAULT:  The occurrence of any of the following shall be an
event of default (an “Event of
Default”) hereunder:

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              (a)

            	
              BORROWER’s failure to pay any
      principal or interest when due under this
Note;

            

    

     

    
      	
               
      

            	
              (b)

            	
              BORROWER’s failure to perform
      any obligation due under this Note;
and

            

    

     

    (c)           the
occurrence of any Event of Default under the Loan Agreement.

     

    18.           REMEDIES:

     

    (a)           Upon
the occurrence of an Event of Default, LENDER may do any or all of the
following:

     

    (1)                      LENDER
may declare the entire principal amount of this Note or the unpaid balance
hereof, together with all accrued interest and all other lawful and proper
charges and other sums due hereunder and under the Loan Agreement (including
attorneys fees for collection and enforcement of LENDER's rights) immediately
due and payable with interest thereafter at the Default Rate, without
presentment, demand, protest or other notice of any kind, all of which are
hereby expressly waived by BORROWER; and/or

     

    (2)                      LENDER
may exercise all other rights and remedies available to it at law or in
equity.

     

    (b)           The
remedies of LENDER under this Note are in addition to all other remedies,
statutory and otherwise, which are available to it under law or under the terms
of the Loan Agreement and all other Loan Documents.

     

    19.           WAIVER OF
PRESENTMENT:  Presentment, demand, protest, notice of dishonor
and any other notice of any kind are hereby expressly waived.

     

    
      
        
        

      

      
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    20.           NEW JERSEY LAW
GOVERNS:  This Note shall be governed in accordance with the
laws of the State of New Jersey.

     

    21.           LOST NOTE:  Upon
receipt of an affidavit of an officer of LENDER as to the loss, theft,
destruction or mutilation of this Note, BORROWER will issue, in lieu thereof, a
replacement Note in the same principal amount hereof and otherwise of like
tenor.

     

    22.           PLEDGE TO FEDERAL
RESERVE:  LENDER may at any time pledge all or any portion of
its rights under the aforementioned Loan Documents, including any portion of
this Note, to any of the twelve Federal Reserve Banks organized under Section 4
of the Federal Reserve Act, 12 U.S.C. Section 341.  No such pledge or
enforcement thereof shall release LENDER from its obligations under any of such
Loan Documents.

     

    23.           ASSIGNMENTS/PARTICIPATIONS:  Assignments
and Participations of LENDER’s interest in this Note are allowed as set forth in
the Loan Agreement.

     

    24.           WAIVER OF JURY
TRIAL:  BORROWER HEREBY KNOWINGLY, VOLUNTARILY AND
INTENTIONALLY WAIVES ITS RIGHT TO A TRIAL BY JURY IN RESPECT OF ANY CLAIM BASED
HEREON, ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS NOTE, THE LOAN
AGREEMENT AND ANY OTHER LOAN DOCUMENTS CONTEMPLATED TO BE EXECUTED IN CONNECTION
HEREWITH OR THEREWITH OR ANY COURSE OF CONDUCT, COURSE OF DEALINGS, STATEMENTS
(WHETHER VERBAL OR WRITTEN) OR ACTIONS OF LENDER. THIS WAIVER CONSTITUTES A
MATERIAL INDUCEMENT FOR LENDER TO ENTER INTO THE LOAN AGREEMENT AND MAKE AND
CONTINUE THE REVOLVING LOAN.

    

    
      
        
        

      

      
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IN
WITNESS WHEREOF, BORROWER has caused this Note to be signed by its duly
authorized representatives on the date first above written.

    

     

    
      
        	ATTEST:   	FIVE STAR GROUP,
      INC.	 
	 	 	 
	 	 	 	 
	

                /s/
      IRA SOBOTKO

              	
                 

              	
                By:
      

              	/s/
      JOHN BELKNAP	 
	Ira
      Sobotko, Secretary   	 	John
      Belknap, Vice  President	 
	 	 	 	 
	 	 	 	 

      

     

     

     

     

     

     

     

     

     

     

     

    8ex10.htm

    Exhibit 10.1

    

     

     

    SECOND
AGREEMENT TO MODIFY LOAN DOCUMENTS

     

    THIS
SECOND AGREEMENT TO MODIFY LOAN DOCUMENTS (“Agreement”) is entered
into as of July 2, 2008, by WILSON FAMILY COMMUNITIES, INC., a Delaware
corporation
(“Borrower”), and RBC BANK (USA),
formerly known as RBC CENTURA BANK, a North Carolina banking corporation
(individually, as a “Lender” and as
“Agent” for all “Lenders” [as defined below]), FRANKLIN BANK
SSB, and INTERNATIONAL BANK OF COMMERCE, LAREDO, TEXAS, a Texas state banking
association (individually, as a “Lender”
and collectively, with RBC CENTURA BANK, “Lenders”). Borrower, Agent, and Lenders, for
and in consideration of the recitals and mutual promises contained herein,
confirm and agree as follows:

     

    RECITALS

     

    A.     Agent, Lenders and
Borrower previously entered into that certain Borrowing Base Loan
Agreement (Syndicated Revolving Line of Credit) dated as of June 29, 2007 (as
the same has been
amended, modified, extended, increased, restated, and renewed, from time to
time, “Loan Agreement”), whereby Lenders previously
extended to Borrower a master line of credit in the current
principal sum of Thirty Million Dollars ($30,000,000.00) (as the same has been
amended, modified,
extended, increased, restated, and renewed, from time to time, “Master Line”).

     

    B.     The Master Line is
evidenced by that certain Promissory Note (RBC Centura Bank) in the
current principal sum of Ten Million Dollars ($10,000,000.00) (as the same has
been amended, modified,
extended, increased, restated, and renewed, from time to time, “Centura Note”), that certain
Promissory Note (International Bank of Commerce, Laredo, Texas) in the current
principal sum of
Ten Million Dollars ($10,000,000.00) (as the same has been amended, modified,
extended, increased,
restated, and renewed, from time to time, “IBC
Note”), and that certain Promissory Note (Franklin
Bank SSB) in the current principal sum of Ten Million Dollars ($10,000,000.00)
(as the same has
been amended, modified, extended, increased, restated, and renewed, from time to
time, “Franklin Bank Note,” collectively with Centura
Note and IBC Note, “Note”) all dated June
29, 2007.

     

    C.     The Note is secured
by, among other things, multiple security instruments referred to in the
singular as the “Deed of Trust” for each
and every “Approved Subdivision” (both as
defined in the Loan Agreement) financed with the proceeds of the
Loan.

     

    D.     All of the documents
evidencing or relating to the Master Line, including this Agreement,
and any other modification agreements or amendments that have been or will be
executed
in connection with the Master Line, collectively shall be referred to as the
“Loan Documents.” All capitalized terms not
specifically defined herein shall have the meanings given to such terms in the
Loan Agreement.

     

    F.     Borrower has
requested that Lenders modify the Master Line by, among other things,
extending the “Master Line Termination
Date” (as defined in the Loan Agreement and Note)
from the current date of June 29, 2008, to August 29, 2008 (“New Master Line Termination Date”) and such other modifications as are set
forth herein.

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    G.      Agent and
Lenders are willing to consent to the modifications to the Loan Documents
set forth
herein, subject to the conditions set forth below.   The date on
which all conditions set forth herein have been satisfied shall be referred to
as the “Modification Closing Date.”

     

    AGREEMENT

     

    NOW,  THEREFORE,  in  consideration  of  the  foregoing  premises  and  other  valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto agree as follows:

     

    1.      
Recitals.
The preamble, recitals and any exhibits hereto are hereby incorporated
into this
Agreement.

     

    2.      
Extension  of  the  Master  Line  Termination  Date.    From  and  after  the
Modification
Closing Date, the Master Line Termination Date is hereby extended from the
current date of June 29, 2008, to the New Master Line Termination Date of August
29, 2008 (“New
Master Line Termination Date”).   All references in
the Loan Documents to the Master Line Termination Date shall be revised to refer
to the New Master Line Termination Date set forth herein.

     

    3.       Forbearance of Spec Home
Limitation and Developed Lot Limitation.

     

    3.1 Forbearance of Spec Home
Limitation. Borrower is currently not in compliance
with the Spec Home limitation as set forth in Section 1.3(a) of Exhibit “C” to
the Loan Agreement (“Spec Home Limitation
Violation”). Borrower has requested and Agent and Lenders have agreed to
forbear from exercising their remedies with regard to the Spec Home Limitation
Violation until August 29, 2008 (“Spec Home
Forbearance Period”), provided
no additional defaults under the Loan occur between the date hereof and August
29, 2008. From and after August 29, 2008, Borrower shall be in compliance with
the Spec Home limitation.

     

     
3.2         
   Forbearance of Developed
Lot
Limitation.   Section
1.3(a) of Exhibit “C” to the
Loan Agreement requires that not more than twenty percent (20%) of the Eligible
Property owned by
Borrower shall consist of Developed  Lots  (“Developed Lot Limitation”). Borrower is
currently  not  in  compliance  with  the  Developed  Lot  Limitation  (“Developed  Lot  Limitation
Violation”).   Borrower has
requested and Agent and Lenders have agreed to forbear from exercising
their  remedies  with  regard  to  the  Developed  Lot  Limitation  Violation  until  August  29,  2008
(“Developed Lot Forbearance  Period,”
collectively with the Spec Home Forbearance Period, “Forbearance Period”), provided no additional
defaults under the Loan occur between the date hereof
and August 29, 2008.   From and after August 29, 2008, Borrower
shall be in compliance with all
convenants and limitations in the Loan Agreement, including without limitation
the Developed Lot
Limitation.

     

     
3.3            
Advancement of Loan  Funds During Forbearance Period.
Notwithstanding
the Spec Home Limitation Violation and Developed Lot Limitation Violation or any
provision in the Loan Documents to the contrary, during the Forbearance Period,
Lender shall continue to “Advance” (as
defined in the Loan Agreement) Loan funds to Borrower pursuant to the terms and
conditions of the Loan Agreement (excepting any condition which is not satisfied
due solely to the existence of the Spec Home Limitation Violation and Developed
Lot Limitation Violation), provided no additional defaults exist under the Loan
during the Forbearance Period. Furthermore the amount available to be advanced
will be determined without regard to the Spec Home Limitation Violation or
Developed Lot Limitation Violation.

     

    4.            
  Conditions
Precedent.   In no event shall Agent
have any obligation to close this transaction
unless and until all of the following conditions are satisfied:

    

    
      
        
        

      

      
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     4.1     No
Defaults. Other than in connection with the Spec Home
Limitation Violation
and Developed Lot Limitation Violation,there shall be no: (a) uncured Event of
Default under the Master Line or under any of the Loan Documents, (b) continuing
representation, covenant or warranty hereunder or under the Loan Documents that
is false or misleading in any manner, and (c) event currently existing which,
with the passage of time or the giving of notice or both, will result in an
Event of Default or the falsity of any continuing representation, covenant or
warranty hereunder or under the Loan Documents.

     

      4.2     No Financial
Change. There has been no material adverse change in
the financial
condition of Borrower or any Borrower Party since the closing of the Master
Line.

     

      4.3     Payment Of Lender’s
Costs. Borrower pays to Agent the applicable Commitment
Fee and all of Agent’s costs and expenses incurred in connection with the
documentation
and closing of the modifications to the Loan Documents described herein,
including without
limitation all attorneys’ fees, title costs, recording charges and other closing
fees and costs.

     

      4.4     Additional
Documents. Agent has received all additional
documents executed
by Borrower as required by Agent in connection with this Agreement.

     

    5.      
Representations and
Warranties. Borrower hereby represents and warrants to
Lenders
as follows:

     

      5.1     No Default.
Other than in connection with the Spec Home Limitation
Violation
and Developed Lot Limitation Violation, no Event of Default under any of the
Loan Documents
has occurred that remains uncured, and no event has occurred which, with the
giving of notice or
the passage of time, or both, would constitute an Event of Default under any of
the Loan Documents.

     

      5.2     Representations and
Warranties. As of the date hereof, all of the representations
and warranties contained in all of the Loan Documents remain true, correct,
complete and accurate except to the extent such representations and warranties
would be affected by the Spec Home Limitation Violation or Developed Lot
Limitation Violation.

     

      5.3    No
New Liens.
Borrower has granted no liens or permitted
any encumbrances
upon any “Project” or security interests
in any “Lot”
or “Home”
(all as defined in the Loan Agreement) described in the Loan Documents, except
for the liens and security interests permitted under the Loan
Agreement.

     

      5.4     No Claims or
Defenses. As of the date hereof, neither Borrower
nor any Borrower
Party has any claims against Agent or any Lender nor defenses to the enforcement
of any of the
Loan Documents in accordance with their respective terms, as amended by this
Agreement.

     

      5.5     Satisfaction of Conditions.
All of the conditions precedent set forth herein have been
fully satisfied.

     

    6.      
Further
Assurances. Borrower agrees to perform such other and
further acts, and to
execute such additional documents, agreements, notices or financing statements,
as Agent deems necessary or desirable from time to time to create, preserve,
continue, perfect, validate or carry out any of Agent’s and Lenders’ rights
under this Agreement and the other Loan Documents.

     

    7.       
Integration. All
rights, remedies, powers and interest provided for Agent and Lenders
herein are in addition to the rights, remedies, powers and interests provided
for Agent and Lenders in the Loan Documents, the terms and provisions of which
are incorporated herein by this reference
and made a part hereof. If and to the extent any term or provision hereof is
inconsistent with any
term or provision of the Loan Documents, the term or provision of this Agreement
shall prevail.

     

    
      
        
        

      

      
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    8.      
Section
Headings. The section headings of this Agreement are included for
convenience
only, and shall not affect the construction or interpretation of any provision
of this Agreement.

     

    9.      
Entire Agreement. Amendments. Except
as expressly amended herein, the Loan Agreement,
the Note and all of the other Loan Documents remain unmodified and in full force
and effect.
This Agreement and all of the other Loan Documents contain the entire agreement
between Borrower,
Agent and Lenders with respect to the Master Line, and all prior negotiations,
commitments,
understandings and agreements concerning any modification of the Master Line are
superseded
by this Agreement and the Loan Documents. No amendment, modification,
supplement, extension,
termination or waiver of any provision of this Agreement, any Loan Document, or
any other
agreement executed in connection with any of the foregoing is effective unless
in writing and signed by
Agent, Lenders and Borrower, and then only in the specific instance and for the
specific purpose
given.

     

    10.     Governing
Law. The Loan Documents shall be governed by, and construed and
enforced
in accordance with, the internal laws of the State of Texas and the applicable
laws of the United States of America, without regard to its conflict of laws
principles.

     

    11.     Attorneys’ Fees.
If any action or other proceeding is brought to interpret or enforce
any
provision of this Agreement, the prevailing party shall be entitled to recover
attorneys’ fees and expenses.

     

    12.     Binding Effect.
This Agreement and the other Loan Documents shall be binding upon, and
shall inure to the benefit of, Borrower, Agent and Lenders and their respective
successors and assigns, or heirs and personal representatives, as applicable,
subject to any provision of the Loan Documents restricting transfers of the
Property.

     

    13.     Severability
of Provisions. No provision of this Agreement or any other Loan
Document that is held to be inoperative, unenforceable and invalid shall affect
the remaining provisions, and this and all provisions of this Agreement and the
Loan Documents are hereby declared to be severable.

     

    14.     Miscellaneous.
No reference to this Agreement is necessary in any instrument or
document
at any time referring to the Loan Documents. A reference to the Loan Documents
is deemed a reference to such document as modified hereby.

     

    15.     No
Commitment. The furnishing of this Agreement and other
modification documents
shall in no way be construed as a commitment by Agent or any Lender to modify,
amend, extend or otherwise alter the Loan Documents. Neither Agent or any Lender
is under an obligation to close the transaction evidenced by this Agreement
unless this Agreement and all related documents are returned to Agent fully
executed by Borrower, and unless this Agreement is actually executed by Agent
and Lenders and delivered to Borrower.

     

    16.     Counterparts.
This Agreement may be executed in any number of counterparts and by
different parties hereto on separate counterparts, each of which, when so
executed and delivered
shall be an original, but all such counterparts shall together constitute one
and the same instrument.

     

    
      
        
        

      

      
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    IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date
set forth on the cover page of this Agreement.

     

    
      	 	BORROWER	 
	 	 	 	 
	 	
              WILSON
      FAMILY COMMUNITIES, INC.,

              a
      Delaware corporation

            	 
	 	 	 	 
	 	By:	/s/ Clark
      Wilson 	 
	 	Name:	Clark
      Wilson 	 
	 	Title:	President and Chief
      Executive Officer 	 
	 	 	 	 

    

     

     

     

     

     

     

     

    
      
        
        

      

      
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        	 	AGENT	 
	 	 	 	 	 	 
	 	
                RBC BANK
      (USA), formerly known as RBC CENTURA BANK, a North Carolina banking
      corporation

              	 
	 	 	 	 	 	 
	 	 	By:	/s/ Traniece
      Peterson 	 
	 	 	 	Traniece
      Peterson 	, Vice
      President 	 

      

       

    

    
      
         

        
          	 	LENDER	 
	 	 	 	 	 	 
	 	
                  RBC BANK
      (USA), formerly known as RBC CENTURA BANK, a North Carolina banking
      corporation

                	 
	 	 	 	 	 	 
	 	 	By:	/s/ Traniece
      Peterson  	 
	 	 	 	Traniece
      Peterson  	, Vice
      President 	 

        

         

         

      

    

     

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continued on the following page.]

     

     

     

     

     

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    
      
        
          	 	LENDER	 	 
	 	 	 	 	 	 	 
	 	
                  FRANKLIN
      BANK SSB, a Texas state savings bank

                	 
	 	 	 	 	 	 	 
	 	 	By:	/s/ Celli
      Lyon 	 	 
	 	 	 	Celli
      Lyon 	,
its 	VP 	 

        

         

         

         

         

         

         

        [Signatures continued on
the following page.]

         

         

         

         

        
          
            
            

          

          
            7

            
              

            

          

          
            
            

          

        

         

      

    

    
      
        	 	LENDER	 	 
	 	 	 	 	 	 	 
	 	
                
                  INTERNATIONAL
      BANK OF COMMERCE,

                  LAREDO,
      TEXAS, a Texas state banking association

                

              	 
	 	 	 	 	 	 	 
	 	 	By:	/s/ Chad
      Wilson 	 	 
	 	 	 	Chad
      Wilson 	,
its 	FVP 	 

      

       

       

       

       

       

       

       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

    

     

    CONSENT
OF GUARANTORS
 

    THE
UNDERSIGNED GUARANTOR UNDER THAT CERTAIN AMENDED AND RESTATED CONTINUING
GUARANTY AGREEMENT DATED JUNE 23, 2008 AND INDEMNITOR UNDER THAT
CERTAIN ENVIRONMENTAL INDEMNITY DATED JUNE 5, 2008 AND THOSE CERTAIN
AMENDED
AND RESTATED ENVIRONMENTAL INDEMNITIES BOTH DATED JUNE 23, 2008, HEREBY
CONSENT TO THE ABOVE AMENDMENTS, AND HEREBY REAFFIRM THEIR GUARANTIES,
AS SO AMENDED, WHICH GUARANTIES ARE OF BORROWER’S REPAYMENT OF
CERTAIN OBLIGATIONS UNDER THE MASTER LINE AND COMPLETION OF CERTAIN OBLIGATIONS
UNDER THE LOAN DOCUMENTS AND WITH RESPECT TO CERTAIN ENVIRONMENTAL
MATTERS PERTAINING TO THE SUBJECT PROPERTY.

     

    
      
        	 	
                GREEN BUILDERS,
      INC., a Texas corporation, 

                formerly
      known as WILSON HOLDINGS INC., a
      

                Nevada
      corporation

              	 
	 	 	 	 
	 	By:	/s/ Clark N.
      Wilson 	 
	 	
              	Clark N. Wilson, its
      President	 
	 	 	 	 

      

       

       

       

       

       

       

       9

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