Document:

EXHIBIT 10.23

                             AMENDMENT NO.  1 TO
          EARLY PURCHASE PROGRAM ADDENDUM TO LOAN PURCHASE AGREEMENT

 This AMENDMENT  NO1 TO  EARLY PURCHASE  PROGRAM  ADDENDUM TO  LOAN  PURCHASE
 AGREEMENT (the "Amendment") is made and entered into as of December 23, 2003
 by and  between  Countrywide Home  Loans,  Inc. ("Countrywide")  and  United
 Financial Mortgage,  Corp. ("Seller").  This Amendment  amends that  certain
 Early Purchase Program Addendum  to Loan Purchase  Agreement by and  between
 Countrywide and Seller  dated as  of April  23, 2003  (the "EPP  Addendum"),
 which such EPP Addendum supplements that certain Loan Purchase Agreement  by
 and between Countrywide and Seller dated  as of February 7, 2001  (including
 all  the  Commitments,  Amendments,   Addenda,  Assignments  of  Trade   and
 Assignments thereto, collectively, the "Loan Purchase Agreement").

                               R E C I T A L S
                               ---------------

      Countrywide and  Seller  have  previously  entered  into  the  EPP
      Addendum pursuant  to  which  Seller may  sell  certain  loans  to
      Countrywide prior to delivery of certain mortgage loan  documents.
      Countrywide and Seller hereby agree that the EPP Addendum shall be
      amended as provided herein.

 In consideration of the mutual promises contained herein, and for other good
 and valuable consideration, the receipt and sufficiency of which are  hereby
 acknowledged, Countrywide and Seller hereby agree as follows:

 1.   Exhibit J - Outstanding Loan Limit.  Countrywide and Seller agree  that
      the Outstanding  Loan Limit  set  forth within  Exhibit  J of  the  EPP
      addendum shall be amended as follows:

      "Outstanding Loan Limit: Thirty Five Million Dollars ($35,000,000)

 2.   Exhibit J  -  Over/Under  Account;  Minimum  Balance.  Countrywide  and
      Seller agree that  the  "Minimum Balance" of the Over/Under Account set
      forth  within in  Exhibit  J  required to be maintained by Seller shall
      be amended to $350,000."

 3.   Financial Ratios. Countrywide  and Seller agree  that the Tangible  Net
      Worth in Exhibit  J shall be  amended as follows,  all other  Financial
      Covenants shall remain unchanged:

      "
       ------------------------------------------------------

       Seller's Tangible Net Worth:     $9,400,000

       ------------------------------------------------------
                                                             "

  4.   Exhibit A  -  EPP Loans. Countrywide and Seller agree that  Exhibit  A
       of the EPP Addendum shall be amended to add Subprime Mortgage Loans as
       follows:

 ------------------------------------------------------------------------------
                    Maximum
                  Percentage                 Initial
 Loan Product or      of          SRP      Purchase  Maximum     Requirements
 Type             Outstanding Enhancement    Price    Dwell        prior to
                  Loan Limit    Percent   Percentage  Time         purchase
 ---------------  ----------  ----------- ---------- ------- ------------------
 Subprime                                                     CLOUT/CLUES  or
 Mortgage Loans                                               Countrywide prior
 (1st mortgages                                               approval. For 50%
 only, maximum       20%        1.65%         97     45 days   of the Maximum
 loan amount of                                                Percentage of
 $350,000)                                                    Outstanding Loan
                                                                 Limit, the
                                                             Requirements prior
                                                              to purchase will
                                                                  be waived
 ------------------------------------------------------------------------------

 5.   Initial Purchase Price; Adjusted Purchase Price. Countrywide and Seller
      agrees that Section 3 is deleted in its entirety and replaced with  the
      following:

      "Initial Purchase Price  and Initial Purchase  Price Percentage;  Final
      Purchase Price and Final Purchase Price Percentage.

      (a)       Initial Purchase Price.  As  consideration for each EPP  Loan
           to be purchased hereunder, Countrywide shall pay to Seller, on  or
           before the  Purchase  Date,  a  portion  of  the  estimated  Final
           Purchase Price (as defined below)  (such portion of the  estimated
           Final Purchase Price, the "Initial Purchase Price").  The  Initial
           Purchase Price  shall  be  equal to  the  product  of  the  unpaid
           principal balance of the EPP Loan multiplied by the lesser of  (i)
           the  Initial  Purchase   Price  Percentage   (as  defined   below)
           multiplied by  the lesser  of par,  the estimated  Final  Purchase
           Price Percentage (as defined below)  or (ii) ninety eight  percent
           (98%) of  the estimated  Final Purchase  Price  of the  EPP  Loan.
           Countrywide shall  pay the  Initial Purchase  Price to  Seller  in
           accordance with the instructions set  forth in Exhibit C  attached
           hereto.  It  is understood and  agreed that  the Initial  Purchase
           Price, being  a portion  of the  estimated Final  Purchase  Price,
           includes a  holdback  amount  to account  for  Countrywide's  post
           purchase review and confirmation that the EPP Loan fully  complies
           with Countrywide's  requirements and  may  include as  a  holdback
           certain  other  normal  and  customary  adjustments,  fees  and/or
           discounts made by or owed to  Countrywide with respect to the  EPP
           Loan under the Program Agreements.

      (b)  Initial Purchase  Price Percentage.   The  Initial Purchase  Price
           Percentage shall  be that  percentage as  set forth  on Exhibit  A
           attached hereto or as may be adjusted by Countrywide hereafter  in
           accordance with this Addendum.  In addition to any other  remedies
           afforded Countrywide, Countrywide may reduce the Initial  Purchase
           Price  Percentage  in  the  event   of  Seller's  breach  of   its
           obligations under the  Program Agreements.   Further,  Countrywide
           may,  from  time  to  time,  reduce  the  Initial  Purchase  Price
           Percentage to  account  for  any  changes  in  Seller's  financial
           condition and/or changes in  general market conditions, which,  in
           either case, Countrywide determines are material changes.

      (c)  Recalculation of Initial Purchase Price During Review Period.  If,
           at  any  time  during  the  Review  Period,  (A)  (i)  Countrywide
           reasonably determines that the loan characteristics of an EPP Loan
           are different  than those  originally  represented by  Seller  and
           Countrywide reduces the Final  Purchase Price Percentage for  such
           EPP Loan, (ii) the  Final  Purchase Price  Percentage for any  EPP
           Loan contained in any Assignment of Trade or Commitment applicable
           to such EPP  Loan is  reduced as  permitted therein  or (iii)  any
           Assignment of Trade or  Commitment applicable to  any EPP Loan  is
           cancelled as permitted therein  and a new  Assignment of Trade  or
           Commitment is entered into by Countrywide and Seller with  respect
           to such EPP Loan and the Final  Purchase Price Percentage for such
           EPP Loan is reduced in the new Assignment of Trade or  Commitment,
           notwithstanding  anything  contained   herein  to  the   contrary,
           Countrywide shall  have  the  right  to  recalculate  the  Initial
           Purchase  Price  paid  for  the  related  EPP  Loan  pursuant   to
           subsection (a) above to account for any such reductions.  Further,
           if an Assignment of  Trade or Commitment  is cancelled during  the
           Review Period and a new Assignment  of Trade or Commitment is  not
           entered into by  Countrywide and Seller  with respect  to any  EPP
           Loan, Countrywide  shall have  the right  to determine  the  Final
           Purchase Price  Percentage of  the EPP  Loan and  recalculate  the
           Initial Purchase Price pursuant to  subsection (a) above based  on
           its determination of  the Final Purchase  Price Percentage of  the
           EPP Loan.  In determining the  Final Purchase Price Percentage  of
           any EPP Loan as permitted  in the foregoing sentence,  Countrywide
           shall  base  its  determination   of  the  Final  Purchase   Price
           Percentage on the  current market value  of the EPP  Loan and  use
           reasonable industry  standards  to determine  the  current  market
           value of the EPP Loan and  shall provide Seller with at least  one
           (1) Business Day  prior notice of  any such  determination of  the
           Final Purchase Price Percentage.

           If any recalculated  Initial Purchase Price  for any  EPP Loan  as
           permitted herein is less than the original Initial Purchase  Price
           paid by Countrywide to Seller for such EPP Loan, Seller shall,  at
           Countrywide's sole option, immediately  refund to Countrywide  the
           difference between  the original  Initial Purchase  Price and  the
           recalculated  Initial   Purchase  Price.     Notwithstanding   the
           foregoing, Countrywide shall be entitled to deduct from any excess
           balance in  the  Over/Under Account  any  amounts required  to  be
           refunded by Seller to Countrywide hereunder.

      (d)  Final Purchase Price.  Upon Countrywide's  review of the EPP  Loan
           and the  completion  of  the related  Review  Period  (as  defined
           below), Countrywide  shall  determine  the  Final  Purchase  Price
           Percentage and Final Purchase Price of the related EPP Loan.   The
           Final Purchase  Price  shall be  an  SRP Enhancement  (as  defined
           below).  The difference between the Initial Purchase Price and the
           Final Purchase Price,  if any, shall  be debited  or credited,  as
           applicable, by Countrywide to the Over/Under Account in accordance
           with Section 4 hereof.

      (e)  Final  Purchase  Price  Percentage.    The  Final  Purchase  Price
           Percentage shall be the estimated Final Purchase Price  Percentage
           at the  time  the EPP  Loan  was  sold to  Countrywide,  less  any
           adjustments made  thereto  by  Countrywide  as  permitted  by  the
           Program Agreements.   In addition to  any other remedies  afforded
           Countrywide, Countrywide may require Seller to repurchase such EPP
           Loan  or  Seller  and  Countrywide  may negotiate  a revised price
           based on current market conditions in the event of Seller's breach
           of its  obligations   under  the   Program  Agreements.   Further,
           Countrywide may require Seller to repurchase an EPP Loan or Seller
           and Countrywide may  negotiate a  revised price  based on  current
           market conditions for any changes in Seller's financial  condition
           and/or changes  in general  market  conditions, which,  in  either
           case, Countrywide determines are material changes.

      (f)  Facility Fee. Seller shall pay  to Countrywide an annual  facility
           fee of  .10% times  the Outstanding  Loan  Limit, payable  on  the
           effective date of the Addendum.

      (g)  Fees.  Countrywide shall charge, and Seller shall be obligated  to
           pay, in addition to  any other fees  applicable under the  Program
           Agreements, a File Fee and a  Disbursement Fee in connection  with
           each EPP Loan purchased  pursuant to this  Addendum.  The  current
           amounts of these fees, as well as the current amounts of any other
           fees which are  applicable under the  Early Purchase Program,  are
           set forth in Exhibit J attached hereto.  All fees under the  Early
           Purchase Program may be changed by  Countrywide from time to  time
           upon notice to Seller and may be deducted by Countrywide from  the
           Over/Under Account in accordance with Section 4 hereof."

 6.   No Other Amendments.  Other  than  as  expressly  modified  and amended
      herein, the EPP Addendum and Loan Purchase  Agreement  shall  remain in
      full force  and effect  and nothing  herein shall affect the rights and
      remedies  of  Countrywide  as provided  under the EPP Addendum and Loan
      Purchase Agreement.

 7.   Capitalized Terms.  Any capitalized term used herein and not  otherwise
      defined herein shall have the meaning ascribed to such term in the  EPP
      Addendum or Loan Purchase Agreement, as applicable.

 8.   Facsimiles: Facsimile signatures shall be  deemed valid and binding  to
      the same extent as the original.

 IN WITNESS WHEREOF,  Countrywide and Seller  have caused their  names to  be
 signed hereto by their respective  officers thereunto  duly authorized as of
 the date first written above.

 COUNTRYWIDE HOME LOANS, INC.            UNITED FINANCIAL MORTGAGE, CORP

 By:  /s/ John M. Bauer                  By:  /s/ Steve Y. Khoshabe
      -----------------------                 ---------------------
      Signature                               Signature

 Name:  John M. Bauer                    Name:  Steve Y. Khoshabe

 Title: Vice President                   Title: President and Chief
                                                Executive Officer<PAGE>

                                 EXHIBIT 10.1

                        Form of Escrow Agreement between
                           CNL Income Properties, Inc.
                               and SouthTrust Bank

<PAGE>

                                ESCROW AGREEMENT

         THIS ESCROW AGREEMENT (the "Agreement") is dated this ____ day of
_________, 2004, by and among CNL INCOME PROPERTIES, INC., a Maryland
corporation (the "Company"), CNL SECURITIES CORP., a Florida corporation (the
"Managing Dealer"), and SOUTHTRUST BANK (the "Escrow Agent"). This Agreement
shall be effective as of the effective date of the Company's Registration
Statement filed with the Securities and Exchange Commission (the "Effective
Date").

         WHEREAS, the Company proposes to offer and sell, on a best-efforts
basis through the Managing Dealer and selected broker-dealers who are registered
with the National Association of Securities Dealers, Inc. or who are exempt from
broker-dealer registration (the Managing Dealer and such selected broker-dealers
are hereinafter referred to collectively as the "Soliciting Dealers") up to
200,000,000 shares of common stock of the Company (the "Shares") to investors
pursuant to a registration statement (the "Registration Statement") filed with
the Securities and Exchange Commission; and

         WHEREAS, the Company has agreed that the subscription price paid by
subscribers for Shares will be refunded to such subscribers if an aggregate of
250,000 Shares or more of the Company have not been sold and paid for, within
one year of the initial effective date of the Company's prospectus (each date
referred to herein individually as the "Closing Date");

         WHEREAS, the Company and the Managing Dealer desire to establish an
escrow in which funds received from subscribers will be deposited until the
Closing Date or such earlier date on which subscriptions for at least 250,000
Shares have been received (exclusive of any subscriptions from Pennsylvania
residents, which shall not be counted toward the 250,000 Share threshold and
shall not be released from escrow until at least $65,000,000 in subscriptions
have been received), and the Escrow Agent is willing to serve as Escrow Agent
upon the terms and conditions herein set forth; and

         WHEREAS, in order to subscribe for Shares, a subscriber must deliver
the full amount of its subscription: (i) by check in U.S. dollars, (ii) by wire
transfer of immediately available funds in U.S. dollars, or (iii) as otherwise
agreed to by the Company (collectively, the "Payment").

         NOW, THEREFORE, in consideration of the premises and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged by the parties, the parties covenant and agree as follows.

         1. Establishment of Escrow Accounts. On or prior to the Effective Date,
the Company and the Managing Dealer shall establish an interest-bearing escrow
account with the Escrow Agent, which escrow account shall be entitled "ESCROW
ACCOUNT FOR THE BENEFIT OF SUBSCRIBERS FOR COMMON STOCK OF CNL INCOME
PROPERTIES, INC." (the "Escrow Account"). All monies deposited in the Escrow
Account are hereinafter referred to as the "Escrowed Funds." The Managing Dealer
will, and will cause selected broker-dealers acting as Soliciting Dealers to,
instruct subscribers to make Payments for subscriptions payable to the order of
the Escrow Agent until such time (if any) as the Escrowed Funds are deliverable
to the Company pursuant to the provisions of Paragraph 5(a) below. From and
after such time, Payments may be made payable to either the Escrow Agent or the
Company. Any Payments received prior to the time, if any, that the Escrowed
Funds are deliverable to the Company pursuant to the provisions of Paragraph
5(a) below that are made payable to a party other than the Escrow Agent shall be
returned to the Soliciting Dealer who submitted the Payment. The Managing Dealer
may authorize certain Soliciting Dealers which are "$250,000 broker-dealers" to
instruct their customers to make their Payments for Shares subscribed for
payable directly to the Soliciting Dealer. In such case, the Soliciting Dealer
will collect the proceeds of the subscribers' Payments and issue a Payment made
payable to the order of the Escrow Agent for the aggregate amount of the
subscription proceeds.

         2. Deposits into the Escrow Account. The Managing Dealer will promptly
deliver all monies received from subscribers for the payment of Shares to the
Escrow Agent for deposit in the Escrow Account. Until such time that the
Escrowed Funds are deliverable to the Company pursuant to the provisions of
Paragraph 5(a) below, the Managing Dealer also will deliver to the Escrow Agent
a written account of each sale, which account shall set forth, among other
things, the following information: (i) the subscriber's name and address, (ii)
the number of Shares purchased by such subscriber, and (iii) the amount paid for
by such subscriber for such Shares. The Company is aware and understands

<PAGE>

that, during the escrow period, it is not entitled to any funds received into
escrow and no amount deposited in the Escrow Account shall become the property
of the Company or any other entity, or be subject to the debts of the Company or
any other entity.

         3.       Collection Procedure.

                  (a) The Escrow Agent is hereby authorized to forward each
         Payment for collection and, upon collection of the proceeds of each
         Payment, to deposit the collected proceeds in the Escrow Account or,
         alternatively, the Escrow Agent may telephone the bank on which the
         Payment is drawn to confirm that the Payment has been paid.

                  (b) Any Payment returned unpaid to the Escrow Agent shall be
         returned to the Soliciting Dealer that submitted the Payment. In such
         cases the Escrow Agent will promptly notify the Company of such return.

                  (c) In the event that (i) the Company rejects any subscription
         for Shares or (ii) an investor who has telephonically or orally
         subscribed for Shares properly withdraws such subscription within ten
         (10) days from the date written confirmation has been received by the
         subscriber, and, in either such event, the Escrow Agent has already
         collected funds for such subscription, the Escrow Agent shall promptly
         issue a refund Payment to the drawer of the Payment submitted by or on
         behalf of the rejected or withdrawing subscriber. If either of the
         events specified in the clauses (i) or (ii) of the preceding sentence
         occur and, in either such event, the Escrow Agent has not yet collected
         funds for such subscription but has submitted the Payment relating to
         such subscription for collection, the Escrow Agent shall promptly issue
         a Payment in the amount of such Payment to the rejected or withdrawing
         subscriber after the Escrow Agent has cleared such funds. If the Escrow
         Agent has not yet submitted the Payment relating to the subscription of
         the rejected or withdrawing subscriber, the Escrow Agent shall promptly
         remit such Payment directly to the drawer of the Payment submitted by
         or on behalf of the subscriber.

         4.       Investment of Escrowed Funds. The Escrow Agent, immediately
upon receipt of each Payment remitted to it, shall deposit such Payment in a
bank account (including, but not limited to, interest-bearing savings accounts
and bank money market accounts), in short-term certificates of deposit issued by
a bank, in short-term securities directly or indirectly issued or guaranteed by
the United States Government, or in other short-term, highly liquid investments
with appropriate safety of principal, all as directed by the Company. Interest
and dividends earned on such investments shall be similarly reinvested.
Following the distribution of Escrowed Funds to the Company pursuant to
Paragraph 5 below, any funds remaining in the Escrow Account shall be invested
in bank money market funds or similar instruments as directed by the Company.

         5.       Distribution of Escrowed Funds.  The Escrow Agent shall
distribute the Escrowed Funds in the amounts, at the times, and upon the
conditions hereinafter set forth in this Agreement.

                  (a)      Subject to the last three sentences of this Paragraph
         5(a), if at any time on or prior to the Closing Date, an aggregate of
         250,000 Shares of the Company have been sold, then upon the happening
         of such event, the Escrow Agent shall deliver the Escrowed Funds to the
         Company. An affidavit or certification from an officer of the Company
         stating that, after excluding all Shares covered by the subscriptions
         described in the last two sentences of this Paragraph 5(a), 250,000
         Shares have been timely sold, together with the receipt by the Escrow
         Agent of a minimum of $2,500,000 in cleared funds attributable to sales
         of Shares shall constitute sufficient evidence for the purpose of this
         Agreement that such event has occurred. Thereafter, the Escrow Agent
         shall release from the Escrow Account to the Company any and all
         Escrowed Funds therein, together with all interest earned thereon, upon
         the written request of an officer of the Company as listed on the
         incumbency certificate provided to the Bank by the Company, except as
         expressly provided otherwise in the last two sentences. In determining
         whether the 250,000 share threshold has been attained, subscriptions
         from investors who have subscribed for Shares orally, where
         representatives of a Soliciting Dealer have executed the Subscription
         Agreement relating to such Shares on behalf of the investor, shall not
         be included in determining whether the minimum 250,000 Shares have been
         sold for a period of ten (10) days from the date written confirmation
         has been received by the subscriber, provided that such subscriptions
         shall not be released from

                                       -2-

<PAGE>

         escrow until the expiration of a period fifteen (15) days from the date
         written confirmation has been mailed to the subscriber relating to such
         subscriptions. Additionally, in determining whether the 250,000 share
         threshold has been attained, subscriptions from investors who received
         a prospectus less than five (5) business days prior to the
         determination under this subparagraph (a) of the number of available
         Shares to be released from escrow as evidenced by the date of execution
         of such investor's subscription agreement shall not be included in
         determining whether the minimum 250,000 Shares have been sold. Further,
         in determining whether the 250,000 Share threshold has been attained,
         subscriptions from Pennsylvania residents shall not be included in
         determining whether the minimum 250,000 Shares have been sold.
         Moreover, subscription funds from Pennsylvania investors shall not be
         released from the Escrow Account until at least $65,000,000 in
         subscriptions have been received.

                  (b)      If the Escrowed Funds do not, on or prior to the
         Closing Date, become deliverable to the Company pursuant to
         subparagraph (a) above, the Escrow Agent shall return the Escrowed
         Funds to the respective subscribers in amounts equal to the
         subscription amount theretofore paid by each of them, together with
         interest calculated as described in Paragraph 6 below and without
         deduction, penalty or expense to the subscriber. The Escrow Agent shall
         notify the Company and the Managing Dealer of any such return of
         subscription amounts. The purchase money returned to each subscriber
         shall be free and clear of any and all claims of the Company or any of
         its creditors.

         6.       Distribution of Interest. If the Escrowed Funds become
deliverable to subscribers pursuant to Paragraph 5(b) above, the Escrow Agent
shall compute and distribute to each investor a pro rata share of the investment
earnings of the Escrowed Funds. Each subscriber's pro rata share of investment
earnings shall be computed as follows:
                                                Individual Subscription
                                                amount x days held
                  Investment Earnings     x     Total subscription
                                                amounts x days held

Such pro rata share of investment earnings shall be distributed to each
subscriber with the return of their subscription amounts.

         7.       Liability of Escrow Agent.

                  (a)      In performing any of its duties under this Agreement,
         or upon the claimed failure to perform its duties hereunder, the Escrow
         Agent shall not be liable to anyone for any damages, losses, or
         expenses which it may incur as a result of the Escrow Agent so acting,
         or failing to act; provided, however, the Escrow Agent shall be liable
         for damages arising out of its willful default or misconduct or its
         gross negligence under this Agreement. Accordingly, the Escrow Agent
         shall not incur any such liability with respect to (i) any action taken
         or omitted to be taken in good faith upon advice of its counsel or
         counsel for the Company which is given with respect to any questions
         relating to the duties and responsibilities of the Escrow Agent
         hereunder, or (ii) any action taken or omitted to be taken in reliance
         upon any document, including any written notice or instructions
         provided for in this Escrow Agreement, not only as to its due execution
         and to the validity and effectiveness of its provisions but also as to
         the truth and accuracy of any information contained therein, if the
         Escrow Agent shall in good faith believe such document to be genuine,
         to have been signed or presented by a proper person or persons, and to
         conform with the provisions of this Agreement.

                  (b)      The Company hereby agrees to indemnify and hold
         harmless the Escrow Agent against any and all losses, claims, damages,
         liabilities and expenses, including, without limitation, reasonable
         costs of investigation and counsel fees and disbursements which may be
         incurred by it resulting from any act or omission of the Company;
         provided, however, that the Company shall not indemnify the Escrow
         Agent for any losses, claims, damages, or expenses arising out of the
         Escrow Agent's willful default, misconduct, or gross negligence under
         this Agreement.

                  (c)      If a dispute ensues between any of the parties
         hereto which, in the opinion of the Escrow Agent, is sufficient to
         justify its doing so, the Escrow Agent shall be entitled to tender into
         the registry or custody of any court of competent jurisdiction,
         including the Circuit Court of Orange County, Florida, all

                                       -3-

<PAGE>

         money or property in its hands under the terms of this Agreement, and
         to file such legal proceedings as it deems appropriate, and shall
         thereupon be discharged from all further duties under this Agreement.
         Any such legal action may be brought in any such court as the Escrow
         Agent shall determine to have jurisdiction thereof. The Company shall
         indemnify the Escrow Agent against its court costs and attorneys' fees
         incurred in filing such legal proceedings.

                                       -4-

<PAGE>

         8.       Inability to Deliver. In the event that Payments for
subscriptions delivered to the Escrow Agent by the Company pursuant to this
Agreement are not cleared through normal banking channels within 120 days after
such delivery, the Escrow Agent shall deliver such uncleared Payments to the
Company unless the Escrowed Funds are returned to subscribers pursuant to
Paragraph 5(b) above, in which case the Escrow Agent shall mail such uncleared
Payments to the subscribers.

         9.       Notice. All notices, requests, demands and other
communications or deliveries required or permitted to be given hereunder shall
be in writing and shall be deemed to have been duly given if delivered
personally, given by facsimile confirmed by telephone call or deposited for
mailing, first class, postage prepaid, registered or certified mail, as follows:

         If to the subscribers for
         Shares:                    To their respective
                                    addresses as specified in
                                    their Subscription
                                    Agreements.

         If to the Company:         CNL Income Properties, Inc.
                                    CNL Center at City Commons
                                    450 South Orange Avenue
                                    Orlando, Florida  32801
                                    Attention:  Mr. Thomas J. Hutchison III,
                                    Chief Executive Officer and President

         If to the Managing Dealer: CNL Securities Corp.
                                    CNL Center at City Commons
                                    450 South Orange Avenue
                                    Orlando, Florida  32801
                                    Attention:  Mr. Robert A. Bourne, President

         If to the Escrow Agent:    SOUTHTRUST BANK
                                    110 Office Park Drive, Second Floor
                                    Birmingham, AL 35233
                                    Attention:  Ms. Rebecca Brayman

         10       Fees to Escrow Agent. In consideration of the services to be
provided by the Escrow Agent hereunder, the Company agrees to pay the following
fees to the Escrow Agent.

                  (a)      In the event that by the Closing Date an aggregate of
         250,000 Shares have not been sold for the account of the Company, the
         Company will pay the Escrow Agent a fee in an amount equal to $15 per
         investor, with a minimum fee of $1,500, payable within 30 days
         following the Closing Date.

                  (b)      In the event that an aggregate of at least 250,000
         Shares are sold by the Closing Date, the Company will pay the Escrow
         Agent a fee for its services hereunder (the "Escrow Fee"). The Escrow
         Fee shall be $350 for each month or any portion thereof that the Escrow
         Account continues for the Company. The first payment of the Escrow Fee
         by the Company shall be due on the earlier of (i) the date on which the
         Escrowed Funds become distributable to the Company pursuant to
         Paragraph 5 hereof, or (ii) six months from the effective date of this
         Agreement; or (iii) the closing of the offering of Shares in the
         Company. Subsequent payments by the Company, if any, shall be due and
         payable no less frequently than six-month intervals while the escrow
         continues for the Company. In no event shall the total Escrow Fees
         payable by the Company pursuant to this Agreement be less than $2,100,
         nor more than $4,200, for any 12-month period. Notwithstanding anything
         contained in this Agreement to the contrary, in no event shall any fee,
         reimbursement for costs and expenses, indemnification for any damages
         incurred by the Escrow Agent, or monies whatsoever be paid out of or
         chargeable to the Escrowed Funds in the Escrow Account.

         11.      General.

                  (a)      This Agreement shall be interpreted, construed and
         enforced in all respects in accordance

                                       -5-

<PAGE>

         with the laws of the State of Florida applicable to contracts to be
         made and performed entirely in said state.

                  (b)      The section headings contained herein are for
         reference purposes only and shall not in any way affect the meaning or
         interpretation of this Agreement.

                  (c)      This Agreement sets forth the entire agreement and
         understanding of the parties with regard to this escrow transaction and
         supersedes all prior agreements, arrangements and understandings
         relating to the subject matter hereof.

                  (d)      This Agreement may be amended, modified, superseded
         or cancelled, and any of the terms or conditions hereof may be waived,
         only by a written instrument executed by each party hereto or, in the
         case of a waiver, by the party waiving compliance. The failure of any
         party at any time or times to require performance of any provision
         hereof shall in no manner affect the right at a later time to enforce
         the same. No waiver in any one or more instances by any party of any
         condition, or of the breach of any term contained in this Agreement,
         whether by conduct or otherwise, shall be deemed to be, or construed
         as, a further or continuing waiver of any such condition or breach, or
         a waiver of any other condition or of the breach of any other terms of
         this Agreement.

                  (e)      This Agreement may be executed simultaneously in two
         or more counterparts, each of which shall be deemed an original, but
         all of which together shall constitute one and the same instrument.

                  (f)      This Agreement shall inure to the benefit of the
         parties hereto and their respective administrators, successors, and
         assigns.

         12.      Representation of the Company. The Company hereby acknowledges
that the status of the Escrow Agent with respect to the offering of the Shares
is that of agent only for the limited purposes herein set forth, and hereby
agrees it will not represent or imply that the Escrow Agent, by serving as the
Escrow Agent hereunder or otherwise, has investigated the desirability or
advisability of an investment in the Shares, or has approved, endorsed or passed
upon the merits of the Shares, nor shall the Company use the name of the Escrow
Agent in any manner whatsoever in connection with the offer or sale of the
Shares, other than by acknowledgement that it has agreed to serve as Escrow
Agent for the limited purposes herein set forth.

         13.      Resignation of Escrow Agent. Should, at any time, any attempt
be made to modify this Agreement in a manner that would increase the duties and
responsibilities of the Escrow Agent, or to modify the Escrow Agreement in any
manner that the Escrow Agent shall deem undesirable, the Escrow Agent may resign
by notifying the Company. Such resignation shall become effective on the earlier
to occur of (i) the acceptance by a successor Escrow Agent as shall be appointed
by the Company or (ii) sixty (60) days following the date upon which notice was
mailed. Until such time as the Escrow Agent has resigned in accordance herewith,
the Escrow Agent shall perform its duties hereunder in accordance with the terms
of this Escrow Agreement.

         14.      Acts of God. The Escrow Agent shall not be responsible for any
failure or delay in the performance of its obligations under this Agreement
arising out of or caused, directly or indirectly, by circumstances beyond its
reasonable control, including without limitation, acts of God, earthquakes,
fires, floods, wars, civil or military disturbances, sabotage, epidemics, riots,
interruptions, loss or malfunctions of utilities, computer (hardware or
software) or communication service, accidents, labor disputes, acts of civil or
military authority, or governmental actions.

                                       -6-

<PAGE>

         IN WITNESS WHEREOF, the parties have duly executed this Agreement as of
the date first above written.

                                    "COMPANY"
                                    CNL INCOME PROPERTIES, INC.

                                    By:    __________________________________
                                           THOMAS J. HUTCHISON III
                                           Chief Executive Officer and President

                                    "MANAGING DEALER"
                                    CNL SECURITIES CORP.

Attest: ________________________    By:    ___________________________________
                                           ROBERT A. BOURNE, President

                                    "ESCROW AGENT"
                                    SOUTHTRUST BANK

Attest: ________________________    By:    ___________________________________
                                    Name:  ___________________________________
                                    Title: ___________________________________

                                       -7-

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