Document:

Exhibit 10.77

 Exhibit 10.77 
 FORBEARANCE AGREEMENT AND 
 SECOND AMENDMENT OF LOAN
AGREEMENT 
 THIS FORBEARANCE AGREEMENT AND SECOND AMENDMENT OF LOAN AGREEMENT (the “Forbearance
Agreement”), is made as of the 27th day of
January, 2009 (“Forbearance Effective Date”) by and among COMSTOCK PENDERBROOK, L.C., a Virginia limited liability company (“Borrower”) and COMSTOCK HOMEBUILDING COMPANIES, INC., a Delaware corporation
(“Comstock” or “Guarantor”) (Borrower and Comstock are referred to herein collectively as “Obligors”), and GUGGENHEIM CORPORATE FUNDING, LLC, having an address at 135 East 57th Street, New York, New York, 10022 (“Administrative
Agent”), for the benefit of the several banks and other financial institutions or entities from time-to-time parties to the Loan Agreement, defined below (the “Lenders” and together with the Administrative Agent, the
“Beneficiary”). 
 RECITALS 
 WHEREAS, Borrower, Guarantor, the Administrative Agent and the Lenders entered into a Loan Agreement dated February 22, 2007 as amended
by that certain First Amendment of Loan Documents dated April 10, 2007 (collectively the “Loan Agreement”), pursuant to which the Lenders agreed to and did make loans to the Borrower in the aggregate principal amount of
$28,000,000.00 (the “Loans”) for the purposes stated in the Loan Agreement. The Loans are now secured by, among other things, (1) an Amended and Restated Deed of Trust With Absolute Assignment Of Leases And Rents, Security
Agreement and Fixture Filing executed by Borrower, as Grantor, in favor of the Administrative Agent and Lenders, as Beneficiaries (the “Deed of Trust”); (2) an Environmental Indemnity Agreement executed by Borrower and
Guarantor (the “Environmental Indemnity Agreement”); (3) the Limited Guaranty executed by the Guarantor (the “Guaranty”); (4) the Completion Guaranty executed by the Guarantor (the “Completion
Guaranty”); (5) the Pledge Agreement executed by the Guarantor (the “Pledge”); and (6) the Collateral Assignment of Developer’s Rights executed by the Borrower (the “Collateral Assignment”),
each dated February 22, 2007 unless otherwise indicated (collectively the “Loan Documents”); and 
 WHEREAS, a number of defaults have occurred under the Loan Documents including the failure by Borrower to make payment in full of amounts due and owing under the Loan Documents, and Borrower has requested that the Administrative Agent
forebear from collection of the Loans, and make certain modifications to the terms and provisions of the Loans and the Loan Agreement; and 
 WHEREAS, the Administrative Agent and the Lenders are willing to forebear from exercising their rights and remedies under the Loan Agreement with respect to the Existing Defaults (defined below), and to
make certain modifications to the terms and provisions of the Loans and the Loan Agreement in accordance with the provisions of this Forbearance Agreement. 
  

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 NOW, THEREFORE, for and in consideration of the sum of Ten and 00/100 Dollars ($10.00) cash
in hand paid, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto stipulate and agree as follows: 
 1. Recitals. All of the foregoing recitals are hereby incorporated into this Forbearance Agreement. Capitalized terms that are not otherwise defined in this Forbearance Agreement shall have the
same meanings herein as ascribed to such terms in the Loan Agreement. 
 2. Acknowledgment of Loan Balances and Default.

 a) Borrower and Guarantor each acknowledge that they are in default under the Loan Documents, such Events of Default being
specified in the letters to Borrower and Guarantor attached hereto as Exhibit A (“Existing Defaults”) and the Administrative Agent and the Lenders have the right to exercise all remedies set out in the Loan Documents and
available at law and in equity, including but not limited to foreclosing on the Units and the Property. Borrower and Guarantor hereby represent, warrant, agree and acknowledge that the outstanding balances on the Loans as of January 27, 2009
are as follows: 
  
  

				
	 Tranche A Term Loan:
	  		
	 Principal
	  	$	 0.00
	 Interest
	  	 	0.00
		  	 	 
	 Total
	  	$	0.00
	 Tranche B Term Loan:
	  		
	 Principal
	  	$	13,593,605.00
	 Interest
	  	 	424,915.32
	 Quarterly Admin. Fee
	  	 	10,000.00
		  	 	 
	 Total
	  	$	14,028,520.32

 b) Borrower
and Guarantor each hereby reaffirm to the Administrative Agent and the Lenders (i) the validity and enforceability of the Loan Agreement and the other Loan Documents as modified herein; (ii) that the signature of Borrower and Guarantor
upon the Loan Agreement and the Loan Documents were authorized and are genuine; and (iii) neither the Borrower nor the Guarantor has any knowledge of any offsets or defenses to the enforceability of the Loan Agreement and the other Loan
Documents. 
  

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 c) The parties hereto acknowledge that the interest and the Quarterly Admin. Fee due and
owing through January 27, 2009 on the Tranche B Term Loan are to be added to the principal balance due on the Tranche B Term Loan resulting in a principal balance due on the Tranche B Term Loan of $14,028,520.32. 
 3. Payment of Past Due Amounts. 
 Simultaneously with the execution of this Forbearance Agreement by Borrower and Guarantor, Borrower agrees to pay, and shall pay, the following amounts: 
  

	 	a)	All real estate taxes presently due and owing relating to the Property and Units, including all past due taxes, penalties and interest, in the amount of $324,643.21;
and 

  

	 	b)	All condominium association assessments due and owing for the Units through January 31, 2009, in the amount of $479,572.81; and 

  

	 	c)	To the Administrative Agent the following amounts: 

  

	 	(i)	$15,000.00 to reimburse the Administrative Agent for expenses incurred in connection with the review and audit of books and records of the Borrower by Alvarez and
Marsal; and 

  

	 	(ii)	$45,000.00 to reimburse the Administrative Agent for attorney’s fees and costs incurred in connection with the Loans, the defaults by the Borrower and Guarantor,
the Lawsuit (as defined in Section 9 of this Forbearance Agreement) and the negotiation, preparation and implementation of this Forbearance Agreement 

 Borrower shall provide the Administrative Agent with proof of payment of the amounts required to be paid pursuant to Sections 3(a) and
3(b) above no later than the Forbearance Effective Date. 
 4. Borrower’s Calculation of NOI, Interest Reserve
Account, and Proof of Insurance. 
 a) On or before the Forbearance Effective Date, Borrower shall deliver to the
Administrative Agent (i) Borrower’s calculation of NOI, as required by Section 5.1 of the Loan Agreement, for the months of October, November and December, 2008, (ii) Borrower’s balance sheet for December, 2008 (in a
form reasonably acceptable to Administrative Agent) (“Borrower’s December Balance Sheet”), and (iii) a rent roll for the Property for January, 2009 (in a form reasonably acceptable to Administrative Agent). From and after
the Forbearance Effective Date, Borrower shall strictly comply with the requirements of Section 5.1 of the Loan Agreement, as modified herein. 
  

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 b) Borrower and Administrative Agent hereby acknowledge that at Closing, Borrower deposited
into the Interest Reserve Account established pursuant to Section 5.1 of the Loan Agreement the amount of Two Million Five Hundred Thousand Dollars and No Cents ($2,500,000.00). Borrower and Guarantor acknowledge that the Administrative
Agent had the right to and did set-off against the Interest Reserve Account and applied the funds in the Interest Reserve Account against interest and principal amounts owed on the Loans and that as of the Forbearance Effective Date there are no
funds on deposit in the Interest Reserve Account. 
 c) Simultaneously with the execution of the Forbearance Agreement, Borrower
shall pay to Administrative Agent the positive difference, if any, between (i) the net cash reflected on Borrower’s December Balance Sheet, and (ii) the sum of (A) $25,000, plus (B) the amount used to pay the items set forth
in Section 3 of this Forbearance Agreement, plus (C) a $75,000 partial reimbursement to Guarantor of expenses paid by Guarantor on behalf of the Borrower in accordance with the Loan Documents. Any amount paid to Administrative Agent
pursuant to this Section 4(c) shall be applied to the outstanding principal balance of the Tranche B Term Loans. 
 d) On or before the Forbearance Effective Date, Borrower shall deliver to Administrative Agent proof of Insurance in compliance with Section 6.8 of the Loan Agreement. 
 5. Modification of Loan Agreement. 
 Provided that Borrower timely satisfies all of the terms, conditions and requirements set forth above in this Forbearance Agreement, the Loan Agreement from and after the Forbearance Effective Date is
hereby modified as follows: 
  

	 	a)	Section 6.8.1(c) of the Loan Agreement is amended to reduce all insurance limits and sublimits to Two Million Dollars ($2,000,000) in the annual aggregate
and One Million Dollars ($1,000,000) per occurrence. 

  

	 	b)	Section 7.4 of the Loan Agreement is amended to read as follows: 

 Sale Activity. Borrower shall use all commercially reasonable efforts to market and sell all Units in the Project
for a Unit selling price sufficient to satisfy the requirements of Section 6.7(i) and Section 7.7(b). Borrower shall provide Administrative Agent by the tenth (10th) day of each month with a Sales Report certified by the Borrower for the preceding month. Within ten
(10) days after written request from Administrative Agent, Borrower shall also provide Administrative Agent with any information reasonably requested by Administrative Agent or Lenders regarding sales activity at the Project. 
  

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	 	c)	Section 7.5 of the Loan Agreement and Exhibit E of the Loan Agreement are deleted. 

  

	 	d)	Section 7.1(c) of the Loan Agreement is deleted. 

  

	 	e)	Section 6.7(i) of the Loan Agreement entitled “Unit Selling Price” is amended to read as follows: 

 Unit Selling Price. From and after the Forbearance Effective Date, Units shall be sold for no less than a minimum unit selling price
set by the Borrower necessary to satisfy the payment requirements to the Administrative Agent set forth in Section 7.7(b), unless otherwise approved by the Administrative Agent, in writing. 
  

	 	f)	Section 7.1(f) of the Loan Agreement is deleted. 

  

	 	g)	The first sentence of Section 7.7(a) of the Loan Agreement is amended to read as follows: 

 Condominium Closings. No less than three (3) Business Days prior to the closing of each Residential Unit or Parking Unit pursuant
to an Approved Condominium Contract, Borrower shall deliver notice to Administrative Agent (a “Closing Notice”) which Closing Notice shall: (i) specifically identify the Residential Unit(s) and Parking Units to be conveyed;
(ii) state the purchase price to be paid therefore, specifically identifying the portion thereof applicable to the Residential Unit, Upgrades, if any, and the Parking Units, if any; and (iii) be accompanied by the form of the partial
release to be executed by the Administrative Agent on behalf of the Lenders in order to release its security interest under the Deed of Trust in the applicable Residential Unit and/or Parking Units to be sold and containing a description of the
applicable Residential Unit and/or Parking Units to be released, which partial release shall be prepared by Borrower at Borrower’s sole cost and expense (“Unit Releases”). 
  

	 	h)	Section 7.7(b) of the Loan Agreement is amended to read as follows: 

 Release of Units. Upon receipt of a Closing Notice and satisfaction of all conditions precedent set forth in
Section 7.7(a) and this Section 7.7(b), and upon the confirmation of the closing of a Residential Unit and/or Parking Units pursuant to an Approved Condominium Contract (such confirmation to be satisfied through the delivery
of a fully executed HUD-1 from the settlement agent coordinating the closing, and written confirmation from the settlement agent coordinating the closing of such agent’s receipt of immediately available funds sufficient to fully fund the
closing in

  

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accordance with the fully executed HUD-1 for the closing), Administrative Agent shall authorize in writing recordation of the deed transferring title to the Unit pursuant to the Approved
Condominium Contract and agrees to release the applicable Residential Unit, Parking Units and its appurtenant undivided interest in the common elements from the lien of the Deed of Trust and the other Loan Documents upon receipt of the Unit Release
Payment for each Unit so sold. As used herein, “Unit Release Payment” means 90% of the Net Sales Price for such Residential Unit and its Parking Units, but in no event not less than $135,000, other than with the prior written
consent of the Administrative Agent. Borrower shall cause the Title Insurer, as escrowee, to pay the proceeds of sale in an amount of not less than the Unit Release Payment directly to Administrative Agent by wire-transfer of immediately available
funds. The proceeds of sale shall be applied to the outstanding principal balance of the Tranche B Term Loans. 
  

	 	i)	Exhibit F of the Loan Agreement is replaced with Exhibit F attached to this Forbearance Agreement. 

  

	 	j)	Section 6.7(j) of the Loan Agreement is amended to read as follows: 

 Number of Units Sold. (i) From and after the Forbearance Effective Date and continuing through December, 2010, prior to the end
of each calendar quarter that all or any part of the Loans are outstanding, Borrower, on an ongoing cumulative basis, shall have closed on the Minimum Unit Settlements as set forth below: 
 Q1 2009: 0 
 Q2
2009: 0 
 Q3 2009: 1 
 Q4 2009: 6 
 Q1 2010: 8 
 Q2 2010: 10 
 Q3
2010: 16 
 Q4 2010: 24 
 Borrower’s failure to close on the required Minimum Unit Settlements by the end of any of the above referenced calendar quarters shall be an Event of Default under this Agreement unless,
(a) within twenty-five (25) days of the end of such calendar quarter, the Borrower provides Administrative Agent with written notice that it will either: (i) affect a Unit Deficiency Reduction Payment as defined in
Section 6.7(j)(ii) below, or (ii) affect a

  

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Deed-in-Lieu Cure as defined in Section 6.7(j)(iii) below, and in such notice specify which option has been chosen by Borrower, and (b) if such notice is timely delivered, the
Borrower delivers the Unit Deficiency Reduction Payment or the Cure Deed (together with all applicable recording costs for the Cure Deed and all affidavits and documents reasonably required for the Administrative Agent to obtain owner’s title
insurance for the conveyed Units), as the case may be, to Administrative Agent within thirty (30) days of the end of such calendar quarter. 
 (ii) A “Unit Deficiency Reduction Payment” occurs when the Borrower makes a release payment to the Administrative Agent for the number of Residential Units representing the difference
between the Minimum Unit Settlements required for such calendar quarter under Section 6.7(j)(i) herein and the actual cumulative number of Residential Units closed by the end of such calendar quarter. The Residential Units shall be
released under this provision in accordance with the order and priority set forth in Section 6.7(j)(iii) until sufficient Residential Units have been released to satisfy the Event of Default. Each Unit Deficiency Reduction Payment will
be an amount equal to the then Average Debt Per Unit multiplied by the following in accordance with the applicable Residential Unit type: 
  

			
	 Unit Type
	  	 Multiple

	Penderbrook	  	1.40x
	McLean	  	1.30x
	Fairfax	  	1.20x
	Clifton	  	1.10x

 Upon receipt of the Unit
Deficiency Reduction Payment, Administrative Agent will release such Residential Units from the lien of the Deed of Trust. Residential Units released through a Unit Deficiency Reduction Payment shall be deemed closed Units for the purpose of:
(i) satisfying the Minimum Unit Settlement requirements set forth in Section 6.7(j)(i); (ii) extending the Maturity Date in accordance with Section 2.2(f)(ii); and (iii) calculating and re-computing PIK Interest in
accordance with Section 2.6(g). 
 (iii) A “Deed-in-Lieu Cure” occurs when the Borrower delivers to
the Administrative Agent a deed in the form attached hereto as Exhibit F (“Cure Deed”) for a total number of Residential Units (and their corresponding Parking Units and appurtenant undivided interest in the common elements)
representing the difference between the Minimum Unit Settlements required for such calendar quarter under Section 6.7(j)(i)

  

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herein and the actual cumulative Residential Units closed by the end of such calendar quarter. The Residential Units shall be conveyed “as-is” and alternating between unrenovated and
renovated Residential Units in the following order: (A) unrenovated, vacant and not leased, (B) renovated, vacant and not leased, and once all Residential Units falling into categories (A) and (B) have been conveyed, then
(C) unrenovated, leased, and (D) renovated, leased; all in accordance with the following sentence. Residential Units shall be conveyed on a rotating basis in the following order, subject to the renovation status and availability of each
Residential Unit as provided in this Section 6.7(j)(iii) above: (w) Penderbrook, (x) McLean, (y) Fairfax, and (z) Clifton. For each Residential Unit conveyed pursuant to this Section 6.7(j)(iii), the Loan
balance will be reduced by an amount equal to the then Average Debt Per Unit conveyed, multiplied by the following in accordance with the applicable Residential Unit type: 
  

			
	 Unit Type
	  	 Multiple

	Penderbrook	  	1.22x
	McLean	  	1.05x
	Fairfax	  	0.94x
	Clifton	  	0.78x

 (iv) Residential Units
conveyed to Lender by Cure Deed pursuant to Section 6.7(j)(iii) shall not be considered closed Units for purposes of (a) satisfying the requirements for extending the Maturity Date in accordance with Section 2.2(f)(ii);
and (b) calculating and re-computing PIK Interest in accordance with Section 2.6(g). 
 (v) In no event shall
the Borrower convey to Administrative Agent pursuant to the provisions of Section 6.7(j)(iii) more than that number of Residential Units required to satisfy the Event of Default. 
  

	 	k)	Section 2.6(b) of the Loan Agreement is amended to read as follows: 

 Interest (“Interest”) shall accrue and be payable in cash on the outstanding principal balance of each of the Tranche B Term
Loans at the rate (the “Tranche B Term Loan Interest Rate”) from time to time which is equal to the Index Rate (as defined in Section 2.6(c)) then in effect plus 200 basis points. 
  

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	 	l)	The following is added to Section 2.6 of the Loan Agreement: 

 (g) (i) Commencing on the Forbearance Effective Date, additional paid in kind interest (“PIK Interest”) shall accrue on a monthly basis on the Loans. The PIK Interest rate charged
shall depend upon the cumulative number of Residential Units closed as of the last day of the previous calendar quarter according to the following schedules: 
 Schedule A: For Calendar Year 2009: 
  

			
	 Cumulative
Residential Units
Closed
	 	 PIK Interest Rate
(basis points per
annum)

	0-9	 	1200
	10	 	700
	11	 	650
	12	 	600
	13	 	550
	14	 	500
	15	 	450
	16	 	400
	17	 	350
	18	 	300
	19	 	250
	20 or more	 	200

 Schedule B: For
Calendar Year 2010: 
  

			
	 Cumulative
Residential Units
Closed
	 	 PIK Interest Rate
(basis points per
annum)

	0-15	 	1200
	16	 	700
	17	 	650
	18	 	600
	19	 	550
	20	 	500
	21	 	450
	22	 	400
	23	 	350
	24	 	300
	25	 	250
	26 or more	 	200

  

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 Schedule C: For the Calendar Year 2011: 
 From January 1, 2011 through the Maturity Date the PIK Interest Rate (basis points per annum) shall be determined based on the rate in
effect on Schedule B herein as of December 31, 2010. 
 Notwithstanding the above schedules to the contrary, PIK Interest
commencing on the Forbearance Effective Date through March 31, 2009 and PIK Interest commencing on January 1, 2010 through March 31, 2010 shall accrue at the rate of 1200 basis points per annum (12.0%), subject to adjustment as
provided in Section 2.6(g)(ii). Otherwise, PIK Interest shall accrue at the rates set forth in the above schedules based on the cumulative number of Residential Units closed as of the last day of the previous calendar quarter. PIK
Interest shall accrue and be added to the principal amounts owing on the Loans at the end of each month. 
 (ii) On each of
December 31, 2009 and December 31, 2010, PIK Interest charged for the preceding twelve (12) month period shall be recomputed based upon the rates shown on the schedules in Section 2.6(g)(i) corresponding to the cumulative
Residential Units closed during the preceding twelve (12) month period, and the principal balance due on the Loans shall be adjusted to take into account this recomputation. By way of example, the PIK Interest rate for Q1 2009 is 1200. If there
are five (5) Residential Units closed during Q1 2009, based upon the number of Units closed, PIK Interest for Q2 2009 will accrue at a rate of 1200 basis points. If there are then eight (8) additional Residential Units closed during Q2
2009, based upon the cumulative number of Residential Units closed for Q1 2009 and Q2 2009 (which is 13), PIK Interest for Q3 2009 will accrue at a rate of 550 basis points. If two (2) additional Residential Units closed during Q3 2009, based
upon the cumulative number of Residential Units closed for Q1 2009, Q2 2009 and Q3 2009 (which is 15), PIK Interest for Q4 2009 will accrue at a rate of 450 basis points. If two (2) additional Residential Units closed during Q4 2009, based upon
the cumulative number of Residential Units closed for the calendar year 2009 (which is 17), PIK Interest for the entire calendar year 2009 is recomputed based upon a rate of 350 basis points, and the amount of PIK Interest for the calendar year 2009
added to the principal balance of the Loans would be adjusted accordingly. The PIK Interest for Q1 2010 would then begin to accrue at a rate of 1200 basis points. 
  

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 (iii) If the Loans are refinanced or paid in full prior to the Maturity Date, PIK Interest
charged for the calendar year in which the Loans are refinanced or paid in full (“Payoff Year”) shall be at a rate of 200 basis points, retroactive to January 1 of the Payoff Year. 
  

	 	m)	Section 2.6(e) of the Loan Agreement is amended to read as follows: 

 Interest accruing through and including the last day of each calendar month (exclusive of PIK Interest) shall be payable in arrears on each
Interest Payment Date, provided that interest accruing pursuant to Section 2.6(d) shall be payable from time-to-time on demand. 
  

	 	n)	Section 5.1 of the Loan Agreement is amended to read as follows: 

 On the fifteenth day of each calendar month, beginning February 15, 2009, Borrower shall submit to Administrative Agent Borrower’s calculation of NOI for the preceding month, a balance sheet for
Borrower in form acceptable to Administrative Agent for the preceding month, and a rent roll for the Project in form acceptable to Administrative Agent for the current month. Borrower shall have the right to retain NOI not to exceed $100,000 in each
calendar year. All NOI in excess of $100,000 in each calendar year shall be paid to the Administrative Agent on each Interest Payment Date and applied to the outstanding principal balance of the Tranche B Term Loans. 
  

	 	o)	The following shall be added to Section 2.2 of the Loan Agreement: 

 (f) (i) For purposes of this Agreement, the term “Maturity Date” shall mean March 6, 2011 (“Modified
Maturity Date”), subject to the provisions of Section 2.2(f)(ii). 
  

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 (ii) The Borrower shall be entitled to extend the Modified Maturity Date (such date being an
“Extended Maturity Date”) or the current Extended Maturity Date based on the cumulative number of Residential Units closed between the Forbearance Effective Date and the date which is fourteen (14) calendar days prior to the
Modified Maturity Date or then current Extended Maturity Date (“Sales Period”) as follows: 
  

			
	 Number of Residential
Units Closed
	 	 Extended
Maturity Date

	45	 	July 6, 2011
	51	 	September 6, 2011
	57	 	November 6, 2011
	63	 	January 6, 2012
	69 or more	 	March 6, 2012

 (iii) If the
Modified Maturity Date is extended, the “Maturity Date” shall mean the then current Extended Maturity Date. 
 (iv) In the event Borrower has not closed on the number of Residential Units required in Section 2.2(f)(ii) during the Sales Period to qualify for an Extended Maturity Date, Borrower (or Borrower’s affiliate acting for the
Borrower) shall have the option of extending the Modified Maturity Date or the then current Extended Maturity Date by making a release payment for the number of Residential Units representing the difference between the number of Residential Units
required to be closed under Section 2.2.(f)(ii) to qualify for an Extended Maturity Date and the actual number of Residential Units closed during the Sales Period (“Borrower Release Payment Option”). Residential Units
shall be released under this provision in accordance with the order and priority set forth in Section 7.6(j)(iii) until sufficient Residential Units have been released to meet the required number of Residential Units closed to
qualify for an Extended Maturity Date. Each Residential Unit release payment will be an amount equal to then outstanding Average Debt Per Unit multiplied by the following in accordance with the applicable Residential Unit type: 
  

			
	 Unit Type
	  	 Multiple

	Penderbrook	  	1.40x
	McLean	  	1.30x
	Fairfax	  	1.20x
	Clifton	  	1.10x

 Borrower shall provide
Administrative Agent with written notice no later than fourteen (14) calendar days prior to the Modified Maturity Date or then current Extended Maturity Date that it will be exercising the Borrower Release Payment Option. If Borrower timely
exercises the Borrower Release Payment Option, payment for the Residential Units (calculated in accordance with this Section 2.2(f)(iv)) (“Borrower Release Payment”) shall be delivered to Administrative Agent no later
than the Modified Maturity Date or the then current Extended Maturity Date. Upon receipt of the Borrower Release Payment, Administrative Agent will release such Residential Units from the lien of the Deed of Trust. Residential Units released
pursuant to a Borrower Release Payment Option will be counted toward the calculation of the number of Residential Units required to be closed under Section 2.2(f)(ii) with respect to qualifying for additional Extended Maturity Dates.

  

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 (v) If Borrower shall not have closed on the number of Residential Units required in
Section 2.2(f)(ii) to qualify for an extension of the Modified Maturity Date or the then current Extended Maturity Date during the Sales Period, and (A) does not exercise the Borrower Release Payment Option set forth in
Section 2.2(f)(iv), or (B) does not refinance or pay the Loans in full by the Modified Maturity Date or the then current Extended Maturity Date, such shall be an Event of Default and Administrative Agent and the Lenders may exercise
any or all of the remedies set forth in Article X of the Agreement. If Borrower does not refinance or pay the Loans in full by any final Extended Maturity Date, such shall be an Event of Default and Administrative Agent and Lenders may
exercise any or all of the remedies set forth in Article X of the Agreement. 
  

	 	p)	Section 5.2 of the Loan Agreement is amended to read as follows: 

 Deposits for Real Estate Taxes, HOA Fees and Insurance Premiums. (a) At the election of Administrative Agent, Administrative Agent shall establish a Tax, HOA and Insurance Reserve Account with
a bank or financial institution selected by Administrative Agent, and Borrower shall on the Interest Payment Date deposit with Administrative Agent an amount equal to (i) one-twelfth (1/12) of 100% of the annual Real Estate Taxes next to
become due upon the Property for the payment of Real Estate Taxes when due, (b) one-twelfth (1/12) of 100% of the HOA Fees next to become due upon the Property for the payment of HOA Fees when due, and (c) one-twelfth (1/12) of
the Insurance Premiums that Administrative Agent estimates will be payable during the next ensuing twelve (12) months for the renewal of the coverage afforded by the Insurance Policies upon the expiration thereof or such higher amount necessary
to accumulate with Administrative Agent sufficient funds to pay all such Insurance Premiums at least thirty (30) days prior to the expiration of the Insurance Policies, which payments shall be deposited by Administrative Agent into the Tax, HOA
and Insurance Reserve Account; provided that in the case of the first such deposit there shall be deposited by Borrower, in addition, an amount which, when added to the aggregate amount of monthly sums next payable under this
Section 5.2, will result in a sufficient reserve to pay the Real Estate Taxes, HOA Fees and Insurance Premiums next becoming due one month prior to the date when such Real Estate Taxes, HOA Fees and Insurance Premiums are, in fact, due
and payable. If Administrative Agent determines at any time that the monthly payments are not adequate to fund the next installment of Real Estate

  

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Taxes, HOA Fees and Insurance Premiums due, Borrower shall make an additional deposit in an amount equal to the expected deficiency. The amount of the deposits described in this
Section 5.2(a) (herein generally called “Tax, HOA and Insurance Reserve Funds”) shall be based upon Administrative Agent’s reasonable estimate as to the amount of Real Estate Taxes, HOA Fees and Insurance Premiums
next to be payable. Failure of Borrower to make the monthly deposits required by this Section 5.2 shall constitute an Event of Default. 
 (b) It shall be the responsibility of Borrower to furnish Administrative Agent with the bills for the Real Estate Taxes, HOA Fees and Insurance Premiums not later than the date that is thirty
(30) days (or such later date if Borrower does not receive the bills from the billing party by such date) prior to the date on which the same are due and payable without penalty or premium of any kind. If the total Tax, HOA and Insurance
Reserve Funds on hand shall not be sufficient to pay all of the Real Estate Taxes, HOA Fees and Insurance Premiums when the same shall become due, then Borrower shall deliver to Administrative Agent at the time of the submission of the bills to
Administrative Agent as described above an amount equal to the deficiency. If the total of such Tax, HOA and Insurance Reserve Funds exceeds the amount required to pay the Real Estate Taxes, HOA Fees and Insurance Premiums, such excess shall be
credited against subsequent payments to be made for such deposits. 
 (c) Provided Administrative Agent has required Borrower to
deposit funds into the Tax, HOA and Interest Reserve Account for the payment of Real Estate Taxes, HOA Fees and Insurance Premiums, and provided Borrower complies with the provisions of Sections 5.2(a) and (b), Administrative Agent shall
timely submit payment to the proper entities for the amount of Real Estate Taxes, HOA Fees or Insurance Premiums for which such funds were escrowed. If Borrower has complied with the provisions of Sections 5.2(a) and (b) and
Administrative Agent fails to timely pay the Real Estate Taxes, HOA Fees or Insurance Premiums, Administrative Agent shall be solely responsible for payment of all applicable late fees and costs associated with the late payment of the Real Estate
Taxes, HOA Fees and Insurance Premiums. If Borrower fails to comply with the provisions of Sections 5.2(a) and (b), Administrative Agent shall have no obligation to submit payment for the Real Estate Taxes, HOA Fees and Insurance Premiums to
the proper entities. 
 (d) Administrative Agent hereby elects, and Borrower and Guarantor hereby acknowledge such election, to
establish as of the Forbearance Effective Date the Tax, HOA and Insurance Reserve Account pursuant to Section 5.2(a) and Borrower shall make payments into the Tax, HOA and

  

 14 

 
Insurance Reserve Account only for Real Estate Taxes and HOA Fees in accordance with Section 5.2(a) beginning on February 15, 2009. Administrative Agent further agrees it shall
not elect to collect Insurance Premiums so long as it is provided with a current certificate of insurance evidencing the coverage set forth in Section 6.8.1. 
  

	 	q)	All references in Section 5.3 to the “Tax and Insurance Reserve Account” shall be replaced with “Tax, HOA and Interest Reserve
Account”. 

  

	 	r)	Section 9.1(f) of the Loan Agreement is amended to read as follows: 

 Bankruptcy, Insolvency, etc. Borrower shall: (i) become insolvent or generally fail to pay, or admit in writing its inability or
unwillingness to pay, debts as they become due; (ii) apply for, consent to, or acquiesce in, the appointment of a trustee, receiver, sequestrator or other custodian for itself or a substantial part of its property, or make a general assignment
for the benefit of creditors; (iii) in the absence of such application, consent or acquiesce, permit or suffer to exist the appointment of a trustee, receiver, sequestrator or other custodian for itself or for a substantial part of its
property, and such trustee, receiver, sequestrator or other custodian shall not be discharged within 60 days, provided that Administrative Agent is hereby expressly authorized to appear in any court conducting any relevant proceeding during such
60-day period to preserve, protect and defend its rights and the rights of Lenders under the Loan Documents; (iv) permit or suffer to exist the commencement of any bankruptcy, reorganization, debt arrangement or other case or proceeding under
any bankruptcy or insolvency law, or any dissolution, winding up or liquidation proceeding, in respect of any of Borrower, and, if any such case or proceeding is not commenced by Borrower, such case or proceeding shall be consented to or acquiesced
in by Borrower, or shall result in the entry of an order for relief or shall remain for 60 days undismissed, provided that Administrative Agent is hereby expressly authorized to appear in any court conducting any such case or proceeding during such
60-day period to preserve, protect and defend its rights and the rights of the Lenders under the Loan Documents; or (v) take any corporate, partnership, trust or other similar action authorizing or in furtherance of any of the foregoing;

  

 15 

	 	s)	Section 9.1(g) of the Loan Agreement is amended to read as follows: 

 Attachment. There is an attachment, execution or other judicial seizure of any portion of Borrower’s assets or any assets of
Guarantor pledged pursuant to the Pledge Agreement, and such seizure is not discharged within thirty (30) days of such attachment, execution or other judicial seizure, as the case may be; 
  

	 	t)	Section 9.1(o) of the Loan Agreement is deleted. 

  

	 	u)	Section 9.1(p) of the Loan Agreement is amended to read as follows: 

 Judgments. Any judgment or judicial decree (collectively “Adverse Judgment”) for the payment of money in excess of
$75,000.00 not otherwise covered by insurance (with deductibles not to exceed $75,000) shall be rendered against Borrower unless such Adverse Judgment is bonded off of the Property within thirty (30) days of such Adverse Judgment becoming
final. 
  

	 	v)	The last paragraph of Section 9.1 of the Loan Agreement is amended to read as follows: 

 provided, however, (i) an item of Default listed in Section 9.1(a) shall not be deemed an Event of Default (except as
provided below) until such default continues for five (5) days after Borrower or Guarantor, as applicable, has been provided with notice of such default (“Default Notice”) by Administrative Agent and/or Lenders in accordance
with Section 12.2 below; (ii) any item of Default listed in Sections 9.1(b), (h), (j), (l), (n) and (q) shall not be deemed an Event of Default (except as provided below) until such default continues for thirty
(30) days after Borrower or Guarantor, as applicable, has been provided a Default Notice by Administrative Agent and/or Lenders in accordance with Section 12.2 below; and (iii) any item of Default listed in Sections 9.1(e), (g),
(i), (k), (m), (p) and (r) shall not be deemed an Event of Default (except as provided below) until such default continues for thirty (30) days after Borrower or Guarantor, as applicable, has been provided a Default Notice by
Administrative Agent and/or Lenders in accordance with Section 12.2 below. If two (2) Default Notices have been given by Administrative Agent and/or Lenders in the twelve (12) month period after the Forbearance Effective Date
preceding an item of Default listed in Sections 9.1(a)-(e) and (g)-(r), then there shall be no notice or cure period applicable to such item of Default. 
  

	 	w)	Exhibit H attached to this Forbearance Agreement is added to the Loan Agreement as Exhibit H. 

  

 16 

	 	x)	The following is added to Article X of the Loan Agreement: 

  

	 	10.6	Deed in Lieu of Foreclosure. (i) On the Forbearance Effective Date, Borrower shall execute and deliver to the Administrative Agent a deed in the form
attached hereto as Exhibit H (“Deed in Lieu of Foreclosure”). Upon an Event of Default and acceleration of the Loans pursuant to Section 10.1, Administrative Agent and Lenders may, and Borrower hereby authorizes
Administrative Agent and Lenders to, attach to the Deed in Lieu of Foreclosure the legal description(s) for all Residential Units and their corresponding Parking Units and appurtenant common elements comprising the Project against which the Deed of
Trust is a lien, date the Deed in Lieu of Foreclosure effective the date of default and make any other additions to the Deed in Lieu of Foreclosure necessary to comply with recording requirements then in effect in the County of Fairfax, Virginia,
and record the Deed in Lieu of Foreclosure. If requested by the Administrative Agent, Borrower shall promptly (a) re-execute the Deed in Lieu of Foreclosure and immediately deliver it to Administrative Agent; and/or (b) any affidavits and
documents reasonably required for the Administrative Agent to obtain owner’s title insurance for the conveyed Units, and immediately deliver such affidavits and documents to the Administrative Agent. Provided Borrower has not (x) applied
for, consented to, or acquiesced in, the appointment of a trustee, receiver, sequestrator or other custodian for itself or a substantial part of its property, or made a general assignment for the benefit of creditors, (y) filed for, permitted
or suffered to exist the commencement of any bankruptcy, reorganization, debt arrangement or other case or proceeding under any bankruptcy or insolvency law, or any dissolution, winding up or liquidation proceeding, or (z) consented to or
acquiesced in any such involuntary case or proceeding, or provided that if any involuntary case or proceeding described in Section 10.6(i)(y) is filed, it is dismissed within sixty (60) days of filing, the recordation of the Deed in
Lieu of Foreclosure shall be deemed full satisfaction and payment of the Loans and Guarantor shall be deemed automatically released from the Guaranty. 

 (ii) In the event the Administrative Agent exercises the remedy set forth in Section 10.6(i) and the Borrower becomes a debtor in any bankruptcy commenced under Title 11 of the U. S. Code
prior to the recording of the Deed in Lieu of Foreclosure, the Borrower, as debtor, shall promptly file a motion in the bankruptcy proceeding to approve the transfer of the Units pursuant to Section 10.6(i) (or such higher offer received
for the Units), or consent to a motion filed by the Administrative Agent or the Lenders to approve such transfer. 
  

 17 

 (iii) The Administrative Agent may refuse to exercise the remedy set forth in
Section 10.6(i) only in the event the Borrower is unable to deliver clear title to the Units to be transferred by the Deed in Lieu of Foreclosure, as determined by the Administrative Agent in its reasonable discretion. In such an event,
the Administrative Agent may promptly proceed to initiate foreclosure of the Units and Property pursuant to the Deed of Trust, or exercise any other remedies available to Administrative Agent and Lenders under the Loan Documents or at law or in
equity. Borrower and Guarantor acknowledge and agree that pursuant to the terms of the Loan Documents, the Administrative Agent has the right to foreclose on the Units and Property and under applicable law, the Administrative Agent and the Lenders
have the right to bid on the Units and Property at the foreclosure sale and purchase the Units and Property at the foreclosure sale. Borrower and Guarantor agree fully to cooperate with the Administrative Agent and the substitute trustee in
foreclosing on the Units and Property, including without limitation by: (1) providing and/or making available to the Administrative Agent all appropriate data, records and documents in the possession, custody or control of the Borrower and
Guarantor, pertaining to the Units and Property; and (2) responding promptly to all reasonable inquiries and requests from the Administrative Agent. 
 (iv) Borrower and Guarantor hereby grant authority to the Administrative Agent, its agents, employees, officers, attorneys, consultants and affiliates to disseminate, discuss and/or communicate with and
contact any and all prospective purchasers at the foreclosure sale and to engage in such discussions, communications and other dialogues with such prospective purchasers as the Administrative Agent in its sole discretion deems appropriate. In
connection with such discussions, communications and dialogues, the Administrative Agent is authorized, without limitation: (1) to disclose to prospective purchasers any and all information that the Administrative Agent in its sole judgment and
discretion deems appropriate regarding the Loans including, but not limited to, any and all information regarding the existing balance of each Loan, the interest rate of each Loan, and other related information concerning the Loans; (2) to
disclose to prospective purchasers any and all information relating to the Units and the Property; and (3) to take such other actions as the Administrative Agent may deem necessary or desirable to facilitate the sale of the Units and Property
including, without limitation, contacting real estate brokers and prospective purchasers, preparing and disseminating advertising materials relating to the Units and Property, operating statements and financial information, and entering upon the
Property for any purpose reasonably related to sale, including, without limitation, showing the Property to prospective purchasers or interested parties. 
  

 18 

 (v) Borrower and Guarantor covenant and agree not to oppose any foreclosure of the Units
and Property, covenant and agree not to interpose any defenses to the Administrative Agent’s efforts to foreclose pursuant to this Article X and applicable law, and waive any defenses to foreclosure that they have or may have pursuant to
applicable law and/or the Loan documents. Provided Borrower and Guarantor comply with the above provisions of this Section 10.6(v), and provided Borrower has not (x) applied for, consented to, or acquiesced in, the appointment of a
trustee, receiver, sequestrator or other custodian for itself or a substantial part of its property, or made a general assignment for the benefit of creditors, (y) filed for, permitted or suffered to exist the commencement of any bankruptcy,
reorganization, debt arrangement or other case or proceeding under any bankruptcy or insolvency law, or any dissolution, winding up or liquidation proceeding, or (z) consented to or acquiesced in any such involuntary case or proceeding, or
provided that if any involuntary case or proceeding described in Section 10.6(v)(y) is filed, it is dismissed within sixty (60) days of filing, the foreclosure of the Units and the Property shall be deemed full satisfaction and
payment of the Loans and Guarantor shall be deemed automatically released from the Guaranty. 
  

	 	y)	The first sentence of Section 12.6(c) of the Loan Agreement is amended to read as follows: 

 Any Lender (an “Assignor”) may, in accordance with applicable Law and upon written notice to the Administrative Agent, at
any time and from time-to-time assign to any Eligible Assignee or, with the consent of the Administrative Agent (which, in each case, shall not be unreasonably withheld or delayed), to an additional bank, financial institution or other entity (each,
an “Assignee”) all or any part of its rights and obligations under this Agreement pursuant to an Assignment and Acceptance, in form acceptable to Assignor and Assignee (an “Assignment and Acceptance”), executed by
such Assignee and such Assignor (and, where the consent of the Administrative Agent is required pursuant to the foregoing provisions, by the Administrative Agent) and delivered to the Administrative Agent for its acceptance and recording in the
Register; provided that no such assignment to an Assignee (other than any Lender or any Affiliate, Related Fund or Control Investment Affiliate thereof) shall be in an aggregate principal amount of less than $1,000,000 (other than in the case
of an assignment of all of a Lender’s interests under this Agreement), unless otherwise agreed by the Administrative Agent. In the event an assignment results in a party other than the Administrative Agent administering the Loan, the
Administrative Agent shall provide notice of the Assignment and Acceptance, along with proper contact information, to the Borrower and Guarantor within three (3) business days of the Assignment and Acceptance. 
  

 19 

	 	z)	Section 3.4 of the Loan Agreement is amended to read as follows: 

 Pending Litigation. Except as disclosed on Exhibit C attached to this Agreement, no actions, suits, or proceedings (including condemnation or eminent domain proceedings) are pending or, to
Borrower’s or Guarantor’s knowledge, threatened against or affecting Borrower, the Property, the Membership Interests, or any other assets subject to the Loan Documents. None of the items (if any) listed on Exhibit C will have a
Material Adverse Effect. 
  

	 	aa)	Exhibit C of the Loan Agreement is replaced with Exhibit C attached to this Forbearance Agreement. 

  

	 	bb)	Section 3.5 of the Loan Agreement is amended to read as follows: 

 No Violation. There exists no violation, or default with respect to any of the Basic Agreements or of any mortgage, deed of trust, indenture or any other material contract, agreement or instrument
applicable to Borrower, Guarantor, the Property, or the Membership Interests, or by which any of the foregoing is bound. The execution, delivery and performance of the Loan Documents will not result in any such violation, conflict or default, or
result in the creation of any Lien on any of the assets of Borrower or Guarantor, other than the Permitted Exceptions and Liens in favor of Lenders. 
  

	 	cc)	Section 3.8 of the Loan Agreement is amended to read as follows: 

 Truth of Financial Statements; Financial Condition Warranty. Any Financial Statements delivered to Administrative Agent and/or Lenders by Borrower or Guarantor prior to or after the date of this
Agreement: (a) are materially true, correct and complete and (b) fairly present in a manner internally consistent and consistent with prior statements submitted to Administrative Agent and/or Lenders the respective financial conditions of
the subjects thereof and for the periods referenced therein. Borrower further warrants that except as disclosed to Administrative Agent in writing, Borrower is not currently a party to any material pending litigation or administrative proceedings,
or subject to any judicial or non-judicial orders or consent agreements, except as set forth on Exhibit C. All financial statements, including the related schedules and notes thereto, have been prepared in accordance with GAAP applied
consistently throughout the periods involved. 
  

 20 

	 	dd)	The Table of Exhibits to the Loan Agreement is amended to read as follows: 

 Appendix A – Definitions and Interpretation 
 Exhibit A
– The Property 
 Exhibit B – The Note 
 Exhibit C – Pending Litigation 
 Exhibit D – Ownership Chart 
 Exhibit E – Intentionally
Deleted 
 Exhibit F – Cure Deed 
 Exhibit G – Form of Condominium Contract 
 Exhibit H
– Deed in Lieu of Foreclosure 
  

	 	ee)	The following definitions in Appendix A of the Loan Agreement shall be amended to read as follows: 

 “Maturity Date” shall have the meaning set forth in Section 2.2(f). 
 “Minimum Unit Settlements” means with respect to each calendar quarter during which the Loans are outstanding, the minimum
cumulative number of Residential Units closed by the end of each calendar quarter as set forth in Section 6.7(j). 
 “Loan Documents” means this Agreement, any Note, the Deed of Trust, the Environmental Indemnity Agreement, the Limited Guaranty, the Completion Guaranty, the Pledge Agreement, the Collateral Assignment of Developer’s
Rights, the UCC Financing Statements, any forbearance agreement entered into by Borrower, Guarantor and Administrative Agent relating to the Loans, and any other document evidencing, pertaining to or securing the Loans which Administrative Agent or
Lenders may require to be executed and delivered by Borrower, Guarantor or any Affiliate thereof from time to time, as each of the same shall be amended, restated, modified, replaced or supplemented from time to time. 
  

 21 

 “Material Adverse Effect” means an event occurring subsequent to the
Closing Date which has the effect of impairing the validity of the security interest in the Property. 
 “Net Sales
Price” means with respect to the sale of any Unit (A) the Base Purchase Price for such Unit plus Upgrades and any costs associated with the purchase of a Parking Unit, less (B) customary closing costs both paid by Borrower
and paid by the Borrower on behalf of the Unit buyer, reasonable warranty reserves (not to exceed $750.00), brokerage commissions (including a 1.5% internal sales commissions paid to Borrower’s sales agent), expenses and prorations paid by
Borrower as shown on the RESPA statement for such sale and approved by Administrative Agent, and the costs to convert the Unit. 
 “NOI” means, for any applicable period, Gross Operating Income minus Interest to be paid pursuant to the Agreement, all amounts to be paid pursuant to Section 5.2, and Operating Expenses. 
 “Tax and Insurance Reserve Account” shall be renamed “Tax, HOA and Insurance Reserve Account” and shall
mean an account for the payment of Real Estate Taxes, HOA Fees and Insurance Premiums to be established and applied as set forth in Section 5.2. 
 “Tax and Insurance Reserve Fund” shall be renamed “Tax, HOA and Insurance Reserve Fund” and shall have the meaning ascribed thereto in Section 5.2(a).

  

	 	ff)	The following definitions shall be added to Appendix A of the Loan Agreement: 

 “Average Debt Per Unit” shall mean the then current balance due under the Loans including all accrued PIK Interest divided
by the total number of Residential Units then subject to the lien of the Deed of Trust. 
 “closed” or
“settled” shall mean with respect to a Unit, that settlement has occurred, title to the Unit has been transferred and funds disbursed by the settlement agent in accordance with the applicable fully executed HUD-1. 
 “Forbearance Effective Date” shall mean January 27, 2009. 
 “HOA Fees” means all fees, dues and annual assessments, regular or special, which are levied, assessed, made, imposed or
charged on or against the Property by the condominium association for the Project. 
  

 22 

 6. Modification of Guarantys. 
 Provided the Borrower timely satisfies all of the terms, conditions and requirements set forth in Sections 1-4 of this Forbearance
Agreement, the Guaranty from and after the Forbearance Effective Date is hereby modified as follows: 
 a)
Section 2(b)(i) of the Guaranty is amended to read as follows: 
 if Borrower files a voluntary bankruptcy petition
under any section or chapter of the Bankruptcy Code or any similar law or regulation or is a party to a collusive involuntary bankruptcy petition or any receivership proceedings in which Borrower is the debtor, or the making of an assignment for the
benefit of its creditors by Borrower, or the filing of a case or proceeding by Borrower for its dissolution or liquidation; 
 b) Provided the Borrower timely satisfies all of the terms, conditions and requirements set forth in Sections 1-4 of this Forbearance Agreement, the Completion Guaranty from and after the
Forbearance Effective Date is of no further force and effect. 
 7. Additional Guarantor Obligations. Guarantor hereby
absolutely, irrevocably, and unconditionally guarantees, as a principal obligor and not as a surety, to the Administrative Agent and the Lenders (i) the payment of all costs incurred in connection with all construction and improvements
undertaken by Borrower at the Property, and (ii) to keep the Property free and clear of all claims for mechanic’s and materialmen’s liens. 
 8. Forbearance. 
 Conditioned upon Borrower’s full, faithful and
timely performance under this Forbearance Agreement and the Loan Documents, the Administrative Agent and Lenders hereby agree that so long as the Borrower and Guarantor comply with the terms of this Forbearance Agreement and the Loan Documents, for
the period commencing on the Forbearance Effective Date and continuing until the Maturity Date under the Loan Agreement (the “Forbearance Period”), and except as provided below, Lender will not, solely with respect to the Existing
Defaults: 
  

	 	a)	Institute foreclosure proceedings against any property pledged as security for the Loans; or 

  

	 	b)	Pursue or institute any other remedies, legal and/or equitable, against the Borrower or the Guarantor in connection with the Loans. 

 On or after the Maturity Date (without further notice to the Borrower or the Guarantor) or upon the occurrence of any Event of Default under
this Forbearance Agreement, or any of the Loan Documents (whichever occurs first), the Forbearance Period will terminate, and the Administrative Agent, in its sole discretion, may declare any or all of the Loans to be in default, institute
foreclosure proceedings against any encumbered property and/or pursue its remedies legal and equitable, against the Borrower and Guarantor. 
  

 23 

 9. Dismissal of Litigation/Cancellation of Foreclosure Sale. On the Forbearance
Effective Date, Borrower and Guarantor shall endorse an order in the form attached hereto as Exhibit B (“Order”) dismissing with prejudice that certain action filed by Borrower and Guarantor against Administrative Agent in
the Circuit Court of Fairfax County, Virginia (“Court”), Case No. 200816874 (“Lawsuit”) and immediately submit the Order to the Court for entry and take all such further action as may be required for the
dismissal of the Lawsuit with prejudice. On the Forbearance Effective Date, Administrative Agent and Lenders shall cancel the foreclosure sale originally noticed for January 22, 2009 and thereafter continued for a period of thirty days, and
provide Borrower and Guarantor with such evidence of the cancellation as their attorneys shall reasonably request. 
 [Remainder
of page intentionally left blank. Document continues on the following page] 
 10. Discounted Payoff. Borrower may, at
Borrower’s sole option, pay off the Loans through a cash payment (“Discounted Payoff”), which Lenders and Administrative Agent hereby acknowledge and deem acceptable, as set forth below: 
  

				
	 Number of
 Days from the Forbearance
 Effective Date in which to
 Make the Discounted
 Payoff
	  	Amount of
Discounted Payoff
	 0-60
	  	$	11,700.000
	 61-90
	  	 	12,200,000
	 91-120
	  	 	12,500,000

 In the event
that Borrower makes the required Discounted Payoff in a timely manner, all rights and interests of the Lenders and Administrative Agent in the Residential Units and to the Property shall cease, and all rights and obligations of the Borrower,
Guarantor, Lenders, and Administrative Agent under this Forbearance Agreement and under the Loan Documents shall be released and deemed satisfied. In such event, Administrative Agent and Lenders shall execute a deed of release for recordation
prepared by Borrower and to be recorded by Borrower, at Borrower’s sole cost and expense, in form reasonably acceptable to Administrative Agent. 
  

 24 

 11. No Waiver by Lender. 
 Borrower and Guarantor each represent, warrant and agree that: 
 a) Administrative Agent and Lenders have not waived and, by entering into this Forbearance Agreement, do not waive any existing default or
any default which may occur subsequent to execution of this Forbearance Agreement; and 
 b) Administrative Agent and Lenders
have not waived and, by entering into this Forbearance Agreement, do not waive any of their respective remedies against the Borrower or the Guarantor. 
 12. General Release of Claims. 
 a) For any time in the past up to and
including the Forbearance Effective Date hereof, Borrower and Guarantor each represent and warrant that they, individually and/or collectively, have no claims, defenses, actions or causes of action or set offs of any kind or nature which they,
individually and/or collectively can assert against the Administrative Agent or any Lender in connection with the Loans, this Forbearance Agreement, the Loan Agreement or any other Loan Document . 
 b) IN THE EVENT BORROWER OR THE GUARANTOR, INDIVIDUALLY AND/OR COLLECTIVELY HAVE ANY CLAIMS, DEFENSES, ACTIONS OR CAUSES OF ACTION OR SET
OFFS OF ANY KIND OR NATURE, KNOWN OR UNKNOWN, FOR ANY TIME IN THE PAST UP TO AND INCLUDING THE FORBEARANCE EFFECTIVE DATE HEREOF, WHICH THEY INDIVIDUALLY AND/OR COLLECTIVELY NOW OR HEREAFTER MAY ASSERT AGAINST THE ADMINISTRATIVE AGENT OR ANY LENDER,
IN CONNECTION WITH THE LOAN AGREEMENT, DEED OF TRUST OR ANY OTHER LOAN DOCUMENT AND/OR THE ENFORCEMENT BY THE ADMINISTRATIVE AGENT OR ANY LENDER OF THIS FORBEARANCE AGREEMENT, THE LOAN AGREEMENT, DEED OF TRUST OR ANY OTHER LOAN DOCUMENT, THEN BY
EXECUTING THIS FORBEARANCE AGREEMENT, THEY FOREVER WAIVE AND RELINQUISH THEM. 
 13. Default. 
 The following shall constitute Events of Default: 
 a) Failure by Borrower to make any payments on the Loans in accordance with the terms of this Forbearance Agreement and the Loan Documents; 
  

 25 

 b) Failure by Borrower or Guarantor to perform any term, covenant or agreement in this
Forbearance Agreement that continues uncured for three (3) business days after Borrower or Guarantor, as applicable, has been provided notice by Administrative Agent and/or Lenders in accordance with Section 25 hereof.; 

c) Failure by Borrower or Guarantor to perform any term, covenant or agreement in the Loan Documents that constitutes an Event of Default
thereunder; 
 d) Failure by any Borrower or Guarantor to perform any term, covenant or agreement contained in any of the Loan
Documents that constitutes an Event of Default thereunder not modified by this Forbearance Agreement. 
 If an Event of Default
shall occur, the Administrative Agent may declare the Loans to be in default and declare the entire amount then outstanding, including all interest, late charges and all other amounts owing, to be immediately due and payable without regard to any
previously agreed maturity date or the Forbearance Period. Upon the occurrence of an Event of Default, and at any time thereafter, the Administrative Agent and the Lenders shall have the right to institute foreclosure proceedings under the Deed of
Trust and to sell and dispose of any collateral given to secure the Loans, upon such terms and in such manner as the Administrative Agent or the Lenders deems advisable, consistent with the Loan Documents. Such action by the Administrative Agent or
the Lenders shall not be exclusive of any other remedy available to them. 
 14. Conflict Between Documents. 

In the event that there is any conflict between the terms and provisions of the Loan Documents and any one or more of the terms and
conditions of this Forbearance Agreement or of any documents executed pursuant hereto, the terms and conditions of this Forbearance Agreement and the documents executed pursuant hereto shall supersede and control the terms of the Loan Document in
conflict herewith. 
 15. Time is of the Essence. 
 Time is of the essence as to all of the obligations of the parties under this Forbearance Agreement and the Loan Documents. 
 16. Applicable Law. 
 This Forbearance Agreement shall be construed, performed and enforced in accordance with the laws of the Commonwealth of Virginia. 
  

 26 

 17. Further Assurances. 
 The parties hereto agree to execute, acknowledge and deliver such other documents and to provide such other information as may be reasonably
necessary and/or required in order to fully consummate the transactions which are the subject hereof. The Borrower and Guarantor agree to promptly execute and deliver any documents the Administrative Agent or the Lenders may reasonably believe to be
necessary or required to fully perfect Lender’s interests in any and all collateral provided for in any of the Loan Documents. 
 18. Binding Effect. 
 This Forbearance Agreement and the respective covenants, provisions, terms, conditions
and agreements herein contained together with the Loan Documents, shall inure to the benefit of, and be binding upon, the parties hereto and their respective legal successors and assigns. 
 19. Entire Agreement. 
 This Forbearance Agreement and the documents to be executed pursuant hereto and the Loan Documents constitute the entire agreement between the parties hereto with regard to the subject matter addressed
herein. Borrower and Guarantor acknowledge and agree that all prior discussions, negotiations and correspondence between the parties relating to the subject matter hereof are hereby merged into this Forbearance Agreement and that there are no other
oral, written or other agreements of any nature whatsoever between the parties with respect to the subject matter hereof other than those documents specifically referred to in this Forbearance Agreement, the Exhibits hereto and in the Loan
Documents. 
 20. Modifications and Waiver. 
 No modification or waiver of any of the provisions of this Forbearance Agreement or the Loan Documents, and no consent by any party to any
departure therefrom shall be effective unless such modification or waiver shall be in writing and signed by a duly authorized representative of all parties, and the same shall then be effective only for the period and on the conditions and for the
specific instance and purposes specified in such writing. No waiver of any breach or default shall be deemed to be a waiver of any breach or default thereafter occurring. No omission or delay by any party in exercising any right or power hereunder
or under any Loan Document shall impair such right or power or be construed to be a waiver of any default or any acquiescence therein. 
 21. Severability. 
 Should any one or more of the provisions contained in this Forbearance Agreement or the
Loan Documents be declared invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of any of the remaining provisions contained therein shall not in any way be affected or impaired thereby. 
  

 27 

 22. Successors and Assigns. 
 This Forbearance Agreement and the respective covenants, provisions, terms, conditions and agreements herein contained shall inure to the
benefit of, and be binding upon, the parties hereto and their respective heirs, legal representatives, successors and assigns. Whenever in this Forbearance Agreement one of the parties hereto is named or referred to, the heirs, legal
representatives, successors and assigns of such parties shall be included, and all covenants and conditions contained in this Forbearance Agreement by or on behalf of a party shall bind and inure to the benefit of their respective heirs, legal
representatives, successors and assigns, whether so expressed or not. This paragraph shall in no manner be construed to confer upon Borrower or Guarantor any right to assign any of their rights and obligations hereunder. 
 23. Number and Gender. 
 Words which import one gender shall be applied to any gender where appropriate or whenever the context of this Forbearance Agreement requires, words of the singular number shall include the plural and
vice versa. 
 24. Counterparts. 
 This Forbearance Agreement may be executed in one or more counterparts, and all such executed counterparts shall contain one agreement, binding on all the parties hereto, notwithstanding that all the
parties are not signators to the original or the same counterpart. 
 25. Notices. 
 All notices, requests, demands or other communications provided for herein shall be made pursuant to the Loan Documents. 
 26. Agreement to Lifting of Automatic Stay. 
 Borrower and Guarantor agree that in the event Borrower shall (a) file with any bankruptcy court of competent jurisdiction or be the subject of any petition under Title 11 of the U.S. Code, as
amended; (b) be the subject of any order for relief issued under Title 11 of the U.S. Code, as amended; (c) file or be the subject of any petition seeking any reorganization, arrangement, composition, readjustment, liquidation,
dissolution, or similar relief under any present or future federal or state act or law relating to bankruptcy, insolvency or other relief for debtors; (d) have sought or consented to or acquiesced in the appointment of any trustee, receiver,
conservator, or liquidator; (e) be the subject of any order, judgment or decree entered by any court of competent jurisdiction approving a petition filed against such party for any

  

 28 

 
reorganization, arrangement, composition, readjustment, liquidation, dissolution, or similar relief under any present or future federal or state act or law relating to bankruptcy, insolvency, or
relief for debtors, Lender immediately shall be entitled to relief from any automatic stay imposed by Section 362 of Title 11 of the U.S. Code, as amended, or otherwise, on or against the exercise of the rights and remedies available to it
under the Loan Documents and Borrower and Guarantor each waive any right to object and agree not to object to any motion by the Administrative Agent and/or the Lenders for relief from the automatic stay. It is understood and agreed by the Borrower
and Guarantor that this provision was a negotiated and bargained for condition of the Administrative Agent and the Lenders and that they would not have agreed to the terms of this Forbearance Agreement if this provision had not been included.

 27. WAIVER OF JURY TRIAL/SUBMISSION TO JURISDICTION. 
 a) TO THE MAXIMUM EXTENT PERMITTED BY LAW, BORROWER, GUARANTOR, THE ADMINISTRATIVE AGENT AND LENDERS HEREBY KNOWINGLY, VOLUNTARILY AND
INTENTIONALLY WAIVE THE RIGHT TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS FORBEARANCE AGREEMENT, ANY OTHER LOAN DOCUMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENT
(WHETHER VERBAL OR WRITTEN) OR ACTION OF ANY PARTY OR ANY EXERCISE BY ANY PARTY OF THEIR RESPECTIVE RIGHTS UNDER THE LOAN DOCUMENTS OR IN ANY WAY RELATING TO THE LOANS OR THE PROJECT (INCLUDING, WITHOUT LIMITATION, ANY CLAIM OR DEFENSE ASSERTING
THAT THIS FORBEARANCE AGREEMENT WAS FRAUDULENTLY INDUCED OR IS OTHERWISE VOID OR VOIDABLE). THIS WAIVER IS A MATERIAL INDUCEMENT FOR THE ADMINISTRATIVE AGENT AND THE LENDERS TO ENTER INTO THIS FORBEARANCE AGREEMENT. 
 b) IN ADDITION TO ANY OTHER PROPER JURISDICTION AND VENUE PROVIDED FOR IN THE LOAN DOCUMENTS, BORROWER AND GUARANTOR, TO THE FULL EXTENT
PERMITTED BY LAW, HEREBY KNOWINGLY, INTENTIONALLY AND VOLUNTARILY, WITH AND UPON THE ADVICE OF COMPETENT COUNSEL, CONSENT TO AND SUBMIT TO PERSONAL JURISDICTION AND VENUE OF ANY LITIGATION CONCERNING OR RELATING TO THIS FORBEARANCE AGREEMENT IN THE
CIRCUIT COURT OF FAIRFAX COUNTY AND/OR THE UNITED STATES DISTRICT COURT FOR THE EASTERN DISTRICT OF VIRGINIA, AND BORROWER AND GUARANTOR AGREE THAT SUCH JURISDICTION AND VENUE ARE PROPER. 
 28. Power and Authority. 
 Each of the parties to this Forbearance Agreement warrants that it has full power and authority to enter into, execute, deliver and perform this Forbearance Agreement, and that no consent, license,
approval, authorization, registration or declaration with any court, governmental authority or any other person or entity is required in connection with the execution, delivery, performance, validity and enforceability of this Forbearance Agreement
or the documents to be executed in connection herewith. 
  

 29 

 29. Representation by Counsel. 
 BORROWER AND GUARANTOR EACH ACKNOWLEDGE AND AGREE THAT THEY HAVE HAD THE OPPORTUNITY TO BE REPRESENTED BY COUNSEL OF THEIR CHOICE AND HAVE
BEEN ADVISED TO SEEK INDEPENDENT LEGAL COUNSEL, THEY HAVE REVIEWED THIS FORBEARANCE AGREEMENT AND HAVE BEEN FULLY ADVISED OF ITS CONTENTS AND THE MEANING THEREOF. BORROWER AND GUARANTOR FURTHER REPRESENT THAT THEY ARE SIGNING THIS FORBEARANCE
AGREEMENT VOLUNTARILY AND WITH FULL UNDERSTAND OF ITS CONTENTS AND MEANING. 
 [SIGNATURES BEGIN ON THE FOLLOWING PAGE]

  

 30 

 WITNESS the following signatures and seals as of the date first above written. 

 

							
	 BORROWER:
  
 COMSTOCK PENDERBROOK, L.C.,
 a Virginia limited
liability company

		
	By: 	 	 Comstock Homebuilding Companies, Inc.,
 a Delaware corporation,
 Its Manager

				
		 	By: 	 	 	 	(SEAL)
		 	Name: 	 	 	 	
		 	Title:	 	 	 	

 STATE OF ____________ 
 CITY/COUNTY OF ____________________, to-wit: 
 I,
_______________________, a Notary Public in and for the City/County and Sate aforesaid, do hereby certify that ______________, ______________ of Comstock Homebuilding Companies, Inc., the Manager of Comstock Penderbrook, L.C., whose name as such is
signed to the foregoing instrument bearing date on the 27th day of January, 2009, has acknowledged the same before me in my City/County and State aforesaid. 
 GIVEN under my
hand and seal this _____________ day of January, 2009. 

	
	
	  
	Notary Public

 My Commission Expires:
__________________________ 
 Notary No. ____________________ 
 [signatures continue on the following page] 
  

 31 

					
	 GUARANTOR:
  
 COMSTOCK HOMEBUILDING COMPANIES, INC.
 a Delaware
corporation

			
	By: 	 	 	 	(SEAL)
	Name: 	 	 	 	
	Title:	 	 	 	

 STATE OF ____________ 
 CITY/COUNTY OF ____________________, to-wit: 
 I,
_________________, a Notary Public in and for the City/County and Sate aforesaid, do hereby certify that ______________, ______________ of Comstock Homebuilding Companies, Inc., whose name as such is signed to the foregoing instrument bearing date
on the 27th day of January, 2009, has acknowledged the
same before me in my City/County and State aforesaid. 
 GIVEN under my hand and seal this _________________ day of January,
2009. 

	
	
	  
	Notary Public

 My Commission Expires:
______________________ 
 Notary No. ________________ 
 [signatures continue on the following page] 
  

 32 

					
	 ADMINISTRATIVE AGENT:
  
 GUGGENHEIM CORPORATE FUNDING, LLC,
 as
Administrative Agent

			
	By: 	 	 	 	(SEAL)
	Name: 	 	 	 	
	Title:	 	 	 	

 STATE OF ____________ 
 CITY/COUNTY OF ________________, to-wit: 
 I,
_______________________, a Notary Public in and for the City/County and Sate aforesaid, do hereby certify that ______________, ______________ of Guggenheim Corporate Funding, LLC, whose name as such is signed to the foregoing instrument bearing date
on the 27th day of January, 2009, has acknowledged the
same before me in my City/County and State aforesaid. 
 GIVEN under my hand and seal this _______________ day of January, 2009.

	
	
	  
	Notary Public

 My Commission Expires:
________________________ 
 Notary No. _______________________ 
 [signatures continue on the following page] 
  

 33 

							
	LENDER:
	
	ORPHEUS FUNDING LLC
		
	By: 	 	 Guggenheim Investment Management, LLC,
 its Manager

				
		 	By: 	 	 	 	(SEAL)
		 	Name: 	 	 	 	
		 	Title:	 	 	 	

 STATE OF ____________ 
 CITY/COUNTY OF _______________________, to-wit: 
 I,
_________________________, a Notary Public in and for the City/County and Sate aforesaid, do hereby certify that ______________, ______________ of Guggenheim Investment Management, LLC., the Manager of Orpheus Funding LLC, whose name as such is
signed to the foregoing instrument bearing date on the 27th day of January, 2009, has acknowledged the same before me in my City/County and State aforesaid. 
 GIVEN under my
hand and seal this ______________ day of January, 2009. 

	
	
	  
	Notary Public

 My Commission Expires:
_____________________ 
 Notary No. __________________ 
  

 34 

 EXHIBIT A 
 See attached four (4) letters from LeClairRyan to Comstock Penderbrook, L.C. dated August 20, 2008, October 1, 2008, October 15, 2008 and November 19, 2008. 

 

 35 

 EXHIBIT B 
 V I R G I N I A: 
 IN THE CIRCUIT COURT OF FAIRFAX COUNTY 
  

					
	COMSTOCK PENDERBROOK, L.C.,	 	)	    	
	 ET. AL.
	 	)	    	
	Plaintiffs,	 	)	    	
		 	)	    	
	 v.
	 	)	    	Case No. 2008-16874
		 	)	    	
	GUGGENHEIM CORPORATE FUNDING,	 	)	    	
	 LLC
	 	)	    	
	Defendant.	 	)	    	

 FINAL ORDER OF DISMISSAL 
 THIS CAUSE came before this Court upon the joint representations of counsel for Plaintiffs Comstock Penderbrook, L.C. and Comstock
Homebuilding Companies, Inc. (“Plaintiffs”) and counsel for Defendant Guggenheim Corporate Funding, LLC, (“Defendant”) that the matters at issue between them as expressed in Plaintiff’s Complaint filed in this case have been
compromised, agreed and settled. 
 UPON CONSIDERATION WHEREOF, it appearing to the Court that the claims set forth in
Plaintiff’s Complaint filed herein against Defendant have been settled, compromised and agreed, and that Plaintiffs’ Complaint should be dismissed with prejudice, all as evidenced by the signatures below, it is therefore 
 ORDERED, that Plaintiff’s Complaint be and is hereby DISMISSED WITH PREJUDICE. 
 THIS CAUSE IS ENDED. 
 Entered this ____ day of January, 2009. 
  

 36 

	
	
	  
	Circuit Court Judge

  

	
	WE ASK FOR THIS:
	
	  
	 Rodney H. Glover (VSB# 17780)
 Brian Walsh (VSB # 73508)
 WILEY REIN LLP
 1776 K Street, N.W.
 Washington, D.C. 20006
 (202) 719-7381/7469
 (202) 719-7049
(facsimile)
 Counsel for Plaintiffs, Comstock Penderbrook, L.C.
 And Comstock Homebuilding Companies, Inc.

	
	  
	 R. Scott Caulkins (VSB #23584)
 LeCLAIR RYAN, A Professional Corporation
 225 Reinekers Lane, Suite 700
 Alexandria, Virginia 22314
 703-684-8007

703-684-8075 (facsimile)
  
 Ray W. King (VSB#22253)
 LeCLAIR RYAN, A
Professional Corporation
 999 Waterside Drive, Suite 2525
 Norfolk, Virginia 23510
 757-441-8929
 757-624-3773 (facsimile)
 Counsel for Defendant, Guggenheim Corporate Funding,
LLC

  

 37 

 EXHIBIT C 
 Pending or Potential Litigation as of the Forbearance Effective Date 
 Network Multifamily Security Corporation. v. Comstock Penderbrook, L.C. (“Comstock”) 
 Jurisdiction: General District
Court of Fairfax County, Virginia served on or about January 15, 2009 
 Amount in Controversy: $66,659.04 
 Plaintiff, a company previously providing security monitoring service for the Penderbrook Condominium owned by Comstock, has filed a claim for breach of
contract for failure to pay for security monitoring services. The vendor was replaced by a competing vendor due to inadequate performance. Comstock intends to defend this claim. 
  

 38 

 EXHIBIT F 
  

			
	Prepared By:	  	Consideration: _____________________
	[insert firm name and address]	  	  
 Tax ID/GPIN:
______________________

 SPECIAL WARRANTY DEED 
 THIS SPECIAL WARRANTY DEED is made as of this ____ day of ___________ 200_, by and between COMSTOCK PENDERBROOK,
L.C., a Virginia limited liability company (“Grantor”), and GUGGENHEIM CORPORATE FUNDING, LLC, as Administrative Agent (“Grantee”), having a mailing address of 135 East 57th Street, New York, New York, 10022. 
 W I T N E S S E T H: 
 That for and in consideration of the sum of Ten Dollars ($10.00), cash in hand paid, and other good and valuable consideration, the receipt of which is hereby acknowledged, the Grantor does hereby grant
and convey, with SPECIAL WARRANTY OF TITLE unto Grantee the property located in the County of Fairfax, Virginia as described on Exhibit A attached hereto and made a part hereof (the “Property”). 
 This conveyance is made subject to all easements, conditions and restrictions of record insofar as they may lawfully affect the Property.

  

 39 

 WITNESS the following signature and seal. 
  

									
	GRANTOR:
	
	 COMSTOCK PENDERBROOK, L.C.,
 a Virginia limited liability company

		
	By: 	 	 Comstock Homebuilding Companies, Inc.,
 a Delaware corporation,
 its Manager

				
		 	By: 	 	 	 	(SEAL)
		 		 	Name: 	 	 	 	
		 		 	Title:	 	 	 	

 COMMONWEALTH OF VIRGINIA 
 CITY/COUNTY OF ______________, to-wit: 
 The foregoing instrument was acknowledged
before me this ______ day of _________, 20___, by ________________________, in his capacity as ____________________ of Comstock Homebuilding Companies, Inc., a Delaware corporation, the manager of Comstock Penderbrook, L.C., a Virginia limited
liability company, on behalf of said limited liability company. _____________ is personally known to me or has produced his driver’s license as identification. 

	
	
	  
	Notary Public

 My Commission Expires:
____________________ 
 Notary Registration No.: _____________________ 
  

 40 

 [affix seal] 
 EXHIBIT A 
 LEGAL DESCRIPTION 
 (Blanks to be completed upon determination of Units to be conveyed) 
 Units ___________, and Limited Common Element Parking Spaces ___________, Phase ______, [if there are Units in more than one Phase, repeat the previous line], all a part of PENDERBROOK SQUARE, A
CONDOMINIUM, as shown on the plat attached to the Declaration recorded in Deed Book 17380 at page 948, as amended by Amendment to Condominium Instruments recorded in Deed Book 17380 at page 1989, corrected in Corrective Amendment to Condominium
Instruments recorded in Deed Book 17401 at page 1895 and further corrected in Deed Book 17450 at page 1600, all among the land records of Fairfax County, Virginia. 
 TOGETHER WITH an undivided percentage interest appurtenant to the Unit in all Common Elements of said Project, as described in said Declaration and subsequent amendments. 
 TOGETHER WITH the right of ingress and egress from said property and right to use, for all proper purposes in common with Declarant, its successors and
assigns, and all other occupants from time to time, any and all portions of the Condominium designated by statute and the Declaration as General Common Elements. 
 SUBJECT TO the reservations, restrictions on use and all covenants and obligations set forth in said Declaration recorded in Deed Book 17380 at page 948, among the said land records, and set forth in the
By-Laws of the Unit Owners Association attached thereto, as it may be amended from time to time; all of which restrictions, conditions, assessments and all other covenants are incorporated herein by reference, and which shall be binding on each
grantee and their successors, heirs and assigns. 
  

 41 

 EXHIBIT H 
 Prepared by and after
                                         
                                         
  Consideration: [insert amount] 
 recording return to: 
 [insert firm name and address] 
 Tax Parcel Id. Nos: [insert numbers] 
 THIS DEED, made and entered into effective this _______ day of _____________, 20__, by and between COMSTOCK
PENDERBROOK, L.C., a Virginia limited liability company, GRANTOR, and GUGGENHEIM CORPORATE FUNDING, LLC, as Administrative Agent, GRANTEE, whose mailing address is 135 East 57th Street, New York, New York, 10022. 
 W I T N E S S E T H : 
 WHEREAS, the title to the real
property described on Exhibit “A” attached hereto (“the Property”) is vested in fee simple in the Grantor; and 
 WHEREAS, the Property is subject to a lien of that certain Amended and Restated Deed of Trust With Absolute Assignment of Leases and Rents, Security Agreement and Fixture Filing recorded in the
Clerk’s Office of the Circuit Court of the County of Fairfax, Virginia, in Deed Book 19143, at Page 257 (“Deed of Trust”); and 
 WHEREAS, the loan agreement (“Loan Agreement”) evidencing the obligations secured by said Deed of Trust is owned and held by the Grantee, as Administrative Agent; and 
 WHEREAS, the Grantor, being unable to pay the obligations set forth in the Loan Agreement, has requested the Grantee accept this Deed in
satisfaction of said obligations and the underlying Deed of Trust, and the Grantee, as evidenced by its signing this Deed, has acceded to said request. 
 NOW, THEREFORE, in consideration of the premises and the sum of Ten Dollars ($10.00) cash in hand paid, and other good and valuable consideration the receipt of which is hereby acknowledged, and except as
set forth below, the Grantor grants and conveys with SPECIAL WARRANTY OF TITLE unto the Grantee the Property. 
  

 42 

 This Deed is given as an absolute conveyance of legal and beneficial title to the Property
to the Grantee and of all redemption rights which the Grantor may have therein, and not as a deed of trust or security interest of any kind, the Grantor having sold the Property to the Grantee for a fair and adequate consideration, such
consideration being full satisfaction of the obligations set forth in the Loan Agreement, the Grantor’s obligations under the Deed of Trust, and the release of certain parties heretofore guaranteeing the Grantor’s obligations under the
Loan Agreement and Deed of Trust. 
 In executing this Deed, the Grantor is not acting under any misapprehension as to the
effect thereof, any duress, any undue influence, or any misrepresentation by the Grantee or its representatives, agents or attorneys; and the Grantee acknowledges that this Deed is not given as a preference over other creditors of the Grantor, but
rather in lieu of foreclosure of the Deed of Trust. 
 This conveyance is made subject to the conditions, restrictions,
easements and reservations of record, if any, affecting the Property and constituting constructive notice. 
 [Remainder of page
intentionally left blank. Signature pages follow.] 
  

 43 

 [Signature page to Deed from Comstock Penderbrook, L.C. to 
 Guggenheim Corporate Funding, LLC, as Administrative Agent] 
 WITNESS the following signatures and seals: 
  

									
	 GRANTOR:
  
 COMSTOCK PENDERBROOK, L.C.,
 a Virginia
limited liability company

		
	By: 	 	 Comstock Homebuilding Companies, Inc., a Delaware corporation,
 its Manager

				
		 	By: 	 	 	 	(SEAL)
		 		 	Name: 	 	 	 	
		 		 	Title:	 	 	 	

 COMMONWEALTH OF VIRGINIA 
 CITY/COUNTY OF ______________, to-wit: 
 The foregoing instrument was acknowledged
before me this ______ day of _________, 20___, by ___________________, in his capacity as ____________________ of Comstock Homebuilding Companies, Inc., a Delaware corporation, the manager of Comstock Penderbrook, L.C., a Virginia limited liability
company, on behalf of said limited liability company. _____________ is personally known to me or has produced his driver’s license as identification. 
  

	
	
	  
	Notary Public

 My Commission Expires:
____________________ 
 Notary Registration No.: _____________________ 
 [affix seal] 
 [Signatures continue on the following page.] 
  

 44 

 [Signature page to Deed from Comstock Penderbrook, L.C. to 
 Guggenheim Corporate Funding, LLC, as Administrative Agent] 
  

							
	 ACCEDED TO BY:
  
 GUGGENHEIM CORPORATE FUNDING, LLC

			
	By: 	 	 	 	(SEAL)
		 	Name: 	 	 	 	
		 	Title:	 	 	 	

 STATE OF NEW YORK 
 CITY/COUNTY OF ______________, to-wit: 
 The foregoing instrument was acknowledged
before me this _____ day of ________________, 20__ by ___________________ in his capacity as __________________________ of Guggenheim Corporate Funding, LLC, on behalf of said limited liability company. ________________________ is personally known
to me or has produced his driver’s license as identification. 
  

	
	
	  
	Notary Public

 My Commission Expires:
______________________ 
 [affix seal] 
  

 45 

 EXHIBIT “A” 
 LEGAL DESCRIPTION 
 (Blanks to be completed upon determination
of Units to be conveyed) 
 Units ___________, and Limited Common Element Parking Spaces ___________, Phase ______, [if there are Units in
more than one Phase, repeat the previous line], all a part of PENDERBROOK SQUARE, A CONDOMINIUM, as shown on the plat attached to the Declaration recorded in Deed Book 17380 at page 948, as amended by Amendment to Condominium Instruments
recorded in Deed Book 17380 at page 1989, corrected in Corrective Amendment to Condominium Instruments recorded in Deed Book 17401 at page 1895 and further corrected in Deed Book 17450 at page 1600, all among the land records of Fairfax County,
Virginia. 
 TOGETHER WITH an undivided percentage interest appurtenant to the Unit in all Common Elements of said Project, as described in said
Declaration and subsequent amendments. 
 TOGETHER WITH the right of ingress and egress from said property and right to use, for all proper
purposes in common with Declarant, its successors and assigns, and all other occupants from time to time, any and all portions of the Condominium designated by statute and the Declaration as General Common Elements. 
 SUBJECT TO the reservations, restrictions on use and all covenants and obligations set forth in said Declaration recorded in Deed Book 17380 at page 948,
among the said land records, and set forth in the By-Laws of the Unit Owners Association attached thereto, as it may be amended from time to time; all of which restrictions, conditions, assessments and all other covenants are incorporated herein by
reference, and which shall be binding on each grantee and their successors, heirs and assigns. 
  

 46Exhibit 10.78

 Exhibit 10.78 
 FOURTH AMENDMENT TO SUBLEASE AGREEMENT 
 THIS
FOURTH AMENDMENT TO SUBLEASE AGREEMENT (this “Fourth Amendment”) is made and entered into this      day of February, 2009, by and between COMSTOCK ASSET MANAGEMENT, L.C., a Virginia limited liability
company (hereinafter referred to as “Sublandlord”); and COMSTOCK HOMES OF WASHINGTON, L.C., a Virginia limited liability company (hereinafter referred to as “Subtenant”). 
 WHEREAS, Sublandlord and Subtenant are parties to an Agreement of Sublease dated October 1, 2004 (the “Original
Sublease”), as amended by a certain First Amendment to Sublease Agreement dated August 1, 2005, and further amended by a certain Second Amendment to Sublease Agreement dated April 12, 2007, and further amended by a certain
Third Amendment to Sublease Agreement dated October 31, 2007, for the sublease of certain Sublease Premises as defined in the Original Sublease, as amended. The Original Sublease as amended is hereby referred to as the “Sublease.”

 WHEREAS, Subtenant has requested to surrender certain space and to modify certain other terms of the Sublease.

 WHEREAS, the Sublandlord has agreed to Subtenant’s request, subject to the terms and conditions contained herein.

 WHEREAS, the parties desire otherwise to further amend certain terms and conditions of the Sublease, and have agreed
to the terms contained herein. 
 NOW, THEREFORE, for and in consideration of the mutual promises of the parties herein
contained, the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree to amend the Sublease as follows: 
 1. Vacated Premises. No later than February 20, 2009, Subtenant shall promptly vacate and surrender that
portion of the Sublease Premises located on the 6th floor
of the Building and consisting of 1,377 rentable square feet of office space, previously identified as in the Third Amendment as the Additional Premises (herein, the “Vacated Premises”) in accordance with the requirements set forth in
Section 9.D of the Original Sublease. The date of such surrender shall be confirmed in writing by the Sublandlord (“Surrender Date”). As of the Surrender Date, (i) Subtenant shall be relieved of all obligations and liabilities
for the Vacated Premises, including payment of Basic Rent and all expense pass throughs, except that Subtenant shall pay (a) the Base Rent for March 2009, and (b) a termination fee of Fifty Thousand Dollars ($50,000) (“Termination
Fee”), which shall be payable in monthly installments of Five Thousand Dollars ($5,000) each due as and when payments of Base Rent are due under the Sublease, for the next ten (10) calendar months (“Termination Fee Installment”)
beginning March 1, 2009 (i.e., through December 2009); (ii) the “Sublease Premises” shall thereafter be defined as the 15,714 rentable square feet of office space located on the 5th floor of the Building; and (iii) Subtenant shall be responsible for Seventeen and 61/100ths percent
(17.61%) (15,714 rentable square feet of the Sublease Premises divided by 89,221 rentable square feet in the Building) of any operating expense pass-throughs for the Building, subject to and in accordance with Section 7 of the Original
Sublease and Section 3(b) of the Prime Lease. 
 2. Rent. As of April 1, 2009, the rent calculation tables
contained in the Existing Sublease shall be deleted in their entirety and in lieu thereof the following shall be inserted: 
  

												
	Total Basic Rent Under Comstock Sublease - 15,714 RSF
					
	 Monthly Rent
	  	Annual Rent	  	Rent/SF	  	Starts	  	Ends
	$	41,812.34	  	$	501,748.02	  	$	31.93	  	4/1/09	  	9/30/09
	$	43,069.46	  	$	516,833.46	  	$	32.89	  	10/1/09	  	9/30/10
	$	44,365.86	  	$	532,390.32	  	$	33.88	  	10/1/10	  	9/30/11

  

					
	CAM - 4th Am to CHW Sublease	 	1 of 12	 	

 Provided, however, that if Subtenant has not timely vacated and surrendered the Vacated Premises in
accordance with Section 1 above, then this rent calculation table will not be effective until the first day of the calendar month next following vacation and surrender of the Vacated Premises. 
 3. Parking. As of April 1, 2009, “Exhibit D” to the Existing Sublease shall be deleted in its entirety and
replaced with Exhibit D attached hereto and incorporated herein, showing the number of parking spaces and the location of reserved parking spaces, if any, available for Subtenant’s use under the current parking program for the
Building. 
 4. Services Agreement. Subtenant and Sublandlord are concurrently entering into a certain “Services
Agreement” attached hereto and incorporated herein as Exhibit A whereby Subtenant will provide, or cause to be provided, to Sublandlord certain development, property management and other services in accordance with the terms and
conditions set forth therein and Sublandlord will pay to Subtenant a “Management Fee” (as defined therein). The Management Fee due by Sublandlord under the Services Agreement to Subtenant is intended to and shall offset the monthly
Termination Fee Installment; provided, that if the Services Agreement is terminated before the entire Termination Fee is paid, then Subtenant shall pay the remaining balance of the Termination Fee in accordance with Section 1 above. The parties
agree that execution of the Services Agreement is a material inducement for entering into this Fourth Amendment. 
 5.
Ratification. The Sublease is otherwise ratified and reaffirmed in all respects, and all terms and conditions thereof unless otherwise modified by this Fourth Amendment are in full force and effect. If there are any conflicts between the
terms of the Sublease and this Fourth Amendment, then this Fourth Amendment shall control. 
 [Remainder of this page
intentionally blank.] 
  

					
	CAM - 4th Am to CHW Sublease	 	2 of 12	 	

 6. Miscellaneous. Unless otherwise stated herein, all terms defined in the Existing
Sublease shall have the same meaning when used in this Fourth Amendment. This Fourth Amendment may be executed in counterparts all of which when taken together shall constitute one instrument binding upon all parties thereto. 
 WITNESS the following signatures and seals: 
  

													
		 		 	SUBLANDLORD:	 		 	
		 		 	COMSTOCK ASSET MANAGEMENT, L.C.
a Virginia limited liability company	 		 	
						
	 	 		 	By:	 	 	 	 	 	(SEAL)
	WITNESS	 		 		 	Christopher D. Clemente
Managing Member	 		 	

                     , 2009 
 DATE 
  

													
		 		 	SUBTENANT:	 	
		 		 	COMSTOCK HOMES OF WASHINGTON, L.C.	 	
		 		 	By:	 	Comstock Homebuilding Companies, Inc.	 	
					
	 	 		 	By:	 	 	 	(SEAL)
	WITNESS	 		 		 	Bruce Labovitz
Chief Financial Officer	 	

                     , 2009 
 DATE 
  

					
	CAM - 4th Am to CHW Sublease	 	3 of 12	 	

 11465 SH I, LC as Landlord under the Prime Lease, hereby consents to the foregoing Fourth
Amendment to Sublease Agreement between Comstock Asset Management, L.C. and Comstock Homes of Washington, L.C. and the terms and conditions hereunder. Landlord’s consent herein shall not modify or affect the Prime Lease or relieve Sublandlord
from any liability hereunder. 
  

											
		 		 	LANDLORD:
11465 SH I, LC	 	
					
	 	 		 	By:	 	 	 	(SEAL)
	WITNESS	 		 		 	Christopher D. Clemente
Managing Member	 	

                     , 2009 
 DATE 
 Attachments 
 Exhibit A             Services Agreement 
 Exhibit C             Office Furniture and/or Equipment 
 Exhibit D             Number and Location of Parking Spaces 
  

					
	CAM - 4th Am to CHW Sublease	 	4 of 12	 	

 EXHIBIT A 
 SERVICES AGREEMENT 
 [attached]

  

					
	CAM - 4th Am to CHW Sublease	 	5 of 12	 	

 SERVICES AGREEMENT 
 THIS SERVICES AGREEMENT (the “Agreement”) is made as of the      day of February, 2009 (“Effective
Date”), by and between COMSTOCK HOMES OF WASHINGTON, L.C., a Virginia limited liability company (“Comstock”), and COMSTOCK ASSET MANAGEMENT, L.C., a Virginia limited liability company (“CAM”). 
 W I T N E S S E T H : 
 WHEREAS, Comstock and CAM are parties to an Agreement of Sublease dated October 1, 2004 (the “Original Sublease”), as amended by a certain First Amendment to Sublease Agreement dated
August 1, 2005, and further amended by a certain Second Amendment to Sublease Agreement dated April 12, 2007, and further amended by a certain Third Amendment to Sublease Agreement dated October 31, 2007, for the sublease of
certain Sublease Premises as defined in the Original Sublease, as amended. The Original Sublease as amended is hereby referred to as the “Sublease”; 
 WHEREAS, in accordance with a certain Fourth Amendment to Sublease Agreement (“Fourth Amendment”), executed simultaneously herewith, Comstock has agreed to pay a “Termination Fee” in
monthly installments, known as the “Termination Fee Installments”, as those terms are defined in the Fourth Amendment, over ten (10) calendar months to CAM for surrender of certain property under the Sublease; 
 WHEREAS, as a material inducement to enter into the Fourth Amendment, Comstock and CAM agreed to enter into a services agreement as set
forth herein; 
 WHEREAS, CAM is agent for, or has contracted to provide development and property management services to, the
owner(s) of certain real properties in the Washington, DC metropolitan area (each, a “Property”); 
 WHEREAS, Comstock
is experienced in providing development and property management services, as well as IT and similar office support services; 
 WHEREAS, CAM desires to hire Comstock to perform such services on its behalf, subject to the terms and conditions contained herein; and 
 WHEREAS, Comstock desires to perform such services for CAM, subject to the terms and conditions of this Agreement. 
  

					
	CAM - 4th Am to CHW Sublease	 	6 of 12	 	

 NOW, THEREFORE, for and in consideration of the premises and mutual covenants and agreement
of the parties contained herein, and of other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows: 
 ARTICLE I 
 Scope of the Work 
 1.01 Acting as a consultant for CAM and at its written request, Comstock will undertake and perform for
CAM, subject to staffing and workload availability, any or all the following responsibilities set forth in this Section 1.01 which CAM in its discretion may delegate or assign to Comstock by written request with respect to any Property (or with
respect to CAM’s offices), as applicable (the ”Work”): 
 A. Plan/Product Design and Management. In conjunction with
land planners, architects and engineers, Comstock shall review and comment upon any and all design drawings, product specifications and shop drawings submitted by such professionals and by other contractors for a Property or portions thereof.

 B. Governmental Approvals. Based on conceptual plans approved by CAM, Comstock shall coordinate and submit engineering plans for a
Property or portions thereof, monitor the approval processes with the applicable governmental authority in order to seek final approvals for lot or unit yield and F.A.R. densities, provide for vested rights regarding the intended uses of a Property
and prepare and submit bonding applications required as a prerequisite to development of a Property. 
 C. Solicit and Evaluate Development
Bids. Comstock shall solicit and evaluate bids for the development and/or improvement of a Property or portions thereof (including without limitation tenant improvements of individual suites therein), as applicable, from qualified contractors
and make recommendations to CAM regarding the selection of the contractors. 
 D. Development and Improvement of a Property. Comstock
agrees to perform and complete all functions attendant to the management of the following items for a Property: (i) installation of all road infrastructure over time required to service the Property; (ii) installation of all utilities over
time reasonably necessary to commence construction of improvements on the Property; (iii) installation of all tenant improvements within individual suites or elsewhere within the Property, as directed by CAM. 
 E. Legal, Accounting Marketing Services. If expressly directed by CAM, Comstock, on behalf of CAM, shall assist in the performance of requisite
legal, accounting and/or marketing services required as a result of the prosecution of the Work unless such legal work would constitute a conflict of interest for either party. If a conflict of interest exists, such conflict of interest may be
waived upon request by either party and receipt by both parties of a written waiver of such conflict. 
 F. IT Services &
Support. Comstock shall provide CAM’s voice and data technology services and such other similar office services and support as may be reasonably requested by CAM. 
 Notwithstanding the foregoing or any other mutually-agreed upon description of the Work, it is expressly agreed by the parties hereto that (x) Comstock shall not be responsible for any out-of-pocket
or third party costs associated with the Work being performed, (y) Comstock is not guaranteeing the Work and is not guaranteeing that the Work will be prosecuted within any particular timelines that may be established as part of the Work, and
(z) CAM shall have approval authority over all Work prior to submission to a third party or governmental agency. 
 ARTICLE II 
 Exclusions from Scope of the Work 
 2.01 The scope of the Work listed in Article I is not an exhaustive list, but the Work shall in no event include the following items: 
 A. Procurement of leasing agreements related to the retail or commercial space for any Property or the administration of any such agreements; 
 B. Management duties associated with a master or neighborhood property owners associations for any Property; or 
  

					
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 C. Management duties associated with completed commercial or investment properties within any Property
(which shall not include duties relating to the fit out of tenant spaces within a Property, which is expressly contemplated herein). 
 ARTICLE III 
 Term 
 3.01. Term. This Agreement shall remain in effect for ten (10) full calendar months from the Effective Date of this Agreement (i.e., through December 31, 2009) (“Initial Term”),
unless terminated earlier as provided herein. If this Agreement is not terminated prior to the expiration of the Initial Term, this Agreement shall automatically renew on a month-to-month basis until terminated as provided herein. 
 ARTICLE IV 
 Compensation 
 4.01 Management Fee. In consideration for the performance of the Work under this Agreement, CAM agrees to
pay to Comstock, or any designated affiliate, and Comstock agrees to accept from CAM, the amount of Five Thousand Dollars ($5,000) per month as a management fee (the “Management Fee”). The Management Fee shall be due and payable by the
fifth day of each month during the Initial Term, beginning on March 1, 2009, and shall continue on a monthly basis thereafter until termination of the Agreement in accordance with the terms hereof. If Comstock believes that it will perform work
exceeding the Management Fee in any one-month period, Comstock shall so advise CAM and CAM shall either (y) authorize in writing Comstock to perform Work in excess of the Management Fee, or (z) notify Comstock to cease any further Work for
that month. Notwithstanding any provision hereof the contrary, in no event shall Comstock perform any Work in excess of the Management Fee that is not authorized by CAM. Work exceeding the Management Fee in any one month period, as authorized by
CAM, shall be performed on an hourly basis of 125% of the hourly salary of such employee(s) utilized to perform the Work (“Hourly Fee”). Hourly Fees shall be paid to Comstock by CAM in the same manner as Vendor fees (pursuant to
Section 4.04 below) or, upon written agreement of the parties, shall be set off against the Termination Fee. Hourly Fees shall also be due in the event a new employee(s) is hired for the prosecution of the Work hereunder. 
 4.02 Responsibility of Employees. Comstock shall be responsible for all staffing decisions and the payment of the salaries of its officers and
employees performing the Work, subject to Paragraph 4.01 herein. In its sole discretion, Comstock may increase or maintain its staff to service CAM. In the case where CAM desires a particular employee of Comstock to perform Work for CAM’s
benefit, CAM may make a written request to Gregory Benson, President of Comstock, for assignment of such employee to perform Work for CAM; however, such request may be accepted or rejected by Comstock in its sole discretion. 
 4.03 Setoff of Management Fee. As provided in Paragraph 4.01 herein, the Management Fee shall be payable on a monthly basis; provided, however, that
CAM shall be entitled to set off against each monthly payment of the Management Fee coming due a corresponding amount of the Termination Fee until such Termination Fee is fully applied to payment of the Management Fee due hereunder. If either party
terminates this Agreement prior to the expiration of the Initial Term, all Management Fees and Hourly Fees due to Comstock shall be applied to the Termination Fee, whether paid or unpaid. 
 4.04 Third Party Vendors and Reimbursements. 
 A. Certain services related to a Property may be provided by third party vendors (“Vendors”) under the management of Comstock. Comstock shall obtain prior written approval from CAM before engaging Vendors to perform services
totaling over Five Hundred Dollars ($500). Vendor fees shall be billed to

  

					
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and payable by CAM, and in no event shall the Vendor fees be deducted from the Management Fee. The Vendors shall include, but are not limited to, land planners, civil engineers, architects,
consultants, contractors and sub-contractors. 
 B. CAM shall be responsible for the reimbursement of all of Comstock’s out-of-pocket
expenses actually incurred and submitted to CAM in the prosecution of the Work, including without limitation, fees of Vendors in cases where Comstock pays a Vendor and seeks reimbursement from CAM, payment of which shall occur within fifteen
(15) days from the end of the month in which an expense report is received by CAM, accompanied by copies of paid invoices and such other documentation as CAM may reasonably request. 
 ARTICLE V 
 Termination 
 5.01. Either CAM or Comstock may terminate this Agreement, with or without cause, upon ten (10) days written notice to the other party during the
Initial Term or any time thereafter (“Termination Notice”). CAM shall be responsible for payment of the Management Fee (subject to setoff pursuant to Section 4.03) and Vendor fees for Work performed through the date of termination of
this Agreement. If Comstock terminates this Agreement prior to the expiration of the Initial Term, Comstock shall pay to CAM the remaining Termination Fee Installments as provided in the Fourth Amendment. Until the effective date of termination set
forth in a Termination Notice, Comstock shall continue to perform the Work under this Agreement. Upon termination, neither party shall have any liability to each other related to the Work or any provisions of this Agreement. 
 ARTICLE VI 
 Assignment and Sub-Contracting 
 6.01 Comstock may assign or transfer this Agreement to a parent or affiliated entity provided
all rights and obligations are transferred therewith and notwithstanding CAM’s acceptance of performance hereunder by such assignee or transferee, such assignment or transfer will not relieve Comstock of its primary liability hereunder.

 ARTICLE VII 
 Independent Contractor Status 
 7.01 The parties to this Agreement agree that the
relationship of Comstock to CAM is that of independent contractor. Except as otherwise stated in this Agreement, no agency is created by this Agreement, and the employees and agents of Comstock are not to be considered as employees or agents of CAM,
and shall not enter into any vendor agreements without the prior consent of CAM. 
 ARTICLE VIII 
 Compliance with Non-Discrimination Laws; Employment 
 8.01 Comstock shall comply with all federal, State and County laws, codes, ordinances and regulations requiring non-discrimination in employment and in the provision of services. 
 8.02 Without the prior written consent of Comstock, CAM shall not offer employment to any employee of Comstock prior to Comstock’s termination of the
employment of such person. 
  

					
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 ARTICLE IX 
 Entire Agreement 
 9.01 Except as otherwise stated in this Agreement,
this Agreement constitutes the entire agreement of the parties with respect to the matters dealt with herein. 
 ARTICLE X

 Indemnification 
 10.01 Comstock shall hold CAM harmless from, and indemnify CAM against loss, personal injury or death resulting from the gross negligence or willful act of any employee or agent or Contractor of Comstock, but not from the gross negligence
or willful act of any employee, agent or Contractor of CAM. CAM shall hold Comstock harmless from, and indemnify Comstock against, any claims made by third parties under any agreements with CAM. The protections agreed to under this section shall
include, without limitation, all costs of litigation, including court costs, arbitration and mediation costs and attorneys’ fees. 
 ARTICLE XI 
 Notices 
 11.01 All notices, demands and requests which may be given or which are required to be given by either party to the other must be in writing. Notices, demands or requests shall be deemed to have been
properly given for all purposes if (i) delivered against a written receipt of delivery, (ii) mailed by express, registered or certified mail of the United States Postal Service, return receipt requested, postage prepaid, or
(iii) delivered to a nationally recognized overnight courier service for next business day delivery to the receiving party’s address as set forth above or (iv) delivered via telecopier or facsimile transmission to the facsimile number
listed below, with an original counterpart of such communication sent concurrently as specified in subsection (ii) or (iii) above and with written confirmation of receipt of transmission provided. Each such notice, demand or request shall
be deemed to have been received upon the earlier of the actual receipt or refusal by the addressee or three (3) business days after deposit thereof at any main or branch United States post office if sent in accordance with subsection
(ii) above, and the next business day after deposit thereof with the courier if sent pursuant to subsection (iii) above. Notices shall be sent to the following addresses: 
  

			
	To CAM:	  	 c/o Comstock Partners
 11465
Sunset Hills Road
 Suite 620
Reston, Virginia 20190
Attention: Beau Schweikert

	To Comstock:	  	c/o Comstock Homebuilding Companies, Inc.
11465 Sunset Hills Road, Suite 500
Reston, Virginia 20190
Attention: Gregory Benson

 Notwithstanding the foregoing, written requests with respect to requests for performance of and/or staffing of the Work contemplated hereunder, including
without limitation in Sections 1.01 and 4.02, may be made by email to Gregory Benson. 
 [Remainder of this page intentionally
blank.] 
  

					
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 ARTICLE XII 
 Law and Jurisdiction 
 12.01 This Agreement shall be construed by the
laws of the Commonwealth of Virginia. Jurisdiction shall be proper in the Circuit Court of Fairfax County, Virginia, and the parties consent to such jurisdiction and venue. 
 IN WITNESS WHEREOF, CAM and Comstock have executed this Agreement as of the Effective Date. 
  

											
	CAM:	 		 	COMSTOCK:
			
	COMSTOCK ASSET MANAGEMENT, L.C., a Virginia limited liability company	 		 	COMSTOCK HOMES OF WASHINGTON, L.C., a Virginia limited liability company
					
	By:	 	 	 		 	By:	 	COMSTOCK HOMEBUILDING COMPANIES,
INC., a Delaware corporation
		 	Beau Schweikert, Senior VP & CFO	 		 		 		 	
						
		 		 		 		 	By:	 	 
		 		 		 		 		 	Gregory Benson, President

  

					
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 EXHIBIT D 
 Number and Location of Parking Spaces 
  

			
	 Category/Type of Space
	  	 Number of Spaces

	 Reserved and Assigned to Tenant:
	  	10
		
	 Reserved for Tenants Only, but Unassigned:
	  	19
		
	 Unreserved and Unassigned:
	  	15
		
	 Total Spaces:
	  	44
		
	 Reserved Spaces:
	  	To be assigned by Landlord

 Landlord reserves the right to reconfigure the parking for the Property by establishing or relocating reserved parking spaces, subject to and in accordance with the Lease. 
  

					
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