Document:

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                                                                   Exhibit 10.59

                              INVESTMENT AGREEMENT

     THIS INVESTMENT AGREEMENT (the "Agreement") is made and entered into as of
July 20, 2001, by and among the investors signing this Agreement (collectively,
the "Investors") who have agreed to participate in BFSC's Recapitalization Plan
by making the Capital Contributions into OFLLC in exchange for the issuance of
the number of Membership Units in OFLLC which are set forth next to each
Investor's name on Exhibit A attached hereto. Capitalized terms that are used
in this Agreement are defined in Section 1 below.

WITNESSETH:

     A.   OFLLC: (i) was organized on June 15, 2001 by filing a Certificate of
          Formation with the Delaware Secretary of State, (ii) has not engaged
          in any business to date, and (iii) is the sole owner of the OFLLC
          Subsidiaries.

     B.   BFSC is and has been the sole member of OFLLC since the date that
          OFLLC was organized but has heretofore not contributed any assets or
          services to OFLLC.

     C.   The parties to this Agreement have agreed that concurrently with the
          satisfaction of the Conditions Precedent, (i) the Investors (other
          than BFSC) shall be admitted as new members of OFLLC and make the
          Capital Contributions into OFLLC which are set forth next to each of
          their respective names on Exhibit A attached hereto in exchange for
          the issuance of the number of Series B Units and Series C Units in
          OFLLC  which are set forth next to the name of each such Investor on
          Exhibit A, and (ii) BFSC shall consummate the Mergers in accordance
          with the terms set forth in the Merger Agreement in exchange for the
          issuance to BFSC of the number of Series A Units in OFLLC that are set
          forth on Exhibit A.

     NOW, THEREFORE, in consideration of the premises and for other of good and
valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto, intending to be legally bound, agree as
follows:

     1.   DEFINITIONS. As used in this Agreement, the following terms have the
respective meanings set forth below:

          "BFSC" means Bingham Financial Services Corporation, a Michigan
corporation.

          "BFSC CONDITIONS PRECEDENT" means collectively all of the following:

               (a)  On the Closing Date, SCOLP having provided and/or having
                    committed to provide the SCOLP Line of Credit to OFLLC
                    during the 12 month period following the Closing Date; and

               (b)  If a meeting of the shareholders of BFSC is held for the
                    purpose of considering the execution and delivery of the
                    Transaction Documents, the consummation of the Mergers
                    and the other transactions contemplated by this
                    Agreement, Gary Shiffman and all entities and trusts that
                    are directly

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                              and/or indirectly owned or controlled by Gary
Shiffman or members of his immediate family (i.e., parents, spouse, or children
or trusts for their benefit) who directly or indirectly own stock in BFSC or
who own or control voting rights in entities that own stock in BFSC
(collectively, the Shiffman Entities") shall have voted in favor of the
execution and delivery of the Transaction Documents, the consummation of the
Mergers, and the consummation of the transactions contemplated by this
Agreement; provided that if no such meeting of the BFSC shareholders is held,
this condition precedent shall be deemed to have been satisfied, and

                         (c)  At the time of or prior to the Closing, the
Investors (other than BFSC) shall not have undertaken any action that would
prevent or hinder the BFSC Entities from meeting the conditions precedent set
forth in Sections 7.1(c),(e),(m) and 7.2(e) of the Merger Agreement.

                     "BFSC ENTITIES" shall mean collectively BFSC, OFI, and the
OFI Subsidiaries.

                     "CAPITAL CONTRIBUTIONS" means (a) with respect to the
Investors (other that BFSC), the capital contributions into OFLLC which are set
forth next to the name of each such Investor on Exhibit A attached hereto, and
(b) with respect to BFSC, the consummation of the Mergers that are more
particularly described in the Merger Agreement.

                     "CERTIFICATE OF FORMATION" means the Certificate of
Formation of OFLLC fled with the Delaware Secretary of State in accordance with
the Delaware Act, as the same may be amended or restated from time to time.

                     "CLOSING" has the meaning ascribed in Section 5 of this
Agreement.

                     "CLOSING DATE" has the meaning ascribed in Section 5 of
this Agreement.

                     "CONDITIONS PRECEDENT" means collectively the Primary
Conditions Precedent, the Diligence Conditions Precedent, and the Secondary
Conditions Precedent.

                     "DELAWARE ACT" means the Delaware Limited Liability
Company Act, Del. Code Ann. tit.6, Sections 18-101 to -1109, as it may be
amended from time to time.

                     "DILIGENCE CONDITIONS PRECEDENT" means collectively all
the following:

                         (a) On or before August 31, 2001, BFSC shall have
obtained a Fairness Opinion;

                         (b) On or before December 31, 2001, each of the
conditions precedent set forth in Sections 7.1(c) and (m) of the Merger
Agreement shall have been satisfied, provided however, in the case of Section
7.1(c) of the Merger Agreement, approval of BFSC's shareholders shall not be
one of the Diligence Conditions Precedent but shall be

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          one of the Primary Conditions Precedent under Section (a) of the
          definition of Primary Conditions Precedent.

     "FAIRNESS OPINION" means a fairness opinion received by BFSC from an
independent investment banking firm which indicates that the Recapitalization
Plan and the consummation of the transactions contemplated by the Transaction
Documents and this Agreement are fair to BFSC and its shareholders.

     "INVESTORS" means collectively the persons and/or entities described on
Exhibit A.

     "LIBOR" means a variable rate of interest equal to the 30 day London
Inter-Bank Offered Rate.

     "LIMITED LIABILITY COMPANY AGREEMENT" means the Limited Liability Company
Agreement of the OFLLC, as it may be amended or restated from time to time, a
draft of which is attached hereto as Exhibit C.

     "MANAGING BOARD" means the managing board of OFLLC which (a) shall have a
total of five votes and may have up to five persons who shall be designated as
follows (i) the Investors (other than BFSC) shall have the right to control
three votes (and appoint up to three persons to serve on OFLLC's Managing
Board), and (ii) BFSC shall have the right to control two votes (and appoint up
to two persons to serve on OFLLC's Managing Board), and (b) shall act by the
consent or vote of the majority of the five votes allocated between BFSC and the
Investors (other than BFSC).

     "MATERIAL ADVERSE CHANGE" means any circumstance, change in, or effect on
the condition (financial or otherwise), business, assets or results of
operations of the BFSC Entities and/or the Recapitalized BFSC Entities (as
applicable), which, either individually or in the aggregate: (a) is or is
reasonably likely to be materially adverse to the pre-Closing business,
operations, assets, liabilities, employee relationships, distribution, customers
or supplier relationships, results of operations or the condition (financial or
otherwise) of the BFSC Entities, or (b) could materially adversely affect the
ability of the Recapitalized BFSC Entities to operate or conduct their on-going
post-Closing business operations.

     "MEMBERSHIP UNITS" means collectively the Series A Units and Series B
Units to be issued to the Investors by OFLLC in the manner described on Exhibit
A attached hereto.

     "MERGER AGREEMENT" means the Merger Agreement dated December 17, 2001 by
and among the BFSC Entities and the Recapitalized BFSC Entities, a draft of
which is attached hereto as Exhibit D, pursuant to which BFSC will cause the
mergers of (a) OFI with and into OFLLC, (b) Origen Special Holdings Corporation
with and into Origen Special Purpose L.L.C.; (c) Origen Manufactured Home
Financial, Inc. with and into Origen Manufactured Home Financial, L.L.C., and
(d) Origen Insurance Agency, Inc. with and into Origen Insurance Agency, L.L.C.,
each as more fully described in such Merger Agreement.

     "MERGERS" mean the statutory merger transactions described in the Merger
Agreement.

     "OFI" shall mean Origen Financial, Inc., a Virginia corporation.

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     "OFI SUBSIDIARIES" shall mean collectively each of the following
corporations which are wholly owned by OFI: Origen Special Holdings Corporation
which is organized in Delaware, and Origen Manufactured Home Financial, Inc. and
Origen Insurance Agency, Inc., each of which is organized in Virginia.

     "OFLLC" means Origen Financial L.L.C., a limited liability company
organized under the laws of the State of Delaware pursuant to the
Certificate of Formation and OFLLC's Limited Liability Company Agreement.

     "OFLLC SUBSIDIARIES" shall mean collectively each of the following limited
liability companies which are wholly owned by OFLLC: Origen Special Purposes,
L.L.C., Origen Manufactured Home Financial, L.L.C., and Origen Special Purpose
II, L.L.C., each organized in Delaware, and Origen Insurance Agency, L.L.C.,
organized in Virginia.

     "PRIMARY CONDITIONS PRECEDENT" means collectively all of the following:

          (a) On or before October 31, 2001, BFSC shall have obtained
              resolutions adopted by its board of directors and shareholders
              authorizing the execution and delivery of the Transaction
              Documents, the consummation of the Mergers and the consummation of
              the transactions contemplated by this Agreement, provided,
              however, that in the case of obtaining authorization by BFSC's
              shareholders for the foregoing matters (the "BFSC Shareholder
              Approval"), in the event that BFSC has diligently taken steps to
              obtain the BFSC Shareholder Approval by promptly submitting a
              proxy to the SEC (the "BFSC Proxy"), the deadline for obtaining
              the BFSC Shareholder Approval (i.e., October 31, 2001) shall be
              extended (if necessary) by the number of days in excess of 30 days
              during which BFSC is diligently seeking SEC approval of the BFSC
              Proxy;

          (b) From the date of this Agreement to the Closing Date, no Material
              Adverse Change arising from of any action or inaction of any of
              the BFSC Entities shall have occurred to any of the BFSC Entities
              and/or the Recapitalized BFSC Entities

          (c) On the Closing Date each of the conditions precedent set forth in
              Sections 7.1(a), (b), (f), (h) and (i), of the Merger Agreement
              shall have been satisfied.

          (d) On or before October 31, 2001, each of the conditions precedent
              set forth in Sections 7.1 (k) and (l) of the Merger Agreement
              shall have been satisfied.

     "RECAPITALIZED BFSC ENTITIES" shall mean collectively BFSC, OFLLC, and the
      OFLLC Subsidiaries.

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    "RECAPITALIZATION PLAN" means the Recapitalization Plan of Bingham Financial
Services Corporation which is more particularly described on the Term Sheet and
in the schematic representations that are attached hereto as Exhibit E.

     "SCOLP" means Sun Communities Operating Limited Partnership, a limited
partnership organized under the laws of Michigan.

     "SCOLP LINE OF CREDIT" means the $12,500,000.00 stand-by line of credit to
be issued by SCOLP to OFLLC prior to and/or concurrently with the execution of
the Transaction Documents. The SCOLP Line of Credit shall: (a) provide for a
commitment fee to be determined based on current market rates for similar
facilities which shall be paid by OFLLC to SCOLP in the event that OFLLC draws
on the SCOLP Line of Credit, (b) be available to OFLLC during the twelve month
period following the Closing Date, (c) bear interest at the rate of 700 bps over
30 day LIBOR per annum with a floor of 11% and a cap of 15%, (d) be subordinated
in all respects to BFSC Entities' current credit facility (the "Senior
Facility") with Credit Suisse First Boston Mortgage Capital, LLC (the "Senior
Lender"), and (e) be secured by all assets of OFLLC and the OFLLC Subsidiaries
to the extent permitted under the credit facility documents related to the
Senior Facility.

     "SEC" means the Securities and Exchange Commission.

     "SECONDARY CONDITIONS PRECEDENT" means collectively all of the following:

          (a) From the date of this Agreement to the Closing Date, no Material
              Adverse Change arising from any occurrence other than the action
              or inaction of any of the BFSC Entities shall have occurred to
              any of BFSC Entities and/or Recapitalized BFSC Entities;

          (b) On the Closing Date the condition precedent set forth in Section
              7.1(e) of the Merger Agreement shall have been satisfied.

          (c) On or before October 31, 2001, the condition precedent set forth
              in Section 7.1 (n) of the Merger Agreement shall have been
              satisfied.

     "SERIES A UNITS" means the Membership Units in OFLLC designated as Series
Units on Exhibit A attached hereto, which Series A Units (i) are to be issued to
BFSC upon the consummation of the Mergers and the Recapitalization Plan, and
(ii) shall have such rights, terms, and obligations as provided for in OFLLC's
Limited Liability Company Agreement.

     "SERIES B UNITS" means the Membership Units in OFLLC designated as Series B
Units on Exhibit A attached hereto, which Series B Units (i) are to be issued to
the Investors (other than BFSC) who have made the Capital Contributions that are
set forth on Exhibit A attached hereto upon the consummation of the
Recapitalization Plan, and (ii) shall have such rights, terms, and obligations
as provided for in OFLLC's Limited Liability Company Agreement.

     "TERM SHEET" means the term sheet attached hereto as Exhibit F.

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        "TRANSACTION DOCUMENTS" means collectively this Agreement, the Limited
Liability Company Agreement, the Merger Agreement, the Series A Units, the
Series B Units, and all additional documents, instruments, and/or agreements
that are delivered in connection with the consummation of the Recapitalization
Plan and related transactions described in this Agreement.

        2. ORGANIZATION OF OFLLC AND OFLLC SUBSIDIARIES. The parties to this
Agreement acknowledge and agree that; (a) BFSC has heretofore retained counsel
to: (i) prepare and file Articles of Organization for OFLLC and the OFLLC
Subsidiaries, and (ii) prepare the Limited Liability Company Agreement, the
Merger Agreement, and the Transaction Documents which are necessary to
consummate the Recapitalization Plan and in accordance with the terms set forth
in the Term Sheet and this Agreement, and (b) concurrently with the consummation
of the Recapitalization Plan, OFLLC shall be governed by a Managing Board whose
initial members shall be (a) Ronald Klein who shall exercise the two votes
allocated to BFSC, and (b) representatives of the Investors (other than BFSC)
who shall exercise the three votes allocated to the Investors (other than BFSC).

        3. CONSUMMATION OF RECAPITALIZATION PLAN; FUNDING CAPITAL CONTRIBUTIONS;
AND EXECUTION OF TRANSACTION DOCUMENTS. On the Closing Date: (a) the Investors
shall execute and deliver all Transaction Documents (other than this Agreement),
(b) the BFSC Entities and the Recapitalized BFSC Entities shall consummate the
Mergers, and (c) the Investors (other than BFSC) shall make the Capital
Contributions to OFLLC that are described in this Agreement and on Exhibit A
attached hereto.

        4. ISSUANCE OF SERIES A UNITS AND SERIES B UNITS. Upon funding of all of
the Capital Contributions and the consummation of the Mergers, OFLLC shall issue
to each of the Investors the number of Series A Units or Series B Units which
are set forth next to the name of each Investor on Exhibit A attached hereto.

        5. CLOSING AND CLOSING DATE. Subject to the satisfaction of each of the
Conditions Precedent, the closing of the transactions contemplated by this
Agreement (the "Closing ") shall occur on or before December 31, 2001, or at
such other date as shall be mutually agreed upon by the parties hereto (the
"Closing Date").

        6. CONDITIONS PRECEDENT. The obligation of the Investors (other than
BFSC) to enter into the Transaction Documents or make Capital Contributions is
subject to the satisfaction of all the Conditions Precedent (compliance with
which, or the occurrence of which, may be waived in whole or in part by the
Investors (other than BFSC), provided, however, that the funding of the Capital
Contributions by the Investors (other than BFSC) and/or Closing shall be deemed
a satisfaction or waiver of such Conditions Precedent). The obligation of BFSC
to consummate the Merger or enter into the Transaction Documents is subject to
the fulfillment of the BFSC Conditions Precedent and the other Investors making
their Capital Contributions.

        7. ADDITIONAL DOCUMENTS. Each of the parties to this Agreement agrees to
execute and deliver and/or (where applicable) cause their affiliated entities to
execute and deliver to BFSC, the Senior Lender and/or the other parties to this
Agreement (where applicable) any and all documents, instruments, and/or
agreements, in addition to those otherwise provided for herein, that may be
necessary and/or appropriate to effectuate the provisions of this Agreement
whether before, on or after the date of execution of this Agreement. In this
regard, prior to the Closing Date, the Investors (other

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than BFSC) shall have each obtained and delivered to BFSC resolutions adopted
by their respective Board of Directors, Board of Managers, Shareholders and/or
Members (as applicable) authorizing (where applicable) the execution and
delivery of the Transaction Documents, the funding of their respective Capital
Contributions, and the consummation of the transactions contemplated by the
Transaction Documents and this Agreement. All Transaction Documents executed
and delivered and all actions taken in connection with the Recapitalization
Plan and the consummation of the transactions contemplated by this Agreement
shall be reasonably satisfactory to the Investors and their counsel.

     8. TRANSACTION FEES AND EXPENSES: RECIPROCAL BREAK-UP FEE. The parties to
this Agreement hereby acknowledge and agree to the following terms and
conditions relating to the payment of transaction fees and expenses and
potential break-up fees relating to and/or arising out of the Recapitalization
Plan and/or the transactions contemplated by the Transaction Documents and this
Agreement:

     (a) TRANSACTION FEES AND EXPENSES. In the event that the transactions
relating to the Recapitalization Plan described in this Agreement are
consummated, all transaction fees and expenses relating to the Recapitalization
Plan, including, but not limited to, all costs and expenses associated with
and/or relating to the negotiation, preparation, execution, and delivery of the
Transaction Documents, any applicable licensing activities for the Recapitalized
BFSC Entities, and all fees charged by legal, accounting and investment banking
counsel to the Investors, shall be paid by OFLLC. In the event that the
transactions relating to the Recapitalization Plan described in this Agreement
are not consummated, the parties to this Agreement shall each bear their own
respective costs and expenses in connection with the transactions contemplated
by this Agreement.

     (b) RECIPROCAL BREAK-UP FEE AND REIMBURSEMENT OF EXPENSES. The parties to
this Agreement further acknowledge and agree that in the event: (a) all of the
Conditions Precedent have been satisfied and BFSC is prepared to consummate the
transactions contemplated by this Agreement on the terms and conditions set
forth herein and in the Transaction Documents, and the Investors (excluding
BFSC) have not executed the Transaction Documents and funded their respective
Capital Contributions and/or the BFSC Conditions Precedent have not been
satisfied, the Investors (other than BFSC) shall immediately pay BFSC a break-up
fee in the amount of $2,000,000; and (b) (i) all of the Primary Conditions
Precedent have not been satisfied, or (ii) any of the Diligence Conditions
Precedent have not been satisfied and BFSC has not been diligently pursuing the
satisfaction of any of such Diligence Conditions Precedent or if BFSC does not
obtain a Fairness Opinion because a transaction involving a loan, joint venture,
sale, merger or other similar business transaction (collectively, an
"Alternative Transaction") between one or more of the BFSC Entities and a party
or parties other than the Investors (other than BFSC) is pending or consummated,
or (iii) all of the BFSC Conditions Precedent have been satisfied and the
Investors (other than BFSC) are prepared to consummate the transactions
contemplated by this Agreement under the terms and conditions that are set forth
herein and in the Transaction Documents but BFSC has not executed the
Transaction Documents and caused the Mergers to be consummated, or (iv) prior to
or contemporaneously therewith any of the events described in the foregoing
clauses (i) through (iii) occurring, BFSC shall stop pursuing the consummation
of the transactions described in this Agreement because of the pendency or
consummation of an Alternative Transaction, BFSC shall immediately pay to the
Investors an aggregate break-up fee in the amount of $2,000,000 (which shall be
allocated among and paid to the Investors (other than BFSC) in proportion to the
amount that each such Investor's allocated Capital Contribution bears to the
total amount of all Capital Contributions to be made by all Investors (other

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than BFSC) to OFLLC). The parties acknowledge and agree that the damage either
BFSC or the other Investors would incur if the transactions contemplated herein
are not consummated would most likely be incapable of accurate calculation and
that $2,000,000 is a reasonable estimate of the actual damages a party would
incur in such event.

     Further, in the event that (a) BFSC has diligently pursued the
satisfaction of each of the Diligence Conditions Precedent and any of the
Diligence Conditions Precedent have not been satisfied; or (b) any of the
Secondary Conditions Precedent have not been satisfied, BFSC shall (a)
immediately reimburse the Investors (other than BFSC) for all their
out-of-pocket expenses incurred by them or any of their affiliates in
connection with: (i) the preparation, drafting and negotiation of this
Agreement and the Transaction Documents and any other document related to the
transactions contemplated in this Agreement; and (ii) their due diligence
review of the BFSC Entities, provided, however, that the aggregate amount of
such reimbursements shall be capped at $300,000.00 (the "Investor Expense
Reimbursements"), and (b) be relieved from any obligation to pay the Investors
the $2,000,000.00 break-up fee referenced above.

     Anything contained herein to the contrary notwithstanding, if (a) any
Conditions Precedent are not satisfied due to of the unwillingness by any
Investor (other than BFSC) to cooperate with and/or submit financial or other
information to any governmental and/or licensing authorities which are required
in connection with the submission by the Recapitalized BFSC Entities or
applications to obtain the various licenses and permits that are necessary to
permit the Recapitalized BFSC Entities to continue to operate their respective
business operations after the Closing Date, and (b) such failure to cooperate
with and/or submit financial or other information to any applicable
governmental and/or licensing authority causes any of the Diligence Conditions
Precedent (which are not waived) not to be satisfied, then; (i) no party to
this Agreement shall be obligated to pay any of the break-up fees that are
described in this Section 8(b), and (ii) BFSC shall not be obligated to pay the
Investor Expense Reimbursements.

     9. COMPLIANCE WITH SECURITIES LAWS. Each Investor acknowledges that,
covenants with, and represents and warrants to, each of the Recapitalized BFSC
Entities and each of the other Investors as follows:

        (a) Such Investor is acquiring his, her, or its Membership Units for
his, her, or its own account and for investment purposes only, and not with a
view to the assignment of all or any portion of such Membership Units.

        (b) Such Investor shall not assign all or any portion of his, her, or
its Membership Units in a manner which violates any federal or state securities
law.

        (c) the Membership Units are not registered under the Securities Act of
1933 (the "Securities Act") or any applicable state securities laws and such
Membership Units are "restricted securities" as defined under the Securities
Act.

        (d) Such Investor has been furnished with such information about the
BFSC Entities and the Recapitalized BFSC Entities as he, she, or it has
requested and has had the opportunity to

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communicate with the Directors and/or Managers of the BFSC Entities and the
Recapitalized BFSC Entities in order to verify the accuracy of, or amplify
upon, the foregoing information.

               (e)  Such Investor has such knowledge and experience in financial
business matters that he, she, or it is capable of evaluating the risks and
merits of acquiring the Membership Units and has had the opportunity to consult
with independent advisors with regard to his, her, or its investment in the
Membership Units.

               (f)  Such Investor shall not sell, assign or otherwise transfer
his, her, or its Membership Units or any portion thereof: (i) except in
accordance with the terms and restrictions that are set forth in the Limited
Liability Company Agreement, or (ii) to any person or entity who does not make
the acknowledgments and agreements set forth herein.

               (g)  Such Investor is an "Accredited Investor" within the
meaning of Regulation D under the Securities Act;

               (h)  Such Investor is able to bear the risk of loss of his,
her, or its entire investment in the Membership Units and has no immediate need
for the funds that he, she, or it intends to invest in the Recapitalized BFSC
Entities.

               (i)  Such Investor has no need for liquidity with respect to
his, her, or its investment in the Recapitalized BFSC Entities and is able to
bear the economic risk of his, her, or its investment in the Recapitalized BFSC
Entities for an indefinite period of time.

               (j)  Such Investor realizes that his, her, or its intended
investment in the Recapitalized BFSC Entities is illiquid, is not readily
transferable, and that transfer of the Membership Units he, she, or it has or
will acquire is in fact restricted.

        10.    GENERAL PROVISIONS.

               (a)  SPECIFIC PERFORMANCE. The parties hereto acknowledge and
agree that the subject matter of this Agreement is unique and that the failure
of any party hereto to comply with the terms and conditions contained herein
constitutes irreparable injury if not fully and completely performed;
accordingly, any party seeking to enforce the terms and covenants contained
herein shall be entitled to the equitable relief of specific performance and/or
such other equitable relief as decreed and/or ordered by a court of competent
jurisdiction.

               (b)  GOVERNING LAW; JURISDICTION.  This Agreement and the
performance hereof shall be construed and interpreted in accordance with the
laws of the State of Michigan. Furthermore, the parties hereto acknowledge and
agree that any dispute arising out of this Agreement shall be determined by a
court of competent jurisdiction located in Oakland County, Michigan or a
federal court located in Wayne County, Michigan.

               (c)  ENTIRE AGREEMENT.  This Agreement and the Transaction
Documents constitutes the entire Agreement between the parties hereto in
connection with the subject matter hereof. None of the parties to this
Agreement have made any statements, representations or warranties in connection
herewith, except as expressly set forth herein. This Agreement and the
Transaction Documents may not

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be modified orally, and no modification shall be effective unless in writing
and signed by all the parties hereto making specific reference to the changes
to be made to this Agreement.

               (d)  BINDING AGREEMENT.  This Agreement shall be binding upon
and inure to the benefit of the parties hereto, their respective heirs,
personal representatives, successors and assigns.

               (e)  NOTICES.  All notices, requests, demands and other
communications required or permitted to be given hereunder shall be in writing,
and shall be deemed to have been given when received, if delivered in person,
or three (3) business days following the mailing thereof, if mailed by
certified mail, return receipt requested and regular mail, postage prepaid to
the Investors at the following addresses:

     IF TO BFSC:                       260 East Brown Street
                                       Suite 200
                                       Birmingham, Michigan 48009
                                       Attention: Ronald A. Klein

     WITH A COPY TO:                   Williams, Williams, Ruby & Plunkett, P.C.
                                       380 North Old Woodward Avenue
                                       Suite 300
                                       Birmingham, Michigan 48009
                                       Attention: James A. Williams, Esq.

     IF TO SUI TRS, INC. OR            31700 Middlebelt Road
     SHIFFMAN FAMILY, LLC:             Suite 145
                                       Farmington Hills, Michigan 48334
                                       Attention: Gary A. Shiffman

     WITH A COPY TO:                   Jaffe, Raitt, Heuer & Weiss, P.C.
                                       One Woodward Avenue
                                       Suite 2400
                                       Detroit, Michigan 48226
                                       Attention: Arthur A. Weiss, Esq.

     IF TO WOODWARD HOLDING, LLC       2300 Harmon Road
                                       Auburn Hills, Michigan 48326
                                       Attention: Paul A. Halpern, Esq.

               (f)  WAIVER. Waiver by any party of any breach, or failure to
enforce any of the terms and conditions of this Agreement, at any time, shall
not in any way affect, limit or waive such party's right thereafter to enforce
and compel strict compliance with every term and condition hereof.

               (g)  SEVERABILITY.  If and to the extent that any provision of
this Agreement or portion thereof shall be determined by any legislature or
court to be in whole or in part invalid or unenforceable, such provision or
term shall be unenforceable only to the extent of such invalidity without
invalidating the remaining provisions hereof and all other provisions of this
Agreement shall remain in full force and effect, and the rights and obligations
of the parties shall be construed and enforced accordingly. In

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addition, it is the intent of the parties hereto that any provision of the
Agreement which is determined to be invalid or unenforceable shall be
interpreted in a form which is not invalid or unenforceable with the intent that
the terms and conditions imposed by this Agreement shall be construed and
enforced in such a manner as to give them the broadest enforceable scope and
effect.

               (h)  MISCELLANEOUS.  This Agreement may be executed in
counterparts, and each such counterpart shall constitute an original and all
such counterparts shall constitute one and the same instrument.

     IN WITNESS WHEREOF, the undersigned have executed this Agreement on or as
of the date and year first appearing above.

                              BINGHAM FINANCIAL SERVICES CORPORATION,
                              A MICHIGAN CORPORATION

                              BY:  /s/ RONALD A. KLEIN
                                 ----------------------------
                                   RONALD A. KLEIN
                              ITS: PRESIDENT

                              SUI TRS, INC., A MICHIGAN CORPORATION

                              BY:  /s/ GARY A. SHIFFMAN
                                 ----------------------------
                                   GARY A. SHIFFMAN
                              ITS: PRESIDENT

                              SHIFFMAN FAMILY LLC,
                              A MICHIGAN LIMITED LIABILITY COMPANY TO BE FORMED

                              BY:  /s/ ARTHUR A. WEISS
                                 ----------------------------
                                   ARTHUR A. WEISS
                              ITS: MANAGER

                              WOODWARD HOLDING, LLC
                              A MICHIGAN LIMITED LIABILITY COMPANY

                              BY:  /s/ PAUL A. HALPERN
                                 ----------------------------
                                   PAUL A. HALPERN
                              ITS: MANAGER

                                       11
<PAGE>
                                  EXHIBIT "A"

                       SCHEDULE OF CAPITAL CONTRIBUTIONS

<Table>

                                                SERIES A                SERIES B            SERIES C            INITIAL CAPITAL
        MEMBER                ADDRESS            UNITS                   UNITS              UNITS(1)              CONTRIBUTION
        ------                -------            -----                   -----               -----                ------------
<S>                   <C>                      <C>                      <C>                 <C>                  <C>
BINGHAM FINANCIAL     260 East Brown Street     200,000                    -0-                                     Consummation of
SERVICES CORPORATION  Suite 200                                                                                    Mergers pursuant
                      Birmingham, MI 48009                                                                           to Merger
                                                                                                                     Agreement

Shiffman Family LLC   31700 Middlebelt            -0-                     100,00                                     $5,000,000
                      Suite 145
                      Farmington Hills, MI 48334

SUI TRS, INC.        31700 Middlebelt             -0-                     300,000                                    $15,000,000
                     Suite 145
                     Farmington Hills, MI  48334

WOODWARD HOLDING,    2300 Harmon Road             -0-                       -0-               400,000                 $20,000,000
LLC                  Auburn Hills, MI 48326

</Table>
------------------------------
(1) The Series C Units shall be non-voting.
<PAGE>
                                                                   Exhibit 10.59

                       AMENDMENT TO INVESTMENT AGREEMENT
                       ---------------------------------

     This Amendment to Investment Agreement (this "Amendment") is made and
entered into as of August 13, 2001 by and among Bingham Financial Services
Corporation, a Michigan corporation, SUI TRS, Inc. a Michigan corporation,
Shiffman Family LLC, a Michigan limited liability company, and Woodward
Holding, LLC, a Michigan limited liability company. Capitalized terms that are
used in this Amendment are defined in the Agreement (as hereinafter defined).

                                    RECITALS

     A.  The parties to this Amendment have entered into an Investment
         Agreement as of July 20, 2001 (the "Agreement").

     B.  The parties to this Amendment wish to amend the Agreement as
         hereinafter provided.

     NOW, THEREFORE, in consideration of the premises, the parties hereto
intending to legally bound, agree as follows:

   1. The Agreement is hereby amended as follows:

     A.  The definition of "Managing Board" set forth in the Agreement is
         hereby deleted and the following is hereby substituted in its place:

           "MANAGING BOARD" means the managing board of OFLLC which (a) shall
           have a total of five votes and may have up to five persons who shall
           be designated as follows (i) the holders of the Series B Units shall
           have the right to control two votes (and appoint up to two persons to
           serve on OFLLC's Managing Board), (ii) BFSC shall have the right to
           control two votes (and appoint up to two persons to serve on OFLLC's
           Managing Board), and (iii) holders of the Series B Units and BFSC
           will together appoint one person who shall control one vote and shall
           have the right to appoint his or her successor (that person, and his
           or her successor, being hereinafter referred to as the "Independent
           Director"), and (b) shall, except as otherwise provided in the
           Limited Liability Company Agreement, act by the consent or vote of
           the majority of the five votes allocated between BFSC, the holders of
           the Series B Units and the Independent Director.

     B.  The definition of "Membership Units" set forth in the Agreement is
         hereby deleted and the following is hereby substituted in its place:

                                       1
<PAGE>
        "MEMBERSHIP UNITS" means collectively the Series A Units, Series B
        Units and Series C Units to be issued to the Investors by OFLLC in the
        manner described on Exhibit A attached hereto."

C.  The definition of "Merger Agreement" set forth in the Agreement is hereby
    amended by deleting therefrom the words, "dated July ____, 2001"

D.  The definition of "OFLLC Subsidiaries" set forth in the Agreement is hereby
    amended by deleting the word "Purposes" from the second line thereof and
    substituting the word "Purpose" in its place.

E.  The definition of "SCOLP Line of Credit" set forth in the Agreement is
    hereby deleted and the following is hereby substituted in its place:

       "SCOLP LINE OF CREDIT" means the $12,500,000 stand-by line of credit to
       be issued by SCOLP to OFLLC prior to and/or concurrently with the Closing
       and which shall be substantially in accordance with the terms and
       conditions set forth in the minutes of the meetings of the Boards of
       Directors of BFSC and Sun Communities, Inc. which were each held on June
       25, 2001."

F.  The definition of "Series B Units" set forth in the Agreement is hereby
    amended by adding the words "and Woodward Holding, LLC" to the third line
    thereof after the word "BFSC", and by deleting the words "have made" from
    the third line thereof and substituting the words "shall make" in their
    place.

G.  The definition of "Term Sheet" set forth in the Agreement is hereby amended
    by deleting therefrom the words "Exhibit F" and substituting in their place
    the words "Exhibit E."

H.  The definition of "Transaction Documents" set forth in the Agreement is
    hereby amended by deleting the words "the Series A Units, the Series B
    Units," from the second line thereof.

I.  The following definition is hereby added to the Agreement:

          "SERIES C UNITS" means the Membership Units in OFLLC designated as
          Series C Units on Exhibit A attached hereto, which Series C Units (i)
          are to be issued to Woodward Holding, LLC which shall make the Capital
          Contribution that is set forth on Exhibit A attached hereto upon the
          consummation of the Recaptialization Plan, and (ii) shall have the
          rights, terms, and obligations as provided for in OFLLC's Limited
          Liability Company Agreement.

                                       2
<PAGE>
     J.   Paragraph 2 of the Agreement is hereby deleted in its entirety and the
          following is hereby substituted in its place:

          "2. ORGANIZATION OF OFLLC AND OFLLC SUBSIDIARIES. The parties to
              this Agreement acknowledge and agree that: (a) BFSC has heretofore
              retained counsel to (i) prepare and file Articles of Organization
              for OFLLC and the OFLLC Subsidiaries, and (ii) prepare the Limited
              Liability Company Agreement, the Merger Agreement, and the other
              Transaction Documents which are necessary to consummate the
              Recapitalization Plan in accordance with the terms set forth in
              the Term Sheet and this Agreement, and (b) concurrently with the
              consummation of the Recapitalization Plan, OFLLC shall be governed
              by a Managing Board whose initial members shall be (i) Ronald A.
              Klein who shall exercise the two votes allocated to BFSC, (ii)
              Gary A. Shiffman who shall exercise the two votes allocated  to
              the Investors holding Series B Units, and (iii) the Independent
              Director chosen by BFSC and the holders of the Series B Units,
              who shall exercise one vote."

     K.   Paragraph 4 of the Agreement is hereby deleted in its entirety and
          the following is hereby substituted in its place.

          "4.  ISSUANCE OF UNITS. Upon funding of all of the Capital
               Contributions and the consummation of the Mergers, OFLLC shall
               issue to each of the Investors the number of Series A Units,
               Series B Units and Series C Units which are set forth next to the
               name of each Investor on Exhibit A attached hereto."

     L.   Section 8 (b) of the Agreement is hereby amended by adding to the
          sixth line thereof after the words "BFSC Conditions Precedent" the
          following parenthetical phrase: "(other than the BFSC Condition
          Precedent set forth in clause (c) of the definition of BFSC Conditions
          Precedent)".

     M.   Section 10 (e) of the Agreement is hereby amended by changing the
          address of Woodward Holding, LLC to:

               "c/o Jaffe, Raitt, Heuer & Weiss, P.C.
               One Woodward Avenue, Suite 2400
               Detroit, Michigan 48266
               Attention: David H. Raitt"

     N.   Exhibit A to the Agreement is hereby deleted in its entirety and
          replaced with Exhibit A attached to this Amendment.

                                       3
<PAGE>
     2. As amended by this Amendment, the Agreement, and all of its terms and
        provisions, shall remain in full force and effect.

        IN WITNESS WHEREOF, the parties have executed this Amendment on or as
of the date and year first appearing above.

                              BINGHAM FINANCIAL SERVICES CORPORATION,
                              A MICHIGAN CORPORATION

                              BY:   /s/ RONALD A. KLEIN
                                 ----------------------------
                                   RONALD A. KLEIN
                              ITS: PRESIDENT

                              SUI TRS, INC., A MICHIGAN CORPORATION

                              BY:   /s/ GARY A. SHIFFMAN
                                 ----------------------------
                                   GARY A. SHIFFMAN
                              ITS: PRESIDENT

                              SHIFFMAN FAMILY LLC,
                              A MICHIGAN LIMITED LIABILITY COMPANY

                              BY:   /s/ ARTHUR A. WEISS
                                 ----------------------------
                                   ARTHUR A. WEISS
                              ITS: MANAGER

                              WOODWARD HOLDING, LLC,
                              A MICHIGAN LIMITED LIABILITY COMPANY

                              BY:  /s/ PAUL A. HALPERN
                                -----------------------------
                                   PAUL A. HALPERN
                              ITS: MANAGER

                                       4

<PAGE>
                                  EXHIBIT "A"

                       SCHEDULE OF CAPITAL CONTRIBUTIONS

<Table>

                           SERIES A                SERIES B            SERIES C            INITIAL CAPITAL
        MEMBER              UNIT                    UNITS              UNITS(1)              CONTRIBUTION
        ------              -----                   -----               -----                ------------
<S>                      <C>                      <C>                 <C>                  <C>
BINGHAM FINANCIAL          200,000                    -0-                                     Consummation of
SERVICES CORPORATION                                                                          Mergers pursuant
                                                                                               to Merger
                                                                                               Agreement

Shiffman Family LLC           -0-                   84,211                                     $4,210,526

SUI TRS, INC.                 -0-                   315,789                                    $15,789,474

WOODWARD HOLDING,            -0-                      -0-              400,000                $20,000,000
LLC

</Table>

__________________________________________________
(1) The Series C Units shall be non-voting.

                                       5<PAGE>
                                                                   Exhibit 10.60

                     LIMITED LIABILITY COMPANY AGREEMENT

                                      OF

                           ORIGEN FINANCIAL, L.L.C.

      THE UNITS REPRESENTED BY THIS LIMITED LIABILITY COMPANY AGREEMENT HAVE NOT
      BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, THE DELAWARE UNIFORM
      SECURITIES ACT OR THE SECURITIES LAWS OF ANY OTHER STATE. TRANSFER OF SUCH
      UNITS IS RESTRICTED BY THE TERMS OF THIS LIMITED LIABILITY COMPANY
      AGREEMENT.
<PAGE>
                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                 Page
                                                                                 ----

<S>                                                                              <C>
1.    CONTINUATION AND PURPOSE..............................................       2
      1.1   Continuation....................................................       2
      1.2   Purpose.........................................................       2
      1.3   Name............................................................       2
      1.4   Principal Place of Business.....................................       2
      1.5   Registered Office and Resident Agent............................       2
      1.6   Duration........................................................       3

2.    CAPITAL CONTRIBUTIONS, UNITS AND RELATED MATTERS......................       3
      2.1   Capital Contributions...........................................       3
      2.2   Units...........................................................       3
      2.3   Additional Capital Contributions................................       3
            (a)   Additional Capital Calls..................................       3
            (b)   Member's Failure to Make Additional Contribution
                  -- Dilution...............................................       4
      2.4   Contribution Returns............................................       5
      2.5   No Third Party Beneficiaries....................................       5

3.    PROFITS, LOSSES AND DISTRIBUTIONS.....................................       5
      3.1   Allocation of Profits and Losses................................       5
      3.2   Tax Allocations.................................................       5
            (a)   Taxable Income............................................       6
            (b)   Losses....................................................       6
            (c)   Section 704(c) Allocations................................       6
      3.3   Special Allocations.............................................       7
            (a)   Company Minimum Gain Chargeback...........................       7
            (b)   Member Nonrecourse Debt Minimum Gain Chargeback...........       7
            (c)   Qualified Income Offset...................................       8
            (d)   Nonrecourse Deductions....................................       8
            (e)   Member Nonrecourse Deductions.............................       8
      3.4   Curative Allocations............................................       8
      3.5   Tax Distributions...............................................       8
      3.6   Distributions of Excess Cash....................................       9
      3.7   Limitations on Distributions....................................       9

4.    MANAGEMENT OF THE COMPANY; RIGHTS AND DUTIES OF THE MANAGER...........       9
      4.1   Management by Board of Managers; Number.........................       9
      4.2   Power and Authority.............................................      10
      4.3   Meetings of the Board of Managers; Voting Requirements;
            Actions by Written Consent......................................      13
</TABLE>

                                       i
<PAGE>
<TABLE>
<S>                                                                              <C>
            (a)   Notice of Meeting.........................................      13
            (b)   Attendance................................................      13
            (c)   Voting Requirements; Action by Written Consent............      14
            (d)   Miscellaneous Matters.....................................      14
      4.4   Standard of Care; Liability; Indemnification;
              Confidentiality...............................................      14
            (a)   Standard of Care..........................................      14
            (b)   Liability.................................................      15
            (c)   Indemnification...........................................      15
            (d)   Confidentiality...........................................      16
      4.5   Tenure; Resignation; Removal; Vacancies.........................      16
            (a)   Tenure....................................................      16
            (b)   Annual Appointment........................................      16
            (c)   Resignation...............................................      16
            (d)   Removal...................................................      16
            (e)   Vacancies.................................................      16
            (f)   Independent Manager.......................................      17
      4.6   Self-Dealing....................................................      17
      4.7   Devotion of Time to Company.....................................      18
      4.8   Compensation and Expenses.......................................      18
      4.9   Officers........................................................      18
            (a)   Optional Appointment......................................      18
            (b)   Tenure....................................................      19
            (c)   Resignation...............................................      19
            (d)   Removal...................................................      19
            (e)   Vacancies.................................................      19
            (f)   President and Chief Executive Officer.....................      19
            (g)   Chief Financial Officer...................................      20
            (h)   Vice Presidents...........................................      20
            (i)   Secretary.................................................      20
            (j)   Assistant Secretaries.....................................      20
      4.10  Employment Agreements...........................................      21

5.    RIGHTS AND DUTIES OF MEMBERS..........................................      21
      5.1   Participation in Management; Voting Rights......................      21
      5.2   Withdrawal; Expulsion...........................................      22
            (a)   Withdrawal................................................      22
            (b)   Expulsion.................................................      22
            (c)   Death.....................................................      22
      5.3   Limited Liability of Members....................................      22
      5.4   Access to Company Information...................................      22
      5.5   Meetings of the Members; Actions by Written Consent.............      22
            (a)   Notice of Meeting.........................................      23
            (b)   Attendance................................................      23
            (c)   Quorum....................................................      23
            (d)   Voting Requirements.......................................      23
</TABLE>

                                       ii
<PAGE>
<TABLE>
<S>                                                                              <C>

            (e)   Adjournment...............................................      23
            (f)   Minutes...................................................      24
            (g)   Action by Written Consent.................................      24
      5.6   Sale of the Company.............................................      24

6.    ASSIGNMENT OF UNITS AND ADMISSION OF ADDITIONAL MEMBERS...............      25
      6.1   Compliance with Securities Laws.................................      25
      6.2   Assignments and Substitute Members..............................      26
            (a)   Effect of Assignments.....................................      26
            (b)   Substitute Members........................................      26
            (c)   Effect of Assignment......................................      27
      6.3   Section 754 Election............................................      28
      6.4   Admission of Additional Members.................................      28
      6.5   Amendment of Limited Liability Company Agreement to
              Reflect Assignment............................................      29
      6.6   Definition......................................................      29
      6.7   Call Option.....................................................      29

7.    NOTICES...............................................................      31
      7.1   Manner of Delivery..............................................      31
      7.2   Date............................................................      31
      7.3   Change of Address...............................................      32

8.    DISSOLUTION...........................................................      32
      8.1   Events of Dissolution...........................................      32
      8.2   Winding Up and Liquidating Distributions........................      32

9.    MISCELLANEOUS.........................................................      33
      9.1   Books and Records...............................................      33
      9.2   Financial Statements............................................      33
      9.3   Governing Law...................................................      33
      9.4   Amendments......................................................      34
      9.5   Binding Effect..................................................      34
      9.6   Severability....................................................      34
      9.7   Construction....................................................      34
      9.8   Pronouns........................................................      34
      9.9   Counterparts and Facsimile Signatures...........................      34
      9.10  Tax Matters Partner.............................................      35

10.   DEFINITIONS...........................................................      35
      10.1  Definitions.....................................................      35
</TABLE>

                                       iii
<PAGE>
                       LIMITED LIABILITY COMPANY AGREEMENT

                                       OF

                             ORIGEN FINANCIAL L.L.C.

      This Limited Liability Company Agreement of Origen Financial L.L.C. a
Delaware limited liability company (the "Company"), is made and entered into as
of December 18, 2001, by and among the parties signing this Limited Liability
Company Agreement on the signature page hereto and all other persons who become
members of the Company after the date hereof (the "LLC Agreement"). This LLC
Agreement shall be null and void and of no effect whatsoever absent consummation
of the Transactions (as defined below). Certain capitalized terms used in this
Limited Liability Company Agreement are defined in Section 10 below.

                                    RECITALS

      A.    The Company was organized on June 15, 2001 by filing a Certificate
of Formation with the Delaware Secretary of State.  The Company has not engaged
in any business to date.  The Company is the sole owner of four subsidiary
limited liability companies:  Origen Special Purpose, L.L.C., Origen
Manufactured Home Financial, L.L.C. and Origen Special Purpose II, L.L.C., each
organized in Delaware, and Origen Insurance Agency, L.L.C., organized in
Virginia (collectively, the "Company Subsidiaries").

      B.    The Original Member has been the sole member of the Company since
the date the Company was organized but has heretofore not contributed any assets
or services to the Company.

      C.    Subject to and in accordance with the provisions of Section 2.1,
pursuant to the Mergers and in accordance with Section 721 of the Code, the
Original Member will transfer certain assets and liabilities to the Company and
concurrent therewith the Original Member will admit certain new members to the
Company (collectively, the "Transactions").

      D.    The parties hereto desire to set forth in this Limited Liability
Company Agreement their entire agreement and understanding with respect to the
constitution and operation of the Company after the date hereof.

                                    COVENANTS

      NOW, THEREFORE, for and in consideration of the Recitals set forth above
and other good and valuable consideration, the receipt and adequacy of which are
acknowledged, the parties to this Limited Liability Company Agreement agree as
follows:
<PAGE>
1.    CONTINUATION AND PURPOSE

      1.1   CONTINUATION. The parties hereto agree to continue the Company as a
            limited liability company under and pursuant to the provisions of
            the Delaware Act and agree that the rights, duties and liabilities
            of the Members and the Board of Managers shall be as provided in the
            Delaware Act, except as otherwise provided herein. The Original
            Member represents that the Company has not heretofore engaged in any
            business.

      1.2   PURPOSE. The Company was organized for the purpose of engaging in
            any activity within the purposes for which limited liability
            companies may be formed under the Delaware Act, including, without
            limitation, the following:

            (a)   originating and underwriting manufactured home loans;

            (b)   brokering, selling or securitizing manufactured home loans
                  originated by the Company;

            (c)   servicing manufactured home loans, including processing
                  payments and remitting them to investors as required under the
                  relevant servicing contracts and repossessing and reselling
                  homes on defaulted contracts; and

            (d)   doing any and all things incidental to any of the activities
                  described above.

      1.3   NAME. The name of the Company shall be Origen Financial L.L.C. The
            Company may conduct its business under one or more assumed names, as
            the Board of Managers deems appropriate in its sole discretion.

      1.4   PRINCIPAL PLACE OF BUSINESS. The Company's principal place of
            business shall be located at 260 East Brown Street, Suite 200,
            Birmingham, Michigan 48009. The Company may establish additional
            places of business, and may change the location of its principal
            place of business or any additional place of business, as the Board
            of Managers deems appropriate in its sole discretion.

      1.5   REGISTERED OFFICE AND RESIDENT AGENT. The Company's registered
            office shall be 1209 Orange Street, Wilmington, New Castle County,
            Delaware 19801, and its resident agent at the registered office
            shall be The Corporation Trust Company. The Board of Managers shall
            have the authority to change either the Company's registered office
            or its resident agent or both, as the Board of Managers deems
            appropriate in its sole discretion. If the Company's resident agent
            resigns, the Board of Managers shall promptly appoint a successor
            resident agent and designate a successor registered office. The
            Board of Managers shall have the authority to amend the Certificate
            of Formation (in the manner provided in Section 18 - 202 of the
            Delaware Act) to reflect any change in the Company's registered
            office or resident agent, no matter how effected.

                                      -2-
<PAGE>
      1.6   DURATION. Unless its duration is limited in the Certificate of
            Formation, the Company shall exist perpetually, subject to earlier
            dissolution in accordance with either the other provisions of this
            Limited Liability Company Agreement or the provisions of the
            Delaware Act.

2.    CAPITAL CONTRIBUTIONS, UNITS AND RELATED MATTERS

      2.1   CAPITAL CONTRIBUTIONS. On the Effective Date, the Original Member
            will cause the Mergers to occur pursuant to the Merger Agreement,
            which will vest ownership of all operations of Origen Financial
            Inc., Origen Special Holdings Corporation, Origen Manufactured Home
            Financial, Inc. and Origen Insurance Agency, Inc. (collectively, the
            "Origen Corporations") in the Company and the Company Subsidiaries.
            The parties hereto contemplate that as a result of the Mergers, all
            operating assets of Origen Financial Inc. and its subsidiaries will
            be transferred to the Company and the Company Subsidiaries. If
            licensing restrictions or other similar regulations delay
            consummation of the Mergers, then on the Effective Date the Origen
            Corporations shall contribute to the Company (and the Company
            Subsidiaries), to the extent permitted, all assets and liabilities,
            and shall effectuate, as soon as practicable thereafter, the
            Mergers. In consideration for the Original Member's contributions,
            it shall be issued the number of Series A Units set forth opposite
            the Original Member's name on Exhibit A, and the parties hereto
            agree that the initial Capital Account of the Original Member shall
            be zero ($0.00). Also on the Effective Date, each other Member shall
            make, in the form of cash, the initial Capital Contribution and
            shall be issued the number of Series B or Series C Units set forth
            opposite its name on Exhibit A hereto. The parties hereto
            contemplate that all such transfers will be in accordance with
            Section 721 of the Code.

      2.2   UNITS. The Members' respective interests in the governance, capital,
            Profits, Losses and distributions of the Company are represented by
            "Units." Units include Series A, Series B, Series C and Series D
            Units. The aggregate Units of all Members represent 100% of the
            total interest of Members in the votes, capital, Profits, Losses and
            distributions of the Company. Series C Units have no voting rights.
            Series D Units shall be issued solely to Key Employees as described
            in Section 6.4(c). As of the Effective Date, the total number of
            Units held by each of the Members are set forth in Exhibit A.

      2.3   ADDITIONAL CAPITAL CONTRIBUTIONS.

            (a)   Additional Capital Calls.  If the Board of Managers
                  determines, in its sole and absolute discretion, at any time
                  or from time to time, that the Company requires additional
                  capital ("Additional Capital"), in the form of Capital
                  Contributions other than the Members' initial Capital
                  Contributions set forth on Exhibit A, in order to enable the
                  Company to pay its operating expenses, to meet its
                  obligations in a timely fashion, to

                                      -3-
<PAGE>
                  maintain sufficient working capital, to make any other
                  expenditures necessary or desirable to carry out its
                  objectives or for any other purpose whatsoever, the Board of
                  Managers, on behalf of the Company, shall call for such
                  Additional Capital by written notice to all Members. Each
                  Member shall be required to deliver his, her or its Share
                  (defined below) of such Additional Capital to the Company on
                  or before the fifteenth (15th) day after the date on which
                  such notice was given, and on the receipt of such Share, each
                  Member's Capital Account shall be increased by the amount of
                  his, her or its Share. Each Member's "Share" of the Additional
                  Capital shall equal the product of the Additional Capital and
                  such Member's ownership percentage of outstanding Units,
                  calculated as a fraction, the numerator of which is the number
                  of such Member's Units and the denominator of which is the
                  total number of Units outstanding at the time of the capital
                  call.

            (b)   Member's Failure to Make Additional Contribution --
                  Dilution.  If any Member (a "Defaulting Member") fails to
                  advance all or any portion of his, her or its Share of any
                  Additional Capital called for by the Company within the
                  15-day time period described in Section 2.3(a) above, any of
                  the other Members (each a "Contributing Member") may, but are
                  not obligated to, contribute all or a portion of the amount
                  which such Defaulting Member failed to advance.  In such
                  event, and following such contributions, the number of Units
                  of each Member shall be adjusted as follows:

                  (i)   The adjusted number of Units held by each Contributing
                        Member shall be equal to a percentage of the total
                        number of Units held by all Members, with such
                        percentage being equal to a percentage which is the
                        equivalent of the fraction, the numerator of which is
                        the Capital Account balance of such Contributing
                        Member, subsequent to contribution of the Additional
                        Capital and the denominator of which is the aggregate
                        of all Member Capital Account balances, subsequent to
                        contribution of the Additional Capital; provided,
                        however, that all Capital Accounts shall first be
                        adjusted in accordance with (ii) of the definition of
                        Gross Asset Value in Section 10.1(s) hereof; and
                        provided further, solely for purposes of this Section
                        2.3(b), the initial Capital Account of the Original
                        Member shall be deemed to equal $10 million; and

                  (ii)  The adjusted number of Units of each Defaulting Member
                        shall be equal to a percentage of the total number of
                        Units held by all Members, with such percentage being
                        equal to a percentage which is the equivalent of the
                        fraction, the numerator of which is the Capital Account
                        balance of such Defaulting Member, subsequent

                                      -4-
<PAGE>
                        to contribution of the Additional Capital and the
                        denominator of which is the aggregate of all Member
                        Capital Account balances, subsequent to contribution of
                        the Additional Capital; provided, however, that all
                        Capital Accounts shall first be adjusted in accordance
                        with (ii) of the definition of Gross Asset Value in
                        Section 10.1(s) hereof; and provided further, solely for
                        purposes of this Section 2.3(b), the initial Capital
                        Account of the Original Member shall be deemed to equal
                        $10 million.

                  In the event that more than one Member desires to contribute a
                  Defaulting Member's Share of Additional Capital, such Members
                  may do so pro rata, in accordance with their relative current
                  Unit holdings.

      2.4   CONTRIBUTION RETURNS. Except as otherwise provided in this Limited
            Liability Company Agreement, a Member is not entitled to the return
            of any part of the Member's Capital Contributions or to be paid
            interest in respect of either the Member's Capital Account or
            Capital Contributions. Except as provided herein, an unpaid Capital
            Contribution is not a liability of the Company or of any Member.

      2.5   NO THIRD PARTY BENEFICIARIES. The obligations undertaken by the
            Members in this Limited Liability Company Agreement, including their
            obligations, if any, to make Capital Contributions, loans and
            reimbursements, are for the benefit of the Company and the Members
            only, and neither any creditor of the Company or of any Member, nor
            any other party (other than a successor in interest to the Company
            or the Members), shall have the right to rely on or enforce the
            provisions of this Limited Liability Company Agreement as a
            third-party beneficiary or otherwise. Without limiting the
            generality of the foregoing, the Board of Managers, to the extent
            provided in Section 2.3 above only, shall have the sole discretion
            whether to make capital calls, and neither any creditor of the
            Company or of any Member, nor any other party, may compel a capital
            call, regardless of whether the Company's assets are sufficient to
            provide for its liabilities. In addition, the discretions granted to
            the Board of Managers and the Members in this Limited Liability
            Company Agreement are personal to them, and no receiver, trustee or
            liquidator of the Company's business shall the right or power to
            exercise any such discretions.

3.    PROFITS, LOSSES AND DISTRIBUTIONS

      3.1   ALLOCATION OF PROFITS AND LOSSES. For financial accounting purposes
            exclusively, Profits and Losses of the Company shall be allocated
            proportionately among the Members, in accordance with their
            percentage ownership of Units (regardless of the Series).

      3.2   TAX ALLOCATIONS.

                                      -5-
<PAGE>
            (a)   Taxable Income.  Subject to Sections 3.2(c), 3.3 and 3.4,
                  Company income or gain, as computed for Federal income tax
                  purposes, shall be allocated:

                  (i)   First, to the Members pro rata, in proportion to, and
                        to the extent of, any tax losses previously allocated
                        to them pursuant to Section 3.2(b)(iv) below;

                  (ii)  Next, to the holders of Series B, C and D Units pro
                        rata, in proportion to, and to the extent of, any tax
                        losses previously allocated to them pursuant to Section
                        3.2(b)(iii) below; and

                  (iii) Then, to the Original Member, to the extent of
                        $10,000,000; and

                  (iv)  Finally, to the Members pro rata, in proportion to
                        their respective Unit holdings.

            (b)   Tax Losses. Subject to Sections 3.2(c), 3.3 and 3.4, Company
                  losses, as computed for federal income tax purposes, shall be
                  allocated:

                  (i)   First, to the Members pro rata, in proportion to, and to
                        the extent of, any taxable income or gain previously
                        allocated to them pursuant to Section 3.2(a)(iv) above;

                  (ii)  Next, to the Original Member, to the extent of taxable
                        income or gain previously allocated to it pursuant to
                        Section 3.2(a)(iii) above;

                  (iii) Then, to the holders of Series B, C and D Units,
                        pro-rata, in proportion to, and to the extent of, their
                        Net Capital Contributions; and

                  (iv)  Finally, to the Members pro rata, in proportion to
                        their percentage ownership of Units.

            (c)   Section 704(c) Allocations.  Notwithstanding Sections 3.2(a)
                  and (b) above, income, gain, loss, and deduction with respect
                  to any property contributed to the capital of the Company
                  will, solely for tax purposes, in accordance with Code
                  Section 704(c) and the related Treasury Regulations, be
                  allocated among the Members so as to take account of any
                  variation between the adjusted basis to the Company of the
                  property for Federal income tax purposes and the initial
                  Gross Asset Value of the property (computed in accordance
                  with subparagraph (i) of the definition of Gross Asset Value)
                  in the manner described in Treasury Regulations at Section
                  1.704-3(d), using the remedial method of allocation.  The
                  parties hereto acknowledge that the Original Member has made
                  its initial Capital Contribution in the form of

                                      -6-
<PAGE>
                  property with an aggregate fair market value of zero ($0.00)
                  dollars; notwithstanding, the Board of Managers in the
                  exercise of its reasonable discretion, in accordance with the
                  Treasury Regulations, shall determine the amount of
                  built-in-gain or loss of each particular asset contributed by
                  the Original Member. If the Gross Asset Value of any Company
                  asset is adjusted under subparagraph (ii) of the definition of
                  Gross Asset Value, subsequent allocations of income, gain,
                  loss, and deduction with respect to that asset will also take
                  account of any variation between the adjusted basis of the
                  asset for federal income tax purposes and its Gross Asset
                  Value in the manner described in Treasury Regulations at
                  Section 1.704-3(d), using the remedial method of allocation.
                  Allocations under this Section 3.2(c) are solely for purposes
                  of Federal, state and local taxes and will not affect, or in
                  any way be taken into account in computing, but only to the
                  extent of such built-in gain (or loss), any Member's Capital
                  Account or other items or distributions under any provision of
                  this Limited Liability Company Agreement.

      3.3   SPECIAL ALLOCATIONS.  Special allocations of items of income, gain,
            loss, deduction and credit shall be made in the following order and
            priority:

            (a)   Company Minimum Gain Chargeback.  Notwithstanding any other
                  provision of this Limited Liability Company Agreement, if
                  there is a net decrease in Company Minimum Gain during any
                  taxable year or other period for which allocations are made,
                  and such decrease is not the result of any of the
                  circumstances set forth in Treasury Regulations Sections
                  1.704-2(f)(2) or 1.704-2(f)(3), then each Member will be
                  specially allocated items of Company income and gain for that
                  period (and, if necessary, subsequent periods) to the extent
                  of an amount equal to such Member's Share of the Net Decrease
                  in Company Minimum Gain.  This Section 3.3(a) is intended to
                  comply with the minimum gain chargeback requirement of
                  Treasury Regulations Section 1.704-2(f)(1) and shall be
                  interpreted consistently therewith.

            (b)   Member Nonrecourse Debt Minimum Gain Chargeback.
                  Notwithstanding any other provision of this Limited Liability
                  Company Agreement, except Section 3.3(a), if there is a net
                  decrease in Member Nonrecourse Debt Minimum Gain with respect
                  to a Member Nonrecourse Debt during any taxable year or other
                  period for which allocations are made, and such decrease is
                  not the result of one of the circumstances described in the
                  third sentence of Treasury Regulations Section
                  1.704-(2)(i)(4), then each Member will be specifically
                  allocated items of Company income and gain for such year or
                  other period (and, if necessary, subsequent periods) to the
                  extent of an amount equal to such Member's Share of the Net
                  Decrease in Member Nonrecourse Debt Minimum Gain.  This
                  Section 3.3(b) is intended

                                      -7-
<PAGE>
                  to comply with the minimum gain chargeback requirement of
                  Treasury Regulations Section 1.704-2(i)(4) and shall be
                  interpreted consistently therewith.

            (c)   Qualified Income Offset.  A Member who unexpectedly receives
                  any adjustment, allocation or distribution described in
                  Treasury Regulations Sections 1.704-1(b)(2)(ii)(d)(4), (5),
                  or (6) will be specially allocated items of Company income
                  and gain (including gross income) in an amount and manner
                  sufficient to eliminate, to the extent required by the
                  Treasury Regulations, the Adjusted Capital Account Deficit of
                  the Member as quickly as possible, provided that an
                  allocation pursuant to this Section 3.3(c) will be made if
                  and only to the extent that such Member would have an
                  Adjusted Capital Account Deficit after all other allocations
                  provided for in this Article 3 have been tentatively made as
                  if this Section 3.3(c) were not in the Limited Liability
                  Company Agreement.

            (d)   Nonrecourse Deductions. Company Nonrecourse Deductions for any
                  taxable year or other period for which allocations are made
                  will be allocated among the Members in proportion to their
                  percentage ownership of Units.

            (e)   Member Nonrecourse Deductions. In accordance with Treasury
                  Regulations Section 1.704-2(i)(1), any Member Nonrecourse
                  Deductions for any taxable year or other period for which
                  allocations are made will be allocated to the Member that
                  bears the economic risk of loss with respect to the Member
                  Nonrecourse Debt to which the Member Nonrecourse Deductions
                  are attributable.

      3.4   CURATIVE ALLOCATIONS. The allocations set forth in Section 3.3 are
            intended to comply with certain requirements of Treasury Regulations
            Sections 1.704-1 and 1.704-2, but may not be consistent with the
            manner in which the Members intend to share the economic benefits of
            the Company. To insure that Members' economic arrangements are not
            distorted, the Board of Managers shall have sole discretion to
            request a waiver of the minimum gain chargeback and member
            nonrecourse debt minimum gain chargeback rules, pursuant to Treasury
            Regulations Sections 1.704-2(f)(4) and 1.704-2(i)(4), respectively.
            In addition, the Board of Managers is authorized to divide
            allocations of income, loss, deduction and credit among the Members
            so as to prevent the allocations in Section 3.3 from distorting the
            manner in which Company distributions would be divided among the
            Members pursuant to this Article 3 but for application of Section
            3.3. The Board of Managers will have discretion to accomplish this
            result in any reasonable manner that is consistent with Code Section
            704 and the Treasury Regulations.

      3.5   TAX DISTRIBUTIONS. On or before March 15 of each year, the Board of
            Managers shall cause the Company to distribute to each Member, to
            the extent of available

                                      -8-
<PAGE>
            Excess Cash, an amount equal to such Member's Tax Distribution
            computed with respect to the previous calendar year and, to the
            extent Tax Distributions for any prior year were not made in full,
            the amount of such deficiency. Whenever feasible, the Company shall
            estimate the amount of the Tax Distributions, and proportionately
            distribute the same concurrently with the Members' need to make
            estimated tax payments.

      3.6   DISTRIBUTIONS OF EXCESS CASH. Subject to Section 8.2 hereof with
            respect to liquidating distributions, and subsequent to the payment
            of all accrued but unpaid Tax Distributions, the Board of Managers
            may distribute the Excess Cash to the Members, at such times as the
            Board of Managers may determine in its sole discretion, provided
            that such distributions are in the following priority:

            (a)   First, to the Series B, C and D Members, pro-rata in
                  proportion to and to the extent of their Net Capital
                  Contributions;

            (b)   Next, to the Original Member, to the extent of the balance in
                  its Capital Account, provided, however, that such amount shall
                  in no event exceed $10,000,000; and

            (c)   Finally, to the Members pro-rata, in proportion to the
                  percentage ownership of their Units.

      3.7   LIMITATIONS ON DISTRIBUTIONS. Distributions, whether pursuant to
            Sections 3.5 or 3.6 above, may be made from any source; provided
            they do not violate any agreement that the Company has with any of
            its creditors or any provision of the Delaware Act. In the event
            that any Tax Distributions to be made in accordance with Section 3.5
            above would violate any such agreement or provision, or would cause
            any of such limitations to occur, to the extent permitted, the Board
            of Managers shall make such distributions pro rata to the Members,
            in accordance with the respective Tax Distributions due them.

4.    MANAGEMENT OF THE COMPANY; RIGHTS AND DUTIES OF THE MANAGER

      4.1   MANAGEMENT BY BOARD OF MANAGERS; NUMBER. The Company shall be
            managed by a Board of Managers, which shall consist of no less than
            three (3) nor more than five (5) individuals, none of whom are
            required to be Members. Members of the Board shall have five (5)
            votes. The Members owning Series A Units shall have the right to
            appoint up to two members of the Board of Managers and shall control
            two (2) of the Board's five (5) votes. Members owning Series B
            Units, shall have the right acting by majority of their Series B
            Unit Holdings to appoint up to two members of the Board of Managers
            and shall control two (2) of the Board's five (5) votes. The fifth
            vote of the Board of Managers shall be held by a person, subject to
            Section 4.5(f), jointly selected by the other four managers;

                                      -9-
<PAGE>
            provided, however, that such person is not an Affiliate of either
            the Original Member, Sun Communities, Inc. or Sun Communities
            Operating Limited Partnership (the "Independent Manager").
            Notwithstanding the above, upon an assignment of a majority of
            Series B Units pursuant to Section 6.2(c), the right of the Series B
            Unit holders to appoint up to two members of the Board of Managers
            and control two Board votes, shall be transferred to the Independent
            Manager. The initial member of the Board of Managers appointed by
            the Members owning Series A Units shall be Ronald A. Klein (2
            votes). The initial member of the Board of Managers appointed by the
            Members owning Series B Units shall be Gary A. Shiffman (2 votes).

      4.2   POWER AND AUTHORITY. The Board of Managers shall have full and
            complete power, authority and discretion to manage and control the
            Company and its business and to make all incidental decisions,
            subject only to Section 5.1 below and any power and authority which
            this Limited Liability Company Agreement or the Delaware Act
            expressly vests in the Members or any number of them. Without
            limiting the generality of the immediately preceding sentence, but
            subject to Section 5.1 below and any power and authority which this
            Limited Liability Company Agreement or the Delaware Act expressly
            vests in the Members or any number of them, the Board of Managers
            shall have the power, authority and discretion, for and on behalf of
            the Company:

            (a)   To borrow money, in the ordinary course of the Company's
                  business of underwriting manufactured home loans, and to
                  secure such loans by security interests in or liens or other
                  encumbrances on, property of the Company;

            (b)   To broker, sell or securitize manufactured home loans and
                  commercial loans originated or held by the Company;

            (c)   To purchase any interest in any real or personal property, to
                  hold such interest, if appropriate, for investment and
                  appreciation and to ultimately sell, transfer, assign, convey,
                  exchange or otherwise dispose of all or any portion of such
                  interest;

            (d)   To make, in the ordinary course of the Company's business,
                  capital expenditures for the acquisition of or addition to any
                  machinery, equipment, motor vehicles, fixtures, furniture or
                  other property;

            (e)   To sell, transfer, assign, convey, exchange or otherwise
                  dispose of, in the ordinary course of the Company's business,
                  any real or personal property of the Company, or any interest
                  in such property;

                                      -10-
<PAGE>
            (f)   To lease, in the ordinary course of the Company's business,
                  real or personal property, whether the term of such leases (or
                  any renewals of such leases) extend beyond the Company's
                  duration;

            (g)   To demand, sue for, settle, collect, receive and give releases
                  and discharges for all moneys, debts, accounts, interest,
                  dividends, securities and other tangible or intangible
                  personal or real property which now is due or belongs, or in
                  the future shall be due or belong, to the Company;

            (h)   To purchase, in the ordinary course of the Company's business,
                  any interest in any real or personal property for use in
                  connection with the Company's business and, to the extent such
                  purchases are for supplies to be used in connection with the
                  Company's business, to incur unsecured debts owed to the
                  Company's vendors;

            (i)   To settle and pay the Company's debts and obligations;

            (j)   To engage, employ and dismiss employees, independent
                  contractors, attorneys, accountants and other persons hired to
                  perform management, administrative, sales or other services
                  for and on behalf of the Company, and to define such persons'
                  respective duties and establish their compensation or
                  remuneration;

            (k)   To make temporary advances to employees, representatives or
                  agents of the Company for business travel and other similar
                  purposes in the ordinary course of the Company's business;

            (l)   To procure and maintain insurance policies for the protection
                  of or for any purpose beneficial to the Company;

            (m)   To purchase and maintain insurance on behalf of the Board of
                  Managers against any liability or expense asserted against or
                  incurred by the members of the Board in any such capacity or
                  arising out of their status as members of the Board of
                  Managers, whether or not the Company has or could indemnify
                  them against such liability or expense;

            (n)   To open, maintain, deposit into and withdraw from bank
                  accounts, and, if desired, to designate other persons to
                  execute checks or drafts on such accounts;

            (o)   To invest Company funds temporarily in (by way of example but
                  not limitation) time deposits, short-term governmental
                  obligations, commercial paper or other investments;

                                      -11-
<PAGE>
            (p)   To commence, prosecute and defend all actions and other
                  proceedings affecting the Company in any way;

            (q)   To negotiate, prepare, modify, execute, deliver and amend any
                  and all contracts, agreements and documents to which the
                  Company is or proposes to become a party, including, without
                  limitation, loan agreements, notes, mortgages, security
                  agreements and other loan documents and instruments;

            (r)   Generally, to carry on the Company's business in the ordinary
                  course, to manage the Company's day-to-day operations and to
                  carry out the development and expansion of the Company and its
                  business in the ordinary course;

            (s)   To do such other acts as have been authorized by the
                  affirmative vote of the Members, taken in accordance with
                  Section 5.1 below (unless a greater percentage is specifically
                  required pursuant to the Delaware Act, the Certificate of
                  Formation or this Limited Liability Company Agreement);

            (t)   To make capital calls as provided in Section 2.3 hereof and
                  to sell and determine the price for additional Units;

            (u)   To determine, by unanimous vote of Managers other than those
                  appointed by the Original Member, whether the Company should
                  consummate a Capital Event;

            (v)   To make loans to the Original Member, on such terms and
                  conditions as determined by Managers other than those persons
                  appointed by the Original Member, for the purpose of allowing
                  Bingham to fund reasonable expenses necessary to preserve its
                  status as a public company;

             (w)  To exercise all rights and powers, and to perform all duties
                  and obligations, which the Company possesses, or to which it
                  is subject, in connection with each of the Company
                  Subsidiaries and its interest therein.

            (x)   In the event the Company secures mezzanine financing
                  exceeding $10 million, to determine whether, if permitted by
                  the terms of the debt instruments to which the Company is
                  then a party, to cause the Company to distribute to the
                  Members holding Series B and Series C Units, pro-rata in
                  proportion to their respective ownership of such Units
                  (regardless of Series), as a return of capital, the proceeds
                  of such mezzanine financing in excess of $10 million, but in
                  no event greater than $40 million, (which  distribution shall
                  in no event reduce the number of Series B or Series C Units
                  owned by such holders); provided, however, that such
                  determination

                                      -12-
<PAGE>
            shall be made unanimously by the Board of Managers other than those
            appointed by the Original Member; and

            (y)   To negotiate, prepare, modify, change, execute, deliver and,
                  if appropriate, file or record any and all documents,
                  agreements, instruments and papers, and to do and perform any
                  and all acts and deeds, which are or become necessary,
                  proper, convenient or desirable in connection with or in
                  furtherance of any of the powers enumerated above or in order
                  to effectuate or carry out the Company's purpose, as
                  described in Section 1.2 above.

      4.3   MEETINGS OF THE BOARD OF MANAGERS; VOTING REQUIREMENTS; ACTIONS BY
            WRITTEN CONSENT.

            (a)   Notice of Meeting.  Any member of the Board of Managers may
                  call a meeting of the Board by giving written notice to each
                  member specifying the date (which may not be more than three
                  (3) business days after the notice is given), time, place and
                  purpose of such meeting.  Unless all of the members of the
                  Board agree otherwise, all meetings shall be held in the
                  State of Michigan at a place reasonably convenient to the
                  members.

            (b)   Attendance. A member of the Board of Managers may participate
                  in a meeting by conference telephone or similar
                  communications equipment which enables all persons
                  participating in the meeting to hear each other, and such
                  participation shall constitute attendance at such meeting.
                  At each meeting of the Board, the presence in person or by
                  telephone, as appropriate, of a majority of the five Board
                  votes shall be necessary to constitute a quorum for the
                  transaction of business; provided, however, that the
                  Independent Manager and at least one of the votes held by the
                  Board member(s) appointed by the holders of Series B Units
                  (or their successors) are among those votes present.  A
                  member may not attend a Board meeting by way of proxy.  A
                  member's attendance at a meeting constitutes waiver of (i)
                  notice of the meeting, unless attendance is for the sole
                  purpose, announced at the beginning of the meeting, of
                  objecting to the transaction of any business because the
                  meeting was not called or convened properly, and (ii)
                  objection to any action taken or consideration of any matter
                  at the meeting which is not within the purposes described in
                  the notice of the meeting, unless the member objects to such
                  action or consideration when it is first presented at the
                  meeting.  Regardless of the number of members in attendance
                  at a meeting, any action taken by the Board of Managers at
                  such meeting shall be effective, provided that such action
                  was taken in conformity with the other provisions of this
                  Limited Liability Company Agreement and was approved in
                  accordance with Section 4.3(c) below.

                                      -13-
<PAGE>
            (c)   Voting Requirements; Action by Written Consent.  Unless
                  otherwise noted in this Limited Liability Company Agreement,
                  consent or approval of the Board shall mean the affirmative
                  vote of a majority of the five Board votes present in person
                  or by telephone, as appropriate, and voting at a duly held
                  meeting of the Board at which a quorum is present.  Voting
                  shall be by voice unless a Board of Managers requests a
                  ballot, in which event voting shall be by written ballot.
                  Each ballot shall be signed by the member who cast it, and
                  shall be preserved with the minutes of the meeting.  Any
                  approval, consent, vote or other action of the Board of
                  Managers required or contemplated by this Limited Liability
                  Company Agreement or the Delaware Act may be taken without a
                  meeting, without prior notice and without a vote, if a
                  consent or consents in writing, setting forth the approval,
                  consent, vote or action so taken is signed by members of the
                  Board representing all five (5) Board votes.

            (d)   Miscellaneous Matters. A meeting of the Board of Managers may
                  be adjourned to another time and place by the affirmative
                  vote of the votes in attendance.  If a meeting is adjourned
                  to another day, the members in attendance at the meeting
                  shall use reasonable efforts to inform the other members of
                  the Board of the date, time and place on and at which the
                  meeting will reconvene, and if such date is more than five
                  (5) days after the date of the meeting, shall notify the
                  other members of such date, time and place.

      4.4   STANDARD OF CARE; LIABILITY; INDEMNIFICATION; CONFIDENTIALITY.

            (a)   Standard of Care.  Each member of the Board of Managers shall
                  discharge his duties in good faith, with the care that an
                  ordinarily prudent person in a like position would exercise
                  under similar circumstances, and in a manner he reasonably
                  believes is in the best interests of the Company and its
                  Members.  In discharging his duties, a member may rely on
                  information, opinions, reports or statements, including, but
                  not necessarily limited to, financial statements or other
                  financial data, prepared or presented by (i) one or more
                  other members of the Board, Members or employees of the
                  Company whom the member in question reasonably believes is
                  reliable and competent with respect to the matter prepared or
                  presented, or (ii) legal counsel, public accountants,
                  engineers or other persons as to matters the member in
                  question reasonably believes are within such person's
                  professional or expert competency; provided that the member
                  in question does not have knowledge concerning the matter in
                  question which makes such reliance unwarranted.

                                      -14-
<PAGE>
            (b)   Liability.

                  (i)   Each member of the Board shall be liable solely to the
                        Company and, derivatively, to its Members for the
                        member's gross negligence or willful misconduct.  A
                        Board member's taking of any action or failure to take
                        any action, or a Board member's errors in judgment, the
                        effect of which may cause or result in loss or damage
                        to the Company, if done pursuant to the provisions of
                        the Delaware Act, the Certificate of Formation and this
                        Limited Liability Company Agreement, shall be presumed
                        not to constitute gross negligence or willful
                        misconduct on the part of such member.

                  (ii)  The Members shall look solely to the Company's property
                        for the return of their Capital Contributions and if the
                        Company's property remaining after payment or discharge
                        of the Company's debts and liabilities is insufficient
                        to return such Capital Contributions, no Member shall
                        have recourse against the members of the Board of
                        Managers, except as provided in Section 4.4(b)(i) above,
                        or any other Member.

            (c)   Indemnification.  The Company shall indemnify, defend and
                  hold harmless each member of the Board of Managers (and, if
                  applicable, its officers, directors, shareholders, general or
                  limited partners, members, employees, agents, successors and
                  assigns) from and against any and all losses, damages,
                  liabilities, claims, demands, obligations, fines, penalties,
                  expenses (including reasonable fees and expenses of attorneys
                  engaged by a member of the Board of Managers in defense of
                  any act or omission), judgments or amounts paid in settlement
                  by such member by reason of any act performed, or omitted to
                  be performed, by him in connection with the Company's
                  business or in furtherance of the Company's interests, or in
                  connection with any proceeding to which the Board member is a
                  party or is threatened to be made a party because he is or
                  was a Board member.  The provisions of this Section 4.4(c),
                  however, shall not relieve a Board member of any liability
                  which he may have (i) pursuant to Section 4.4(b) above for
                  gross negligence or willful misconduct, (ii) in connection
                  with the receipt of a financial benefit to which the member
                  is not entitled, (iii) for knowingly making a distribution
                  which violates Section 18-607(a) of the Delaware Act, or (iv)
                  in connection with a knowing violation of law, and no Board
                  member shall be entitled to indemnification with respect to
                  any such matters.  The indemnification afforded pursuant to
                  this Section 4.4(c) shall be limited to the Company's assets,
                  and no Board member shall have a claim against any Member by
                  virtue of this Section 4.4(c), nor

                                      -15-
<PAGE>
                  shall this Section 4.4(c) be construed so as to impose any
                  obligation on any Member to make a Capital Contribution.

            (d)   Confidentiality.  Each member of the Board of Managers shall
                  deal in confidence with all matters involving the Company
                  until such time as there has been general public disclosure
                  of such matters.  No member of the Board of Managers shall
                  disclose or use any Confidential Information except for the
                  direct or indirect benefit of the Company.  Each member of
                  the Board of Managers acknowledges that the disclosure of
                  Confidential Information by the member or a breach of the
                  provisions of this Section 4.4(d) will give rise to
                  irreparable injury to the Company, which injury could not be
                  adequately compensated for in damages.  Accordingly, the
                  Company may seek and obtain injunctive relief against any
                  breach or threatened breach of the member's agreements and
                  undertakings contained in this Section 4.4(d) in addition to
                  any other legal remedies which may be available to the
                  Company.

      4.5   TENURE; RESIGNATION; REMOVAL; VACANCIES.

            (a)   Tenure. Subject to Section 4.5(f), each person who has been
                  appointed or elected as a Board member shall serve for a term
                  of one year, unless he is sooner removed by the Members who
                  appointed him or resigns or otherwise vacates the position.

            (b)   Annual Appointment. Subject to Section 4.5(f), the members of
                  the Board of Managers shall be appointed annually in
                  accordance with the provisions of Section 4.1 above.

            (c)   Resignation.  Any Board member may resign at any time by
                  giving written notice to the other Board members.  Such
                  resignation shall be effective as of the giving of the notice
                  or at such later time, if any, as may be specified in the
                  notice.  Unless otherwise specified in the notice, acceptance
                  of the member's resignation by the Board of Managers shall
                  not be necessary to make it effective.  The resignation of a
                  Board member who is also a Member shall not affect such
                  Member's rights as a Member and shall not constitute the
                  withdrawal of such Member as a Member.

            (d)   Removal. Subject to Section 4.5(f), any Board member may be
                  removed, at any time, with or without cause, by the Member(s)
                  (or their successors) who appointed him. The removal of a
                  Board member who is also a Member shall not affect such
                  Member's rights as a Member and shall not constitute the
                  withdrawal of such Member as a Member.

            (e)   Vacancies. Subject to Section 4.5(f), any vacancy on the
                  Board occurring as the result of a Board member's
                  resignation, removal, death, disability or

                                      -16-
<PAGE>
                  any other reason whatsoever may be filled by the Member(s) (or
                  their successors) who appointed the member who vacated his
                  position. Each person who has been appointed to fill a vacancy
                  shall hold such office until such time as his successor shall
                  have been duly appointed in accordance with this Limited
                  Liability Company Agreement and shall have qualified, or until
                  he resigns, is removed or otherwise vacates the position.

            (f)   Independent Manager.  The Independent Manager shall serve as
                  a permanent member of the Board of Managers, possessing such
                  votes as is provided herein, subject only to voluntary
                  resignation, death, or termination for cause, as determined
                  by the unanimous vote of all other members of the Board of
                  Managers.  For the purposes of this Section 4.5(f), the term
                  "cause" means (i) any action of such Independent Manager (or
                  any failure to act) which involves fraud or the
                  misappropriation of Company funds or which, if generally
                  known, would have a material adverse effect on the Company,
                  its business or its reputation; (ii) the refusal or repeated
                  failure of the Independent Manager in any material manner, to
                  perform satisfactorily all of the material duties required of
                  him under this Operating Agreement; (iii) any breach of the
                  Independent Manager's fiduciary duties to the Company or the
                  Members; (iv) any breach by the Independent Manager of any
                  material provision of this Agreement which is not cured
                  within thirty (30) days after written demand by any Member;
                  (v) the mental or physical incapacity of the Independent
                  Manager to discharge his duties and obligations under this
                  Operating Agreement which continues for a continuous period
                  of at least one hundred eighty (180) days or which is likely
                  to be permanent or indefinite in duration.  The Independent
                  Manager shall have the exclusive right to appoint three (3)
                  successors to the Board, each of whom shall serve
                  sequentially, by delivering to the Board, at any time,
                  written notice which specifies the identity of the
                  successors.  Each such successor must not be an Affiliate of
                  either the Original Member, Sun Communities, Inc. or Sun
                  Communities Operating Limited Partnership.

      4.6   SELF-DEALING. Any Board member and any Affiliate of any Board member
            may deal with the Company, directly or indirectly, as vendor,
            purchaser, employee, agent or otherwise, if the Board of Managers
            has informed the Members of the material terms of such dealings, and
            such dealings were approved, in advance, by a vote of the Members
            taken in accordance with Section 5.1 below (except that, for the
            purposes of such vote only, the Board member in question, if he is
            also a Member, shall not be entitled to participate and shall not be
            considered a Member). No contract or other act of the Company shall
            be voidable or affected in any manner by the fact that a Board
            member or his Affiliate is directly or indirectly interested in such
            contract or other act apart from his interest as a Board

                                      -17-
<PAGE>
            member, nor shall such Board member or his Affiliate be accountable
            to the Company or the other Members with respect to any profits
            directly or indirectly realized by reason of such contract or other
            act, if such contract or other act was approved in accordance with
            this Section 4.6.

      4.7   DEVOTION OF TIME TO COMPANY. The members of the Board of Managers
            shall not be required to manage the Company as their sole and
            exclusive function, and the Board members may have other business
            interests and may engage in other activities in addition to those
            relating to the Company. Neither the Company nor any Member shall
            have any right, by virtue of this Limited Liability Company
            Agreement, to share or participate in such other interests or
            activities of the Board members or to the income or proceeds derived
            from such interests or activities. The Board of Managers shall incur
            no liability to the Company or to any of the Members as a result of
            engaging in any other interests or activities. The provisions of
            this Section 4.7 shall be subject to those of Section 4.6 above.

      4.8   COMPENSATION AND EXPENSES.

            (a)   The Independent Manager shall be entitled to a stipend with
                  respect to all meetings of the Board he or she attends, in an
                  amount customary for such service.  No additional
                  compensation for managing the affairs of the Company shall be
                  provided to any of the members of the Board of Managers.
                  This Section 4.8(a) shall not prohibit, however, the Company
                  from retaining a Board member or his Affiliates to perform
                  services for or supply goods to the Company, and to
                  compensate such Board member or Affiliate for such services
                  or goods, in accordance with Section 4.6 above.

            (b)   Section 4.8(a) above notwithstanding, the Company shall
                  reimburse the members of the Board of Managers for all
                  reasonable costs and expenses incurred by them on behalf of
                  the Company. Such costs and expenses may include, but shall
                  not necessarily be limited to, current and recurring legal and
                  accounting expenses and all costs of negotiating financing
                  relating to the Company's business.

      4.9   OFFICERS.

            (a)   Optional Appointment.  From time to time, the Board of
                  Managers may appoint, and delegate some or all of its
                  responsibilities to, one or more officers for the Company,
                  which may include a President and Chief Executive Officer, a
                  Chief Financial Officer, one or more Vice Presidents, a
                  Secretary, and one or more Assistant Secretaries.  An officer
                  shall be a natural person, and may, but need not, be a Member
                  or a member of the Board of Managers.  One person may hold
                  two or more offices, but in no event shall any officer
                  execute, acknowledge or verify any instrument in more than
                  one capacity.  Officers of the Company shall derive their

                                      -18-
<PAGE>
                  authority only by way of an express grant from the Board or
                  this Limited Liability Company Agreement.  Any provision of
                  this Limited Liability Company Agreement to the contrary
                  notwithstanding, no provision of this Section 4.9 shall be
                  construed so as to require the Board to appoint any officer
                  whatsoever.

            (b)   Tenure. The officers of the Company shall be chosen by the
                  Board of Managers, and each officer shall hold his or her
                  office until his or her successor has been selected by the
                  Board or until his or her earlier resignation, removal or
                  other vacancy.

            (c)   Resignation.  Any officer may resign at any time by giving
                  written notice to the Board.  Such resignation shall be
                  effective as of the giving of the notice or at such later
                  time, if any, as may be specified in the notice.  Unless
                  otherwise specified in the notice, acceptance of an officer's
                  resignation by the Board shall not be necessary to make it
                  effective.  The resignation of an officer who is also a
                  Member or a Board member shall not affect such officer's
                  rights and duties as a Member or a Board member and shall not
                  constitute the withdrawal of such officer as a Member or the
                  resignation of such officer as a Board member.

            (d)   Removal. The Board may remove any officer, at any time, with
                  or without cause. The removal of an officer who is also a
                  Member or a Board member shall not affect such officer's
                  rights and duties as a Member or a Board member and shall not
                  constitute the withdrawal of such officer as a Member or the
                  removal or resignation of such officer as a Board member.

            (e)   Vacancies.  Any vacancy in any officer position occurring as
                  the result of an officer's resignation, removal, death,
                  disability or any other reason whatsoever may be filled by
                  the Board.  Each person who has been selected to fill a
                  vacancy in an officer position shall hold his or her office
                  until his or her successor has been selected by the Board or
                  until his or her earlier resignation, removal or other
                  vacancy.

            (f)   President and Chief Executive Officer.  The President and
                  Chief Executive Officer shall serve as the chief executive
                  officer of the Company and, subject to any and all
                  restrictions placed on the Board, shall have general
                  supervision, direction and control of the Company's business
                  and its day-to-day operations. The President and Chief
                  Executive Officer shall preside at all meetings of the
                  Members.  The President and Chief Executive Officer shall see
                  that all orders and resolutions of the Members and of the
                  Board are effected and shall have and shall exercise and
                  perform such other powers and duties as may from time to time
                  be assigned to him or her by the Board or pursuant to this
                  Limited Liability Company

                                      -19-
<PAGE>
                  Agreement. The initial President and Chief Executive Officer
                  shall be Ronald A. Klein.

            (g)   Chief Financial Officer.  The Chief Financial Officer shall
                  be the principal financial officer of the Company and shall
                  have general supervision of the direction of the finances of
                  the Company.  The Chief Financial Officer shall hold the
                  office of Vice President, shall report to the President and
                  Chief Executive Officer and shall exercise and perform such
                  other powers and duties as may from time to time may be
                  assigned to him or her by the Board or the President and
                  Chief Executive Officer or pursuant to this Limited Liability
                  Company Agreement.  The initial Chief Financial Officer shall
                  be W. Anderson Geater, Jr.

            (h)   Vice Presidents.  In the event of the President and Chief
                  Executive Officer's absence or disability, the Vice President
                  (or, if more than one, the Vice Presidents, in order of their
                  rank as fixed by the Board) shall have and shall exercise and
                  perform all of the powers and duties of the President and
                  Chief Executive Officer, subject to any and all restrictions
                  placed on the President and Chief Executive Officer by the
                  Board or pursuant to this Limited Liability Company
                  Agreement.  The Vice Presidents shall have and shall exercise
                  and perform such other powers and duties as may from time to
                  time may be assigned to them by the Board or the President
                  and Chief Executive Officer or pursuant to this Limited
                  Liability Company Agreement.

            (i)   Secretary.  The Secretary shall attend all meetings of the
                  Board of Managers or the Members and shall keep or cause to
                  be kept, in his or her custody at the Company's principal
                  place of business or at such other place as the Board may
                  order, a book containing all written consents executed by the
                  members of the Board of Managers or the Members and the
                  minutes of all meetings of the Board of Managers or the
                  Members (which minutes shall set forth the place, date, and
                  hour of the meeting, a copy of the notice of the meeting, the
                  names of those present at the meeting and a summary of the
                  proceedings of the meeting).  The Secretary shall have and
                  shall exercise and perform such other powers and duties as
                  may from time to time be assigned to him or her by the Board
                  of Managers or the President and Chief Executive Officer or
                  pursuant to this Limited Liability Company Agreement.

            (j)   Assistant Secretaries.  In the event of the Secretary's
                  absence or disability, any Assistant Secretary shall act as
                  Secretary in all respects and shall have and shall exercise
                  and perform all of the powers and duties of the Secretary,
                  subject to any and all restrictions placed on the Secretary
                  by the Board of Managers or the President and Chief Executive
                  Officer or pursuant to this Limited Liability Company
                  Agreement.  The Assistant

                                      -20-
<PAGE>
                  Secretaries shall have and shall exercise and perform such
                  other powers and duties as may from time to time be assigned
                  to them by the Board of Managers, the President and Chief
                  Executive Officer or the Secretary or pursuant to this Limited
                  Liability Company Agreement.

      4.10  EMPLOYMENT AGREEMENTS.  All employment agreements for executive
            officers of the Company, or the Company Subsidiaries, shall be
            approved by the Board of Managers.

5.    RIGHTS AND DUTIES OF MEMBERS

      5.1   PARTICIPATION IN MANAGEMENT; VOTING RIGHTS. Members shall have no
            right to take part in, vote on or interfere in any manner with the
            management, conduct or control of the Company or its business, and
            shall have no right or authority whatsoever to act for or on behalf
            of, or to bind, the Company. Notwithstanding the immediately
            preceding sentence, the Members holding Series A, B and D Units
            shall have the right to vote, in accordance with their relative
            ownership of Units, on each of the following matters:

                  (i)   The dissolution of the Company, as provided in Section
                        8.1(b) below;

                  (ii)  An amendment to the Certificate of Formation, or an
                        amendment to this Limited Liability Company Agreement,
                        as provided in Section 9.4 below; and

                  (iii) Any other matters with respect to which this Limited
                        Liability Company Agreement expressly contemplates that
                        the Members will have a right to vote.

                  Unless a greater or lesser vote is expressly required pursuant
                  to any other provision of this Limited Liability Company
                  Agreement, any action which the Members are required or
                  permitted to take, including, without limitation, the matters
                  described above, shall require the affirmative vote of a
                  Majority Interest, and any lesser interest shall have no power
                  whatsoever to take any action for or on behalf of, or to bind,
                  the Company or the Members. Any action by the requisite number
                  of Members, if taken in conformity with this Section 5.1,
                  shall bind all of the Members, and no Member shall have the
                  right to dissent from such action. Any Member may delegate all
                  or any of his, her or its voting rights or powers to another
                  Member (but only in writing), in which case any act of the
                  other Member shall be the act of the delegating Member.

                                      -21-
<PAGE>
      5.2   WITHDRAWAL; EXPULSION.

            (a)   Withdrawal. No Member shall be entitled to withdraw from the
                  Company without first obtaining the approval of the Board of
                  Managers and all of the other Members. No withdrawing Member
                  shall be entitled to a withdrawal distribution unless such a
                  distribution has been approved by all of the Members, which
                  approval may be subject to such conditions, terms or
                  qualifications as the Members deem appropriate.

            (b)   Expulsion.  On the bankruptcy or dissolution of a Member,
                  such Member shall be expelled from the Company and,
                  notwithstanding Section 5.2(a) above, shall be deemed to have
                  withdrawn from the Company; provided, however, that no such
                  Member shall be entitled to a withdrawal distribution unless
                  such a distribution has been approved by all of the Members,
                  which approval may be subject to such conditions, terms or
                  qualifications as the Members deem appropriate.

            (c)   Death. On the death of a Member, such Member shall be deemed
                  to have assigned his or her Units to his or her estate, and
                  his or her estate shall be deemed to have been automatically
                  admitted to the Company as a substitute Member in place of the
                  deceased Member to the extent of the Units assigned, Section
                  6.2(b) below notwithstanding.

      5.3   LIMITED LIABILITY OF MEMBERS. No Member shall be personally liable
            for the Company's acts, debts or obligations, unless the Delaware
            Act or any other provision of this Limited Liability Company
            Agreement expressly provides otherwise.

      5.4   ACCESS TO COMPANY INFORMATION. On written request by a Member, the
            Board of Managers shall provide such Member with a copy of the
            Company's most-recent annual financial statements and federal, state
            and local income tax returns and reports. On reasonable written
            request by a Member, (i) the Board of Managers shall provide such
            Member with information regarding the current state of business and
            financial condition of the Company; (ii) any Member, or his, her or
            its designated representative, may inspect and copy, at such
            Member's request, any of the records maintained pursuant to Section
            9.2 below; and (iii) a Member may obtain such other information
            regarding the Company's affairs or inspect, personally or through a
            representative, during ordinary business hours, such other books and
            records of the Company as is just and reasonable. Any Member may
            call for a formal accounting of the Company's affairs whenever
            circumstances render such request just and reasonable.

      5.5   MEETINGS OF THE MEMBERS; ACTIONS BY WRITTEN CONSENT.

                                      -22-
<PAGE>
            (a)   Notice of Meeting.  The Board of Managers may call, and, at
                  the request of one or more Members holding aggregate voting
                  Units of at least ten percent (10%) of the aggregate voting
                  Units held by all Members, shall call, a meeting of the
                  Members by giving written notice to each Member specifying
                  the date (which may not be less than five (5) business days
                  after the notice is given, and with respect to a notice which
                  has been given at the request of one or more Members, may not
                  be more than fifteen (15) days after the notice is given),
                  time, place and purpose of such meeting.  Unless all of the
                  Members agree otherwise, all meetings shall be held in the
                  State of Michigan at a place reasonably convenient to the
                  Members.

            (b)   Attendance.  A Member may participate in a meeting by
                  conference telephone or similar communications equipment
                  which enables all persons participating in the meeting to
                  hear each other, and such participation shall constitute
                  personal attendance at such meeting.  In addition, a Member
                  may attend and vote by proxy.  A Member's attendance at a
                  meeting constitutes waiver of (i) notice of the meeting,
                  unless attendance is for the sole purpose, announced at the
                  beginning of the meeting, of objecting to the transaction of
                  any business because the meeting was not called or convened
                  properly, and (ii) objection to any action taken or
                  consideration of any matter at the meeting which is not
                  within the purposes described in the notice of the meeting,
                  unless the Member objects to such action or consideration
                  when it is first presented at the meeting.

            (c)   Quorum.  A quorum for the conduct of any business at a
                  meeting of the Members consists of a Majority Interest
                  (determined with reference to Members who are entitled to
                  vote at the meeting), except for purposes of adjournment of
                  such meeting.  If a quorum is not present, the meeting must
                  be adjourned until such time as a quorum can be obtained, or
                  postponed (in which event notice of the rescheduled meeting
                  date must be given).  Regardless of the number of Members in
                  attendance at a meeting (so long as a quorum is present), any
                  action taken by the Members at such meeting shall be
                  effective, provided that such action was taken in conformity
                  with the other provisions of this Limited Liability Company
                  Agreement.

            (d)   Voting Requirements. Only those persons who were Members at
                  the close of business on the last business day prior to the
                  date of the meeting shall be entitled to vote at a meeting of
                  the Members. Voting shall be by voice unless a Member requests
                  a ballot, in which event voting shall be by written ballot.
                  Each ballot shall be signed by the Member who casts it, and
                  shall be preserved with the minutes of the meeting.

            (e)   Adjournment.  A meeting of the Members may be adjourned to
                  another time and place by the affirmative vote of a Majority
                  Interest (determined

                                      -23-
<PAGE>
                  with reference to Members who are present and entitled to vote
                  at the meeting). If a meeting is adjourned to another day, the
                  Board of Managers shall use reasonable efforts to inform the
                  other Members of the date, time and place on and at which the
                  meeting will reconvene, and if such date is more than five (5)
                  days after the date of the meeting, shall notify the other
                  Members of such date, time and place.

            (f)   Minutes. The President and Chief Executive Officer (or another
                  person designated by the Board of Managers) shall preside at
                  all meetings of Members. The Secretary (or another person
                  designated by the Board of Managers) shall keep the minutes of
                  the meeting.

            (g)   Action by Written Consent.  Any action which, pursuant to
                  this Limited Liability Company Agreement or the Delaware Act,
                  is to be taken by all of the Members may be taken, without a
                  meeting of the Members and without a vote, pursuant to a
                  written consent signed by all of the Members.  Any action
                  which, pursuant to this Limited Liability Company Agreement
                  or the Delaware Act, is to be taken by a Majority Interest or
                  any greater or lesser number of Members may be taken, without
                  a meeting of the Members and without a vote, pursuant to a
                  written consent signed by a Majority Interest or the
                  requisite number of Members; provided, however, that such
                  action shall not be effective until the Members who did not
                  consent have been notified of the action (which notice shall
                  include a copy of the written consent).

      5.6   SALE OF THE COMPANY

            (a)   If a Capital Event that involves the sale of all or
                  substantially all of the Company's Units (whether by merger,
                  recapitalization, consolidation, reorganization, conversion,
                  combination or otherwise) to any third party (any such sale
                  constituting an "Approved Sale") is approved by each of the
                  Independent Manager and all votes of the Series B Manager(s)
                  appointed to the Board, each Member (including holders of
                  Series A, C and D Units) shall consent to and raise no
                  objections against such Approved Sale.

            (b)   Notwithstanding anything to the contrary in this Limited
                  Liability Company Agreement, in connection with an Approved
                  Sale involving a transfer of Members' Units, each Member
                  shall receive the identical form of consideration and the
                  identical portion of aggregate consideration that such Member
                  would have received, if such aggregate consideration had been
                  received directly by the Company and then distributed to the
                  Members in complete liquidation pursuant to Section 8.2 of
                  this Limited Liability Company Agreement.

                                      -24-
<PAGE>
            (c)   In connection with any such Approved Sale, (i) if the
                  Approved Sale is structured as (A) a merger or consolidation,
                  each Member shall waive any dissenters rights, appraisal
                  rights or similar rights in connection with such merger or
                  consolidation, or (B) a sale of Units, each Member shall
                  agree to sell all of his Units and rights to acquire Units on
                  the terms and conditions so approved, (ii) each Member shall
                  take all necessary or desirable actions in connection with
                  the consummation of the Approved Sale reasonably requested by
                  the Company; and (iii) each Member shall be obligated to join
                  on a pro rata basis (based on the share of the aggregate
                  proceeds paid in such Approved Sale) in any indemnification
                  or other obligations that the Company agrees to provide in
                  connection with such Approved Sale other than any such
                  obligations that relate specifically to a particular Member
                  such as indemnification with respect to representations and
                  warranties given by a Member regarding such Member's title to
                  and ownership of Units; provided that no Member shall be
                  obligated in connection with such Approved Sale to agree to
                  indemnify or hold harmless the prospective transferee(s) with
                  respect to an amount in excess of the net cash proceeds paid
                  to such Member in connection with such Approved Sale.

            (d)   The obligations of the Members with respect to an Approved
                  Sale are subject to the satisfaction of the following
                  conditions: (i) if any Member is given an option as to the
                  form and amount of consideration to be received, each Member
                  shall be given the same option; and (ii) each holder of then
                  currently exercisable rights to acquire Units shall be given
                  an opportunity to exercise such rights prior to the
                  consummation of the Approved Sale and participate in such
                  sale as a Member.

            (e)   Members shall bear their pro-rata share of the costs of any
                  sale of Units pursuant to an Approved Sale to the extent such
                  costs are incurred for the benefit of all Members and are not
                  otherwise paid by the Company or the acquiring party.  For
                  purposes of this Section 5.6(d), costs incurred in exercising
                  reasonable efforts to take all necessary actions in
                  connection with the consummation of an Approved Sale in
                  accordance with Section 5.6(a) shall be deemed to be for the
                  benefit of all Members.

            (f)   The provisions of this Section 5.6 shall terminate and cease
                  to have effect upon the first sale of the Company's equity
                  securities to the public pursuant to a registration statement
                  filed with, and declared effective by, the Securities and
                  Exchange Commission.

6.    ASSIGNMENT OF UNITS AND ADMISSION OF ADDITIONAL MEMBERS

      6.1   COMPLIANCE WITH SECURITIES LAWS.  Each Member covenants with, and
            represents and warrants to, the Company and the other Members as
            follows:

                                      -25-
<PAGE>
            (a)   Such Member has acquired his, her or its Units for his, her or
                  its own account and for investment purposes only, and not with
                  a view to the assignment of all or any portion of such Units;

            (b)   Such Member shall not assign all or any portion of his, her or
                  its Units in a manner which violates any federal or state
                  securities law; and

            (c)   Such Member shall indemnify, defend and hold harmless the
                  other Members, the Company and the Company's Board of
                  Managers, officers, employees, agents, successors and assigns
                  from and against any and all losses, damages, liabilities,
                  claims, demands, obligations, fines, penalties, expenses
                  (including reasonable fees and expenses of attorneys engaged
                  by the indemnitee in defense of any act or omission),
                  judgments or amounts paid in settlement by the indemnitee
                  incurred by the indemnitee as a result of any breach of the
                  covenants, representations and warranties made in this
                  Section 6.1 by such Member.

      6.2   ASSIGNMENTS AND SUBSTITUTE MEMBERS.

            (a)   Effect of Assignments.  Subject to the remaining provisions
                  of this Section 6.2, and except for any assignment to a
                  Competitive Business or any Affiliate of a Competitive
                  Business, a Member may assign all or any portion of his, her
                  or its Units at any time.  Notwithstanding the immediately
                  preceding sentence, an assignment of Units does not entitle
                  the assignee to participate in the management and affairs of
                  the Company or to become, or exercise any rights of, a
                  Member.  An assignment of Units merely entitles the assignee
                  to receive, to the extent assigned, distributions to which
                  the assigning Member would be entitled pursuant to this
                  Limited Liability Company Agreement.  In no event shall the
                  Company, the Board of Managers or any other Member have any
                  obligation whatsoever to recognize an assignment of Units
                  unless the assignee has been admitted, in accordance with
                  Section 6.2(b) below, as a substitute Member in place of the
                  assigning Member to the extent of the Units assigned.  Until
                  such time as the assignee has been so admitted, the Company,
                  the Board of Managers and the other Members shall consider
                  the assigning Member to be the owner of his, her or its Units
                  for all purposes relevant to the Certificate of Formation,
                  this Limited Liability Company Agreement and the Delaware
                  Act, and all distributions relating to the assigned Units
                  shall be made to the assigning Member, it being his, her or
                  its responsibility to forward the appropriate portion of such
                  distributions to the assignee.

            (b)   Substitute Members. An assignee of Units shall be admitted as
                  a substitute Member in place of the assigning Member to the
                  extent of the Units

                                      -26-
<PAGE>
                  assigned, only on satisfaction of each of the following
                  conditions precedent:

                  (i)   The Board of Managers shall have consented to such
                        admission in writing;

                  (ii)  The agreement effecting the assignment is reasonably
                        satisfactory, in form and substance, to the Board of
                        Managers and the Company's counsel, and the assigning
                        Member and the assignee have executed and acknowledged
                        such agreement and such other documents, instruments and
                        papers as the Board of Managers and the Company's
                        counsel reasonably deem necessary, proper, convenient or
                        desirable in order to evidence or effect the assignment
                        or the admission of the assignee as a substitute Member
                        in place of the assigning Member to the extent of the
                        Units assigned;

                  (iii) The assignee accepts, adopts and agrees to be bound by
                        all of the terms and provisions of this Limited
                        Liability Company Agreement, as it may have been
                        amended, from and after the effective date of the
                        assignment, as if the assignee had joined in the
                        original execution of this Limited Liability Company
                        Agreement (and all subsequent amendments to this Limited
                        Liability Company Agreement) as a Member. Such
                        acceptance, adoption and agreement shall be set forth in
                        a writing, the form and substance of which shall be
                        satisfactory to the Board of Managers and the Company's
                        counsel; and

                  (iv)  The assignee has paid, or acknowledged that he, she or
                        it is obligated to pay, all reasonable fees and expenses
                        (including, without limitation, all reasonable
                        attorneys' fees and expenses) incurred by the Company in
                        connection with such admission.

            (c)   Effect of Assignment.  An assignee who is admitted as a
                  substitute Member in accordance with Section 6.2(b) above
                  has, to the extent assigned, the rights and powers, and is
                  subject to the restrictions and liabilities, of a Member
                  under the Certificate of Formation, this Limited Liability
                  Company Agreement and the Delaware Act.  Such an assignee
                  also is liable for any obligations of his, her or its
                  assignor to make Capital Contributions and to return
                  distributions, to the extent provided in the Delaware Act or
                  this Limited Liability Company Agreement, but shall not be
                  obligated for liabilities unknown to the assignee at the time
                  he, she or it became a Member, unless the liabilities are
                  shown on the Company's financial records.  Notwithstanding
                  the above, in the case of Units assigned by a Series B
                  Member, such Units shall become Series C Units in

                                      -27-
<PAGE>
                  the hands of the Substituted Member, unless such assignment is
                  to one or more existing Series B Members, and such assignee
                  shall have no voting rights hereunder.

      6.3   SECTION 754 ELECTION. In the event of the assignment of all or any
            portion of Units voluntarily by way of a sale or exchange (and the
            subsequent admission of the assignee as a substitute Member pursuant
            to Section 6.2 above) or by operation of law on the death of a
            Member, the Company shall elect, pursuant to Code Section 754, to
            adjust the basis of the Company's property, if the recipient of the
            Units so requests, and if the Board of Managers consents to such
            adjustment (which consent shall not be unreasonably withheld). Each
            Member shall provide the Company with all information necessary to
            make such election. Any provision of this Limited Liability Company
            Agreement to the contrary notwithstanding, any change in the amount
            of depreciation deducted by the Company or any change in the gain or
            loss of the Company for federal income tax purposes resulting from
            such election shall be allocated entirely to the recipient of the
            Units in question; provided, however, that neither the Unit holdings
            of any Member, the Capital Contribution obligations of any Member
            nor the amount of any distributions of Excess Cash shall be affected
            as a result of such election; and provided, further, that such
            election shall have no effect except for federal income tax
            purposes.

      6.4   ADMISSION OF ADDITIONAL MEMBERS.

            (a)   In order for a person to be admitted as an additional Member,
                  such admission, and the terms and conditions of such
                  admission, must be approved by the Board of Managers and such
                  person must accept, adopt and agree to be bound by all of the
                  terms and provisions of this Limited Liability Company
                  Agreement, as the same may have been amended, as if such
                  person had joined in the original execution of this Limited
                  Liability Company Agreement.  Any provision of this Limited
                  Liability Company Agreement to the contrary notwithstanding,
                  the provisions of this Section 6.4(a) shall not govern or
                  apply to any admission to be effected in connection with
                  employee options, as contemplated in subsection (b) below,
                  the assignment of Units, as contemplated in Section 6.2
                  above, or pursuant to Section 5.2(c) above.

            (b)   If the Board of Managers determines, in the exercise of its
                  reasonable discretion, that admission of one or more Members
                  depends on granting such Member(s) certain management rights,
                  the Board may modify Section 5.1(a) to reflect that such new
                  Member(s) has the right to appoint up to two members to the
                  Board, or control up to 40% of the Board's votes; provided,
                  however, that any rights granted to such new Member(s)
                  pursuant to this Section 6.4(b), shall decrease,
                  proportionately, the voting rights of the Original Member.

                                      -28-
<PAGE>
            (c)   The Board of Managers may, from time to time, offer in
                  writing (pursuant to a plan or otherwise) to Key Employees
                  (as defined below) Series D Units not to exceed in the
                  aggregate 11.5% of all outstanding Units under such terms and
                  subject to such conditions as the Board shall determine in
                  its sole discretion.  The Board may establish vesting
                  schedules for individual Key Employees that defer such Key
                  Employee's rights to full ownership of his or her Series D
                  Units or forfeiture provisions that forfeit a Key Employee's
                  rights to his Series D Units upon the occurrence of certain
                  events (together, "Restricted Units").  Any Restricted Units
                  (or options to acquire such Units) issued in connection with
                  receipt of the initial Capital Contributions, shall assume a
                  $50 million enterprise value of the Company.  The Board shall
                  amend Exhibit A from time to time to reflect the admission of
                  Key Employees as Members upon the issuance of Restricted
                  Units or upon exercise of their options to purchase Series D
                  Units (in the case of options).  A Key Employee will not be
                  admitted as a Member until he or she agrees in writing to be
                  bound by the terms and provisions of this Limited Liability
                  Company Agreement. For purposes of this Section 6.4(c), "Key
                  Employee" shall mean any person designated by the Board of
                  Managers as a Key Employee eligible to receive the benefits
                  of this Section 6.4(c).

      6.5   AMENDMENT OF LIMITED LIABILITY COMPANY AGREEMENT TO REFLECT
            ASSIGNMENT. Notwithstanding Section 9.4 below, the Board of Managers
            may amend this Limited Liability Company Agreement to reflect any
            assignment or admission of a substitute or additional Member
            accomplished in accordance with this Section 6 or Section 5.2(c)
            above.

      6.6   DEFINITION. As used in this Section 6, the term "assign" means to
            sell, transfer, assign, gift, pledge or otherwise dispose of or
            encumber all or any portion of a Unit. All derivations of the term
            "assign" shall have similar meanings, as is appropriate.

      6.7   CALL OPTION.

            (a)   The Series B and Series C Members as of the date hereof shall
                  have the right (the "Call Option") to purchase from the
                  Original Member, proportionate to their relative Unit
                  holdings, on the terms and subject to the conditions set
                  forth in this Section 6.7, all, but not less than all, of the
                  Original Member's Units owned on the date of the exercise of
                  the Call Option (the "Called Interests").  The Call Option
                  shall be exercisable at any time after 36 months from the
                  date hereof and before 60 months from the date hereof (the
                  "Exercise Period").

            (b)   Any exercise of the Call Option shall be effected by written
                  notice given to the Original Member and signed by all of the
                  Members participating in

                                      -29-
<PAGE>
                  the exercise of the Call Option, which notice may be given at
                  any time during the Exercise Period, and which notice shall
                  set forth a closing date not sooner than 30 nor later than 60
                  days following the date of the notice. Such closing shall be
                  delayed to the extent required to permit completion of the
                  procedures for determining the Call Option Purchase Price (as
                  defined below).

            (c)   For purposes of this Section 6.7, the Call Option Purchase
                  Price shall be equal to the amount which the Original Member
                  would receive upon liquidation of the Company pursuant to
                  Section 8.2, assuming a fair market value of the Company
                  equal to its Enterprise Value; provided however, for this
                  purpose all outstanding options and warrants to purchase
                  Units shall be treated as exercised.  "Enterprise Value"
                  shall mean the saleable value of the equity of the Company
                  (as of the date the notice was received by the Original
                  Member) that is the mid-point of the range of such values
                  resulting from a nationally recognized investment banking
                  firm's application of generally accepted valuation
                  methodologies.  The investment banker selected to make the
                  valuation determination shall not represent the Company, any
                  Member or member of the Board of Managers in a lead capacity
                  and shall be selected by the Board of Managers.   Such
                  selection shall occur within 20 days of the Original Member's
                  receipt of the exercise notice.  The cost of such investment
                  banker shall be borne by the Members exercising the Call
                  Option.

            (d)   At the closing of the exercise of the Call Option, the
                  following shall occur:  (i) all debts between the Company and
                  the Original Member shall be reconciled, and the resulting
                  balance, in the case of funds owed to the Original Member,
                  shall be paid off or caused to be paid off, by Members
                  exercising the Call Option; or in the case of funds owed to
                  the Company, such amount shall be netted against and reduce
                  payment of the Call Option Purchase Price; (ii) such Members
                  shall pay or cause to be paid to the Original Member the Call
                  Option Purchase Price in cash by wire transfer of immediately
                  available funds (after any adjustments required by (i)
                  above); and (iii) the Original Member shall execute and
                  deliver to the Members or person or entity designated by the
                  Members an assignment and transfer of its Units in form and
                  substance reasonably satisfactory to the Members exercising
                  the Call Option.  The Units sold pursuant to this Section 6.7
                  shall be transferred free and clear of all liens, pledges,
                  encumbrances, claims and equities of any kind, except those
                  which secure obligations of the Company and which are
                  applicable to the Units held by the Members exercising the
                  Call Option.

                                      -30-
<PAGE>
7.    NOTICES

      7.1   MANNER OF DELIVERY. Any notice, election, demand, request, consent,
            approval, concurrence or other communication (collectively, a
            "notice") given or made under any provision of this Limited
            Liability Company Agreement shall be deemed to have been
            sufficiently given or made for all purposes only if it is in writing
            and it is: (a) delivered personally to the party to whom it is
            directed; (b) sent by first class mail or overnight express mail,
            postage and charges prepaid, addressed to the party to whom it is
            directed, at his, her or its address set forth opposite his, her or
            its name on the attached Exhibit A; or (c) telecopied to the party
            to whom it is directed, at his, her or its address set forth
            opposite his, her or its name on the attached Exhibit A. All notices
            to the Company also shall be sent to each member of the Board of
            Managers.

      7.2   DATE. Unless any other provision of this Limited Liability Company
            Agreement expressly provides to the contrary, any notice:

            (a)   given or made in the manner indicated in Section 7.1(a) above
                  shall be deemed to have been given or made on the day on which
                  such notice was actually delivered to an adult residing or
                  employed at the address of the intended recipient, but if such
                  day was not a business day, such notice shall be deemed to
                  have been given or made on the first business day following
                  such day;

            (b)   given or made in the manner indicated in Section 7.1(b) above
                  shall be deemed to have been given or made on the third
                  business day after the day on which it was deposited in a
                  regularly maintained receptacle for the deposit of the United
                  States' mail, or in the case of overnight express mail, on
                  the business day immediately following the day on which it
                  was deposited in a regularly maintained receptacle for the
                  deposit of overnight express mail, provided that the notice
                  is subsequently delivered by the U.S. Post Office or the
                  courier service to the designated address in the ordinary
                  course of business; and

            (c)   given or made in the manner indicated in Section 7.1(c) above
                  shall be deemed to have been given or made on receipt by the
                  transmitting party of printed confirmation that the
                  transmission was received, provided that if the transmission
                  occurs after 4:30 p.m. EST or EDT (as appropriate) or on a
                  non-business day, the notice shall be deemed to have been
                  given or made on the first business day to follow such
                  transmission.

            Notwithstanding the immediately preceding sentence, if the intended
            recipient actually receives a notice before the date on which such
            notice is deemed to have been given or made, as specified above, the
            date of actual receipt shall be the date

                                      -31-
<PAGE>
            on which such notice is deemed to have been given or made for the
            purposes of this Limited Liability Company Agreement.

      7.3   CHANGE OF ADDRESS. Any Member or the Company may change his, her or
            its address for purposes of this Limited Liability Company Agreement
            by giving all of the Members, the Board of Managers and the Company
            notice of such change in the manner provided in Section 7.1 above.

8.    DISSOLUTION

      8.1   EVENTS OF DISSOLUTION. The Company shall be dissolved and its
            affairs wound up only upon the occurrence of any of the following
            events, whichever occurs first:

            (a)   The expiration of the period fixed for the Company's duration
                  set forth in its Certification of Formation;

            (b)   The majority vote of Managers; or

            (c)   The entry of a decree of judicial dissolution under Section
                  18-802 of the Delaware Act.

      8.2   WINDING UP AND LIQUIDATING DISTRIBUTIONS. On the dissolution of the
            Company pursuant to Section 8.1 above or otherwise, the Board of
            Managers shall file a Certificate of Cancellation for the Company
            with the Delaware Secretary of State and shall wind up the Company's
            affairs in accordance with the provisions of the Delaware Act. Once
            the Company's affairs have been wound up, the Board of Managers
            shall proceed with an orderly liquidation of the Company's assets.
            On completion of such liquidation, the Board of Managers shall file
            all tax returns and pay all tax obligations required by applicable
            Delaware law, and within a reasonable time, the Board of Managers
            shall furnish each Member with a statement prepared by the Company's
            accountants, which shall set forth the assets and liabilities of the
            Company as of the date of dissolution and the proceeds and expenses
            of the Company's liquidation. The Board of Managers shall apply or
            distribute the proceeds of the liquidation in the following order of
            priority:

            (a)   First, to the Company's creditors, whether they are or are
                  not Members, to the extent permitted by applicable law, in
                  satisfaction of the debts and liabilities of the Company and
                  the expenses of liquidation, other than debts and liabilities
                  for distributions to Members under Sections 3.5 and 3.6
                  above.  At the same time, the Board of Managers shall
                  establish such reserves as it reasonably deems necessary, and
                  in such amounts as it reasonably deems necessary, for any
                  contingent or unforeseen debts, liabilities or obligations of
                  the Company.  The Board of Managers shall pay such reserves
                  over to a bank or other institutional escrow agent to be

                                      -32-
<PAGE>
                  held, for such period of time as the Board of Managers
                  reasonably deems appropriate, for the purpose of future
                  disbursement in payment of such debts, liabilities and
                  obligations.  On the expiration of the period described
                  above, the Board of Managers shall distribute the balance of
                  such reserves in accordance with the remaining provisions of
                  this Section 8.2;

            (b)   Then, to the Members pro rata, in proportion to their
                  positive Capital Account balances; provided, however, that
                  the Members' Capital Accounts first shall be adjusted to
                  reflect the manner in which any unrealized income, gain, loss
                  and deduction inherent in the Company's property, which has
                  not previously been reflected in the Members' Capital
                  Accounts, would be allocated among the Members if there had
                  been a taxable disposition of the Company's assets at fair
                  market value on the date of distribution, and such income,
                  gain, loss or deduction were allocated in accordance with
                  Section 3.2 hereof.

9.    MISCELLANEOUS

      9.1   BOOKS AND RECORDS. The Company's books shall be kept on such method
            of accounting as the Board of Managers deems appropriate in its sole
            discretion. The Company's books shall be maintained in a full and
            accurate manner at its principal place of business, and each and
            every transaction of the Company shall be entered fully and
            accurately in such books. The Company shall keep the following
            records at its registered office: (i) a current and accurate list of
            each Member and each member of the Board of Managers, including his,
            her or its full name and last known address; (ii) a copy of the
            Certificate of Formation and this Limited Liability Company
            Agreement, including all amendments and restatements; (iii) copies
            of the Company's federal, state and local tax returns and financial
            statements for the Company's last three (3) fiscal years; and (iv)
            copies of records that would enable a Member to determine his, her
            or its relative share of the Company's distributions and his, her or
            its relative voting rights, to the extent such information is not
            ascertainable from the records required to be maintained pursuant to
            clauses (i), (ii) and (iii) of this sentence.

      9.2   FINANCIAL STATEMENTS. At the Company's expense, the Board of
            Managers shall cause to be prepared and distributed to all of the
            Members all appropriate information relating to the Company that is
            necessary for the preparation of the Members' federal income tax
            returns.

      9.3   GOVERNING LAW. This Limited Liability Company Agreement shall be
            deemed to have been entered into within the State of Delaware. This
            Limited Liability Company Agreement shall be construed and enforced
            in accordance with the laws of the State of Delaware, without regard
            to its conflict of laws principles.

                                      -33-
<PAGE>
      9.4   AMENDMENTS. Except to the extent that another provision of this
            Limited Liability Company Agreement expressly provides to the
            contrary, any amendment to this Limited Liability Company Agreement
            must be approved, in writing, by the Members in accordance with
            Section 5.1 above; provided, however, that any amendment to Articles
            3, 8 or Sections 2.3, 4.2, 4.6, 5.1, 5.2, 5.6, 6.2, 6.4, 6.7, above,
            to the attached Exhibit A (except to the extent contemplated in
            Section 6.5 above) or to this Section 9.4, shall require the
            approval of all of the Members; and provided further, that no
            amendments may be made which impact the selection of, voting rights
            or any other item relating to the Independent Manager, without such
            Manager's prior written approval.

      9.5   BINDING EFFECT. Except to the extent that another provision of this
            Limited Liability Company Agreement expressly provides to the
            contrary, this Limited Liability Company Agreement shall be binding
            on and inure to the benefit of the parties to it and their
            respective estates, personal representatives, executors,
            administrators, heirs, devisees, successors and permitted assigns.

      9.6   SEVERABILITY. The provisions of this Limited Liability Company
            Agreement shall be severable. Any section, paragraph, clause or
            provision of this Limited Liability Company Agreement which is found
            to be unenforceable or invalid shall not affect the enforceability
            or validity of any other section, paragraph, clause or provision of
            this Limited Liability Company Agreement.

      9.7   CONSTRUCTION. The parties acknowledge that they each participated in
            the drafting of this Limited Liability Company Agreement and the
            negotiation of its provisions. This Limited Liability Company
            Agreement shall not be construed for or against any party,
            regardless of whether some parties had a greater degree of
            participation than others. This Limited Liability Company Agreement
            sets forth the entire understanding and agreement of the parties
            with respect to its subject matter and supersedes all prior
            understandings and agreements, whether written or oral, with respect
            to its subject matter.

      9.8   PRONOUNS. References in this Limited Liability Company Agreement to
            a Member, a member of the Board of Managers or any other person in
            the singular or plural or as him, her, it, or other like references,
            shall also, where the context so requires, be deemed to include the
            singular or the plural reference, or the masculine, feminine or
            neuter reference, as the case may be.

      9.9   COUNTERPARTS AND FACSIMILE SIGNATURES. This Limited Liability
            Company Agreement may be executed in any number of counterparts,
            each of which shall be deemed to be an original and all of which
            together shall constitute one instrument. Copies (whether facsimile,
            photostatic or otherwise) of signatures to this Limited Liability
            Company Agreement shall be deemed to be originals and may be relied
            on to the same extent as the originals.

                                      -34-
<PAGE>
      9.10  TAX MATTERS PARTNER. The President and Chief Executive Officer, if
            he is a Member, or a Member designated by the Board of Managers if
            the President and Chief Executive Officer is not a Member or is
            unable or unwilling to serve, shall serve as the Company's "Tax
            Matters Partner" for purposes of Code Section 6231(a)(7). The Tax
            Matters Partner shall have the powers and duties provided for in
            such Code Section and in the related Treasury Regulations. The Tax
            Matters Partner shall promptly send the Members copies of any
            notices received from the Internal Revenue Service with respect to
            the Company and shall keep them advised as to the status of any
            Company issues or proceedings before the Internal Revenue Service.
            The Tax Matters Partner shall have no liability to the Company or
            any Member for any acts or omissions in his, her or its capacity as
            the Tax Matters Partner. The Company shall reimburse the Tax Matters
            Partner for all costs and expenses reasonably incurred by him, her
            or it on behalf of the Company. The Company shall indemnify, defend
            and hold harmless the Tax Matters Partner from and against any and
            all claims, liabilities, costs and expenses (including reasonable
            attorney fees and court costs) incurred by him, her or it as a
            consequence as serving or acting as the Tax Matters Partner.

10.   DEFINITIONS

      10.1  DEFINITIONS. As used in this Limited Liability Company Agreement,
            the following terms shall have the following meanings:

            (a)   "Adjusted Capital Account Deficit" means, with respect to any
                  Member, the deficit balance, if any, in such Member's Capital
                  Account as of the end of the taxable year, after giving effect
                  to the following adjustments:

                  (i)   credit to such Capital Account any amount which such
                        Member is obligated to restore under Section
                        1.704-l(b)(2)(ii)(c) of the Treasury Regulations, as
                        well as any addition thereto pursuant to the next to
                        last sentence of Sections 1.704-2(g)(1) and (i)(5) of
                        the Treasury Regulations, after taking into account
                        thereunder any changes during such year in minimum
                        gain, as determined in accordance with Sections
                        1.704-2(d) and 1.704-2(i)(3) of the Treasury
                        Regulations; and

                  (ii)  debit to such Capital Account the items described in
                        Sections 1.704-1(b)(2)(ii)(d)(4), (5) and (6) of the
                        Treasury Regulations.

                  This definition of Adjusted Capital Account Deficit is
                  intended to comply with the provisions of Treasury Regulations
                  Section 1.704-1(b)(2)(ii)(d) and 1.704-2, and will be
                  interpreted consistently with those provisions.

            (b)   An "Affiliate" of a person is (i) any person who, directly or
                  indirectly, controls, is controlled by or is under common
                  control with such person,

                                      -35-
<PAGE>
                  (ii) if such person is an entity, any officer, director,
                  manager or trustee, or (iii) any person who is an officer,
                  director, manager or trustee, or who, directly or indirectly,
                  controls, is controlled by or is under common control with any
                  person described in clauses (i) or (ii) of this sentence. For
                  the purposes of this definition, the term "control" means to
                  own or to have power to vote or direct the vote of at least
                  ten percent (10%) of the outstanding voting securities of
                  another person.

            (c)   "Board of Managers" means the person or persons appointed as
                  the Board of Managers of the Company pursuant to Section 4
                  above.

            (d)   "Capital Account" means, with respect to each Member, a single
                  capital account which shall be established for such Member and
                  which shall be maintained for such Member in accordance with
                  the following provisions:

                  (i)   To each Member's Capital Account there shall be
                        credited the amount of cash and the Gross Asset Value
                        of any property contributed by such Member to the
                        capital of the Company, such Member's allocable share
                        of income or gain pursuant to Section 3.2, as well as
                        tax-exempt income or gain, any items specially
                        allocated to a Member under Sections 3.3 or 3.4, and
                        the amount of any Company liabilities that are assumed
                        by such Member or that are secured by any Company
                        property distributed to such Member.

                  (ii)  To each Member's Capital Account there shall be debited
                        the amount of cash and the Gross Asset Value of any
                        Company property distributed to such Member pursuant to
                        any provision of this Limited Liability Company
                        Agreement, such Member's allocable share of losses
                        pursuant to Section 3.2, as well as non-deductible
                        expenditures, any items specially allocated to a Member
                        under Sections 3.3 or 3.4, and the amount of any
                        liabilities of such Member that are assumed by the
                        Company or that are secured by any property contributed
                        by such Member to the Company.

                  (iii) In the event the Gross Asset Values of Company assets
                        are adjusted, the Capital Accounts of all Members shall
                        be adjusted simultaneously to reflect the aggregate net
                        adjustment as if the Company recognized gain or loss
                        equal to the amount of such aggregate net adjustment.
                        All subsequent Depreciation or other related items shall
                        thereafter be reflected in the Members' Capital
                        Accounts.

                  (iv)  The foregoing provisions relating to the maintenance of
                        Capital Accounts are intended to comply with Treasury
                        Regulation Section 1.704-1(b), and shall be interpreted
                        and applied in a manner

                                      -36-
<PAGE>
                        consistent with such Regulations. It is the intent of
                        the parties hereto that their underlying economic
                        arrangement be reflected in their Capital Account
                        balances, as computed in accordance with the provisions
                        of (i) - (iii) above.

                  (v)   In the event any interest in the Company is transferred
                        in accordance with the terms of this Limited Liability
                        Company Agreement, the transferee shall succeed to the
                        Capital Account of the transferor to the extent it
                        relates to the transferred interest.

            (e)   "Capital Contribution" means anything of value that a Member
                  contributes to the Company's capital, whether in the form of
                  cash, property (tangible or intangible), services or a
                  promissory note or other binding obligation to contribute cash
                  or property or to perform services, whenever made.

            (f)   "Capital Event" shall mean (i) the sale of all or
                  substantially all of the Company's Units (whether by merger,
                  recapitalization, consolidation, reorganization, combination
                  or otherwise) resulting in a Member or Members (other than
                  Members on the date hereof) owning in excess of 50% of all
                  Units then outstanding or (ii) the sale of all or
                  substantially all of the Company's assets.

            (g)   "Certificate of Formation" means the Certificate of Formation
                  of the Company filed with the Delaware Secretary of State in
                  accordance with the Delaware Act, as the same may be amended
                  or restated from time to time.

            (h)   "Code" means the Internal Revenue Code of 1986, as amended, or
                  corresponding provisions of subsequent superseding federal
                  revenue laws.

            (i)   "Company" means Origen Financial L.L.C., a limited liability
                  company organized under the laws of the State of Delaware
                  pursuant to the Certificate of Formation and this Limited
                  Liability Company Agreement.

            (j)   "Company Minimum Gain" has the meaning assigned to the term
                  partnership minimum gain in Treasury Regulations Sections
                  1.704-2(b)(2) and 1.704-2(d)(1). In general, Company Minimum
                  Gain equals the excess of the amount by which a Nonrecourse
                  Liability exceeds the adjusted tax basis of the Company
                  property it encumbers.

            (k)   "Company Subsidiaries" is defined in Recital A.

            (l)   "Competitive Business" means any business that competes with
                  the business of the Company or of Bingham Financial Services
                  Corporation or any of its directly or indirectly owned
                  subsidiaries.

                                      -37-
<PAGE>
            (m)   "Confidential Information" means information or knowledge not
                  readily ascertainable by the general public or the industry in
                  which the Company is engaged, including, but limited to, the
                  Company's business plan, financial information, products,
                  systems, processes, designs, accounting, marketing, client or
                  customer lists and information.

            (n)   "Delaware Act" means the Delaware Limited Liability Company
                  Act, Del. Code Ann. tit. 6,Sections 18-101 to -1109,
                  as it may be amended from time to time.

            (o)   "Depreciation" means, for each taxable year or other period,
                  an amount equal to the depreciation, amortization, or other
                  cost recovery deduction allowable with respect to an asset
                  for the year or other period for Federal income tax purposes,
                  except that if the Gross Asset Value of an asset differs from
                  its adjusted basis for Federal income tax purposes at the
                  beginning of the year or other period, Depreciation will be
                  an amount that bears the same ratio to the beginning Gross
                  Asset Value as the Federal income tax depreciation,
                  amortization, or other cost recovery deduction for the year
                  or other period bears to the beginning adjusted tax basis,
                  provided that if the Federal income tax depreciation,
                  amortization, or other cost recovery deduction for the year
                  or other period is zero, Depreciation will be determined with
                  reference to the beginning Gross Asset Value using any
                  reasonable method selected by the Board of Managers.

            (p)   "Effective Date" means the date the Mergers become effective
                  under applicable state law, or pursuant to Section 2.1, the
                  date the Origen Corporations contribute assets and liabilities
                  to the Company and Company Subsidiaries, and the holders of
                  the Series B and Series C Units are deemed to have made their
                  initial Capital Contributions to the Company.

            (q)   "Excess Cash" means, at any time, that portion of the cash
                  and cash equivalent assets of the Company which the Board of
                  Managers determines, in its sole discretion, exceeds the
                  amount of cash needed by the Company to (i) remain "solvent",
                  (ii) maintain adequate working capital and reserves, and
                  (iii) conduct its business and carry out its purposes as
                  described in Section 1.2 above.  In making this
                  determination, the Board of Managers shall take into account
                  the Company's then current and foreseeable sources of, and
                  needs for, cash.  For the purposes of this definition, the
                  Company is "solvent" if it its capable of paying its debts as
                  they become due in the usual course of business or the value
                  of its assets are equal to or greater than the sum of its
                  liabilities.

            (r)   "Fiscal Year" means the calendar year ending December 31,
                  2001, and each subsequent calendar year thereafter,
                  respectively.

                                      -38-
<PAGE>
            (s)   "Gross Asset Value" means, with respect to any asset, the
                  adjusted basis of such asset for Federal income tax purposes,
                  except as follows:

                  (i)   The initial Gross Asset Value of any asset contributed
                        by a Member to the Company will be the fair market value
                        of the asset on the date of the contribution, as
                        determined by the Board of Managers.

                  (ii)  The Board of Managers shall adjust the Gross Asset
                        Values of all Company assets to equal the respective
                        fair market values of the assets, as reasonably
                        determined by the Board of Managers, as of (a) the
                        acquisition of an additional interest in the Company by
                        any new or existing Member in exchange for more than a
                        de minimis Capital Contribution; (b) the distribution by
                        the Company to a Member of more than a de minimis amount
                        of Company property as consideration for an interest in
                        the Company if the Board of Managers reasonably
                        determines an adjustment is necessary or appropriate to
                        reflect the relative economic interests of the Members
                        in the Company and (c) the liquidation of the Company
                        within the meaning of Treasury Regulations Section
                        1.704-1(b)(2)(ii)(g).

                  (iii) The Gross Asset Values of Company assets will be
                        increased or decreased to reflect any adjustment to the
                        adjusted basis of the assets under Code Sections 734(b)
                        or 743(b), but only to the extent that the adjustment is
                        taken into account in determining Capital Accounts under
                        Treasury Regulations Section 1.704-1(b)(2)(iv)(m).

                  (iv)  The Gross Asset Value of any Company asset distributed
                        to any Member will be the gross fair market value of the
                        asset on the date of distribution.

                  After the Gross Asset Value of any asset has been determined
                  or adjusted under subparagraphs (i), (ii), or (iii) above, the
                  Gross Asset Value will be adjusted by the Depreciation taken
                  into account with respect to the asset for purposes of
                  computing the Capital Account balances of the Members.

            (t)   "Independent Manager" is defined in Section 4.1.

            (u)   "Limited Liability Company Agreement" (or "Agreement") means
                  this Limited Liability Company Agreement of the Company, as it
                  may be amended or restated from time to time.

            (v)   "Majority Interest" means one or more Members who hold, in the
                  aggregate, voting Units which exceed one-half of the total
                  voting Units held by all Members.

                                      -39-
<PAGE>
            (w)   "Member" means each person who has executed this Limited
                  Liability Company Agreement as a Member, including the
                  Original Member, as well as each person who may become a
                  Member by both (i) fulfilling the applicable requirements set
                  forth in this Limited Liability Company Agreement with
                  respect to the admission of a person as a Member, and (ii)
                  accepting, adopting and agreeing to be bound by all of the
                  terms and provisions of this Limited Liability Company
                  Agreement, as it may have been amended or restated, from and
                  after the effective date of his, her or its admission to the
                  Company as a Member, as if such person had joined in the
                  original execution of this Limited Liability Company
                  Agreement (and all amendments and restatements) as a Member.
                  The term "Member" shall include a member of the Board of
                  Managers to the extent such individual has purchased Units in
                  the Company.

            (x)   "Member Nonrecourse Debt" means any nonrecourse debt of the
                  Company for which any Member bears the economic risk of loss,
                  as described in Treasury Regulations Section 1.704-2(b)(4).

            (y)   "Member Nonrecourse Debt Minimum Gain" means an amount, with
                  respect to each Member Nonrecourse Debt, equal to the Company
                  Minimum Gain that would result if such Member Nonrecourse Debt
                  were treated as a Nonrecourse Liability, determined in
                  accordance with Treasury Regulations Section 1.704-2(i)(3).

            (z)   "Member Nonrecourse Deductions" has the meaning assigned to
                  the term partner nonrecourse deductions in Treasury
                  Regulations Section 1.704-2(i)(2).  In general, the amount of
                  Member Nonrecourse Deductions with respect to a Member
                  Nonrecourse Debt for any tax year is the excess, if any, of
                  the net increase during such year in the amount of Member
                  Nonrecourse Debt Minimum Gain attributable to such Member
                  Nonrecourse Debt, over the aggregate amount of any
                  distributions during such year to the Member that bears the
                  economic risk of loss for such Member Nonrecourse Debt to the
                  extent such distributions are from the proceeds of such
                  Member Nonrecourse Debt, and are allocable to an increase in
                  the Member Nonrecourse Debt Minimum Gain attributable to such
                  Member Nonrecourse Debt.

            (aa)  "Member's Share of Company Minimum Gain" generally means, as
                  described in Treasury Regulations Section 1.704-2(g)(1), the
                  sum of Nonrecourse Deductions allocated to such Member and the
                  aggregate amount of distributions made to such Member of
                  proceeds of a Nonrecourse Liability that are allocable to an
                  increase in Company Minimum Gain, minus the aggregate of such
                  Member's Share of the Net Decrease in Company Minimum Gain.

                                      -40-
<PAGE>
            (bb)  "Member's Share of Member Nonrecourse Debt Minimum Gain"
                  generally means, as described in Treasury Regulations Section
                  1.704-2(i)(5), an amount determined in a manner consistent
                  with Treasury Regulations Section 1.704-2(g)(1) with respect
                  to each Member Nonrecourse Debt for which such Member bears
                  the economic risk of loss.

            (cc)  "Member's Share of the Net Decrease in Company Minimum Gain"
                  generally means, as described in Treasury Regulations Section
                  1.704-2(g)(2), an amount equal to the total net decrease in
                  Company Minimum Gain multiplied by a ratio equal to such
                  Member's Share of Company Minimum Gain at the end of the
                  immediately preceding taxable year over the total Company
                  Minimum Gain at such time.

            (dd)  "Member's Share of the Net Decrease of Member Nonrecourse Debt
                  Minimum Gain" generally means, as described in Treasury
                  Regulations 1.704-2(i)(4), an amount determined in a manner
                  consistent with Treasury Regulations Section 1.704-2(g)(2).

            (ee)  "Merger Agreement" means the Merger Agreement dated December
                  17, 2001 by and among the Original Member, the Company and
                  Origen Financial, Inc. ("OFI"), pursuant to which the
                  Original Member will cause the mergers of: (A) OFI with and
                  into the Company; (B) Origen Special Holdings Corporation
                  with and into Origen Special Purpose L.L.C.; (C) Origen
                  Manufactured Home Financial, Inc. with and into Origen
                  Manufactured Home Financial, L.L.C., and (D) Origen Insurance
                  Agency, Inc. with and into Origen Insurance Agency, L.L.C.,
                  each as more fully described in such Merger Agreement.

            (ff)  "Mergers" mean the transactions described in the Merger
                  Agreement.

            (gg)  "Net Capital Contribution" shall mean the difference between a
                  Member's total Capital Contributions less amounts distributed
                  to such Member under Section 3.6(a).

            (hh)  "Nonrecourse Deductions" has the meaning assigned to such term
                  in Treasury Regulations Section 1.704-2(c). In general, the
                  amount of Nonrecourse Deductions for a Company taxable year
                  equals the excess of the net increase, if any, in the amount
                  of Company Minimum Gain during such year over the aggregate
                  amount of distributions during such year of proceeds of a
                  Nonrecourse Liability that are allocable to an increase in
                  Company Minimum Gain.

            (ii)  "Nonrecourse Liability" means any debt of the Company to the
                  extent that no Member (or a person related to a Member) bears
                  the economic risk of

                                      -41-
<PAGE>
                  loss for that liability, as described in Treasury Regulations
                  Sections 1.704-2(b)(3) and 1.752-1(a)(2).

            (jj)  "Original Member" shall mean Bingham Financial Services
                  Corporation, a Michigan corporation.

            (kk)  "Profits" and "Losses" mean, for each taxable year or other
                  period, an amount equal to the Company's Federal taxable
                  income or loss (as is appropriate) for such year or other
                  period, determined in accordance with Code Section 703(a)
                  (including all items of income, gain, loss or deduction
                  required to be stated separately under Section 703(a)(1) of
                  the Code), with the following adjustments:

                  (i)   Any income of the Company that is exempt from Federal
                        income tax and not otherwise taken into account in
                        computing Profits or Losses will be added to taxable
                        income or loss;

                  (ii)  Any expenditures of the Company described in Code
                        Section 705(a)(2)(B) or treated as Code Section
                        705(a)(2)(B) expenditures under Treasury Regulations
                        Section 1.704-1(b)(2)(iv)(i), and not otherwise taken
                        into account in computing Profits or Losses, will be
                        subtracted from taxable income or loss;

                  (iii) Gain or loss resulting from any disposition of Company
                        property (with respect to which gain or loss is
                        recognized for Federal income tax purposes) will be
                        computed by reference to the Gross Asset Value of the
                        property, notwithstanding that the adjusted tax basis of
                        the property differs from its Gross Asset Value;

                  (iv)  In lieu of depreciation, amortization, and other cost
                        recovery deductions taken into account in computing
                        taxable income or loss, there will be taken into account
                        Depreciation for the taxable year or other period; and

                  (v)   If the Gross Asset Value of any Company asset is
                        adjusted pursuant to clauses (ii) or (iii) of the
                        definition of "Gross Asset Value," the amount of such
                        adjustment shall be taken into account as gain or loss
                        from the disposition of such asset for purposes of
                        computing Profits or Losses.

            (ll)  "Series A Units" means the Units of membership interest in the
                  Company designated as Series A Units, which Series A Units
                  shall have such rights, terms and obligations as otherwise
                  provided in this Limited Liability Company Agreement.

                                      -42-
<PAGE>
            (mm)  "Series B Units" means the Units of membership interest in the
                  Company designated as Series B Units, which Series B Units
                  shall have such rights, terms and obligations as otherwise
                  provided in this Limited Liability Company Agreement.

            (nn)  "Series C Units" means the non-voting Units of membership
                  interest in the Company designated as Series C Units, which
                  Series C Units shall have such rights, terms and obligations
                  as otherwise provided in this Limited Liability Company
                  Agreement.

            (oo)  Series D Units" means the Units of membership interest in the
                  Company designated as Series D Units and issued to Key
                  Employees, which shall have such rights, terms and obligations
                  as otherwise provided in this Limited Liability Company
                  Agreement

            (pp)  "Tax Distribution" means with respect to each Member, for each
                  Fiscal Year, that amount equal to the Federal, state and local
                  income taxes for such tax year of such Member then payable on
                  the difference between the cumulative excess of items of
                  income and gain over items of loss and deduction allocated to
                  such Member (as determined by the Company's regularly employed
                  accountants, assuming such Member was an individual taxable
                  for such Fiscal Year at the maximum individual Federal, state
                  and local income tax rates applicable to such Member (after
                  giving effect to the deductibility of state and local taxes,
                  as well as any preferential capital gains rates)), less the
                  aggregate of all amounts distributed to such Member pursuant
                  to Section 3.5; provided, however, that no such distribution
                  shall be paid to the Original Member with respect to any tax
                  allocations described in Sections 3.2(a)(iii), or 3.2(c).

            (qq)  "Treasury Regulations" includes proposed, temporary and final
                  regulations promulgated under the Code in effect as of the
                  date of the filing of the Certificate of Formation and the
                  corresponding sections of any regulations subsequently issued
                  that amend or supersede such regulations.

            (rr)  "Unit" is defined in Section 2.2.

                                      -43-
<PAGE>
      IN WITNESS HEREOF, the undersigned have executed this Limited Liability
Company Agreement of Origen Financial, L.L.C. on or as of December 18, 2001.

                                          MEMBERS:

                                          BINGHAM FINANCIAL SERVICES
                                          CORPORATION, a Michigan corporation

                                          By:   /s/ Ronald A. Klein
                                             ---------------------------
                                                Ronald A. Klein, CEO

                                          SUI TRS, INC. a Michigan corporation

                                          By:   /s/ Gary A. Shiffman
                                             ---------------------------
                                                Gary A. Shiffman, President

                                          Shiffman Family LLC, a Michigan
                                          Limited Liability Company

                                          By:   /s/ Arthur A. Weiss
                                             ---------------------------
                                                Arthur A. Weiss, Manager

                                          Woodward Holding, LLC, a Michigan
                                          Limited Liability Company

                                          By:   /s/ Paul A. Halpern
                                             ---------------------------
                                                Paul A. Halpern
                                          Its:  Manager

                                      -44-
<PAGE>
                                                MANAGERS:

                                                /s/ Ronald Klein
                                                ------------------------------
                                                Ronald Klein

                                                /s/ Gary Shiffman
                                                ------------------------------
                                                Gary Shiffman

                                                ------------------------------
                                                (Independent Manager)

                                      -45-
<PAGE>
                                    EXHIBIT A

<TABLE>
<CAPTION>
                                                                      Series A   Series B   Series C   Total Unit   Initial Capital
Member                                Address                           Units      Units     Units      Holdings     Contribution
------                                -------                           -----      -----     -----      --------     ------------

<S>                                   <C>                             <C>        <C>        <C>        <C>          <C>
Bingham Financial Services            260 East Brown Street, Suite
Corporation                           200, Birmingham, MI  48009       200,000        -0-       -0-      200,000      $         0

Shiffman Family LLC                   31700 Middlebelt, Suite 145
                                      Farmington Hills, MI  48334          -0-     84,211       -0-       84,211      $ 4,210,526

SUI TRS, Inc.                         31700 Middlebelt, Suite 145
                                      Farmington Hills, MI  48334          -0-    315,789       -0-      315,789      $15,789,474

Woodward Holding, LLC                 2300 Harmon Road
                                      Auburn Hills, MI 48326
                                      Attn: Paul Halpern                   -0-        -0-   400,000      400,000      $20,000,000
                                                                       -------    -------  -------      -------      -----------

Total Initial Capital Contributions
                                                                                                                      $40,000,000
                                                                                                                      ===========
Total Unit Holdings                                                    200,000    400,000   400,000                     1,000,000
                                                                       =======    =======   =======                   ===========
</TABLE>

                                      -46-

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