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Exhibit 10.10  

 
  COMSTOCK HOMEBUILDING COMPANIES, INC.
  INDEMNIFICATION AGREEMENT    
    

        This INDEMNIFICATION AGREEMENT (this "Agreement") is entered into as
of                        , 200    , by and between Comstock Homebuilding
Companies, Inc., a Delaware corporation (the "Company"), and            ("Indemnitee"). Capitalized terms used and not otherwise defined in this Agreement have the meanings set forth in
Section 10 hereof. 

RECITALS  

        A.    The
Company and Indemnitee recognize the continued difficulty in obtaining liability insurance for the directors, officers, employees, agents and fiduciaries of the
Company and its Subsidiaries, the significant periodic increases in the cost of such insurance and the general reductions in the coverage provided by such insurance. 

        B.    The
Company and Indemnitee further recognize the substantial increase in corporate litigation in general, subjecting directors, officers, employees, agents and
fiduciaries to expensive litigation risks at the same time as the availability and coverage of liability insurance has been severely limited. 

        C.    Indemnitee
does not regard the current protection available as adequate under the present circumstances, and Indemnitee and other directors, officers, employees, agents
and fiduciaries of the Company may not be willing to continue to serve in such capacities without additional protection. 

        D.    The
Company desires to attract and retain the services of highly qualified individuals, such as Indemnitee, to serve the Company and/or one or more of its Subsidiaries
and, in order to induce Indemnitee to provide or to continue to provide services to the Company and/or one or more of its Subsidiaries, wishes to provide for the indemnification and advancing of
expenses to Indemnitee to the maximum extent permitted by law. 

        E.    In
view of the considerations set forth above, the Company desires that Indemnitee be indemnified by the Company as set forth herein. 

        NOW,
THEREFORE, the Company and Indemnitee hereby agree as follows: 

        1.    Indemnification.    (a)    Indemnification of
Expenses. The Company shall indemnify Indemnitee to the fullest extent permitted by law if Indemnitee was or is or becomes a party to or witness or other participant in, or is
threatened to be made a party to or witness or other participant in, any Proceeding, against any and all Expenses, including all interest, assessments and other charges paid or payable in connection
with or in respect of such Expenses. Subject to Section 1(b) hereof, such payment of Expenses shall be made by the Company as soon as practicable but in any event no later than thirty
(30) days after written demand by Indemnitee therefor is presented to the Company. 

        (b)    Reviewing Party.    Notwithstanding anything to the contrary in Sections 1(a) or 2(a) hereof: 

        (i)    the
indemnification obligations of the Company under Section 1(a) hereof shall be subject to the condition that the Reviewing Party shall not have determined that
Indemnitee would not be permitted to be indemnified under applicable law; and 

        (ii)   the
obligation of the Company to make an advance payment of Expenses to Indemnitee pursuant to Section 2(a) hereof (an "Expense Advance") shall be subject to the
condition that, if, when and to the extent that the Reviewing Party determines that Indemnitee would not be permitted to be indemnified under applicable law, the Company shall be entitled to be
reimbursed by Indemnitee (who hereby agrees to reimburse the Company) for all such amounts theretofore paid by Company to Indemnitee; provided,  however,
that if Indemnitee has commenced or thereafter commences legal proceedings in a court of competent jurisdiction to secure a determination that
Indemnitee should be 

 

indemnified
under applicable law, any determination made by the Reviewing Party that Indemnitee would not be permitted to be indemnified under applicable law shall not be binding and Indemnitee shall
not be required to reimburse the Company for any Expense Advance until a final judicial determination is made with respect thereto (as to which all rights of appeal therefrom have been exhausted or
lapsed). 

        Indemnitee's
obligation to reimburse the Company for any Expense Advance shall be unsecured and no interest shall be charged thereon. If there has not been a Change in Control, or if
there has been a Change in Control which has been approved by a majority of the directors of the Company who were directors immediately prior to the Change in Control (the "Incumbent Directors"), the
Reviewing Party shall be selected by the Board of Directors of the Company, and if there has been a Change in Control which has not been approved by a majority of the Incumbent Directors, the
Reviewing Party shall be the Independent Legal Counsel. If there has been no determination by the Reviewing Party or if the Reviewing Party determines that Indemnitee would not be permitted to be
indemnified in whole or in part under applicable law, Indemnitee shall have the right to commence litigation seeking an initial determination by the court or challenging any such determination by the
Reviewing Party or any aspect thereof, including the legal or factual bases therefor, and the Company hereby consents to service of process and to appear in any such proceeding. Any determination by
the Reviewing Party otherwise shall be conclusive and binding on the Company and Indemnitee. 

        (c)    Contribution.    If the indemnification obligations of the Company under Section 1(a) hereof shall be
held by a court of competent jurisdiction for any reason other than that set forth in Section 8(a) hereof to be unavailable to Indemnitee in respect of any Expense, then the Company, in lieu of
indemnifying Indemnitee thereunder, shall contribute to the amount paid or payable by Indemnitee as a result of such Expense (i) in such proportion as is appropriate to reflect the relative
benefits received by the Company and Indemnitee, or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to
reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Company and Indemnitee in connection with the action or inaction which resulted in such
Expense, as well as any other relevant equitable considerations. The Company and Indemnitee agree that it would not be just and equitable if contribution pursuant to this Section 1(c) were
determined by pro rata or per capita allocation or by any other method of allocation which does not take account of the equitable considerations referred to in the immediately preceding sentence. 

        (d)    Mandatory Payment of Expenses.    Notwithstanding any other provision of this Agreement, to the extent that
Indemnitee has been successful on the merits or otherwise, including, without limitation, the dismissal of an action without prejudice, in defense of any Proceeding or in the defense of any claim,
issue or matter therein, Indemnitee shall be indemnified against all Expenses incurred by Indemnitee in connection therewith. 

        2.    Expenses; Indemnification Procedure.    

        (a)    Advancement of Expenses.    Subject to the terms and conditions of Section 1(b) hereof and to the extent
not prohibited by applicable law, the Company shall advance all Expenses incurred by Indemnitee. The advances to be made hereunder shall be paid by the Company to Indemnitee as soon as practicable but
in any event no later than thirty (30) days after written demand by Indemnitee therefor to the Company. 

        (b)    Notice; Cooperation by Indemnitee.    Indemnitee shall, as a condition precedent to Indemnitee's right to be
indemnified under this Agreement, give the Company notice in writing as soon as practicable of any Proceeding for which indemnification will or could be sought under this Agreement. In addition,
Indemnitee shall give the Company such 

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information
and cooperation as it may reasonably require and as shall be within Indemnitee's power. 

        (c)    No Presumptions; Burden of Proof.    

        (i)    For
purposes of this Agreement, the termination of any Proceeding by judgment, order, settlement (whether with or without court approval) or conviction, or upon a plea
of nolo contendere or its equivalent, shall not create a presumption that Indemnitee did not meet any particular standard of conduct or have any particular belief or that a court has determined that
indemnification is not permitted by applicable law. In addition, neither the failure of the Reviewing Party to have made a determination as to whether Indemnitee has met any particular standard of
conduct or had any particular belief, nor an actual determination by the Reviewing Party that Indemnitee has not met such standard of conduct or did not have such belief, prior to the commencement of
legal proceedings by Indemnitee to secure a judicial determination that Indemnitee should be indemnified under applicable law, shall be a defense to Indemnitee's claim or create a presumption that
Indemnitee has not met any particular standard of conduct or did not have any particular belief. 

        (ii)   In
connection with any determination by the Reviewing Party or otherwise as to whether Indemnitee is entitled to be indemnified hereunder, the burden of proof shall be
on the Company to establish that Indemnitee is not so entitled. 

        (d)    Notice to Insurers.    If, at the time of the receipt by the Company of a notice of a Proceeding pursuant to
Section 2(b) hereof, the Company has liability insurance in effect which may cover such Proceeding, the Company shall give prompt notice of the commencement of such Proceeding to the insurers
in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all
amounts payable as a result of such action, suit, proceeding, inquiry or investigation in accordance with the terms of such policies. 

        (e)    Selection of Counsel.    In the event the Company shall be obligated hereunder to pay the Expenses of a
Proceeding, the Company shall be entitled to assume the defense of such Proceeding with counsel approved by Indemnitee, which approval shall not be unreasonably withheld or delayed, upon the delivery
to Indemnitee of written notice of its election so to do. After delivery of such notice, approval of such counsel by Indemnitee and the retention of such counsel by the Company, the Company will not
be liable to Indemnitee under this Agreement for any fees of counsel subsequently incurred by Indemnitee with respect to the same Proceeding; provided
that (i) Indemnitee shall have the right to employ Indemnitee's counsel in any such Proceeding at Indemnitee's expense and (ii) if (A) the employment of counsel by Indemnitee has
been previously authorized by the Company, (B) Indemnitee shall have reasonably concluded that there is a conflict of interest between the Company and Indemnitee in the conduct of any such
defense, or (C) the Company shall not continue to retain such counsel to defend such Proceeding, then the fees and expenses of Indemnitee's counsel shall be at the expense of the Company. The
Company shall have the right to conduct such defense as it sees fit in its sole discretion, provided that the Company has the right to settle any claim against Indemnitee only with the consent of
Indemnitee, which shall not be unreasonably withheld or delayed. 

        3.    Scope; Nonexclusivity.    

        (a)    Scope.    It is understood that the parties to this Agreement intend for this Agreement to be interpreted and
enforced so as to provide indemnification and advancement of Expenses to Indemnitee to the fullest extent now or hereafter permitted by law, subject 

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only
to the express exceptions and limitations otherwise set forth in this Agreement. In the event of any change after the date of this Agreement in any applicable law, statute or rule which expands
the right of the Company to indemnify a member of the Board of Directors or an officer, employee, agent or fiduciary of the Company or any Subsidiary, as applicable, it is the intent of the parties
hereto that Indemnitee shall enjoy by this Agreement the greater benefits afforded by such change. In the event of any change in any applicable law, statute or rule which narrows the right of the
Company to indemnify a member of the Board of Directors or an officer, employee, agent or fiduciary of the Company or any Subsidiary, as applicable, such change, to the extent not otherwise required
by such law, statute or rule to be applied to this Agreement, shall have no effect on this Agreement or the parties' rights and obligations hereunder. 

        (b)    Nonexclusivity.    The indemnification and advancement of Expenses provided by this Agreement shall be in
addition to any rights to which Indemnitee may be entitled under the charter documents of the Company or any Subsidiary, any agreement, any vote of stockholders or disinterested directors, the General
Corporation Law of the State of Delaware, or otherwise. 

        4.    No Duplication of Payments.    The Company shall not be liable under this Agreement to make any payment in
connection with any Proceeding against Indemnitee to the extent Indemnitee has otherwise
actually received payment (under any insurance policy, charter documents of the Company or any Subsidiary or otherwise) of the amounts otherwise indemnifiable hereunder. 

        5.    Partial Indemnification.    If Indemnitee is entitled under any provision of this Agreement to indemnification
by the Company for some or a portion of Expenses incurred in connection with any Proceeding, but not for all of the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the
portion of such Expenses to which Indemnitee is entitled. 

        6.    Mutual Acknowledgement.    Both the Company and Indemnitee acknowledge that in certain instances, Federal law or
applicable public policy may prohibit the Company from indemnifying its directors, officers, employees, agents or fiduciaries under this Agreement or otherwise. Indemnitee understands and acknowledges
that the Company may be required in the future to undertake with the Securities and Exchange Commission to submit the question of indemnification to a court in certain circumstances for a
determination of the Company's right under public policy to indemnify Indemnitee. 

        7.    Maintenance of Liability Insurance.    The Company shall, from time to time, make the good faith determination
whether or not it is practicable for the Company to obtain and maintain a policy or policies of insurance with reputable insurance companies providing the officers and directors of the Company with
coverage for losses from wrongful acts, or to ensure the Company's performance of its indemnification obligations under this Agreement. Among other considerations, the Company will weigh the costs of
obtaining such insurance coverage against the protection afforded by such coverage. In all policies of director and officer liability insurance, Indemnitee shall be named as an insured in such a
manner as to provide Indemnitee the same rights and benefits as are accorded to the most favorably insured of the Company's directors, if Indemnitee is a director, or of the Company's officers, if
Indemnitee is not a director of the Company but is an officer. Notwithstanding the foregoing, the Company shall have no obligation to obtain or maintain such insurance if the Company determines in
good faith that such insurance is not reasonably available, if the premium costs for such insurance are disproportionate to the amount of coverage proved, if the coverage provided by such insurance is
limited by exclusions so as to provide an insufficient benefit, or if Indemnitee is covered by similar insurance maintained by a parent or Subsidiary of the Company 

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        8.    Exceptions.    Notwithstanding anything to the contrary herein other than Section 1(d) hereof, the
Company shall not be obligated pursuant to the terms of this Agreement: 

        (a)    Unlawful Claims.    To indemnify Indemnitee with respect to any Proceeding if a final decision by a court
having jurisdiction shall have determined that such indemnification is not lawful; 

        (b)    Proceedings Initiated by Indemnitee.    To indemnify or advance Expenses to Indemnitee with respect to
Proceedings initiated or brought voluntarily by Indemnitee and not by way of defense, except (i) with respect to any Proceeding (x) brought to establish or enforce a right to
indemnification or advancement of Expenses under this Agreement, or any other agreement, or insurance policy, or the charter documents of the Company or any Subsidiary, now or hereafter in effect
relating to any Proceeding, or (y) specifically authorized by the Board of Directors, or (ii) as otherwise required under Section 145 of the Delaware General Corporation Law,
regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, advance expense payment or insurance recovery, as the case may be;  provided, however, that such indemnification or advancement of Expenses may be provided by the Company
in specific cases if the Board of Directors determines it to be appropriate; 

        (c)    Claims Under Section 16(b).    To indemnify Indemnitee for Expenses, judgments, fines or penalties
sustained in any Proceeding for an accounting of profits arising from the purchase and sale by Indemnitee of securities of the Company in violation of Section 16(b) of the Securities Exchange
Act of 1934, as amended (the "Exchange Act"), rules and regulations promulgated thereunder, or any similar provisions of any federal, state or local statute; or 

        (d)    Lack of Good Faith.    To indemnify Indemnitee for any Expenses incurred by Indemnitee with respect to any
Proceeding instituted by Indemnitee to enforce or interpret this Agreement, if a court of competent jurisdiction determines that each of the material assertions made by Indemnitee in such Proceeding
was not made in good faith or was frivolous. 

        9.    Period of Limitations.    No legal action shall be brought and no cause of action shall be asserted by or in the
right of the Company against Indemnitee, Indemnitee's estate, spouse, heirs, executors or personal or legal representatives after the expiration of three (3) years from the date of accrual of
such cause of action, and any claim or cause of action of the Company shall be extinguished and deemed released unless asserted by the timely filing of a legal action within such
three-year period; provided, however, that if any shorter period of limitations is otherwise
applicable to any such cause of action, such shorter period shall govern. 

        10.    Construction of Certain Terms and Phrases.    As used in this Agreement, the following terms and phrases shall
have the meanings set forth below: 

        (a)   A
"Change in Control" shall be deemed to have occurred if (i) any "person" (as such term is used in Sections 13(d) and 14(d) of the Exchange Act), other than a
trustee or other fiduciary holding securities under an employee benefit plan of the Company or a corporation owned directly or indirectly by the stockholders of the Company in substantially the same
proportions as their ownership of stock of the Company, (A) who is or becomes the beneficial owner, directly or indirectly, of securities of the Company representing 10% or more of the combined
voting power of the Company's then outstanding Voting Securities, increases his beneficial ownership of such securities by 5% or more over the percentage so owned by such person, or (B) becomes
the "beneficial owner" (as defined in Rule 13d-3 under said Act), directly or indirectly, of securities of the Company representing more than 20% of the total voting power
represented by the Company's then outstanding Voting 

5

 

Securities,
(ii) during any period of two consecutive years, individuals who at the beginning of such period constitute the Board of Directors of the Company and any new director whose election
by the Board of Directors or nomination for election by the Company's stockholders was approved by a vote of at least two-thirds of the directors then still in office who either were
directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute a majority thereof, or (iii) the
stockholders of the Company approve a merger or consolidation of the Company with any other corporation other than a merger or consolidation which would result in the Voting Securities of the Company
outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into Voting Securities of the surviving entity) at least 80% of the total voting
power represented by the Voting Securities of the Company or such surviving entity outstanding immediately after such merger or consolidation, or the stockholders of the Company approve a plan of
complete liquidation of the Company or an agreement for the sale or disposition by the Company of (in one transaction or a series of transactions) all or substantially all of the Company's assets. 

        (b)   References
to the "Company" shall include, in addition to the resulting corporation, any constituent corporation (including any constituent of a constituent) absorbed in
a consolidation or merger which, if its separate existence had continued, would have had power and authority to indemnify its directors, officers, employees, agents or fiduciaries, so that if
Indemnitee is or was a director, officer, employee, agent or fiduciary of such constituent corporation, or is or was serving at the request of such constituent corporation as a director, officer,
employee, agent or fiduciary of another corporation, partnership, joint venture, employee benefit plan, trust or other enterprise, Indemnitee shall stand in the same position under the provisions of
this Agreement with respect to the resulting or surviving corporation as Indemnitee would have with respect to such constituent corporation if its separate existence had continued. 

        (c)   "Expense"
shall include any and all expenses (including attorneys' fees and all other costs, expenses and obligations incurred in connection with investigating,
defending, being a witness in or participating in (including on appeal), or preparing to defend, be a witness in or participate in, a Proceeding), judgments, fines, penalties and amounts paid in
settlement (if such settlement is approved in advance by the Company, which approval shall not be unreasonably withheld or delayed) of a Proceeding, and any federal, state, local or foreign taxes
imposed on Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement. 

        (d)   "Independent
Legal Counsel" shall mean an attorney or firm of attorneys who shall not have otherwise performed services for the Company or Indemnitee within the last
three years (other than with respect to matters concerning the rights of Indemnitee under this Agreement, or of other indemnitees under similar indemnity agreements). Independent Legal Counsel shall
be selected as follows: (i) by a majority of the Disinterested Directors if there has not been a Change in Control or if there has been a Change in Control which has been approved by a majority
of the Incumbent Directors; or (ii) by Indemnitee, subject to the approval by a majority of the Disinterested Directors (which shall not be unreasonably withheld), if there has been a Change in
Control which has not been approved by a majority of the Incumbent Directors. The Company agrees to pay the reasonable fees of the Independent Legal Counsel, regardless of which party selects the
Independent Legal Counsel. 

        (e)   References
to "other enterprises" shall include employee benefit plans; references to "fines" shall include any excise taxes assessed on Indemnitee with respect to an
employee benefit plan; and references to "serving at the request of the Company" shall include any service as a director, officer, employee, agent or fiduciary of the Company which imposes 

6

 

duties
on, or involves services by, such director, officer, employee, agent or fiduciary with respect to an employee benefit plan, its participants or its beneficiaries. 

        (f)    "Proceeding"
shall mean any threatened, pending or completed action, suit, proceeding or alternative dispute resolution mechanism, or any hearing, inquiry or
investigation that Indemnitee in good faith believes might lead to the institution of any such action, suit, proceeding or alternative dispute resolution mechanism, whether brought by or in the right
of the Company or any Subsidiary or otherwise, and whether civil, criminal, administrative, investigative or other, in which Indemnitee was or is or becomes a party to or witness or other participant
in, or is threatened to be made a party to or witness or other participant by reason of (or arising in part out of) any event or occurrence related to the fact that Indemnitee is or was a director,
officer, employee, agent or fiduciary of the Company or any Subsidiary, or is or was serving at the request of the Company or any Subsidiary as a director, officer, employee, agent or fiduciary of
another corporation, partnership, joint venture, trust or other enterprise, or by reason of any action or inaction on the part of Indemnitee while serving in such capacity. 

        (g)   "Reviewing
Party" shall mean (i) the Board of Directors acting by a majority vote of the directors who are not and were not parties to the Proceeding in respect
of which indemnification is being sought (the "Disinterested Directors"), (ii) a committee of some or all of the Disinterested Directors designated by a majority vote of the Disinterested
Directors, or (iii) Independent Legal Counsel. 

        (h)   "Subsidiary"
shall mean any corporation or other entity of which more than 50% of the outstanding Voting Securities is owned directly or indirectly by the Company, by
the Company and one or more other Subsidiaries, or by one or more other Subsidiaries. 

        (i)    "Voting
Securities" shall mean any securities of the Company that vote generally in the election of directors. 

        11.    Counterparts.    This Agreement may be executed in one or more counterparts, each of which shall constitute an
original. 

        12.    Binding Effect; Successors and Assigns.    This Agreement shall be binding upon and inure to the benefit of and
be enforceable by the parties hereto and their respective successors (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the
business and/or assets of the Company), assigns, spouses, heirs, and personal and legal representatives. The Company shall require and cause any successor (whether direct or indirect by purchase,
merger, consolidation or otherwise) to all, substantially all, or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance reasonably satisfactory
to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place.
This Agreement shall continue in effect with respect to any Proceeding regardless of whether Indemnitee continues to serve as a director, officer, employee, agent or fiduciary of the Company, any
Subsidiary or any other enterprise at the Company's request. 

        13.    Attorneys' Fees.    In the event that any action is instituted by Indemnitee under this Agreement or under any
liability insurance policies maintained by the Company to enforce or interpret any of the terms hereof or thereof, Indemnitee shall be entitled to be paid all expenses incurred by Indemnitee with
respect to such action, regardless of whether Indemnitee is ultimately successful in such action, and shall be entitled to the advancement of such expenses with respect to such action, unless, as a
part of such action, a court of competent jurisdiction over such action determines that each of the material assertions made by Indemnitee as a basis for such action was 

7

 

not
made in good faith or was frivolous. In the event of an action instituted by or in the name of the Company under this Agreement to enforce or interpret any of the terms of this Agreement,
Indemnitee shall be entitled to be paid all expenses incurred by Indemnitee in defense of such action (including costs and expenses incurred with respect to Indemnitee counterclaims and cross-claims
made in such action), and shall be entitled to the advancement of such expenses with respect to such action, unless, as a part of such action, a court having jurisdiction over such action determines
that each of Indemnitee's material defenses to such action was not made in good faith or was frivolous. 

        14.    Notice.    All notices and other communications required or permitted hereunder shall be in writing, shall be
effective when received, and shall in any event be deemed to be received (a) five (5) days after deposit with the U.S. Postal Service or other applicable postal service, if delivered by
certified or registered mail, postage prepaid, (b) upon delivery, if delivered by hand, (c) one business day after the business day of deposit with Federal Express or similar overnight
courier, freight prepaid, or (d) one day after the business day of delivery by facsimile transmission, if delivered by facsimile transmission, with
copy by first class mail, postage prepaid, and shall be addressed if to Indemnitee, at Indemnitee's address as set forth beneath Indemnitee's signature to this Agreement and if to the Company at the
address of its principal corporate offices (attention: Secretary) or at such other address as a party may designate by ten days' advance written notice to the other party hereto. 

        15.    Headings.    The headings used in this Agreement have been inserted for convenience of reference only and do
not define or limit the provisions hereof. 

        16.    Severability.    The provisions of this Agreement shall be severable in the event that any of the provisions
hereof (including any provision within a single section, paragraph or sentence) are held by a court of competent jurisdiction to be invalid, void or otherwise unenforceable, and the remaining
provisions shall remain enforceable to the fullest extent permitted by law. Furthermore, to the fullest extent possible, the provisions of this Agreement (including, without limitations, each portion
of this Agreement containing any provision held to be invalid, void or otherwise unenforceable, that is not itself invalid, void or unenforceable) shall be construed so as to give effect to the intent
manifested by the provision held invalid, illegal or unenforceable. 

        17.    Choice of Law.    This Agreement shall be governed by and its provisions construed and enforced in accordance
with the laws of the State of Delaware, as applied to contracts between Delaware residents, entered into and to be performed entirely within the State of Delaware, without regard to the conflict of
laws principles thereof. 

        18.    Subrogation.    In the event of payment under this Agreement, the Company shall be subrogated to the extent of
such payment to all of the rights of recovery of Indemnitee who shall execute all documents required and shall do all acts that may be necessary to secure such rights and to enable the Company
effectively to bring suit to enforce such rights. 

        19.    Amendment and Termination.    No amendment, modification, termination or cancellation of this Agreement shall
be effective unless it is in writing signed by both the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof
(whether or not similar) nor shall such waiver constitute a continuing waiver. 

        20.    Integration and Entire Agreement.    This Agreement sets forth the entire understanding between the parties
hereto and supersedes and merges all previous written and oral negotiations, commitments, understandings and agreements relating to the subject matter hereof between the parties hereto. 

        21.    No Construction as Employment Agreement.    Nothing contained in this Agreement shall be construed as giving
Indemnitee any right to be retained in the employ of the Company or any of its Subsidiaries. 

[SIGNATURE
PAGE FOLLOWS] 

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

	

 	

 	
 	

COMSTOCK HOMEBUILDING COMPANIES, INC.
	

 	

 	
 	

By:	

  

	 	 	 	Name:	  

	 	 	 	Title:	  

	

AGREED TO AND ACCEPTED BY:	
 	

 	

 
	

Signature:	

  
	
 	

 	

 
	Name:	  
	 	 	 
	Address:	  
	 	 	 

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Exhibit 10.11  

 
 

PROMISSORY NOTE    
    

	$                  	 	                        , 2004

        1.    General.    For value received,
                        , a Virginia corporation (the
"Payor"), hereby promises to pay to the order of                        , an
individual with the primary address of                        or his assigns (the
"Payee"), the principal amount of $                        plus all accrued and
unpaid interest as set forth herein. All payments hereunder shall be made in
such coin or currency of the United States of America as at the time of payment shall be legal tender therein for the payment of public and private debts. Interest on the unpaid balance of the
principal amount of this Promissory Note shall accrue from and after the date hereof at the rate of 3.0% per annum (compounded on a calendar quarter basis) (the
"Rate"). The principal of, and interest on, this Promissory Note shall be payable by wire transfer of immediately available funds to the account of the
Payee. All payments, including any prepayments pursuant to Section 2 hereof, shall be applied first to costs of collection, if any, then to
accrued and unpaid interest, and thereafter to principal. The principal amount herein plus all accrued and unpaid interest thereon shall be paid by Payor to Payee on the one-year
anniversary of this Promissory Note (the "Maturity Date"). 

        2.    Prepayment.    Prepayment of principal and interest may be made at any time without penalty. 

        3.    Defaults.    

            3.1    Definitions.    In each case of the happening of the following events (each of which is an
"Event of Default"): 

        (a)   if
a default occurs in the payment of any premium, principal of, interest on, or other obligation with respect to, this Promissory Note, whether at the date an interest
payment is due, the Maturity Date or upon acceleration thereof, and such default shall continue for more than ten days after written notice thereof from the Payee to Payor; 

        (b)   if
Payor shall (i) discontinue its business, (ii) apply for or consent to the appointment of a receiver, trustee, custodian or liquidator of it or any of
its property, (iii) admit in writing its inability to pay its debts as they mature, (iv) make a general assignment for the benefit of creditors, or (v) file a voluntary
petition in bankruptcy, or a petition or an answer seeking reorganization or an arrangement with creditors, or to take advantage of any bankruptcy, reorganization, insolvency, readjustment of debt,
dissolution or liquidation laws or statutes, or an answer admitting the material allegations of a petition filed against it in any proceeding under any such law; 

        (c)   there
shall be filed against either Payor an involuntary petition seeking reorganization of such Payor or the appointment of a receiver, trustee, custodian or liquidator
of either Payor or a substantial part of its assets, or an involuntary petition under any bankruptcy, reorganization or insolvency law of any jurisdiction, whether now or hereafter in effect (any of
the foregoing petitions being hereinafter referred to as an "Involuntary Petition") and such Involuntary Petition shall not have been dismissed within
60 days after it was filed; or 

        (d)   if
a default occurs in the due observance or performance of any covenant or agreement on the part of Payor to be observed or performed pursuant to the terms of this
Promissory Note, and such default remains uncured for more than 15 days after written notice thereof from Payee to Payor; 

then,
upon each and every such Event of Default and at any time thereafter during the continuance of such Event of Default, at the election of Payee, this Promissory Note shall immediately become due
and payable, both as to principal and interest (including any deferred interest and any accrued and unpaid interest), without presentment, demand, or protest, all of which are hereby expressly waived, 

 

anything
contained herein to the contrary notwithstanding (except in the case of an Event of Default under paragraphs (b) or (c) of this  Section 3.1, in which event such indebtedness shall
automatically become due and payable). 

            3.2    Remedies on Default, Etc.    In case any one or more Events of Default shall occur and be
continuing and acceleration of this Promissory Note shall have occurred, the Payee may, inter alia, proceed to protect and enforce its rights by an
action at law, suit in equity or other appropriate proceeding, whether for the specific performance of any agreement contained in this Promissory Note, or for an injunction against a violation of any
of the terms hereof or in and of the exercise of any power granted hereby or by law. No right conferred upon the Payee by this Promissory Note shall be exclusive of any other right referred to herein
or now or hereafter available at law, in equity, by statute or otherwise. 

        4.    Replacement of Note.    Upon receipt by the Payor of evidence satisfactory to it of the loss, theft,
destruction, or mutilation of this Promissory Note and (in the case of loss, theft or destruction) of an indemnity reasonably satisfactory to it, and upon surrender and cancellation of this Promissory
Note, if mutilated, the Payor will deliver a new promissory note of like tenor in lieu of this Promissory Note. Any note delivered in accordance with the provisions of this  Section 4 shall be dated
as of the date of this Promissory Note. 

        5.    Extension of Maturity.    Should the principal of or interest on this Promissory Note become due and payable on
other than a business day, such payment date shall be extended to the next succeeding business day, and, in the case of principal, interest shall be payable thereon at the Rate during such extension.
For the purposes of the preceding sentence, a business day shall be any day that is not a Saturday, Sunday, or legal holiday in the Commonwealth of Virginia. 

        6.    Attorneys' and Collection Fees.    Should the indebtedness evidenced by this Promissory Note or any part hereof
be collected at law or in equity or in bankruptcy, receivership or other court proceedings, the Payor agrees to pay, in addition to principal and interest due and payable hereon, all costs of
collection, including reasonable attorneys' fees and expenses, incurred by the Payee in collecting or enforcing this Promissory Note. 

        7.    Waivers.    

            7.1    Waivers by Payor.    The Payor hereby waives presentment, demand for payment, notice of dishonor,
notice of protest and all other notices or demands in connection with the delivery, acceptance, performance or default of this Promissory Note. 

            7.2    Actions of Payee not a Waiver.    No delay by the Payee in exercising any power or right
hereunder shall operate as a waiver of any power or right, nor shall any single or partial exercise of any power or right preclude other or further exercise thereof, or the exercise thereof, or the
exercise of any other power or right hereunder or otherwise; and no waiver whatsoever or modification of the terms hereof shall be valid unless set forth in writing by the Payee and then only to the
extent set forth therein. 

        8.    Assignment.    This Promissory Note may not be assigned by Payor without the written consent of Payee;  provided,
however, that no such consent shall be required for an assignment of this Promissory Note by
the Payor to [Comstock Holding Company, Inc., a Virginia corporation][Comstock Homebuilding Companies, Inc., a Delaware corporation] if
such assignment is made in connection with a merger between the Payor and [Comstock Holding Company, Inc.][Comstock Homebuilding
Companies, Inc.]. 

        9.    Amendments and Waivers.    No provision of this Promissory Note may be amended or waived without the express
written consent of both the Payor and the Payee. 

2

 

        10.    Governing Law.    This Promissory Note is made and delivered in, and shall be governed by and construed in
accordance with the laws of, the Commonwealth of Virginia (without giving effect to principles of conflicts of laws of the Commonwealth of Virginia or any other state). Each of Payor and Payee hereby
irrevocably submits to the jurisdiction of any state or federal court sitting in the Commonwealth of Virginia for purposes of any controversy, claim or dispute arising out of or related to this
Promissory Note and hereby waives any defense of an inconvenient forum and any right of jurisdiction on account of the place of residence or domicile. 

        IN
WITNESS WHEREOF, the Payor has duly executed this Promissory Note as of the date first written above. 

[Name of Payor]

	 	 	By:	 	

	 	 	Name:	 	

	 	 	Title:	 	

3

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PROMISSORY NOTE

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