REVOLVING NOTE
FOR VALUE
RECEIVED, the undersigned, UNITED DEVELOPMENT FUNDING III, L.P., a
Delaware limited partnership, (hereinafter, together with its
successors and assigns, “ Borrower ””),
hereby promises to pay to the order of PREMIER BANK, a Missouri
banking association, d/b/a Premier Bank Texas (hereinafter,
together with its successors and assigns, “ Lender
”), at the office of Lender, in immediately available funds,
the principal sum of Ten Million and NO/100 DOLLARS
($10,000,000.00) of United States funds, or, if less, so much
thereof as may from time to time be advanced as Revolving Loan
Advances by Lender to Borrower hereunder, plus interest as
hereinafter provided.
This Note is
the Revolving Note referred to in that certain Loan and Security
Agreement dated as of December 29, 2006 between Borrower and Lender
(as amended, restated, supplemented or otherwise modified from time
to time, the “ Loan Agreement ”). All
capitalized terms used herein shall have the meanings ascribed to
such terms in the Loan Agreement except to the extent such
capitalized terms are otherwise defined or limited
herein.
All principal
amounts and other Obligations then outstanding hereunder shall be
due and payable in full on the Termination Date, or such earlier
date as the Revolving Loan Advances shall be due and payable in
full, whether by acceleration or otherwise, pursuant to the Loan
Agreement. Borrower also shall repay the principal outstanding
hereunder from time to time as provided in the Loan
Agreement.
Borrower shall
be entitled to borrow, repay and re-borrow funds hereunder pursuant
to the terms and conditions of the Loan Agreement. Prepayment of
the principal amount of any Revolving Loan Advance may be made only
as provided in the Loan Agreement.
Borrower hereby
promises to pay interest on the unpaid principal amount hereof as
provided in Section 1.3 of the Loan Agreement. Interest
under this Revolving Note also shall be due and payable when this
Revolving Note shall become due (whether at maturity, by reason of
acceleration or otherwise). The O
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