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FIRST AMENDMENT TO DEVELOPMENT AGREEMENT <br />BETWEEN THE ECONOMIC DEVELOPMENT AUTHORITY <br />OF THE CITY OF LITTLE CANADA AND <br />THE LODGE AT LITTLE CANADA LLC <br />1. Recitals. <br />1.1 Recital One. The Economic Development Authority of the City of Little Canada <br />( "EDA ") and The Lodge at Little Canada LLC ( "Lodge ") are parties to a Development <br />Agreement made and effective as of the 22 "`I day of November, 2002 (the "Development <br />Agreement "). <br />1.2 Recital Two. As a part of its financing for the construction of the "Minimum <br />Improvements ", as defined in the Development Agreement, Lodge is obtaining a loan from <br />Glaser Financial Group, Inc. ( "Glaser ") and will grant Glaser a mortgage on the "Development <br />Property ", as defined in the Development Agreement, to secure its obligation to repay the loan. <br />Glaser has applied to the U.S. Department of Housing and Urban Development for insurance of <br />the mortgage loan under Section 221(d)(4)) of the National Housing Act. <br />1.3 Recital Three. As a condition of insuring the mortgage loan, the U.S. Department <br />of Housing and Urban Development is requiring a modification of Section 12.1(c) of the <br />Development Agreement. <br />1.4 Recital Four. To induce the U.S. Department of Housing and Urban <br />Development to insure the mortgage loan, EDA and Lodge are entering into this First <br />Amendment to Development Agreement to induce the U.S. Department of Housing and Urban <br />Development to insure the mortgage loan as requested by Glaser. <br />2. Amendment. Section 12.1(c) of the Development Agreement is hereby revised by <br />adding the following clause at the beginning of said Section: <br />At any time prior to Developer's substantial completion of the Minimum Improvements, <br />as evidenced by the EDA's issuance of a Certificate of Completion pursuant to Section <br />6.6 of this Agreement, ... <br />3. Effective Date. This First Amendment to Development Agreement is effective as of <br />January , 2003. <br />4. No further modification except for the modification described in Section 3 above, the <br />Development Agreement remains unmodified and in full force and effect. <br />1491129v1 <br />