On July 2, 2008, Wilson Family Communities, Inc., a wholly-owned subsidiary of Green Builders, Inc., entered into a Second Agreement to Modify Loan Documents (the "Modification Agreement"), with a syndicate of banks led by RBC Bank, as administrative agent (the "Agent") to modify the terms of the loans provided by the syndicate of banks pursuant to the Borrowing Base Loan Agreement dated June 29, 2007 (the "Loan Agreement"). The Modification Agreement modified the terms of the Loan Agreement by (i) extending the loan termination date from June 29, 2008 to August 29, 2008, (ii) forbearing our non-compliance with (A) the existing Spec Home limitation set forth in the Loan Agreement and (B) the developed lot limitation set forth in the Loan Agreement, both through August 29, 2008, and (iii) clarifying that in spite of such non-compliance that we will continue to be entitled to borrow funds pursuant to the Loan Agreement. No payments were made in consideration for the Modification Agreement.

The above description of the material terms of the Modification Agreement is not a complete statement of the parties' rights and obligations with respect to the agreement. The above statements are qualified in their entirety by reference to the Modification Agreement, a copy of which is filed as exhibit 10.1 hereto.

(d) Exhibits Exhibit Description

10.1    Second Agreement to Modify Loan Documents dated as of July 2, 2008 by
        and between the Company and a syndicate of banks led by RBC Centura
        Bank, as administrative agent