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<SEC-DOCUMENT>0000950123-09-041577.txt : 20090908
<SEC-HEADER>0000950123-09-041577.hdr.sgml : 20090907
<ACCEPTANCE-DATETIME>20090908141518
ACCESSION NUMBER:		0000950123-09-041577
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20090904
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20090908
DATE AS OF CHANGE:		20090908

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INCOME OPPORTUNITY REALTY INVESTORS INC /TX/
		CENTRAL INDEX KEY:			0000949961
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				752615944
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14784
		FILM NUMBER:		091057754

	BUSINESS ADDRESS:	
		STREET 1:		1800 VALLEY VIEW LANE
		STREET 2:		SUITE 300
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75234
		BUSINESS PHONE:		4685224200

	MAIL ADDRESS:	
		STREET 1:		1800 VALLEY VIEW LANE
		STREET 2:		SUITE 300
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75234
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d69073e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>e8vk</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Date of Report (Date of earliest event reported): </B><u><B>September&nbsp;4, 2009</B></u></DIV>

<DIV align="center" style="font-size: 20pt; margin-top: 12pt"><B>INCOME OPPORTUNITY REALTY INVESTORS, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></DIV>


<DIV align="center" style="font-size: 10pt">(Exact Name of Registrant as Specified in its Charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Nevada</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>001-14784</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>75-2615944</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or other <BR>
jurisdiction of incorporation)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Commission<BR>
File No.)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer<BR>
Identification No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>1800 Valley View Lane, Suite&nbsp;300</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>Dallas, Texas</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>75234</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(Address of principal executive offices)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Zip Code)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Registrant&#146;s telephone number, including area code <u><B>469-522-4200</B></u>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligation of the Registrant under any of the following provisions:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))</TD>
</TR>

</TABLE>
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>






<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<!--TOC-->
<!--/TOC-->





<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;8 &#151; Other Events</B>
</DIV>

<!-- link1 "Item&nbsp;8.01 Other Events" -->

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Item&nbsp;8.01 Other Events</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On September&nbsp;4, 2009, but effective as of July&nbsp;1, 2009, Income Opportunity Realty Investors,
Inc. (&#147;IOT&#148; or the &#147;Issuer&#148;) executed a Reinstatement Instrument among IOT, Syntek West, Inc.
(&#147;SWI&#148;) and Prime Income Asset Management, LLC (&#147;Prime&#148;) pursuant to which an Advisory Agreement
dated July&nbsp;17, 2009 but effective July&nbsp;1, 2009 between Prime and IOT was terminated <I>ab initio </I>and
the Advisory Agreement dated July&nbsp;1, 2003 between IOT and SWI was reinstated in full in the same
manner as if same had never been terminated. It was previously reported on July&nbsp;17, 2009 that the
Advisory Agreement dated July&nbsp;1, 2003 between IOT and SWI had been terminated by mutual agreement.
SWI had served as IOT&#146;s advisory since July&nbsp;1, 2003. Following that event, it was disclosed to IOT
that the July&nbsp;1, 2003 SWI Advisory Agreement had been pledged as collateral as an accommodation
pledge for certain obligations of another entity and that such termination might cause damage to
such other entity. Accordingly, pursuant to the Reinstatement Instrument, the parties thereto
agree to terminate the Prime Advisory Agreement <I>ab initio </I>and to reinstate in full the SWI Advisory
Agreement in the same manner as if there had been no attempted termination thereof. SWI continues
as the contractual advisor to IOT under the Advisory Agreement dated as of July&nbsp;1, 2003 until
further action or agreement between IOT and SWI. A copy of the Reinstatement Instrument is
attached as an exhibit to this report.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;9 &#151; Financial Statements and Exhibits</B>
</DIV>

<!-- link1 "Item&nbsp;9.01 Financial Statements and Exhibits" -->

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Item&nbsp;9.01 Financial Statements and Exhibits</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Exhibits.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents are filed herewith as exhibits to this Report:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="93%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 0px solid #000000"><B>Designation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 0px solid #000000"><B>Description of Exhibit</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Advisory Agreement dated as of July&nbsp;1, 2003 between
Income Opportunity Realty Investors, Inc. and Syntek
West, Inc. (incorporated by reference to Exhibit&nbsp;10.0 to
the Registrants Current Report on Form&nbsp;8-K for event
occurring July&nbsp;1, 2003).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.3*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Reinstatement Instrument dated September&nbsp;4, 2009 but
effective July&nbsp;1, 2009 among Income Opportunity Realty
Investors, Inc., Syntek West, Inc. and Prime Income Asset
Management LLC.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Filed herewith.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">





<!-- link1 "SIGNATURES" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly-caused this Report to be signed on its behalf by the undersigned hereunto duly-authorized.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dated: September 8, 2009&nbsp;</TD>
    <TD colspan="3" align="left">INCOME OPPORTUNITY REALTY
INVESTORS, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Gene S. Bertcher
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Gene S. Bertcher, Executive Vice&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">President and Chief Accounting Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>2
<FILENAME>d69073exv10w3.htm
<DESCRIPTION>EX-10.3
<TEXT>
<HTML>
<HEAD>
<TITLE>exv10w3</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;10.3</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>REINSTATEMENT INSTRUMENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS REINSTATEMENT INSTRUMENT (the &#147;Instrument&#148;) is made and entered into
on September&nbsp;4, 2009, but effective as of July&nbsp;1, 2009 (the &#147;Effective Date&#148;) among Income
Opportunity Realty Investors, Inc., a Nevada corporation (&#147;IOT&#148;), Syntek West, Inc., a Nevada
corporation (&#147;SWI&#148;), and Prime Income Asset Management LLC, a Nevada limited liability company
(&#147;Prime&#148;).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">W I T N E S S E T H :
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, IOT and SWI are parties to that certain Advisory Agreement dated effective July&nbsp;1,
2003 (the &#147;SWI Advisory Agreement&#148;) covering SWI&#146;s service as a contractual advisor to IOT and its
Board of Directors to, among other things, locate, investigate, evaluate and recommend real estate
mortgage note investment and sales opportunities as well as financing and refinancing sources and
to serve as a consultant to the Board of Directors in connection with the business plans and
investment decisions by the Board;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, on July&nbsp;17, 2009, but effective as of July&nbsp;1, 2009, IOT and SWI entered into that
certain Termination Agreement dated July&nbsp;17, 2009, but effective July&nbsp;1, 2009 (the &#147;Termination
Agreement&#148;) pursuant to which, among other things, the SWI Advisory Agreement was terminated by
mutual agreement;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, unknown to IOT, SWI made an accommodation pledge of such SWI Advisory Agreement to
another entity as partial collateral for a judgement indebtedness of another entity which, if the
SWI Advisory Agreement were ultimately terminated, would inadvertently create potential damage to
such other entity;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, in connection with and as a result of the Termination Agreement, IOT entered into an
Advisory Agreement with Prime on substantially the same terms and conditions as the SWI Advisory
Agreement, except for the replacement of SWI with Prime;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, all of the parties to this Instrument now desire to (i)&nbsp;terminate in full the
Advisory Agreement dated July&nbsp;17, 2009, effective July&nbsp;1, 2009 between IOT and Prime, (ii)
reinstate in full the SWI Advisory Agreement as if same had never been terminated pursuant to the
Termination Agreement and (iii)&nbsp;excerpt for the reinstatement of the SWI Advisory Agreement,
continue the other matters under the Termination Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACCORDINGLY, in consideration of the foregoing premises, the mutual promises, covenants,
representations and warranties contained herein, and on the terms and subject to the conditions set
forth herein, and for other good and valuable consideration, including the payment by SWI to IOT of
$1,000 and the corresponding payment by IOT to Prime of $1,000, the receipt, sufficiency and
adequacy of which is hereby acknowledged, each of the undersigned do hereby agree as follows:
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <U>Adoption of Recitals</U>. The parties hereto do hereby adopt and
confirm the
foregoing recitals in the same manner as if fully recopied herein for all purposes.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <U>Termination of Arrangements with Prime as to an Advisory
Agreement</U>. The
signatories hereto all hereby mutually agree that the Advisory Agreement dated July&nbsp;17,
2009, but effective July&nbsp;1, 2009, between IOT and Prime is hereby terminated <I>ab initio</I>
effective as at July&nbsp;1, 2009 and as of such date, such agreement shall be of no further
force or effect. From and after the effective date of July&nbsp;1, 2009, Prime shall have no
further duties or responsibilities to or under such Advisory Agreement executed by Prime and
IOT; <U>provided</U>, <U>however</U>, that any and all other agreements or arrangements to
which Prime and IOT are parties, shall continue in full force and effect.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <U>Reinstatement of SWI Advisory Agreement</U>. All of the
signatories hereto
hereby mutually agree that the SWI Advisory Agreement is hereby reinstated in full effective
as at July&nbsp;1, 2009, in the same manner as if same had never been terminated or modified in
any respect and further that any and all obligations of SWI Advisory Agreement shall
continue in full force and effect unaltered under such SWI Advisory Agreement until further
action by IOT and SWI.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <U>Parties in Interest</U>. This Instrument constitutes the
entire agreement among
the parties hereto with respect to the subject matters hereof. Nothing in this Instrument
is intended to confer upon any other party other than the parties hereto and their
respective representatives, successors and assigns, any rights, remedies, obligations or
liabilities under or by reason of this Instrument or any other document referred to herein.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <U>Survival of Representations, Warranties, Covenants,
Agreements and
Obligations</U>. All representations, warranties, covenants, agreements and obligations
of any party to this Instrument will expressly survive the date of this Instrument and will
not expire except by the Statute of Limitations under applicable law.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <U>Captions</U>. The caption or title of any paragraphs,
section or subsection of this
Instrument or any document referred to herein is for convenience of reference only and shall
not be construed as a part of this Instrument and shall not operate or be construed as
defining or limiting in any way the scope of any provision hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <U>Severability</U>. Should any clause, sentence, section or
paragraph of this
Instrument be judicially or administratively declared to be invalid, unenforceable or void
under applicable state law or the laws of the United States of American or any agency or
subdivision thereof, such decision shall not have the effect of invalidating or voiding the
remainder of this Instrument and the parties hereto agree that the part or parts of this
Instrument so held to be invalid, unenforceable or void shall be deemed to have been deleted
herein and the remainder shall have the same force and effect as if such part or parts had
never been included herein.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <U>Counterparts</U>. This Instrument may be executed in any number of
counterparts, each of which shall be deemed to be an original and all of which collectively
shall constitute one and the same instrument representing this Instrument and it shall not
be necessary the proof of this Instrument that any party produce or account for more than
one such counterpart.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <U>Facsimile; Electronic Transmission</U>. This Instrument
may be transmitted by
facsimile or electronic transmission, and it is the intent of the parties for the facsimile
of any autograph reproduced by receiving facsimile machine or computer to be an original
signature and for the facsimile and any complete photocopy of this Instrument to be deemed
an original counterpart.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, each of the undersigned has caused this Instrument to be executed in one
or more counterparts, each of which shall be deemed to be an original, by their duly-authorized
representatives, as of the date and year first above written all as of the Effective Date.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD nowrap colspan="3" align="left">INCOME OPPORTUNITY REALTY INVESTORS, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Daniel J. Moos
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Daniel J. Moos, President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">SYNTEK WEST, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Craig E. Landess
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Craig E. Landess, Vice President,&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Secretary and Treasurer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">PRIME INCOME ASSET MANAGEMENT LLC<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Gene S. Bertcher
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Gene S. Bertcher, Executive Vice&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">President and Chief Accounting Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>



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