United DevelopmentFunding Income Fund V on April 4 entered into a new advisory agreementwith UDF V OP LP, its affiliated operating partnership, and with its affiliate UDFHGeneral Services LP.

The new advisory agreement became effective April 4, followingthe termination of the previous advisory agreement with American Realty CapitalResidential Advisors LLC, according to a Form 8-K filed April 4. The previous advisoryagreement was terminated pursuant to a notice of termination from American RealtyCapital to United Development and UDF V OP on March 29 and a waiver of the required60-day termination notice sent by United Development and UDF V OP to American RealtyCapital on April 4.

Under the new agreement, UDFH General Services will provide thesame advisory and asset management services as were provided under the previousagreement. UDFH General Services previously served as the sub-adviser to UnitedDevelopment under a sub-advisory agreement with American Realty Capital. All materialterms of compensation in the agreement are the same as those provided in the previousagreement, although fees paid to the sub-adviser pursuant to the previous agreementwill now be paid directly to UDFH General Services.

The agreement will have a one-year term, but can be renewed foran unlimited number of successive one-year periods upon the mutual consent of theparties.