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Comstock Homebuilding Company announced it has entered into an agreement with Branch Banking & Trust Company with regard to $32.7 million of the company’s $144.0 million of secured debt. Under the terms of the Agreement, the Company agreed to cooperate with BB&T with respect to its foreclosure on certain of the Company's real estate assets and BB&T agreed to provide the Company a full release from its obligations with no deficiency liability post-foreclosure. The foreclosure agreement covers properties in Virginia and Atlanta. Comstock will retain pre-sold lots in Atlanta,which are not included in the foreclosure.       Reported by CNN Money (9/2/08)