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Hi, I had this issue and solved it by doing the upgrade procedure from another computer. If you're running the upgrade from a Windows 7 platform there must be something wrong with the .NET framework version to be used. I cannot tell what exactly is but I've tried the upgrade from another Windows 7 computer with no windows updates and the upgrade was successful. The machine on which it was failing I've tried 20 million times with no results. Don't worry, the Mod Factor shouldn't have any major problem. It really loooks like the same problem I had.
Hope this was helpful.