EXHIBIT 10.1

AMENDMENT NO. 1 TO
M.D.C. HOLDINGS, INC.
MEDIUM TERM SENIOR NOTES
MEDIUM TERM SUBORDINATED NOTES
DISTRIBUTION AGREEMENT

New York, New York
July 20, 2005

     
Citigroup Global Markets Inc.
  Greenwich Capital Markets, Inc.
388 Greenwich Street
  600 Steamboat Road
New York, New York 10013
  Greenwich, Connecticut 06830
 
   
Banc of America Securities LLC
  J.P. Morgan Securities Inc.
214 North Tryon Street
  270 Park Avenue, 8th Floor
NC1-027-14-01
  New York, New York 10017
Charlotte, North Carolina 28255
   
 
   
BNP Paribas Securities Corp.
  McDonald Investments Inc.
787 Seventh Avenue
  127 Public Square, 4th Floor
New York, New York 10019
  Mail Code: OH-01-27-0406
 
  Cleveland, Ohio 44114
 
   
Credit Suisse First Boston LLC
  Merrill Lynch, Pierce Fenner & Smith
11 Madison Avenue, 5th Floor
                       Incorporated
New York, New York 10010
  4 World Financial Center
 
  New York, New York 10080
 
   
Comerica Securities
  SunTrust Capital Markets, Inc.
211 West Forth Street, 3rd Floor
  303 Peachtree Street, NE
Mail Code: 3089
  23rd Floor, MC: GA-ATL-3939
Detroit, Michigan 48226
  Atlanta, Georgia 30308
 
   
Deutsche Bank Securities Inc.
  UBS Securities LLC
60 Wall Street, 45th Floor
  677 Washington Boulevard
New York, New York 10005
  Stamford, Connecticut 06901
 
   
 
  Wachovia Capital Markets, LLC
 
  301 South College Street
 
  NC0606
 
  Charlotte, North Carolina 28288

 

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Ladies and Gentlemen:

     With respect to the Distribution Agreement by and among M.D.C. Holdings,
Inc., a Delaware corporation (the “Company”), Banc of America Securities LLC,
BNP Paribas Securities Corp., Citigroup Global Markets Inc., Credit Suisse First
Boston LLC, Comerica Securities, Deutsche Bank Securities Inc., Greenwich
Capital Markets, Inc., J.P. Morgan Securities Inc., McDonald Investments Inc.,
Merrill Lynch, Pierce, Fenner & Smith Incorporated, SunTrust Robinson Humphrey
Capital Markets, UBS Securities LLC and Wachovia Capital Markets, LLC, dated
October 6, 2004 (the “Distribution Agreement”), the Company confirms its
agreement with each of you (each an “Agent” and, together with the additional
agents which may become a party hereto pursuant to Section 13 of the
Distribution Agreement, the “Agents”) to amend the Distribution Agreement in the
manner provided in this Amendment No. 1 to Distribution Agreement (this
“Amendment”).

     The Distribution Agreement applied to up to $500,000,000 aggregate public
offering price of Notes (as defined below) the Company had been authorized to
issue as of the date of the Distribution Agreement. On December 14, 2004, the
Company issued $250,000,000 aggregate public offering price of Notes, leaving
availability of $250,000,000 aggregate public offering price of Notes following
such issuance. On June 20, 2005, the board of directors of the Company
authorized the issuance of up to an additional $250,000,000 aggregate public
offering price of Notes, to make the size of its Medium Term Note Program (the
“MTN Program”) a $750,000,000 aggregate public offering price of Notes. On
July 7, 2005 the Company issued an additional $250,000,000 aggregate public
offering price of Notes, leaving an available issuance under the MTN Program of
$250,000,000 aggregate public offering price of Notes as of the date hereof,
subject to execution of an amendment (the “MTN Amendment”) to the MTN
Supplemental Indenture (as defined below) by and among the Company, the
Guarantors and the Trustee with respect to an additional $250,000,000 aggregate
public offering price of Notes.

SECTION 1. AMENDMENTS TO DISTRIBUTION AGREEMENT

     The first paragraph of the Distribution Agreement shall be amended and
restated in its entirety to read as follows:

M.D.C. Holdings, Inc., a Delaware corporation (the “Company”), confirms its
agreement with each of you (each an “Agent” and, together with the additional
agents which may become a party hereto pursuant to Section 13, the “Agents”)
with respect to the issuance and sale by the Company of up to $750,000,000
aggregate public offering price (or such higher or lower amount as may be
specified in any prospectus supplement subsequently filed by the Company with
the Securities and Exchange Commission with respect to the Notes) of its Medium
Term Senior Notes Due Nine Months or More from the Original Issue Date (the
“Senior Notes”) and its Medium Term Subordinated Notes Due Nine Months or More
from the Original Issue Date (the “Subordinated Notes” and together with the
Senior Notes, the “Notes”). The Senior Notes are to be issued from time to time
pursuant to an indenture dated as of December 3, 2002, between the Company and
U.S. Bank National Association, as trustee (the “Trustee”), and

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one or more supplemental indentures, including the Supplemental Indenture dated
as of October 6, 2004 (the “MTN Supplemental Indenture”), by and among the
Company, certain subsidiaries of the Company and the Trustee (such indenture, as
supplemented by such supplemental indentures or one or more authorizing
resolutions, the “Senior Indenture”). The Subordinated Notes are to be issued
from time to time pursuant to an indenture dated as of October 6, 2004 between
the Company and the Trustee, and one or more supplemental indentures, including
the MTN Supplemental Indenture, by and among the Company, certain subsidiaries
of the Company and the Trustee (such indenture, as supplemented by such
supplemental indentures or one or more authorizing resolutions, the
“Subordinated Indenture” and together with the Senior Indenture, the
“Indentures”). The Company’s obligations under the Senior Indenture and the
Senior Notes will be unconditionally guaranteed (the “Guarantees”), jointly and
severally, by each of the wholly owned subsidiaries of the Company listed on the
signature pages hereof (the “Guarantors”). The Senior Notes and the Guarantees
and the Subordinated Notes are collectively referred to herein as the
“Securities.” The Company and the Guarantors are collectively referred to herein
as the “Issuers.”

SECTION 2. CONDITION TO EFFECTIVENESS OF AMENDMENT

     This Amendment will become effective only upon the execution and delivery
of the MTN Amendment. This Amendment shall be dated as of the date of the MTN
Amendment.

SECTION 3. OTHER EFFECTS OF AMENDMENT

     (a) Except as expressly set forth herein, this Amendment does not alter or
modify any right or obligation of any of the parties to the Distribution
Agreement.

     (b) Notwithstanding the fact that one or more Agents may not sign this
Amendment, this Amendment shall be binding upon each Agent that has signed this
Amendment upon its signature hereto and satisfaction of the condition set forth
in Section 2 hereof.

     (c) A failure by any Agent to sign this Amendment shall not be deemed to
terminate the Distribution Agreement (as unamended by this Amendment) with
respect to that Agent under the provisions of Section 10 of the Distribution
Agreement.

SECTION 4. APPLICABLE LAW

     This Amendment will be governed by and construed in accordance with the
laws of the State of New York applicable to contracts made and to be performed
within the State of New York.

SECTION 5. COUNTERPARTS

     This Amendment may be signed in one or more counterparts, each of which
shall constitute an original and all of which together shall constitute one and
the same agreement.

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SECTION 6. HEADINGS

     The section headings used herein are for convenience only and shall not
affect the construction hereof.

SECTION 7. DEFINITIONS

     Capitalized terms used and not defined herein have the meanings given to
them in the Distribution Agreement.

[Signature Pages Follow]

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     If the foregoing is in accordance with your understanding of our agreement,
please sign and return to us the enclosed duplicate hereof, whereupon this
letter and your acceptance shall represent a binding agreement among the
Company, the Guarantors and the Agents.

            Very truly yours,

M.D.C. HOLDINGS, INC.
      By:   /s/ Paris G. Reece III         Name:   Paris G. Reece III       
Title:   Executive Vice President, Chief Financial Officer and Principal
Accounting Officer     

Signature Page to
Amendment No. 1 to Distribution Agreement

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            GUARANTORS:

M.D.C. LAND CORPORATION
RAH OF TEXAS, LP
RAH TEXAS HOLDINGS, LLC
RAH OF FLORIDA, INC.
RICHMOND AMERICAN CONSTRUCTION, INC.
RICHMOND AMERICAN HOMES OF ARIZONA, INC.
RICHMOND AMERICAN HOMES OF CALIFORNIA, INC.
RICHMOND AMERICAN HOMES OF COLORADO, INC.
RICHMOND AMERICAN HOMES OF DELAWARE, INC.
RICHMOND AMERICAN HOMES OF FLORIDA, LP
RICHMOND AMERICAN HOMES OF ILLINOIS, INC.
RICHMOND AMERICAN HOMES OF MARYLAND, INC.
RICHMOND AMERICAN HOMES OF NEVADA, INC.
RICHMOND AMERICAN HOMES OF NEW JERSEY, INC.
RICHMOND AMERICAN HOMES OF PENNSYLVANIA, INC.
RICHMOND AMERICAN HOMES OF TEXAS, INC.
RICHMOND AMERICAN HOMES OF UTAH, INC.
RICHMOND AMERICAN HOMES OF VIRGINIA, INC.
RICHMOND AMERICAN HOMES OF WEST VIRGINIA, INC.
      By:   /s/ Paris G. Reece III         Name:   Paris G. Reece III       
Title:   An authorized officer or representative    

Signature Page to
Amendment No. 1 to Distribution Agreement

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          CONFIRMED AND ACCEPTED,
as of the date first above written:

CITIGROUP GLOBAL MARKETS INC.
      By:   /s/ Brian D. Bednarski         Authorized Signatory               

Signature Page to
Amendment No. 1 to Distribution Agreement

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          BANC OF AMERICA SECURITIES LLC
      By:   /s/ Peter J. Carbone         Authorized Signatory               

Signature Page to
Amendment No. 1 to Distribution Agreement

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          BNP PARIBAS SECURITIES CORP
      By:   /s/ Paul D. Lange         Authorized Signatory               

Signature Page to
Amendment No. 1 to Distribution Agreement

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          COMERICA SECURITIES
      By:   /s/ Michael Wilk         Authorized Signatory               

Signature Page to
Amendment No. 1 to Distribution Agreement

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          CREDIT SUISSE FIRST BOSTON LLC
      By:   /s/ Michael Cummings         Authorized Signatory               

Signature Page to
Amendment No. 1 to Distribution Agreement

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          DEUTSCHE BANK SECURITIES INC.
 
      By:   /s/ Scott Flieger         Authorized Signatory             

                By:   /s/ Mark Veale         Authorized Signatory               

Signature Page to
Amendment No. 1 to Distribution Agreement

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          GREENWICH CAPITAL MARKETS, INC.
      By:   /s/ Steve Fitzpatrick         Authorized Signatory               

Signature Page to
Amendment No. 1 to Distribution Agreement

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          J.P. MORGAN SECURITIES INC.
      By:   /s/ Robert Bottamedi         Authorized Signatory                

Signature Page to
Amendment No. 1 to Distribution Agreement

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          MCDONALD INVESTMENTS INC.
      By:   /s/ Jason R. Weaver         Authorized Signatory               

Signature Page to
Amendment No. 1 to Distribution Agreement

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          MERRILL LYNCH, PIERCE, FENNER & SMITH
                                INCORPORATED
      By:   /s/ Brian R. Hogan, Jr.         Authorized Signatory               

Signature Page to
Amendment No. 1 to Distribution Agreement

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          SUNTRUST CAPITAL MARKETS, INC.
      By:   /s/ James J. Stathis         Authorized Signatory               

Signature Page to
Amendment No. 1 to Distribution Agreement

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          UBS SECURITIES LLC
 
      By:   /s/ Arun Bansal         Authorized Signatory             

                By:   /s/ Michael Ravanesi         Authorized Signatory         
     

Signature Page to
Amendment No. 1 to Distribution Agreement

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          WACHOVIA CAPITAL MARKETS, LLC
      By:   /s/ John Hines         Authorized Signatory               

Signature Page to
Amendment No. 1 to Distribution Agreement