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                                                                          10.161


                           FIRST AMENDED AND RESTATED
                                 PROMISSORY NOTE
                           [WINNICK BUILDING ADDITION]


U.S. $2,397,500                                              November, ___, 1998
                                                               Phoenix,  Arizona


               FOR VALUE RECEIVED, the undersigned PREFERRED EQUITIES
CORPORATION, a Nevada corporation ("Maker"), promises to pay to FINOVA CAPITAL
CORPORATION, a Delaware corporation ("Lender"), or order, at such place as the
holder of this Note ("Holder") may from time to time designate in writing, in
lawful money of the United States of America, the principal sum of up to TWO
MILLION THREE HUNDRED NINETY-SEVEN THOUSAND FIVE HUNDRED DOLLARS (U.S.
$2,397,500.00), or so much thereof as has been disbursed and not repaid,
together with interest on the unpaid principal balance from time to time
outstanding from the date hereof until paid, as more fully provided for below.

               Interest due under this Note shall (a) accrue daily on the basis
of the actual number of days in the computation period, (b) be calculated on the
basis of a year consisting of 360 days, and (c) be payable monthly in arrears on
the later of (i) ten (10) days after Lender mails an invoice or statement
therefor to Maker or (ii) the due date set forth in said invoice or statement.
Interest shall accrue initially at an annual interest rate ("Initial Interest
Rate") equal to Prime (as hereinafter defined) in effect on the date of the
initial advance of the loan evidenced by this Note ("Initial Prime") plus two
percent (2%) per annum, subject to adjustment on each Interest Rate Change Date
(as hereinafter defined), but in no event to exceed the maximum contract rate
permitted under the Applicable Usury Law (as hereinafter defined). The interest
rate shall change on each Interest Rate Change Date by adding to or subtracting
from the Initial Interest Rate, as the case may be, the change, if any, between
Initial Prime and Prime in effect on the applicable Interest Rate Change Date.
As used in this Note, the following capitalized terms have the meaning set forth
opposite them below:

                      "Prime" shall mean the rate of interest publicly
        announced, from time to time, by Citibank, N.A., New York, New York
        ("Citibank"), as the corporate base rate of interest charged by Citibank
        to its most creditworthy commercial borrowers notwithstanding the fact
        that some borrowers of Citibank may borrow from Citibank at rates of
        less than such announced Prime rate; and

                      "Interest Rate Change Date" means (a) the first business
        day of Citibank, N.A., in New York, New York, during the calendar month
        following the date of the initial advance of the loan evidenced by this
        Note and (b) the first business day of Citibank, N.A., during each
        successive month thereafter.





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               The principal sum of this Note shall be repaid in the manner set
forth in the Loan Agreement (as defined below), the applicable provisions of
which are incorporated herein by reference as if fully set forth herein.

               Payments of principal and/or interest shall, at the option of
Holder, earn interest after they are due at a rate ("Overdue Rate") equal to (a)
two percent (2%) per annum above the rate otherwise payable hereunder or (b) the
maximum contract rate permitted under the Applicable Usury Law, whichever of (a)
or (b) is lesser. Furthermore, in the event of the occurrence of an Event of
Default (as the term "Event of Default" is defined in the Loan Agreement) the
unpaid principal balance of this Note shall, at the option of Holder, accrue
interest at the Overdue Rate.

               This Note is executed pursuant to that certain Second Amended and
Restated and Consolidated Loan and Security Agreement dated as of May 15, 1997
herewith between Maker and Lender (such Second Amended and Restated and
Consolidated Loan and Security Agreement, as amended, the "Loan Agreement"). All
capitalized terms not otherwise defined herein shall have the meanings ascribed
to them in the Loan Agreement, the applicable provisions of which are
incorporated herein by reference.

               All payments made under this Note shall be applied first against
amounts due hereunder or under the Loan Agreement, other than principal and
interest; second, against interest then due under this Note; and third, against
the principal of this Note.

               In the event any installment of principal and/or interest
required to be made in connection with the indebtedness evidenced hereby is not
paid when due and, except in the case of the final installment, for which no
grace period is allowed, such default continues for five (5) days after notice
thereof to Maker or an Event of Default occurs, Holder may, at its option,
without notice or demand, declare immediately due and payable the entire unpaid
principal balance hereof, all accrued and unpaid interest thereon, and all other
charges owing in connection with the loan evidenced hereby.

               The contracted for rate of interest of the loan contemplated
hereby, without limitation, shall consist of the following: (i) the interest
rate, calculated and applied to the principal balance of this Note in accordance
with the provisions of this Note; (ii) Overdue Rate, calculated and applied to
the amounts due under this Note in accordance with the provisions hereof; (iii)
Mortgage Loan Fees, if any (as defined in the Loan Agreement) and any other loan
or readvance fees payable pursuant to the Loan Agreement; and (iv) all
Additional Sums (as hereinafter defined), if any. Maker agrees to pay an
effective contracted for rate of interest which is the sum of the above
referenced elements.

               All fees, charges, goods, things in action or any other sums or
things of value (other than amounts described in the immediately previous
paragraph), paid or payable by Maker (collectively, the "Additional Sums"),
whether pursuant to this Note, the Loan Agreement, the other Documents or any
other documents or instruments in any way





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pertaining to this lending transaction, or otherwise with respect to this
lending transaction, that under any applicable law may be deemed to be interest
with respect to this lending transaction, for the purpose of any applicable law
that may limit the maximum amount of interest to be charged with respect to this
lending transaction, shall be payable by Maker as, and shall be deemed to be,
additional interest, and for such purposes only, the agreed upon and "contracted
for rate of interest" of this lending transaction shall be deemed to be
increased by the rate of interest resulting from the Additional Sums.

               Notwithstanding any contrary provisions contained in the Loan
Agreement, this Note is not prepayable in whole or in part, during the first
twelve (12) months following the date hereof. Thereafter, this Note is
prepayable as provided in the Loan Agreement.

               In the event that Holder institutes legal proceedings to enforce
this Note and Holder is the prevailing party in such proceeding, Maker agrees to
pay Holder, in addition to any indebtedness due and unpaid, all costs and
expenses of such proceedings, including, without limitation, attorneys' fees.

               Holder shall not by any act or omission or commission be deemed
to waive any of its rights or remedies hereunder unless such waiver be in
writing and signed by an authorized officer of Holder and then only to the
extent specifically set forth therein; a waiver on one occasion shall not be
construed as continuing or as a bar to or waiver of such right or remedy on any
other occasion. All remedies conferred upon Holder by this Note or any other
instrument or agreement connected herewith or related hereto shall be cumulative
and none is exclusive and such remedies may be exercised concurrently or
consecutively at Holder's option.

               Every person or entity at any time liable for the payment of the
indebtedness evidenced hereby waives: presentment for payment, protest and
demand; notice of protest, demand, dishonor and nonpayment of this Note; and
trial by jury in any litigation arising out of, relating to or connected with
this Note or any instrument given as security herefor. Every such person or
entity further consents that Holder may renew or extend the time of payment of
any part or the whole of the indebtedness at any time and from time to time at
the request of any other person or entity liable therefor. Any such renewals or
extensions may be made without notice to any person or entity liable for the
payment of the indebtedness evidenced hereby.

               This Note is given and accepted as evidence of indebtedness only
and not in payment or satisfaction of any indebtedness or obligation.

               Time is of the essence with respect to all of Maker's obligations
and agreements under this Note.

               This Note and all of the provisions, conditions, promises and
covenants hereof shall be binding in accordance with the terms hereof upon
Maker, its successors and assigns,





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provided nothing herein shall be deemed consent to any assignment restricted or
prohibited by the terms of the Loan Agreement. If more than one person or other
entity has executed this Note as Maker, the obligations of such persons and
entities shall be joint and several.

               This Note has been executed and delivered in Phoenix, Arizona,
and the obligations of Maker hereunder shall be performed in Phoenix, Arizona.
THIS NOTE SHALL BE GOVERNED BY THE INTERNAL LAWS OF THE STATE OF ARIZONA AND, TO
THE EXTENT THEY PREEMPT THE LAWS OF SUCH STATE, THE LAWS OF THE UNITED STATES.
Maker (a) hereby irrevocably submits itself to the process, jurisdiction and
venue of the courts of the State of Arizona, Maricopa County, and to the
process, jurisdiction and venue of the United States District Court for Arizona,
for the purposes of suit, action or other proceedings arising out of or relating
to this Note or the subject matter hereof brought by Holder and (b) without
limiting the generality of the foregoing, hereby waives and agrees not to assert
by way of motion, defense or otherwise in any such suit, action or proceeding
any claim that Maker is not personally subject to the jurisdiction of the
above-named courts, that such suit, action or proceeding is brought in an
inconvenient forum or that the venue of such suit, action or proceeding is
improper.

               It is the intent of the parties to comply with the usury law
("Applicable Usury Law") applicable pursuant to the terms of the preceding
paragraph or such other usury law which is applicable if the law chosen by the
parties is not. Accordingly, it is agreed that notwithstanding any provisions to
the contrary in this Note, or in any of the documents securing payment hereof or
otherwise relating hereto, in no event shall this Note or such documents require
the payment or permit the collection of interest in excess of the maximum
contract rate permitted by the Applicable Usury Law. In the event (a) any such
excess of interest otherwise would be contracted for, charged or received from
Maker or otherwise in connection with the loan evidenced hereby, or (b) the
maturity of the indebtedness evidenced by this Note is accelerated in whole or
in part, or (c) all or part of the principal or interest of this Note shall be
prepaid, so that under any of such circumstance the amount of interest
contracted for, shared or received in connection with the loan evidenced hereby,
would exceed the maximum contract rate permitted by the Applicable Usury Law,
then in any such event (1) the provisions of this paragraph shall govern and
control, (2) neither Maker nor any other person or entity now or hereafter
liable for the payment hereof will be obligated to pay the amount of such
interest to the extent that it is in excess of the maximum contract rate
permitted by the Applicable Usury Law, (3) any such excess which may have been
collected shall be either applied as a credit against the then unpaid principal
amount hereof or refunded to Maker, at Holder's option, and (4) the effective
rate of interest will be automatically reduced to the maximum amount of interest
permitted by the Applicable Usury Law. It is further agreed, without limiting
the generality of the foregoing, that to the extent permitted by the Applicable
Usury Law: (x) all calculations of interest which are made for the purpose of
determining whether such rate would exceed the maximum contract rate permitted
by the Applicable Usury Law shall be made by amortizing, prorating, allocating
and spreading during the period of the full stated term of the loan evidenced
hereby, all interest at any time contracted for, charged or received from Maker
or otherwise in connection with such loan;





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and (y) in the event that the effective rate of interest on the loan should at
any time exceed the maximum contract rate allowed under the Applicable Usury
Law, such excess interest that would otherwise have been collected had there
been no ceiling imposed by the Applicable Usury Law shall be paid to Holder from
time to time, if and when the effective interest rate on the loan otherwise
falls below the maximum amount permitted by the Applicable Usury Law, to the
extent that interest paid to the date of calculation does not exceed the maximum
contract rate permitted by the Applicable Usury Law, until the entire amount of
interest which would have otherwise been collected had there been no ceiling
imposed by the Applicable Usury Law has been paid in full. Maker further agrees
that should the maximum contract rate permitted by the Applicable Usury Law be
increased at any time hereafter because of a change in the law, then to the
extent not prohibited by the Applicable Usury Law, such increases shall apply to
all indebtedness evidenced hereby regardless of when incurred; but, again to the
extent not prohibited by the Applicable Usury Law, should the maximum contract
rate permitted by the Applicable Usury Law be decreased because of a change in
the law, such decreases shall not apply to the indebtedness evidenced hereby
regardless of when incurred.

               In the event of any conflict or inconsistency between the
provisions of this Note and the provisions of the Loan Agreement, the provisions
of the Loan Agreement shall control.

               This Note is an amendment and restatement of that certain
Promissory Note [Winnick Addition], dated as of December 13, 1995, by Maker to
the order of Lender, as amended by that certain Amendment No. 1 to Promissory
Note [Winnick Addition] dated May 15, 1997 . This Note shall not constitute a
waiver of any existing default or breach of a covenant, if any, and shall have
no retroactive effect; provided, however, that any and all written waivers given
heretofore are hereby extended to the date hereof.

                                        PREFERRED EQUITIES CORPORATION,
                                        a Nevada corporation
                                        "Maker"


                                        By: ____________________________________
                                            Title

Federal Taxpayer Identification
Number:  88-0106662

Address:

4310 Paradise Road
Las Vegas,  Nevada  89109
Attention:  President









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