EXHIBIT 10(i)                                                     
 
                    HILCOAST DEVELOPMENT CORP.
                         19146 Lyons Road
                      Boca Raton, FL  33434




                                        February 26, 1997        
CV Reit, Inc.
Century Village Administration Building
100 Century Blvd.
West Palm Beach, FL  33417

Attn:          Mr. Stanley Brenner, President

RE:  $3,000,000.00 Promissory Note ("Note") dated September 30,
     1993 from NewCen Communities, Inc., a Florida corporation
     ("Maker") in favor of CV Reit, Inc., a Delaware corporation
     ("Payee") Guaranteed by Hilcoast Development Corp., a Delaware
     corporation ("Guarantor"); said Note being secured by that
     certain Mortgage ("Mortgage") recorded in Official Records
     Book 21247, at Page 768 of the Public Records of Broward
     County, Florida 

Dear Stan:

     The Guarantor is aware of the fact that the Maker has
requested the Payee to extend the "Maturity Date" as set forth in
the Note, as extended by those certain letter agreements, dated
September 30, 1994, February 6, 1995 and August 11, 1995, to
November 30, 1997 provided, of course, that the monthly interest
payments shall continue to be made to and including the first
business day of November, 1997.

     Please be advised that the Guarantor consents to the foregoing
and same shall in no way affect the obligations of the Guarantor as
the guarantor of the Note.

                              Very truly yours,

                              HILCOAST DEVELOPMENT CORP.

                                      /s/ H. Irwin Levy
                              By:_______________________________
                                     H. Irwin Levy, President



EXHIBIT 10(ii)
                          CV REIT, INC.
                        100 Century Blvd.
                    West Palm Beach, FL  33417






                                        February 26, 1997

NewCen Communities, Inc.
19146 Lyons Road
Boca Raton, FL  33434

Attn:     Mr. Jack Jaiven, Vice President

RE:  $3,000,000.00 Promissory Note ("Note") dated September 30,
     1993 from NewCen Communities, Inc., a Florida corporation
     ("Maker") in favor of CV Reit, Inc., a Delaware corporation
     ("Payee") Guaranteed by Hilcoast Development Corp., a Delaware
     corporation ("Guarantor"); said Note being secured by that
     certain Mortgage ("Mortgage") recorded in Official Records
     Book 21247, at Page 768 of the Public Records of Broward
     County, Florida 

Dear Jack:

     This letter will confirm that CV Reit has extended the
"Maturity Date" as set forth in the Note, as extended by those
certain letter agreements, dated September 30, 1994, February 6,
1995 and August 11, 1995, to November 30, 1997 provided, of course,
that the monthly interest payments shall continue to be made
through and including the first business day of November, 1997.  In
all other respects, the Note shall remain in full force and effect
in accordance with the terms and provisions thereof.


                              Very truly yours,

                              CV REIT, INC.

                                       /s/ Stanley Brenner
                              By:_________________________________
                                     Stanley Brenner, President