EXHIBIT 10(e)

   Asset Purchase Agreement among CRICO Mortgage Company, Inc. CRIIMI MAE
         Services, Inc., William B. Dockser and H. William Willoughby





                                                             




                            ASSET PURCHASE AGREEMENT

                                      Among

                          CRICO Mortgage Company, Inc.

                                       and

                            CRIIMI MAE Services, Inc.

                                       and

                               William B. Dockser

                              H. William Willoughby


                            Dated as of June 30, 1995




                                TABLE OF CONTENTS

                                                                            Page

ARTICLE I -- BASIC TRANSACTION  . . . . . . . . . . . . . . . . . . . . . .    1

     1.1  Purchase and Sale of Assets . . . . . . . . . . . . . . . . . . .    1
     1.2  Assumption of Liabilities . . . . . . . . . . . . . . . . . . . .    1
     1.3  Purchase Price  . . . . . . . . . . . . . . . . . . . . . . . . .    2

ARTICLE II -- CLOSING   . . . . . . . . . . . . . . . . . . . . . . . . . .    2

     2.1  Closing   . . . . . . . . . . . . . . . . . . . . . . . . . . . .    2
     2.2  Deliveries by Seller  . . . . . . . . . . . . . . . . . . . . . .    2
     2.3  Deliveries by Buyer   . . . . . . . . . . . . . . . . . . . . . .    2

ARTICLE III -- REPRESENTATIONS AND WARRANTIES . . . . . . . . . . . . . . .    2

     3.1  Representations and Warranties of the Seller  . . . . . . . . . .    2
          (a)  Organization; Standing . . . . . . . . . . . . . . . . . . .    2
          (b)  Capitalization . . . . . . . . . . . . . . . . . . . . . . .    3
          (c)  Authority  . . . . . . . . . . . . . . . . . . . . . . . . .    3
          (d)  Noncontravention . . . . . . . . . . . . . . . . . . . . . .    3
          (e)  Government Approval; Consents  . . . . . . . . . . . . . . .    3
          (f)  Financial Statements . . . . . . . . . . . . . . . . . . . .    3
          (g)  Absence of Certain Changes or Events . . . . . . . . . . . .    3
          (h)  Compliance with Law  . . . . . . . . . . . . . . . . . . . .    4
          (i)  Brokers  . . . . . . . . . . . . . . . . . . . . . . . . . . .  4
          (j)  Litigation . . . . . . . . . . . . . . . . . . . . . . . . .    4
          (k)  Title to Assets; Encumbrances  . . . . . . . . . . . . . . .    4
          (l)  Contracts. . . . . . . . . . . . . . . . . . . . . . . . . . .  4
          (m)  Net Worth  . . . . . . . . . . . . . . . . . . . . . . . . . .  4
          (n)  Disclosure.  . . . . . . . . . . . . . . . . . . . . . . . .    4

     3.2  Representations and Warranties of the Buyer   . . . . . . . . . .    5
          (a)  Organization; Standing and Power.  . . . . . . . . . . . . .    5
          (b)  Authority  . . . . . . . . . . . . . . . . . . . . . . . . .    5
          (c)  Noncontravention . . . . . . . . . . . . . . . . . . . . . .    5
          (d)  Government Approval; Consents  . . . . . . . . . . . . . . .    5
          (e)  Litigation . . . . . . . . . . . . . . . . . . . . . . . . .    5



ARTICLE IV -- ADDITIONAL AGREEMENTS . . . . . . . . . . . . . . . . . . . .    6
     4.1  Merger Proposal . . . . . . . . . . . . . . . . . . . . . . . . . .  6
     4.2  Additional Agreements and Provisions. . . . . . . . . . . . . . .    6

ARTICLE V -- REMEDIES FOR BREACHES OF THIS AGREEMENT  . . . . . . . . . . . .  6
     5.1  Investigations; Survival of Representations and Warranties  . . . .  6
     5.2  Indemnification by the Seller and the Principals. . . . . . . . .    6
     5.3  Defense . . . . . . . . . . . . . . . . . . . . . . . . . . . . .    7
     5.4  Indemnification Threshold.  . . . . . . . . . . . . . . . . . . .    7
     5.5  Limitation on Indemnification.  . . . . . . . . . . . . . . . . .    7
     5.6  No Contribution . . . . . . . . . . . . . . . . . . . . . . . . . .  7

1 ARTICLE VI -- GENERAL PROVISIONS  . . . . . . . . . . . . . . . . . . . . .  7
     6.1  Public Statements . . . . . . . . . . . . . . . . . . . . . . . .    7
     6.2  Notices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  8
     6.3  Interpretation. . . . . . . . . . . . . . . . . . . . . . . . . .    9
     6.4  Counterparts. . . . . . . . . . . . . . . . . . . . . . . . . . .    9
     6.5  Entire Agreement. . . . . . . . . . . . . . . . . . . . . . . . .    9
     6.6  Governing Law.  . . . . . . . . . . . . . . . . . . . . . . . . .    9
     6.7  Validity. . . . . . . . . . . . . . . . . . . . . . . . . . . . .    9
     6.8  Assignment. . . . . . . . . . . . . . . . . . . . . . . . . . . .    9
     6.9  Expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . .    9
     6.10 Knowledge.  . . . . . . . . . . . . . . . . . . . . . . . . . . .    9

EXHIBITS

Exhibit 1 Form of Buyer Note
Exhibit 2 Form of Opinion of Counsel
Exhibit 3 Form of Opinion of Counsel


SCHEDULES

Schedule 1.1        Contracts
Schedule 3.1(j)     Litigation 


                            ASSET PURCHASE AGREEMENT


     ASSET PURCHASE AGREEMENT (this  Agreement ), dated as of June 30, 1995,
among CRICO Mortgage Company, Inc., a Delaware corporation ( CRICO Mortgage  or
 Seller ), CRIIMI MAE Services, Inc., a Maryland corporation ( Buyer ), William
B. Dockser and H. William Willoughby.

     WHEREAS, the Seller is an affiliate of C.R.I., Inc., a Delaware corporation
( CRI ), through which CRI conducts, inter alia, its mortgage servicing
business, and William B. Dockser and H. William Willoughby (the  Principals ),
who are directors and senior executive officers of CRIIMI MAE Inc., a Maryland
corporation ( CRIIMI MAE ), are the sole stockholders and directors of CRI and
the Seller; 

     WHEREAS, this Agreement is being entered into in accordance with the terms
of the Agreement and Plan of Merger dated April 20, 1995, as amended as of June
20, 1995 (the  Merger Agreement ) among CRIIMI MAE, CRIIMI MAE Management, Inc.,
a Maryland corporation ( CRIIMI Management ), CRI/AIM Management, Inc., a
Delaware corporation ( CRI/AIM Management ) the Seller, CRI Acquisition, Inc., a
Maryland corporation ( CRI Acquisition ) and the Principals; and

     WHEREAS, this Agreement contemplates a transaction in which the Buyer will
purchase certain of the assets (and assume certain of the liabilities) of the
Seller in return for the Buyer Note (as defined below) and such transaction is
intended to be effective prior to the Effective Time (as defined the Merger
Agreement).

     NOW, THEREFORE, in consideration of the premises and the representations,
warranties and agreements herein contained, the parties hereby agree as follows:


                                    ARTICLE I

                                BASIC TRANSACTION

     1.1  Purchase and Sale of Assets.  On the Closing Date and subject to the
terms and conditions of this Agreement, concurrently with the execution and
delivery hereof, the Seller sells, transfers, conveys, assigns and delivers to
the Buyer, and the Buyer purchases from the Seller, all of Seller's right, title
and interest in and to the contracts described in Schedule 1.1 hereto (the
"Contracts") and all benefits arising therefrom on and after the Closing Date
(as hereinafter defined), for the consideration specified below in this Article
I.

     1.2  Assumption of Liabilities.  On and subject to the terms and conditions
of this Agreement, concurrently with the execution and delivery hereof, the
Buyer assumes and becomes responsible for the duties, obligations and
liabilities relating to performance under the Contracts on and after the Closing
Date (as hereinafter defined) (the "Assumed Liabilities").  The Buyer does not
assume or have any responsibility with respect to any other obligation or
liability of the Seller not included within the definition of Assumed
Liabilities.

     1.3  Purchase Price.  The Buyer hereby delivers to the Seller its promis-
sory note in the form of Exhibit 1 attached hereto in the principal amount of
$1,387,546 (the "Buyer Note").


                                   ARTICLE II

                                     CLOSING

     2.1  Closing.  The closing of the transaction contemplated hereby (the
"Closing") shall take place at the offices of the Seller, 11200 Rockville Pike,
Rockville, Maryland (or such other place as the parties may agree), at 10:00 
a.m. local time, simultaneously with the execution and delivery of this
Agreement, and shall be effective as of 11:58 p.m. local time on such date (the
"Closing Date") and in any event prior to the Effective Time (as defined in the
Merger Agreement). 

     2.2  Deliveries by the Seller.  At or prior to the Closing, the Seller has
delivered the following items to the Buyer:

          (a) Opinion of Counsel.  The opinion of Peabody & Brown substantially
in the form attached hereto as Exhibit 2.

          (b) Other Documents.  Any other documents required to effect the
transactions contemplated hereby which are reasonably satisfactory in form and
substance to the Buyer.

     2.3  Deliveries by Buyer.  At or prior to the Closing, the Buyer has
delivered the following items to the Seller:

          (a) Opinion of Counsel.  The opinion of Arent Fox substantially in the
form attached hereto as Exhibit 3.

          (b) Buyer Note. The Buyer Note.

          (c) Other Documents.  Any other documents required to effect the
transactions contemplated hereby which are reasonably satisfactory in form and
substance to the Seller.


                                   ARTICLE III

                         REPRESENTATIONS AND WARRANTIES

     3.1  Representations and Warranties of the Seller and the Principals.  The
Seller and the Principals, jointly and severally, represent and warrant as
follows :

     (a)  Organization; Standing.  The Seller is a corporation duly organized,
validly existing and in good standing under the laws of the State of Delaware.  

     (b)  Capitalization.  Each of the Principals owns one-half of the issued
and outstanding capital stock of the Seller.

     (c)  Authority.  Each of the Seller and the Principals has the requisite
power (including corporate power with respect to the Seller) and authority to
enter into this Agreement, and to perform its or his obligations hereunder.  The
execution, delivery and consummation of this Agreement by the Seller and the
Principals have been duly authorized by the Board of Directors of the Seller and
approved by the Principals.  No other corporate proceedings on the part of the
Seller are necessary to authorize the execution, delivery and performance of
this Agreement.  This Agreement has been duly executed and delivered by the
Seller and the Principals and constitutes a valid and binding obligation of the
Seller and the Principals, enforceable against the Seller and the Principals in
accordance with its terms.

     (d)  Noncontravention.  Neither the execution and delivery of this
Agreement by the Seller and the Principals nor the consummation of this
Agreement nor compliance by the Seller and the Principals with any of the
provisions hereof will (i) violate, conflict with, or result in a breach of any
provisions of, or constitute a default (or an event which, with notice or lapse
of time or both, would constitute a default) under, or result in the termination
or suspension of, or accelerate the performance required by, or result in a
right of termination or acceleration under, or result in the creation of any
Lien (as hereinafter defined) upon any of the properties or assets of the Seller
or the Principals under, any of the terms, conditions or provisions of (x) the
Articles of Incorporation or By-Laws of the Seller, or (y) any note, bond,
mortgage, indenture, deed of trust, license, Permit (as hereinafter defined), 
authorization, lease, agreement or instrument or obligation to which the Seller
or the Principals is party or by which they are bound or to which they or any of
their respective assets may be subject, or (ii) violate any judgment, ruling,
order, writ, injunction, decree, or, to the best knowledge of the Seller and the
Principals, statute, rule or regulation applicable to the Seller or the
Principals or any of their respective assets, except, in the case of each of
clauses (i)(y) and (ii) above, for such violations, conflicts, breaches,
defaults, terminations, accelerations or creations of Liens (as hereinafter
defined), which would not, in the aggregate, have a material adverse effect on
the Contracts ("Material Adverse Effect").

     (e)  Government Approval; Consents.  All third party consents and approvals
necessary to be obtained by the Seller for the consummation of this Agreement
have been obtained.  No notice to, filing with, or authorization, consent or
approval of, any domestic or foreign public body or authority is necessary for
the execution, delivery or consummation of this Agreement by the Seller or the
Principals or compliance by the Seller or the Principals with any of the
provisions hereof, except where failures to give such notices, make such
filings, or obtain authorizations, consents or approvals would not, in the
aggregate, have a Material Adverse Effect.  

     (f)  Financial Statements.  The combined statements of assets and
liabilities, comprised of (i) certain assets and liabilities of CRI to be sold
to CRI Acquisition and (ii) the assets and liabilities of CRICO Mortgage and
CRI/AIM Management, dated December 31, 1994 (the "Company Financial Statements")
previously delivered to the Buyer have been prepared in accordance with
generally accepted accounting principles applied on a consistent basis
throughout the periods covered thereby (except as may be indicated in the notes
thereto), and fairly present the financial position of such assets and
liabilities as of the dates thereof and their results of operations and cash
flow for the periods then ended.  

     (g)  Absence of Certain Changes or Events.  Except for the execution of the
Merger Agreement and as provided for therein or as specifically reflected in the
Company Financial Statements, since December 31, 1994 there has not been (i) any
change or any event which would result in a Material Adverse Effect, or (ii) any
agreement by the Seller to take, whether in writing or otherwise, any action
which, if taken prior to the date of this Agreement, would have made any
representation or warranty in this Section 3.1 untrue or incorrect.

     (h)  Compliance with Law.  The Seller has not, to the best knowledge of the
Principals and the Seller, violated or failed to comply with any statute, law,
ordinance, regulation, rule, order or other legal requirement of any foreign,
federal, state or local government, authority or any other governmental
department or agency, or any judgment, decree or order of any court, applicable
to the Contracts, except where any such violations or failures to comply would
not, individually or in the aggregate, have a Material Adverse Effect.

     (i)  Brokers.  No broker, finder, adviser or investment banker is entitled
to any brokerage, finder's or other fee or commission in connection with the
consummation of this Agreement.  

     (j)  Litigation.  Except as set forth on Schedule 3.1(j) hereto, there is
no claim, action, proceeding or investigation pending or, to the best knowledge
of the Principals and the Seller, threatened against or relating to the Seller
before any court or governmental or regulatory authority or body which, if
determined adversely, individually or in the aggregate, would have a Material
Adverse Effect.  The Seller is not subject to any outstanding order, writ,
injunction or decree applicable to the Contracts.

     (k)  Title to Assets; Encumbrances.  The Seller has good and marketable
title to the Contracts free and clear of any Lien (as hereinafter defined). 
"Lien" means any mortgage, pledge, encumbrance, security interest, charge, or
other lien, except (i) statutory liens not yet delinquent, (ii) liens that do
not materially detract from or materially interfere with the present use of the
assets subject thereto or affected thereby, or otherwise materially impair 
present business operations with respect to such assets, (iii) liens for taxes
not yet due and owing, and (iv) liens reflected in the Company Financial
Statements.

     (l)  Contracts.  The Seller has delivered to the Buyer a correct and
complete copy of each Contract.  With respect to each such Contract, as far as
the Seller and the Principals are aware:  (A) the Contract is valid, binding,
enforceable, and in full force and effect; (B) the Contract will continue to be
valid, binding, enforceable, and in full force and effect in all material
respects following the consummation of this Agreement; (C) no party is in breach
or default, and no event has occurred which with notice or lapse of time would
constitute a breach or default, or permit termination, modification, or
acceleration, under the Contract; and (D) no party has repudiated any material
provision of the Contract.

     (m)  Net Worth.  The net worth of each of the Principals (i.e., with
respect to each Principal, the sum of the current value of his assets (excluding
jointly owned assets, his interest in CRICO Mortgage, CRI/AIM Management and CRI
Acquisition, and CRIIMI MAE common stock and options to be issued to him on the
Closing Date) less the sum of the current amount of his liabilities) is at least
$5 million.

     (n)  Disclosure.  To the best knowledge of the Seller and the Principals,
no certificate, schedule, list or other information furnished in writing by or
on behalf of the Seller or the Principals to the Buyer prior to the date hereof
in connection herewith (excluding projections) contains (after giving effect to
any correction thereof furnished in writing to the Buyer prior to the date
hereof) any untrue statement of a material fact or omits or will omit to state a
material fact necessary in order to make the statements herein or therein, in
light of the circumstances under which they were made, not misleading.

     3.2  Representations and Warranties of the Buyer.  The Buyer represents and
warrants to the Seller and the Principals as follows:

     (a)  Organization; Standing and Power.  The Buyer is a corporation duly
organized, validly existing and in good standing under the laws of the State of
Maryland.

     (b)  Authority.  The Buyer has the requisite corporate power and authority
to enter into this Agreement and to perform its obligations hereunder.  The
execution, delivery and consummation of this Agreement by the Buyer have been
duly authorized by the Buyer's Board of Directors and stockholders and no other
corporate proceedings on the part of the Buyer are necessary to authorize the
execution, delivery and performance of this Agreement.  This Agreement has been
duly executed and delivered by the Buyer and constitutes a valid and binding
obligation of the Buyer, enforceable in accordance with its terms.

     (c)  Noncontravention.  Neither the execution, delivery and consummation of
this Agreement by the Buyer nor compliance by the Buyer with any of the
provisions hereof will (i) violate, conflict with, or result in a breach of any
provisions of, or constitute a default (or an event which, with notice or lapse
of time or both, would constitute a default) under, or result in the termination
or suspension of, or accelerate the performance required by, or result in a
right of termination or acceleration under, or result in the creation of any
Lien upon any of the properties or assets of the Buyer under, any of the terms,
conditions or provisions of (x) the Buyer's Articles of Incorporation or By-
Laws, or (y) any note, bond, mortgage, indenture, deed of trust, license,
permit, authorization, lease, agreement or instrument or obligation to which the
Buyer is party or to which it or any of its properties or assets may be subject,
or (ii) violate any judgment, ruling, order, writ, injunction, decree, statute,
rule or regulation applicable to the Buyer or any of its properties or assets,
except, in the case of each of clauses (i)(y) and (ii) above, for such
violations, conflicts, breaches, defaults, terminations, accelerations or
creations of Liens, which would not, in the aggregate, have a material adverse
effect on the business, property, assets, liabilities, condition (financial or 
otherwise) or prospects of the Buyer, or affect the Buyer's ability to
consummate the transactions contemplated hereby.

     (d)  Government Approval; Consents.  All third party consents and approvals
necessary to be obtained by the Buyer for the consummation of this Agreement
have been obtained.  No notice to, filing with, or authorization, consent or
approval of, any domestic or foreign public body or authority is necessary for
the execution, delivery and consummation of this Agreement by the Buyer or
compliance by the Buyer with any of the provisions hereof, except where failures
to give such notices, make such filings, or obtain authorizations, consents or
approvals would not, in the aggregate, have a material adverse effect on the
business, property, assets, liabilities, condition (financial or otherwise) or
prospects of the Buyer, or affect the Buyer's ability to consummate the
transactions contemplated hereby.  

     (e)  Litigation.  There is no claim, action, proceeding or investigation
pending or, to the best knowledge of the Buyer, threatened against or relating
to the Buyer before any court or governmental or regulatory authority or body
which, if determined adversely, individually or in the aggregate, would have a
material adverse effect on the Buyer's ability to purchase the Contracts.  The
Buyer is not subject to any outstanding order, writ, injunction or decree.


                                   ARTICLE IV

                              ADDITIONAL AGREEMENTS

     4.1  Merger Proposal.  The Seller and the Principals agree to take all
actions necessary to consummate the Merger Proposal (as defined in the Merger
Agreement).

     4.2  Additional Agreements and Provisions.  Subject to the terms and
conditions of this Agreement, each of the parties hereto agrees to use his or
its best efforts to take, or cause to be taken, all action and to do, or cause
to be done, all things necessary, proper or advisable under applicable laws and
regulations to consummate and make effective the transactions contemplated by
this Agreement.  The parties hereto agree to use their respective reasonable
efforts to challenge any action, including using all reasonable efforts to have
any order or injunction vacated or reversed, brought against any of the parties
hereto seeking a temporary restraining order or preliminary or permanent injunc-
tive relief which would prohibit, or materially interfere with, the consummation
of this Agreement.  If any time after the Closing Date any further action is
necessary or desirable to carry out the purposes of this Agreement or to vest
the Buyer with full title to the Contracts, the proper officers and directors of
each corporation that is a party to this Agreement (or its successor) shall take
all such necessary action.


                                    ARTICLE V

                     REMEDIES FOR BREACHES OF THIS AGREEMENT

     5.1  Investigations; Survival of Representations and Warranties.  The
representations and warranties of the Seller and the Principals (collectively,
the "Indemnifying Parties") contained in Section 3.1 hereof (the
"Representations and Warranties") shall not be deemed waived or otherwise
affected by any investigation by the Buyer and shall survive the Closing Date
for a period of three (3) years (the "Warranty Period").  None of the
representations and warranties of the Buyer in this Agreement or in any
instrument delivered pursuant to this Agreement shall survive the Closing.  This
Section 5.1 shall not limit any covenant or agreement of the parties hereto
which by its terms contemplates performance after the Closing Date.

     5.2  Indemnification by the Seller and the Principals.  The Indemnifying
Parties, jointly and severally, shall indemnify, defend and hold harmless the
Buyer and its affiliates, directors, officers, employees and attorneys 
(collectively, the "Indemnified Persons"), and reimburse the Indemnified Persons
for, from and against all demands, claims, actions or causes of action,
assessments, losses, damages, liabilities, costs and expenses, including,
without limitation, interest, penalties and reasonable attorneys' fees,
disbursements and expenses, imposed on or incurred by the Indemnified Persons,
directly or indirectly, by reason of:

          (a)  any breach or alleged breach by any of the Indemnifying Parties
     of any of the Representations and Warranties; or

          (b)  any failure or alleged failure by the Indemnifying Parties to
     perform any material covenant, undertaking or obligation hereunder.

     5.3  Defense.  If any action or claim shall be brought or asserted against
any Indemnified Person under this Article V, or any successor thereto (the
"Indemnified Party"), in respect of which indemnity may be sought from the
Indemnifying Parties under this Article V, the Indemnified Party shall
immediately notify the Indemnifying Parties who shall assume the defense
thereof, including the employment of counsel reasonably satisfactory to said
Indemnified Party and the payment of all expenses; except that any delay or
failure to so notify said Indemnifying Parties shall only relieve the
Indemnifying Parties of its or his obligations hereunder to the extent, if at
all, that they are materially prejudiced by reason of such delay or failure. 
The Indemnified Party shall have the right to employ separate counsel in any
such action and participate in the defense thereof, but the fees and expenses of
such counsel shall be at the expense of the Indemnified Party unless:

          (a)  the employment thereof shall have been specifically directed and
     required by said Indemnifying Parties; or

          (b)  The Indemnifying Parties shall have elected not to assume the
     defense and employ counsel.

          Without the express prior written consent of said Indemnified Party,
     the Indemnifying Parties shall have no right to settle or compromise any
     matter.

     5.4  Indemnification Threshold.  The Indemnifying Parties shall not be
required to indemnify the Indemnified Persons unless the sum of the amounts for
which indemnity would otherwise be payable under this Agreement and under the
Merger Agreement and the Asset Purchase Agreements attached to the Merger
Agreement as Exhibits 1 and 3 exceeds $100,000, at which time and at all times
thereafter the Indemnified Persons shall be entitled to the full amount of all
claims without deduction of $100,000.

     5.5  Limitation on Indemnification.  The Buyer shall not be entitled to
seek indemnification hereunder at any time subsequent to the expiration of the
Warranty Period; provided, however, that the Buyer may seek indemnification
hereunder with respect to any claims of which the Buyer first receives notice
during the Warranty Period up to 14 days after such notice is received.

     5.6  No Contribution.  The parties agree that after the Closing Date the
Principals shall have no right of contribution from CRIIMI Management (as the
successor to the Seller) with respect to any claims brought under this Article
V.


                                   ARTICLE VI

                               GENERAL PROVISIONS

     6.1  Public Statements.  The Buyer, the Seller and the Principals agree
that neither they nor their respective directors, officers, employees or agents
shall disclose to any third party (other than to their professional advisers) or
publicly issue any press release or other statement to the press or any third
party with respect to this Agreement, except as may be required by law, until 
such time as any such public announcement is approved in advance by the Seller,
the Buyer and the Principals.

     6.2  Notices.  All notices and other communications hereunder shall be in
writing (including telex or similar writing) and shall be deemed given if
delivered in person or by messenger, cable, telegram or telex or facsimile
transmission or by a reputable overnight delivery service which provides for
evidence of receipt to the parties at the following addresses or telecopier
numbers (or at such other address or telecopy number for a party as shall be
specified by like notice):

     (a)  if to the Buyer, to:

               CRIIMI MAE Services, Inc.
               11200 Rockville Pike
               Rockville, Maryland  20852
               (301) 468-9200/(800) 678-1116
               Telecopy: (301) 231-0334
               Attention:  William B. Dockser

          with a copy to:

               Robert B. Hirsch
               Arent Fox Kintner Plotkin & Kahn
               1050 Connecticut Avenue, N.W.
               Washington, D.C.  20036-5339
               (202) 857-6000
               Telecopy: (202) 857-6395

     (b)  if to the Principals or to the Seller, to:

               William B. Dockser
               H. William Willoughby
               C.R.I., Inc.
               The CRI Building
               11200 Rockville Pike
               Rockville, MD 20852
               (301) 468-9200
               Telecopy: (301) 231-0396

          with a copy to:

               Debra D. Yogodzinski 
               Peabody & Brown
               1255 23rd Street, N.W.
               Suite 800
               Washington, D.C.  20037
               (202) 973-7700
               Telecopy: (202) 973-7750

     6.3  Interpretation.  When reference is made in this Agreement to Exhibits,
Schedules or Sections, such reference shall be to an Exhibit, Schedule or
Section of this Agreement unless otherwise indicated.  The headings contained in
this Agreement are for reference purposes only and shall not affect in any way
the meaning or interpretation of this Agreement.

     6.4  Counterparts.  This Agreement may be executed in one or more
counterparts, all of which shall be considered one and the same agreement and
shall become effective when one or more counterparts have been signed by each of
the parties and delivered to the other parties, it being understood that all
parties need not sign the same counterpart.

     6.5  Entire Agreement.  This Agreement (including the documents and
instruments referred to herein), constitutes the entire agreement and supersedes
all prior agreements and understandings, both written and oral, among the
parties with respect to the subject matter hereof. 

     6.6  Governing Law.  This Agreement shall be governed by and construed in
accordance with the laws of the State of Maryland, without regard to the
principles of conflicts of law of such state.

     6.7  Validity.  The invalidity or unenforceability of any provisions of
this Agreement shall not affect the validity or enforceability of any other
provisions of this Agreement, each of which shall remain in full force and
effect.

     6.8  Assignment.  Neither this Agreement nor any of the rights, interests
or obligations hereunder shall be assigned by any party hereto, whether by
operation of law or otherwise, without the express prior written consent of each
of the other parties hereto.  Subject to the preceding sentence, this Agreement
will be binding upon, inure to the benefit of and be enforceable by the parties
and their respective successors, heirs, legal representatives and assigns.

     6.9  Expenses.  Each party shall bear its own expenses incurred in
connection with this Agreement.

     6.10 Knowledge.  Statements herein made "to the best knowledge" of a party
are made after exercising reasonable care in the ascertainment of relevant
facts.













                      (signatures follow on following page) 

     IN WITNESS WHEREOF, the Buyer and the Seller have caused this Agreement to
be signed by their respective officers thereunto duly authorized, and each of
the Principals has signed this Agreement, all as of the date first above
written.


                         CRIIMI MAE Services, Inc.


                              By:  /s/ H. William Willoughby
                                  ---------------------------
                                 Name:  H. William Willoughby
                                 Title:   President



                         CRICO Mortgage Company, Inc.



                              By:       /s/ William B. Dockser
                                        ----------------------------
                                 Name:  William B. Dockser
                                 Title:   Chairman of the Board



                         The Principals:


                         /s/ William B. Dockser                    
                         ----------------------      
                         William B. Dockser


                         /s/ H. William Willoughby         
                         -------------------------      
                         H. William Willoughby <PAGE>