<PAGE>
THIS FORM HAS BEEN APPROVED BY THE FLORIDA
ASSOCIATION OF REALTORS(R) AND THE FLORIDA BAR

CONTRACT FOR SALE AND PURCHASE

PARTIES: Universal Asset Recovery, Inc. ("Seller"), and Soloman Lam ("Buyer")
hereby agree that Seller shall sell and Buyer shall buy the following described
Real Property and Personal Property (collectively "Property") pursuant to the
terms and conditions of this Contract for Sale and Purchase and any riders and
addenda ("Contract"):

I.                DESCRIPTION:

(a)      Legal description of the Real Property located in PB County, Florida:
         Sun Glades Estates [ILLEGIBLE]


(b)      Street Address, city, zip, of the Property is: 50th Street (South
         Road), Wellington


(c)      Personal Property includes existing range, refrigerator, dishwasher,
         ceiling fans, light fixtures, and window treatments unless specifically
         excluded below:

         Other items included are: vacant land


         Items of Personal Property (and leased items, if any) excluded are:


<TABLE>
<S>                                                                                    <C>
II.      PURCHASE PRICE (U.S. CURRENCY):...............................................$55,000.
     PAYMENT:

         (a)      Deposit held in escrow by Illustrated Properties (Escrow
                  Agent) in the amount of..............................................$1,000.


         (b)      Additional escrow deposit to be made to Escrow Agent within
                  _____ days after Effective Date (see Paragraph III) in the
                  amount of ...........................................................$N/A


         (c)      Assumption of existing mortgage in good standing (see
                  Paragraph IV(c)) having an approximate value of......................$N/A



         (d)      New mortgage financing with a Lender (see Paragraph IV(b)) in
                  the amount of .......................................................$N/A



         (e)      Purchase money mortgage and note to Seller (See Paragraph
                  IV(d)) in the amount of..............................................$N/A


         (f)      Other: ..............................................................$N/A


         (g)      Balance to close by cash or LOCALLY DRAWN cashier's or
                  official bank check(s), subject to adjustments or prorations.........$54,000.00
</TABLE>


III.     TIME FOR ACCEPTANCE OF OFFER AND COUNTEROFFERS; EFFECTIVE DATE:

         (a)      If this offer is not executed by and delivered to all parties
                  OR FACT OF EXECUTION communicated in writing between the
                  parties on or before 12-22-01, the deposit(s) will, at Buyer's
                  option, be returned and this offer withdrawn.

         UNLESS OTHERWISE STATED, THE TIME FOR ACCEPTANCE OF ANY COUNTEROFFERS
         SHALL BE 2 DAYS FROM THE DATE THE COUNTEROFFER IS DELIVERED.

         (b)      The date of Contract ("Effective Date") will be the date when
                  the last one of the Buyer and Seller has signed or initiated
                  this offer or the final counteroffer. If such date is not
                  otherwise set forth in this Contract, then the "Effective
                  Date" shall be the date determined above for acceptance of
                  this offer or, if applicable, the final counteroffer.

IV.   FINANCING:

      [ILLEGIBLE NOTATION]

         []       (a)      This is a cash transaction with no contingencies for
                           financing;

         []       (b)      This Contract is contingent on Buyer obtaining
                           approval of a loan ("Loan Approval") within _____
                           days after Effective Date for (CHECK ONLY ONE): [] a
                           fixed; [] an adjustable; or [] a fixed or adjustable
                           rate loan in the principal amount of
                           $___________________, at an initial interest rate not
                           to exceed %, discount and origination fees not to
                           exceed % of principal amount, and for a term of _____
                           years. Buyer will make application within _____ days
                           (if blank, then 5 days) after Effective Date and use
                           reasonable diligence to obtain Loan Approval and,
                           thereafter, to satisfy terms and conditions of the
                           Loan Approval and close the loan. Buyer shall pay all
                           loan expenses. If Buyer fails to obtain a Loan
                           Approval or fails to waive Buyer's rights under this
                           subparagraph within the time for obtaining Loan
                           Approval or, after diligent, good faith effort, fails
                           to meet the terms and conditions of the Loan Approval
                           by Closing, then either party thereunder, by written
                           notice to the other, may cancel this Contract and
                           Buyer shall be refunded the deposit(s);

         []       (c)      Assumption of existing mortgage (see rider for
                           terms); or

         []       (d)      Seller financing (see Standard B and riders; addenda;
                           or special clauses for terms).

V.       TITLE EVIDENCE: At least _____ days (if blank, then 5 days) before
         Closing:

         x (a) Title insurance commitment with legible copies of instruments
         listed as exceptions thereto ("Title Commitment") and, after Closing,
         an owner's policy of title insurance (see Standard A for terms); or []
         (b) Abstract of title or other evidence of title (see rider for terms),
         shall be obtained by (CHECK ONLY ONE): Buyer x (1) Seller, at Seller's
         expense and delivered to Buyer or Buyer's attorney; or [] (2) Buyer at
         Buyer's expense.

VI.      CLOSING DATE: This transaction shall be closed and the closing
         documents delivered on 2/15/02 ("Closing"), unless modified by other
         provisions of this Contract. If Buyer is unable to obtain Hazard, Wind,
         Flood, or Homeowners' insurance at a reasonable rate due to extreme
         weather conditions, Buyer may delay Closing for up to 5 days after such
         coverage becomes available.

<PAGE>

VII.     RESTRICTIONS; EASEMENTS; LIMITATIONS: Seller shall convey marketable
         title subject to: comprehensive land use plans, zoning, restrictions,
         prohibitions and other requirements imposed by governmental authority;
         restrictions and matters appearing on the plat or otherwise common to
         the subdivision; outstanding oil, gas and mineral rights of record
         without right of entry; unplatted public utility easements of record
         (located contiguous to real property lines and not more than 10 feet in
         width as to the rear or front lines and 7 1/2 feet in width as to the
         side lines); taxes for year of Closing and subsequent years; and
         assumed mortgages and purchase money mortgages, if any (if additional
         items, see addendum); provided, that there exists at Closing no
         violation of the foregoing and none prevent use of the Property for
         agricultural/res purpose(s).

VIII.    OCCUPANCY: Seller shall deliver occupancy of Property to Buyer at the
         time of closing unless otherwise stated herein. If Property is intended
         to be rented or occupied beyond Closing, the fact and terms thereof an
         d the tenant(s) or occupants shall be disclosed pursuant to Standard F.
         If occupancy is to be delivered before Closing, Buyer assumes all risks
         of loss to Property from date of occupancy, shall be responsible and
         liable for maintenance from that date, and shall be deemed to have
         accepted Property in its existing condition as of time and taking
         occupancy.

IX.      TYPEWRITTEN OR HANDWRITTEN PROVISIONS: Typewritten or handwritten
         provisions, riders and addenda shall control all printed provisions of
         this Contract in conflict with them.

X.       ASSIGNABILITY: (CHECK ONLY ONE): Buyer [] may assign and thereby be
         released from any further liability under this Contract; [] may assign
         but not be released from liability under this Contract; or x may not
         assign this Contract.

XI       DISCLOSURES:

         (a)      [] CHECK HERE if the Property is subject to a special
                  assessment lien imposed by a public body payable in
                  installments which continue beyond Closing and, if so, specify
                  who shall pay amounts due after Closing: [] Seller [] Buyer []
                  Other (see addendum).

         (b)      Radon is a naturally occurring radioactive gas that when
                  accumulated in a building in sufficient quantities may present
                  health risks to persons who are exposed to it over time.
                  Levels of radon that exceed federal and state guidelines have
                  been found in buildings in Florida. Additional information
                  regarding radon testing may be obtained from your County
                  Public Health unit.

         (c)      Buyer acknowledges receipt of the Florida Building
                  Energy-Efficiency Rating System Brochure.

         (d)      If the real property includes pre-1978b residential housing
                  then a lead-based paint rider is mandatory.

         (e)      If Seller is a "foreign person" as defined by the Foreign
                  Investment in Real Property Tax Act, the parties shall comply
                  with that Act.

         (f)      If Buyer will be obligated to be a member of a homeowners'
                  association, BUYER SHOULD NOT EXECUTE THIS CONTRACT UNTIL
                  BUYER HAS RECEIVED AND READ THE HOMEOWNERS' ASSOCIATION
                  DISCLOSURE.

XII.     MAXIMUM REPAIR COSTS: Seller shall not be responsible for payments in
         excess of:

         (a)      $___N/A__________________ for treatment and repair under
                  Standard D (if blank, then 2% of the Purchase Price).

         (b)      $___N/A__________________ for repair and replacement under
                  Standard N not caused by Wood Destroying Organisms (if blank,
                  then 3% of the Purchase Price).

XIII.    RIDERS: RIDERS; ADDENDA; SPECIAL CLAUSES: CHECK those riders which are
         applicable AND are attached to this Contract:

<TABLE>
      <S>                                            <C>                   <C>
      []   CONDOMINIUM                               []   VA/FHA           []  HOMEOWNERS' ASSN.

      []   COASTAL CONSTRUCTION CONTROL LINE         []  INSULATION        []   "AS IS"

      []   Other Comprehensive Rider Provisions      []   Addenda          []   LEAD-BASED PAINT
</TABLE>

         Special Clause(s):
         Vacant land addendum

         ----------------------------------------------------------------------

         ----------------------------------------------------------------------

         ----------------------------------------------------------------------

XIV.     STANDARDS FOR REAL ESTATE TRANSACTIONS (STANDARDS"): Buyer and Seller
         acknowledge receipt of a copy of Standards A through; W on the reserve
         side or attached, which are incorporated as part of this Contract.

         THIS IS INTENDED TO BE A LEGALLY BINDING CONTRACT. IF NOT FULLY
          UNDERSTOOD, SEEK THE ADVICE OF AN ATTORNEY PRIOR TO SIGNING.

      THIS FORM HAS BEEN APPROVED BY THE FLORIDA ASSOCIATION OF REALTORS(R)
                              AND THE FLORIDA BAR.

         Approval does not constitute an opinion that any of the terms and
         conditions in this Contract should be accepted by the parties in a
         particular transaction.

         Terms and conditions should be negotiated based upon the respective
         interests, objectives and bargaining positions of all interested
         persons.


<TABLE>
<S>                                         <C>               <C>                                       <C>
/s/Soloman Lam                              12/20/2001        /s/Universal Asset Recovery, Inc.         12/24/2001
------------------------------------        ----------        -----------------------------------       -----------

---------------------------------------------------------------------------------------------------------------------------
(Buyer)                                     (Date)            (Seller)                                           (Date)

---------------------------------------------------------------------------------------------------------------------------

                                                              [/S/ ILLEGIBLE], President
------------------------------------        ---------         --------------------------------------------       ----------
(Buyer)                                     (Date)            (Seller)                                           (Date)

---------------------------------------------------------------------------------------------------------------------------
Buyers' address for purposes of notice                        Sellers' address for purposes of notice

---------------------------------------------------------------------------------------------------------------------------
                                    Phone                                                                 Phone
------------------------------------                          --------------------------------------------

---------------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------------
Deposit under Paragraph II(a) received (Checks are subject to clearance.):                       (Escrow Agent)
                                                                             --------------------
</TABLE>


BROKERS: The brokers named below, including listing and cooperating brokers, are
the only brokers entitled to compensation in connection with this Contract:

Name:  Illustrated Properties                     South Fields Realty
       -------------------------------            ------------------------------
       COOPERATING BROKERS, IF ANY                LISTING BROKER


<PAGE>



ILLUSTRATED PROPERTIES
    REAL ESTATE, INC.



                              VACANT LAND ADDENDUM


Addendum to contract dated 12/20/01 between Universal Asset Recovery, Inc.,
SELLER

And Soloman Lam BUYER concerning property located at 50th St. (South Rd.)
Wellington the undersigned BUYER and SELLER hereby agree to the following:

1.       The parties acknowledge that the details of the intended use of the
         property, and the improvements to be constructed thereon, are best
         known to the Buyer. Accordingly, neither the Seller nor the Broker make
         any representations or warranties whatsoever (except for the general
         use designation in paragraph VII and the warranty in Standard W) that
         the Buyer may use the property for a specific purpose or may construct
         any specific improvements on the property. The Buyer shall be solely
         responsible for determining that the property can be used for Buyers
         specific needs. Buyers shall have _____________ days (14 days if t his
         blank is not filled in) from the Effective Date hereof to make those
         determinations, INCLUDING BUT NOT LIMITED TO BUILDING, ZONING,
         CONCURRENCY, UTILITIES, WETLANDS PROTECTION, HAZARDOUS SUBSTANCES AND
         SOIL CONDITION. Buyer shall have the right of access to the property to
         conduct such inspections or tests as Buyer deems necessary to make said
         determinations and Buyer shall indemnify and hold harmless Seller from
         any and all damages resulting therefrom. If Buyer has not notified
         Seller in writing within said time, then it shall be conclusively
         presumed that the property is acceptable. In the event the Buyer finds
         the property unusable for Buyers intended use and notifies Seller in
         writing within said time period then the contract shall terminate and
         Buyer shall be refunded all deposits. All notifications hereunder shall
         be deemed made when sent by certified mail, return receipt requested.

2.       Further, the parties hereby agree that it shall be the responsibility
         of the Seller to obtain at their expense, the release of any
         sub-surface exploration rights or a non-use commitment from any third
         party holding sub-surface rights.


Date:    12/24/2001                                  Date:  12/20/2001
     --------------                                       ------------

Universal Asset Recovery Inc.
[/S/ ILLEGIBLE], President                           /s/      Soloman Lam
--------------------------------------------         ---------------------------
         Seller                                               Buyer



--------------------------------------------         ---------------------------
         Seller                                               Buyer