<PAGE>
 

                                                                   EXHIBIT 10.32
 
                            AMENDED BRIDGE MORTGAGE
                            -----------------------

                                        
    Reference is made to a certain mortgage (the "Mortgage") made the 31st day
of October, 1997, recorded with Belknap County Registry of Deeds at Book 1442,
Page 273 by and between DM Management Company, a Delaware corporation with a
principal office at 25 Recreation Park Drive, Hingham, Massachusetts 02043
(herein called "Mortgagor"), and Citizens Bank of Massachusetts with a principal
place of business at 28 State Street, Boston, Massachusetts 02109 (herein called
"Mortgagee" which expression shall include its successors and assigns).

                                  WITNESSETH:

    For good and valuable consideration paid by each of the parties to the
other, and in further consideration of the mutual covenants and agreements
herein contained, it is agreed by and between Mortgagor and Mortgagee that the
Mortgage is hereby amended and restated as follows:

  The Mortgagor hereby grants to the "Mortgagee", with mortgage covenants, the
real property described on Exhibit A (hereinafter called the "Mortgaged
Premises") to secure  (a) the full payment of the sum of $8,500,000.00, or such
lesser amount which shall have been advanced, together with interest and other
charges, all as provided in a certain "Revolving Note" of the Mortgagor to the
order of the Mortgagee dated June 5, 1997, which Note was amended and replaced
by a certain Replacement Revolving Note dated October 31, 1997 in the face
amount of $8,500,000.00 all as provided in a certain Loan Agreement dated June
5, 1997, as amended and restated as of March 5, 1998 (the "Loan Agreement")
together with all substitutions or replacements therefor and all renewals or
extensions thereof and the full performance of all other obligations of the
maker of said note as provided therein; (b) the full payment of the sum of
$1,650,000.00, as provided in a certain "Real Estate Note" (as defined in the
Loan Agreement) of the Mortgagor to the order of the Mortgagee, dated July 30,
1997, executed and delivered by the Mortgagor to the Mortgagee, pursuant to the
Loan Agreement in the face amount of $1,650,000.00, with interest and other
charges as provided therein, together with all substitutions and replacements
therefor and all renewals and extensions thereof and the full performance of all
other obligations of the maker of said note as provided therein and a certain
"Real Estate Mortgage" (as defined in the Loan Agreement) executed and delivered
in connection therewith; (c) the full payment of the sum of $3,600,000.00, with
interest and other charges, all as provided in a certain "Term Note" (as defined
in the Loan Agreement) of the Mortgagor to the order of the Mortgagee, dated
June 5, 1997, executed and delivered by the Mortgagor to the Mortgagee pursuant
to the Loan Agreement, in the original face amount of $3,600,000.00, together
with all substitutions or replacements therefor and all renewals or extensions
thereof and the full performance of all other obligations of the maker of said
note as provided therein; (d) the full payment of the sum of $4,300,000.00 with
interest and other charges, all as provided in a certain "New Bridge Note" (as
defined in the Loan Agreement) of the Mortgagor at the order of the Mortgagee
dated as of March 5, 1998, executed and delivered by the Mortgagor to the
Mortgagee pursuant to the Loan Agreement in the original face amount of Four
Million Three Hundred Thousand Dollars ($4,300,000.00) together with all
substitutions or replacements therefor and all renewals and extensions thereof
and the full performance of all other obligations of the maker of said note as
provided therein; (e) the full payment of the sum of $17,000,000.00 as provided
in a certain "Short Term Revolving Note" (as defined in the Loan Agreement) of
the Mortgagor to the order of the Mortgagee dated March 5, 1998 pursuant to the
Loan Agreement in the face amount of $17,000,000.00 with interest and other
charges as provided therein, and all renewals and extensions thereof and the
full performance of all other obligations of the maker of said note and a
certain Assignment of Certificate of Deposit dated as of March 5, 1998 executed
and delivered in connection therewith; (f) the full payment and performance by
the Mortgagor of all indebtedness, obligations and liabilities of the Mortgagor
to the Mortgagee under the Loan Agreement, direct or indirect, absolute or
contingent, now existing or hereafter arising (including, without limitation,
all "Obligations", as defined in the Loan Agreement), which Loan Agreement
provides, among other things, for the establishment of a "Revolving Loan" (as
defined therein) and for 
<PAGE>
 
the issuance of Letter of Credit pursuant to L/C Applications as defined
therein, therein pursuant to which "Advances" (as defined therein) may be made
from time to time, and for repayment of all or a portion of the outstanding
balance of such Advances together with interest and other charges all in
accordance therewith and for the grant of "Loans" (as defined therein) as
provided therein; (g) the full payment and performance of all covenants and
agreements herein contained or referred to on the part of the Mortgagor to be
kept and performed (collectively hereafter referred to as "Obligations").

    Together with all furnaces, machinery, articles, fixtures and equipment
thereon and used in connection with the occupation, maintenance, use or
operation thereof including, without limitation, heaters, gas and electric
fixtures, screens, screen doors, shades, storm doors and windows, awnings,
garbage incinerator, receptacles and disposals, refrigerators and refrigeration
equipment, ventilating and air conditioning equipment, built in cases, cabinets,
counters and drawers, door bell and alarm systems, portable or sectional
buildings, and all other fixtures or equipment of whatever kind or nature at
present contained in or on the Mortgaged Premises, or placed therein prior to
the full payment and discharge of this mortgage including without limitation
together with the proceeds of the foregoing.

    Together with all of Mortgagor's right, title and interest in and to all
leases, tenancies and occupancies (the "Leases") whether written or not, which
have been entered into, or which may at any time in the future be entered into
regarding the Mortgaged Premises, together with all rent, income and profit
arising out of the Leases and all security and other deposits held by or held on
behalf of Mortgagor.

    TO HAVE AND TO HOLD said granted Mortgaged Premises with all the privileges
and appurtenances to the same belonging to the said Mortgagee and its successors
and assigns as its own property for its own use and benefit forever.  The
Mortgagor and Mortgagor's heirs, executors, administrators, successors and
assigns do hereby covenant, grant and agree to, and with the said Mortgagee, and
its successors and assigns, that until the delivery hereof Mortgagor is the
lawful owner of said Mortgaged Premises and is possessed thereof in Mortgagor's
own rights and fee simple; and that Mortgagor has full power and authority to
grant and convey the same in the manner aforesaid; that the said Mortgaged
Premises are free and clear of all and every encumbrance other than those shown
on Exhibit "A", and that Mortgagor will, and Mortgagor's heirs, executors,
administrators, successors and assigns shall and will warrant and defend the
same to the Mortgagee, and its successors and assigns, against the lawful claims
and demands of any person or persons whomsoever.

    Provided, nevertheless, that if the said Mortgagor, and Mortgagor's heirs,
executors, administrators, successors and assigns shall faithfully perform the
following covenants and conditions, this mortgage shall be void, and otherwise
to remain in full force.

    The Mortgagor for itself and Mortgagor's heirs, executors, administrators,
successors and assigns covenants and agrees as follows:

         All Obligations shall be fully and timely kept and performed.

         Mortgagor will pay all taxes, assessments, and other governmental or
municipal charges, fines or impositions arising in connection with the Mortgaged
Premises, and in default thereof the Mortgagee may pay the same.

         That Mortgagor will keep the Mortgaged Premises above conveyed in good
order and condition and will not permit any waste thereof, reasonable wear and
tear excepted.

                                      -2-
<PAGE>
 
    Mortgagor will keep the structures, fixtures, and improvements now existing
or hereafter erected or situated on the Mortgaged Premises insured against loss
by fire and other hazards, casualties and contingencies, as Mortgagee may, from
time to time, require, said insurance to be placed with such company(ies) and be
for such periods and in such amounts as may be required by the Mortgagee, all
such insurance policies to be deposited with, and payable in case of loss to
Mortgagee, subject only to the rights of the holders of those mortgages, if any,
shown on Exhibit "A" hereto, hereby granting to Mortgagee in the event of
default authorization as attorney irrevocable of the Mortgagor to cancel such
insurance and to retain the return premium thereof and to transfer such
insurance to any person or persons claiming title to the Mortgaged Premises or
any part thereof by virtue of foreclosure proceedings or otherwise.

    The Mortgagor covenants to cause, at the request of the Mortgagee, the
Mortgagee to be named as an additional insured on any liability insurance policy
maintained in respect to the Mortgaged Premises and further covenants to effect
such liability insurance at the request of the Mortgagee, such insurance to be
on such terms and in such form and for such periods and amounts as the Mortgagee
shall, from time to time, approve or require.

    The Mortgagor covenants, upon demand by the Mortgagee, to make equal monthly
payments to the Mortgagee sufficient to amortize the amount (estimated by the
Mortgagee) of all taxes and assessments laid against the Mortgaged Premises,
within a period ending one month prior to the due date of such taxes and
assessments.  The Mortgagee shall hold such monthly payments to pay such taxes
and assessments when due and payable, and in the event of the foreclosure of
this mortgage, all such payments shall be credited to the amount of the
principal obligations remaining unpaid to the extent that they have not been
used for the payment of taxes and assessments as provided herein.  So long as
Mortgagor shall make monthly payments of such taxes to any mortgagee whose
mortgage is prior in right to the mortgage herein granted, the covenant of the
Mortgagor with respect to said monthly payments of taxes shall be deemed to have
been performed.

    That if the Mortgagor fails to make any payment provided for in the
documents, instruments or agreements evidencing the Obligations, including
without limitation, this Mortgage Deed (hereinafter, collectively, the
"Instruments"), for taxes, insurance premiums, repair of the Mortgaged Premises,
or otherwise, then the Mortgagee may pay the same, and all sums so advanced,
with interest thereon at the same rate as then prevailing under the Loan
Agreement, from the date of such advance, shall be added to the principal of the
Obligations, and shall be secured hereby;

    That in the event the said Mortgaged Premises or any part thereof shall be
taken or condemned for public or quasi-public purposes or by the proper
authority, the Mortgagor shall have no claim against the award for damages or be
entitled to any portion of the award until the Obligations have been paid and
performed in full, and all rights to damages of the Mortgagor are hereby
assigned to the Mortgagee to the extent of any such Obligations that remain
unpaid, the Mortgagor, however, having the right to appeal such awards in the
Courts of competent jurisdiction;

    That the Mortgagor shall not from this time forward convey or permit the
transfer of the Mortgaged Premises or the structures or improvements thereon, or
any interest therein, (legal or equitable), without the prior written consent of
the Mortgagee;

    That if there shall be any default on any of the terms, conditions, or
covenants of the Instruments, all sums due the Mortgagee by the Mortgagor shall
at the option of the Mortgagee 

                                      -3-
<PAGE>
 
become immediately due and payable, and the Mortgagee or its assigns shall have
the STATUTORY POWER OF SALE.

    The Obligations which this Mortgage Deed secures may also be secured by
other security documents and agreements and the Mortgagee shall have the
absolute right, in its sole discretion, to determine which rights, security
liens, and security interests it shall at any time pursue or take any action in
respect of, without in any way modifying or affecting any rights thereunder.

    This mortgage is upon the STATUTORY CONDITIONS, for any breach of which the
Mortgagee shall have the STATUTORY POWER OF SALE.

    The Mortgagor represents that to the best of Mortgagor's knowledge and
belief neither the Mortgagor nor any person for whose conduct the Mortgagor is
responsible ever:

         (i)  owned, occupied, or operated a site or vessel on which any
    hazardous material or oil was or is stored (except if such storage was or is
    in compliance with all laws, ordinances, and regulations pertaining thereto)
    transported, or disposed of (the term site, vessel, and hazardous material
    respectively being used in this Section with the meaning given those terms
    under New Hampshire R.S.A. l47-B as amended);

         (ii)  directly or indirectly transported, or arranged for the
    transport, of any hazardous material or oil (except if such transportation
    was or is in compliance with all laws, ordinances and regulations pertaining
    thereto);

         (iii)  caused or was legally responsible for any release, or threat of
    release, of any hazardous material or oil; or

         (iv)  received notification from any federal, state, or other
    governmental authority of: any potential, known, or threat of release of any
    hazardous material or oil on or from the Mortgaged Premises or any other
    site or vessel owned, occupied, or operated either by the Mortgagor or any
    person for whose conduct the Mortgagor is responsible or whose liability may
    result in a lien on the Mortgaged Premises; or the incurrence of any expense
    of loss by such governmental authority, or by any other person, in
    connection with the assessment, containment, or removal of any release, or
    threat of release, of any hazardous material or oil from the Mortgaged
    Premises or any such site or vessel.

    The Mortgagor represents and warrants that to the best of Mortgagor's
knowledge and belief no hazardous material or oil was ever, or is now, stored on
(except in compliance with all laws, ordinances, and regulations pertaining
thereto), transported, or disposed of on the Mortgaged Premises.

The Mortgagor shall:

         (i)  not store (except in compliance with all laws, ordinances, and
    regulations pertaining thereto), or dispose of any hazardous material or oil
    on the Mortgaged Premises, or on any other site or vessel owned, occupied,
    or operated either by the Mortgagor, or by any person for whose conduct
    Mortgagor is responsible;

         (ii)  neither directly or indirectly transport or arrange for the
    transport of any hazardous material or oil (except in compliance with all
    laws, ordinances, and regulations pertaining thereto);

                                      -4-
<PAGE>
 
         (iii)  take all such action, including, without limitation, the
    conducting of engineering tests (at the sole expense of the Mortgagor) (x)
    to confirm that no hazardous material or oil is or ever was stored on the
    Mortgaged Premises (y) to assess, contain, and remove any such hazardous
    material or oil on the Mortgaged Premises, and (z) to qualify for any
    insurance program or safe harbor which may be available under said R.S.A.
    l47-B, as amended; and

         (iv)  provide the Mortgagee with written notice:  (x) upon the
    Mortgagor's obtaining knowledge of any potential or known release, or threat
    of release, of any hazardous material or oil at or from the Mortgaged
    Premises, or any other site or vessel owned, occupied or operated by the
    Mortgagor or by any person for whose conduct the Mortgagor is responsible or
    whose liability may result in a lien on the Premises; (y) upon the
    Mortgagor's receipt of any notice to such effect from any federal, state, or
    other governmental authority; and (z) upon the Mortgagor's obtaining
    knowledge of any incurrence of any expense or loss by such governmental
    authority in connection with the assessment, containment, or removal of any
    hazardous material or oil for which expense or loss the Mortgagor may be
    liable or for which expense a lien may be imposed on the Mortgaged Premises.

    The Mortgagor shall indemnify, defend, and hold the Mortgagee harmless of
and from any claim brought or threatened against the Mortgagee by any person,
entity, or governmental agency or authority on account of the failure by the
Mortgagor to comply with the terms and provisions hereof (each of which may be
defended, compromised, settled, or pursued by the Mortgagee with counsel of the
Mortgagor's selection, but at the expense of Mortgagor).  The within
indemnification shall survive payment of the Obligations and/or termination,
release, or discharge executed by the Mortgagee in favor of the Mortgagor.

    The obligations of Mortgagor hereunder, if more than one, shall be joint and
several.

    If any provision of this Mortgage or portion of such provision or the
application thereof to any person or circumstance shall to any extent be held
invalid or unenforceable, the remainder of this Mortgage (or the remainder of
such provision) and the application thereof to other persons or circumstances
shall not be affected thereby.

    The use of the singular herein shall include the plural, and the use of the
plural shall include the singular, and the use of the masculine gender shall
include the feminine and the use of the feminine shall include the masculine.

    This agreement shall be governed and construed according to the laws of the
State of New Hampshire.

    This agreement shall bind Mortgagor and Mortgagor's heirs, executors,
administrators, successors and assigns and shall inure to the benefit of the
Mortgagee and its successors and assigns.

                                      -5-
<PAGE>
 
    IN WITNESS WHEREOF, Mortgagor has caused this instrument to be executed on
this 5th day of March, 1998.

Witness                 DM MANAGEMENT COMPANY

/s/ Arlene L. Bender              /s/ Peter J. Tulp
-----------------------  By:------------------------------------ 
                            Peter J. Tulp, Corporate Controller


                         COMMONWEALTH OF MASSACHUSETTS

COUNTY OF SUFFOLK                       March 5, 1998

    On this 5th day of March, 1998, before me, personally appeared the
undersigned officer, Peter J. Tulp, known to me (or satisfactorily proven) to be
the person whose name is subscribed to the foregoing written instrument as the
Corporate Controller of DM Management Company in its name and on its behalf and
acknowledged that they executed the same for the purposes therein contained.

    IN WITNESS WHEREFORE I have hereunto set my hand and official seal.

                              /s/ Donna M. Barone
                             ---------------------------------
                             Notary Public
                             My Commission Expires:  8-6-2002
                                                   -----------

                                      -6-
<PAGE>
 
                     Exhibit A to Amended Bridge Mortgage

     A certain tract or parcel of land, together with any buildings or other 
improvements thereon, situated in Tilton, Belknap County, New Hampshire as shown
on a plan entitled "Plan of Land Prepared for Pike Industries, Inc. (Tilcon 
Site)" dated August 21, 1997 by Yerkes Surveying Consultants, PO box 38, 
Laconia, NH 03247 and recorded at the Belknap County Registry of Deeds in Drawer
L 28, Plan #37 and #38.

     Beginning at a point at the intersection of northwesterly side of Route 3 &
11 and the Gulf Brook; thence by said sideline of the Route 3 & 11 highway
     (1)  S 51 degrees 11 feet 06 inches W a distance of 244.86 feet to a 
          concrete bound found; thence by said highway
     (2)  S 55 degrees 52 feet 42 inches W 180.37 feet to a point; thence by
          land of the State of New Hampshire
     (3)  N 78 degrees 08 feet 07 feet W 228.79 feet to a point; thence 
          continuing by land of the State of New Hampshire
     (4)  S 07 degrees 56 feet 22 inches E 196.00 feet to a concrete bound found
          at the sideline of Route 3 & 11; thence by said highway
     (5)  S 51 degrees 13 feet 38 inches W 262.35 feet to a concrete bound found
          at the intersection of Route 3 & 11 and the north bound ramp of I-93;
          thence by said I-93 the following (20) courses and distances
     (6)  N 38 degrees 50 feet 34 inches W 273.45 feet to a concrete bound
          found; thence
     (7)  N 77 degrees 28 feet 45 inches W 482.60 feet to a concrete bound
          found; thence
     (8)  N 63 degrees 20 feet 19 inches W 226.27 feet to a concrete bound 
          found; thence
     (9)  N 28 degrees 04 feet 52 inches W 499.41 feet to a concrete bound 
          found; thence
     (10) N 27 degrees 20 feet 49 inches W 500.33 feet to a concrete bound 
          found; thence
     (11) N 16 degrees 46 feet 49 inches W 508.92 feet to a concrete bound 
          found; thence
     (12) N 14 degrees 31 feet 44 inches E 885.88 feet to a concrete bound 
          found; thence
     (13) N 58 degrees 29 feet 32 inches E 430.73 feet to a rebar set; thence
<PAGE>
 
     (14) N 05 degrees 11 feet 37 inches W 335.93 feet to a rebar set; thence
     (15) S 76 degrees 46 feet 28 inches W 55.90 feet to a concrete bound found;
          thence
     (16) N 85 degrees 46 feet 19 inches W 281.25 feet to a concrete bound 
          found; thence
     (17) N 65 degrees 47 feet 59 inches W 1388.71 feet to a concrete bound 
          found; thence
     (18) N 41 degrees 44 feet 06 inches W 514.22 feet to a concrete bound 
          found; thence
     (19) N 28 degrees 08 feet 08 inches W 511.98 feet to a concrete bound 
          found; thence
     (20) N 27 degrees 48 feet 17 inches W 198.24 feet to a point 1.12 feet from
          a concrete bound found; thence
     (21) Northwesterly by a curve to the right having a radius of 5629.58 feet 
          and an arc distance of 492.49 feet to a concrete bound found; thence
     (22) N 21 degrees 27 feet 14 inches W 198.24 feet to a concrete bound 
          found; thence
     (23) N 21 degrees 07 feet 23 inches W 1036.86 feet to a concrete bound 
          found; thence continuing on the same course;
     (24) N 21 degrees 07 feet 23 inches W 999.62 feet to a concrete bound  
          found; thence continuing on the same course
     (25) N 21 degrees 07 feet 23 inches W 47.26 feet to a rebar set at land of 
          the heirs of Ralph S. Moulton and the sideline of I-93; thence by said
          Moulton land
     (26) N 68 degrees 48 feet 03 inches E 1012.45 feet to a rebar set; thence 
          continuing on the same course by said Moulton land
     (27) N 68 degrees 48 feet 03 inches E 344.08 feet to a rebar set; thence by
          said Moulton land
     (28) N 22 degrees 36 feet 57 inches W for a distance of 40.32 feet to the 
          thread of Gulf Brook at land of Cropsey; thence by land of said
          Cropsey and Abbott
     (29) Following the thread of Gulf Brook in a southeasterly direction to a 
          granite bound found at land of Oliver and Rhudick with a direct tie
          course and distance of S 45 degrees 34 feet 17 inches E 1,475.44 feet;
          thence by said Oliver and Rhudick land
     (30) S 69 degrees 00 feet 44 inches W 807.78 feet to a rebar set; thence by
          said Oliver and Rhudick land
     (31) S 25 degrees 06 feet 16 inches E 831.31 feet to a rebar set; thence by
          said Oliver and Rhudick land
     (32) N 72 degrees 21 feet 04 inches E 864.90 feet to a rebar set; thence  
          by said Oliver and Rhudick land crossing the Gulf Brook
     (33) N 64 degrees 49 feet 24 inches E 293.44 feet to a drill hole set at
          the end of a stone wall; thence along the wall by land of Oliver and
          Rhudick
     (34) N 68 degrees 13 feet 03 inches E 165.80 feet to a point at the end of 
          a break in the wall; thence by Oliver and Rhudick land
     (35) N 69 degrees 38 feet 02 inches E 305.25 feet to a wall intersection at
          land of Oliver-Rhudick and land of Brown, thence along the wall by
          said Brown land
     (36) N 69 degrees 39 feet 44 inches E 189.44 feet to a point; thence along 
          the wall by said Brown land
     (37) N 68 degrees 30 feet 48 inches E 334.01 feet to a rebar set at the end
          of the stone wall on the westerly sideline of Route 132 known as
          Sanborn, Road; thence along the sideline of Sanborn Road

                                       2
<PAGE>
 
     (38) S 19 degrees 32 feet 24 inches E 263.10 feet to a rebar set at land of
          Morrison & Chabot; thence by said Morrison & Chabot land
     (39) S 69 degrees 09 feet 11 inches W 525.00 feet to a drill hole set by a 
          stone wall; thence by said Morrison & Chabot land
     (40) S 19 degrees 28 feet 35 inches E 247.81 feet to a drill hole set in a 
          stone wall at land of Crowley; thence the stone wall by land of
          Crowley and crossing the Gulf Brook; thence
     (41) S 69 degrees 22 feet 24 inches W 742.23 feet to a rebar set; thence by
          said Crowley land; thence
     (42) Southerly along the Gulf Brook 20 feet westerly of the west bank to an
          iron pipe found with a direct tie course and distance of S 11 degrees
          51 feet 27 inches E 1368.93 feet; thence by said Crowley land crossing
          the Gulf Brook; thence
     (43) N 69 degrees 10 feet 36 inches E 193.36 feet to a drill hole set at 
          the end of a stone wall by said Crowley land; thence
     (44) N 69 degrees 11 feet 58 inches E 941.58 feet to a iron pipe found at 
          land of Doubleday; thence by said Doubleday land
     (45) S 18 degrees 36 feet 24 inches E 170.08 feet to an iron pipe found; 
          thence by said Doubleday land
     (46) S 03 degrees 44 feet 59 inches E 397.86 feet to an iron pipe found; 
          thence
     (47) S 03 degrees 44 feet 59 feet E 1.80 feet to a point in a stone wall at
          land of Vary;
     (48) S 69 degrees 18 feet 15 inches W 143.85 feet to a point; thence along 
          the wall by said Vary land
     (49) S 65 degrees 09 feet 43 feet W 36.02 feet to a drill hole set at a 
          wall intersection; thence along the wall by said Vary land the
          following 6 courses and distances
     (50) S 20 degrees 24 feet 55 inches E 77.02 feet to a point; thence
     (51) S 29 degrees 40 feet 17 inches E 86.45 feet to a point; thence
     (52) S 35 degrees 00 feet 12 inches E 45.21 feet to a point; thence
     (53) S 57 degrees 59 feet 06 inches E 123.40 feet to a point; thence
     (54) N 70 degrees 22 feet 25 inches E 55.25 feet to a corner of stone 
          walls; thence
     (55) S 25 degrees 23 feet 01 inches E 279.89 feet to a rebar set at a wall 
          intersection at land of the State of New Hampshire; thence by said
          State of New Hampshire land
     (56) S 66 degrees 06 feet 34 inches W 50.17 feet to a drill hole set; 
          thence by said State of New Hampshire land
     (57) S 21 degrees 06 feet 31 inches E 95.43 feet to a point; thence
     (58) S 18 degrees 16 feet 00 inches E 175.19 feet to a rebar set; thence by
          said State of New Hampshire land
     (59) N 69 degrees 11 feet 55 inches E 499.88 feet to a rebar set on the 
          westerly sideline of Route 132 known as Sanborn Road; thence by said 
          road
     (60) S 19 degrees 20 feet 44 inches E 45.87 feet to a point of curvature; 
          thence by said road
     (61) Southerly by a curve to the right having a radius of 930 feet a 
          distance of 276.00 feet to a point to tangency; thence by said road
     (62) S 02 degrees 20 feet 29 inches E 177.76 feet to a point of curvature; 
          thence by said road
     (63) Southerly by a curve to the right having a radius of 1500.00 feet a 
          distance of 71.75 feet to a rebar set at land of

                                       3
<PAGE>
 
          Fabian on the westerly sideline of said road; thence by said Fabian 
          land; thence
     (64) S 70 degrees 50 feet 31 inches W 200.00 feet to a rebar set; thence by
          said Fabian land and land of Jesseman
     (65) S 02 degrees 48 feet 59 inches W 275.12 feet to a rebar set at land of
          Delong; thence by said Delong land
     (66) S 70 degrees 50 feet 31 inches W 311.20 feet to a rebar found; thence 
          by said Delong land
     (67) S 23 degrees 10 feet 01 inches E 453.28 feet to a rebar found; thence 
          by said Delong land
     (68) N 73 degrees 17 feet 39 inches E 28.16 feet to an iron rod found; 
          thence by said Delong land
     (69) N 73 degrees 17 feet 39 inches E 51.86 feet to a rebar found at land 
          of Oliver; thence by said Oliver lend
     (70) S 00 degrees 20 feet 21 feet W 218.44 feet to a rebar found; thence by
          said Oliver land
     (71) S 00 degrees 20 feet 45 inches W 218.46 feet to an iron pipe found; 
          thence by said Oliver land
     (72) N 80 degrees 49 feet 42 inches E 210.09 feet to a rebar found on the 
          westerly sideline of Route 132 known as Sanborn Road; thence by the
          westerly sideline of said road
     (73) S 02 degrees 16 feet 48 inches E 917.96 feet to a rebar set at land of
          Oliver; thence by said Oliver land
     (74) S 89 degrees 24 feet 30 inches W 102.50 feet to an iron pipe found; 
          thence by said Oliver land
     (75) S 11 degrees 42 feet 06 inches W 186.40 feet to an iron pipe found; 
          thence by said Oliver land
     (76) N 66 degrees 17 feet 39 inches E a distance of 6.04 feet to an iron 
          pipe found by Gulf Brook; thence continuing by land of said Oliver
          crossing Gulf Brook
     (77) S 03 degrees 19 feet 30 inches E 37.22 feet to a point; thence by Gulf
          Brook
     (78) N 76 degrees 33 feet 34 inches W a distance of 41.53 feet to the point
          of beginning. Said premises contain 353.342 acres, more or less.

     Meaning and intending to convey the same premises as recited in the 
following deeds:

     1)  Deed from Burt W. Smith dated May 10, 1951 and recorded in Book 328, 
Page 481 of the Belknap County Registry of Deeds.

     2)  Deed from Myrtle Sanborn dated October 29, 1955 and recorded in Book 
368, Page 218 of said Registry of Deeds.

     3)  Deed from Arthur Whitcomb, Inc. dated May 10, 1951 and recorded in Book
329, Page 179 of said Registry of Deeds.

     4)  Deed from William M. and Sally P. Lawrence dated January 30, 1957 and 
recorded in Book 378, Page 352 of said Registry of Deeds.

                                       4
<PAGE>
 
     5)  Deed from Abbie E. Brake dated March 23, 1957 recorded in Book 378, 
Page 358 of the Belknap County Registry of Deeds.

     6)  Deed from Fred L. Morrill dated June 3, 1957 recorded in Book 380, Page
141 of the Belknap County Registry of Deeds.

     7)  Deed from Town of Tilton, NH dated March 26, 1958 recorded in Book 386,
Page 513 of the Belknap County Registry of Deeds.

     8)  Deed from Grace R. Morse dated February 20, 1958 recorded in Book 386, 
Page 155 of the Belknap County Registry of Deeds.

     9)  Deed from Frank W. and Bessie M. Abbott dated October 15, 1957 recorded
in Book 385, Page 045 of the Belknap County Registry of Deeds.

     10) Deed from Myrtle B. Sanborn dated October 15, 1957 recorded in Book 
385, Page 046 of the Belknap County Registry of Deeds.

     11) Deed from Mary E. Foss dated October 7, 1958 recorded in Book 392, Page
052 of the Belknap County Registry of Deeds.

     12) Deed from Mertie B. Abbott dated December 29, 1958 recorded in Book 
393, Page 308 of the Belknap County Registry of Deeds.

     13) Deed from Louis H. Sweatt dated April 19, 1961 recorded in Book 413, 
Page 371 of the Belknap County Registry of Deeds.

     14) Deed from Arthur J. Wyatt dated November 28, 1962 recorded in Book 430,
page 547 of the Belknap County Registry of Deeds.

     15) Deed from Spencer A. and Marjorie N. Reed dated May 19, 1964 recorded 
in Book 444, Page 021 of the Belknap County Registry of Deeds.

     16) Deed from Fred O. and Christine M. Fuller dated August 17, 1963 
recorded in Book 444, Page 022 of the Belknap County Registry of Deeds.

     17) Deed from Manchester Sand, Gravel & Cement Co., Inc. dated January 5, 
1967 recorded in Book 477, page 279 of the Belknap County Registry of Deeds.

     18) Deed from Thomas E. Cheney, Executor dated November 12, 1964 recorded 
in Book 448, Page 039 of the Belknap County Registry of Deeds.

     19) Ronald W. and Verna F. Crowley dated May 15, 1967 recorded in Book 482,
Page 441 of the Belknap County Registry of Deeds.

     20) Leslie J. and Doris J. Rose dated December 29, 1980 recorded in Book 
800, Page 216 of the Belknap County Registry of Deeds.

                                       5

<PAGE>
 
     21) Leslie J. and Doris Rose dated January 13, 1981 recorded in Book 800, 
page 879 of the Belknap County Registry of Deeds.

     For reference:
     -------------

     1)  Tilton Sand & Gravel Inc. merged with Arthur Whitcomb, Inc. by State of
New Hampshire Certificate of Merger dated January 4, 1988.

     2)  Arthur Whitcomb, Inc. filed Articles of Amendment with the Department 
of State, State of New Hampshire changing its name to Tilcon Arthur Whitcomb, 
Inc. on July 5, 1995.

     3)  Tilcon Arthur Whitcomb Inc., A New Hampshire corporation and Tilcon 
Maine Inc., a Delaware corporation merged with Pike Industries, Inc. by Delaware
Certificate of Merger dated December 26, 1996.

     4)  Tilcon Arthur Whitcomb Inc., a New Hampshire corporation merged into 
Pike Industries, Inc. a Delaware corporation by State of New Hampshire 
Certificate of Merger dated December 31, 1996.

     For further reference see Tilton Tax Map R-3, Parcels 15 and 16; Tilton Tax
Map R-4, Parcel 4; Parcels 4, 6, 7, 8, 9, 10, 11, 12 on Tilton Tax Map R-12; 
Parcels 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 14 on Tilton Tax Map R-19; and Parcels 2 
and 3 on Tilton Tax Map R-23.

     Said premises are subject to possible rights of access as recited in deed 
recorded at the Belknap County Registry of Deeds, Book 123, Page 114 to Sanborn 
Road (Route 132) over land now or formerly of Abbott and land now or formerly of
Cropsey from the former Rose Parcel (Book 800, Page 216).

     Said premises are further subject to Reimbursement Agreement with Tilton 
Sewer Commission recorded at Belknap County Registry of Deeds, Book 1334, Page 
621.

     Said premises are further subject to utility rights and easements recorded 
at said Registry of Deeds, Book 335, Page 124, Book 230, Page 389, Book 336, 
Page 274 and Book 1219, page 762.

     See also Commissioners return of highway layout of Interstate Route 93 
recorded at said Registry of Deeds, Book 431, Page 7; and Commissioners return 
of highway layout of Route 3/11 recorded at said Registry of Deeds, Book 404, 
Page 525.

     This is not homestead property of the grantor.

     For Mortgagor's title see deed recorded in Book 1436, Page 705.