<PAGE>
                                                                   EXHIBIT 10.17

                                 PROMISSORY NOTE

$630,000.00                                              Greenville, Mississippi
                                                         January 5th, 2001

         FOR VALUE RECEIVED, the undersigned promises to pay to SECURED LOANS,
INC., P. O. Box 5955, Greenville, Mississippi, 38702-5955, or at such other
place as the holder or holders hereof may designate in writing, the principal
sum of Six Hundred Thirty Thousand and No/100 Dollars ($630,000.00), with
interest at the rate of Thirteen Percent (13%) per annum, on the unpaid balance
from date until paid, as follows:

                 Principal and interest shall be payable in
                 consecutive monthly payments of $11,750.00 commencing
                 on the 1st day of February, 2001, and continuing on
                 the 1st day of each month until paid in full.

         Payments hereunder shall be applied to accrued interest first, and then
to principal as of the date of receipt of each payment, and if any payment is
not paid as it becomes due, accrued interest on each late installment is to be
added to the principal and becomes a part thereof and to bear interest at the
same rate hereunder.

         A late payment charge of Four Percent (4%) of any installment remaining
unpaid fifteen (15) days following the due date thereof, including Sundays and
Holidays, shall be added to said past due installment.

         This note is secured by a lien on the following described property
located in the First Judicial District of Bolivar County, Mississippi, together
with all improvements thereon:

                        See Exhibit "A" for description,
                            which is attached hereto,
                       and made a part hereof by reference

         Upon default in the payment of any principal installment or of interest
when due, the whole of the principal sum then remaining unpaid and all interest
accrued shall, at the option of the holder, become immediately due and payable,
without demand or notice. Failure to exercise this option shall not constitute a
waiver of the right to exercise same in the event of a subsequent default.

         In case this Note be placed in the hands of an attorney to protect the
interest of the holder hereof or for collection, compromise, or other such
action, the undersigned agrees to pay all attorney's fees and costs.


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         On any monthly payment date, the undersigned may pay the unpaid balance
of the debt or the principal portion of one or more payments next due provided
that, in the event of a partial prepayment, the undersigned shall be obligated
to continue making regular and uninterrupted monthly payments for the amount and
on the monthly payment date specified herein, so long as any portion of this
loan remains unpaid. Prepayment shall be without penalty.

         Demand, protest and notice of demand, protest and non-payment are
hereby waived.

         THIS, the 5th day of January, 2001.


                                    AQUAPRO CORPORATION



                                    BY: /s/ George H. Hastings, Jr.
                                        ----------------------------------------
                                        George H. Hastings, Jr.
                                        Chairman of the Board
                                        Chief Executive Officer

<PAGE>
                               LAND DEED OF TRUST

         THIS INDENTURE, made and entered into this day by and between AQUAPRO
CORPORATION, (hereinafter designated as "Debtor"), and Harold W. Duke, Post
Office Box 843, Greenville, Mississippi, 38702-0843, as Trustee, and SECURED
LOANS, INC. as Beneficiary (hereinafter designated as "Secured Party"),
WITNESSETH:

         WHEREAS, AquaPro Corporation is indebted to Secured Party in the full
sum of Six Hundred, Thirty Thousand and No/100 Dollars ($630,000.00), as
evidenced by a Promissory Note of even date herewith in favor of Secured Party,
bearing interest from date at the rate specified in the note, providing for
payment of attorney's fees for collection if not paid according to the terms
thereof, and being due and payable as set forth below:

                 Principal and interest shall be payable in
                 consecutive monthly payments of $11,750.00 commencing
                 on the 1st day of February, 2001, and continuing on the
                 1st day of each month until paid in full.

         WHEREAS, Debtor desires to secure prompt payment of: (a) the
indebtedness described above according to its terms and any extensions thereof;
(b) any additional and future advances and performance with interest thereon
which Secured Party may make to Debtor as provided in Paragraph 1; (c) any other
indebtedness which Debtor may now or hereafter owe to Secured Party as provided
in Paragraph 2; and (d) any advances with interest which Secured Party may make
to protect the property herein covered as provided in Paragraphs 3, 4, 5 and 6
(all being herein referred to as "The Indebtedness").

         NOW THEREFORE, in consideration of the existing and the future
indebtedness herein recited, Debtor hereby conveys and warrants unto Trustee the
land described below, situated in the First Judicial District of Bolivar County,
State of Mississippi:

                        See Exhibit "A" for description,
                            which is attached hereto,
                       and made a part hereof by reference

together with all improvements and appurtenances now or hereafter erected on,
and all fixtures of any and every description now or hereafter attached, to said
land (all being herein referred to as "The Property"). Notwithstanding any
provision in this agreement or in any other agreement with Secured Party, the
Secured Party shall not have a non-possessory security interest in and its
collateral or property shall not include any household goods (as defined in
Federal Reserve Board Regulation AA, Subpart B), unless the household goods


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are identified in a security agreement and are acquired as a result of a
purchase money obligation. Such household goods shall only secure said purchase
money obligation (including any refinancing thereof).

         THIS CONVEYANCE, HOWEVER, IS IN TRUST to secure payment of all existing
and future indebtedness due by the Debtor to Secured Party under the provisions
of this Deed of Trust. If Debtor shall pay the indebtedness promptly when due
and shall perform all covenants made by Debtor, then this conveyance shall be
void and of no effect. If Debtor shall be in default as provided in Paragraph 9,
then, in that event, the entire indebtedness, together with interest accrued
thereon, shall, at the option of Secured Party, be and become at once due and
payable without notice to Debtor, and Trustee, shall at the request of Secured
Party, sell The Property conveyed, or a sufficiency thereof to satisfy the
indebtedness at public outcry to the highest bidder for cash. Sale of the
property shall be advertised for three consecutive weeks preceding the sale in a
newspaper published in the county where The Property is situated, and if none is
so published, then in some newspaper having a general circulation therein, and
by posting a notice for same at the courthouse of the same county. The notice
and advertisement shall disclose the name(s) of the original debtor in this Deed
of Trust. Debtor waives the provisions of Section 89-1-55 of the Mississippi
Code of 1972, as amended, if any, as far as this section restricts the right of
Trustee to offer at sale more than 160 acres at a time, and Trustee may offer
The Property herein conveyed as a whole, regardless of how it is described.

         If The Property is situated in two or more counties, or in two judicial
districts of the same county, Trustee shall have full power to select in which
county or judicial district the sale of The Property is to be made, newspaper
advertisement published and notice of sale posted, and the Trustee's selection
shall be binding upon Debtor and Secured Party. Should Secured Party be a
corporation or an unincorporated association, then any officer thereof may
declare Debtor to be in default as provided in Paragraph 9, and request Trustee
to sell The Property. Secured Party shall have the same right to purchase The
Property at the foreclosure sale as would a purchaser who is not a party to this
Deed of Trust.

         From the proceeds of the sale, Trustee shall first pay all costs of the
sale, including reasonable compensation to Trustee; then the indebtedness due
Secured Party by Debtor, including accrued interest and attorney's fees due for
collection of the debt; and then, lastly, any balance remaining to Debtor.

         IT IS AGREED that this conveyance is made subject to the covenants,
stipulations and conditions set forth below which shall be binding upon all
parties hereto.

         1. This Deed of Trust shall also secure all future and additional
advances which Secured Party may make to Debtor from time to time upon the
security herein conveyed.


<PAGE>
Such advances shall be optional with Secured Party and shall be on such terms as
to amount, maturity and rate of interest as may be mutually agreeable to both
Debtor and Secured Party. Any such advance may be made to any one of the Debtors
should there be more than one, and if so made, shall be secured by this Deed of
Trust to the same extent as if made to all Debtors.

         2. This Deed of Trust shall also secure any and all other indebtedness
of Debtor due to Secured Party with interest thereon as specified, or of any one
of the Debtors should there be more than one, whether direct or contingent,
primary or secondary, sole, joint or several, now existing or hereafter arising
at any time before cancellation of this Deed of Trust. Such indebtedness may be
evidenced by note, open account, overdraft, endorsement, guaranty or otherwise.

         3. Debtor shall keep all improvements on the land herein conveyed
insured against fire, all hazards included with the term "extended coverage,"
flood in areas designated by the U. S. Department of Housing and Urban
Development as being subject to overflow, and such other hazards as Secured
Party may reasonably require in such amounts as Debtor may determine, but not
for less than the indebtedness secured by this Deed of Trust. All policies shall
be written by reliable insurance companies acceptable to Secured Party, shall
include standard loss payable clauses in favor of Secured Party, and shall be
delivered to Secured Party. Debtor shall promptly pay due all premiums charged
for such insurance, and shall furnish Secured Party the premium receipts for
inspection. Upon Debtor's failure to pay the premiums, Secured Party shall have
the right, but not the obligation, to pay such premiums, in the event of a loss
covered by insurance in force, Debtor shall promptly notify Secured Party who
may make proof of loss if timely proof is not made by the Debtor. All loss
payments shall be made directly to Secured Party as loss payee, who may either
apply the proceeds to the repair or restoration of the damaged improvements or
to the indebtedness of Debtor or release such proceeds in whole or in part to
Debtor.

         4. Debtor shall pay all taxes and assessments, general or special,
levied against The Property or upon the interest of Trustee or Secured Party
therein, during the term of this Deed of Trust before such taxes or assessments
become delinquent, and shall furnish Secured Party the tax receipts for
inspection. Should Debtor fail to pay all taxes and assessments when due,
Secured Party shall have the right, but not the obligation, to make these
payments.

         5. Debtor shall keep The Property in good repair and shall not permit
or commit waste, impairment or deterioration thereof, Debtor shall use The
Property for lawful purposes only. Secured Party may make or arrange to be made
entries upon and inspections of The Property after first giving Debtor notice
prior to any inspection specifying a just cause related to Secured Party's
interest in The Property. Secured Party shall have the right, but not the
obligation, to cause needed repairs to be made to The Property after first
affording Debtor


<PAGE>
a reasonable opportunity to make the repairs.

Should the purpose of the primary indebtedness for which this Deed of Trust is
given as security be for construction of improvements on the land herein
conveyed. Secured Party shall have the right to make or arrange to be made
entries upon The Property and inspections of the construction in progress.
Should Secured Party determine that Debtor is failing to perform such
construction in a timely and satisfactory manner, Secured Party shall have the
right, but not the obligation, to take charge of and proceed with the
construction at the expense of Debtor after first affording Debtor a reasonable
opportunity to continue the construction in a manner agreeable to Secured Party.

         6. Any sums advance by Secured Party for insurance, taxes, repairs or
construction as provided in Paragraphs 3, 4 and 5 shall be secured by this Deed
of Trust as advances made to protect The Property and shall be payable by Debtor
to Secured Party, with interest at the rate specified in the Note representing
the primary indebtedness, within thirty days following written demand for
payment sent by Secured Party to Debtor by certified mail. Receipts for
insurance premiums, taxes or construction costs for which Secured Party has made
payment shall serve as conclusive evidence thereof.

         7. As additional security Debtor hereby assigns to Secured Party all
rents accruing on The Property. Debtor shall have the right to collect and
retain the rents as long as Debtor is not in default as provided in Paragraph 9.
In the event of default, Secured Party, in person, by an agent, or by a
judicially appointed receiver shall be entitled to enter upon, take possession
of, and manage The Property and collect the rents. All rents so collected shall
be applied first to the costs of managing The Property and collecting the rents,
including fees for a receiver and an attorney, commission to rental agents,
repairs and other necessary related expenses, and then to payments on the
indebtedness.

         8. If all or any part of The Property, or an interest therein, is sold
or transferred by Debtor, excluding: (a) the creation of a lien subordinate to
this Deed of Trust; (b) a transfer by device, by descent or by operation of law
upon the death of a joint owner; or (c) the grant of a leasehold interest of
three years or less, not containing an option to purchase, Secured Party may
declare all the indebtedness to be immediately due and payable. Secured Party
shall be deemed to have waived such option to accelerate if, prior or subsequent
to the sale or transfer. Secured Party and Debtor's successor in interest reach
agreement in writing that the credit of such successor in interest is
satisfactory to Secured Party and that the successor in interest will assume the
indebtedness so as to become personally liable for the payment thereof. Upon
Debtor's successor in interest executing a written assumption agreement accepted
in writing by Secured Party. Secured Party shall release Debtor from all
obligations under the Deed of Trust and the indebtedness.


<PAGE>

If the conditions resulting in a waiver of the option to accelerate are not
satisfied, and if Secured Party elects not to exercise such option, then any
extension or modification of the terms of repayment from time to time by Secured
Party shall not operate to release Debtor or Debtor's successor in interest from
any liability imposed by the Deed of Trust or by the indebtedness.

If Secured Party elects to exercise the option to accelerate, Secured Party
shall send Debtor notice of acceleration by certified mail. Such notice shall
provide a period of thirty days from the date of mailing within which Debtor may
pay the indebtedness in full. If Debtor fails to pay such indebtedness prior to
the expiration of thirty days, Secured Party may, without further notice to
Debtor, invoke any remedies set forth in this Deed of Trust.

         9. Debtor shall be in default under the provisions of this Deed of
Trust if Debtor: (a) shall fail to comply with any of Debtor's covenants or
obligations contained herein; (b) shall fail to pay any of the indebtedness
secured hereby, or any installment thereof or interest thereon, as such
indebtedness, installment or interest shall be due by contractual agreement or
by acceleration; (c) shall become bankrupt or insolvent or be placed in
receivership; (d) shall, if a corporation, a partnership, or an incorporated
association, be dissolved voluntarily or involuntarily; or (e) if Secured Party,
in good faith, deems itself insecure and its prospect of repayment seriously
impaired.

         9(l). Upon default in the payment of any principal installment or of
interest when due, the whole of the principal sum then remaining unpaid and all
interest accrued shall, at the option of the holder, become immediately due and
payable, without demand or notice.

         10. Secured Party may, at any time, without giving formal notice to the
original or any successor Trustee, or to Debtor, and without regard to the
willingness or inability of any such Trustee to execute this trust, appoint
another person or succession of persons to act as Trustee, and such appointee in
the execution of this trust shall have all the powers vested in and obligations
imposed upon Trustee. Should Secured Party be a corporation or an incorporated
association, then any officer thereof may make such appointment.

         11. Each privilege, option or remedy provided in this Deed of Trust to
Secured Party is distinct from every other privilege, option or remedy contained
herein or afforded by law or equity, and may be exercised independently,
concurrently, cumulatively, or successively by Secured Party or by any other
owner or holder of the indebtedness. Forbearance by Secured Party in exercising
any privilege, option or remedy after the right to do so has accrued, shall not
constitute a waiver of Secured Party's right to exercise such privilege, option
or remedy in event of any subsequent accrual.


<PAGE>

          12. The words "Debtor" or "Secured Party" shall each embrace one
individual, two or more individuals, a corporation, a partnership, or an
unincorporated association, depending on the recital herein of the parties to
this Deed of Trust. The covenants herein contained shall bind, and the benefits
herein provided shall insure to the respective legal or personal
representatives, successors or assigns of the parties hereto subject to the
provisions of Paragraph 8. If there be more than one Debtor, then Debtor's
obligations shall be joint and several. Whenever, in this Deed of Trust, the
context so requires, the singular shall include the plural; and the plural, the
singular. Notices required herein from Secured Party to Debtor shall be sent to
the address of Debtor shown on this Deed of Trust.

         IN WITNESS THEREOF, Debtor has executed this Deed of Trust on the __
day of January, 2001.


                                    AQUAPRO CORPORATION



                                    BY:
                                        ----------------------------------------
                                        GEORGE H. HASTINGS, JR.
                                        CHAIRMAN OF THE BOARD
                                        CHIEF EXECUTIVE OFFICER

<PAGE>
STATE OF MISSISSIPPI

COUNTY OF WASHINGTON

     PERSONALLY APPEARED BEFORE ME, the undersigned authority in and for the
jurisdiction aforesaid, the within named GEORGE H. HASTINGS, JR., in his
capacity as Chairman of the Board and Chief Executive Officer of AQUAPRO
CORPORATION, having been by me first duly sworn, acknowledged that in said
capacity and on behalf of said corporation, being duly authorized so to do, he
signed and delivered the above and foregoing instrument on the day and year
therein mentioned and for the purpose therein stated.

     GIVEN UNDER MY HAND AND OFFICIAL SEAL, this the _____ day of January, 2001.



                                       _________________________________
                                       NOTARY PUBLIC

My Commission Expires:

______________________




INDEXING INSTRUCTIONS:         668 acres, more or less, in Sections 14, 15,
                               21, 22, 23 and 24, Township 24 North, Range
                               7 West, First Judicial District, Bolivar County,
                               Mississippi


PREPARED BY:                   Harold W. Duke
                               P.O. Box 843
                               Greenville, MS 38702-0843
                               Telephone:  662/378-2949
                               Facsimile:  662/378-2948


<PAGE>
                      Lawyers Title Insurance Corporation

Commitment Number: 2000-36.06

                                   SCHEDULE C
                              PROPERTY DESCRIPTION

The land referred to in this Commitment is described as follows:

That property lying and being situate in Sections 14, 15, 21, 22 and 23,
Township 24 North, Range 7 West, in the First Judicial District of Bolivar
County, Mississippi, described upon Exhibit A attached hereto and made a part
hereof.


<PAGE>
The following described property lying and being situate in the First Judicial
District of Bolivar County, Mississippi, to-wit:

The NE1/4 of Section 22, T 24 N, R 7 W and

The S1/2 of Section 15, T 24 N, R 7 W which lies South of a certain county road
less and except the W1/2 of the SW1/4 of the said Section 15.

The SW1/2 of Section 14, T 24 N, R 7 W which lies south of a certain county
road and the N1/2 of Section 23, T 24 N, R 7 W, which lies south of the Bogue
Phalia and less and except that part of the same N1/2 of the said Section 23
which is described as follows: Beginning at the quarter corner between Sections
23 and 24 both of T 24 N, R 7 W, thence West 1980 feet more or less to the
center of a certain canal; thence North along the center of the said canal 1155
feet more or less to the center of Bogue Phalia; thence run Southeast along the
center of the aforesaid Bougue Phalia to its intersection with the East Section
line of the said Section 23; thence run South along the East boundary of the
said Section 23 to the point of beginning.

All lying and situated in Sections 14, 15, 22 and 23, T 24 N, R 7 W, First
Judicial District of Bolivar County, Mississippi.

And.

The N1/2 of the NE1/2, the NE1/4 of the NW1/2, and part of the SE1/4 of the
NW1/4, of Section 21, T24 N, R 7 W, First Judicial District of Bolivar County,
Mississippi, and being more particularly described as follows:

Beginning at the Northeast corner of said Section 21; thence South 89(degree)
25' West along the North line of said Section 21 for 4,014 feet to the
Northwest corner of the NE1/4 of the Northwest Quarter; thence South 0(degree)
45' East along the West line of the NE1/4 of the NW1/4 and the SE1/4 of the
NW1/4 for 1,599.75 feet; thence North 89(degree) 25' East for 1,105.46 feet;
thence North 0(degree) 42' West for 276.5 feet to a point on the South line of
the Northeast Quarter of the Northwest Quarter, which point is 231.02 feet
South 89(degree) 25' West of the Southeast corner of the NE1/4 of the NW1/4;
thence North 89(degree) 25' East along the South line of the NE1/4 of the NW1/4
and along the South line of the N1/2 of the NE1/4 for 2,904.38 feet to the
Southeast corner of the NE1/4 of the NE1/4; thence North 0(degree) 35' West
along the East line of said Section 21 for 1,323.25 feet to the point of
beginning, all lying and situate within the First Judicial District of Bolivar
County, Mississippi.



<PAGE>
LEGAND EXCEPT:

Conence at the Northeast corner of Section 21, Township 24 North, Range 7 West,
of the First Judicial District of Bolivar County, Mississippi; run thence South
00 degrees 35 minutes East along the East line of said Section 21 for a
distance of 660 feet to the Southeast corner of the property herein described;
run thence South 89 degrees 25 minutes West, parallel with the North line of
said Section 21 for a distance of 4012.08 feet to the Southwest corner of the
parcel hereby described; run thence North 00 degrees 45 minutes West, parallel
to the East line of Section 21, for a distance of 660 feet to the North line of
Section 21 and the Northwest corner of the parcel herein described; run thence
North 89 degrees 25 minutes East for a distance of 4014 feet to the Northeast
corner of Section 21 and the Point of Beginning, contained 68.09 acres, more or
less, and being the same property described and conveyed in those deeds of
record in Book H-108, Page 521, Book H-108, Page 569, Book H-114, Page 93, and
Book H-120, Page 125.