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                                 EXHIBIT 10(t)*


         Amendment No. 7 dated June 1, 1996 to Employment Agreement between 
         the Registrant and Alan M. Krause.

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                               AMENDMENT NO. 7 TO
                              EMPLOYMENT AGREEMENT
                              --------------------



                  This Amendment No. 7 to Employment Agreement made as of June
1, 1996 between REALTY ReFUND TRUST, an unincorporated association in the form
of a business trust organized under the laws of the State of Ohio having its
principal business address at 1385 Eaton Center, Cleveland, Ohio 44114 (the
"Trust") and ALAN M. KRAUSE ("Employee").

                                 R E C I T A L S
                                 ---------------
                  The Trust and Employee entered into an Employment Agreement
dated as of January 22, 1990. As of June 1, 1995, the Employment Agreement was
amended to extend its term to January 21, 2006 (subject to the provisions for
earlier termination contained at Section 5 of the Employment Agreement). The
January 22, 1990 Employment Agreement, as amended, is herein referred to as the
"Employment Agreement".

                  The parties desire to extend the term of the Employment
Agreement by re-establishing the expiration date thereof.

                               A G R E E M E N T S
                               -------------------
                  NOW, THEREFORE, in consideration of the foregoing, and their
mutual covenants and agreements herein contained, the parties hereto do hereby
agree as follows:


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                  1.       The Trust and Employee agree to and do hereby
amend the Employment Agreement so that:

                           (a)  Section 2 on page 3 of the Employment
                  Agreement stating:

                           "2.  Term
                                ----

                                    . . . this Agreement shall commence upon
                                    the execution hereof and shall continue
                                    through and including the 21st day of
                                    January, 2006."

is replaced in its entirety as though originally set forth
therein with:

                           "2.  Term
                                ----

                                    . . . this Agreement shall commence upon
                                    the execution hereof and shall continue
                                    through and including the 21st day of
                                    January, 2007."

and,

                           (b)  Section 6 on page 5 of the Employment
                  Agreement stating:

                           "6.  Covenant Against Competition
                                ----------------------------

                                    (A)  During the period commencing with
                           the date hereof and continuing until the
                           latter of the expiration of the term of this
                           Agreement or until January 21, 2006 if this
                           Agreement shall be terminated for the reasons
                           specified in Section 5(a)(i) hereof .  . . ."

is replaced in its entirety as though originally set forth therein with:







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                           "6.  Covenant Against Competition
                                -----------------------------

                                    (A)  During the period commencing with
                           the date hereof and continuing until the
                           latter of the expiration of the term of this
                           Agreement or until January 21, 2007 if this
                           Agreement shall be terminated for the reasons
                           specified in Section 5(A)(i) hereof . . ."

                  2. Except as herein specifically amended, all of the terms and
conditions of the Employment Agreement are hereby ratified and confirmed and the
Employment Agreement is hereby incorporated to the same extent as if fully
rewritten herein.

                  IN WITNESS WHEREOF, the parties hereto have caused this
Amendment No. 7 to Employment Agreement to be duly executed as of June 1, 1996.

                                           REALTY ReFUND TRUST


                                           By:  /s/ James H. Berick
                                               -------------------------------
                                              James H. Berick,
                                              President


                                           And: /s/ Christine Turk
                                               -------------------------------
                                               Christine Turk,
                                               Secretary

                                                     THE TRUST




                                           /s/ Alan M. Krause
                                              --------------------------------
                                              ALAN M. KRAUSE

                                                     EMPLOYEE