**FIRST      AMENDMENT TO ASSET PURCHASE AND SALE AGREEMENT**

**(Pinnacle      Lodge)**

*“First      Amendment”*
*Seller*
*“Purchaser”*

**RECITAL**

*“Agreement”*

**AGREEMENT**

*Title      Company*

|  If to the Title              Company: |   | The                Title Company of the Rockies, Inc.78491                U.S. Highway 40P.                O. Box 80482Winter                Park, Colorado 80482Attn:                Kajsa WibergPhone:                970-726-8077Facsimile:                970-726-9488E-mail:                kwiberg@titlecorockies.com |
|---------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

*(SIGNATURES      ON FOLLOWING PAGE)*

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|              | SELLER:                                                                                                |
|-------------------|-------------------------------------------------------------------------------------------------------------|
|              |                                                                                                        |
|              | THE                  FITZPATRICK FAMILY LIMITED PARTNERSHIP, a                  Florida limited partnership |
|              | BY:                                                                                               | Rocky                Mountain High Hospitality, LLC, a Floridalimited                  liability company, general partner |
|              |                                                                                                             |
|              |  By:  _/S/                BERNARD FITZPATRICK___________                                          |
|              |  Bernard                  Fitzpatrick, Manager                                                         |
|  Date:  |  2-7-06                                                                                                |

|         | PURCHASER:                                                                                     |
|--------------|------------------------------------------------------------------------------------------------|
|         |                                                                                           |   |
|         | SILVERLEAF                RESORTS, INC**.**,                a                Texas corporation |
|    |                                                                                      |    |
|         | By:                                                                                  | /S.                HARRY J. WHITE, JR. |
|         | Harry                  J. White, Jr., Chief Financial                  Officer                 |
|  Date:  |  Feb.                  7, 2006                                                            |

** **

|                                   |  TITLE                    COMPANY:                         |
|----------------------------------------|-----------------------------------------------------------------|
|                                   |                                                            |   |
|                                   | THE                    TITLE COMPANY OF THE ROCKIES, INC.       |
|                              |                                                       |    |
|                                   | By:                                                   | /S/                    KAJSA                    WIBERG     |
|                       Title: | Vice                    President      |
|  Date:                            |  2/8/06                           |

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