Document:

EXHIBIT 10.1.1

                     AMENDMENT NO. 1 TO MANAGEMENT AGREEMENT

     THIS AMENDMENT NO. 1 TO MANAGEMENT AGREEMENT, is entered into as of October
17,  2000,  by  and  between  THORNBURG  MORTGAGE,  INC., a Maryland corporation
(formerly known as Thornburg Mortgage Asset Corporation)(hereinafter referred to
as  the  "Company"),  and  THORNBURG  MORTGAGE  ADVISORY CORPORATION, a Delaware
corporation  (hereinafter  referred  to  as  the "Manager"), with respect to the
following:

                                    RECITALS

     1.     The Company and the Manager have entered into a Management Agreement
dated as of July 15, 1999 (the "Management Agreement")(all capitalized terms not
defined  herein shall be as defined therein).  The Management Agreement is for a
ten  (10)  year  term  subject  to  an  annual  determination by the Independent
Directors  as  to  the  reasonableness  of the compensation paid to the Manager;

     2.     Section  21 of the Management Agreement provides that the Management
Agreement  may  be  amended  only  by  written amendment approved by the Company
including  by a majority of the Company's Independent Directors and the Manager;
and

     3.     The  Company's Board of Directors duly and unanimously approved this
Amendment No. 1 to the Management Agreement on October 17, 2000, to be effective
immediately.

     NOW  THEREFORE, in consideration of the mutual agreements herein set forth,
the parties  hereto  agree  as  follows:

     1.     Section  7(a)  of  the  Management Agreement shall be deleted in its
entirety  and  replaced with the following, which shall become effective for the
month  of  October  2000:

          (a)     Annual  Base Management Fee.  For services rendered under this
                  ---------------------------
Agreement,  the  Company shall pay to the Manager, an annual base management fee
based on the Average Net Invested Assets of the Company and its subsidiaries for
each  year,  payable  monthly  in  arrears,  as  follows:

               (A)     1.15%  of  the first $300 million of Average Net Invested
     Assets,  plus (B) 0.85% of the portion of Average Net Invested Assets above
     $300 million,  with the percentage  factors for each of (A) and (B) subject
     to increase  (but not  decrease) as of July of each year,  commencing  with
     July,  2001, by any published  annual  increase for such year over the same
     month in the  previous  year in the  consumer  price  index  for all  urban
     consumers,  U.S. city average (the  "Index"),  as released by the Bureau of
     Labor Statistics of the U.S. Department of Labor.

The annual base management fee shall be calculated by the Manager within fifteen
(15)  days  after  the end of each month, and such calculation shall be promptly
delivered  to  the Company.  The Company shall pay to the Manager the applicable
portion  of the annual base management fee payable pursuant to this Section 7(a)
for  each  month  within  thirty  (30)  days  after  the end of each such month.
Payments  of  the  applicable portion of the annual base management fee shall be
pro  rated  based  on  the  number  of  days  elapsed  during  any partial month

     2.    Annex A of the Management Agreement is hereby deleted in its entirety
and replaced  with  the  following:

                                       42
<PAGE>
                                  ANNEX  A
                  DEFINITION  OF  "OPERATING  EXPENSES"

          I.     The  term  Operating  Expenses  means  all  of the ordinary and
     necessary  operating  expenses of the Company and of each subsidiary of the
     Company of every type  including,  but not limited to, costs of originating
     loans directly,  acquiring loans through correspondent,  bulk or other loan
     acquisition channels,  securitizing,  selling,  hedging,  owning, carrying,
     servicing and monitoring the servicing or subservicing of, and disposing of
     the Company's  portfolio of mortgage loans,  mortgage  securities and other
     assets,  including  the costs of software  and costs of  equipment  related
     thereto,  and costs of organizing any  subsidiary of the Company,  costs of
     issuing, servicing, paying dividends or interest on, selling or reacquiring
     any  instrument or security or mortgage  asset (whether or not a security),
     costs preparatory to entering into a business or activity, costs of winding
     up or disposing of a business or activity,  interest, points, fees, finance
     costs,  costs of maintaining  compliance with governmental  requirements of
     any type, taxes, losses, bad debts of any type, in each case incurred by or
     on behalf of the Company or any subsidiary regardless whether such expenses
     and costs would be treated as current costs or expenses for tax purposes or
     under generally  accepted  accounting  principles.  Such costs and expenses
     shall include all compensation  costs,  equipment and a pro rata portion of
     overhead expenses of the personnel employed by the Manager,  the Company or
     any  subsidiary to perform the  foregoing  services for the Company and its
     subsidiaries, other than as set forth in Section II below.

          II.     The term "Operating Expenses" of the Company shall not include
     the following:

               (A)     employment  expenses  of  the Manager's personnel who are
          performing  management services for the Manager (including  Directors,
          officers, and employees of the Company who are directors, officers, or
          employees of the Manager or its  Affiliates),  other than the expenses
          of those employee services listed in Section I above; and

               (B)     rent,  telephone,  utilities,  and  office  equipment,
          furnishings  and other  office and  overhead  related  expenses of the
          Manager  in  connection  with  those  employees  providing  management
          services for the Manager.

     2.   The Management  Agreement,  as so amended, is in all respects ratified
          and  affirmed  on behalf  of the  Company  by its Board of  Directors,
          including a majority of its Independent Directors and on behalf of the
          Manager by its Board of Directors.

IN  WITNESS  WHEREOF,  the  parties hereto have executed this Amendment No. 1 to
Management  Agreement  as  of  the  date  first  written  above.

"Company"                              THORNBURG  MORTGAGE,  INC.
                                       a  Maryland  corporation

                                       By:  /s/  Larry  A.  Goldstone
                                            ---------------------------------
                                            Larry  A.  Goldstone,  President

"Manager"                              THORNBURG  MORTGAGE ADVISORY CORPORATION,
                                       a  Delaware  corporation

                                       By:  /s/  Garrett  Thornburg
                                            --------------------------------
                                            Garrett  Thornburg,  Chairman

                                       43
<PAGE>INCORPORATED UNDER THE LAWS OF THE STATE OF ILLINOIS
NUMBER                                                                 SHARES
 XXX                                                                    XXX
                                [GRAPHIC OMITTED]
                              [PACIFIC TELCOM LOGO]

                                                         SEE REVERSE SIDE
                                                         FOR CERTAIN DEFINITIONS

                                                         CUSIP 694888 108

     THIS CERTIFIES THAT

     IS THE OWNER OF

                         COMMON STOCK WITH NO PAR VALUE
                              PACIFIC TELCOM, INC.

Transferable  on the books of the Corporation by the registered holder in person
or  by  Attorney  duly  authorized in writing upon surrender of this Certificate
properly  endorsed.  This  Certificate  and  the  shares  represented hereby are
subject  to  the  laws  of  the  State  of  Illinois,  and  to  the  Articles of
Incorporation  and Bylaws of the Corporation, as now or hereafter amended.  This
certificate  is  nor  valid  unless  countersigned  by the Transfer Agent of the
Corporation.

WITNESS  the  facsimile  signatures  of  it  duly  authorized  officers.

Dated:

     /s/ Kenneth  G.  Mason                     /s/ Edward Daniel
     ----------------------                     ------------------------
     Secretary                                        President

                                                Countersigned:
                                                ILLINOIS STOCK TRANSFER COMPANY
                                                Transfer  Agent
                                                /s/
                                                Authorized  Officer

<PAGE>STRATEGIC ALLIANCE AGREEMENT
                         ------------------------------

This  Agreement  is  entered  into and made effective as of the day of April 23,
1998 by and between EasyTe1, a Nevada Corporation ("EasyTel") and Drayton Hall &
Co.,  an  Illinois  Corporation  ("Drayton").

Whereas,  EasyTel  is  in  the  business of providing;) delivering marketing and
selling  telecommunications  services  (hereinafter  'EasyTel')

Whereas"  Drayton  is  capable of re-selling the telecommunications products and
services  aforesaid  of  EasyTel;

Whereas,  both  parties seek the mutually successful expansion of the geographic
markets and customer base of the products and services of EasyTel by a strategic
alliance  hereto.

II  IS  HEREBY  AGREED  AS  FOLLOWS:

1.   So as to effectuate the mutual goals of the parties and permit Dray ton the
     ability to bring the products and services of EasyTel to new markets and to
     new customers, EasyTel grants to Dra~1on, strictly subject to the terms and
     conditions herein,

     the   rights   to   re-sell    and   further    commercially    disseminate
     telecommunications  products  and  services of EasyTel  that operate on the
     proprietary platform of EasyTel,  now or hereafter developed,  collectively
     called "EasyTel".

2.   The term of these rights shall be for a period often years from the date of
     this  Agreement and may be extended for successive  five-year  terms by the
     mutual written consent of both parties, on the same terms and conditions as
     set forth herein. It is agreed by the parties that if this Agreement is not
     extended  beyond its ten year term, at the  termination  of the  Agreement,
     Drayton  and  EasyTel  shall  continue  to hold joint  rights,  title,  and
     ownership to any and al!  Universal  Office  platforms  implemented  by the
     parties

<PAGE>
     pursuant  to this  Agreement.  Further,  if this  agreement  is not renewed
     beyond the ten year term of this  Agreement the parties  shall  continue to
     maintain the ownership  rights and proprietary  rights to such  subscribers
     enrolled herein, according to the terms of the Strategic Alliance Agreement
     jointly. Further, if this Agreement is not renewed beyond the ten year term
     of this Agreement,  the parties agree that all revenues generated following
     the  termination of this  Agreement,  as derived from the Universal  Office
     platform so jointly owned and from the jointly owned  customer base accrued
     during  the  course  of the term of this  agreement,  shall  thereafter  be
     distributed  to the  parties on the same terms as set forth  herein,  or as
     later  amended in writing  subsequently  by the parties  during the initial
     term of this agreement.

3.   Drayton is hereby  authorized to utilize all features and services afforded
     by EasyTel  software,  including,  but not limited to:  system  prompts and
     application  prompts  necessary  during the course of providing the EasyTel
     services.  Drayton  understands and acknowledges  that the ownership of the
     software described herein is vested in the Universal Office Corporation,  a
     Nevada corporation,  but is licensed to EasyTel. Drayton further agrees not
     to make any claim known or unknown,  to said software as to its fitness for
     its intended purpose herein.

4.   Drayton shall,  pursuant to this  Agreement open new geographic  markets to
     implement  the  re-selling  of such  services and products of EasyTel.  The
     parties  agree that Drayton is permitted to utilize one or more third party
     marketing entities to assist in effectuating such re-selling.

5.   Pursuant to this  Agreement,  the parties  agree to  allocate,  share,  and
     divide adjusted gross revenues from the re-sale of services and products of
     EasyTel  wheresoever  marketed by Drayton,  on an equal fifty-percent (50%)
     division to each party.

6.   For the purpose of the Strategic Alliance Agreement, adjusted gross revenue
     shall  be  defined  as  all  revenues  generated  from  customer  usage  of
     telecommunication services, less all fees consisting of telephone billing

<PAGE>
     costs, 20% marketing costs,  charge backs relating to credit card usage and
     credit card fees.

7.   Drayton  shall serve to re-sell the products  and  services of EasyTel,  on
     behalf of EasyTel, within the continental United States, in accordance with
     this  Agreement.  EasyTel  shall  not  grant  the  same  re-selling  rights
     hereunder to any other party in a geographic market opened by Drayton for a
     period of two years  from the date of the  opening  of such new  geographic
     market. If EasyTel does grant such similar or comparable  re-selling rights
     to a third party after a two year period from the opening of new geographic
     market by Drayton,  EasyTel shall not grant such  re-selling  rights to any
     third  party at any terms  more  favorable  than  those  set forth  herein.
     Drayton  agrees  that it will not vend or resell any  services  of the kind
     offered by, or competing with, EasyTel from any other vendor for so long as
     Drayton  shall  resell the  telecommunications  products  and  services  of
     EasyTel,  wheresoever  Drayton is engaged in business.  It is agreed by the
     parties that the first four new geographic  markets to be opened by Drayton
     under this Agreement shall be: San Francisco,  Chicago,  Las Vegas, and New
     York  City.  Subject  to access 10  telephone  lines  and  installation  of
     equipment  Drayton shall open the first of these markets on August 1, 1998.
     Drayton  shall open the  remaining  three of these markets on or before the
     end of 1998.  These  dates and  schedules  may be  modified  by the  mutual
     consent of the parties as conditions so require.

8.   The   parties    represent   and   covenant   relating   to   the   EasyTel
     telecommunications products and service that:

     a.   Title to all patents  trademarks,  trade names and/or service marks of
          the products and services  herein in use on the date of this Agreement
          are, and shall remain the property of EasyTel. Drayton shall have only
          such rights or use hereto as is required for its re-selling activities
          and  functions  during  the  term of  this  Agreement,  or  subsequent
          Agreements between the parties.

     b.   Drayton  acknowledges  that it has, and shall continue to receive from
          EasyTel confidential information that is the property and

<PAGE>
          trade secret of EasyTel and that any  unauthorized  use,  unauthorized
          publication, or any unauthorized disclosure to any third party of such
          confidential  information may cause immediate and substantial  harm to
          EasyTel.  Drayton  will  take all  reasonable  steps to  maintain  the
          confidentiality of the confidential information. Drayton agrees not to
          disclose to any third party any and all such confidential  information
          belonging  to  EasyTel  acquired  by  Drayton  as  a  result  of  this
          Agreement. Drayton shall not, without EasyTel's prior written consent,
          disclose,   provide,   or  make  available  any  of  the  confidential
          information in any form to any person,  except to its employees  whose
          access is necessary to enable Drayton to perform under this agreement,
          to  marketing  affiliates  and in the  ordinary  course of  securities
          compliance   procedures,   Drayton   agrees  to   maintain   all  such
          confidential   information  provided  to  it  by  EasyTel  so1ely  for
          Drayton's own internal use and/or no other purpose.

     c.   Drayton  agrees"  covenants  and warrants to EasyTel that it shall not
          use or apply software,  technology,  confidential information or trade
          secrets  belonging  to  EasyTel  for any other  purpose  except  those
          purposes set forth in the Strategic Alliance Agreement.

9.   EasyTel  and Drayton  shall each be  separately  responsible  for their own
     respective operating costs and routine overhead expenses.

     a.   Drayton  shall be solely  responsible  for all costs  relating  to the
          opening of new  re-selling  markets,  including,  but not  limited to,
          start up-costs, equipment, administrative expenses, sales and overhead
          directly related to Drayton, rental and lease expenses.

     b.   Upon the  opening  of each and every new  market by  Drayton,  Drayton
          agrees to purchase  and install a Universal  Office  Mode148  (with 48
          ports) to provide  service in that area.  EasyTel,  at its discretion,
          and at no additional cost to Drayton,  may install additional hardware
          and software to increase the port capacity to deliver  service to more
          customers under this Agreement,  In return for increasing the capacity
          of the Universal Office with additiona1 48 ports to 96 ports

<PAGE>
          (doubling  the  capacity),  EasyTel  and  Drayton  will each own fifty
          percent (50%) of the equipment and the installation".

     c.   Drayton represents that it will expend adequate funds required for the
          opening of each new geographic market. Such expenditures shall be made
          by Drayton as  necessarily  required  for  re-selling  costs,  product
          advertising,  including the purchase and installation of equipment and
          other overhead expenses.  Such equipment expenditures shall include an
          initial   installation  in  each  new  market  location  or  equipment
          consisting of a 48 port  Universal  Office  platform  capable of being
          expanded to 288 ports, with additional hardware and software.

     d.   Drayton  hereby  agrees to pay to  EasyTel  for  minimum  line  access
          charges as follows:  for each of the first four new geographic  market
          locations  opened by Drayton,  Drayton shall pay for each location for
          the fourth, fifth, and sixth month of each said location the sum of

          $3,000.00;  thereafter,  for so Long as Drayton operates not more than
          four new geographic  locations;  Drayton shall pay to EasyTel for each
          location that has been opened for six months, the sum of $6,250.00.

          Subsequent new geographic  market  locations shall be negotiated as to
          minimum line access payments, as agreed by the parties in writing, All
          such minimum  payments as set forth in this  Subparagraph 8d, shall be
          credited  toward  Drayton's  share of monthly line access  charges and
          dial tone costs related to the delivery' of the services.

10.  EasyTel  shall be  responsible  for  providing  "back office" and technical
     support to Drayton to allow Drayton to administer the EasyTel services, and
     EasyTel  shall be  responsible  for such costs.  Back office  service shall
     include:  remote operation of Drayton  Universal Office platform,  software
     maintenance,  software  development,  software improvement or modification,
     long  distance  access   maintenance,   maintenance  of  customer   account
     information,  billing  processing  and  services)  collection  of  customer
     remittances,  technical  support and  segregation of revenues  allocable to
     Drayton pursuant to this Agreement.  Revenues for the parties to be divided
     pursuant to this Agreement shall be held in a clearing account pursuant to

<PAGE>
     credit card processing procedures  determined by EasyTel.  Revenues accrued
     to Drayton as a result of reselling conducted by Drayton shall be disbursed
     to Drayton from the EasyTel clearing account  maintained by EasyTel for its
     credit card processing purposes.

11.  All revenues to Drayton from  EasyTel  shall be paid on a monthly  basis as
     earned, For purposes of such revenues,  services, and products revenues are
     deemed earned at the time of full payment  received or credited  debited by
     EasyTel from such customer and user.  The parties agree that EasyTel closes
     its books on the last day of each month and  distributions  of  revenues to
     Drayton from  EasyTel  shall be forwarded to Drayton on the 15th day of the
     following month.

12.  Drayton agrees that EasyTel shall  establish from such revenues,  a reserve
     for the purpose of  refunding  charge-backs  to  customers  and credit card
     processing costs in an amount equal to 5% of credit card processing charges
     of gross revenues due to the parties.  This 5% reserve shall be so deducted
     for a period of three months.  During the fourth month, after settlement of
     charge-backs,  processing  costs of charge card issuers and other  relevant
     costs being  settled and  subtracted  from the reserve,  the balance of the
     reserve relevant to the first month shall be divided and disbursed  equally
     between the parties.  Likewise,  this process shall be repeated  during the
     fifth  month for the 5% reserve  held back  during the  second  month.  The
     parties shall continue  withholding  revenues in the amount of 5% of credit
     card processing  charges and disbursing  this reserve) after  settlement of
     these costs and charge-backs,  on a continuing three month arrears basis as
     set forth in this paragraph.  The parties agree that the provisions of this
     Paragraph  12 may  be  an1ended  in  the  future  according  to the  mutual
     agreement of the parties.

13.  EasyTel shall furnish to Drayton, on a monthly basis, a statement certified
     by an Officer of EasyTel,  specifying all products and services re- sold by
     Drayton and its affiliates,  if any) per market,  per month- This statement
     shall be forwarded to Drayton on the 15th day of the following month.

<PAGE>
15.  EasyTel agrees to make available to Drayton its latest technology  relating
     to  Universal  Office and such other  products or services  re-marketed  by
     Drayton for EasyTel as part of this Agreement.

16.  As an acquisition fee for the re-selling rights acquired by Dray ton,

     Drayton shall pay to EasyTel for the  re-selling  rights herein  payment in
     the form of 990,000  common shares in Drayton of its  authorized and issued
     common shares  representing 9.9% of its authorized and issued. It is agreed
     that Drayton shall be raising  additional  capital  through the sale of its
     securities or issuing further securities  pursuant to shareholder  approval
     that may cause a dilution of the  percentage of ownership in this Paragraph
     16.

17.  It is agreed between the parties hereto that they will not disclose either,
     directly or  indirectly  to any third person any  confidential  information
     relating to the  business,  properties  or financial  conditions  which any
     party hereto has disclosed to the other.

18.  EasyTel warrants and represents to Drayton that EasyTel holds, possess, and
     retains all  interests,  proprietary  rights and ownership to the Universal
     Office sufficient for the grant of re-selling rights herein.

19.  EasyTel  represents  that it  holds a  license  from the  Universal  Office
     Corporation  concerning  the software  that the Universal  Office  platform
     operates under this strategic alliance  agreement.  EasyTel represents that
     it has no notice from  Universal  Office of any action,  suit,  proceeding,
     claim,  or  arbitration   pending,   threatened  or  contemplated  by  at1y
     governmental  or  regulatory  agency  concerning  the  Universal  Office or
     products or services provided by EasyTel herein which would have the effect
     of restricting, prohibiting, or delaying the consummation of this strategic
     a11iance agreement for reselling rights described herein.

20.  Each party hereto  warrants and  represents  that neither the execution nor
     delivery of this Agreement, nor the consummation of the agreement set forth
     herein  will  result in,  with or without  the giving of notice or lapse of
     time, or both, a violation of any material  contract,  agreement,  license,
     regulatory prohibition, or material instrument to which either party hereto
     is a signatory.

<PAGE>
     both, a violation of any material contract,  agreement,  license regulatory
     prohibition,  or material  instrument  to which  either  party  hereto is a
     signatory,

21.  Drayton  represents  and warrants  that it shall not at any time attempt to
     encumber,  convey, transfer, or take any other action that would impair any
     proprietary property right or interest of EasyTel.

22.  This Agreement shall be binding on any successors of the parties.

     Neither  party  shall  have  the  right to  assign  its  interests  in this
     Agreement to any other party  without the express  written  permission  and
     consent of the other party.

23.  Either party hereto shall have the right to terminate  this  Agreement  and
     the re-marketing  arid re-selling rights granted herein in the event of any
     of the following:

     a.   A party breaches the Agreement and does not cure such breach within 30
          days after notice thereof from the other party specifying such breach;

     b.   Dissolution,  insolvency or bankruptcy of a party whether voluntary or
          involuntary;

     c.   Appointment of a trustee or receiver for a party;

          then) and in addition to all other rights and remedies which the other
          party  may have at law or in  equity,  the  other  party  may,  at its
          option,   terminate  this  Agreement  by  notice  thereof  in  writing
          specifying  the reason for such  termination  and a termination  date.
          Such termination shall become effective on the date of the termination
          set forth in the notice of  termination,  but in no event earlier than
          30 days from the date of mailing thereof.  In the event of termination
          of this  Agreement,  Drayton shall return all  materials  furnished by
          EasyTel,  including  all relevant  documents  received by Drayton tram
          EasyTel.

24.  Nothing  contained in this  Agreement  shall be construed as  conferring by
     waiver,  implication,  estoppel or otherwise upon Dray ton, any license) or
     any trade  secrets)  or know how from  EasyTel.  No such other  proprietary
     rights  shall arise from this  Agreement  or from any acts)  statements  or
     dealings  resulting in the  execution of this  Agreement,  except as stated
     herein regarding re-selling rights.

25.  EasyTel  shall  not  be   responsible   for  the  failure  to  deliver  any
     telecommunications  products  or  services~  or to  continue to deliver the
     same,  under this  Agreement due to federal,  state,  or municipal  action,
     statute, ordinance or regulation,  strike, or other labor trouble, riots or
     other civil  disturbance,  acts .of God  consisting  of natural  disasters,
     whether  weather  related,  or  otherwise,  state of war, or  circumstances
     within or without  the United  States not subject to the control of EasyTel
     which  prevents  or hinders  the  delivery,  or  continued  delivery of any
     product) service or responsibility of EasyTel hereunder.

26.  This  agreement  shall be governed by and construed in accordance  with the
     laws of tile State of Nevada.

27.  This  Agreement  contains  the entire  understanding  between and among the
     parties and supersedes any prior  understanding  and agreements  among them
     respecting the subject matter of this Agreement.

28.  If at any time during the term of this Agreement by dispute, difference, or
     disagreement  shall  arise  upon or in respect  of the  Agreement,  and the
     meaning  and  construction  hereof,  every such  dispute)  difference,  and
     disagreement  shall be  referred  to a single  arbiter  agreed  upon by the
     parties,  or if no  single  arbiter  can be  agreed  upon,  an  arbiter  or
     arbiters)  shall be selected in  accordance  with the rules of the American
     Arbitration Association and such dispute, difference, or disagreement shall
     be settled by arbitration in accordance with the then prevailing commercial
     rules of the American Arbitration,  and judgment upon the award rendered by
     the arbiter may be entered in any court having jurisdiction thereof.

<PAGE>
29.  The parties  hereto shall  execute and deliver all  documents,  provide all
     tnfoffi1ation  and take or forbear from all such action as may be necessary
     or appropriate to achieve the purposes of the Agreement. This Agreement may
     be signed  in  counterparts  of  original  or  facsimile  form,  and all so
     executed shall constitute one Agreement,  binding on all the parties hereto
     even  though all the parties are not  signatories  to the  original or same
     counterpart.

30.  Nothing  herein shall be construed to be to the benefit of any third par1y,
     nor is it intended that any provision shall be for the benefit of any third
     party.

31.  If any provision of this Agreement, or the application of such provision to
     any person or  circumstance,  shall be held invalid,  the remainder of this
     Agreement, or the application of such provision to persons or circumstances
     other  than  those as to which it is held  invalid,  shall not be  affected
     thereby

Dated: April 23, 1998

EasvTel                                    DRAYTON  HALL  &  CO.

A  Nevada  Corporation                     An  Illinois  Corporation

by:                                        by:

Its  Corporate  Secretary                  Its  Authorized  Representative

Thomas  Ska1a                              Bill  J.  Angelos,  Jr.

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