Document:

EXHIBIT 10.17

                                THE MICHAEL GROUP

             PROMULGATED BY THE TEXAS REAL ESTATE COMMISSION (TREC)

                ONE TO FOUR FAMILY RESIDENTIAL CONTRACT (RESALE)
            ALL CASH, ASSUMPTION, THIRD PARTY CONVENTIONAL OR SELLER
                                    FINANCING

                NOTICE: Not For Use For Condominium Transactions

1.   PARTIES:  GREATER  HOUSTON  GULF  PARTNERS. LTD,(Seller) agrees to sell and
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     convey  to  Asset  Management & Real Estate Investment INC.& its Successors
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     (Buyer)  and  Buyer agrees to buy from Seller the property described below.

2.   PROPERTY:  Lot               ,  Block  SEE  EXHIBIT  "A"  Addition, City of
                    --------------          -----------------
     HOUSTON, HARRIS County, Texas, known as SEE EXHIBIT "A" (Address/Zip Code),
     ---------------                         ---------------
     or  as described on attached exhibit, together with the following items, if
     any:  curtains  and  rods,  draperies  and  rods,  valances, blinds, window
     shades,  screens,  shutters, awnings, wall-to-wall carpeting, mirrors fixed
     in  place,  ceiling  fans,  attic fans, mail boxes, television antennas and
     satellite  dish  system  with controls and equipment, permanently installed
     heating and air-conditioning units, window air-conditioning units, built-in
     security  and  fire  detection  equipment,  plumbing  and lighting fixtures
     including  chandeliers,  water softener, stove, built-in kitchen equipment,
     garage  door  openers  with  controls,  built-in  cleaning  equipment,  all
     swimming  pool  equipment  and  maintenance  accessories,  shrubbery,
     landscaping,  permanently  installed  outdoor  cooking  equipment, built-in
     fireplace  screens,  artificial fireplace logs and all other property owned
     by  Seller  and  attached  to  the above described real property except the
     following  property  which  is  not  included:  N/A
                                                     ---

     All  property  sold by this contract is called the "Property." The Property
     is  is  not  subject to mandatory membership in an owners' association. The
     TREC  Addendum  For  Property Subject To Mandatory Membership In An Owners'
     Association  is  is  not  attached.
     NOTICE  TO  BUYER: If the Property is subject to mandatory membership in an
     owners'  association, Seller notifies Buyer under Sec.5.012, Texas Property
     Code,  that,  as  a  purchaser  of property in the residential community in
     which  the  Property  is  located,  you  are obligated to be a member of an
     owners'  association. Restrictive covenants governing the use and occupancy
     of  the  Property  and a dedicatory instrument governing the establishment,
     maintenance,  and operation of this residential community have been or will
     be  recorded  in  the  Real  Property  Records  of  the county in which the
     Property  is  located.  Copies  of the restrictive covenants and dedicatory
     instrument  may be obtained from the county clerk. You are obligated to pay
     assessments  to  the  owners' association. The amount of the assessments is
     subject  to  change.  Your failure to pay the assessments could result in a
     lien  on  and  the  foreclosure  of  the  Property.

<PAGE>
3.  SALES PRICE:
    A.   Cash portion of Sales Price payable by Buyer at closing     $840,000.00
    B.   Sum of all financing described below (excluding any
         private mortgage insurance IPMI] premium)                 $3,360,000.00
    C.   Sales Price (Sum of A and B)                             $ 4,200,000.00

4.   FINANCING:  Within  10 days after the effective date of this contract Buyer
                         --
     shall  apply  for all third party financing or noteholder's approval of any
     assumption  and  make  every  reasonable  effort  to  obtain  financing  or
     assumption  approval.  Financing  or  assumption approval will be deemed to
     have  been obtained when the lender determines that Buyer has satisfied all
     of  lender's  financial  requirements  (those items relating to Buyer's net
     worth,  income  and creditworthiness). If financing (including any financed
     PMI  premium)  or assumption approval is not obtained within N/A days after
                                                                  ---
     the  effective  date  hereof,  this contract will terminate and the earnest
     money will be refunded to Buyer. Each note to be executed hereunder must be
     secured by vendor's and deed of trust liens. The portion of Sales Price not
     payable  in  cash  will  be paid as follows: (Check applicable boxes below)
 [x] A.   THIRD  PARTY  FINANCING:
       [x] (1) This  contract  is subject to approval for Buyer of a third party
               first mortgage loan having a loan-to-value ratio not to exceed 80
                                                                              --
               %  as established by such third party (excluding any financed PMI
               premium),  due in full in 30 year(s), with interest not to exceed
                                         --
                    10  %  per  annum  for the first 30 year(s) of the loan. The
                    --                               --
                    loan  will  be [ ] with [ ] without  PMI.
       [ ] (2) This  contract  is subject to approval for Buyer of a third party
               second  mortgage  loan having a loan-to-value ratio not to exceed
               N/A  % as established by such third party (excluding any financed
               ---
               PMI  premium),  due  in full in N/A year(s), with interest not to
                                               ---
               exceed N/A % per annum for the first N/A year(s) of the loan. The
                      ---                           ---
               loan  will  be  with  without  PMI.
 [ ] B.   TEXAS  VETERANS'  HOUSING  ASSISTANCE  PROGRAM  LOAN: This contract is
          subject  to approval for Buyer of a Texas Veterans' Housing Assistance
          Program  Loan (the Program Loan) of $ N/A for a period of at least N/A
                                                ---                          ---
          years  at  the  interest  rate established by the Texas Veterans' Land
          Board  at  the  time  of  closing.
 [ ] C.   SELLER  FINANCING:  A  promissory  note from Buyer to Seller of $ N/A,
                                                                            ---
          bearing  N/A  %  interest  per  annum, secured by vendor's and deed of
                   ---
          trust  liens, in accordance with the terms and conditions set forth in
          the  attached  TREC  Seller  Financing Addendum. If an owner policy of
          title  insurance  is  furnished,  Buyer  shall  furnish  Seller with a
          mortgagee  policy  of  title  insurance.
 [ ] D.   ASSUMPTION:
      [ ] (1)  Buyer  shall  assume the unpaid principal balance of a first lien
               promissory  note  payable  to N/A which unpaid balance at closing
                                             ---
               will  be  $  N/A.  The  total  current  monthly payment including
                            ---
               principal,  interest  and  any  reserve deposits is $ N/A Buyer's
                                                                     ---
               initial  payment  will  be  the  first payment due after closing.
      [ ] (2)  Buyer  shall assume the unpaid principal balance of a second lien
               promissory  note  payable  to N/A which unpaid balance at closing
                                             ---
               will  be $ N/A.  The  total  current  monthly  payment  including
                          ---
               principal,  interest  and  any  reserve deposits is $ N/A Buyer's
                                                                     ---
               initial  payment  will  be  the  first payment due after closing.

<PAGE>
          Buyer's  assumption  of  an  existing  note  includes  all obligations
          imposed  by  the  deed  of  trust  securing  the  note.  If the unpaid
          principal  balance(s)  of  any  assumed loan(s) as of the Closing Date
          varies  from  the  loan  balance(s)  stated above, the cash payable at
          closing  Sales  Price  will be adjusted by the amount of any variance;
          provided,  if  the total principal balance of all assumed loans varies
          in  an  amount  greater  than  $350.00  at  closing,  either party may
          terminate  this  contract  and  the  earnest money will be refunded to
          Buyer  unless  the  other  party elects to eliminate the excess in the
          variance  by  an  appropriate adjustment at closing. If the noteholder
          requires  (a)  payment of an assumption fee in excess of $ N/A in D(1)
                                                                     ---
          above  or  $ N/A in D(2) above and Seller declines to pay such excess,
                       ---
          or  (b)  an  increase  in  the interest rate to more than N/A% in D(1)
                                                                    ---
          above,  or  N/A  % in D(2) above, or (c) any other modification of the
                      ---
          loan  documents,  Buyer  may  terminate  this contract and the earnest
          money  will be refunded to Buyer. A vendor's lien and deed of trust to
          secure  assumption  will  be  required  which  shall  automatically be
          released  on  execution  and  delivery  of a release by noteholder. If
          Seller  is  released  from liability on any assumed note, the vendor's
          lien  and  deed  of  trust  to secure assumption will not be required.
          NOTICE  TO  BUYER: The monthly payments, interest rates or other terms
          of  some  loans  may be adjusted by the lender at or after closing. If
          you  are concerned about the possibility of future adjustments, do not
          sign  the  contract  without  examining  the notes and deeds of trust.
          NOTICE TO SELLER: Your liability to pay the note assumed by Buyer will
          continue  unless you obtain a release of liability from the lender. If
          you  are  concerned  about  future  liability, you should use the TREC
          Release  of  Liability  Addendum.

 [ ] E.  CREDIT  APPROVAL  ON ASSUMPTION OR SELLER FINANCING: Within N/A days
          after  the  effective  date  of  this contract, Buyer shall deliver to
          Seller  [ ]  credit  report [ ] verification  of employment, including
          salary  [ ] verification of funds on deposit in financial institutions
          [ ] current  financial statement to establish Buyer's creditworthiness
          for  assumption  approval  or seller financing and [ ] N/A. If Buyer's
          documentation  is  not delivered within the specified time, Seller may
          terminate  this  contract  by  notice  to  Buyer  within  7 days after
          expiration  of  the  time  for delivery, and the earnest money will be
          paid  to Seller. If this contract is not so terminated, Seller will be
          deemed to have accepted Buyer's credit. If the documentation is timely
          delivered,  and  Seller  determines  in  Seller's sole discretion that
          Buyer's  credit is unacceptable, Seller may terminate this contract by
          notice  to  Buyer  within  7  days  after  expiration  of the time for
          delivery  and  the  earnest money will be refunded to Buyer. If Seller
          does  not  so  terminate  this contract, Seller will be deemed to have
          accepted  Buyer's credit. Buyer hereby authorizes any credit reporting
          agency  to furnish to Seller at Buyer's sole expense copies of Buyer's
          credit  reports.

5.  EARNEST  MONEY:  Buyer shall deposit $25, 000.00 as earnest money with FIRST
                                                                           -----
SOUTH  WESTERN  TITLE COMPANY at 555 POST OAK HOUSTON 77027 (Address), as escrow
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agent, upon execution of this contract by both parties. Additional earnest money
of  $  N/A must be deposited by Buyer with escrow agent on or before  N/A.    If
       ---                                                            ---
Buyer  fails  to  deposit  the earnest money as required by this contract, Buyer
will  be  in  default.

6.   TITLE  POLICY  AND  SURVEY:
     [ ] A.  TITLE  POLICY:  Seller  shall  furnish  to  Buyer  at  [x] Seller's
             [ ] Buyer's expense  an

<PAGE>
          owner  policy  of  title  insurance (the Title Policy) issued by FIRST
                                                                           -----
          SOUTH  WESTERN  TITLE  COMANY (the Title Company) in the amount of the
          -----------------------------
          Sales  Price,  dated  at or after closing, insuring Buyer against loss
          under  the  provisions of the Title Policy, subject to the promulgated
          exclusions (including existing building and zoning ordinances) and the
          following  exceptions:
          (1)  Restrictive  covenants common to the platted subdivision in which
               the  Property  is  located.
          (2)  The  standard  printed  exception  for  standby  fees,  taxes and
               assessments.
          (3)  Liens  created as part of the financing described in Paragraph 4.
          (4)  Utility  easements  created by the dedication deed or plat of the
               subdivision  in  which  the  Property  is  located.
          (5)  Reservations  or  exceptions otherwise permitted by this contract
               or  as  may  be  approved  by  Buyer  in  writing.
          (6)  The  standard  printed  exception as to discrepancies, conflicts,
               shortages  in  area  or  boundary  lines,  encroachments  or
               protrusions,  or  overlapping  improvements.
          (7)  The  standard  printed  exception  as  to  marital  rights.
          (8)  The  standard printed exception as to waters, tidelands, beaches,
               streams,  and  related  matters.
          Within  20  days  after  the  Title  Company  receives  a copy of this
          contract,  Seller  shall  furnish  to  Buyer  a  commitment  for title
          insurance  (the Commitment) and, at Buyer's expense, legible copies of
          restrictive  covenants  and  documents  evidencing  exceptions  in the
          Commitment  other  than  the  standard  printed  exceptions.  Seller
          authorizes  the  Title  Company to mail or hand deliver the Commitment
          and  related documents to Buyer at Buyer's address shown below. If the
          Commitment  is  not  delivered to Buyer within the specified time, the
          time  for delivery will be automatically extended up to 15 days. Buyer
          will  have  7  days  after  the receipt of the Commitment to object in
          writing  to  matters  disclosed  in  the  Commitment.
  [x] B.  SURVEY:  (Check  one  box  only)
       [x](1)  Within  15  days  after  Buyer's  receipt  of  a survey furnished
               to  a  third-party  lender  at [x] Seller's  [ ] Buyer's expense,
               Buyer  may  object  in  writing to any matter shown on the survey
               which  constitutes  a  defect  or  encumbrance  to  title.

       [ ](2)  Within  N/A days after the effective date of this contract, Buyer
                       ---
               may object in writing to any matter which constitutes a defect or
               encumbrance  to  title  shown  on  a  survey obtained by Buyer at
               Buyer's  expense.
          The  survey  must  be  made by a Registered Professional Land Surveyor
          acceptable  to  the  Title  Company  and any lender. Utility easements
          created  by  the  dedication deed and plat of the subdivision in which
          the  Property  is  located  will  not  be  a  basis  for  objection.
     Buyer  may  object  to existing building and zoning ordinances, items 6A(1)
     through  (8) above and matters shown on the survey if Buyer determines that
     any  such  ordinance,  items  or  matters  prohibits  the  following use or
     activity:  N/A.
                ---
     Buyer's  failure to object under Paragraph 6A or 6B within the time allowed
     will  constitute  a  waiver  of  Buyer's  right  to object; except that the
     requirements  in  Schedule  C  of the Commitment will not be deemed to have
     been  waived. Seller shall cure the timely objections of Buyer or any third
     party  lender  within  15 days from the date Seller receives the objections
     and  the  Closing Date will be extended as necessary. If objections are not
     cured  by  the  extended Closing Date, this contract will terminate and the
     earnest  money  will  be refunded to Buyer unless Buyer elects to waive the
     objections.
     NOTICE TO SELLER AND BUYER:

<PAGE>
     (1)  Broker  advises  Buyer  to  have  an  abstract  of  title covering the
          Property examined by an attorney of Buyer's selection, or Buyer should
          be  furnished  with  or  obtain  a  Title Policy. If a Title Policy is
          furnished,  the  Commitment should be promptly reviewed by an attorney
          of  Buyer's  choice  due  to  the time limitations on Buyer's right to
          object.
     (2)  If  the Property is situated in a utility or other statutorily created
          district providing water, sewer, drainage, or flood control facilities
          and  services,  Chapter  49 of the Texas Water Code requires Seller to
          deliver  and  Buyer  to  sign the statutory notice relating to the tax
          rate,  bonded  indebtedness,  or  standby fee of the district prior to
          final  execution  of  this  contract.
     (3)  If  the  Property  abuts  the  tidally influenced waters of the state,
          Section  33.135,  Texas  Natural  Resources  Code,  requires  a notice
          regarding  coastal  area  property  to be included in the contract. An
          addendum  either promulgated by TREC or required by the parties should
          be  used.
     (4)  Buyer  is  advised  that  the  presence of wetlands, toxic substances,
          including  asbestos  and  wastes or other environmental hazards or the
          presence  of  a  threatened  or  endangered species or its habitat may
          affect  Buyer's  intended  use  of the Property. If Buyer is concerned
          about  these  matters,  an  addendum  either  promulgated  by  TREC or
          required  by  the  parties  should  be  used.
     (5)  If  the  Property  is  located  outside  the limits of a municipality,
          Seller  notifies  Buyer under Sec.5.011, Texas Property Code, that the
          Property  may  now  or  later  be  included  in  the  extraterritorial
          jurisdiction  of  a  municipality  and  may now or later be subject to
          annexation by the municipality. Each municipality maintains a map that
          depicts its boundaries and extraterritorial jurisdiction. To determine
          if  the  Property  is located within a municipality's extraterritorial
          jurisdiction  or  is  likely  to  be  located  within a municipality's
          extraterritorial  jurisdiction,  contact all municipalities located in
          the  general  proximity  of  the  Property  for  further  information.
     (6)  Unless  expressly  prohibited  in  writing  by the parties, Seller may
          continue  to  show the Property for sale and to receive, negotiate and
          accept  back  up  offers.
     (7)  Any  residential service contract that is purchased in connection with
          this  transaction  should  be  reviewed  for  the  scope  of coverage,
          exclusions  and  limitations.  The  purchase  of a residential service
          contract  is  optional. Similar coverage may be purchased from various
          companies  authorized  to  do  business  in  Texas.

7.   PROPERTY  CONDITION:
     A.   INSPECTIONS,  ACCESS  AND  UTILITIES:  Buyer  may  have  the  Property
          inspected  by  an  inspector  selected  by  Buyer, licensed by TREC or
          otherwise  permitted  by  law  to  make  such  inspections.
          Seller  shall  permit  access  to the Property at reasonable times for
          inspection,  repairs  and treatment and for reinspection after repairs
          and  treatment  have  been  completed. Seller shall pay for turning on
          utilities  for  inspection  and  reinspection.
     B.   SELLER'S  DISCLOSURE  NOTICE PURSUANT TO SECTION 5.008, TEXAS PROPERTY
          CODE
          (Notice) (check one box only):
       [ ](1)  Buyer  has  received  the  Notice.
       [ ](2)  Buyer  has  not  received  the  Notice. Within N/A days after the
                                                              ---
               effective  date of this contract, Seller shall deliver the Notice
               to  Buyer.  If  Buyer  does  not  receive  the  Notice, Buyer may
               terminate  this  contract  at  any  time prior to the closing. If
               Seller delivers the Notice, Buyer may terminate this contract for
               any reason within 7 days after Buyer receives the Notice or prior
               to  the  closing,  whichever

<PAGE>
               first  occurs.
       [ ](3)  The  Texas  Property Code does not require this Seller to furnish
               the  Notice.
     C.   SELLER'S  DISCLOSURE  OF LEAD-BASED PAINT AND LEAD-BASED PAINT HAZARDS
          is  required  by  Federal  law  for a residential dwelling constructed
          prior to 1978.  An addendum  providing  such  disclosure [ ] is [ ] is
          not attached.
     D.   ACCEPTANCE  OF  PROPERTY  CONDITION:  (check  one  box  only):
       [ ](1)  In  addition  to  any  earnest money deposited with escrow agent,
               Buyer  has  paid  Seller  $  N/A  (the  "Option  Fee")  for  the
                                            ---
               unrestricted right to terminate this contract by giving notice of
               termination to Seller within N/A days after the effective date of
               this  contract.  If  Buyer gives notice of termination within the
               time specified, the Option Fee will not be refunded, however, any
               earnest  money  will be refunded to Buyer. If Buyer does not give
               notice  of  termination  within the time specified, Buyer will be
               deemed to have accepted the Property in its current condition and
               the  Option  Fee  will will not be credited to the Sales Price at
               closing.
       [x](2)  Buyer  accepts  the  Property  in its present condition; provided
               Seller, at Seller's expense, shall complete the following repairs
               and  treatment:  SEE  ATTACHED  EXHIBIT  "B".
                                ---------------------------
     E.   LENDER  REQUIRED  REPAIRS  AND  TREATMENTS (REPAIRS): Unless otherwise
          agreed  in  writing,  neither  party  is  obligated  to pay for lender
          required  repairs  or  treatments  for wood destroying insects. If the
          cost  of  lender required repairs exceeds 5% of the Sales Price, Buyer
          may  terminate  this  contract.
     F.   COMPLETION  OF  REPAIRS  AND TREATMENT. Unless otherwise agreed by the
          parties  in  writing,  Seller  shall  complete  all agreed repairs and
          treatment  prior  to  the Closing Date. Repairs and treatments must be
          performed by persons who regularly provide such repairs or treatments.
          At  Buyer's  election,  any transferable warranties received by Seller
          with  respect  to  the repairs will be transferred to Buyer at Buyer's
          expense.  If Seller fails to complete any agreed repairs and treatment
          prior  to  the Closing Date, Buyer may do so and the Closing Date will
          be  extended  up  to  15  days,  if necessary, to complete repairs and
          treatment  or  treatments  for  wood  destroying  insects.

8.   BROKERS'  FEES: All obligations of the parties for payment of brokers' fees
     are  contained  in  separate  written  agreements.

9.   CLOSING: The closing of the sale will be on or before February 28, 2002, or
                                                           -----------------
     within 7 days after objections to matters disclosed in the Commitment or by
     the  survey have been cured, whichever date is later (the Closing Date). If
     financing or assumption approval has been obtained pursuant to Paragraph 4,
     the Closing Date will be extended up to 15 days if necessary to comply with
     lender's  closing  requirements  (for example, appraisal, survey, insurance
     policies,  lender-required  repairs,  closing  documents).  If either party
     fails to close this sale by the Closing Date, the non-defaulting party will
     be  entitled to exercise the remedies contained in Paragraph 15. At closing
     Seller  shall  furnish tax statements or certificates showing no delinquent
     taxes  and  a  general  warranty deed conveying good and indefeasible title
     showing  no  additional  exceptions  to  those  permitted  in  Paragraph 6.

10.  POSSESSION:  Seller  shall  deliver  possession of the Property to Buyer on
     N/A in its  present  or required repaired condition, ordinary wear and tear
     ---
     excepted.  Any  possession  by  Buyer  prior  to closing or by Seller after
     closing  which  is  not  authorized  by  a

<PAGE>
     temporary  lease  form  promulgated by TREC or required by the parties will
     establish a tenancy at sufferance relationship between the parties. Consult
     your  insurance  agent  prior  to  change  of  ownership  or  possession as
     insurance  coverage  may be limited or terminated. The absence of a written
     lease  or appropriate insurance coverage may expose the parties to economic
     loss.

11.  SPECIAL  PROVISIONS:  (Insert  only factual statements and business details
     applicable  to this sale. TREC rules prohibit licensees from adding factual
     statements  or  business  details  for  which a contract addendum, lease or
     other  form  has  been  promulgated  by  TREC  for  mandatory  use.)

     Refer  to  attached  Addendum  to  Earnest Money Contract and to Addendum 2
     ("Two")  All  other  exhibits  deleted  except  legal  description.

12.  SETTLEMENT  AND  OTHER  EXPENSES:
     A.   The  following  expenses  must  be  paid  at  or  prior  to  closing:
          (1)  Appraisal  fees  will  be  paid  by  Buyer.
                                                    -----
          (2)  The  total  of  loan discount fees (including any Texas Veterans'
               Housing Assistance Program Participation Fee) may not exceed N/A%
                                                                            ---
               of the loan of which Seller shall pay N/A and Buyer shall pay the
                                                     ---
               remainder. The total of any buydown fees may not exceed N/A which
                                                                       ---
               will  be  paid  by  N/A.
                                   ---
          (3)  Seller's  Expenses:  Releases  of  existing  liens,  including
               prepayment penalties and recording fees; release of Seller's loan
               liability;  tax  statements or certificates; preparation of deed;
               one-half  of escrow fee; and other expenses stipulated to be paid
               by  Seller  under  other  provisions  of  this  contract.
          (4)  Buyer's  Expenses:  Loan  application, origination and commitment
               fees; loan assumption costs; preparation and recording of deed of
               trust  to secure assumption; lender required expenses incident to
               new  loans, including PMI premium, preparation of loan documents,
               loan  related  inspection  fee,  recording  fees, tax service and
               research  fees,  warehouse  or  underwriting  fees,  copies  of
               restrictions  and  easements, amortization schedule, premiums for
               mortgagee  title  policies  and  endorsements required by lender,
               credit  reports,  photos;  required premiums for flood and hazard
               insurance; required reserve deposit for insurance premiums and ad
               valorem  taxes;  interest  on  all monthly installment notes from
               date  of  disbursements  to  one  month  prior  to dates of first
               monthly  payments;  customary  Program  Loan  costs  for  Buyer;
               one-half  of escrow fee; and other expenses stipulated to be paid
               by  Buyer  under  other  provisions  of  this  contract.
     B.   If any expense exceeds an amount expressly stated in this contract for
          such  expense  to  be  paid  by a party, that party may terminate this
          contract unless the other party agrees to pay such excess. In no event
          will  Buyer  pay  charges  and  fees expressly prohibited by the Texas
          Veterans'  Housing  Assistance  Program  or  other  governmental  loan
          program  regulations.

13.  PRORATIONS:  Taxes  for  the  current  year,  interest,  maintenance  fees,
     assessments,  dues  and rents will be prorated through the Closing Date. If
     taxes  for  the  current year vary from the amount prorated at closing, the
     parties  shall  adjust  the  prorations when tax statements for the current
     year are available. If a loan is assumed and the lender maintains an escrow
     account,  the  escrow  account  must  be  transferred  to Buyer without any
     deficiency.  Buyer shall reimburse Seller for the amount in the transferred
     account.  Buyer  shall pay the premium for a new insurance policy. If taxes
     are  not  paid  at  or  prior

<PAGE>
     to  closing,  Buyer  will  be  obligated to pay taxes for the current year.

14.  CASUALTY  LOSS: If any part of the Property is damaged or destroyed by fire
     or  other  casualty  loss  after the effective date of the contract, Seller
     shall  restore the Property to its previous condition as soon as reasonably
     possible,  but  in  any event by the Closing Date. If Seller fails to do so
     due to factors beyond Seller's control, Buyer may either (a) terminate this
     contract  and  the  earnest  money will be refunded to Buyer (b) extend the
     time for performance up to 15 days and the Closing Date will be extended as
     necessary or (c) accept the Property in its damaged condition and accept an
     assignment of insurance proceeds. Seller's obligations under this paragraph
     are  independent  of  any  obligations  of  Seller  under  Paragraph  7.

15.  DEFAULT:  If  Buyer  fails  to  comply with this contract, Buyer will be in
     default,  and Seller may either (a) enforce specific performance, seek such
     other  relief  as  may  be  provided by law, or both, or (b) terminate this
     contract  and  receive  the  earnest  money  as liquidated damages, thereby
     releasing  both  parties  from  this  contract.  If,  due to factors beyond
     Seller's  control,  Seller  fails  within  the  time  allowed  to  make any
     non-casualty repairs or deliver the Commitment, Buyer may either (a) extend
     the  time  for  performance  up  to  15  days  and the Closing Date will be
     extended as necessary or (b) terminate this contract as the sole remedy and
     receive the earnest money. If Seller fails to comply with this contract for
     any  other  reason,  Seller  will  be  in  default and Buyer may either (a)
     enforce  specific performance, seek such other relief as may be provided by
     law, or both, or (b) terminate this contract and receive the earnest money,
     thereby  releasing  both  parties  from  this  contract.

16.  DISPUTE RESOLUTION: It is the policy of the State of Texas to encourage the
     peaceable  resolution  of  disputes  through alternative dispute resolution
     procedures.  The parties are encouraged to use an addendum approved by TREC
     to  submit  to  mediation  disputes  which cannot be resolved in good faith
     through  informal  discussion.

17.  ATTORNEY'S FEES: The prevailing party in any legal proceeding brought under
     or  with  respect to the transaction described in this contract is entitled
     to  recover  from the non-prevailing party all costs of such proceeding and
     reasonable  attorney's  fees.

18.  ESCROW:  The  earnest  money  is  deposited  with  escrow  agent  with  the
     understanding  that  escrow  agent  is not (a) a party to this contract and
     does  not  have  any liability for the performance or nonperformance of any
     party  to  this  contract, (b) liable for interest on the earnest money and
     (c)  liable  for  any  loss  of  earnest money caused by the failure of any
     financial  institution in which the earnest money has been deposited unless
     the  financial  institution  is  acting  as  escrow  agent. At closing, the
     earnest  money  must  be  applied  first  to any cash down payment, then to
     Buyer's  closing  costs  and  any excess refunded to Buyer. If both parties
     make written demand for the earnest money, escrow agent may require payment
     of  unpaid expenses incurred on behalf of the parties and a written release
     of  liability  of escrow agent from all parties. If one party makes written
     demand  for the earnest money, escrow agent shall give notice of the demand
     by  providing to the other party a copy of the demand. If escrow agent does
     not  receive written objection to the demand from the other party within 30
     days after notice to the other party, escrow agent may disburse the earnest
     money  to  the party making demand reduced by the amount of unpaid expenses
     incurred  on  behalf  of  the  party  receiving  the  earnest  money

<PAGE>
     and  escrow  agent  may  pay  the  same  to  the creditors. If escrow agent
     complies  with the provisions of this paragraph, each party hereby releases
     escrow  agent  from  all  adverse  claims  related  to the disbursal of the
     earnest  money.  Escrow agent's notice to the other party will be effective
     when  deposited  in the U. S. Mail, postage prepaid, certified mail, return
     receipt  requested,  addressed  to  the other party at such party's address
     shown  below.  Notice  of  objection to the demand will be deemed effective
     upon  receipt  by  escrow  agent.

19.  REPRESENTATIONS:  Seller  represents  that as of the Closing Date (a) there
     will  be  no liens, assessments, or security interests against the Property
     which  will  not  be  satisfied  out  of the sales proceeds unless securing
     payment  of any loans assumed by Buyer and (b) assumed loans will not be in
     default.  If  any  representation in this contract is untrue on the Closing
     Date,  this  contract may be terminated by Buyer and the earnest money will
     be  refunded  to Buyer. All representations contained in this contract will
     survive  closing.

20.  FEDERAL  TAX  REQUIREMENT:  If  Seller is a "foreign person," as defined by
     applicable  law,  or if Seller fails to deliver an affidavit that Seller is
     not  a  "foreign person," then Buyer shall withhold from the sales proceeds
     an amount sufficient to comply with applicable tax law and deliver the same
     to  the  Internal  Revenue Service together with appropriate tax forms. IRS
     regulations  require  filing written reports if cash in excess of specified
     amounts  is  received  in  the  transaction.

21.  AGREEMENT  OF  PARTIES:  This contract contains the entire agreement of the
     parties  and  cannot  be changed except by their written agreement. Addenda
     which  are  a  part  of  this  contract  are  (list):
       AGREEMENT TO MEDIATION
       INFORMATION ABOUT BROKERAGE SERVICES

22.  CONSULT YOUR ATTORNEY: Real estate licensees cannot give legal advice. This
     contract  is  intended  to be legally binding. READ IT CAREFULLY. If you do
     not  understand  the  effect of this contract, consult your attorney BEFORE
     signing.

     Buyer's                           Seller's
     Attorney is:  DERRICK SMITH       Attorney is:  N/A
                   --------------                    ---

<PAGE>
23.  NOTICES: All notices from one party to the other must be in writing and are
     effective  when  mailed  to, hand-delivered at, or transmitted by facsimile
     machine  as  follows:

     TO BUYER AT:                           TO SELLER AT:
     Marjory E. Grant/                      710 North Post Oak Road
     Asset Management & Real Estate         Suite 208
     Investment Inc.                        Houston, TX 77024
     Telephone:( ) N/A                      Telephone:( ) N/A
                   ---                                    ---
     Facsimile:( ) N/A                      Facsimile:( ) N/A
                   ---                                    ---

EXECUTED  the  N/A day of  N/A  (THE EFFECTIVE DATE).  (BROKER: FILL IN THE DATE
               ---         ---
OF  FINAL  ACCEPTANCE.)

/s/  Marjory  E.  Grant                         /s/  James  L.  Emerson
-----------------------                         -----------------------
Buyer     Asset  Management                     Seller    GREATER  HOUSTON  GULF
          -----------------                               ----------------------
Buyer     Real  Estate  Investment  Inc.                  PARTNERS,  LTD.
          ------------------------------                  ---------------
          &  its  Successors
          ------------------

--------------------------------------------------------------------------------
The form of this contract has been approved by the Texas Real Estate Commission.
TREC forms are intended for use only by trained real estate licensees. No
representation is made as to the legal validity or adequacy of any provision in
any specific transactions. It is not suitable for complex transactions. Texas
Real Estate Commission, P.O. Box 12188, Austin, TX 78711-2188, 1-800-250-8732 or
(512) 459-6544 (http://www.trec.state.tx.us)TREC NO. 20-4. This form replaces
TREC NO. 20-3. The form of this contract has been approved by the Texas Real
Estate Commission. TREC forms are intended for use only by trained real estate
licensees. No representation is made as to the legal validity or adequacy of any
provision in any specific transactions. It is not suitable for complex
transactions. Texas Real Estate Commission, P.O. Box 12188, Austin, TX
78711-2188, 1-800-250-8732 or (512) 459-6544 (http://www.trec.state.tx.us)TREC
NO. 20-4. This form replaces TREC NO. 20-3.
--------------------------------------------------------------------------------

<PAGE>
                   BROKER INFORMATION AND RATIFICATION OF FEE
Listing Broker has agreed to pay Other Broker 6% of the total sales price when
                                              --
Listing Broker's fee is received. Escrow Agent is authorized and directed to pay
Other Broker from Listing Broker's fee at closing.

THE MICHAEL GROUP     N/A             N/A                N/A
-----------------     ---             ---                ---
Other  Broker         License No.     Listing Broker     License  No.

represents  [ ]  Seller as Listing Broker's subagent
            [x]  Buyer only as Buyer's agent

represents  [ ]  Seller  and  Buyer  as  an  intermediary
            [ ]  Seller only as Seller's agent

                                                        Listing Associate  N/A
                                                        Telephone          N/A
/s/  Reginald T. Anderson     713 779 2411
                              ------------
Associate:  Reginald T, Anderson  Telephone
            --------------------                        Selling Associate  N/A
10303 NW Freeway, Suite  101, Houston, TX               Telephone          N/A
------------------------------------------              Broker Address     N/A
Broker  Address                                                            N/A
713 703 5211           281 564 4521                     Telephone          N/A
------------           ------------                     Facsimile          N/A
Telephone              Facsimile

                                     RECEIPT
Receipt of Contract and  $ N/A Earnest Money in the form of N/A is acknowledged.
                           ---                              ---

Escrow Agent:  N/A                           Date:     N/A
By:  N/A
Address:  N/A                                Telephone:     N/A
City   N/A   State  N/A    Zip  N/A          Facsimile:     N/A

<PAGE>
<TABLE>
<CAPTION>
                                                                     EXHIBIT "A"

                CAPISTRANO VILLAS EAST D/B/A PARK PLACE TOWNHOMES
                                OWNERSHIP RECORD

ADDRESS                     BLDG #  OWNER'S NAME
--------------------------  ------  ------------
<S>                         <C>     <C>           <C>
776-B Coolwood Drive, #4        19  GHGP, Ltd.     1.
--------------------------  ------  ------------  ---
770-A Coolwood Drive, #5        18  GHGP, Ltd.     2.
--------------------------  ------  ------------  ---
770-B Coolwood Drive, #6        18  GHGP, Ltd.     3.
--------------------------  ------  ------------  ---
772-A Coolwood Drive, #7        18  GHGP, Ltd.     4.
--------------------------  ------  ------------  ---
768-B Coolwood Drive, #12       17  GHGP, Ltd.     5.
--------------------------  ------  ------------  ---
754-A Coolwood Drive, #13       16  GHGP, Ltd.     6.
--------------------------  ------  ------------  ---
754-B Coolwood Drive, #14       16  GHGP, Ltd.     7.
--------------------------  ------  ------------  ---
760-B Coolwood Drive, #16       16  GHGP, Ltd.     8.
--------------------------  ------  ------------  ---
750-B Coolwood Drive, #18       14  GHGP, Ltd.     9.
--------------------------  ------  ------------  ---
742-A Coolwood Drive, #21       11  GHGP, Ltd.    10.
--------------------------  ------  ------------  ---
742-B Coolwood Drive, #22       11  GHGP, Ltd.    11.
--------------------------  ------  ------------  ---
744-A Coolwood Drive, #23       11  GHGP, Ltd.    12.
--------------------------  ------  ------------  ---
738-A Coolwood Drive, #25       12  GHGP, Ltd.    13.
--------------------------  ------  ------------  ---
738-B Coolwood Drive, #26       12  GHGP, Ltd.    14.
--------------------------  ------  ------------  ---
740-A Coolwood Drive, #27       12  GHGP, Ltd.    15.
--------------------------  ------  ------------  ---
740-B Coolwood Drive, #28       12  GHGP, Ltd.    16.
--------------------------  ------  ------------  ---
11833-AFleming Drive, #29       24  GHGP, Ltd.    17.
--------------------------  ------  ------------  ---
11833-BFleming Drive, #30       24  GHGP, Ltd.    18.
--------------------------  ------  ------------  ---
11831-A Fleming Drive, #31      24  GHGP, Ltd.    19.
--------------------------  ------  ------------  ---
11831-B Fleming Drive, #32      24  GHGP, Ltd.    20.
--------------------------  ------  ------------  ---
11829-A Fleming Drive, #33      23  GHGP, Ltd.    21.
--------------------------  ------  ------------  ---
11829-B Fleming Drive, #34      23  GHGP, Ltd.    22.
--------------------------  ------  ------------  ---
11827-A Fleming Drive, #35      23  GHGP, Ltd.    23.
--------------------------  ------  ------------  ---
11827-B Fleming Drive, #36      23  GHGP, Ltd.    24.
--------------------------  ------  ------------  ---
11825-A Fleming Drive, #37      22  GHGP, Ltd.    25.
--------------------------  ------  ------------  ---
11825-B Fleming Drive, #38      22  GHGP, Ltd.    26.
--------------------------  ------  ------------  ---
11823-A Fleming Drive, #39      22  GHGP, Ltd.    27.
--------------------------  ------  ------------  ---
11823-B Fleming Drive, #40      22  GHGP, Ltd.    28.
--------------------------  ------  ------------  ---
11821-A Fleming Drive, #41      21  GHGP, Ltd.    29.
--------------------------  ------  ------------  ---
11821-B Fleming Drive, #42      21  GHGP, Ltd.    30.
--------------------------  ------  ------------  ---
11819-A Fleming Drive, #43      21  GHGP, Ltd.    31.
--------------------------  ------  ------------  ---
11819-B Fleming Drive, #44      21  GHGP, Ltd.    32.
--------------------------  ------  ------------  ---
11817-A Fleming Drive, #45      20  GHGP, Ltd.    33.
--------------------------  ------  ------------  ---

<PAGE>
11815-A Fleming Drive, #47      20  GHGP, Ltd.    34.
--------------------------  ------  ------------  ---
764-A Coolwood Drive, #51       15  GHGP, Ltd.    35.
--------------------------  ------  ------------  ---
764-BCoolwood Drive, #52        15  GHGP, Ltd.    36.
--------------------------  ------  ------------  ---
758-A Coolwood Drive, #53       13  GHGP, Ltd.    37.
--------------------------  ------  ------------  ---
756-A Coolwood Drive, #55       13  GHGP, Ltd.    38.
--------------------------  ------  ------------  ---
756-B Coolwood Drive, #56       13  GHGP, Ltd.    39.
--------------------------  ------  ------------  ---
748-B Coolwood Drive, #58       10  GHGP, Ltd.    40.
--------------------------  ------  ------------  ---
746-A Coolwood Drive, #59       10  GHGP, Ltd.    41.
--------------------------  ------  ------------  ---
746-BCoolwood Drive, #60        10  GHGP, Ltd.    42.
--------------------------  ------  ------------  ---
722-A Coolwood Drive, #61        6  GHGP, Ltd.    43.
--------------------------  ------  ------------  ---
722-B Coolwood Drive, #62        6  GHGP, Ltd.    44.
--------------------------  ------  ------------  ---
724-A Coolwood Drive, #63        6  GHGP, Ltd.    45.
--------------------------  ------  ------------  ---
724-BCoolwood Drive, #64         6  GHGP, Ltd.    46.
--------------------------  ------  ------------  ---
726-A Coolwood Drive, #65        7  GHGP, Ltd.    47.
--------------------------  ------  ------------  ---
726-B Coolwood Drive, #66        7  GHGP, Ltd.    48.
--------------------------  ------  ------------  ---
728-A Coolwood Drive, #67        7  GHGP, Ltd.    49.
--------------------------  ------  ------------  ---
728-B Coolwood Drive, #68        7  GHGP, Ltd.    50.
--------------------------  ------  ------------  ---
730-A Coolwood Drive, #69        8  GHGP, Ltd.    51.
--------------------------  ------  ------------  ---
730-B Coolwood Drive, #70        8  GHGP, Ltd.    52.
--------------------------  ------  ------------  ---
732-A Coolwood Drive, #71        8  GHGP, Ltd.    53.
--------------------------  ------  ------------  ---
734-A Coolwood Drive, #73        9  GHGP, Ltd.    54.
--------------------------  ------  ------------  ---
734-B Coolwood Drive, #74        9  GHGP, Ltd.    55.
--------------------------  ------  ------------  ---
736-A Coolwood Drive, #75        9  GHGP, Ltd.    56.
--------------------------  ------  ------------  ---
736-B Coolwood Drive, #76        9  GHGP, Ltd.    57.
--------------------------  ------  ------------  ---
702-A Coolwood Drive, #77        5  GHGP, Ltd.    58.
--------------------------  ------  ------------  ---
702-B Coolwood Drive, #78        5  GHGP, Ltd.    59.
--------------------------  ------  ------------  ---
704-A Coolwood Drive, #79        5  GHGP, Ltd.    60.
--------------------------  ------  ------------  ---
704-B Coolwood Drive, #80        5  GHGP, Ltd.    61.
--------------------------  ------  ------------  ---
709-A Coolwood Drive, #81        4  GHGP, Ltd.    62.
--------------------------  ------  ------------  ---
706-B Coolwood Drive, #82        4  GHGP, Ltd.    63.
--------------------------  ------  ------------  ---
708-A Coolwood Drive, #83        4  GHGP, Ltd.    64.
--------------------------  ------  ------------  ---
708-B Coolwood Drive, #84        4  GHGP, Ltd.    65.
--------------------------  ------  ------------  ---
710-A Coolwood Drive, #85        3  GHGP, Ltd.    66.
--------------------------  ------  ------------  ---
710-B Coolwood Drive, #86        3  GHGP, Ltd.    67.
--------------------------  ------  ------------  ---
712-A Coolwood Drive, #87        3  GHGP, Ltd.    68.
--------------------------  ------  ------------  ---
712-B Coolwood Drive, #88        3  GHGP, Ltd.    69.
--------------------------  ------  ------------  ---
714-A Coolwood Drive, #89        2  GHGP, Ltd.    70.
--------------------------  ------  ------------  ---
714-B Coolwood Drive, #90        2  GHGP, Ltd.    71.
--------------------------  ------  ------------  ---
716-A Coolwood Drive, #91        2  GHGP, Ltd.    72.
--------------------------  ------  ------------  ---
716-B Coolwood Drive, #92        2  GHGP, Ltd.    73.
--------------------------  ------  ------------  ---
718-A Coolwood Drive, #93        1  GHGP, Ltd.    74.
--------------------------  ------  ------------  ---
718-B Coolwood Drive, #94        1  GHGP, Ltd.    75.
--------------------------  ------  ------------  ---
720-A Coolwood Drive, #95        1  GHGP, Ltd.    76.
--------------------------  ------  ------------  ---
720-B Coolwood Drive, #96        1  GHGP, Ltd.    77.
--------------------------  ------  ------------  ---
</TABLE>

<PAGE>
                       ADDENDUM TO EARNEST MONEY CONTRACT
            BETWEEN GREATER HOUSTON GULF PARTNERSHIP, AS SELLER, AND
            ASSET MANAGEMENT & REAL ESTATE INVESTMENT INC., AS BUYER,
              RELATING TO PROPERTY LOCATED IN HARRIS COUNTY, TEXAS

     This  Addendum  to  Earnest Money Contract (the "Addendum") is entered into
between  Greater  Houston Partnership (the "Seller") and Asset Management & Real
Estate  Investment,  Inc.  (the  "Buyer"), and amends that certain Earnest Money
Contract of even date executed by the Seller and Buyer (the "Contract").  To the
extent  that the terms of this Addendum conflict with the terms of the Contract,
the  terms  of  this  Addendum shall control.  All capitalized terms used herein
shall  have  the  same  meaning  as  in  the  Contract  except  where  otherwise
specifically  defined.

     1.   Seller's  obligation  to  transfer  any  personal property, including,
          without  limitation,  all  goods,  equipment,  furniture,  licenses,
          permits, service, maintenance, management, other contracts, warranties
          and  guaranties,  and  other intangible personal property constituting
          the  Property  shall  be  limited  to  whatever interest, if any, that
          Seller  has  and  to  the  extent  that  such  intangible  items  are
          assignable.

     2.   Notwithstanding  anything  to  the contrary contained in the Contract,
          Seller  shall  have  the  option,  but not the obligation, to cure any
          title  matters  that  are  objected to by Buyer in writing in a timely
          matter.

     3.   In  connection  with  any  inspections  or  tests  that  Buyer  may be
          permitted  under  the  Contract, Buyer agrees not to interfere with or
          disturb  the  existing  tenant  or  its  business  on  the  Property.

     4.   Buyer  hereby  agrees  to  indemnify  and  hold Seller, its directors,
          officers,  employees  and  agents  harmless  from  and  against  any
          liability,  claims,  causes  of  action,  damages,  costs and expenses
          (including,  without  limitation, reasonable attorneys' fees and court
          costs)  that  the Seller, its directors, officers, employees or agents
          may  suffer  or  incur arising out of relating in any way, directly or
          indirectly,  to  Buyer's inspection of and entry on the Property. This
          indemnity  will  survive  the  closing.

     5.   The  Deed  from  Seller to Buyer shall be a Special Warranty Deed with
          the Assignment of Leases shall also have covenants of special warranty
          only.  The Bill of Sale shall be without representations or warranties
          whatsoever.

     6.   Notwithstanding anything to the contrary contained in the Contract, in
          the  event  Seller  defaults  in  any  of  its  obligations  under the
          Contract,  Buyer  may,  as its sole and exclusive remedies, either (i)
          cancel  the Contract and receive a refund of the Earnest Money deposit
          or  (ii)  enforce  specific  performance  of  the  Contract.

                                                               Seller     Buyer
                                                               ------     ------
                                                               /s/ jle    /s/ mg
                                                               -------    ------

<PAGE>
     7.   Notwithstanding anything to the contrary contained in the Contract, in
          the event Buyer defaults in any of its obligations under the Contract,
          Seller  may, as its sole and exclusive remedies, either (i) cancel the
          Contract  and  receive  a  refund of the Earnest Money deposit or (ii)
          enforce  specific  performance  of  the  Contract.

     8.   Seller  and  Buyer  hereby  represent  and  warrant to each other that
          neither  has  contracted  for  or retained the services of a broker in
          connection  with  the  sale  and  purchase  of  the  Property,  unless
          specifically  set  forth  in  the  Contract.

          Seller and Buyer each hereby agrees to indemnify and hold harmless the
          other  from  and  against  any  and  all  claims for any and all other
          brokerage  fees,  commissions  or similar charges with respect to this
          transaction,  arising  by, through or under the indemnifying party and
          each  further agrees to indemnify and hold harmless the other from any
          loss  or  damage  resulting  from an inaccuracy in the representations
          contained  immediately  above.  This  indemnification agreement of the
          parties  shall  survive  the  closing.

          9.   The  "effective  date  hereof"  or  the  "effective  date" of the
               Contract  shall  mean  the  date  on  which  the Title Company is
               delivered  and  receipts  for  an  executed  counterpart  of this
               Contract  along  with  the  Earnest  Money  deposit.

          10.  Seller  and  Buyer  agree  that  the  Purchase  Price is based on
               seventy-seven  (77) townhomes at the purchase price of $54,545.00
               per  townhome. In the event Seller cannot deliver a certain unit,
               the purchase price shall be adjusted by the sum of $54,545.00 per
               unit.

          11.  Buyer  acknowledges  that  Seller has Earnest Money Contracts for
               three  units  covered by this Contract. In the event Seller shall
               close  on  these  any  or all of these units prior to the Closing
               date  of  this  Contract,  Seller shall reduce the Purchase Price
               accordingly.  In  the  event  Seller has not closed on the units,
               Seller  agrees  to return the Earnest Money Contracts to Buyer at
               the  time  of  Closing.

          12.  In  the  event  Buyer  does  not  have  a  written commitment for
               financing  on  or  before  December 28, 2001, Seller or Buyer may
               terminate  this  Contract  and return the Earnest Money to Buyer.

          13.  Buyer  acknowledges  that  Seller is in the process of completing
               the  units  and  Buyer agrees to take down the units according to
               the  following  schedule:

          a.   Fifty  )50)  units  on or before January 10, 2002 so long as (50)
               units  are  completed  and Addendum 2 requirements are completed;
               and
          b.   The remaining twenty-seven (27) units shall be in takedowns of at
               least  ten  (10)  units  each  as  Seller  completes  same.

          14.  Any  notice permitted to be given under the terms of the Contract
               shall  be  deemed  to  be  given and received upon the earlier to
               occur  of  (i)  actual  receipt  thereof  or

                                                               Seller     Buyer
                                                               ------     ------
                                                               /s/ jle    /s/ mg
                                                               -------    ------

<PAGE>
          15.  (ii) two (2) business days after the same is mailed to the party,
               properly  addressed,  sent  by  certified  mail,  return  receipt
               requested,  postage  prepaid.

          16.  Time  is  of  the  essence  in  the  Contract.

          17.  Any  survey  required  to be produced by Seller under the Earnest
               Money  Contract  shall  be  a  survey  prepared  by  a Registered
               Surveyor  and  dated  within the past seven years. Buyer shall be
               responsible  for  updating  the  Survey  for  its  lender.

          18.  Seller  agrees to furnish Buyer with copies of the Declaration of
               Restrictions  covering the townhouses within five (5) days of the
               execution  and  delivery  of this Contract. Buyer shall have five
               (5)  days  from  delivery of the Declaration to review it. In the
               event  Buyer learns that Buyer will not have exclusive control of
               the  Homeowner's  Association,  Buyer may terminate this Contract
               and  receive  its Earnest Money Deposit. In the event Buyer fails
               to  notify  Seller  of  its  intention  within  said five (5) day
               period,  this  provision  shall  be deemed void and of no effect.

                                                               Seller     Buyer
                                                               ------     ------
                                                               /s/ jle    /s/ mg
                                                               -------    ------

<PAGE>
                  ADDENDUM 2 ("TWO") TO EARNEST MONEY CONTRACT
            BETWEEN GREATER HOUSTON GULF PARTNERSHIP, AS SELLER, AND
            ASSET MANAGEMENT & REAL ESTATE INVESTMENT INC., AS BUYER,
              RELATING TO PROPERTY LOCATED IN HARRIS COUNTY, TEXAS

     1.  The  effective  date  of  the  contract  is  December  20,  2001.

     2.   Seller  agrees  to  indemnify  and  hold Buyer, its agents, employees,
          contractors and assigns, harmless from any and all claims or liability
          arising from incidents concerning Sellers contractors at any time, and
          Seller  agrees  to  indemnify  and  hold Buyer, its agents, employees,
          contractors and assigns, harmless from any and all claims or liability
          arising  from  any  and  all  premises  liability claims made by third
          parties  occurring  prior  to  funding and closing that are associated
          with  any  property  described  in  Exhibit  "A"  of  this  agreement.

     3.   Within  10  days of the effective date of this agreement, Seller shall
          deliver  to  Buyer  and all inspection reports of any kind that Seller
          has  for  any  property  identified  in  Exhibit  "A".

     4.   Seller  acknowledges  that  Buyer  is represented by the Law Office of
          Derrick  R. Smith, P.C. Seller also acknowledges that Derrick R. Smith
          will  perform  the  closing  of  this  transaction  on behalf of First
          Southwestern  Title  Company  of  Texas.  Seller  consents  to  this
          arrangement.

     5.   Buyer may freely assign this contract to other individuals or entities
          prior  to closing and funding so long as those individuals or entities
          have  secured  financing  prior to the closing date of this agreement.

     6.   At closing, Seller shall deliver to Buyer or Buyer's successors and/or
          assigns,  a Bill of Sale conveying any interest Seller may have in the
          personal  property  currently in the Leasing Office with the exception
          of  the  personal  computer  of  Sky  Pulford.

     7.   Prior  to  closing  Seller  shall  deliver  to  Buyer  Certificates of
          Compliance  or Certificates of Occupancy from the City of Houston, for
          all units to be purchased by Seller or Buyer may 1) extend the closing
          date  enough  time  for  Seller  to  deliver those certificates; or 2)
          terminate  the  contract  and  receive a refund Buyer's earnest money.

Executed this the 19th day of December, 2001

SELLER:    /s/  Jim  Emerson

BUYER:     /s/  Marjory  E.  Grant

<PAGE>
                                THE MICHAEL GROUP

         APPROVED BY THE TEXAS REAL ESTATE COMMISSION FOR VOLUNTARY USE

 Texas law requires all real estate licensees to give the following information
about brokerage services to prospective buyers, tenants, sellers and landlords.

                      INFORMATION ABOUT BROKERAGE SERVICES

Before  working  with a real estate broker, you should know that the duties of a
broker  depend on whom the broker represents. If you are a prospective seller or
landlord  (owner) or a prospective buyer or tenant (buyer), you should know that
the  broker  who  lists  the  property for sale or lease is the owner's agent. A
broker  who  acts  as  a  subagent  represents the owner in cooperation with the
listing  broker.  A  broker  who acts as a buyer's agent represents the buyer. A
broker  may act as an intermediary between the parties if the parties consent in
writing. A broker can assist you in locating a property, preparing a contract or
lease, or obtaining financing without representing you. A broker is obligated by
law  to  treat  you  honestly.

IF  THE  BROKER  REPRESENTS  THE  OWNER:
The  broker  becomes  the  owner's  agent by entering into at agreement with the
owner,  usually through a written -listing agreement, or by agreeing to act as a
subagent  by accepting an offer of subagency from the listing broker. A subagent
may  work  in  a  different real estate office. A listing broker or subagent can
assist  the  buyer but does not represent the buyer and must place the interests
of  the  owner  first.  The buyer should not tell the owner's agent anything the
buyer would not want the owner to know because an owner's agent must disclose to
the  owner  any  material  information  known  to  the  agent.

IF  THE  BROKER  REPRESENTS  THE  BUYER:
The  broker becomes the buyer's agent by entering into an agreement to represent
the  buyer,  usually through a written buyer representation agreement. A buyer's
agent  can  assist the owner but does not represent the owner and must place the
interests of the buyer first. The owner should not tell a buyer's agent anything
the owner would not want the buyer to know because a buyer's agent must disclose
to  the  buyer  any  material  information  known  to  the  agent.

IF  THE  BROKER  ACTS  AS  AN  INTERMEDIARY:
A  broker  may act as an intermediary between the parties if the broker complies
with  The  Texas  Real  Estate  License
Act. The broker must obtain the written consent of each party to the transaction
to  act  as  an  intermediary.  The  written consent must state who will pay the
broker  and,  in  conspicuous  bold  or underlined print, set forth the broker's
obligations  as  an  intermediary.  The  broker  is required to treat each party
honestly  and  fairly  and  to  comply with The Texas Real Estate License Act. A
broker  who  acts  as  an  intermediary  in  a  transaction:
     (1)  shall  treat  all  parties  honestly;
     (2)  may  not  disclose  that  the  owner will accept a price less than the
     asking  price  unless  authorized  in  writing  to  do  so  by  the  owner;
     (3) may not disclose that the buyer will pay a price greater than the price
     submitted  in  a written offer unless authorized in writing to do so by the
     buyer;  and  (4)  may  not  disclose  any  confidential  information or any
     information  that  a party specifically instructs the broker in writing not
     to  disclose  unless  authorized  in writing to disclose the information or
     required  to do so by The Texas Real Estate License Act or a court order or
     if  the  information  materially  relates to the condition of the property.
With  the  parties'  consent,  a  broker  acting  as an intermediary between the
parties may appoint a person who is licensed under The Texas Real Estate License
Act  and  associated  with  the  broker  to  communicate  with  and  carry  out
instructions  of one party and another person who is licensed under that Act and
associated with the broker to communicate with and carry out instructions of the
other  party.

If  you  choose  to have a broker represent you, you should enter into a written
agreement  with the broker that clearly establishes the broker's obligations and
your  obligations. The agreement should state how and by whom the broker will be
paid.  You have the right to choose the type of representation, if any, you wish
to  receive.  Your  payment  of a fee to a broker does not necessarily establish
that  the  broker represents you. If you have any questions regarding the

<PAGE>
duties  and  responsibilities  of the broker, you should resolve those questions
before  proceeding.

Real estate licensee asks that you acknowledge receipt of this information about
brokerage  services  for  the  licensee's  records.

/s/  Marjory  E. Grant/Asset Management & Real
----------------------------------------------         ------------------------
Estate Investment Inc., President                      Date
---------------------------------
Buyer, Seller, Landlord or Tenant

--------------------------------------------------------------------------------
Texas Real Estate Brokers and Salespersons are licensed and regulated by the
Texas Real Estate Commission (TREC). If you have a question or complaint
regarding a real estate licensee, you should contact TREC at P.O. Box 12188,
Austin, Texas 78711-2188 or 512-465-3960. Texas Real Estate Brokers and
Salespersons are licensed and regulated by the Texas Real Estate Commission
(TREC). If you have a question or complaint regarding a real estate licensee,
you should contact TREC at P.O. Box 12188, Austin, Texas 78711-2188 or
512-465-3960.
--------------------------------------------------------------------------------

OIA

<PAGE>EXHIBIT 10.24

                             AMERICAN RIVER HOLDINGS

             E M P L O Y E E   S T O C K   P U R C H A S E   P L A N

                                                                  11/21/01

                                       81
<PAGE>

The Employee Stock Purchase Plan is designed to provide employees of American
River Holdings (the "Company") and it's subsidiaries, who voluntarily elect to
participate, a continued opportunity to purchase Company stock through voluntary
after-tax payroll deductions, thus making it easier for them to acquire such
shares and relieving them of the details of normal stock transactions. The
Company believes that ownership of Company stock by employees will foster
greater employee interest in the Company's success, growth and development and
will be to the mutual benefit of both the employee and the Company.

The Plan will be administered by "Administrator" who shall be appointed by the
Company. The Administrator shall maintain an account for each participant. The
Administrator makes no solicitation of participants and is not responsible for
enrollment. The Administrator is responsible only for the accounting of monies
or stock.

The Company will bear all costs of administering the Plan, including Broker's
fees, commissions, postage and other costs actually incurred. Fees incurred as a
result of participant elected sale of shares will be borne by the participant.

ELIGIBILITY
-----------

All employees of the Company and its subsidiaries are eligible to participate in
the Plan. The word "employee" includes officers, but not persons who are solely
Directors. Employees may elect to participate in the Plan by signing a payroll
deduction authorization form.

COMMENCEMENT OF DEDUCTIONS
--------------------------

Voluntary payroll deductions will start with the payroll date stated on the
payroll deduction authorization form. If no date is stated then the deduction
will start with the first pay period following receipt of the authorization.

TRANSFER OF FUNDS TO THE ADMINISTRATOR
--------------------------------------

A special Employee Stock Purchase Checking Account will be opened and maintained
by the Company. The Company will remit employee payroll deductions directly to
this account. The Company will transfer the funds from this account to the
Administrator on a biannual basis.

STOCK PURCHASES
---------------

The Administrator will use the funds received from the Employee Stock Purchase
Account to purchase Company stock. Transactions will be executed as often as
practicable and the full amount of employee deductions will be used to purchase
stock. Stock is purchased at fair market value as of date of purchase.

                                       82
<PAGE>

STOCK ALLOCATIONS
-----------------

The Administrator shall allocate shares to each participant account based on
deposits made to the account and prices paid for stock purchased by the Plan.
Full and fractional shares to three decimal places will be allocated to each
participant account. The Administrator will hold all share balances in the
participant account in Book Entry form. Physical certificates for whole shares
will only be issued upon request of the participant.

DIVIDENDS/INTEREST
------------------

The Administrator shall credit all interest and dividends (if any) paid to the
Plan for shares in the name of "American River Holdings Employee Stock Purchase
Plan" directly into the Plan account. These monies deposited to the Plan account
will be allocated to the participant account based on the number of shares in
the account and used to purchase stock, thereby reducing the average price per
share to the participant.

REGISTRATION OF STOCK
---------------------

The Administrator will maintain records, in writing, of the names, addresses and
social security number in which stock certificates are to be registered.

ISSUANCE OF STOCKS
------------------

The Administrator will issue stock certificates to the participants upon written
request from the participant.

REPORTS TO PARTICIPANTS
-----------------------

Twice a year, in January and July, the Administrator will issue a statement
reporting the following information to each participant:

  a.  Beginning balance.
  b.  Total contributions/deposits.
  c.  Withdrawals made from the account.
  d.  Total shares issued to the participant from the account.
  e.  Ending balance of the account in shares.
  f.  Total dollar value of the account.

                                       83
<PAGE>

TERMINATING PARTICIPATION
-------------------------

A participant may direct the Company, in writing, to cease payroll deductions at
any time. The participant needs to advise the Administrator as to what he/she
wants done with the money/shares in this account. The participant has the right
to keep the money/shares in his/her account and have a certificate issued or
request the sale of all or part of the shares in his/her account. All fees
associated with the sale of participant shares will be borne by the participant.
Any monies remaining in the account, after the certificate is issued, will be
sent to the participant. A check for any fractional shares remaining in the
account will be issued to the participant. The current market price per share
will be used in determining the amount of the fractional share check. The Plan
may purchase shares back from participants at the current market price of the
shares as determined by the Exchange on which the shares are traded or the
shares may be sold on the open market. Any participant terminating participation
from the plan must wait a minimum of six months before he/she is eligible to
participate again. In January of the year following any sale from the account,
the Administrator will issue an IRS Form 1099B for the sale of any shares,
including fractional shares, according to IRS regulations.

Upon termination of employment for any reason whatsoever, including but not
limited to death or retirement, the settlement of the account shall be made to
the participant or his/her estate.

PLAN TERMINATION
----------------

In the event of termination of the Plan, the Administrator will send to the
participant all uninvested monies in his/her account. The participant will
provide to the Administrator a letter of instruction to sell the shares in the
account, issue a stock certificate for the shares in the account or a
combination of both. A check will be issued for any fractional shares remaining
in the account. In January of the year following any sale from the account, the
Administrator will issue an IRS Form 1099B for the sale of any shares, including
fractional shares, according to IRS regulations. All costs to terminate the Plan
will be borne by the Company.

The Company establishes this Plan with the bona fide intention that the Plan
will continue as long as sufficient employees are interested in participating to
justify its continuance. The Company, however, is not and shall not be under any
obligation or liability whatsoever to continue to maintain the Plan for any
given length of time, and may in its sole and absolute discretion terminate the
Plan at any time, without any liability for such termination. The Company in
reserving its rights to amend the Plan includes the right to change custodians
or Administrators at its discretion and at any time.

                                       84
<PAGE>

TO:   PAYROLL DEPARTMENT

RE:   AUTHORIZATION TO MAKE PAYROLL DEDUCTIONS

In accordance with, and subject to, rules governing operation and distribution
of the Employee Stock Purchase Plan, as set forth in the Plan document, receipt
of which is acknowledged:

I hereby authorize the Payroll Department to deduct from my paycheck each
payroll period, the sum of $____________ ($15.00 minimum). Payroll deductions
shall begin with the pay period ending _____________________.

I direct my deductions to the Administrator for the purpose of buying American
River Holdings Stock.

_________________________________________               _______________________
Signature                                               Date

_________________________________________
Print Name

          DESIGNATION OR CHANGE OF BENEFICIARY FOR THE PLAN COMMITTEE

I hereby designate as my beneficiary __________________________________________
to receive all proceeds under the Stock Purchase Plan in the event of my death.

This designation supersedes all previous beneficiary designation.

_________________________________________               _______________________
Employee's Signature                                    Date

_________________________________________
Social Security Number

_______________________________________________________________________________

                                       85
<PAGE>

                       STOCK TO BE REGISTERED AS FOLLOWS:
                                 (Please Print)

_______________________________________________________________________________
Name(s)

_______________________________________________________________________________
Mailing Address                       City                        Zip Code

Note: If Stock is to be registered in more than one name, it must be as "Joint
      Tenants" or "Community Property". It must also be "John Doe and Jane Doe,
      Joint Tenants," rather than "or". This is a law, and for your protection.

_______________________________________________________________________________
             PLEASE NOTIFY SHAREHOLDER'S RECORDS OF ADDRESS CHANGE!!

                                       86

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