Document:

<PAGE>

                                                                   Exhibit 10.25

                             EMPLOYMENT AGREEMENT

DATE:          November 3, 1998

PARTIES:       Real Education, Inc., a Colorado corporation   (the "Company")

               Mark Brodsky, a resident of Colorado           (the "Employee")

RECITAL:

          The Company is engaged in the business of online web production,
online education and online training. The Company desires to employ and retain
the unique experience, abilities, and services of Employee as Regional Vice
President.

AGREEMENT:

The parties agree as follows:

1)   EMPLOYMENT

     a)   Term.  The term of this Employment Agreement (the "Agreement") shall
          ----
          commence on November 4, 1998 and terminate on December 31, 1999 (the
          "Initial Term"), or until termination in accordance with Section 5 of
          this Agreement. The term of this Agreement shall be extended
          automatically for successive periods of one (1) year each ("Renewal
          Term") after the expiration of the Initial Term and any subsequent
          Renewal Term, unless either (i) the Company provides the Employee, or
          the Employee provides the Company, with written notice to the contrary
          at least thirty (30) days prior to the end of the Initial Term or any
          Renewal Term or (ii) the Employee is no longer employed by the Company
          at the end of the Initial Term or the Renewal Term, as appropriate.

     b)   Duties.  Company shall employ Employee as Regional Vice President.
          ------
          Employee accepts employment with the Company on the terms and
          conditions set forth in this Agreement, and agrees to devote his full
          time and attention (reasonable periods of illness excepted) to the
          performance of his duties under this Agreement. In general, such
          duties shall consist of sale and promotion of the Company's services
          for the creation of a complete online campus and delivery of
          educational content over the Internet, and acting as a liaison between
          the Company and the Company's clients. Employee shall perform such
          specific duties and shall exercise such specific authority as set
          forth in Schedule A attached hereto. In performing such duties,
          Employee shall be subject to the direction and control of the Vice
          President of the Employee's Department, the Executive Committee and
          the President of the Company. Employee further agrees that in all
                                        -----------------------------------
          aspects of such employment, Employee shall comply with the policies,
          --------------------------------------------------------------------
          standards, and regulations of the Company established from time to
          ------------------------------------------------------------------
          time, and shall perform his duties faithfully, intelligently, to the
          --------------------------------------------------------------------
          best of his ability, and in the best interest of the Company. The
          ------------------------------------------------------------
          devotion of reasonable periods of time by Employee for personal
          purposes or charitable activities shall not be deemed a breach of this
          Agreement, provided that such purposes or activities do not materially
          interfere with the services required to be rendered to or on behalf of
          the Company; however, any outside business activities that are not
                       -----------------------------------------------------
          first submitted in writing to the President of the Company, and
          ---------------------------------------------------------------
          approved in writing by the President shall be deemed a breach of this
          ---------------------------------------------------------------------
          Agreement.
          ---------

Page 1 - Employment Agreement Mark Brodsky
<PAGE>

2)  COVENANT NOT TO COMPETE; CONFIDENTIALITY

     a)   Noncompetition.  During the term of this Agreement and for a period of
          --------------
          twelve (12) months after the termination of this Agreement, Employee
          shall not, within the United States or Canada, directly or indirectly,
          (1) own (as a proprietor, partner, stockholder, or otherwise) an
          interest in, or (2) participate (as an officer, director, or in any
          other capacity) in the management, operation, or control of, or (3)
          perform services as or act in the capacity of an employee, independent
          contractor, consultant, or agent of any enterprise engaged, directly
                                                                      --------
          or indirectly, in the online education or online training business or
          ---------------------------------------------------------------------
          in competition with any other business conducted by the Company except
          ----------------------------------------------------------------------
          with the prior written consent of the President of the Company; or,
          ---------------------------------------------------------------
          (4) directly or indirectly, contact, solicit or direct any person,
          firm, or corporation to contact or solicit, any of the Company's
          customers, prospective customers, or business brokers for the purpose
          of selling or attempting to sell, any products and/or services that
          are the same as, or similar to, the products and services provided by
          the Company to its customers during the term hereof. In addition, the
          Employee will not disclose the identity of any such business brokers,
          customers, or prospective customers, or any part thereof, to any
          person, firm, corporation, association, or other entity for any reason
          or purpose whatsoever; and solicit or accept if offered to her, with
          or without solicitation, on his own behalf or on behalf of any other
          person, the services of any person who is an employee of the Company,
          nor solicit any of the Company's employees to terminate employment
          with the Company, nor agree to hire any employee of the Company into
          employment with himself or any company, individual or other entity

     b)   Confidentiality.  Employee acknowledges and agrees that all product
          ---------------
          specifications, product planning information, lists of the Company's
          customers and suppliers, financial information, and other Company data
          related to its business ("Confidential Information") are valuable
          assets of the Company. Except for information that is a matter of
          public record, Employee shall not, during the term of this Agreement
          or after the termination of employment with the Company, disclose any
          Confidential Information to any person or use any Confidential
          Information for the benefit of Employee or any other person, except
          with the prior written consent of the Company.

     c)   Ideas, Inventions.  The Employee recognizes and agrees that all ideas,
          -----------------
          inventions, enhancements, plans, writings, and other developments or
          improvements (the "Inventions") conceived by the Employee, alone or
          with others, during the term of his employment, whether or not during
          working hours, that are within the scope of the Company's business
          operations or that relate to any of the Company's work or projects,
          are the sole and exclusive property of the Company. The Employee
          further agrees that (1) he will promptly disclose all Inventions to
          the Company and hereby assigns to the Company all present and future
          rights he has or may have in those Inventions, including without
          limitation those relating to patent, copyright, trademark or trade
          secrets; and (2) all of the Inventions eligible under the copyright
          laws are "work made for hire." At the request of and without charge to
          the Company, the Employee will do all things deemed by the Company to
          be reasonably necessary to perfect title to the Inventions in the
          Company and to assist in obtaining for the Company such patents,
          copyrights or other protection as may be provided under law and
          desired by the Company, including but not limited to executing and
          signing any and all relevant applications, assignments or other
          instruments. Notwithstanding the foregoing, the Company hereby
          notifies the Employee that the provisions of this Section 2)c) shall
          not apply to any Inventions for which no

Page 2 - Employment Agreement Mark Brodsky
<PAGE>

          equipment, supplies, facility or trade secret information of the
          Company was used and which were developed entirely on the Employee's
          own time, unless (1) the Invention relates (i) to the business of the
          Company, or (ii) to actual or demonstrably anticipated research or
          development of the Company, or (2) the Invention results from any work
          performed by the Employee for the Company.

     d)   Return of Documents. Employee acknowledges and agrees that all
          -------------------
          originals and copies of records, reports, documents, lists, plans,
          drawings, memoranda, notes, and other documentation related to the
          business of the Company or containing any Confidential Information
          shall be the sole and exclusive property of the Company, and shall be
          returned to the Company upon the termination of employment with the
          Company or upon the written request of the Company.

     e)   Injunction. Employee agrees that it would be difficult to measure
          ----------
          damage to the Company from any breach by Employee of Section 2)a),
          2)b), or 2)c) and that monetary damages would be an inadequate remedy
          for any such breach. Accordingly, Employee agrees that if Employee
          shall breach or take steps preliminary to breaching Section 2)a),
          2)b), or 2)c), the Company shall be entitled, in addition to all other
          remedies it may have at law or in equity, to an injunction or other
          appropriate orders to restrain any such breach, without showing or
          proving any actual damage sustained by the Company.

     f)   No Release. Employee agrees that the termination of employment with
          ----------
          the Company or the expiration of the term of this Agreement shall not
          release Employee from any obligations under Section 2)a), 2)b), 2)c),
          2)d), or 2)e).

3)   COMPENSATION

     a)   Base Compensation; Bonus Compensation. In consideration of all
          -------------------------------------
          services to be rendered by Employee to the Company, the Company shall
          pay to Employee compensation as described on Schedule A of this
          Agreement.

     b)   Other Benefits.  Employee has been provided with a brochure that
          --------------
          provides a brief, general description of the Company's benefits.
          Employee agrees and acknowledges that the benefits provided by the
          Company may be changed or amended from time to time, and at any time,
          at the sole discretion of the Company.

4)   COMPANY POLICIES

     a)   General Policy Descriptions.  Employee has been provided with the Real
          ---------------------------
          Education Employee Benefits Summary, which includes descriptions of
          Medical Insurance and Prescription Card, Dental Insurance, Flexible
          Reimbursement Program, Personal Days, Paid Holidays, Direct Deposit,
          Bonus Programs, Employee Referral Program and Smoke Free Work
          Environment. Additional policies and standards of the Company will be
          provided to Employee during the New Employee Orientation.

     b)   Abide by All Policies Established by the Company. Employee agrees to
          ------------------------------------------------
          abide by all policies, standards and regulations of the Company.

     c)   Changes to Company Policies. Employee agrees and acknowledges that the
          ---------------------------
          Company's policies may be created, eliminated, changed or amended from
          time to time, and at any time, at the sole discretion of the Company.

Page 3 - Employment Agreement Mark Brodsky
<PAGE>

5)   TERMINATION

     a)   Termination By Notice.  At any during the term of this Agreement, the
          ---------------------
          employment of Employee by the Company may be terminated by the
          Employee by providing with two weeks written notice of resignation to
          the Company. At any time beginning ninety (90) days after the date of
          this Agreement, the employment of Employee by the Company may be
          terminated by the Company upon the giving written notice to the
          Employee and providing the Employee with the severance pay equal to
          approximately one week of Employee's base salary. This Agreement may
          be terminated at any time upon the mutual agreement of the Company and
          Employee.

     b)   Immediate Termination.  The employment of Employee by the Company may
          ---------------------
          be terminated immediately in the sole discretion of the either the
          President, a Vice President or the Board of Directors of the Company
          upon the occurrence of any one of the following events:

          i)   Any time during the first 90 days of this Agreement;

          ii)  After Employee receives written notice of conduct which is in
               violation of policies, standards, and regulations of the Company
               as established from time to time, and after a reasonable period
               of time to correct the conduct, the Employee willfully fails or
               refuses to comply, in a material manner, with the policies,
               standards, and regulations of the Company;

          iii) Employee engages in fraud, dishonesty, or any other act of
               material misconduct in the performance of Employee's duties on
               behalf of the Company;

          iv)  Employee fails to perform any material provision of this
               Agreement to be performed by Employee, provided however, that if
               such breach can be cured, the Employee will receive reasonable,
               written notice of breach and opportunity to cure such breach.

          v)   Employee violates one or more of the rules identified on Schedule
               C.

6)   REPRESENTATIONS AND WARRANTIES OF EMPLOYEE

     a)   No Other Employment Agreements. Employee represents and warrants to
          ------------------------------
          the Company that there is no employment contract or any other
          contractual obligation to which Employee is subject, which prevents
          Employee from entering into this Agreement or from performing fully
          Employee's duties under this Agreement.

     b)   Special Needs. There are no special accommodations required to be
          -------------
          made by Company for Employee to perform his duties and
          responsibilities.

7)   MISCELLANEOUS PROVISIONS

     a)   Binding Effect.  This Agreement shall be binding on and inure to the
          --------------
          benefit of the parties and their heirs, personal representatives,
          successors, and assigns.

     b)   Notices.  Any notice, election, waiver, consent, acceptance or other
          -------
          communication required or permitted to be given under this Agreement
          shall be in writing and shall be

Page 4 - Employment Agreement Mark Brodsky
<PAGE>

          hand delivered, transmitted via fax, by e-mail or sent via nationally
          recognized third party delivery (such as Federal Express or UPS) for
          next day delivery, addressed to the parties as follows:

          If to Company:
          --------------

          Real Education, Inc.
          Attn:  John V. Helmick
          10200 "A" East Girard Ave.
          Denver, Colorado 80231
          Fax: 1-303-873-7449

          If to Employee:
          ---------------

          Mark Brodsky
          10200 "A" East Girard Ave.
          Denver, Colorado 80231
          Fax: 1-303-873-7449

          Any notice or other communication shallbe deemed to be given at the
          date the notice is hand delivered to the indthe date the notice is
          sent via fax, or the date following the date of deposit with any
          nationally recognized third party delivery (such as Federal Express or
          UPS) for next day delivery to the addressee. The addresses to which
          notices or other communications shall be sent may be changed from time
          to time by giving written notice to the other party as provided in
          this Paragraph.

     c)   Amendments.  This Agreement may be amended only by an instrument in
          ----------
          writing executed by all the parties.

     d)   Entire Agreement. This Agreement (including the schedules) sets forth
          ----------------
          the entire understanding of the parties with respect to the subject
          matter of this Agreement and supersedes any and all prior
          understandings and agreements, whether written or oral, between the
          parties with respect to such subject matter.

     e)   Counterparts. This Agreement may be executed by the parties in
          ------------
          separate counterparts, each of which when executed and delivered shall
          be an original, but all of which together shall constitute one and the
          same instrument. Fax signatures shall have the same effect as an
          original signature.

     f)   Severability.  If any provision of this Agreement shall be invalid or
          ------------
          unenforceable in any respect for any reason, the validity and
          enforceability of any such provision in any other respect and of the
          remaining provisions of this Agreement shall not be in any way
          impaired; provided, however, that the parties will attempt to agree
          upon a valid and enforceable provision which shall be a reasonable
          substitute for each invalid provision or unenforceable provision in
          light of the tenor of this Agreement and, upon so agreeing, shall
          incorporate such substitute provision into this Agreement.

     g)   Waiver.  A provision of this Agreement may be waived only by a written
          ------
          instrument executed by the party waiving compliance. No waiver of any
          provision of this Agreement shall constitute a waiver of any other
          provision, whether or not similar, nor s hall any

Page 5 - Employment Agreement Mark Brodsky
<PAGE>

          waiver constitute a continuing waiver. Failure to enforce any
          provision of this Agreement shall not operate as a waiver of such
          provision or any other provision.

     h)   Further Assurances.  From time to time, each of the parties shall
          ------------------
          execute, acknowledge, and deliver any instruments or documents
          necessary to carry out the purposes of this Agreement.

     i)   No Third-Party Beneficiaries.  Nothing in this Agreement, express or
          ----------------------------
          implied, is intended to confer on any person, other than the parties
          to this Agreement, any right or remedy of any nature whatsoever.

     j)   Expenses.  Except as otherwise provided herein, each party shall bear
          --------
          its own expenses in connection with this Agreement and the
          transactions contemplated by this Agreement.

     k)   Exhibits.  The exhibits and schedules referenced in this Agreement
          --------
          are a part of this Agreement as if fully set forth in this Agreement.

     l)   Governing Law.  This Agreement shall be governed by and construed in
          -------------
          accordance with the laws of the United States of America and the State
          of Colorado.

     m)   Arbitration.
          -----------

          i)   Any controversy or claim arising out of or relating to this
               Agreement, including, without limitation, the making,
               performance, or interpretation of this Agreement, shall be
               settled by arbitration.

          ii)  The parties may choose an arbitrator and rules of arbitration by
               mutual agreement. Unless the parties agree otherwise, the
               arbitration shall be conducted in Denver, Colorado in accordance
               with the then current Commercial Arbitration Rules of the
               American Arbitration Association in Denver, Colorado. The
               arbitration shall be held before a single arbitrator (unless
               otherwise agreed by the parties). The arbitrator shall be chosen
               from a panel of attorneys knowledgeable in the field of business
               law in accordance with the then current Commercial Arbitration
               Rules of the American Arbitration Association and judgment upon
               the award of the arbitrator may be entered in any court having
               jurisdiction thereof and any party to the arbitration may, if it
               so elects, institute proceedings in any court having jurisdiction
               for the specific performance of any such award. The powers of the
               arbitrator shall include the granting of injunctive relief. If
               the arbitration is commenced, the parties agree to permit
               reasonable discovery proceedings as determined by the arbitrator,
               including production of material documents, accounting of sources
               and uses of funds, interrogatories and the deposition of each
               party and any witness proposed by either party.

          iii) The parties agree that the arbitrator shall have no jurisdiction
               to consider evidence with respect to or render an award or
               judgment for punitive damages (or any other amount awarded for
               the purpose of imposing a penalty), incidental or consequential
               damages.

          iv)  The arbitrator shall award all direct costs of the arbitration,
               including arbitrator's fees and arbitration filing fees to the
               substantially prevailing party. However, each party shall bear
               their own costs related to the arbitration, such as attorneys'
               fees,

Page 6 - Employment Agreement Mark Brodsky
<PAGE>

               deposition costs, copy costs, express delivery costs, travel
               costs, witness costs and postage.

          v)   The arbitrator shall determine a schedule for the arbitration
               proceedings such that a final determination of the matter
               submitted to the arbitrator can be rendered and delivered to the
               parties within 150 days following the date that a demand for
               arbitration is filed.

          vi)  The parties agree that all facts and other information relating
               to any arbitration arising under this Agreement shall be kept
               confidential to the fullest extent permitted by law.

                                     REAL EDUCATION, INC.

                                     By: /s/ Robert N. Helmick
                                        ------------------------------------
                                         Robert N. Helmick, President

                                     By: /s/ Mark Brodsky
                                        ------------------------------------
                                         Mark Brodsky, Individually

Page 7 - Employment Agreement Mark Brodsky
<PAGE>

                                  SCHEDULE A

                            COMPENSATION AND DUTIES

1)   SALARY. For the period November 4, 1998 through July 31, 1999, compensation
     to the Employee shall be at the rate of $75,000 per year, payable on the
     Company's normal payroll dates.

2)   SALARY ADJUSTMENT. Employee base compensation for the all periods after
     July 31, 1999 shall be at the rate as set by the Compensation Committee of
     the Company, payable on the Company's normal payroll dates.

3)   STOCK OPTIONS. Company will grant to Employee, from time to time, during
     the period commencing on the date of this Agreement and ending on December
     31, 1999 (the "Expiration Date"), the option to purchase from Company, at
     the then fair market value price as determined by the Board of Directors,
     one hundred (100) stock options for every ten (10) Sales (the term "Sale"
     is defined in paragraph 3 of Schedule B attached hereto). The option will
     provide for a five (5) year vesting period whereby the first twenty percent
     (20%) of the stock options will vest on January 1, 2000; the next 20% of
     the stock options will vest on September 1, 2000; the next 20% of the stock
     options will vest on September 1, 2001; the next 20% of the stock options
     will vest on September 1, 2002; and the final 20% of the stock options will
     vest on September 1, 2003.

4)   BONUS/OTHER COMPENSATION. Employee bonus compensation, whether in cash,
     Company stock, or other consideration, may be provided to Employee as
     determined from time to time by the Board of Directors or the President of
     the Company; the Company has no requirement to provide Employee with bonus
     compensation of any type.

5)   COMMISSIONS. Employee is to be eligible for commission as set forth in
     Schedule B attached here.

6)   DUTIES. As Regional Vice President, Employee is responsible for the
     management of the Northeast Territory geographic sales region as determined
     by the Vice President of Sales. This territory currently includes Illinois,
     Wisconsin, Pennsylvania, New Jersey, New York, Massachusetts, Rhode Island,
     New Hampshire, Maine, Vermont, Connecticut, Michigan and Eastern Canada.
     Certain educational institutions in this territory are assigned to the Vice
     President of National Accounts. Employees duties include:

        .   Hiring and training Regional Managers;

        .   Direct management of the Regional Managers and Regional Coordinator;

        .   Minimizing cost of sales;

        .   Attaining regional sales goals;

        .   Negotiating contracts; and

        .   Making presentations to key prospects.

Page 8 - Employment Agreement Mark Brodsky
<PAGE>

7)   Employee`s duties may vary from time to time as determined by the Vice
     President of Sales and/or the President of the Company.

Employee acknowledges that he has read and fully understands all terms set forth
--------------------------------------------------------------------------------
in this Schedule A.
------------------

                                                   By: /s/  Mark Brodsky
                                                       -------------------
                                                       Mark Brodsky

Page 9 - Employment Agreement Mark Brodsky
<PAGE>

                                  SCHEDULE B

                               COMMISSIONS PLAN

                         (Effective September 1, 1998)

The Commission Plan for the Company, effective September 1, 1998, is as follows:

1)  QUALIFICATION FOR COMMISSION.   Certain full-time employees of the Company
Sales Department are eligible for commissions.  Commissions are in addition to
salary and other benefits.  As Regional Vice President, Employee is eligible to
receive commissions as described in the Company Commission Plan as described in
this Schedule B.

2)  COMMISSIONS EARNED.  Regional  Vice President commissions are earned when
the Company and the education content provider (the "Educational Partner") sign
a written client agreement, with terms substantially similar to the terms of the
Company standard client agreement (a "Sale").

3) CALCULATION OF NEW CLIENT COMMISSION.  The commission earned for each Sale to
a new Educational Partner, for which Employee was the Regional Vice President of
the primary Regional Manager for the Sale ("Sale"), shall be $1,000 for any Sale
in Employee's Region with an Initial Payment (as defined in the standard client
agreement) to the Company of $30,000.  The commission earned for each Sale
greater than $30,000 shall be $35 for each additional online course for which a
Translation License Fee (as described in the standard client agreement) of
$3,000 or more is paid to Real Education.  The Company may, but is not required
to, pay a commission for any Sale that does not result in an Initial Payment of
at least $30,000.

4) CALCULATION OF UPSALE COMMISSION.  The commission earned for the Sale of
additional courses to existing Educational Partners shall be $35 for each new
online course for which a Translation License Fee (as described in the standard
client agreement) of $3,000 or more is paid to Real Education.

5) COMMISSION REDUCTION.

     a)   Technology Service Fees.  In the event that the schedule of Technology
          -----------------------
          Service Fees is less than as described in the standard client
          agreement, the commission amount may be reduced or eliminated.

     b)   Atypical Terms or Conditions.   Any client agreement that is approved
          ----------------------------
          with unusual payment terms and non-standard clauses, terms or
          conditions will be reviewed by the Vice President of Finance &
          Administration and may impact the amount and timing of commission
          payments.

     c)   Unusual Costs.  Any and all unusual costs, including larger than
          -------------
          average entertainment or travel costs, associated with any Sale may
          reduce the commission amount.

     d)   Travel Budget.  The commissions earned may be reduced by the amount
          -------------
          that the Employee exceeds his budget for travel expenses and by the
          amount that the Employee exceeds his budget for entertainment
          expenses.

Page 10 - Employment Agreement Mark Brodsky
<PAGE>

6)   PAYMENT OF COMMISSIONS.  Commissions will be paid in the pay period -- and
on the normal payroll date -- following the receipt of the nonrefundable payment
of Translation License Fees. If the nonrefundable payment of Translation License
Fees is made in more than one payment, commissions will be paid, pro rata, as
the nonrefundable payments of Translation License Fees are received. In the
event that any part of the Translation License Fees are refundable, the
commission will be paid in the pay period -- and on the normal payroll date --
when the contingency or contingencies giving rise to the potential refund is
extinguished.

7)   MISCELLANEOUS.

     a)   Termination or Resignation. Upon termination of employment or
          --------------------------
          resignation of an employee, any commission earned but not paid, which
          becomes payable within 5 days of the date of the termination or
          resignation of the employee, shall be paid to the former employee.

     b)   Amendment to Commission Plan. This Commission Plan may be amended by
          ----------------------------
          the Company at any time and from time to time; provided however, that
          any such amendments shall only be effective beginning 30 days
          following the e-mail or other notice to the Sales Department of such
          amendment.

     c)   Resolution of Disputes.  Any dispute regarding the interpretation or
          ----------------------
          application of the Commission Plan, including the amount of any
          commission earned or to be paid, shall be submitted to the Vice
          President of Sales and the CFO of the Company. The Vice President of
          Sales and the CFO shall attempt to resolve the dispute, and shall file
          their recommendation or recommendations to the President of the
          Company. The President of the Company shall make a final determination
          of the dispute. The President's determination shall be binding on the
           Company and the Employee.

Page 11 - Employment Agreement Mark Brodsky
<PAGE>

                                  SCHEDULE C

All employees must abide by the following rules of the company:

1)   HONESTY.  Employees shall conduct their affairs with honesty and integrity
     and shall not engage in fraud, dishonesty or any act of material
     misconduct.

2)   SIGNING AGREEMENTS.  Employees shall not sign any document or agreement
     that reates a legally binding obligation on the Company. The only person
     authorized to sign agreements is the CEO, Robert Helmick.

3)   WRITTEN AGREEMENT. All employees of the Company and all independent
     contractors of the Company must have a signed, written agreement with the
     Company prior to performing work for the Company.

Any violation of the above rules may result in disciplinary action, including
termination of any employee found to have violated one or more of the above
rules.

Page 12 - Employment Agreement Mark Brodsky
<PAGE>

                         [LETTERHEAD OF eCOLLEGE.COM]

                                March 12, 2001

Mark S. Brodsky
Vice President, Sales
10200 A East Girard Avenue
Denver, Colorado 80231

     Re:  Amendment to Employment Agreement
          ---------------------------------

Dear Mark,

I am writing to confirm that effective October 1, 2000 your salary is $140,000,
and your target bonus, subject to the discretion of the Board of Directors, is
$140,000. As of August 31, 2000, your title is Vice President of Sales.

This letter is intended to amend your Employment Agreement to reflect your new
salary and/or title. The purpose of this letter is to express these changes
only; no terms and conditions of your Employment Agreement, other than the terms
that are expressly amended in this letter, are changed by this letter.

If you have any questions regarding this matter, please do not hesitate to
contact me. Please acknowledge your understanding and acceptance of this
amendment to your Employment Agreement by signing below and returning this
document to the General Counsel on or before March 16, 2001.

Sincerely,

/s/ Douglas H. Kelsall
-----------------------------
Douglas H. Kelsall
Executive Vice President & CFO

Acknowledge and Accepted By:

/s/ Mark S. Brodsky
-----------------------------
Mark S. Brodsky
Vice President, SalesLEASE AGREEMENT

         THIS  LEASE  AGREEMENT,  made this 1st day of  November,  2000,  by and
between BDR PROPERTIES, LLC, ("Lessor"), and CHESTATEE STATE BANK, ("Lessee"),

                                   WITNESSETH:

                                    ARTICLE 1
                                    PREMISES

         Lessor,  for and in consideration of the rents,  covenants,  agreements
and stipulations  hereinafter mentioned,  reserved,  and contained,  to be paid,
kept and  performed  by  Lessee,  Lessor has  leased  and  rented,  and by these
presents does lease and rent, unto Lessee, and Lessee hereby agrees to lease and
take upon the terms and  conditions  which  hereinafter  appear,  the  following
described premises ("Premises") to wit: Two Thousand (2000) square feet of space
known as Suite 120, The Hockenbull  Building,  86 Highway 53 West,  Dawsonville,
Georgia,  more  particularly  described on Exhibit "A" attached and incorporated
herein by reference.

         No easement for light or air is included in the Premises.

                                    ARTICLE 2
                                      TERM

1. The initial term (Initial Term) of this Lease and the Tenant's  obligation to
pay "Rent" (as hereinafter  defined) shall be Three (3) years and shall commence
on November 1, 2000  ("Commencement  Date"),  and shall expire October 31, 2003.
The term  "Lease  Year"  shall  mean a period of twelve  (12)  consecutive  full
calendar months.  The first Lease Year shall begin on the first day of the first
calendar month  following the  Commencement  Date, if such date is not the first
day of the month.  The rental at the beginning of each Lease Year shall increase
by 5%.

2. It is agreed and understood that if Lessor is unable to deliver possession of
the Premises to Lessee at the  Commencement  Date,  as provided in this Article,
because the Premises are not ready for occupancy by Lessee,  Lessor shall not be
liable to Lessee for damages and the term of this Lease shall not be affected by
such delay.  Lessor shall use all reasonable  diligence to deliver possession of
the Premises to Lessee on or before the  Commencement  Date. If lessee is not in
possession of the Premises due solely to Lessor's failure to deliver the same to
Lessee, then Lessee shall not owe any Rent for the period of time that Lessee is
not in possession.

3. In the event that Lessor shall permit Lessee to occupy the Premises  prior to
the Commencement Date, such occupancy shall be subject to all provisions of this
Lease,  including,  without  limitation,  the obligation to pay Rent. Said early
possession shall not advance the termination date of this Lease.

4. Lessee  shall have the option to renew this lease for one (1) year at the end
of the original term with a 5% increase in Rent.

                                       60
<PAGE>
                                    ARTICLE 3
                                     Rental

1. All payments of money due  hereunder,  of any kind or nature,  from Lessee to
Lessor,  are rental  payments under this Lease.  Rental payments for the term of
this lease shall be as follows:

Year 1:       $11.00 per square foot per year - $1833.33 each month.
Year 2:       $12.00 per square foot per year - $2000.00 each month.
Year 3:       $13.00 per square foot per year - $2766.67 each month.

         Lessee shall pay to Lessor these rental  payments,  in advance,  on the
first day of each month, at Lessor's  offices as stipulated  herein,  or at such
location as Lessor shall designate in writing.

In the event the  effective  date of this Lease is not the first day of a month,
the first monthly payment of Base Rent shall be due and payable on the effective
date of this Lease  covering the period from the effective  date until the first
day of the next month,  said amount being  prorated on a daily basis.  All other
payments due the Lessor  hereunder are  hereinafter  referred to as  "Additional
Rent",  including but not limited to, utilities,  common area maintenance,  real
estate  taxes  and  insurance.  The term  "Rent"  shall  mean all Base  Rent and
Additional Rent. Lessee shall make all Rent payments to:

                                    BDR Properties, LLC
                                    Chestatee Center, Suite 210
                                    75 Elliott Road
                                    Dawsonville, Georgia  30534

Lessee shall not have authority to pay the Rent due hereunder to any party other
than Lessor.

2. Any  installment of Rent which is not paid when due shall be subject to a ten
percent (10%) late charge and any such charge or money obligation, including all
expenses incurred by Lessor in collecting such charge or money obligation, shall
be  Additional  Rent  hereunder.  In the event any check for Rent from Lessee is
dishonored by the drawee bank,  Lessee agrees to pay Lessor $25.00 as a handling
charge and, if appropriate,  the late charge.  Returned checks shall be redeemed
by cashier's  check,  certified check or money order. In the event more than one
check for Rent is returned or dishonored,  Lessee agrees to pay all future rents
and charges hereunder by cashier's check, certified check or money order.

                                    ARTICLE 4
                                SECURITY DEPOSIT

         Lessee shall deposit with Lessor,  upon  execution  hereof,  the sum of
$0.00 Dollars,  ("Deposit"),  as security for Lessee's  faithful  performance of
Lessee's  obligations  hereunder.  If Lessee fails to pay any Rent, or otherwise
defaults with respect to any provision of this Lease,  Lessor may use,  apply or
retain all of any  portion of said  Deposit for the payment of any Rent or other

                                       61
<PAGE>
charge in default or for the payment of any other sum to which Lessor may become
obligated by reasons of Lessee's  default,  or to compensate Lessor for any loss
or damage which  Lessor for any loss or damage which Lessor may suffer  thereby.
If all or any  portion of said  Deposit  is applied in any of the above  manners
during the term of this Lease, Lessee shall pay Lessor,  within five (5) days of
written  demand  from  Lessor,  the total  amount of said  Deposit so applied by
Lessor.  However,  in no way shall the Deposit constitute  liquidated damages to
Lessor or a limit to the liability of Lessee hereunder.  If Lessor transfers fee
title to the Premises, or there is any termination of Lessor's interest therein,
in whole or in part,  Lessor may pay over any unapplied  part of said Deposit to
the  succeeding  owner of the Premises and from and after such  payment,  lessor
shall be relieved of all liability with respect thereto.

                                    ARTICLE 5
                                    UTILITIES

         Lessee  shall pay all  bills for  utilities  which are  metered  to the
Premises,  including,  but not limited to water, sewer, gas, electricity,  fuel,
light and heat bills, and all charges for garbage  collection  services or other
sanitary or janitorial services rendered to the Premises.  Lessee shall also pay
a pro rata share of utility bills and charges  specified in Article 10. Lessee's
prorated  share of said expenses  shall be based on the percentage of floor area
in the  Premises  as  compared  to the total  floor area in the  "Building"  (as
hereinafter defined) ("Pro Rata Share").  Lessor shall in no event be liable for
any  interruption  or failure  of utility  services  on the  Premises.  Terms of
payment  for  utility  and other  charges  are  subject to terms as  outlined in
Article 3 and Exhibit "__" of this Lease.

                                    ARTICLE 6
                           USE OF THE LEASED PREMISES

1. The Premises  shall be used for office  purposes  and no other.  The Premises
shall not be used for any  illegal  purposes;  nor in any  manner to create  any
nuisance or trespass; nor in any manner to vitiate the insurance or increase the
rate of  insurance  on the  Premises;  nor in an manner  which will cause  waste
damage or injury to the  Premises  or  Building;  nor in any  manner  which will
violate any  restrictions  or protective  covenants  affecting land of which the
Premises are a part.

2. Lessee agrees that its occupancy shall not be detrimental to other tenants by
reason  of  odor,  smoke,  dust,  gas,  noise  or  vibration,  or any  offensive
activities.

3. No storage  containers  may be located in any common area or area outside the
building in which the Premises are located.  The Premises  shall not be used (i)
to store,  generate  or deposit  (A) toxic  waste,  medical  waste or  hazardous
materials,  as these terms are defined in  applicable  local,  state and federal
laws,  rules,  regulations,  codes and ordinances,  including but not limited to
CERLIA and RELRA; (B) PLBS, or (C) any petroleum products, or (ii) as a location
for storage tanks or containers.

                                       62
<PAGE>
                                    ARTICLE 7
                                   ABANDONMENT

         Lessee agrees not to abandon or vacate the Premises  during the term of
this Lease and agrees to use the  Premises  for the  purposes  herein  described
until the expiration of the term hereof.

                                    ARTICLE 8
                                REPAIRS BY LESSOR

1. Lessor agrees to keep in good repair the roof, foundations and exterior walls
of the  Premises  (exclusive  of all  glass  and all  exterior  doors),  and the
underground  utility and sewer pipes outside the exterior walls for the building
of which  the  Premises  are a part (the  "Building"),  except  repair  rendered
necessary  by the  negligence  or action of Lessee,  its agents,  employees,  or
invitees.  Lessor gives to Lessee  exclusive  control of the Premises and Lessor
shall be under no  obligation  to inspect the  Premises.  Lessee shall  promptly
report in writing to Lessor any defective  condition known to it which Lessor is
required  to repair,  and failure to so report  such  defects  shall make Lessee
responsible  to Lessor for any  liability  incurred  by lessor by reason of such
defects.  Lessor's liability with respect to any defects, repairs or maintenance
for which Lessor is responsible  under any of the provisions of this lease shall
be limited  to the cost of such  repairs  or  maintenance  or the curing of such
defect.  Lessor shall have the right, but not the duty, to enter the Premises at
any time in order to examine  the  Premises  or to make such  repair as required
therein or which Lessor may deem necessary for the safety of, or preservation of
the Premises or of the Building.  Nothing  contained in this Lease shall require
Lessor to make any repairs for damages  caused by Lessee and Lessee  shall cause
such repairs to be made at its expense.

2.  The air  conditioning  and  heating  system  is  accepted  by  Lessee  as in
satisfactory  operating  condition  at the date of  occupancy,  and Lessee shall
maintain said system in good operating  condition  during the term of this Lease
and any extension thereof.

                                    ARTICLE 9
                                REPAIRS BY LESSEE

1. Lessee  shall at its own cost and expense  keep and maintain all parts of the
premises (except those for which Lessor is expressly responsible under the terms
of this Lease) in good  condition,  promptly  making all  necessary  repairs and
replacements,  including  but not limited to,  windows,  glass and plate  glass,
doors,  any special  office entry,  interior  walls and finish work,  floors and
floor  covering,  plumbing  work and fixtures,  termite and pest  extermination,
regular removal of trash and debris,  and to keep the whole of the Premises in a
clean and  sanitary  condition.  Lessee  agrees to keep  sufficient  heat in the
Premises to keep the pipes from freezing. Should any portion of said Building be
damaged  through the fault or negligence of the Lessee,  its agents,  employees,
contractors,  invitees or customers or vandalism,  malicious mischief, attempted
or actual theft or illegal entry,  then the Lessee agrees to promptly repair the
same.

                                       63
<PAGE>
2.  The air  conditioning  and  heating  system  is  accepted  by  Lessee  as in
satisfactory  operating  condition  at the date of  occupancy,  and Lessee shall
maintain said system in good operating  condition  during the term of this Lease
and any extension thereof.

3.  Lessee  shall not damage any  demising  wall or disturb  the  integrity  and
support  provided by any demising wall and shall,  at its sole cost and expense,
promptly  repair any damage or injury to any  demising  wall caused by Lessee or
its employees, agents or invitees.

                                   ARTICLE 10
                                  COMMON AREAS

1. The Premises constitute a portion of a multiple occupancy building.  It shall
be Lessor's obligation to provide and care for the area surrounding the Building
(hereinafter "Common Area"), provided, however, that Lessee shall contribute its
Pro Rata Share of the expenses for the care for the Common Area,  including  but
not limited to, ad valorem taxes,  hazard insurance on the Building,  management
fees, the mowing of grass, care of shrubs,  general landscaping,  maintenance of
parking areas,  driveways and alleys,  elevators,  lobbies,  stairs,  entrances,
exits, sidewalks,  roadways,  lighting, legal expenses incident to the operation
of the Building (but  excluding any leasing or financing  legal fees),  repairs,
garbage  and waste  removal,  and all other  charges not  classified  as capital
expenditures;  provided,  however,  that Lessor  shall have the right to require
Lessee to pay such other  reasonable  proportion of said mowing,  shrub care and
general landscaping costs as may be determined by Lessor in its sole discretion;
and  further  provided  that if  Lessee or any  other  particular  tenant of the
Building can be clearly  identified as being  responsible for specific damage or
cost to or in the Common Area then  Lessee,  if Lessee is  responsible,  or such
other  responsible  Lessee,  shall pay the entire cost  thereof,  upon demand as
Additional  Rent.  Lessee shall pay when due its Pro Rata Share,  determined  as
aforesaid,  of such  costs and  expenses  along  with the other  tenants  of the
Building to Lessor upon demand,  as Additional Rent, for the amount of its share
as aforesaid of such costs and expenses in the event Lessor elects to perform or
cause to be  performed  such  work.  Lessee's  share of said  expenses  shall be
Additional  Rent  hereunder and shall be due as provided in Exhibit "B".  Lessee
shall keep the whole of the  Premises,  Building  and Common Area in a clean and
sanitary  condition  free of any  trash,  scraps or any  material  and  products
pertaining to its business. No area outside the Premises shall be used by Lessee
for storage without Lessor's prior written approval.

2. All  drives,  streets,  paved  areas and walks are for the  common use of all
tenants of the Building and are a part of the Common Area.  Lessor  reserves the
right to  impose,  from  time to time,  and  Lessee  hereby  agrees  to abide by
regulations  on parking and other uses of the Common Area.  In addition,  Lessor
reserves  the right to  change,  amend or modify  the  Common  Areas and the use
thereof  in the  discretion  of  Lessor.  Lessor  shall not be  responsible  for
enforcing Lessee's parking rights against any third parties.

                                   ARTICLE 11
                                   ALTERATIONS

1.  Lessee  shall  not  make or  cause  to be  made  any  material  alterations,
additions,  changes or  improvements  to the Premises  without the prior written
consent of Lessor. In the event lessor approves any such alterations, additions,

                                       64
<PAGE>
changes or improvements to the premises, such alterations, additions, changes or
improvements  will be performed at the sole expense of Lessee.  Unless otherwise
agreed  upon in writing by lessor,  at the  termination  of this  Lease,  Lessee
shall, if Lessor so elects,  remove all  alterations,  additions or improvements
erected by lessee and restore the Premises to their original condition. All such
removals and restorations shall be accomplished in a good workmanlike manner and
shall conform with the general quality and style of the Building. If Lessor does
not elect to have Lessee  make such  removals,  all  alterations,  additions  or
improvements made in or upon the Premises,  either by Lessee or Lessor, shall be
Lessor's  property and shall remain upon the premises at the  termination of the
term of this  Lease,  by  lapse of time or  otherwise  without  compensation  to
Lessee.

2. Lessee shall keep the Premises free of any mechanic's lien or encumbrance due
to Lessee's alterations,  additions, removals or improvements.  Lessee agrees to
indemnify and hold Lessor or its assigns  harmless from any liability  resulting
from all  alterations,  additions,  changes  or  improvements  performed  on the
Premises at the instance of Lessee.

3. Neither Lessee, nor any agent,  employee or independent  contractor of Lessee
shall, under any circumstances,  puncture, cut tear or create any opening in the
roof, foundation or exterior wall structures for any reason, either by intent or
accident.  If the same occurs,  Lessee shall be  responsible  for the  immediate
total cost and repair to place the  structure  back to its  original  condition.
Lessee  shall  commerce  repair  within  five (5) days of said  damage and shall
thereafter   diligently  and   continuously   proceed  with  such  repair  until
completion.  In the event said repair is not so commenced and completed,  Lessor
may, but is not  obligated  to, enter the Premises and conduct or complete  said
repair at Lessee's sole cost. Any expense so incurred by Lessor shall constitute
Additional  Rent  hereunder and be due and payable  within  fifteen (15) days of
receipt of a notice from Lessor as to the amount of said expense.

                                   ARTICLE 12
                                    INSURANCE

1.  Lessee  shall  carry fire and  extended  coverage  insurance,  insuring  its
interest in Lessee's  improvement in the Premises and its interest in its office
furniture,   equipment,  supplies,  inventory,  fixture  and  personal  property
therein.  Such insurance will not be terminated or cancelled without thirty (30)
days  prior  written  notice to Lessor by the  carrier  of such  insurance.  The
carrier  of  such  insurance  shall  waive  all  right  of  recovery  by  way of
subrogation against Lessor.  Lessor and Lessee hereby waive any rights of action
each against the other for loss or damage covered by any insurance  which either
party carries on the Premises.

2. At all times during the term of this Lease,  Lessee shall keep in effect with
insurance  companies,  satisfactory  to Lessor,  legally  authorized to transact
business in Georgia and maintaining an office or agency in the State of Georgia,
public  liability  insurance,  in the name of and for the  benefit of Lessor and
Lessee,  including personal injury liability insurance in the amount of not less
than One Million and No.100 Dollars  ($1,000,000)  in the aggregate;  and public
liability insurance for property damage liability of not less than Three hundred
Thousand  and No/100  Dollars  ($300,000)  in the  aggregate.  All  policies and
certificates of insurance  shall name Lessor as an additional  insured and shall
provide  that  all  Lessor's  losses,  to the  limit  of  the  policy,  will  be

                                       65
<PAGE>
indemnified  and all liability  claims  against  lessor  resulting form Lessee's
business  will be  defended  by Lessee or its  insurance  carrier  at no cost to
Lessor.  Lessee  shall  promptly  deliver  to Lessor  all such  certificates  of
insurance  and they shall be held by  Lessor.  Lessee  agrees  that it shall not
cancel any of the above mentioned policies, or allow any policy to lapse without
delivering to Lessor a certificate  indicating equal or greater coverage written
by an insurance company acceptable to Lessor.

                                   ARTICLE 13
                      DESTRUCTION OR DAMAGE TO THE PREMISES

         If the  Premises  are  totally  destroyed  by storm,  fire,  lightning,
earthquake or other casualty,  this Lease shall terminate as of the date of such
destruction, and Rent shall be accounted for and between Lessor and Lessee as of
that date. If the Premises are damages,  but deemed  restorable by Lessor,  Rent
shall abate in such proportion as use of the Premises has been destroyed. Lessor
may, in its sole  discretion,  restore the  Premises to  substantially  the same
condition  as before the damage.  In the event  Lessor has not  notified  Lessee
within  thirty (30) days of said damage that Lessor will restore the Premises to
substantially the same condition, Lessee has the right to cancel this Lease.

                                   ARTICLE 14
                                    INDEMNITY

         Lessee agrees to defend,  indemnify  and save Lessor  harmless from and
against any and all claims for all costs, expenses, fees and liabilities as well
as  damages  to persons or  property  by reason of the use or  occupancy  of the
Premises, including attorney's fees and court costs.

                                   ARTICLE 15
                               GOVERNMENTAL ORDERS

         Lessee  agrees,  at its own  expenses,  to  promptly  comply  with  all
requirements  of any legally  constituted  public  authority  made  necessary by
reason of Lessee's  occupancy of the Premises.  Lessor agrees to promptly comply
with  any  such  requirements  if not  made  necessary  by  reason  of  Lessee's
occupancy, but, in order to comply with such requirements, if the cost to Lessor
shall exceed a sum equal to six (6) months Rent,  then Lessor is  privileged  to
terminate this Lease by giving  written notice of termination to the Lessee,  by
certified mail, which  termination  shall become effective sixty (60) days after
receipt of such notice,  unless the Lessee  receiving such notice of termination
shall, before the termination  becomes effective,  pay to the Lessor all cost of
compliance  in excess of six (6) months Rent,  or secure the payment of said sum
in a manner satisfactory to the Lessor.

                                   ARTICLE 16
                                  CONDEMNATION

         If the whole of the Premises,  or such portion thereof as will make the
Premises  unusable for the  purposes  herein  leased,  shall be condemned by any
legally constituted  authority for public use or purpose, then in either of said
events the term hereby granted shall cease from the date when  possession of the

                                       66
<PAGE>
Premises  is taken by a public  authority,  and Rent shall be  accounted  for as
between  Lessor and Lessee as of said date.  Such  termination,  however,  shall
without  prejudice  to the  rights  of  either  Lessor  and  Lessee  to  recover
compensation and damage caused by condemnation from the condemnor. It is further
understood  and  agreed  that  Lessee  shall have no right sin any award made to
Lessor by any condemnation authority.

                                   ARTICLE 17
                                  SUBORDINATION

1. This Lease and all rights of Lessee  hereunder  are and shall be subject  and
subordinate to the lien of any mortgage,  deed to secure debt, deed of trust, or
other instrument in the nature thereof, which may now or hereafter affect Lessor
or its successor's interest in the fee title to the Premises.

2. If the holder of any mortgage,  deed to secure debt,  deed of trust or either
instrument in the nature thereof shall hereafter succeed to the rights of Lessor
under this Lease,  whether through  possession or foreclosure action or delivery
of a new lease,  then at the option of such  holder,  (i) Lessee shall attorn to
and  recognize  such  successor  as Lessee's  lessor under this Lease and Lessee
shall  promptly  execute and deliver any  instrument  that may be  necessary  to
evidence such attornment, or (ii) this Lease shall terminate.

3. In the event of an  attornment  as provided for in this  Article,  this Lease
shall continue in full force and effect as a direct lease between such successor
lessor and Lessee, subject to all of the terms, covenants and conditions of this
Lease.

                                   ARTICLE 18
                             LIENS AND ENCUMBRANCES

         Lessee shall have no authority,  express or implied, to create or place
any lien or encumbrance, of any kind or nature whatsoever, upon or in any manner
to bind the interest of Lessor in the Premises. Lessee covenants and agrees that
it will  pay or  cause to be paid all  sums  legally  due and  payable  by it on
account of any labor  performed or materials  furnished in  connection  with any
work  performed  on the  Premises  for which any lien is or can be  validly  and
legally  asserted,  and that it will save and hold Lessor  harmless from any and
all loss,  cost or expense  based on or arising out of asserted  claims or liens
against  the right,  title or  interest  of Lessor in the  Premises or under the
terms of this  Lease.  Lessee  further  agrees to bond or pay every lien  within
thirty (30) days of the date said lien attaches to the Premises  and/or Lessor's
property. This Article shall survive any termination of this Lease.

                                   ARTICLE 19
                             ASSIGNMENT OR SUBLEASE

1. Lessee shall not,  without having first received the prior written consent of
Lessor, assign, transfer, sell or encumber this Lease or any interest hereunder,
or sublet the Premises or any part thereof, or permit the use of the Premises by
any party other than Lessee.  Consent to any  assignment  or sublease  shall not
destroy this  provision  and all later  assignments  or subleases  shall be made

                                       67
<PAGE>
likewise only upon the prior written consent of Lessor. An assignee or sublessee
or Lessee,  at the option of Lessor,  shall become directly liable to Lessor for
all  obligations  of Lessee  hereunder,  but no sublease or assignment by Lessee
shall relieve Lessee of primary liability hereunder.

2. It is mutually  agreed that in the event Lessor  consents to an assignment or
sublease,  Lessee agrees to assign to Lessor any Rent received from any sublease
in excess of the Rent  required  to be paid  hereunder  and any Lease  option or
extension under this Lease Agreement shall become null and void.

                                   ARTICLE 20
                       CONCELLATION OF THE LEASE BY LESSOR

1. It is mutually  agreed that in the event Lessee shall  default in the payment
of Rent,  including  Additional Rent,  herein reserved,  within five (5) days of
when due to Lessee;  or if Lessee shall be in default in  performing  any of the
terms and provisions of this Lease other than a provision  requiring the payment
of Rent,  and fails to cure such default within fifteen (15) days after the date
of receipt of written notice of default from Lessor; or if the Premises shall be
abandoned,  deserted or vacated;  or if there is a filing of any  bankruptcy  or
debtor  rehabilitation  by or  against  the  Lessee  in any  court of  competent
jurisdiction;  or if a permanent receiver or custodian is appointed for Lessee's
property and such  receiver or  custodian is not removed  within sixty (60) days
after  written  notice  from  Lessor to Lessee to obtain  such  removal;  or if,
whether  voluntarily  or  involuntarily,  Lessee  takes  advantage of any debtor
relief proceedings under any present or future law, whereby the Rent or any part
hereof is, or is  proposed to be,  reduced or payment  thereof  deferred;  or if
Lessee makes an assignment for the benefit of creditors;  or if Lessee's effects
should  be  levied  upon or  attached  under  process  against  Lessee,  and not
satisfied or dissolved  within thirty (30) days after written notice from Lessor
to Lessee to obtain satisfaction  thereof; or if Lessee is insolvent,  unable to
pay its debts as they  mature,  or  generally  is not  paying  its debts as they
become due; then, and in any of said events, Lessor, at its option, may at once,
or within six (6) months thereafter (but only during continuance of such default
or condition):

         (a)  Terminate  this Lease,  in which event  Lessee  shall  immediately
surrender the Premises to Lessor and remove all of Lessee's  effects  therefrom,
but if  Lessee  shall  fail to do so,  any  other  remedy  Lessor  may  have for
possession or  arrearages  in rent,  enter upon the Premises and expel or remove
Lessee and Lessee's  effects,  by force if  necessary,  without  being liable to
prosecution  or any claim for damages  therefor;  and Lessee agrees to indemnify
Lessor  for all loss and  damage  which  Lessor  may  suffer  by  reason of such
termination,  whether  through  inability  to relet  the  Premises,  or  through
decrease in Rent, or otherwise; and/or

         (b)  Enter  upon  the  Premises  as the  agent of  Lessee,  by force if
necessary,  without  being  liable  to  prosecution  of any  claim  for  damages
therefor,  and relet the  Premises as the agent of the  Lessee,  and receive the
Rent  therefor;  and Lessee  shall pay Lessor any  deficiency  that may arise by
reason  of such  reletting  on  demand  at the  office of Lessor as set forth in
Article 3 of this Lease; and/or

                                       68
<PAGE>
         (c) As agent of Lessee,  do whatever  Lessee is  obligated to do by the
provisions  of this  Lease and may enter the  Premises,  by force if  necessary,
without being liable to prosecution or any claims for damages therefor; in order
to accomplish this purpose.  Lessee agrees to reimburse Lessor  immediately upon
demand for any expenses which lessor may incur in thus effecting compliance with
this Lease on behalf of Lessee,  and Lessee further agrees that Lessor shall not
be liable for any damages  resulting to Lessee from such action,  whether caused
by the negligence of Lessor or otherwise.

         Pursuit by Lessor of any of the foregoing  remedies  shall not preclude
the pursuit by Lessor of any of the other remedies  herein provided or any other
remedies  provided by law.  After an authorized  assignment of subletting of the
entire  Premises  covered by this Lease,  the occurrence of any of the foregoing
defaults or events shall affect this Lease if caused by, or happening to, either
Lessee or the assignee r sublessee.

                                   ARTICLE 21
                                 EXTERIOR SIGNS

         Lessee  shall place no signs  (either  inside or outside the  premises)
except with the prior written consent of the Lessor. Any and all signs placed on
the  Premises by Lessee shall be  maintained  in  compliance  with the rules and
regulations  established  by Lessor  governing  such signs and  Lessee  shall be
responsible  to Lessor  for any  damage  caused  by the  installation,  use,  or
maintenance of said signs.  Lessee agrees, upon removal of said signs, to repair
all damage  incident to such  removal.  At lessor's  option,  Lessee  shall,  at
Lessee's  sole cost and expense,  remove any such sign at the end of the term of
this Lease.

                                   ARTICLE 22
                                     NOTICE

         Lessee  hereby  appoints  as  its  agent  to  receive  service  of  all
dispossessory or distraint  proceedings and notices  hereunder,  and all notices
required  under this Lease,  the person in charge of, or occupying the Premises,
then service or notice may be made by attaching the same on the main entrance to
the Premises.  Until, the parties  designate  otherwise by written notice to the
other, a copy of all notices sent pursuant to this Lease, whether sent by Lessor
or Lessee, shall be sent by certified mail, return receipt requested,  addressed
to the other party as follows:

         Lessor:           BDR Properties, LLC
                           Chestatee Center, Suite 210
                           75 Elliott Road
                           Dawsonville, GA  30534

         Lessee:           ______________________

                           ______________________

                           ______________________

                                       69
<PAGE>
                                   ARTICLE 23
                           ENTRY FOR CARDING, REPAIRS

         Lessor may card the Premises with "For Rent" or "For Sale" signs ninety
(90) days before the termination of this Lease. Lessor may enter the Premises at
reasonable  hours and with  prior  notice  to  exhibit  the same to  prospective
purchasers  or  tenants,  to make  repairs  required  of Lessor  under the terms
hereof, or to make repairs to Lessor's adjoining property, if any.

                                   ARTICLE 24
                                 HOLDOVER TENANT

         If Lessee remains in possession of the Premises after expiration of the
term hereof,  with Lessor's  acquiescence  and without any written  agreement of
Lessor  to the  contrary,  Lessee  shall be a tenant at will at a Base Rent rate
double the  amount of the Base Rent of the last  month  during the terms of this
Lease, and there shall be no renewal of this Lease by operation of law.

                                   ARTICLE 25
                       EFFECT OF TERMINATION OF THE LEASE

         No  termination  of this Lease prior to the normal  ending  hereof,  by
lapse of time or otherwise,  shall affect Lessor's right to collect Rent for the
period prior to termination thereof.

                                   ARTICLE 26
                                NO ESTATE IN LAND

         This Lease shall create the relationship of landlord and tenant between
Lessor and Lessee, respectively;  no estate shall pass out of Lessor. Lessee has
only a usufruct not subject to levy or sale and not  assignable by Lessee except
by Lessor's consent.

                                   ARTICLE 27
                          ATTORNEY'S FEES AND HOMESTEAD

         If any Rent or other sums owing  under this Lease are  collected  by or
through an attorney at law,  Lessee  agrees to pay  reasonable  attorney's  fees
actually  incurred.  Lessee waives all homestead  rights and exemptions which it
may have under any law against  any  obligation  owing under this lease.  Lessee
hereby assigns to Lessor its homestead and exemption.

                                   ARTICLE 28
                                RIGHTS CUMULATIVE

         All rights,  powers and  privileges  conferred  hereunder  upon parties
hereto shall be cumulative but not restrictive to those given by law.

                                       70
<PAGE>

                                   ARTICLE 29
                                WAIVER OF RIGHTS

         No failure of Lessor to exercise any power given Lessor  hereunder,  or
to insist upon strict compliance by Lessee with its obligations  hereunder,  and
no custom or  practice f the  parties at variance  with the terms  hereof  shall
constitute a waiver of Lessor's right to demand exact  compliance with the terms
hereof.

                                   ARTICLE 30
                               TIME OF THE ESSENCE

         Time is of the essence in this Lease.

                                   ARTICLE 31
                                   DEFINITIONS

         "Lessor" as used in this Lease,  shall include  Lessor,  Lessor's legal
representatives, assigns and successors in title to the Premises. "Lessee" shall
include  Lessee's  successors,  and, if this Lease shall be validly  assigned or
subletted,  shall  include  also  Lessee's  assignees  or  sublessees  as to the
Premises  covered by such assignment or sublease.  "Lessor" and "Lessee" include
male and female,  singular and plural,  corporation,  limited liability company,
partnership or individual, as may fit the particular parties.

                                   ARTICLE 32
                              ESTOPPEL CERTIFICATES

         At any time  and  from  time to time,  Lessee,  on or  before  the date
specified  in the request  made by Lessor,  which date shall not be earlier than
five (5) days from the making of such request,  shall execute,  acknowledge  and
deliver,  at no cost to Lessor, a certificate  evidencing (a) whether this Lease
is in full force and effect;  (b) whether this Lease has been amended in any way
and if so, how;  (c) whether  there are any existing  defaults  hereunder to the
knowledge  of Lessee and  specifying  the nature of such  defaults,  whether any
security  deposit  has been  delivered  under  this  Lease and if so, the amount
thereof;  and (f) confirmation of the subordination  provision set forth in this
Lease. Each certificate  delivered  pursuant to this Article may be relied on by
any  prospective  purchaser  or  transferee  of any  portion of Lessor  interest
hereunder.

                                   ARTICLE 33

                                  MISCELLANEOUS

1. This Lease contains the entire agreement of the parties and no representation
or agreements, oral or otherwise,  between the parties not embodied herein shall
be of any force or  effect.  No  modification  of this Lease  shall b  effective
unless reduced to writing and signed by Lessor Lessee.

                                       71
<PAGE>
2. If any clause or  provision of this Lease is or becomes  illegal,  invalid or
unenforceable  because of present or future laws,  rules or  regulations  of any
governmental body, or becomes unenforceable for any reason, the intention of the
parties  hereto is that the  remaining  parts of this Lease shall not be thereby
affected.

3. This Lease may be  executed  in any number of copies and each copy  signed in
the

         IN WITNESS WHEREOF, the parties herein have hereunto set their hand and
seals, the day and year first above written.

                                        "LESSOR"

                                        BDR PROPERTIES, LLC

                                        By:      /s/ Russell M. Wallace
                                           --------------------------------

                                        Its:     Member
                                            -------------------------------

                                        "LESSEE"

                                        CHESTATEE STATE BANK

                                        By:      /s/ Philip Hester
                                           --------------------------------

                                       72
<PAGE>

                                   EXHIBIT "A"

                                Legal Description

                                       73

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00023-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00023-of-00352.parquet"}]]