Document:

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                                                                   EXHIBIT 10.32

                    FIRST AMENDMENT TO EMPLOYMENT AGREEMENT

         This First Amendment (this "Amendment") to the Employment Agreement
(defined below) is entered into between Mark Upton (the "Executive"), Technical
Olympic USA, Inc., a Delaware corporation (the "Company"), and TOUSA Homes,
Inc., a Florida corporation f/k/a Engle Homes, Inc. ("TOUSA Homes") and is made
effective as of January 1, 2003 (the "Effective Date").

                                    RECITALS

         TOUSA Homes is a wholly-owned subsidiary of the Company. TOUSA Homes
and the Executive previously entered into an Employment Agreement (the
"Employment Agreement") effective November 12, 2000. TOUSA Homes, the Company,
and the Executive now desire to amend the Employment Agreement as set forth in
this Amendment, effective as of the Effective Date.

                                   AMENDMENTS

         1.       Section 1 of the Employment Agreement is hereby amended by
extending the Employment Period from December 31, 2003 to December 31, 2004.
Unless otherwise specified in this Amendment, all of the relevant dates
specified in the Employment Agreement (including, but not limited to, the term
"December 31, 2003" in Section 4(c) of the Agreement) also shall be extended by
one year, corresponding with the extension of the Employment Period.

         2.       Section 2, paragraph (a)(i) of the Employment Agreement is
hereby replaced by the following: "As of the Effective Date, the Executive shall
serve as an Executive Vice President of TOUSA Homes, which is the Company's home
building operating entity, and the Executive shall report directly and
exclusively to Antonio B. Mon, in his capacity as Chief Executive Officer and
President of the Company (the "CEO"). The Executive shall be responsible, among
other matters, for all Divisions of TOUSA Homes, except Texas, Nashville and
South Florida. All of the operational support staff of TOUSA Homes, with the
exception of John Kraynick, shall report to the Executive Vice Presidents of
TOUSA Homes. In addition to his existing office located in Phoenix, Arizona, the
Executive shall be provided an office in close proximity to that of the CEO at
the principal offices of the Company in Hollywood, Florida, which office space
may also be made available to such other Executive Vice President as the CEO
shall designate."

         3.       Section 2, paragraph (b)(i) of the Employment Agreement is
hereby amended by increasing the annual salary from $225,000 to $420,000,
effective as of the Effective Date.

         4.       Section 2, paragraph (b)(ii) of the Employment Agreement is
hereby replaced in its entirety with the following: "In addition to Base Salary,
the Executive shall be awarded, for each fiscal year of the Company during the
Employment Period, a guaranteed annual cash bonus in the amount of $1,030,000,
payable in quarterly installments in the amount of $257,500 each, within 15 days
of the end of each fiscal quarter (the "Quarterly Bonus"). In addition to the
Quarterly Bonus, the Executive may, at the discretion and upon recommendation of
the CEO and subject to required corporate approvals, receive additional bonuses
in recognition of performance and results. Any additional bonuses received by
the Executive pursuant to the preceding sentence shall be included in the
Executive's "Recent Bonuses" for purposes of calculating the payments to be made
to the Executive under Section 4(d)(i) of the Employment Agreement. As a result
of this modification, Exhibit A to the Employment Agreement is deleted in its
entirety and any

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references to such Exhibit A in the Employment Agreement are likewise deleted by
this Amendment."

         5.       Section 3, paragraph (c)(i) of the Employment Agreement is
hereby amended by replacing the parenthetical in line 2 with the following
parenthetical: "(including status, offices, titles, and reporting requirements,
specifically including any failure, for any reason, of the Executive to report
directly and exclusively to Tony Mon in his capacity as CEO)".

         6.       Section 4(d)(i)(2) of the Employment Agreement is hereby
replaced by the following: "the Executive's Highest Base Salary for the
Remaining Period. "Remaining Period" shall mean the period of time from the Date
of Termination until the last day of the Employment Period under Section 1
hereof, provided however that the foregoing period shall not be less than 1
year; and"

         7.       In the event that a TOUSA Change of Control (as defined below
in this Amendment and without regard to any definitions relating to change of
control in the Employment Agreement) shall occur prior to March 31, 2004, such
event shall entitle the Executive to terminate employment and shall give rise to
a "for Good Reason" termination pursuant to Section 3(c) of the Employment
Agreement. In the event that the Executive terminates the Employment Agreement
for Good Reason as a result of such TOUSA Change of Control or the Company
terminates the Employment Agreement without Cause, Disability, or death as a
result of such TOUSA Change of Control, this Amendment (except paragraphs 1, 6,
7, and 8 of this Amendment reflecting the one (1) year extension of the term of
the Employment Agreement and addressing a TOUSA Change of Control) shall be
immediately null and void and the Executive shall be entitled to all benefits
and conditions as set forth in Section 4(e)(i) of the Employment Agreement,
calculated and considered as if this Amendment never existed. By this paragraph
7, it is the parties' intention that, in the event of a TOUSA Change of Control
and in the event the Executive shall terminate employment for Good Reason or the
Company shall terminate employment other than for Cause, Disability, or death,
then the Employment Agreement, without regard to this Amendment (except as
specified above), shall govern the rights and obligations of the parties hereto
arising from such termination.

                  For the purposes of this Amendment, a "TOUSA Change of
Control" shall mean the occurrence of any of the following events, each of which
shall be determined independently of the others:

                  (a)      any "Person" (as defined below) becomes a "beneficial
owner" (as such term is used in Rule 13d-3 promulgated under the Exchange Act)
of forty percent (40%) or more of the stock of any member of the Consolidated
Group (as defined below) entitled to vote in the election of directors. For
purposes of this Amendment, the term "Person" is used as such term is used in
Sections 13(d) and 14(d) of the Exchange Act; provided, however that the term
shall not include any member of the Consolidated Group, any trustee or other
fiduciary holding securities under an employee benefit plan of any member of the
Consolidated Group, or any corporation owned, directly or indirectly, by the
shareholders of any member of the Consolidated Group. For purposes of this
Amendment, the term "Consolidated Group" shall mean Technical Olympic, Inc., the
Company, or TOUSA Homes, and any successor or surviving company of any of the
foregoing entities;

                  (b)      shareholders of any member of the Consolidated Group
adopt a plan of complete or substantial (eighty-five percent (85%) or more)
liquidation or an agreement providing for the distribution of all or
substantially all of the assets of such member;

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                  (c)      any member of the Consolidated Group is party to a
merger, consolidation, other form of business combination or a sale of all or
substantially all (eighty-five percent (85%) or more) of its assets, unless the
business of such member is continued following any such transaction by a
resulting entity (which may be, but need not be, such member) and the
shareholders of such member immediately prior to such transaction (the "Prior
Shareholders") hold, directly or indirectly, at least forty percent (40%) of the
voting power of the resulting entity (there being excluded from the voting power
held by the Prior Shareholders, but not from the total voting power of the
resulting entity, any voting power received by Affiliates of a party to the
transaction (other than such member) in their capacities as shareholders of such
member); provided, however, that a merger or consolidation effected to implement
a recapitalization of such member (or similar transaction) in which no Person
acquires more than thirty percent (30%) of the combined voting power of such
member's then outstanding securities shall not constitute a TOUSA Change in
Control; or

                  (d)      any member of the Consolidated Group is a subject of
a "Rule 13e-3 transaction" as that term is defined in Exchange Act Rule 13e-3,
and the first purchase has been made pursuant to such transaction.

                  Notwithstanding the foregoing, if, immediately after the
occurrence of any event enumerated above, the Continuing Directors (as defined
below) control the majority of the Board of Directors of the Company (or, in the
case of any merger or combination in which the Company is not the surviving
entity, continue to constitute a majority of the board of directors of such
successor entity), such event shall not constitute a TOUSA Change of Control for
purposes of this Amendment until such time as the Continuing Directors no longer
constitute a majority of the Board of Directors of the Company (or the successor
entity, if applicable). "Continuing Directors" for this purpose means the
members of the Board of Directors of the Company on the Effective Date of this
Amendment, provided that any person becoming a member of the Board of Directors
of the Employer subsequent to such date whose election or nomination for
election was supported by a majority of the directors who at the time of the
election or nomination for election comprised the Continuing Directors shall be
considered to be a Continuing Director.

         8.       For purposes of clarification and the avoidance of doubt, in
the event that after a TOUSA Change of Control as described in paragraph 7 of
this Amendment, either the Executive shall terminate employment for Good Reason
or the Company shall terminate employment other than for Cause, Disability, or
death, then the obligations of the Company shall be as set forth in Section
4(e)(i) of the Employment Agreement. In this regard, all provisions in the
Employment Agreement relating to the definition of "Change of Control" as
defined in the Employment Agreement shall be null and void.

         9.       The Executive agrees that the Company may designate TOUSA
Associates Services Company, a wholly-owned subsidiary of the Company, as the
Executive's employer of record; provided, however, that such designation shall
not relieve the Company of its obligations to the Executive as described in this
Amendment.

         10.      In all other respects, all of the terms and conditions of the
Employment Agreement shall remain in full force and effect.

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         IN WITNESS WHEREOF, the parties have executed and delivered this
Agreement as at April 1, 2003, effective as of the Effective Date.

                                    TECHNICAL OLYMPIC USA, INC.

                                    By: /s/ Antonio B. Mon
                                        ----------------------------------------
                                    Name:  Antonio B. Mon
                                    Title: President and Chief Executive Officer

                                    TOUSA HOMES, INC.
                                    (f/k/a Engle Homes, Inc.)

                                    By: /s/ Antonio B. Mon
                                        ----------------------------------------
                                    Name:  Antonio B. Mon
                                    Title: President and Chief Executive Officer

                                    /s/ Mark Upton
                                    --------------------------------------------
                                    MARK UPTON

Page 4<PAGE>
                                                                   EXHIBIT 10.34

                      FOURTH AMENDMENT TO CREDIT AGREEMENT

         THIS FOURTH AMENDMENT TO CREDIT AGREEMENT (herein called this
"Amendment") made as of June 24, 2003 by and between PREFERRED HOME MORTGAGE
COMPANY, a Florida corporation ("Borrower"), and GUARANTY BANK, a federal
savings bank ("Lender").

                                   WITNESSETH:

         WHEREAS, Borrower, Technical Mortgage, L.P., a Texas limited
partnership ("Technical Mortgage"), and Lender entered into that certain Credit
Agreement dated as of August 1, 2002 (as heretofore amended, the "Original
Credit Agreement"), for the purposes and consideration therein expressed,
pursuant to which Lender became obligated to make loans to Borrower and
Technical Mortgage as therein provided; and

         WHEREAS, effective February 28, 2003, TM Investments, L.L.C., General
Partner of Technical Mortgage, and NMH Investments, Inc. were merged into
Borrower, and effective March 11, 2003 Technical Mortgage was dissolved, leaving
Borrower as the remaining sole Borrower; and

         WHEREAS, Borrower and Lender desire to amend the Original Credit
Agreement as provided herein;

         NOW, THEREFORE, in consideration of the premises and the mutual
covenants and agreements contained herein and in the Original Credit Agreement,
in consideration of the loans which may hereafter be made by Lender to Borrower,
and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto do hereby agree as follows:

                                   ARTICLE I.

                           Definitions and References

         ss. 1.1. Terms Defined in the Original Credit Agreement. Unless the
context otherwise requires or unless otherwise expressly defined herein, the
terms defined in the Original Credit Agreement shall have the same meanings
whenever used in this Amendment.

         ss. 1.2. Other Defined Terms. Unless the context otherwise requires,
the following terms when used in this Amendment shall have the meanings assigned
to them in this ss. 1.2.

         "Amendment" has the meaning set forth in the introductory paragraph
hereto.

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         "Amendment Documents" means, collectively, this Amendment and the
confirmation by Parent with respect to this Amendment.

         "Credit Agreement" means the Original Credit Agreement as amended
hereby.

         "Original Omnibus Certificate" means the Omnibus Certificate dated
August 1, 2002 executed and delivered by officers of Borrower pursuant to the
Original Credit Agreement.

                                   ARTICLE II.

                    Amendments to Original Credit Agreement

         ss. 2.1. Definitions. The following definitions in Section 1.1 of the
Original Credit Agreement are hereby amended in their entirely to read as
follows:

                  "'DRAWDOWN TERMINATION DATE' means the earlier of September
         22, 2003, or the day on which any Note first becomes due and payable in
         full."

                  "'PARENT DEBT AGREEMENTS' means each of the following: (i) the
         Parent Credit Agreement, all related guaranties and pledge agreements
         and other instruments from time to time delivered in connection
         therewith; (ii) that certain Indenture dated as of June 25, 2002 among
         the Parent, as issuer, the subsidiary guarantors party thereto and
         Wells Fargo Bank Minnesota, National Association, as trustee, pursuant
         to which the Parent's 9% Senior Notes due 2010 are issued; (iii) that
         certain Indenture dated as of June 25,2002 among the Parent, as issuer,
         the subsidiary guarantors party thereto and Wells Fargo Bank Minnesota,
         National Association, as trustee, pursuant to which the Parent's
         10 3/8% Senior Subordinated Notes due 2012 are issued; and (iv) that
         certain Indenture dated as of February 3, 2003 among the Parent, as
         issuer, the subsidiary guarantors party thereto and Wells Fargo Bank
         Minnesota, National Association, as trustee, pursuant to which the
         Parent's 9% Senior Notes due 2010 are issued, in each case of clauses
         (i) through (iv), as the same may be amended, modified, supplemented,
         waived, replaced, refinanced from time to time."

                  "'WET WAREHOUSING SUBLIMIT' means thirty-five percent (35%) of
         the Commitment."

         ss. 2.2. Limitation on Indebtedness. Subparagraph (d) of Section 6.2 of
the Original Credit Agreement is hereby deleted.

         ss. 2.3. Waiver. Lender hereby waives any Default or Event of Default
arising solely as a result of the dissolution of Technical Mortgage in the
manner described above.

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                                  ARTICLE III.

                           Conditions of Effectiveness

         ss. 3.1. Effective Date. This Amendment shall become effective as of
the date first above written when and only when Lender shall have received, at
Lender's office:

                  (a)      a duly executed counterpart of this Amendment,

                  (b)      a duly executed Consent and Agreement in the form of
         Exhibit A hereto,

                  (c)      a duly executed certificate of the president - chief
         executive officer and secretary of Preferred certifying that (i) the
         specimen signatures of certain duly elected, qualified and acting
         officers of Preferred attached to the Officers' Certificate dated as of
         October 15, 2002 are true and correct, (ii) resolutions of its board of
         directors attached to the Original Omnibus Certificate authorizing the
         execution, delivery, and performance of this Amendment are in full
         force and effect, and (iii) the Articles of Incorporation and Bylaws of
         Preferred attached to the Original Omnibus Certificate have not been
         amended since the date of such Certificate,

                  (d)      each other document to be executed and delivered by
         Borrower pursuant hereto or thereto.

                                   ARTICLE IV.

                         Representations and Warranties

         ss. 4.1.  Representations and Warranties of Borrower. In order to
induce Lender to enter into this Amendment, Borrower represents and warrants to
Lender that:

                  (a)      The representations and warranties contained in
         Article IV of the Original Credit Agreement are true and correct at and
         as of the time of the effectiveness hereof;

                  (b)      Borrower is duly authorized to execute and deliver
         this Amendment and other Amendment Documents and is and will continue
         to be duly authorized to borrow and to perform its obligations under
         the Original Credit Agreement. Borrower has duly taken all corporate
         action necessary to authorize the execution and delivery of this
         Amendment and the other Amendment Documents and to authorize the
         performance of the obligations of such Borrower hereunder and
         thereunder;

                  (c)      The execution and delivery by Borrower of this
         Amendment and the other Amendment Documents, the performance by such
         Borrower of its obligations hereunder and thereunder and the
         consummation of the transactions contemplated hereby do not and will
         not conflict with any provision of law, statute, rule or regulation or
         of the articles of incorporation

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         and bylaws of such Borrower, or of any material agreement, judgment,
         license, order or permit applicable to or binding upon such Borrower,
         or result in the creation of any lien, charge or encumbrance upon any
         assets or properties of such Borrower. Except for those which have been
         duly obtained, no consent, approval, authorization or order of any
         court or governmental authority or third party is required in
         connection with the execution and delivery by either Borrower of this
         Amendment and the other Amendment Documents or to consummate the
         transactions contemplated hereby and thereby,

                  (d)      When duly executed and delivered, each of this
         Amendment and the other Amendment Documents will be a legal and binding
         instrument and agreement of Borrower, enforceable in accordance with
         its terms, except as limited by bankruptcy, insolvency or similar laws
         applying to creditors' rights generally and by principles of equity
         applying to creditors' rights generally; and

                  (e)      The draft of audited annual Consolidated financial
         statements of Borrower dated as of December 31, 2002 and the unaudited
         quarterly Consolidated financial statements of Borrower dated as of
         March 31, 2003 fairly present the Consolidated financial position at
         such dates and the Consolidated statement of operations and the changes
         in Consolidated financial position for the periods ending on such dates
         for Borrower. Copies of such financial statements have heretofore been
         delivered to Lender. Since such dates no material adverse change has
         occurred in the financial condition or businesses or in the
         Consolidated financial condition or businesses of Borrower.

                                   ARTICLE V.

                                  Miscellaneous

         ss. 5.1.  Ratification of Agreement. The Original Credit Agreement as
hereby amended is hereby ratified and confirmed in all respects. Any reference
to the Original Credit Agreement in any Loan Document shall be deemed to refer
to this Amendment also. The execution, delivery and effectiveness of this
Amendment and the other Amendment Documents shall not, except as expressly
provided herein, operate as a waiver of any right, power or remedy of Lender
under the Original Credit Agreement or any other Loan Document nor constitute a
waiver of any provision of the Original Credit Agreement or any other Loan
Document.

         ss. 5.2. Survival of Agreements. All representations, warranties,
covenants and agreements of Borrower herein shall survive the execution and
delivery of this Amendment and the performance hereof, and shall further survive
until all of the Obligations are paid in full. All statements and agreements
contained in any certificate or instrument delivered by Borrower hereunder or
under the Original Credit Agreement to Lender shall be deemed to constitute
representations and warranties by, or agreements and covenants of, Borrower
under this Amendment and under the Original Credit Agreement.

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         ss.  5.3.  Loan Documents. This Amendment and the other Amendment
Documents are each a Loan Document, and all provisions in the Original Credit
Agreement pertaining to Loan Documents apply hereto and thereto.

         ss.  5.4. Governing Law. This Amendment shall be governed by and
construed in accordance the laws of the State of Texas and any applicable laws
of the United States of America in all respects, including construction,
validity and performance.

         ss.  5.5. Counterparts; Fax. This Amendment may be separately
executed in counterparts and by the different parties hereto in separate
counterparts, each of which when so executed shall be deemed to constitute one
and the same Amendment. This Amendment may be duly executed by facsimile or
other electronic transmission.

         THIS AMENDMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL
AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR,
CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.

         THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

            [THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK.]

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         IN WITNESS WHEREOF, this Amendment is executed as of the date first
above written.

BORROWER:                               PREFERRED HOME MORTGAGE COMPANY

                                        By: /s/ Sorana Georgescu
                                            -----------------------------------
                                            Name: Sorana Georgescu
                                            Title: Authorized Representative

LENDER:                                 GUARANTY BANK

                                        By: /s/ Randy Reid
                                           ------------------------------------
                                           Randy Reid
                                           Senior Vice President

<PAGE>

THE STATE OF TEXAS              )
                                )
                                )
COUNTY OF HARRIS                )

         This instrument was acknowledged before me on June 19, 2003,
by Sorana Georgescu, Authorized Representative OF PREFERRED HOME MORTGAGE
COMPANY, a Florida corporation, on behalf of said corporation.

                                /s/ Margie Coomer
                                -----------------------------------------------
                                Notary Public, State of Texas

                                Margie Coomer
                                -----------------------------------------------
                                (printed name)

My Commission Expires:

03-07-2005

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