Document:

November 21, 2000

IGBAF,  INC.
700  Louisiana,  Suite  2510
Houston,  Texas  77002
Attn:     J. H. Carpenter, President

Dear Mr. Carpenter:

     Pursuant to our prior discussions, this Letter Loan Agreement will serve to
set  forth  the  terms  of the financing agreement by and between IGBAF, INC., a
Texas  corporation  (the  "Borrower")  and  BANK  UNITED  (the  "Lender"):
                           --------                              ------

     1.     LOAN.  Subject  to the terms and conditions set forth in this Letter
Loan  Agreement (the "Loan Agreement") and the other agreements, instruments and
                      --------------
documents  executed  and  delivered  in  connection herewith and pursuant hereto
(collectively, together with this Loan Agreement, referred to hereinafter as the
"Loan  Documents"),  the Lender agrees to lend to the Borrower, and the Borrower
 ---------------
agrees  to  borrow  from  the  Lender, the amount of $1,800,000.00 (the "Loan").
                                                                         ----

     2.     PROMISSORY  NOTE.  The  Loan shall be evidenced by a Promissory Note
(herein  called,  together  with any renewals, extensions and increases thereof,
the  "Note"),  duly  executed  by  the  Borrower, dated the date thereof, in the
      ----
original  principal  amount of the Loan, and in form and substance acceptable to
the  Lender.  The Loan shall be due and payable in accordance with the terms and
conditions  set  forth  in  the Note and in accordance with this Loan Agreement.

     3.     COLLATERAL. As collateral and security for the Loan, and any and all
other indebtedness or obligations from time to time owing by the Borrower to the
Lender,  the  Borrower  shall grant, or cause the owner thereof to grant, to the
Lender, its successors and assigns, a lien and security interest (which shall be
a  first  and prior lien and security interest therein), in and to the following
described property, together with any and all products and proceeds thereof (the
"Collateral"):
 ----------

     Collateral  Note.  Collateral  assignment  of  Promissory Note dated May 9,
     ----------------
     2000,  in  the  original  principal  amount  of  $2,250,000.00, executed by
     Hytken's  Partnership,  Inc.,  a Texas corporation, payable to the order of
     Borrower,  together  with  all  renewals,  extensions,  modifications,  or
     rearrangements  thereof.

     4.     GUARANTIES.  At  closing,  and  as  an  inducement  to the Lender to
execute  and  deliver  this Loan Agreement and to make the Loan to the Borrower,
the  Borrower  agrees to cause RAMPART CAPITAL CORPORATION, a Texas corporation,
LEISSNER'S,  INC., a Texas corporation, RAMPART PROPERTIES CORPORATION, a Nevada
corporation,  RAMPART  FACILITIES  CORPORATION,  a  Texas corporation, SOURCEONE
CAPITAL  GROUP,  L.L.C.,  a  Nevada  limited  liability company, RAMPART NEWPORT
CORPORATION,  a Texas corporation, IGBF, INC., a Texas corporation, NEWPORT FUND
CORPORATION, an

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Oklahoma  corporation,  RAMPART  VENTURES  CORPORATION,  L.L.C., a Texas limited
liability  company, and RAMPART ACQUISITION CORPORATION, L.L.C., a Texas limited
liability  company  (collectively, the "Guarantor") to execute and deliver their
                                        ---------
guaranties  to  the  Lender,  in  form  and substance satisfactory to the Lender
(collectively,  the  "Guaranty  Agreement").
                      -------------------

     5.     COLLATERAL  DOCUMENTS.  Prior  to  or  contemporaneously  with  the
closing  of  the  Loan, Borrower shall deliver, or cause to be delivered, to the
Lender,  in  addition  to  the  Note,  the  following  agreements, documents and
instruments  (sometimes  collectively referred to hereinafter as the "Collateral
                                                                       ---------
Documents"):
---------

          (a)     A Collateral Assignment of Note and Liens in the form required
     by  the  Lender.

          (b)     Resolutions  of  the  Borrower  and  Guarantors,  in  the form
     required  by  the  Lender  authorizing the Borrower and Guarantors to enter
     into  the transactions contemplated under this Loan Agreement and the other
     Loan  Documents.

          (c)     A  Guaranty  Agreement,  in  the  form required by the Lender,
     guaranteeing  the  payment  and  performance  of  the  Note  and  any other
     indebtedness and obligations from time to time owing by the Borrower to the
     Lender,  executed  by  each  Guarantor.

          (d)     Such other agreements, instruments, documents and certificates
     as  may  be  requested  by the Lender to evidence the Loan and to grant and
     perfect  a  lien  and  security  interest  in  the  Collateral.

     6.     REPRESENTATIONS AND WARRANTIES.  The Borrower, and each Guarantor to
the  extent  that  the  stated action or information specifically relates to the
Guarantor,  hereby  represents  and  warrants,  as  follows:

          (a)     Existence. The Borrower and each Guarantor are duly organized,
                  ---------
     validly existing, and in good standing under the laws of the State in which
     they  were formed, and all other states where it is doing business, and has
     all  requisite  power  and  authority  to  execute  and  deliver  this Loan
     Agreement  and  the  other  Loan  Documents.

          (b)     Authorization.  The  execution,  delivery,  and performance of
                  -------------
     this  Loan  Agreement  and  all  of the other Loan Documents have been duly
     authorized,  and  constitute  the  legal,  valid  and  binding obligations,
     enforceable in accordance with their respective terms, except as limited by
     bankruptcy,  insolvency  or similar laws of general application relating to
     the  enforcement  of  creditors'  rights  and except to the extent specific
     remedies  may  generally  be  limited  by  equitable  principles.

          (c)     Authority.  The  execution,  delivery  and performance of this
                  ---------
     Loan  Agreement  and  the other Loan Documents, and the consummation of the
     transactions  contemplated hereby and thereby, do not conflict with, result
     in  a  violation of, or constitute a default under (i) any provision of the
     Borrower's  or  any  of  the  Guarantor's formation documents, or any other
     agreement  or  instrument,  or (ii) any law, governmental regulation, court
     decree,  or  order  applicable to the Borrower or any of the Guarantors, or
     require  the  consent,  approval  or  authorization  of  any  third  party.

          (d)     Financial  Condition. Each financial statement supplied to the
                  --------------------
     Lender  was  prepared  in  accordance  with  generally  accepted accounting
     principles,  consistently  applied,  in  effect on the date such statements
     were  prepared  and  truly  discloses  and  fairly  presents  the financial
     condition  as  of  the  date  of each such statement, and there has been no
     material

                                        2
<PAGE>
     adverse  change  in  such  financial  condition  or  results  of operations
     subsequent  to  the date of the most recent financial statement supplied to
     the  Lender.

          (e)     Litigation. There are no actions, suits or proceedings pending
                  ----------
     or,  to  the knowledge of the Borrower, threatened against or affecting the
     Borrower, before any court or governmental department, commission or board,
     which,  if  determined  adversely  to  the  Borrower, (i) would subject the
     Borrower  to  any  liability  not fully covered by insurance, or (ii) would
     have  a  material adverse effect on the financial condition, properties, or
     operations of the Borrower, or its ability to perform its obligations under
     this  Loan  Agreement.

          (f)     Tax  Returns.  The  Borrower  and each Guarantor has filed all
                  ------------
     federal,  state  and local tax reports and returns, if any, required by any
     law  or  regulation  to  be filed by it and has either duly paid all taxes,
     duties  and charges, if any, indicated due on the basis of such returns and
     reports,  except  those  being  contested  in  good  faith  by  appropriate
     proceeding,  or  made  adequate  provision for the payment thereof, and the
     assessment  of  any  material amount of additional taxes in excess of those
     paid  and  reported  is  not  reasonably  expected.

          (g)     No  Material Changes. There is no fact known that has not been
                  --------------------
     disclosed to the Lender in writing which may result in any material adverse
     change in the Borrower's business, properties or operations. No certificate
     or  statement  herewith or heretofore delivered to the Lender in connection
     herewith,  or  in  connection  with  any  transaction  contemplated hereby,
     contains  any  untrue  statement  of  a material fact or fails to state any
     material fact necessary to keep the statements contained therein from being
     misleading.

          (h)     Ownership  of  Assets. The Borrower and each Guarantor own all
                  ---------------------
     of  the  assets reflected on their most recent balance sheet free and clear
     of  all  liens,  security  interests  or  other  encumbrances,  except  as
     previously  disclosed  in  writing  to  the  Lender.

          (i)     Governmental  Authority.  The Borrower and each Guarantor, (i)
                  -----------------------
     is  not  in  violation  of  any law, judgment, decree, order, ordinance, or
     governmental  rule  or  regulation,  or  (ii)  has not failed to obtain any
     license, permit, franchise or other governmental authorization necessary to
     the  ownership  of  any  assets  or  properties or the conduct of business.

          (j)     Principal  Office.  The  principal office of Borrower and each
                  -----------------
     Guarantor,  as  well  as the place at which the Borrower and each Guarantor
     keeps  its  books  and  records,  is  the  address  set  forth  above.

     7.     CONDITIONS  PRECEDENT  TO  THE LOAN. Any obligation of the Lender to
make  the  Loan shall be subject to the complete and continuing satisfaction, on
or  before  the  date  hereof,  of  the  following  conditions  precedent:

          (a)     Loan  Documents.  The  Borrower,  each Guarantor and any other
                  ---------------
     person or entity required to do so shall have executed and delivered to the
     Lender  the  Loan Documents to which they are a party and any and all other
     documents  reasonably required or requested by the Lender to give effect to
     the  transactions  contemplated  by  this  Loan  Agreement, all in form and
     substance  satisfactory  to  the  Lender  and  its  counsel.

          (b)     Legal  Opinion. The Lender shall have received the opinion, in
                  --------------
     form  and  substance  satisfactory  to  it,  of counsel to the Borrower and
     Guarantor,  which  counsel  shall be satisfactory to the Lender, certifying
     that  all  subsidiaries  of RAMPART CAPITAL CORPORATION have joined in this
     transaction.

                                        3
<PAGE>
          (c)     Additional  Agreements.  The  Lender  shall have received such
                  ----------------------
     other  agreements,  instruments,  documents and certificates incidental and
     appropriate  to  the  transaction  provided for herein as the Lender or its
     counsel may reasonably request.

     8.     AFFIRMATIVE  COVENANTS. Until the Loan and all other obligations and
liabilities  of  the  Borrower  under  this  Loan  Agreement  and the other Loan
Documents  are fully paid and satisfied, the Borrower, and each Guarantor to the
extent  that  the  stated  action  or  information  specifically  relates to the
Guarantor,  agrees and covenants that it will, unless the Lender shall otherwise
consent in writing:

          (a)     Accounts  and  Records.  Maintain  its  books  and  records in
                  ----------------------
     accordance  with  generally  accepted  accounting  principles, applied on a
     consistent  basis,  and  permit the Lender to examine, audit, make and take
     away  copies  or  reproductions of the Borrower's and Guarantor's books and
     records,  at  all  reasonable  times.

          (b)     Right  to  Additional  Information.  Furnish  Lender with such
                  ----------------------------------
     additional information and statements, lists of assets and liabilities, tax
     returns,  and  other  reports  with  respect  to Borrower's and Guarantor's
     financial condition and business operations as Lender may request from time
     to  time.

          (c)     Payments of Obligations. Pay and discharge when due all of its
                  -----------------------
     indebtedness  and  obligations,  including  without  limitation,  all
     assessments,  taxes,  governmental charges, levies and liens, of every kind
     and  nature,  imposed upon the Borrower or Guarantors, prior to the date on
     which  penalties would attach, and all lawful claims that, if unpaid, might
     become  a  lien  or  charge  upon  any  of  the  Borrower's  or Guarantor's
     properties,  income,  or  profits;  provided,  however,  the  Borrower  or
     Guarantor  will  not  be required to pay and discharge any such assessment,
     tax  charge,  levy,  lien  or claim as long as (i) the legality of the same
     shall be contested in good faith by appropriate judicial, administrative or
     other  legal  proceedings,  and  (ii)  the Borrower or Guarantor shall have
     established  on  its books adequate reserves with respect to such contested
     assessment,  tax,  charge, levy, lien or claim in accordance with generally
     accepted  accounting  principles,  consistently  applied.

          (d)     Compliance  with  laws. Conduct its business in an orderly and
                  ----------------------
     efficient  manner  consistent with good business practices, and perform and
     comply  with  all statutes, rules, regulations and/or ordinances imposed by
     any  governmental unit upon the Borrower and its businesses and operations.

          (e)     Cure of Defect. Promptly cure any defects in the execution and
                  --------------
     delivery  of  any  of  the  other  Loan Documents and all other instruments
     executed  in  connection  with  this  transaction.

          (f)     Additional  Documentation. Execute and deliver, or cause to be
                  -------------------------
     executed  and  delivered,  any  and  all  other  agreements, instruments or
     documents  which  the Lender may reasonably request in order to give effect
     to  the  transactions  contemplated under this Loan Agreement and the other
     Loan  Documents.

          (g)     Existence.  Do  or  cause  to  be done all things necessary to
                  ---------
     preserve  and  keep  in  full  force  and  effect  the  Borrower's and each
     Guarantor's  existence  in  good  standing.

          (h)     Notice  of  Matters. Promptly inform Lender of (i) any and all
                  -------------------
     material  or  adverse  changes in Borrower's and each Guarantor's financial
     condition,  (ii)  all  claims made against Borrower and any Guarantor which
     could  materially  affect  the  financial  condition  of  Borrower  or such
     Guarantor,  (iii)  after  the  commencement  thereof,  notify Lender of all
     actions,  suits  and  proceedings  before  any  court  or  any governmental

                                        4
<PAGE>
     department,  commission,  or  board affecting Borrower or any Guarantor, or
     any  of its properties, and (iv) of the creation, occurrence, or assumption
     by  Borrower  or  any Guarantor of any actual or contingent liabilities not
     permitted  under  this  Loan  Agreement.

     9.     NEGATIVE  COVENANTS.  Until  the  Loan and all other obligations and
liabilities  of  the  Borrower  under  this  Loan  Agreement  and the other Loan
Documents  are fully paid and satisfied, the Borrower, and each Guarantor to the
extent that the stated action or information relates to the Guarantor, will not,
without  the  prior  written  consent  of  the  Lender:

          (a)     Nature  of  Business:  Change of Management or Operation. Make
                  --------------------------------------------------------
     any  material  change in the nature of its business as carried on as of the
     date  hereof,  including,  but  not  limited to, any material change in the
     management  or  operation  of  its  business.

          (b)     Liquidations,  Mergers;  Consolidations.  Liquidate,  merge or
                  ---------------------------------------
     consolidate  with  or  into  any  other  entity.

          (c)     Sale  of  Assets. Sell transfer or otherwise dispose of any of
                  ----------------
     its  assets  or  properties, other than in the ordinary course of business.

          (d)     Liens.  Create, incur or assume any lien or encumbrance on the
                  -----
     Collateral.

          (e)     Indebtedness.  Create,  incur  or  assume any indebtedness for
                  ------------
     borrowed  money or issue or assume any other note, debenture, bond or other
     evidences  of  indebtedness,  or  guarantee  any  such indebtedness or such
     evidences of indebtedness of others, except as may otherwise be approved by
     Lender,  other  than  (i)  borrowing  from  the  Lender, and (ii) borrowing
     outstanding  on  the  date  hereof  and disclosed in writing to the Lender.

     10.     REPORTING  REQUIREMENTS.  Until  the Loan and all other obligations
and  liabilities  of  the  Borrower under this Loan Agreement and the other Loan
Documents  are fully paid and satisfied, the Borrower, and each Guarantor to the
extent  that  the  stated  action or information relates to the Guarantor, will,
unless  the  Lender  shall  otherwise  consent  in  writing,  furnish  to  the
Lender:

          (a)     Events of Default. As soon as possible and in any event within
                  -----------------
     five  (5)  days  after  the occurrence of each Event of Default, as defined
     herein, or each event which, with the giving of notice or lapse of time, or
     both,  would constitute an Event of Default, the statement of the President
     or the Chief Financial Officer of the Borrower setting forth the details of
     such  Event  of Default or event and the action which the Borrower proposes
     to  take  with  respect  thereto.

          (b)     Quarterly.  As soon as available and in any event on or before
                  ---------
     the  due  dates  for  the  10Q  quarterly  report  filed by Rampart Capital
     Corporation  with  the  Securities  and  Exchange  Commission  ("SEC"), the
                                                                     -----
     audited  quarterly  financial  statement  of  Rampart  Capital Corporation.

          (c)     Annual. As soon as available and in any event on or before the
                  ------
     due  dates  for  the 10K annual report filed by Rampart Capital Corporation
     with  the  SEC,  the  audited annual financial statement of Rampart Capital
     Corporation.

          (d)     Governmental  Action. Promptly after the commencement thereof,
                  --------------------
     notice  of  all  actions,  suits  and  proceedings  before any court or any
     governmental  department, commission or board affecting the Borrower or any
     of  the  Guarantors.

                                        5
<PAGE>
          (e)     Evidence of Payment of Obligations. Upon demand of the Lender,
                  ----------------------------------
     evidence  of  payment of all assessments, taxes, charges, levies, liens and
     claims  against  the Borrower or any of the Guarantors, which authorize the
     appropriate  governmental  official  to deliver to the Lender at any time a
     written  statement  of  any  assessments, taxes, charges, levies, liens and
     claims  against  Borrower  or  any  of  the  Guarantors.

     All references to a preceding period shall mean the period ending as of the
end  of  the  month,  quarter  or fiscal year for which the applicable report is
delivered.  All  references  to  a  period  immediately following shall mean the
period beginning on the first day of the month, quarter or fiscal year following
the  end  of  the  period  for  which  the  applicable  report is delivered. All
financial  reports furnished to the Lender pursuant to this Loan Agreement shall
be prepared in such form and such detail as shall be satisfactory to the Lender,
shall  be  prepared  on  the  same  basis  as  those  prepared  in  prior years.

     11.     EVENTS OF DEFAULT. Each of the following shall constitute an "Event
                                                                           -----
of  Default"  under  this  Loan  Agreement:
-----------

          (a)     Any  default  in  the  payment  when  due  of  any part of the
     principal  of,  or  interest  on,  the  Note  or  any other indebtedness or
     obligation  from time to time owing by the Borrower to the Lender, which is
     not  cured within five (5) days after the Lender gives the Borrower written
     notice  thereof.

          (b)     Any  default,  breach,  or  failure  in the performance of any
     term, condition, warranty, agreement, or covenant of this Loan Agreement or
     any of the other Loan Documents, which is not cured within thirty (30) days
     after  the  Lender  gives  the  Borrower  written notice thereof; provided,
     however,  if  such Event of Default cannot be cured within such thirty (30)
     day  period,  Borrower  shall  advise  Lender of all actions being taken by
     Borrower  and  the  Borrower  shall  not be in default hereunder unless the
     Borrower  fails  to  commence  promptly to cure such default and proceed to
     cure  the  same  within a period of time approved by Lender but in no event
     less  than  thirty  (30)  days.

          (c)     Any  representation  or  warranty  set  forth  in  this  Loan
     Agreement  or  in any of the other Loan Documents proves to have been false
     or  untrue  in  any  material  respect  when  made.

          (d)     If  Borrower  or  any  Obligated Party (as defined below): (i)
     becomes  insolvent,  or makes a transfer in fraud of creditors, or makes an
     assignment for the benefit of creditors, or admits in writing its inability
     to pay its debts as they become due; (ii) generally is not paying its debts
     as  such  debts  become  due;  (iii)  has  a receiver, trustee or custodian
     appointed  for,  or  take  possession  of,  all or substantially all of the
     assets  of such party, either in a proceeding brought by such party or in a
     proceeding  brought  against  such  party  and  such  appointment  is  not
     discharged  or  such  possession  is  not terminated within sixty (60) days
     after the effective date thereof or such party consents to or acquiesces in
     such  appointment or possession; (iv) files a petition for relief under the
     United  States  Bankruptcy  Code  or any other present or future federal or
     state  insolvency,  bankruptcy  or  similar  laws  (all  of  the  foregoing
     hereinafter  collectively  called  "Applicable  Bankruptcy  Law")  or  an
                                         ---------------------------
     involuntary  petition  for  relief  is  filed  against such party under any
     Applicable  Bankruptcy  Law  and such involuntary petition is not dismissed
     within  sixty  (60)  days  after the filing thereof, or an order for relief
     naming  such  party  is entered under any Applicable Bankruptcy Law, or any
     composition,  rearrangement,  extension,  reorganization or other relief of
     debtors  now  or  hereafter  existing  is requested or consented to by such
     party; (v) fails to have discharged within a period of thirty (30) days any
     attachment,  sequestration or similar writ levied upon any property of such
     party;  or  (vi)  fails  to  pay  within  thirty  (30) days any final money
     judgment  against  such  party.

                                        6
<PAGE>
          (e)     The  liquidation, dissolution, merger, or consolidation of the
     Borrower  or  any  Obligated  Party.

Nothing  contained in this Loan Agreement shall be construed to limit the Events
of  Default  enumerated in any of the other Loan Documents or any other document
executed  in  connection  with  the Loan and all such Events of Default shall be
cumulative.  The  term  "Obligated  Party"  as used herein, shall mean any party
                         ----------------
other  than  Borrower  who secures, guaranties, and/or is otherwise obligated to
all  or  any  portion  of  the  indebtedness  evidenced  by  the  Note.

     12.     REMEDIES.  Upon  the occurrence of any one or more of the foregoing
Events of Default, the entire unpaid balance of principal of the Notes, together
with  all  accrued  but unpaid interest thereon, and all other indebtedness then
owing  by the Borrower to the Lender, shall, at the option of the Lender, become
immediately  due  and  payable without further presentation, demand for payment,
notice  of  intent to accelerate, notice of acceleration or dishonor, protest or
notice  of  protest  of  any  kind,  all  of  which  are expressly waived by the
Borrower. All rights and remedies of the Lender set forth in this Loan Agreement
and  in  any  of the other Loan Documents may also be exercised by the Lender at
its  option  to  be  exercised in its sole discretion, upon the occurrence of an
Event  of  Default.

     13.     RIGHTS CUMULATIVE. All rights of the Lender under the terms of this
Loan  Agreement  shall  be  cumulative of, and in addition to, the rights of the
Lender  under  any  and  all  other  agreements  between the Borrower and Lender
(including,  but  not  limited  to,  the  other  Loan  Documents),  and  not  in
substitution  or  diminution  of  any rights now or hereafter held by the Lender
under  the  terms  of  any  other  agreement.

     14.     WAIVER AND AGREEMENT. Neither the failure nor any delay on the part
of  the  Lender to exercise any right, power or privilege herein or under any of
the other Loan Documents shall operate as a waiver thereof, nor shall any single
or  partial  exercise  of  such  right, power or privilege preclude any other or
further exercise thereof or the exercise of any other right, power or privilege.
No  waiver  of  any provision in this Loan Agreement or in any of the other Loan
Documents  and  no departure by the Borrower therefrom shall be effective unless
the  same  shall  be  in  writing  and  signed  by the Lender, and then shall be
effective  only in the specific instance and for the purpose for which given and
to  the  extent  specified in such writing. No modification or amendment to this
Loan Agreement or to any of the other Loan Documents shall be valid or effective
unless the same is signed by the party against whom it is sought to be enforced.

     15.     MAXIMUM  INTEREST  RATE.  Regardless  of any provision contained in
this  Loan  Agreement, any of the other Loan Documents, or any other document or
instrument  executed  pursuant  hereto  or  thereto,  the  Lender shall never be
entitled  to  receive,  collect,  charge  or  apply,  as  interest  on  the Loan
contemplated hereunder, any amount in excess of the highest lawful rate, and, in
the  event  the  Lender ever receives, collects, charges or applies as interest,
any such excess, such amount which would be excessive interest shall be deemed a
partial  prepayment  of  principal  and  treated  hereunder as such; and, if the
principal debt of the Loan is paid in full, any remaining excess shall forthwith
be  paid  to  the  Borrower. In determining whether or not the interest paid  or
payable under any specific contingency exceeds the highest lawful rate, Borrower
and  the Lender shall, to the maximum extent permitted under applicable law, (i)
characterize  any  non-principal  payment  as an expense, fee, or premium rather
than  as  interest,  (ii) exclude voluntary prepayments and the effects thereof,
and  (iii)  amortize,  prorate,  allocate, and spread, in equal parts, the total
amount  of  interest throughout the entire contemplated term of the Loan so that
the  interest  rate is uniform throughout the entire term of the Loan; provided,
that  if  the  Loan  is  paid and performed in full prior to the end of the full
contemplated term thereof, and if the interest received for the actual period of
existence  thereof  exceeds  the highest lawful rate, the Lender shall refund to
the Borrower or credit against the principal debt of the Loan the amount of such
excess  and,  in  such  event,  the Lender shall not be subject to any penalties
provided  by  any

                                        7
<PAGE>
laws  for contracting for, charging, taking, reserving, or receiving interest in
excess  of  the  highest  lawful  rate.

     16.     NOTICES. Except as otherwise provided herein, all notices, demands,
requests,  and  other  communications  required  or permitted hereunder shall be
given  in  writing and sent by (i) personal delivery, or (ii) expedited delivery
service  with  proof  of delivery, or (iii) United States mail, postage prepaid,
registered  or  certified  mail,  return  receipt  requested,  or (iv) facsimile
(provided  that  such facsimile is confirmed by expedited delivery service or by
United  States  mail  in  the  manner  previously  described),  addressed to the
addressee  at  such  party's address contained in the Loan Documents, or to such
other  address  as either party shall have designated by written notice, sent in
accordance  with  this paragraph at least ten (10) days prior to the date of the
giving  of such notice. Any such notice or communication shall be deemed to have
been  given and received either at the time of personal delivery, or in the case
of  mail,  as  of  the  date  of deposit in an official depository of the United
States  mail,  or  in  the  case  of  either delivery service or facsimile, upon
receipt. To the extent actual receipt is required, rejection or other refusal to
accept or the inability to deliver because of changed address of which no notice
was  received  shall  be  deemed to be receipt of the notice, demand, request or
other  communication  sent.

     17.     CONSTRUCTION. This Loan Agreement and the other Loan Documents have
been  executed  and  delivered  in  the State of Texas, shall be governed by and
construed  in  accordance  with  the  laws  of  the State of Texas, and shall be
performable  by  the  parties  hereto  in  Houston,  Harris  County,  Texas.

     18.     CHOICE  OF  FORUM;  CONSENT TO SERVICE OF PROCESS AND JURISDICTION.
Any  suit,  action  or proceeding against the Borrower with respect to this Loan
Agreement, the Note or any judgment entered by any court in respect thereof, may
be  brought  in  the  courts  of the State of Texas, County of Harris, or in the
United  States  courts  located  in the State of Texas as the Lender in its sole
discretion  may  elect  and  the  Borrower  hereby  submits to the non-exclusive
jurisdiction  of  such  courts  for  the  purpose  of  any  such suit, action or
proceeding.  The  Borrower hereby irrevocably waives any objections which it may
now  or  hereafter  have  to the laying of venue of a suit, action or proceeding
arising out of or relating to this Loan Agreement or any of the Notes brought in
the  courts  located in the State of Texas, County of Harris, and hereby further
irrevocably waives any claim that any such suit, action or proceeding brought in
any  such  court  has  been  brought  in  any  inconvenient  forum.

     19.     INVALID  PROVISIONS. If any provision of this Loan Agreement or any
of  the  other  Loan  Documents  is held to be illegal, invalid or unenforceable
under  present  or  future laws, such provision shall be fully severable and the
remaining  provisions  of this Loan Agreement or any of the other Loan Documents
shall  remain in full force and effect and shall not be affected by the illegal,
invalid  or unenforceable provision or by its severance. Furthermore, in lieu of
each  such  illegal, invalid or unenforceable provision, there shall be added as
part  of  such Loan Documents a provision mutually agreeable to the Borrower and
Lender  as  similar in terms to such illegal, invalid or unenforceable provision
as  may  be  possible  and  be  legal,  valid  and enforceable. In the event the
Borrower and Lender are unable to agree upon a provision to be added to the Loan
Documents  within  a  period  of ten (10) business days after a provision of the
Loan Documents is held to be illegal, invalid or unenforceable, then a provision
acceptable  to  the  Lender  as  similar  in  terms  to the illegal, invalid and
unenforceable  provision  as  is  reasonably  possible  and  be legal, valid and
enforceable shall be added automatically to such Loan Documents. In either case,
the effective date of the added provision shall be the date upon which the prior
provision  was  held  to  be  illegal,  invalid  or  unenforceable.

     20.     EXPENSES. The Borrower shall pay all costs and expenses (including,
without  limitation,  the  reasonable  attorneys'  fees  of  the  Lender's legal
counsel)  in  connection with (1) the preparation of this Loan Agreement and the
other  Loan  Documents,  and  any  and  all  extensions,  renewals,  amendments,
supplements,  extensions  or  modifications  thereof,  (ii)  any action required

                                        8
<PAGE>
in  the  course  of  administration  of  the  Loan,  and (iii) any action in the
enforcement  of  the  Lender's  rights  upon the occurrence of Event of Default.

     21.     BINDING EFFECT. This Loan Agreement shall be binding upon and inure
to  the  benefit  of  the  Borrower,  the  Lender  and  their  respective heirs,
successors,  assigns  and  legal  representatives;  provided  however,  that the
Borrower  may  not,  without the prior written consent of the Lender, assign any
rights,  powers,  duties  or  obligations  hereunder.

     22.     HEADINGS.  Section  headings  are for convenience of reference only
and  shall  in  no  way  affect  the  interpretation  of  this  Loan  Agreement.

     23.     SURVIVAL.  All  representations and warranties made by the Borrower
in  this Loan Agreement shall survive delivery of the Note and the making of the
Loan.

     24.     NO  THIRD PARTY BENEFICIARY. The parties do not intend the benefits
of  this  Loan  Agreement  to  inure  to  any  third  party, nor shall this Loan
Agreement  be  construed to make or render the Lender liable to any materialman,
supplier,  contractor,  subcontractor, purchaser or lessee of any property owned
by the Borrower, or for debts or claims accruing to any such persons against the
Borrower.  Notwithstanding  anything contained herein or in the Notes, or in any
other  Loan  Documents, or any conduct or course of conduct by any or all of the
parties  hereto, before or after signing this Loan Agreement or any of the other
Loan  Documents,  neither this Loan Agreement nor any other Loan Documents shall
be construed as creating any right, claim or cause of action against the Lender,
or  any  of  its  officers,  directors,  agents  or  employees,  in favor of any
materialman,  supplier,  contractor,  subcontractor,  purchaser or lessee of any
property owned by the Borrower, nor to any other person or entity other than the
Borrower.

     25.     COUNTERPARTS. This Loan Agreement may be separately executed in any
number  of  counterparts,  each of which shall be an original, but all of which,
taken  together,  shall  be  deemed  to  constitute  one and the same agreement.

     26.     JURY  WAIVER.  THE  BORROWER,  GUARANTOR,  AND  LENDER  HEREBY
VOLUNTARILY,  KNOWINGLY, IRREVOCABLY AND UNCONDITIONALLY WAIVE ANY RIGHT TO HAVE
A  JURY  PARTICIPATE IN RESOLVING ANY DISPUTE (WHETHER BASED UPON CONTRACT, TORT
OR OTHERWISE) BETWEEN OR AMONG THE BORROWER, GUARANTOR AND LENDER ARISING OUT OF
OR  IN  ANY WAY RELATED TO THIS LOAN AGREEMENT OR ANY OTHER LOAN DOCUMENTS. THIS
PROVISION  IS A MATERIAL INDUCEMENT TO LENDER TO PROVIDE THE FINANCING DESCRIBED
HEREIN  OR  IN  THE  OTHER  LOAN  DOCUMENTS.

     27.     ENTIRE  AGREEMENT.   THIS  LOAN  AGREEMENT  REPRESENTS  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.

     If  the  foregoing  correctly  sets  forth  our mutual agreement, please so
acknowledge  by signing and returning the additional copy of this Loan Agreement
enclosed  herewith.

                                        BANK UNITED

                                        By:  /s/  Robin  R.  Marshall
                                           -------------------------------------
                                        Name:  Robin  R.  Marshall
                                             -----------------------------------
                                        Title:  Closing  Supervisor
                                              ----------------------------------

                                        9
<PAGE>
ACCEPTED  this  21st  day  of  November,  2000.
                ----

BORROWER:

IGBAF,  INC.

By:  /s/  J. H. Carpenter
    -------------------------------------
Name:  J. H. Carpenter
    -------------------------------------
Title:  President
       ----------------------------------

GUARANTOR:

RAMPART  CAPITAL  CORPORATION

By:  /s/  J. H. Carpenter
   --------------------------------------
Name:  J. H. Carpenter
     ------------------------------------
Title:  President
      -----------------------------------

LEISSNER'S,  INC.

By:  /s/  J. H. Carpenter
   --------------------------------------
Name:  J. H. Carpenter
     ------------------------------------
Title:  President
      -----------------------------------

RAMPART  PROPERTIES  CORPORATION

By:  /s/  J. H. Carpenter
   --------------------------------------
Name:  J. H. Carpenter
     ------------------------------------
Title:  President
      -----------------------------------

RAMPART  FACILITIES  CORPORATION

By:  /s/  J. H. Carpenter
   --------------------------------------
Name: J. H. Carpenter
     ------------------------------------
Title:  President
      -----------------------------------

SOURCEONE  CAPITAL  GROUP,  L.L.C.

By:  /s/  J. H. Carpenter
   --------------------------------------
Name:  J. H. Carpenter
     ------------------------------------
Title:  President
      -----------------------------------

                                       10
<PAGE>
RAMPART  NEWPORT  CORPORATION

By:  /s/  J. H. Carpenter
   --------------------------------------
Name:  J. H. Carpenter
     ------------------------------------
Title:  President
      -----------------------------------

IGBF,  INC.

By:  /s/  J. H. Carpenter
   --------------------------------------
Name:  J. H. Carpenter
     ------------------------------------
Title:  President
      -----------------------------------

NEWPORT  FUND  CORPORATION

By:  /s/  J. H. Carpenter
   --------------------------------------
Name: J. H. Carpenter
     ------------------------------------
Title:  President
      -----------------------------------

RAMPART  VENTURES
CORPORATION,  L.L.C.

By:  /s/  J. H. Carpenter
   --------------------------------------
Name:  J. H. Carpenter
     ------------------------------------
Title:  President
      -----------------------------------

RAMPART  ACQUISITION
CORPORATION,  L.L.C.

By:  /s/  J. H. Carpenter
   --------------------------------------
Name:  J. H. Carpenter
     ------------------------------------
Title:  President
      -----------------------------------

                                       11
<PAGE>CONSTRUCTION LOAN AGREEMENT
                           ---------------------------

     THIS  CONSTRUCTION  LOAN  AGREEMENT is made and entered into as of the 15th
                                                                            ----
day  of  December,  1999,  by and between GREATER HOUSTON GULF PARTNERS, LTD., a
Texas limited partnership ("Borrower"), whose address is 2302 Fannin, 5th Floor,
Houston,  Texas  77002,  and  SOUTHWEST  BANK OF TEXAS, N.A., a national banking
association  ("Lender"),  whose  address  is  Five  Post Oak Park, 4400 Post Oak
Parkway,  Houston,  Texas  77027.

                                   ARTICLE I.

                               DEFINITION OF TERMS

     As  used  in  this Agreement, the following terms shall have the respective
meanings  indicated  below:

     ADVANCE:  A  disbursement  by  Lender,  whether  by  deposit  to Borrower's
     -------
account,  check to third party or otherwise, of any of the proceeds of the Loan,
any  insurance  proceeds  or  Borrower's  Deposit.

     AFFIDAVIT  FOR PAYMENT: An affidavit, executed by the Borrower, in the form
     ----------------------
attached  hereto  as  Exhibit  "E"  relating  to  each  Request  for  Advance.
                      -----------

     AGREEMENT:  This Construction Loan Agreement, as the same may be amended or
     ---------
supplemented  from  time  to  time.

     ALLOCATIONS:  The  line  items  set  forth  in the Project Budget for which
     -----------
Advances  of  Loan  proceeds  will  be  made.

     APPRAISAL:     An  appraisal  or  appraisals  obtained or to be obtained by
     ---------
Lender  from a qualified appraiser satisfactory to Lender prepared in accordance
with  the  requirements  for appraisal standards for national banks published by
the Office of the Comptroller of the Currency on August 24, 1990, as amended, or
as  otherwise  required  by  applicable  law  or Lender's then current appraisal
requirements,  the  cost for which shall be paid for by Lender but reimbursed to
Lender  by  Borrower  within ten (10) days after written request therefor, which
request  shall  include  a copy of the invoice or statement with respect to such
Appraisal.

     APPROVED  COSTS: Those costs and expenses incurred and paid by Borrower for
     ---------------
the  acquisition  of  the  Land, the construction of the Improvements, and other
costs  related  thereto,  evidence of the payment of which shall be furnished to
Lender  for Lender's approval, which approval shall not be unreasonably withheld
or  delayed.

     ASSIGNMENTS:     Collectively,  the  Assignment  of  Rents  and Leases, the
     -----------
Assignment  of  Rights  Under Construction Contract and Subordination Agreement,
and  the  Assignment  of  Design  Work  Product  and  Permits.

<PAGE>
ASSIGNMENT  OF DESIGN WORK PRODUCT AND PERMITS: A written agreement, executed by
----------------------------------------------
Borrower  in  favor  of  Lender,  in  form and substance satisfactory to Lender,
whereby  all  design  work,  engineering  work,  test reports, surveys, building
permits,  appraisals, development rights, utility commitments, potable and waste
water  capacities  and  other matters related to the development of the Land and
the  construction of the Improvements are assigned to Lender to secure the Loan.

     ASSIGNMENT OF RENTS AND LEASES:  The Assignment of Rents and Leases of even
     ------------------------------
date  herewith  executed  by  Borrower  in  favor  of  Lender.

     ASSIGNMENT  OF  RIGHTS  UNDER  CONSTRUCTION  CONTRACT  AND  SUBORDINATION
     -------------------------------------------------------------------------
AGREEMENT:  A  written agreement executed by Borrower and Contractor in favor of
---------
Lender,  in form and substance satisfactory to Lender, whereby all of Borrower's
rights  in and to the Construction Contract are assigned to Lender to secure the
Loan  and  whereby  Contractor  agrees  that  the  Construction Contract and all
derivative  rights thereunder are subordinate in all respects to the lien of the
Deed  of  Trust.

     BORROWER'S  DEPOSIT:  Such  cash  amounts  as Lender may deem necessary for
     -------------------
Borrower to deposit with it in accordance with the applicable provisions of this
Agreement.

     COMMITMENT  FEE:  A  fee  in the amount of $44,325.00 which will be paid to
     ---------------
Lender  prior  to  the  Initial  Advance.

     COMMENCEMENT DATE: December 15, 1999.
     -----------------           --

     COMPLETION DATE:  December 15, 2001.
     ---------------            --

     COMPLETION  OF THE IMPROVEMENTS: The occurrence of the satisfaction of each
     -------------------------------
of  the  following  conditions:  (i)  receipt  by Lender of a certification from
Contractor,  in  form  and  substance  acceptable to Lender, certifying that the
Improvements  have  been  completed  in  compliance  with  all  Governmental
Requirements  and  restrictive  covenants,  if any, affecting the Land, free and
clear  of  liens  or  claims  for  liens  for  material supplied or for labor or
services  performed in connection with the construction of the Improvements; and
(ii)  Lender  shall have received certified copies of certificates of compliance
and  certificates  of  occupancy  for  the  Improvements,  if  applicable.

     CONSTITUENT  PARTY:  Greater  Houston  Gulf  Partners,  G.P., Inc., a Texas
     ------------------
corporation,  and  sole  general  partner  of  Borrower.

     CONSTRUCTION  ADVANCE  ACCOUNT:  An  account  established  by Borrower with
     ------------------------------
Lender  (in  which  Borrower  shall  at  all times maintain a minimum balance of
$1,000.00)  into  which  all  Advances  (excluding  direct disbursements made by
Lender  pursuant  to  this Agreement) will be deposited and against which checks
will be drawn only for the payment of all bills for labor and materials incident
to  the  construction  of  the  Improvements  and for other items in the Project
Budget.

                                       -2-
<PAGE>
     CONSTRUCTION  RESERVE  ACCOUNT:  An  account  established  by Borrower with
     ----------------------------
Lender  (in  which  Borrower  shall  at  all times maintain a minimum balance of
$1,000.00)  into  which  excess  proceeds  from  the  sale  of  any Unit will be
deposited  in  accordance  with  Article  X of this Agreement, and which will be
drawn  only for the payment of all bills for labor and materials incident to the
construction  of the Improvements and for other items in the Project Budget, and
for monthly interest payments to Rampart pursuant to the Rampart Loan. A maximum
of  $300,000.00  shall  be  deposited  into  the  Construction  Reserve Account.

     CONSTRUCTION  CONTRACT:  Collectively, all contracts and agreements entered
     ----------------------
into between Borrower and Contractor pertaining to the development, construction
and  completion  of  the  Improvements.

     CONTRACTOR:  Any  person  or  entity  with  whom Borrower contracts for the
     ----------
development,  construction  and  completion  of  the Improvements or any portion
thereof,  subject  to  the  reasonable  approval  of  the  Lender.

     DEED  OF  TRUST:  The  Deed  of Trust, Security Agreement and Assignment of
     ---------------
Rents  of  even  date herewith pursuant to which Borrower conveys the Project to
secure  the  Loan.

     ENVIRONMENTAL  REPORT:  Such report or reports which evidence the Project's
     ---------------------
compliance  with  the  requirements  of  all applicable environmental protection
laws,  rules  and  regulations,  including,  without  limitation,  the  Phase  I
Environmental Site Assessment required to be obtained by Borrower as a condition
precedent  to  the  Initial  Advance.

     EVENT  OF DEFAULT: Any happening or occurrence described in Section 7.01 of
     -----------------                                           ------------
this  Agreement.

     FINANCIAL  STATEMENTS:  Collectively,  (i)  certified  unaudited  financial
     ---------------------
statements  of  Borrower  and  of  Guarantor  prepared  in accordance with sound
accounting  practices  consistently  applied  by  and  certified  to be true and
correct  by  Borrower  and  Guarantor, as applicable, which financial statements
shall  consist  of a balance sheet and related statements of income and expenses
and  cash  flow  statements  (both  actual  and  projected), and which financial
statements of Borrower and of Guarantor shall also include statements of sources
and  application of funds and available credit facilities and a statement of all
contingent liabilities; and (ii) certified unaudited financial statements of the
Project  prepared  in  accordance  with  sound accounting practices consistently
applied  by  and  certified  to be true and correct by Borrower, which financial
statements shall consist of a balance sheet and related statements of income and
expenses  and  cash  flow  statements  (both  actual  and  projected).

     FINANCING  STATEMENT:  The  financing statement or financing statements (on
     ---------  ---------
Standard  Form  UCC1  or  otherwise)  executed  and  delivered  by  Borrower  in
connection  with  the  Loan  Documents.

                                       -3-
<PAGE>
     GOVERNMENTAL AUTHORITY:  Any and all courts, boards, agencies, commissions,
     ----------------------
offices,  or  authorities  of  any  nature  whatsoever for any governmental unit
(federal, state, county, district, municipal, city or otherwise), whether now or
hereafter  in  existence.

     GOVERNMENTAL  REQUIREMENTS:  All  statutes,  laws,  ordinances,  rules,
     --------------------------
regulations, orders, writs, injunctions or decrees of any Governmental Authority
applicable  to  Borrower,  Guarantor,  or  the  Project.

     GUARANTOR:  Collectively, James  Emerson  and  Schuyler  Pulford.
     ---------

     GUARANTY:  That or those instruments of guaranty now or hereafter in effect
     --------
from  Guarantor  to  Lender guaranteeing the repayment of all or any part of the
Loan,  and  the  satisfaction  of,  or  continued compliance with, the covenants
contained  in  this  Agreement  or  both.

     IMPROVEMENTS:  The  redevelopment and rehabilitation of a maximum of 96 fee
     ------------
simple  townhomes,  including,  but  not  limited  to,  exterior  restoration,
landscaping,  and  interior  construction  and  decoration.

     INITIAL  ADVANCE: The Advance to be made at the time Borrower satisfies the
     ----------------
conditions  set  forth  in Section 3.01 of this Agreement, which Initial Advance
                           ------------
shall  not  exceed  the  amount  set  forth  in  Section 3.08 of this Agreement.
                                                 ------------

     INSPECTING  ARCHITECT: A person or entity retained and designated by Lender
     ---------------------
from time to time who will inspect the Improvements from time to time (but, at a
minimum, at least every thirty (30) days) for the benefit of Lender. The fees of
the  Inspecting  Architect shall be paid for by Lender, but reimbursed to Lender
by  Borrower.

     INSURANCE  POLICIES:  The  insurance  policy  or  policies  required  to be
     -------------------
obtained  and maintained by Borrower pursuant to the terms of the Deed of Trust.

     LAND:  The  real  property  or  interest  therein  described in Exhibit "A"
     ----                                                            ----------
attached  hereto  and  incorporated  herein  by  this  reference.

     LEASES:  Borrower's  interest  in  and  to  any  and all leases, subleases,
     ------
licenses,  concessions or other agreements (written or oral, now or hereafter in
effect)  which  grant  to  third parties a possessory interest in and to, or the
right to use, all or any part of the Land and the improvements thereon, together
with  all  security  and  other  deposits  made  in  connection  therewith.

     LIMITED  PARTNERSHIP  AGREEMENT:  That  certain  Agreement  of  Limited
     -------------------------------
Partnership of GREATER HOUSTON GULF PARTNERS, LTD., a Texas limited partnership,
dated  as  of  December  15, 1999, by and between Greater Houston Gulf Partners,
                         --
G.P.,  Inc.,  a  Texas  corporation, as General Partner, and the Limited Partner
specified  therein,  the  certificate  of  which  was filed in the Office of the
Secretary  of  State of the State of Texas, Corporations Section, on November 9,
1999.

                                       -4-
<PAGE>
     LOAN:  The construction loan evidenced by the Note.
     ----

     LOAN  AMOUNT:  An  amount  not  to exceed the least of (i) TWO MILLION NINE
     ------------
HUNDRED FIFTY-FIVE THOUSAND AND NO/100 DOLLARS ($2,955,000.00), (ii) the product
obtained  by  multiplying the value of the Project as reflected the Appraisal by
sixty-five  percent (65%), or (iii) an amount equal to the product of (A) $28.10
times  (B)  the  total  number  of  livable  square  feet contained in the Units
actually  acquired  by  Borrower.  For purposes of this definition, it is hereby
agreed  that  the number of livable square feet in each Unit shall be determined
based  upon  the four (4) basic floor plans containing either 960, 1050, 1100 or
1200  square  feet.

     LOAN  DOCUMENTS:  The  Note,  the  Deed  of  Trust,  this  Agreement,  the
     ---------------
Assignments,  the  Financing  Statement,  the  Guaranty,  and  any and all other
documents  now  or  hereafter  executed by the Borrower, Guarantor, or any other
person  or  party in connection with the Loan, the indebtedness evidenced by the
Note,  or  the  covenants  contained  in  this  Agreement.

     MATURITY  DATE:  December  15,  2001.
     --------------             --

     MAXIMUM  RATE:  At  any  time,  the  maximum  rate  of nonusurious interest
     -------------
permitted  from day to day by applicable law, including Chapter 303 of the Texas
Finance  Code  (the "Code") (and as the same may be incorporated by reference in
other Texas statutes). To the extent that Chapter 303 of the Code is relevant to
any  holder  of  the Note for the purposes of determining the Maximum Rate, each
such  holder  elects  to  determine  such  applicable legal rate pursuant to the
"weekly  ceiling,"  from  time  to time in effect, as referred to and defined in
Chapter 303 of the Code; subject, however, to the limitations on such applicable
ceiling  referred  to  and defined in the Code, and further subject to any right
such holder may have subsequently, under applicable law, to change the method of
determining  the  Maximum  Rate.

     NOTE:  The  promissory  note dated as of even date herewith in the original
     ----
principal  sum  of  $2,955,000.00  (together  with  all  renewals and extensions
thereof)  which  has  been  executed  and  delivered  by  Borrower  to  Lender
representing  the  Loan.

     PROJECT:  Collectively, the Land and the Improvements.
     -------

     PROJECT  BUDGET:  The  budget  which  is  set forth on Exhibit "D" attached
     ---------------                                        ----------
hereto  and  incorporated  herein  by  reference.

     RAMPART  LOAN:  A  loan  in  the  amount  of  $1,100,000.00 made by Rampart
     -------------
Properties  Corporation  to  Borrower, evidenced by that certain Promissory Note
dated  of  even  date herewith, executed by Borrower and payable to Rampart, and
secured  in  part  by  a  second  lien  Deed  of  Trust  covering  the  Project.

     REQUEST FOR ADVANCE: A certificate of Borrower in substantially the form of
     -------------------
that  which  is  attached  hereto  as Exhibit "F" and made a part hereof for all
                                      ----------
purposes. Such certificate shall be accompanied by copies of billing statements,
vouchers  or  invoices  from  the  parties  named therein, in form and substance
satisfactory  to  Lender.

                                       -5-
<PAGE>
     TITLE  INSURANCE:  One  or  more  title  insurance  commitments, binders or
     ----------------
policies,  as  Lender  may  require, issued by the Title Insurance Company, on a
coinsurance  or  reinsurance  basis  (with  direct  access  in  Texas) if and as
required  by Lender, in the maximum amount of the Loan insuring or committing to
insure  that  the  Deed  of  Trust constitutes a valid lien covering the Project
subject  only  to  those  exceptions  which  Lender  may  approve.

     TITLE  INSURANCE  COMPANY:  American Title Company, acting as issuing agent
     -------------------------
for  First  American  Title  Insurance  Company.

     UNITS:  A  maximum  of  96  fee  simple  townhome units to be purchased and
     -----
rehabilitated  by  Borrower,  together  with  all  rights  appurtenant  thereto.

                                   ARTICLE II.

                                    THE LOAN

     2.01     Agreement  to Lend. Lender hereby agrees to lend up to, but not in
              ---------  -------
excess  of,  the  Loan  Amount to Borrower, and Borrower hereby agrees to borrow
such  sum  from Lender, all upon and subject to the terms and provisions of this
Agreement, such sum to be evidenced by the Note. Notwithstanding anything to the
contrary  contained  herein  or  in any of the Loan Documents, in no event shall
Lender  be  obligated  to fund or advance to Borrower hereunder any amount which
would  exceed  Borrower's  legal  lending  limit.  No principal amount repaid by
Borrower  may  be  reborrowed by Borrower. Borrower's liability for repayment of
the  interest  on  account  of  the Loan shall be limited to and calculated with
respect to Loan proceeds actually disbursed to Borrower pursuant to the terms of
this  Agreement  and  the  Note  and  only  from  the  date  or  dates  of  such
disbursements.  Interest  under  the Note shall commence to accrue in accordance
with  the  terms  of  the  Note  as of the date of disbursal or wire transfer of
proceeds  by  Lender, notwithstanding whether Borrower shall receive the benefit
of  such  monies  as  of  such  date  and even if such monies are held in escrow
pursuant  to  the  terms of any escrow arrangement or agreement. When monies are
disbursed  by wire transfer, then such money shall be considered advanced at the
time of the transmission of the wire, rather than the time of receipt thereof by
the  receiving  bank.  With  regard to the repayment of the Loan, interest shall
continue  to  accrue  on  any amount repaid until such time as the repayment has
been  received and cleared by Lender at its principal office located in Houston,
Texas.  Upon  the  occurrence  of  an  Event of Default, Lender may, in Lender's
discretion,  disburse  Loan  proceeds  directly to third parties to pay costs or
expenses  required  to  be  paid  by  Borrower  pursuant to this Agreement. Loan
proceeds  disbursed  directly  by Lender to pay costs or expenses required to be
paid  by  Borrower  pursuant  to  this  Agreement  shall  constitute Advances to
Borrower.

     2.02  Allocations.  The  purposes for which Loan proceeds are allocated and
           -----------
the  respective amounts of such Allocations are set forth in the Project Budget.

     2.03  Advances.  The  Allocations  shall  be disbursed for the purposes set
           --------
forth  in  the  Project Budget. Lender shall not be obligated to make an Advance
for  an Allocation set forth in the Project Budget to the extent that the amount
of  the  Advance for such Allocation would, when added to all prior Advances for
such Allocation, exceed the total of such Allocation as set forth in the Project

                                      -6-
<PAGE>
Budget,  subject  however,  to  the  provisions of Section 2.05 and Section 2.06
                                                   ------------     ------------
hereof. Lender shall not be obligated to advance to Borrower any sums under this
Agreement  after  maturity  (however  maturity  occurs)  of  the  Loan.

     2.04  Limitation on Advances. To the extent that Loan proceeds disbursed by
           ----------------------
Lender  pursuant  to  a  particular Allocation are insufficient to pay all costs
associated with such Allocation, Borrower shall pay such excess costs with funds
derived  from  sources  other  than  the  Loan. To the extent that Loan proceeds
disbursed  by  Lender  pursuant  to  the Allocations are insufficient to pay all
costs  required for the development, construction and completion of the Project,
Borrower  shall pay such excess costs with funds derived from sources other than
the  Loan.  Subject  to  Section 2.05 and Section 2.06 herein, in no event shall
                         ------------     ------------
Lender  be  required  to  make  any Advance for any item in excess of the amount
budgeted  for such item as an Allocation in the Project Budget, nor shall Lender
be  obligated  to  make any Advance if the undisbursed Loan proceeds budgeted in
the  Project  Budget  for  any particular item, including interest, shall at any
time  appear,  in  the reasonable judgment of Lender, to be less than the amount
which  will  be  required  for such item prior to completion of the Improvements
pursuant  to  the Plans and Specifications, unless and until Borrower shall have
complied  with  Section 3.05 of this Agreement. Under no circumstances shall the
                ------------
sum  of  all  Advances  made  exceed  the  Loan  Amount.

     2.05     Reallocations.  In  the event that Borrower can demonstrate to the
              -------------
Lender,  by  documentation  reasonably acceptable to Lender, that there exists a
cost savings in any particular Allocation, then Lender agrees to reallocate such
cost  savings  and  to  disburse  Loan proceeds allocated to any such Allocation
(other  than  the  Interim  Interest Allocation, as to which Lender shall not be
obligated  to  reallocate any such cost savings) where a cost savings exists for
such  other  purposes  or  in  such  different proportions as Lender may, in its
reasonable  discretion, deem necessary or advisable. Except as set forth in this
Section  2.05 and Section 2.06 of this Agreement, Borrower shall not be entitled
-------------     ------------
to  require  that Lender, and Lender shall not be obligated to, reallocate funds
among  the  Allocations.

     2.06     Contingency  Allocations.  Any  amount  allocated  in  the Project
              ------------------------
Budget for "contingencies" or other non-specific purposes may be re-allocated to
hard  cost  line  items, but not to soft cost line items. Upon completion of the
Improvements,  any amount allocated in the Project Budget for "contingencies" or
other  non-specific purposes may, upon the reasonable approval of the Lender, be
reallocated to the Construction Contract Allocation and "soft costs." The Lender
shall  be  deemed to have approved of such reallocation if approval has not been
denied  five  (5)  business days after the receipt of such request for approval.

                                       -7-
<PAGE>
                                  ARTICLE III.

                                    ADVANCES

     3.01  Conditions  to  Initial Advance. The obligation of Lender to make the
           -------------------------------
Initial  Advance hereunder is subject to the prior or simultaneous occurrence of
each  of  the  following  conditions:

     (a)  Borrower  shall  have  furnished the Title Insurance to Lender, at the
          sole  expense  of  Borrower.

     (b)  Borrower  shall  have  furnished  to  Lender  a  current survey of the
          Project,  certified  by  a registered surveyor or engineer, to Lender,
          Borrower,  and  the  Title  Insurance Company,  showing all easements,
          building or setback lines, rights-of-way and dedications affecting the
          Project,  showing  no  state  of  facts  objectionable  to Lender, and
          otherwise  in  form  acceptable  to  Lender.

     (c)  Borrower  shall  have  furnished  to  Lender,  in  form  and substance
          satisfactory to Lender, letters from appropriate utility companies and
          each  applicable  Governmental  Authority  (or  other  satisfactory
          documents)  evidencing the availability, when needed, of all necessary
          utilities  at  the  boundary  lines of the Project, including sanitary
          sewer  facilities,  storm  sewer  facilities, public water, telephone,
          electricity,  and  municipal  services.

     (d)  Borrower  shall  have  furnished  to  Lender,  in  form  and substance
          satisfactory  to  Lender,  letters  from  each applicable Governmental
          Authority evidencing that the present and proposed use of the Land and
          construction  thereon  complies  with  all  Governmental Requirements.
          Further,  Borrower  shall  have  furnished to Lender evidence that the
          present  and  proposed  use  of  the  Land  and  construction  of  the
          Improvements  contemplated  thereon  complies with all applicable deed
          restrictions  and  other  restrictive  covenants  affecting  the Land.

     (e)  Borrower shall have furnished to Lender all soils and geological tests
          and  reports  with  respect  to the Land on which the Improvements are
          located,  which  reports  shall  contain no fact or condition which is
          unacceptable  to  Lender.

     (f)  Borrower  shall  have furnished to Lender a Phase I Environmental Site
          Assessment  of  the Project, the form and substance of such report and
          the  professional firm conducting such audit and preparing such report
          to  be  satisfactory  to  Lender.

     (g)  Borrower  shall have furnished to Lender certified copies of authority
          documents  for  Borrower  and  the  Constituent  Party authorizing the
          execution,  delivery  and performance of all of the Loan Documents and
          authorizing  the  borrowing hereunder, along with such certificates of
          existence,  certificates  of  good standing and other certificates and
          documents  as  Lender may reasonably require to evidence Borrower's or
          such  Constituent  Party's  authority.

                                       -8-
<PAGE>
     (h)  Borrower  shall  have  furnished  to  Lender  true  copies  of  all
          organization  documents of Borrower, including the Limited Partnership
          Agreement  and  all amendments or supplements thereto, along with such
          certificates  and  other documents as Lender may reasonably require to
          evidence  Borrower's  authority.

     (i)  Borrower  shall  have  furnished  to  Lender  true  copies  of  all
          organizational  documents  of the Constituent Party and all amendments
          and  supplements  thereto.

     (j)  Borrower  shall  have  furnished  to  Lender an opinion of counsel for
          Borrower,  which  opinion  shall  be  in form and substance reasonably
          satisfactory  to  Lender.

     (k)  Borrower shall have furnished to Lender the Project Budget showing the
          total  costs,  including,  but  not  limited  to,  such  related
          nonconstruction  items  as  interest  during construction, commitment,
          legal,  architect  and  real  estate  agents' fees, plus the amount of
          direct  construction  items  required  to  be  paid  to satisfactorily
          complete  the Project, free and clear of liens or claims for liens for
          material  supplied  and  for  labor  and  services  performed.

     (l)  Lender  shall  have  received from Borrower and from Guarantor current
          Financial  Statements.

     (m)  Lender  shall  have  received  and  shall have approved the Appraisal,
          which  Appraisal shall reflect an "as-improved" value of not less than
          $4,546,154.00.

     (n)  Lender  shall  have  received,  and  approved, the insurance policy or
          policies  required  to be obtained and maintained by Borrower pursuant
          to  the  terms  of  the  Deed  of  Trust.

     (o)  Lender  shall  have  received  from Borrower all of the Loan Documents
          duly  executed  by Borrower and, where required, by Guarantor; and the
          Loan  Documents shall remain outstanding and enforceable in accordance
          with  their  terms,  all  as  required  hereunder.

     (p)  Lender  shall have received evidence that Borrower has expended, other
          than  from the proceeds of the Loan, $1,100,000.00 or more of Approved
          Costs  toward  the  acquisition  and/or  construction  of  the  Units.

     (q)  Lender  shall  have  received  an  executed  copy  of the Construction
          Contract  between  Borrower and Contractor for the construction of the
          Improvements,  which Construction Contract shall have been approved by
          Lender,  which approval shall not be unreasonably withheld or delayed.

     (r)  Lender shall have received a copy of the building permit and all other
          permits  required  by all Governmental Authority which are required to
          permit  construction  of  the  Improvements,  if  applicable.

                                       -9-
<PAGE>
     (s)  Lender  shall  have  received  from Borrower evidence that Borrower is
          ready,  willing  and  able  to  consummate the acquisition of at least
          eighty-five  (85)  Units.

     (t)  Lender  shall  have  received  from  Borrower  such other instruments,
          evidence  or  certificates  as  it  may  reasonably  require.

     3.02  Conditions to Advances for Subsequent Acquisition of Additional Lots.
           --------------------------------------------------------------------
The  obligation  of  Lender  to  make  future  Advances  for  the acquisition of
additional  Lots  by Borrower is subject to the prior or simultaneous occurrence
of  each  of  the  following conditions with respect to each such Lot (provided,
however,  in  the  event  any  of  the  requirements  below have previously been
satisfied  with  respect  to a larger property of which such lot is a part, such
requirement  shall,  at  the  discretion  of  Lender,  be  deemed  satisfied):

     (a)  Borrower  shall  have  furnished the Title Insurance to Lender, at the
          sole  expense  of  Borrower  (provided  that  the amount of such Title
          Insurance  shall  be  equal  to  the  amount  advanced  by  Lender  in
          connection  with  such  acquisition).

     (b)  Borrower  shall have furnished to Lender a current survey of such Lot,
          certified  by  a registered surveyor or engineer, to Lender, Borrower,
          and  the  Title  Insurance Company, showing all easements, building or
          setback  lines,  rights-of-way  and  dedications  affecting  such Lot,
          showing  no  state  of facts objectionable to Lender, and otherwise in
          form  acceptable  to  Lender.

     (c)  Borrower  shall  have  furnished  to  Lender,  in  form  and substance
          satisfactory to Lender, letters from appropriate utility companies and
          each  applicable  Governmental  Authority evidencing the availability,
          when  needed,  of  all  necessary  utilities  at  such  Lot, including
          sanitary  sewer  facilities,  storm  sewer  facilities,  public water,
          telephone,  electricity,  and  municipal  services.

     (d)  Borrower  shall  have  furnished  to  Lender,  in  form  and substance
          satisfactory  to  Lender,  letters  from  each applicable Governmental
          Authority evidencing that the present and proposed use of such Lot and
          construction  thereon  complies  with  all  Governmental Requirements.
          Further,  Borrower  shall  have  furnished to Lender evidence that the
          present  and proposed use of such and construction of the improvements
          contemplated  thereon  complies  with all applicable deed restrictions
          and  other  restrictive  covenants  affecting  such  Lot.

     (e)  Borrower shall have furnished to Lender all soils and geological tests
          and  reports  with respect to such Lot, which reports shall contain no
          fact  or  condition  which  is  unacceptable  to  Lender.

     (f)  Borrower  shall  have furnished to Lender a Phase I Environmental Site
          Assessment  of such Lot, the form and substance of such report and the
          professional  firm  conducting such audit and preparing such report to
          be  satisfactory  to  Lender.

                                      -10-
<PAGE>
     (g)  Lender  shall have received, and approved, evidence that the insurance
          policy  or policies required to be obtained and maintained by Borrower
          pursuant  to  the  terms  of  the  Deed  of  Trust  apply to such Lot.

     (h)  Lender  shall have received from Borrower an additional deed of trust,
          in form acceptable to Lender, with respect to each such Lot, conveying
          such  Lot  to  further  secure  the  Loan,  such  deed  of trust being
          cross-collateralized to the Deed of Trust and any other deeds of trust
          covering  other  Lots  acquired  subsequent  to  the  date  hereof.

     (i)  Lender  shall  have  received  evidence that the Construction Contract
          between  Borrower  and  Contractor  covers  such  Lot.

     (j)  Lender shall have received a copy of the building permit and all other
          permits  required  by all Governmental Authority which are required to
          permit  construction  and  rehabilitation  of such Lot, if applicable.

     (k)  Lender  shall  have  received from Borrower such other Loan Documents,
          instruments,  evidence  or  certificates as it may reasonably require.

     3.03  Conditions  to  Advances  for  Improvements. Once Lender has made the
           -------------------------------------------
Initial Advance, except as provided in Section 3.02 no further Advances shall be
                                       ------------
made  by Lender until each of the conditions set forth in this Section 3.03 have
                                                              -------------
been  satisfied or waived by Lender in writing. The obligation of Lender to make
each  Advance  hereunder  for  Improvements  shall  be  subject  to the prior or
simultaneous  occurrence  or  satisfaction  of each of the following conditions:

     (a)  Lender  shall have received from Borrower a Request for Advance, fully
          completed  and  accompanied  by  all  required  invoices,  billing
          statements,  and  lien  releases,  duly  executed  by  Borrower, which
          Request for Advance (except with respect to the Initial Advance) shall
          be  provided by Borrower to the Lender and to the Inspecting Architect
          not  less  than ten (10) days prior to the date Borrower requests that
          such  Advance  be  funded.

     (b)  At  Lender's  request, Lender shall have received a title report dated
          within five (5) days of the requested Advance from the Title Insurance
          Company  showing no state of facts objectionable to Lender, including,
          but  not  limited  to,  a  showing that title to the Land is vested in
          Borrower  and  that no claim for mechanics' or materialmen's liens has
          been  filed  against  the  Project.

     (c)  The  representations  and warranties made by Borrower, as contained in
          this  Agreement  and  in  all  other Loan Documents, shall be true and
          correct  in  all material respects as of the date of each Advance; and
          if requested by Lender, Borrower shall give a certificate to Lender to
          that  effect.

                                      -11-
<PAGE>
     (d)  The  covenants  made  by  Borrower  to  Lender,  as  contained in this
          Agreement  and  in  all  other  Loan  Documents, shall have been fully
          complied  with, except to the extent such compliance may be limited by
          the  passage  of  time  or  the  completion  of  construction  of  the
          Improvements.

     (e)  Except  in  connection  with  the  Initial  Advance, Lender shall have
          received  a list of all subcontractors and materialmen involved in the
          construction of the Improvements, which will provide work or materials
          in  excess  of  $5,000  each.

     (f)  Except  in  connection  with  the  Initial  Advance, Lender shall have
          received the Performance and Payment Bonds referred to in Section 5.17
                                                                    ------------
          hereinafter.

     (g)  Except  in  connection  with  the  Initial  Advance, Lender shall have
          received  from  Borrower a certificate on A.I.A. Form G 702 and Form G
          703,  as  appropriate  (or  such  other  forms  required  by  Lender),
          completed,  executed  and sworn to by Borrower and Contractor and with
          the  Inspecting  Architect's  approval noted thereon, stating that the
          requested  amount  does  not  exceed  ninety percent (90%) of the then
          unpaid  cost  of  construction  of  the  Improvements  since  the last
          certificate  furnished  hereunder;  and  that  said  construction  was
          performed  substantially  in  accordance  with  the  Plans  and
          Specifications.

     (h)  Borrower  shall have received, and have furnished to Lender, from each
          contractor, subcontractor and materialman providing labor or materials
          in  excess  of  $5,000,  an  invoice,  lien  waiver  and  such  other
          instruments  and documents as Lender may from time to time specify, in
          form  and  content,  and containing such certifications, approvals and
          other  data  and information, as Lender may require. The invoice, lien
          waiver and other documents shall cover and be based upon work actually
          completed  or  materials  actually  furnished  as  certified  by  the
          certificate  required  in  Section  3.03(g).  The lien waiver of  each
                                     ----------------
          contractor, subcontractor and materialman providing labor or materials
          in  excess  of  $5,000  shall  be  received  by  Lender  or Borrower's
          Architect  simultaneously with the making of any Advance hereunder for
          the  benefit  of  such  contractor  or  materialman.

     (i)  Lender  shall have received an Affidavit for Payment, duly executed by
          Borrower.

     (j)  There  shall  exist  no  Event  of  Default  under the Loan Documents.

     (k)  The  Improvements  shall  not have been materially injured, damaged or
          destroyed by fire or other casualty, nor shall any part of the Project
          be  subject  to  condemnation  proceedings or negotiations for sale in
          lieu  thereof.

                                      -12-

<PAGE>
     (l)  All  work typically done at the stage of construction when the Advance
          is  requested  shall  have  been  done,  and  all materials, supplies,
          chattels  and  fixtures typically furnished or installed at such stage
          of  construction  shall  have  been  furnished  or  installed.

     (m)  Except  as  otherwise permitted by Section 5.16 of this Agreement, all
                                             ------------
          personal  property  not yet incorporated into the Project but which is
          to be paid for out of such Advance, must then be located upon the Land
          and  Lender  shall  have  received  evidence  thereof.

     (n)  Borrower  shall  have complied with all requirements of the Inspecting
          Architect.

     3.04     Advance Not A Waiver. No Advance of the proceeds of the Loan shall
              --------------------
constitute  a  waiver  of  any  of the conditions of Lender's obligation to make
further  Advances,  nor,  in  the  event  Borrower is unable to satisfy any such
condition,  shall  any  such  Advance  have the effect of precluding Lender from
thereafter  declaring  such  inability  to be an Event of Default as hereinafter
provided.

     3.05     Borrower's  Deposit. Subject to the provisions of Section 2.05 and
              -------------------                               ------------
Section  2.06  of  this  Agreement, if (i) at any time Lender shall, in its sole
-------------
discretion,  deem  that  the  undisbursed  proceeds  of  any  Allocation  are
insufficient  to  meet  the  costs  of  completing  the  work contemplated to be
completed  by  such Allocation or to pay the expenses contemplated to be paid by
such  Allocation, or (ii) at any time Lender shall, in its sole discretion, deem
that  the undisbursed proceeds of the Loan are insufficient to meet the costs of
completing  construction of the Project, plus the costs of insurance, ad valorem
taxes  and  other  normal  costs  of the Project, then in either of such events,
Lender  may  refuse  to make any additional Advances to Borrower hereunder until
Borrower  shall  have deposited with Lender sufficient additional funds to cover
the  deficiency  which  Lender  deems  to  exist.  Such additional funds (herein
referred to as the "Borrower's Deposit") will be disbursed by Lender to Borrower
pursuant  to the terms and conditions hereof as if they constituted a portion of
the  Loan  being  made  hereunder.  Borrower  agrees upon ten (10) days' written
demand  by  Lender  to  deposit  with  Lender  such  additional  funds.

     3.06     Advance Not An Approval. The making of any Advance or part thereof
              -----------------------
shall  not be deemed an approval or acceptance by Lender of the work theretofore
done.  Lender shall have no obligation to make any Advance or part thereof after
the happening of any Event of Default, but shall have the right and option so to
do;  provided  that  if  Lender elects to make any such Advance, no such Advance
shall  be  deemed  to  be  either a waiver of the right to demand payment of the
Loan,  or  any  part  thereof,  or  an  obligation  to  make  any other Advance.

     3.07     Time  and  Place  of Advances.  All Advances are to be made at the
              -----------------------------
office  of  Lender,  or  at such other place as Lender may designate; and Lender
shall  require  ten  (10) days' prior notice in writing before the making of any
such  Advance.  All  Advances (excluding direct disbursements) are to be made by
direct  deposit  into  the Construction  Advance Account.  In the event Borrower
shall part with or be in any manner whatever deprived of Borrower's interests in
and  to  the Land, except pursuant to Article XI hereof, Lender may, at Lender's
                                      ----------
option  but  without  any  obligation  to  do  so,

                                      -13-
<PAGE>
continue to make Advances under this Agreement, and subject to all its terms and
conditions,  to  such  person  or persons as may succeed to Borrower's title and
interest,  and  all  sums  so  disbursed  shall  be  deemed  Advances under this
Agreement  and  secured  by  the  Deed  of Trust and all other liens or security
interests  securing  the  Loan.

     3.08  Amount of Initial Advance. Subject to the satisfaction of each of the
           -------------------------
conditions  set  forth  herein, at the closing of the Loan, Lender shall make an
Initial  Advance in an amount not in excess of $1,550,000.00,  to fund a portion
                                                ------------
of  the  acquisition  of  the  initial  Units.

     3.09     Other  Advances. Subsequent to the Initial Advance, and subject to
              ---------------
compliance  by  Borrower  with the terms and conditions set forth herein, Lender
will  make Advances in accordance with the procedures set forth herein from time
to  time  during the progress of construction of the Project. Advances under the
Loan  will  be  made only monthly and shall not be made until Borrower has fully
complied  with  all  the  terms  and conditions set forth in this Agreement. The
Inspecting  Architect  shall  periodically  (but  not less frequently than every
thirty  (30)  days)  inspect the progress of the work and shall submit to Lender
reports  of  the  progress  of  the  work.

     3.10     Retainage. An  amount  equal  to  ten percent (10%) of the cost of
              ---------
construction  and rehabilitation of the Improvements shall be retained by Lender
and  shall  be  paid  over  by Lender to Borrower when all of the following have
occurred:

     (a)  Lender  has  received  a  completion  certificate  prepared  by  the
          inspecting  Architect  and  executed  by  Borrower  stating  that  the
          Improvements  have  been  substantially  completed;

     (b)  if  necessary, the applicable Governmental Authority shall have issued
          all  certificates  of compliance and certificates of occupancy for the
          Improvements;  and

     (c)  thirty  (30)  days shall have elapsed from  the later of (i) the  date
          of completion of the Improvements, as specified in Texas Property Code
          Sec.  53.106,  if  the  Affidavit  of  Completion provided for in this
          Agreement is filed within ten (10) days after such date of completion,
          or (ii) the  date of filing of such  Affidavit of Completion,  if such
          Affidavit  of Completion is filed ten (10) days or more after the date
          of  the completion of the Improvements, as specified in Texas Property
          Code  Section 53.106.

                                   ARTICLE IV.

                         WARRANTIES AND REPRESENTATIONS

     Borrower  hereby  unconditionally  warrants and represents to Lender, as of
the  date  hereof  and  at  all  times  during the term of this Agreement, that:

     4.01  Governmental  Requirements.  No  violation  of  any  Governmental
           --------------------------
Requirements  exists  or  will exist with respect to the Project and neither the
Borrower nor any Guarantor are, nor will they be, in default with respect to any
Governmental  Requirements.

                                      -14-
<PAGE>
4.02     Utility  Services. All utility services of sufficient size and capacity
         -----------------
necessary for the construction of the Improvements and the operation thereof for
their  intended  purposes  are  available  at  the property line of the Land for
connection  to the Improvements, including potable water supply, storm and waste
water  facilities,  and  gas,  electric  and  telephone  facilities, and written
permission  has  been  obtained  from  the  applicable  utility  companies  or
municipalities  to  connect  the  Improvements  into  each  of  said  services.

     4.03  Access.  All off-site roads necessary for the full utilization of the
           ------
Improvements  for  their  intended purposes have been completed or the necessary
rights-of-way therefor have either been acquired by the appropriate Governmental
Authority  or  have  been  dedicated  to  the  public  use  and accepted by such
Governmental  Authority, and all necessary steps have been taken by Borrower and
such  Governmental  Authority  to  assure that the construction and installation
thereof  will  be  completed  prior  to  the  Completion  Date.

     4.04     No  Commencement.  As  of  the date of this Agreement, no steps to
              ----------------
commence  construction or rehabilitation of the Improvements, including steps to
clear  or otherwise prepare the Land for construction thereon or the delivery of
material  for  use  in  construction or rehabilitation of the Improvements, have
been  taken,  nor  has  any contract or other agreement for construction thereon
been  entered  into,  for  furnishing materials for such construction or for any
other  purpose,  the  performance of which by the other party thereto would give
rise  to  a  lien  on  the  Land.

     4.05  Year  2000.  To  the  best  of  Borrower's  knowledge and belief, all
           ----------
software,  hardware  and critical systems used by Borrower and its subsidiaries,
if  any,  in  the  conduct  of  Borrower's  and  such  subsidiaries'  business
("Borrower's  Computer  Items") will record, store, process and present calendar
dates  falling  on  or  after January 1, 2000, and all information pertaining to
such  dates  accurately.  Borrower's  Computer  Items  will have all appropriate
capability  and  compatibility for handling century-aware or year-2000 compliant
data,  and  the  data  related  user  interface  functions, data fields and data
related  program  instructions  and  functions of Borrower's Computer Items will
include  the  indication  of  the  century.

                                   ARTICLE V.

                              COVENANTS OF BORROWER

     Borrower hereby unconditionally covenants and agrees with Lender that until
the  Loan  shall  have been paid in full and the lien of the Deed of Trust shall
have  been  released:

     5.01  Commencement  and Completion. Borrower will cause the construction of
           ----------------------------
the  Improvements to commence by the Commencement Date and to be prosecuted with
diligence and continuity and will complete the same in accordance with the Plans
and  Specifications  such  that  the Completion of the Improvements occurs on or
before  the  Completion  Date,  free  and clear of liens or claims for liens for
material  supplied  and  for labor and services performed in connection with the
construction  of  the  Improvements.

                                      -15-
<PAGE>
     5.02     No  Change.  Borrower  will not, without the prior written consent
              ----------
of  Lender,  amend,  alter  or  change,  pursuant to change order, amendments or
otherwise,  the  Plans  and  Specifications or the Construction Contract if the
cost  of making such change increases or decreases the Project Budget by greater
than  $10,000.00 with respect to any single change or if the cumulative increase
or decrease to the Project Budget, taking into account all prior changes whether
approved  by  Lender  or  not, exceeds $50,000.00.  Any amendment, alteration or
change  to the Construction Contract consented to by Lender shall be executed by
Borrower,  Borrower's  Architect,  Contractor  and  Lender.

     5.03     Use  of Advances. Borrower will receive the Advances and will hold
              ----------------
same  as  a trust fund for the purpose of paying the cost of construction of the
Project  and  related  nonconstruction costs and other Approved Costs related to
the  Project  as  provided for herein.  Borrower will apply the same promptly to
the  payment  of  the costs and expenses for which each Advance is made and will
not  use  any  part  thereof  for  any  other  purpose.

     5.04     Lender's  Expenses.  Borrower  will  reimburse  Lender  for  all
              ------------------
reasonable expenses of Lender, including reasonable attorneys' fees, incurred in
connection with the preparation, execution, delivery and performance of the Loan
Documents  and  in  connection  with  the  closing  of  the  Loan, including any
post-closing covenants and obligations relating to the Loan.  Borrower will also
reimburse  Lender  for  all  expenses  of  Lender  incurred  in  connection with
obtaining  any  Appraisal  or  in  connection  with  services  performed  by the
Inspecting  Architect.

     5.05     Defects and Variances. Borrower will, upon demand of Lender and at
              ---------------------
Borrower's  sole  expense,  correct any structural defect in the Improvements or
any  variance  (other  than a minor variance which does not adversely affect the
structural  integrity  or  the  value  of  the  Project)  from  the  Plans  and
Specifications  not  approved in  writing by Lender in a commercially reasonable
manner  and  time  frame.

     5.06     Estoppel  Certificates.   Borrower  will  deliver  to  Lender,
              ----------------------
promptly  after  request  therefor, estoppel certificates or written statements,
duly  acknowledged,  stating the  amount that has then been advanced to Borrower
under  this  Agreement, the amount due on  the Note, and whether any offsets or
defenses  exist against  the  Note  or  any  of  the  other  Loan  Documents.

     5.07     Inspecting Architect.  Lender  shall  retain  the  services of the
              --------------------
Inspecting  Architect  and  shall  pay  the  fees and expenses of the Inspecting
Architect  in  connection  with  the  performance  of the Inspecting Architect's
duties.  Borrower  will  reimburse  to Lender within ten (10) days after written
request  therefor  the fees and expenses of the Inspecting Architect incurred by
Lender.  Borrower  will  cooperate  with the Inspecting Architect and will cause
Borrower's  Architect,  each Contractor, each subcontractor and the employees of
each  of them to cooperate with the Inspecting Architect and, upon request, will
furnish  the Inspecting Architect whatever the Inspecting Architect may consider
necessary  or  useful  in  connection  with  the  performance  of the Inspecting
Architect's  duties.  Without limiting the generality of the foregoing, Borrower
shall  furnish or cause to be furnished such items as working details, Plans and
Specifications  and  details  thereof,  samples of materials, licenses, permits,
certificates  of  public authorities, building codes and copies of the contracts
between  Borrower  and  Contractor.  Borrower will permit Lender, the Inspecting
Architect  and  their  representatives  to enter the Project for the purposes of
inspecting  same.  If  the  Inspecting

                                      -16-
<PAGE>
Architect  shall be, or for any reason becomes, disqualified or unable to act or
continue  to  act  as  Inspecting Architect, or if Lender in its sole discretion
desires,  Lender  may  appoint  a  successor  Inspecting Architect; and any such
successor shall have the same duties to Lender and shall be entitled to the same
cooperation  as  if  he had originally been named herein.  Borrower acknowledges
that  the  duties  of the Inspecting Architect run solely to Lender and that the
Inspecting Architect shall have no obligations or responsibilities whatsoever to
Borrower,  Contractor or to any of Borrower's or Contractor's agents, employees,
or  subcontractors.

     5.08  Brokers.  Borrower  will  indemnify  Lender  from  claims  of brokers
           -------
claiming by, through or under Borrower arising by reason of the execution hereof
or  the  consummation  of  the  transactions  contemplated  hereby.

     5.09  Personality  and  Fixtures.  Borrower  will  deliver  to  Lender,  on
           --------------------------
demand,  copies  of any contracts, bills of sale, statements, receipted vouchers
or  agreements  under  which Borrower claims title to any materials, fixtures or
articles incorporated in the Project or subject to the lien of the Deed of Trust
or  to  the  security  interest  of  the  Security  Agreement.

     5.10  Compliance  with  Governmental  Requirements.  Borrower  will  comply
           --------------------------------------------
promptly  with  all  Governmental  Requirements.

     5.11  Compliance with Restrictive Covenants.  Borrower will comply with all
           -------------------------------------
restrictive  covenants,  if  any,  affecting  the  Land.  Construction  of  the
Improvements  will  be  performed  in  a good and workmanlike manner, within the
perimeter  boundaries of the Land and within all applicable building and setback
lines  in  accordance  with  all  Governmental  Requirements  and  the Plans and
Specifications.  There  are,  and  will  be,  no  structural  defects  in  the
Improvements.

     5.12  Affidavit  of  Commencement.  Borrower shall, within ten (10) days
           ---------------------------
after  the  Commencement  Date, but not before construction or rehabilitation of
the  Improvements  has  actually  begun,  file in the appropriate records of the
county  in  which the Land is situated, an Affidavit of Commencement in the form
of  Exhibit  "B" attached hereto and incorporated herein by this reference, duly
    -----------
executed by Borrower and Contractor.  The date of commencement of work set forth
in  such Affidavit of Commencement shall not be the date of or prior to the date
on  which  the  Deed  of  Trust  was  recorded.

     5.13     Affidavit  of  Completion.  Borrower shall file in the appropriate
              -------------------------
records  in the county in which the Land is situated, within ten (10) days after
construction  of the Improvements has been completed, an Affidavit of Completion
in  the  form  of  Exhibit  "C"  attached hereto and incorporated herein by this
                   ------------
reference.

     5.14  Payment  of  Expenses.  Borrower  shall  pay  all  costs and expenses
           ---------------------
relating  to the Project and for which an Advance is made by checks drawn on the
Construction  Advance  Account.

     5.15     Notices Received.  Borrower will promptly deliver to Lender a true
              ----------------
and  correct  copy  of all notices of default, and any correspondence or notices
from  any  Governmental  Authority,

                                    -17-
<PAGE>
received  by  Borrower  from any  person or entity with respect to Borrower, any
Guarantor,  the  Project,  or  any  or  all  of  them.

     5.16  Storage  of  Materials.  Borrower  shall cause all materials supplied
           ----------------------
for, or intended to be utilized in, the construction of any part of the Project,
but  not  affixed  to  or  incorporated into the Improvements or the Land, to be
stored  on  the  Land  or at such other location as may be approved by Lender in
writing,  with  adequate  safeguards,  as  required  by Lender, to prevent loss,
theft,  damage  or  commingling  with  other  materials  or  projects.

     5.17   Delivery  of  Operating  Reports and Financial Statements.  Borrower
            ---------------------------------------------------------
agrees to  deliver  to Lender  the  Financial  Statements for the Project at the
time and in the manner required  by  the  Deed  of  Trust.

                                   ARTICLE VI.

                                   ASSIGNMENTS

     6.01  Assignment of Construction Contract.  As  additional security for the
           -----------------------------------
payment  of  the  Loan,  Borrower  hereby transfers and assigns to Lender all of
Borrower's  rights  and interest, but not its obligations, in, under and to each
Construction  Contract  upon  the  following  terms  and  conditions:

     (a)  Borrower  represents  and  warrants that the copy of each Construction
          Contract  it  will  furnish  to  Lender  is  a  true and complete copy
          thereof, including all amendments thereto, if any, and that Borrower's
          interest  therein  is not subject to any claim, setoff or encumbrance.

     (b)  Neither  this  assignment nor any action by Lender shall constitute an
          assumption  by  Lender  of  any  obligations  under  any  Construction
          Contract, and Borrower shall continue to be liable for all obligations
          of Borrower thereunder, Borrower hereby agreeing to perform all of its
          obligations  under  each  Construction  Contract.  Borrower  agrees to
          indemnify  and  hold  Lender harmless against and from any loss, cost,
          liability  or  expense  (including but not limited to attorneys' fees)
          resulting  from  any  failure  of  Borrower  to  so  perform.

     (c)  Lender shall have the right at any time (but shall have no obligation)
          to  take  in its name or in the name of Borrower such action as Lender
          may  at  any  time  determine to be necessary or advisable to cure any
          default  under  any  Construction Contract or to protect the rights of
          Borrower  or Lender thereunder. Lender shall incur no liability if any
          action so taken by it or in its behalf shall prove to be inadequate or
          invalid,  and  Borrower  agrees  to indemnify and hold Lender harmless
          against  and  from any loss, cost, liability or expense (including but
          not limited to reasonable attorneys' fees) incurred in connection with
          any  such  action.

                                       -18-
<PAGE>
     (d)  Borrower  hereby  irrevocably  constitutes  and  appoints  Lender  as
          Borrower's  attorney-in-fact,  in  Borrower's  or  Lender's  name,  to
          enforce  all  rights  of  Borrower  under  each Construction Contract.

     (e) Prior to the occurrence of an event of default, Borrower shall have the
          right  to  exercise  its  rights  as  owner  under  each  Construction
          Contract, provided that, except as otherwise provided herein, Borrower
          shall not cancel or amend any Construction Contract or do or suffer to
          be  done  any  act which would impair the security constituted by this
          assignment  without  the  prior  written  consent  of  Lender.

     (f)  This  assignment  shall  inure  to  the  benefit  of  Lender  and  its
          successors  and assigns, any purchaser upon foreclosure of the Deed of
          Trust,  any  receiver in possession of the Project and any corporation
          formed  by  or  on  behalf of Lender which assumes Lender's rights and
          obligations  under  this  Agreement.

                                  ARTICLE VII.

                                EVENTS OF DEFAULT

     7.01  Events of Default. The following shall constitute "Events of Default"
           -----------------
hereunder:

     (a)  If  Borrower shall fail to comply with any of the covenants, duties or
          obligations  of  Borrower  in  this Agreement (excluding, however, any
          failure  by  Borrower  to  make any payments which are due and payable
          pursuant  to the terms and provisions of the Note, as to which failure
          Borrower  shall  not be entitled to any notice or opportunity to cure)
          and  such  failure  shall  either  be  incurable or, if curable, shall
          remain  uncured for a period of twenty (20) days after the date Lender
          gives  written  notice thereof to Borrower; provided, however, if such
          default  is  one  which  cannot  be  cured within such twenty (20) day
          period  through no fault of Borrower, Borrower shall not be in default
          so  long  as  it  has  commenced  the cure of such default within such
          twenty  (20)  day  period and thereafter diligently prosecutes same to
          completion,  but  in  any  event within sixty (60) days after the date
          Lender  gives  written  notice  thereof  to  Borrower.

     (b)  If  an  event  of  default shall occur under any of the Loan Documents
          (including,  without limitation, the Guaranty), which event of default
          shall continue beyond the period of notice, if any, and opportunity to
          cure,  if  any,  provided  for  in  any  such  Loan  Document;

     (c)  If  the  construction  of  the  Improvements  are,  at  any  time, (i)
          discontinued  due  to  acts or matters within Borrower's control for a
          period of ten (10) or more consecutive days, (ii) not carried out with
          reasonable  dispatch,  or  (iii) not completed by the Completion Date;

                                       -19-
<PAGE>
     (d)  If  Borrower is unable to satisfy any condition of Borrower's right to
          receive  an  Advance  hereunder  for a period in excess of thirty (30)
          days  after  Lender's  refusal  to  make  any  further  Advances;

     (e)  If Borrower executes any conditional bill of sale, chattel mortgage or
          other security instrument covering any materials, fixtures or articles
          intended  to  be  incorporated  in  the  Project  or the appurtenances
          thereto,  or  covering  articles  of  personal  property placed in the
          Project,  or  files  a  financing  statement publishing notice of such
          security instrument, or if any of such materials, fixtures or articles
          are  not  purchased  in such a manner that the ownership thereof vests
          unconditionally  in  Borrower,  free from encumbrances, on delivery at
          the  Land,  or  if Borrower does not produce to Lender upon reasonable
          demand the contracts, bills of sale, statements, receipted vouchers or
          agreements,  or any of them, under which Borrower claims title to such
          materials,  fixtures  and  articles;

     (f)  If  any  levy, attachment or garnishment is issued, or if any lien for
          the  performance  of work or the supply of materials is filed, against
          any  part of the Project and remains unsatisfied or unbonded following
          the  earlier  of(i) twenty (20) days after the date of filing thereof,
          or  (ii)  the  requesting  by  Borrower  of  an  Advance;

     (g)  If  any  statement, representation or warranty in this Agreement or in
          any  of  the other Loan Documents is false, misleading or erroneous in
          any  material  respect;  or,

     (h)  if  the  Construction  Contract  is  amended or modified (except as is
          expressly  permitted  herein)  or  terminated  without  Lender's prior
          written  consent.

     7.02 Remedies.  Lender shall have the right, upon the happening of an Event
          --------
of  Default,  in  addition  to  any rights or remedies available to it under all
other  Loan  Documents,  to enter into possession of the Project and perform any
and  all  work and labor necessary to complete the Improvements.  All amounts so
expended  by  Lender  shall be deemed to have been disbursed to Borrower as Loan
proceeds  and  secured  by the Deed of Trust.  For this purpose, Borrower hereby
constitutes  and appoints Lender as Borrower's true and lawful attorney-in-fact,
with  full  power  of  substitution  to complete the Improvements in the name of
Borrower,  and  hereby  empowers  Lender, acting as Borrower's attorney-in-fact,
effective  upon  the  occurrence  of an Event of Default, as follows: to use any
funds  of  Borrower,  including  any  balance  which  may be held in escrow, any
Borrower's  Deposit and any funds which may remain unadvanced hereunder, for the
purpose  of  completing  the  Improvements;  to  continue  all  or  any existing
construction  contracts  or  subcontracts;  to  employ  such  contractors,
subcontractors,  agents, architects and inspectors as shall be required for said
purposes;  to  pay, settle or compromise all existing bills and claims which are
or  may  be  liens against the Project, or may be necessary or desirable for the
completion of the work or the clearing of title; to execute all the applications
and  certificates  in  the  name  of  Borrower  which  may  be  required  by any
construction  contract;  and  to  do  any  and  every  act  with  respect to the
construction  of  the  Improvements  which  Borrower  could do in Borrower's own
behalf.  It is understood and agreed that this power of attorney shall be deemed
to  be a power coupled with an interest which cannot be revoked.  Lender, acting
as  Borrower's  attorney-in-fact  after  the  occurrence  of  an  Event

                                       -20-
<PAGE>
of  Default,  shall  also  have  power  to  prosecute and defend all actions or
proceedings  in connection with the Project and to take such action and require
such  performance  as  is  deemed  necessary.

                                 ARTICLE VIII.

LENDER'S  DISCLAIMERS  -  BORROWER'S  INDEMNITIES

     8.01     No Obligation by  Lender to Construct.  Lender has no liability or
              -------------------------------------
obligation  whatsoever  or  howsoever  in  connection  with  the  Project or the
development,  construction  or completion thereof or work performed thereon, and
has no obligation except to disburse the Loan proceeds as herein agreed.  Lender
is  not  obligated  to  inspect  the  Project nor is Lender liable, and under no
circumstances  whatsoever  shall Lender be or become liable, for the performance
or  default of any contractor or subcontractor, or for any failure to construct,
complete, protect or insure the Project, or any part thereof, or for the payment
of  any cost or expense incurred in connection therewith, or for the performance
or  nonperformance  of any obligation of Borrower or any Guarantor to Lender nor
to  any other person, firm or entity.  Nothing, including without limitation any
disbursement of Loan proceeds or of the Borrower's Deposit nor acceptance of any
document or instrument, shall be construed as such a representation or warranty,
express  or  implied,  on  Lender's  part.

     8.02     No  Obligation by Lender to Operate.  Any term or condition of any
              -----------------------------------
of  the  Loan  Documents to the contrary notwithstanding, Lender shall not have,
and  by  its  execution  and  acceptance  of  this  Agreement  hereby  expressly
disclaims,  any  obligation  or  responsibility  for  the management, conduct or
operation of the business and affairs of Borrower or any Guarantor.  Any term or
condition  of the Loan Documents which permits Lender to disburse funds, whether
from  the  proceeds of the Loan, the Borrower's Deposit or otherwise, or to take
or  refrain  from taking any action with respect to Borrower, any Guarantor, the
Project or any other collateral for repayment of the Loan, shall be deemed to be
solely  to  permit  Lender  to  audit  and  review the management, operation and
conduct  of  the  business  and  affairs  of  Borrower and any Guarantor, and to
maintain and preserve the security given by Borrower to Lender for the Loan, and
may not be relied upon by any other person.  Further, Lender shall not have, has
not  assumed  and  by  its  execution  and  acceptance  of this Agreement hereby
expressly  disclaims  any  liability  or  responsibility  for  the  payment  or
performance  of  any indebtedness or obligation of Borrower or any Guarantor and
no  term  or  condition  of  the  Loan  Documents, shall be construed otherwise.
Borrower  hereby  expressly  acknowledges  that no term or condition of the Loan
Documents  shall  be  construed so as to deem the relationship between Borrower,
Guarantor  and  Lender  to be other than that of borrower, guarantor and lender,
and  Borrower  shall  at  all  times  represent  that  the  relationship between
Borrower, Guarantor and Lender is solely that of borrower, guarantor and lender.
BORROWER  HEREBY INDEMNIFIES AND AGREES TO HOLD LENDER HARMLESS FROM AND AGAINST
ANY COST, EXPENSE OR LIABILITY INCURRED OR SUFFERED BY LENDER AS A RESULT OF ANY
ASSERTION  OR  CLAIM  OF  ANY  OBLIGATION  OR  RESPONSIBILITY  OF LENDER FOR THE
MANAGEMENT,  OPERATION  AND  CONDUCT  OF THE BUSINESS AND AFFAIRS OF BORROWER OR
GUARANTOR,  OR  AS  A  RESULT  OF  ANY  ASSERTION  OR  CLAIM OF ANY LIABILITY OR
RESPONSIBILITY  OF  LENDER FOR THE PAYMENT OR PERFORMANCE OF ANY INDEBTEDNESS OR
OBLIGATION  OF  BORROWER  OR  GUARANTOR;  PROVIDED  HOWEVER,  THE  FOREGOING

                                      -21-
<PAGE>
INDEMNITY  SHALL  NOT  INCLUDE ANY LIABILITY, LOSS OR DAMAGE CAUSED BY THE GROSS
NEGLIGENCE  OR  WILLFUL  MISCONDUCT  OF  LENDER  OR  ITS  AGENTS.

     8.03     No  Third  Party  Beneficiaries.  The  benefits  of this Agreement
              -------------------------------
shall  not  inure  to  any third party, nor shall this Agreement be construed to
make  or  render  Lender liable to any materialmen, subcontractors, contractors,
laborers  or others for goods and materials supplied or work and labor furnished
in  connection  with  the  construction  of  the  Project or for debts or claims
accruing  to any such persons or entities against Borrower.  Lender shall not be
liable  for the manner in which any Advances under this Agreement may be applied
by  Borrower  and Borrower's contractors.  Notwithstanding anything contained in
the  Loan  Documents, or any conduct or course of conduct by the parties hereto,
before  or  after  signing  the  Loan  Documents,  this  Agreement  shall not be
construed  as creating any rights, claims or causes of action against Lender, or
any of its officers, directors, agents or employees, in favor of any contractor,
subcontractor,  supplier  of  labor  or  materials,  or  any of their respective
creditors,  or any other person or entity other than Borrower.  Without limiting
the  generality of the foregoing, Advances made to any contractor, subcontractor
or  supplier  of  labor  or  materials,  pursuant  to any Requests for Advances,
whether or not such request is required to be approved by Borrower, shall not be
deemed  a  recognition by Lender of a third party beneficiary status of any such
person  or  entity.

     8.04  No  Agency.  Nothing  herein  shall  be  construed  as  making  or
           ----------
constituting  Lender as the agent of Borrower in making payments pursuant to any
construction contracts or subcontracts entered into by Borrower for construction
of  the  Project  or  otherwise.  The  purpose  of  all  requirements  of Lender
hereunder  is  solely  to  allow  Lender  to  check  and  require  documentation
(including,  but  not limited to, lien waivers) sufficient to protect Lender and
the  Loan  contemplated  hereby.  Borrower  shall  have  no right to rely on any
procedures  required  by Lender, Borrower hereby acknowledging that Borrower has
sole  responsibility  for  constructing  the Project and paying for work done in
accordance  therewith  and  that  Borrower has solely, on Borrower's own behalf,
selected  or  approved each contractor, each subcontractor and each materialman,
Lender  having  no  responsibility  for  any such persons or entities or for the
quality  of  their  materials  or  workmanship.

8.05  Indemnity  by  Borrower.  BORROWER  HEREBY  INDEMNIFIES  LENDER  AND
      -----------------------
EACH  AFFILIATE THEREOF AND THEIR RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES, AND
AGENTS  FROM,  AND  HOLDS  EACH  OF  THEM  HARMLESS AGAINST, ANY AND ALL LOSSES,
LIABILITIES,  CLAIMS,  DAMAGES,  COSTS,  AND  EXPENSES  TO WHICH ANY OF THEM MAY
BECOME SUBJECT, INSOFAR AS SUCH LOSSES, LIABILITIES, CLAIMS, DAMAGES, COSTS, AND
EXPENSES  ARISE  FROM  OR  RELATE  TO  ANY  OF  THE LOAN DOCUMENTS OR ANY OF THE
TRANSACTIONS  CONTEMPLATED  THEREBY  OR  FROM  ANY INVESTIGATION, LITIGATION, OR
OTHER  PROCEEDING,  INCLUDING, WITHOUT LIMITATION, ANY THREATENED INVESTIGATION,
LITIGATION,  OR  OTHER  PROCEEDING  RELATING  TO  ANY OF THE FOREGOING; PROVIDED
HOWEVER, THE FOREGOING INDEMNITY SHALL NOT INCLUDE ANY LIABILITY, LOSS OR DAMAGE
CAUSED  BY  THE  GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF LENDER OR ITS AGENTS.
Without  intending to limit the remedies available to Lender with respect to the
enforcement  of  its

                                      -22-
<PAGE>
indemnification  rights  as  stated herein or as stated in any Loan Document, in
the  event  any claim or demand is made or any other fact comes to the attention
of  Lender  in connection with, relating or pertaining to, or arising out of the
transactions  contemplated  by  this Agreement, which Lender reasonably believes
might  involve  or lead to some liability of Lender, Borrower shall, immediately
upon receipt of written notification of any such claim or demand, assume in full
the  personal responsibility for and the defense of any such claim or demand and
pay  in  connection  therewith  any  loss,  damage,  deficiency,  liability  or
obligation,  including,  without limitation, legal fees and court costs incurred
in  connection  therewith.  In  the event of court action in connection with any
such  claim  or demand, Borrower shall assume in full the responsibility for the
defense of any such action and shall immediately satisfy and discharge any final
decree  or  judgment rendered therein.  Lender may, in its sole discretion, make
any  payments  sustained  or  incurred  by  reason  of any of the foregoing; and
Borrower shall immediately repay to Lender, in cash and not with proceeds of the
Loan,  the  amount of such payment, with interest thereon at the maximum rate of
interest  permitted  by  applicable  law  from the date of such payment.  Lender
shall  have  the right to join Borrower as a party defendant in any legal action
brought  against  Lender,  and Borrower hereby consents to the entry of an order
making  Borrower  a  party  defendant  to  any  such  action.

                                   ARTICLE IX.

     In  consideration of Lender's originating the Loan to Borrower contemplated
hereby  and  of  the  commitment  of  Lender  to  make  the proceeds of the Loan
available to Borrower from time to time during the term of, and as so stated in,
this  Agreement,  Borrower  agrees  to pay to Lender  prior to or simultaneously
with  the  Initial  Advance  the  Commitment  Fee.

                                   ARTICLE X.

                       PARTIAL RELEASE OF LIEN PROVISIONS

     Lender  or  any subsequent owner or holder of the Note and the indebtedness
evidenced  thereby  shall  execute  and  deliver  to Borrower,  within three (3)
business  days  after  a  request  by  Borrower  therefor, a partial release of
individual  Units  comprising  the  Improvements,  together  with  all  rights
appurtenant  to  any  such  Unit,  upon  satisfaction  of  each of the following
conditions:  (a)  payment  by  Borrower  to  Lender (for application against the
unpaid principal amount of the Note) of an amount equal to the lesser of (i) the
greater  of  (A)  $36.41  times the number of square feet contained in such Unit
(the  "Square Foot Release Amount"), or (B) the net sales proceeds from the sale
of  such  Unit,  or  (ii) the unpaid principal balance of the Note (the "Partial
Release  Price");  (b)  no  Event of Default has occurred and is then continuing
under  the  Loan  Documents;  and  (c)  payment  by  Borrower  to  Lender,
contemporaneously  with  its  request  for  a partial release, of all reasonable
costs  and  expenses, including, without limitation, reasonable attorney's fees,
incurred  by  Lender  in connection with Lender's review of such partial release
request.  For  purposes  of  this Article X, the term "net sales proceeds" shall
                                  ---------
mean  the  gross proceeds of the sale of any Unit, less all of the closing costs
paid  by Borrower which are directly attributable to the sale, including but not
limited  to  surveys,  title  policies,  commissions,  and  property  taxes.
Notwithstanding  the  foregoing,  until such time as an aggregate of $300,000.00
has  been  deposited  by  Borrower  into  the  Construction  Reserve Account, in
connection  with the release of such Unit, Lender will allow Borrower to deposit
into  the

                                     -23-
<PAGE>
Construction  Reserve  Account  an  amount  equal to the amount by which the net
sales proceeds derived from the sale of such Unit exceed the Square Foot Release
Amount  for  such  Unit.  The funds in the Construction Reserve Account shall be
released  to  Borrower in accordance with the provisions of Section 3.03 of this
                                                            ------------
Agreement,  and  shall  only  be disbursed to Borrower for (i) use in connection
with  the construction of the Improvements, (ii) Payment of the monthly interest
payments  due  under  the  Rampart Loan, or (iii) payment of the Partial Release
Price  in  connection  with  the  sale  and  release  of  additional  Units.

                                  ARTICLE XI.

                                 MISCELLANEOUS

     11.01  Successors  and  Assigns.  This Agreement shall be binding upon, and
            ------------------------
shall  inure to the benefit of, Borrower and Lender, and their respective heirs,
legal  representatives,  successors  and assigns, provided that Borrower may not
assign  any rights or obligations under this Agreement without the prior written
consent  of  Lender.

     11.02  Headings.  The  Article, Section, and Subsection entitlements hereof
            --------
are  inserted  for  convenience  of  reference  only  and shall in no way alter,
modify,  define  or be used in construing the text of such Articles, Sections or
Subsections.

     11.03     Survival.  The  provisions  hereof shall survive the execution of
               --------
all  instruments herein mentioned, shall continue in full force and effect until
the  Loan  has  been paid in full and shall not be affected by any investigation
made  by  any  party.  This  instrument  may be amended only by an instrument in
writing  executed  by  the  parties  hereto.

     11.04  CONTROLLING  AGREEMENT;  APPLICABLE  LAW.  THIS  AGREEMENT  SHALL BE
            ----------------------------------------
GOVERNED  BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS AND
THE APPLICABLE LAWS OF THE UNITED STATES OF AMERICA.  COURTS WITHIN THE STATE OF
TEXAS  SHALL  HAVE  JURISDICTION  OVER ANY AND ALL DISPUTES BETWEEN BORROWER AND
GUARANTOR  AND  LENDER, WHETHER IN LAW OR EQUITY, INCLUDING, BUT NOT LIMITED TO,
ANY  AND  ALL DISPUTES ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER
LOAN DOCUMENT; AND VENUE IN ANY SUCH DISPUTE, WHETHER IN FEDERAL OR STATE COURT,
SHALL  BE  LAID  IN  HARRIS  COUNTY,  TEXAS.

     11.05  Notices.  Any  notice  required  or permitted to be given  hereunder
            -------
shall be in writing and shall be considered properly given if in accordance with
the  procedures  for  giving  notice which are set forth in Section 12.5 of the
Deed  of  Trust.

                                       -24-
<PAGE>
     11.06  Reliance  by  Lender. Lender is relying and is entitled to rely upon
            --------------------
each  and  all  of  the  provisions  of  this Agreement; and accordingly, if any
provision  or  provisions  of  this  Agreement  should  be held to be invalid or
ineffective,  then  all other provisions hereof shall continue in full force and
effect  notwithstanding.

     11.07  Participations.  Lender  shall  have the right at any  time and from
            --------------
time  to  time to grant participations in the Note and any other Loan Documents.
Each participant shall be entitled to receive all information received by Lender
regarding  the  creditworthiness  of  Borrower,  including,  without limitation,
information  required  to  be  disclosed  to  a  participant pursuant to Banking
Circular  181  (Rev., August 2, 1984), issued by the Comptroller of the Currency
(whether  the  participant is subject to the circular or not). In the event that
Lender  grants  participations  in the Note and any other Loan Documents, Lender
shall  remain  the  lead  lender,  and  Lender  shall,  subject to the terms and
provisions  set  forth  herein,  remain  fully  obligated  to  make  Advances in
accordance  with  the terms and provisions of the Loan Documents. Borrower shall
not be obligated to deal with any participant in connection with the funding and
administration  of  the  Loan.

     11.08  ENTIRE  AGREEMENT.  THIS WRITTEN LOAN AGREEMENT REPRESENTS 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.
     -----------------------------------------------------------

     11.09  Superseding Effect. In the event of a conflict between the terms and
            ------------------
conditions  of  this  Agreement  and  the terms and conditions of any other Loan
Document,  the  terms  and  conditions  of  this  Agreement  shall  control.

     IN  WITNESS  WHEREOF, the parties hereto have executed this Agreement as of
the  day  and  year  first  above  written.

                                 BORROWER:
                                 --------

                                 GREATER  HOUSTON  GULF  PARTNERS,
                                 LTD.,  a Texas limited partnership

                                 By:  Greater Houston Gulf Partners, G.P., Inc.,
                                      a Texas  corporation

                                      By: /s/  J. H. Carpenter
                                         ---------------------------------------
                                            J. H. Carpenter,  President

                                      -25-
<PAGE>
                                 LENDER:
                                 ------

                                 SOUTHWEST  BANK  OF  TEXAS,  N.A., a national
                                 banking association

                                 By:  /s/  Noel M. Byrne
                                    --------------------------------------------
                                            Noel M. Byrne, Senior Vice President

List of Exhibits
----------------

Exhibit  "A"  -  Property Description
Exhibit  "B"  -  Affidavit of Commencement
Exhibit  "C"  -  Affidavit of Completion
Exhibit  "D"  -  Project  Budget
Exhibit  "E"  -  Affidavit for Payment
Exhibit  "F"  -  Request for Advance

                                      -26-
<PAGE>

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