Document:

<PAGE>   1

                                                                   EXHIBIT 10.42

                         MANAGEMENT SERVICES AGREEMENT

     This Management Services Agreement (this "Agreement") is executed and made
effective as of January 1, 2000, between K & F Industries Inc., a Delaware
corporation ("K & F") and Loral SpaceCom Corporation, a Delaware corporation
("Loral" or the "Manager").

     WHEREAS, K & F is engaged in manufacturing aircraft wheels, brakes and
anti-skid systems as well as fuel tanks, iceguards, and specialty coated fabrics
for use in aircraft (the "Business").

     WHEREAS, Loral has expert administrative staff and personnel available to
render general and specific services of a financial, commercial and
administrative nature with respect to the Business, and desires to provide such
services pursuant to the terms hereof.

     WHEREAS, K & F desires that Loral provide K & F with the aforesaid
services.

     NOW, THEREFORE, in consideration of the premises and the mutual covenants
set forth herein and for other good, valid and binding consideration, the
receipt and sufficiency of which is hereby acknowledged, the parties hereto,
intending to be legally bound, hereby agree as follows:

     1. Description of Services.  Subject to the terms and provisions of this
Agreement, the Manager shall, or shall cause its affiliates to, provide K & F
with general managerial services of a financial, commercial and administrative
nature with respect to the Business, in such scope and nature as K & F may
request from time to time. The current scope and nature of these services is
more particularly set forth in Annex I of this Agreement, which may be updated
or modified by the parties as necessary. This Agreement does not impose upon K &
F the obligation to request any services from Manager. The Manager shall for all
purposes of this Agreement be an independent contractor and not an agent of K &
F. Manager shall have no authority to bind K & F to any contract or obligation.

     2. Consideration.  K & F shall pay, and the Manager shall accept, as full
consideration for the services to be rendered hereunder, a fee equal to the
direct or "out of pocket" cost of such services plus 10%. K & F shall also
reimburse the Manager for all reasonable out of pocket expenses.

     3. Method and Character of Payment.  The fees hereunder shall be remitted
to the Manager by K & F in United States dollars by check or by wire transfer to
a bank to be designated by the Manager, unless otherwise provided for and agreed
upon in writing by the parties.

     4. Liability.  Neither the Manager nor its respective directors, officers,
employees or agents shall be liable to K & F for any action or conduct taken or
not taken by any of such parties, except as may arise from the willful
misconduct of such party.

     5. Indemnification.  (a) The Manager and its respective agents, officers,
employees and directors (the "Loral Indemnified Parties") will have no liability
for, and will be indemnified and held harmless against, any and all claims,
demands, liabilities, costs, expenses, damages, losses, suits, proceedings and
actions, whether judicial, administrative, investigative or otherwise, of any
nature whatsoever, known or unknown, liquidated or unliquidated, contingent or
otherwise, in which any of the Loral Indemnified Parties may become involved, as
a party or otherwise, arising out of the conduct of the business or affairs of
K & F by the respective Loral Indemnified Parties or otherwise as a result of
services provided under or relating to this Agreement, except as may arise from
the willful misconduct of such party. The right of any Loral Indemnified Party
to the indemnification provided herein shall be cumulative of, and in addition
to, any and all rights to which such Loral Indemnified Party may otherwise be
entitled to by contract or as a matter of law or equity and shall extend to such
Loral Indemnified Party's successors, assigns and legal representatives.

     (b) K & F and its respective agents, officers, employees and directors (the
"K & F Indemnified Parties") will have no liability for, and will be indemnified
and held harmless against, any and all claims, demands, liabilities, costs,
expenses, damages, losses, suits, proceedings and actions, whether judicial,
administrative, investigative or otherwise, of any nature whatsoever, known or
unknown, liquidated or
<PAGE>   2

unliquidated, contingent or otherwise, in which any of the K & F Indemnified
Parties may become involved, as a party or otherwise, arising out of the conduct
of the business or affairs of the Manager, including, without limitation, the
employment by the Manager of its employees, or otherwise resulting from the
Manager's breach of this Agreement or default of its obligations to third
parties, except as may arise from the willful misconduct of such party. The
right of any K & F Indemnified Party to the indemnification provided herein
shall be cumulative of, and in addition to, any and all rights to which such
K & F Indemnified Party may otherwise be entitled to by contract or as a matter
of law or equity and shall extend to such K & F Indemnified Party's successors,
assigns and legal representatives.

     6. Termination by K & F.  Should the Manager commit a breach or default of
any of its obligations hereunder and fail to cure such breach after 30 days
written notice of such default from K & F, K & F may terminate this Agreement
with respect to the Manager after ten (10) days' written notice to the Manager.
Upon any such termination, the Manager shall be compensated for all services
performed to the date of termination in accordance with the provisions of this
Agreement.

     7. Termination by the Manager.  Should K & F commit a breach or default of
any of its obligations hereunder and fail to cure such breach after 30 days
written notice of such default from the Manager, the Manager may terminate this
Agreement, after ten (10) days' written notice to K & F.

     8. Effect of Termination.  In the event of termination by a party for cause
under paragraph 6 or 7 of this Agreement, the party terminating the Agreement
shall, in addition to the rights set forth in paragraph 6 or 7, as the case may
be, have such other rights and remedies as may be available at law or in equity,
including, in the case of paragraph 6, the right of set-off.

     9. Amendment.  This Agreement may be modified or amended only by the
agreement of the parties hereto in writing, duly executed by the authorized
representatives of each party.

     10. Force Majeure.  Any delays in or failure of performance by any party
hereto, other than the payment of money, shall not constitute a default
hereunder if and to the extent such delays or failures of performance are caused
by occurrences beyond the control of such party, including but not limited
to: acts of God or the public enemy; expropriation or confiscation of
facilities; compliance with any order or request of any governmental authority;
acts of war; riots or strikes or other concerted acts of personnel; or any
causes, whether or not of the same class or kind as those specifically named
above, which are not within the control of such party, and which by the exercise
of reasonable diligence, such party is unable to prevent.

     11. Assignment.  This Agreement shall not be assignable by any party
without the prior written consent of the other party hereto, except that the
Manager may assign its rights and delegate its obligations to any affiliate
which it controls, which controls it or with which it is under common control.
When duly assigned in accordance with the foregoing, this Agreement shall be
binding upon and shall inure to the benefit of the assignee.

     12. Governing Law.  THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK REGARDLESS OF THE LAWS THAT
MIGHT OTHERWISE GOVERN UNDER APPLICABLE PRINCIPLES OF CONFLICTS OF LAW THEREOF.

     13. Counterparts.  This Agreement may be executed in any number of
counterparts and by different parties hereto in separate counterparts, and
delivered by means of facsimile transmission or otherwise, each of which when so
executed and delivered shall be deemed to be an original and all of which when
taken together shall constitute but one and the same agreement.

     14. No Third Party Beneficiaries.  Nothing contained in this Agreement,
express or implied, is intended to or shall confer upon anyone other than the
parties hereto (and their permitted successors and assigns) any right, benefit
or remedy of any nature whatsoever under or by reason of this Agreement.

     15. Notices.  All notices and other communications hereunder shall be in
writing, signed by the party giving the same and shall be delivered by hand,
facsimile or mailed by express courier or by registered or certified mail,
postage prepaid, at the addresses set forth below or such other address as any
party may specify
                                        2
<PAGE>   3

by notice to the other parties. Any notice so addressed shall be deemed to be
given; if delivered by hand or facsimile, on the date of such delivery and if
mailed by courier, on the second business day following the date of such
mailing.

     (a) if to Loral:
       Loral SpaceCom Corporation
       600 Third Avenue
       New York, New York 10016
       Attention: Avi Katz
       Fax No.: (212) 338-5320

     (b) if to K & F:
        K & F Industries Inc.
        600 Third Avenue
        New York, New York 10016
        Attention: Kenneth M. Schwartz
        Fax No.: (212) 867-1182

     16. Waiver.  Any failure of any of the parties to comply with any
obligation, covenant, agreement or condition herein may be waived by any of the
parties entitled to the benefit thereof only by a written instrument signed by
each such party granting such waiver, but such waiver or failure to insist upon
strict compliance with such obligation, representation, warranty, covenant,
agreement or condition shall not operate as a waiver of or estoppel with respect
to, any subsequent or other failure.

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed by their duly authorized respective officers, as of the date first
above written.

                                          LORAL SPACECOM CORPORATION

                                          By: /s/ AVI KATZ
                                            ------------------------------------
                                          Name: Avi Katz
                                          Title:  Vice President and Secretary

                                          K & F INDUSTRIES INC.

                                          By: /s/ KENNETH M. SCHWARTZ
                                            ------------------------------------
                                          Name: Kenneth M. Schwartz
                                          Title:  President and COO

                                        3
<PAGE>   4

                                                                         ANNEX I

                               SCOPE OF SERVICES

     The Manager shall provide services to K & F in the following areas as
requested by K & F from time to time.

     - Rental of premises

     - Legal Services

     - Interest on Loral Space options

     - Insurance Services

     - Communications Services

     - Information Technology Services<PAGE>   1
                               AMENDMENT NO. 1 TO
               PURCHASE AND SALE AGREEMENT DATED OCTOBER 18, 2000
                   BETWEEN REEVES TELECOM LIMITED PARTNERSHIP
                          AND WW-GOLF & SERVICES, LLC.

         THIS AMENDMENT NO. 1 to the Purchase and Sale Agreement (the
"Agreement") dated October 18, 2000 between Reeves Telecom Limited Partnership
(the "Seller") and WW-Golf & Services, LLC (the "Purchaser") is made and entered
into this 7th day of November, 2000.

                                   WITNESSETH:

         WHEREAS, pursuant to Section 6(m) of the Agreement, Seller is to
provide Purchaser with an "Official North Carolina Wood Infestation Report" (the
"Wood Infestation Report") dated within thirty (30) days prior to the closing
date, and

         WHEREAS, Seller has been advised by the engineering firm engaged by
Seller to furnish the Wood Infestation Report that such report is valid for up
to thirty (30) days after the date of its issuance, and

         WHEREAS, the anticipated closing date is in January 2001 and Purchaser
has nevertheless requested that Seller arrange for the Wood Infestation Report
as soon a practicable,

         NOW, THEREFORE, Purchaser and Seller agree as follows:

1. The provisions of Section 6(m) of the Agreement are hereby amended to require
that Seller provide Purchaser with the Wood Infestation Report dated after
November 1, 2000 but prior to the date of Closing, and that such report need not
be dated within thirty (30) days prior to the closing date.

2.  All other terms, conditions and provisions of the Agreement
shall remain in full force and effect.
<PAGE>   2
         IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 1
to be duly executed as of this 7th day of November, 2000.

PURCHASER:                                       SELLER:

WW-GOLF & SERVICES, LLC                          REEVES TELECOM LIMITED
                                                        PARTNERSHIP

By: /S/ STEVEN WHITE                             By: /S/ DAVIS P. STOWELL
    ----------------                                 --------------------
    Steven White                                     Davis P. Stowell
    President                                        Vice President of Grace
                                                     Property Management, Inc.,
                                                     its General Partner
<PAGE>   3
                               AMENDMENT NO. 2 TO
               PURCHASE AND SALE AGREEMENT DATED OCTOBER 18, 2000
                   BETWEEN REEVES TELECOM LIMITED PARTNERSHIP
                          AND WW-GOLF & SERVICES, LLC.

         THIS AMENDMENT NO. 2 to the Purchase and Sale Agreement (the
"Agreement") dated October 18, 2000 between Reeves Telecom Limited Partnership
(the "Seller") and WW-Golf & Services, LLC (the "Purchaser") is made and entered
into this 4th day of December, 2000.

                                   WITNESSETH:

         WHEREAS, Exhibit "A" to the Agreement sets forth a legal description of
the real property to be purchased by Purchaser from Seller; and

         WHEREAS, a portion of the real property to be purchased by the
Purchaser from Seller was inadvertently omitted from Exhibit "A";

         NOW, THEREFORE, Purchaser and Seller agree as follows:

1. Exhibit "A" to the Agreement is hereby amended to include that certain parcel
of real property on which the clubhouse and cart shed are located as shown on
that Preliminary Plat of Fox Squirrel Country Club surveyed and mapped by Tide
Water Surveying, P.A.

2.  All other terms, conditions and provisions of the Agreement
shall remain in full force and effect.

         IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 2
to be duly executed as of this 4th day of December, 2000.

PURCHASER:                                        SELLER:

WW-GOLF & SERVICES, LLC                           REEVES TELECOM LIMITED
                                                         PARTNERSHIP

By: /S/ STEVEN WHITE                              By: /S/ DAVIS P. STOWELL
    ----------------                                  --------------------
    Steven White                                      Davis P. Stowell
    President                                         Vice President of Grace
                                                      Property Management, Inc.,
                                                      its General Partner
<PAGE>   4
                               AMENDMENT NO. 3 TO
               PURCHASE AND SALE AGREEMENT DATED OCTOBER 18, 2000
                   BETWEEN REEVES TELECOM LIMITED PARTNERSHIP
                          AND WW-GOLF & SERVICES, LLC.

         THIS AMENDMENT NO. 3 to the Purchase and Sale Agreement (the
"Agreement") dated October 18, 2000 between Reeves Telecom Limited Partnership
(the "Seller") and WW-Golf & Services, LLC (the "Purchaser") is made and entered
into this 20th day of December, 2000.

                                   WITNESSETH:

         WHEREAS, pursuant to Section 4.1 of the Agreement, Purchaser's Due
Diligence Period (as defined therein) is to be for a period of sixty (60) days
after the Execution Date (as defined in the Agreement), and

         WHEREAS, Purchaser has requested that the Due Diligence Period be
extended by thirty (30) days, and

         WHEREAS, Seller is agreeable to such extension,

         NOW, THEREFORE, Purchaser and Seller agree as follows:

1. Section 4.1 of the Agreement is hereby amended to provide that the Due
Diligence Period extends for a period of ninety (90) days after the Execution
Date.

2. Section 12 of the Agreement is hereby amended to provide that the Closing
shall take place on or before a date that is one hundred and twenty (120) days
after the date of the Agreement or such other time as the parties may agree.

3.  Section 16.1 of the Agreement is hereby amended to read, in
its entirety, as follows:

         "Termination Prior to Closing. Purchaser may, in its sole discretion,
         terminate the Agreement by providing written notice to Seller: (i)
         within ninety (90) days of the date of the Agreement for any reason
         whatsoever, or no reason; (ii) within one hundred and twenty (120) days
         of the date of this Agreement if Seller elects not to effect the
         removal of any hazardous or toxic chemical, material, substance or
         waste and restore the Property pursuant to Paragraph 4.3 hereof and
         Purchaser has not waived the condition set forth in Paragraph 4.3; or
         (iii) if the Closing Date is extended pursuant to Paragraph 4.3 hereof
         and a Closing has not
<PAGE>   5
         occurred by the end of such additional ninety (90) day period."

4.  Section 16.2 of the Agreement is hereby amended to read, in
its entirety, as follows:

         "Termination Prior to Closing by Seller. Seller may, in its sole
         discretion, terminate this Agreement by providing written notice to
         Purchaser: (i) if a Closing does not occur within one hundred and
         twenty (120) days of the date of this Agreement and the Closing Date
         has not been extended pursuant to Paragraph 4.3 hereof; or (ii) if the
         Closing Date is extended pursuant to Paragraph 4.3 hereof and a Closing
         has not occurred by the end of such additional ninety (90) day period."

5.  All other terms, conditions and provisions of the Agreement
shall remain in full force and effect.

         IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 3
to be duly executed as of this 20th day of December, 2000.

PURCHASER:                                        SELLER:

WW-GOLF & SERVICES, LLC                           REEVES TELECOM LIMITED
                                                         PARTNERSHIP

By: /S/ STEVEN WHITE                              By: /S/ DAVIS P. STOWELL
    ----------------                                  --------------------
    Steven White                                      Davis P. Stowell
    President                                         Vice President of Grace
                                                      Property Management, Inc.,
                                                      its General Partner
<PAGE>   6
                               AMENDMENT NO. 4 TO
               PURCHASE AND SALE AGREEMENT DATED OCTOBER 18, 2000
                   BETWEEN REEVES TELECOM LIMITED PARTNERSHIP
                          AND WW-GOLF & SERVICES, LLC.

         THIS AMENDMENT NO. 4 to the Purchase and Sale Agreement (the
"Agreement") dated October 18, 2000 between Reeves Telecom Limited Partnership
(the "Seller") and WW-Golf & Services, LLC (the "Purchaser") is made and entered
into this 22nd day of January, 2001.

                                   WITNESSETH:

         WHEREAS, pursuant to Section 4.1 of the Agreement, Purchaser's Due
Diligence Period (as defined therein) is to be for a period of sixty (60) days
after the Execution Date (as defined in the Agreement), and

         WHEREAS, Purchaser and Seller executed Amendment No. 3 to
the Agreement, pursuant to which the Due Diligence Period was
extended to January 25, 2001, and

         WHEREAS, Purchaser has requested a further extension of the Due
Diligence Period so that certain easement matters may be dealt with
appropriately, and

         WHEREAS, Seller is agreeable to such extension,

         NOW, THEREFORE, Purchaser and Seller agree as follows:

1. Section 4.1 of the Agreement is hereby amended to provide that the last day
of the Due Diligence Period is Friday, February 16, 2001.

2. Section 12 of the Agreement is hereby amended to provide that the Closing
shall take place on or before Friday, March 16, 2001 or such other time as the
parties may agree.

3.  Section 16.1 of the Agreement is hereby amended to read, in
its entirety, as follows:

         "Termination Prior to Closing. Purchaser may, in its sole discretion,
         terminate the Agreement by providing written notice to Seller: (i) on
         or before February 16, 2001 for any reason whatsoever, or no reason;
         (ii) on or before March 16, 2001 if Seller elects not to effect the
         removal of any hazardous or toxic chemical, material, substance or
         waste and restore the Property pursuant to Paragraph 4.3 hereof
<PAGE>   7
         and Purchaser has not waived the condition set forth in Paragraph 4.3;
         or (iii) if the Closing Date is extended pursuant to Paragraph 4.3
         hereof and a Closing has not occurred by the end of such additional
         ninety (90) day period."

4.  Section 16.2 of the Agreement is hereby amended to read, in
its entirety, as follows:

         "Termination Prior to Closing by Seller. Seller may, in its sole
         discretion, terminate this Agreement by providing written notice to
         Purchaser: (i) if a Closing does not occur by March 16, 2001 and the
         Closing Date has not been extended pursuant to Paragraph 4.3 hereof; or
         (ii) if the Closing Date is extended pursuant to Paragraph 4.3 hereof
         and a Closing has not occurred by the end of such additional ninety
         (90) day period."

5. If the Closing Date has been extended pursuant to Paragraph 4.3 of the
Agreement, the Closing shall occur on or before June 14, 2001, such date being
the date that is ninety (90) days after March 16, 2001.

6.  All other terms, conditions and provisions of the Agreement
shall remain in full force and effect.

         IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 4
to be duly executed as of this 22nd day of January, 2001.

PURCHASER:                                     SELLER:

WW-GOLF & SERVICES, LLC                        REEVES TELECOM LIMITED
                                                      PARTNERSHIP

By: /S/ STEVEN WHITE                           By: /S/ DAVIS P. STOWELL
    ----------------                               ----------------------------
    Steven White                                   Davis P. Stowell
    President                                      Vice President of Grace
                                                   Property Management, Inc.,
                                                   its General Partner
<PAGE>   8
                               AMENDMENT NO. 5 TO
               PURCHASE AND SALE AGREEMENT DATED OCTOBER 18, 2000
                   BETWEEN REEVES TELECOM LIMITED PARTNERSHIP
                          AND WW-GOLF & SERVICES, LLC.

         THIS AMENDMENT NO. 5 to the Purchase and Sale Agreement (the
"Agreement") dated October 18, 2000 between Reeves Telecom Limited Partnership
(the "Seller") and WW-Golf & Services, LLC (the "Purchaser") is made and entered
into this 14th day of February, 2001.

                                   WITNESSETH:

         WHEREAS, pursuant to Section 4.1 of the Agreement, Purchaser's Due
Diligence Period (as defined therein) is to be for a period of sixty (60) days
after the Execution Date (as defined in the Agreement), and

         WHEREAS, Purchaser and Seller executed Amendments No. 3 and
4 to the Agreement, pursuant to which the Due Diligence Period
was extended, most recently, to February 16, 2001, and

         WHEREAS, Purchaser has requested a further extension of the Due
Diligence Period so that certain matters may be dealt with appropriately, and

         WHEREAS, Seller is agreeable to such extension,

         NOW, THEREFORE, Purchaser and Seller agree as follows:

1. Section 4.1 of the Agreement is hereby amended to provide that the last day
of the Due Diligence Period is Friday, March 2, 2001.

2.  All other terms, conditions and provisions of the Agreement,
as amended, shall remain in full force and effect.
<PAGE>   9
         IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 5
to be duly executed as of this 14th day of February, 2001.

PURCHASER:                                   SELLER:

WW-GOLF & SERVICES, LLC                      REEVES TELECOM LIMITED
                                                    PARTNERSHIP

By: /S/ STEVEN WHITE                         By: /S/ DAVIS P. STOWELL
    ---------------------                        -----------------------------
    Steven White                                 Davis P. Stowell
    President                                    Vice President of Grace
                                                 Property Management, Inc.,
                                                 its General Partner
<PAGE>   10
                               AMENDMENT NO. 6 TO
               PURCHASE AND SALE AGREEMENT DATED OCTOBER 18, 2000
                   BETWEEN REEVES TELECOM LIMITED PARTNERSHIP
                          AND WW-GOLF & SERVICES, LLC.

         THIS AMENDMENT NO. 6 to the Purchase and Sale Agreement (the
"Agreement") dated October 18, 2000 between Reeves Telecom Limited Partnership
(the "Seller") and WW-Golf & Services, LLC (the "Purchaser") is made and entered
into this 1st day of March, 2001.

                                   WITNESSETH:

         WHEREAS, pursuant to Section 4.1 of the Agreement, Purchaser's Due
Diligence Period (as defined therein) is to be for a period of sixty (60) days
after the Execution Date (as defined in the Agreement), and

         WHEREAS, Purchaser and Seller executed Amendments No. 3, 4
and 5 to the Agreement, pursuant to which the Due Diligence
Period was extended, most recently, to March 2, 2001, and

         WHEREAS, Purchaser has requested a further extension of the Due
Diligence Period so that certain matters may be dealt with appropriately, and

         WHEREAS, Seller is agreeable to such extension,

         NOW, THEREFORE, Purchaser and Seller agree as follows:

1. Section 4.1 of the Agreement is hereby amended to provide that the last day
of the Due Diligence Period is Friday, March 9, 2001.

2.  All other terms, conditions and provisions of the Agreement,
as amended, shall remain in full force and effect.
<PAGE>   11
         IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 6
to be duly executed as of this 1st day of March, 2001.

PURCHASER:                               SELLER:

WW-GOLF & SERVICES, LLC                  REEVES TELECOM LIMITED
                                                PARTNERSHIP

By: /S/ STEVEN WHITE                     By: /S/ DAVIS P. STOWELL
    -----------------------                  ---------------------------------
    Steven White                             Davis P. Stowell
    President                                Vice President of Grace
                                             Property Management, Inc.,
                                             its General Partner
<PAGE>   12
                               AMENDMENT NO. 7 TO
               PURCHASE AND SALE AGREEMENT DATED OCTOBER 18, 2000
                   BETWEEN REEVES TELECOM LIMITED PARTNERSHIP
                          AND WW-GOLF & SERVICES, LLC.

         THIS AMENDMENT NO. 7 to the Purchase and Sale Agreement (the
"Agreement") dated October 18, 2000 between Reeves Telecom Limited Partnership
(the "Seller") and WW-Golf & Services, LLC (the "Purchaser") is made and entered
into this 9th day of March, 2001.

                                   WITNESSETH:

         WHEREAS, pursuant to Section 6 of the Agreement, Seller represents and
warrants to Purchaser that it is the lawful owner of the real property
contemplated by said Agreement and at the closing will have and will transfer to
Purchaser valid, good and marketable title thereto by general warranty deed,
free and clear of any claims, liens, equities or encumbrances (except with
regard to the lien of current real estate taxes, as stated therein), and

         WHEREAS, Purchaser pursuant to Section 4 of the Agreement has made
inspections and determined that a portion of the irrigation system encroaches on
Lot 177 of Section 31 according to a map recorded in Map Cabinet H at Page 174
of the Brunswick County registry, and

         WHEREAS, Seller is agreeable to pay up to $1,500.00 to relocate said
irrigation line from Lot 177 to the real property to be sold to Purchaser.

         NOW, THEREFORE, Purchaser and Seller agree as follows:

1. Section 3 of the Agreement is hereby amended to provide that the Seller shall
pay up to $1,500.00 to the Purchaser to be used to relocate the irrigation line
from Lot 177, Section 31 according to a map recorded in Map Cabinet H at Page
174 of the Brunswick County Registry to the real property that is the subject of
the Agreement. This amendment shall survive the closing and Seller shall make
payments to Buyer as called for herein upon being furnished satisfactory
invoices for sums expended for said relocation up to $1,500.00.

2.  All other terms, conditions and provisions of the Agreement
shall remain in full force and effect.
<PAGE>   13
         IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 7
to be duly executed as of this 9th day of March, 2001.

PURCHASER:                                 SELLER:

WW-GOLF & SERVICES, LLC                    REEVES TELECOM LIMITED
                                                  PARTNERSHIP

By: /S/ STEVEN WHITE                       By: /S/ DAVIS P. STOWELL
    -----------------------                    -------------------------------
    Steven White                               Davis P. Stowell
    President                                  Vice President of Grace
                                               Property Management, Inc.,
                                               its General Partner

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