Document:

Exhibit 4.5
                                 PROMISSORY NOTE

$38,000,000.00                                                  October 16, 2000
                                                               Chicago, Illinois

                  FOR  VALUE  RECEIVED,   M.D.C.  HOLDINGS,   INC.,  a  Delaware
corporation  ("Maker"),  hereby  promises and agrees to pay to the order of U.S.
BANK NATIONAL ASSOCIATION  ("Payee"),  the principal sum of THIRTY-EIGHT MILLION
DOLLARS ($38,000,000.00) in lawful money of the United States of America, or, if
less than such principal  amount,  the aggregate  unpaid principal amount of all
Advances made to Maker by the Payee pursuant to the Credit Agreement hereinafter
referenced.  Such payment  shall be made on the Facility  Termination  Date,  as
defined in the Credit Agreement.

                  Maker  shall pay  interest  from the date hereof on the unpaid
principal  amount of this Note from time to time  outstanding  during the period
from the date hereof until such  principal  amount is paid in full at the rates,
determined  in the  manner,  and on the dates or  occurrences  specified  in the
Credit Agreement (as hereinafter defined).

                  This  promissory  note is one of the Notes  referred to in the
Amended and Restated Credit  Agreement dated as of October 8, 1999, among Maker,
Bank One, NA, as  Administrative  Agent,  and the Banks that are parties thereto
(as the same may be amended,  modified,  replaced, or renewed from time to time,
the "Credit  Agreement") and is entitled to the benefits of the Credit Agreement
and the Loan Documents.  Capitalized terms used in this Note without  definition
shall  have  the same  meanings  as are  ascribed  to such  terms in the  Credit
Agreement.

                  Both  principal  and  interest  are payable to  Administrative
Agent for the account of Payee  pursuant  to the terms of the Credit  Agreement.
All Advances made by Payee pursuant to the Credit  Agreement and all payments of
the principal  amount of such Advances,  shall be endorsed by the holder of this
Note on the schedule attached hereto. Failure to record such Advances or payment
shall not  diminish  any  rights  of Payee or  relieve  Makers of any  liability
hereunder or under the Credit Agreement.  This Note is subject to prepayment and
its maturity is subject to acceleration, in each case upon the terms provided in
the Credit Agreement.

                  This Note may not be modified or discharged  orally, by course
of dealing  or  otherwise,  but only by a writing  duly  executed  by the holder
hereof.

                  In the event that any action, suit or proceeding is brought by
the holder hereof to collect this Note,  Maker agrees to pay and shall be liable
for  all  costs  and  expenses  of  collection,  including  without  limitation,
reasonable attorneys' fees and disbursements.

                  Maker and all sureties, guarantors and/or endorsers hereof (or
of any  obligation  hereunder) and  accommodation  parties hereon (all of which,
including  Maker,  are each  hereinafter  called a "Surety") each: (a) waive any
homestead or exemption laws and right  thereunder  affecting the full collection
of this Note; (b) waive any and all  formalities in connection with this Note to
the  maximum  extent  allowed by law,  including  (but not  limited  to) demand,
diligence, presentment for payment, protest and demand, and notice of extension,
dishonor,  protest,  demand and  nonpayment  of this Note;  and (c) consent that
Holder may extend the time of payment or  otherwise  modify the terms of payment
of any part or the whole of the

<PAGE>

debt  evidenced by this Note, at the request of any other person liable  hereon,
and such  consent  shall not alter nor  diminish  the  liability  of any  person
hereon.

                  In addition,  each Surety waives and agrees not to assert: (a)
any right to require the holder hereof to proceed  against any other Surety,  to
proceed against or exhaust any security for the Note, to pursue any other remedy
available to the holder hereof,  or to pursue any remedy in any particular order
or manner; (b) the benefit of any statute of limitations affecting its liability
hereunder or the enforcement  hereof; (c) the benefits of any legal or equitable
doctrine or principle of marshalling;  (d) notice of the existence,  creation or
incurring of new or additional  indebtedness  of Maker to the holder hereof;  or
(e) any defense arising by reason of any disability or other defense of Maker or
by reason of the  cessation  from any cause  whatsoever  (other than  payment in
full) of the liability of Maker for payment of this Note.  Until payment in full
of this  Note and the  holder  hereof  has no  obligation  to make  any  further
advances of the proceeds  hereof,  no Surety shall have any right of subrogation
and each hereby  waives any right to enforce any remedy which the holder  hereof
now has, or may hereafter  have,  against Maker or any other Surety,  and waives
any benefit of, and any right to  participate  in, any security now or hereafter
held by the holder hereof.

                  Maker  agrees that to the extent any Surety  makes any payment
to the holder hereof in connection with the indebtedness evidenced by this Note,
and all or any part of such payment is subsequently invalidated,  declared to be
fraudulent or preferential, set aside or required to be repaid by Holder or paid
over to a trustee,  receiver or any other entity,  whether under any  bankruptcy
act or otherwise (any such payment is hereinafter referred to as a "Preferential
Payment"),  then the  indebtedness  of Maker  under this Note shall  continue or
shall be  reinstated,  as the case may be, and, to the extent of such payment or
repayment by the holder hereof, the indebtedness  evidenced by this Note or part
thereof intended to be satisfied by such  Preferential  Payment shall be revived
and continued in full force and effect as if said  Preferential  Payment had not
been made.

                  This Note has been  delivered in the City of Chicago and State
of Illinois,  and shall be enforced  under and governed by the laws of the State
of Illinois  applicable to contracts  made and to be performed  entirely  within
said state, without references to any choice or conflicts of law principles.

                                         M.D.C. HOLDINGS, INC., a Delaware
                                         corporation

                                         By: /s/ John J. Heaney
                                            -----------------------------------
                                         Name:   John J. Heaney
                                         Title:  Senior Vice President

                                        2Exhibit 4.6

                             CONSENT OF GUARANTORS

         Each of the  undersigned  (a) is a Guarantor  under a Guaranty (each, a
"Guaranty")  dated  October  8,  1999  guarantying  the  obligations  of  M.D.C.
Holdings, Inc. under a certain Credit Agreement dated as of October 8, 1999 (the
"Credit  Agreement";  terms used herein shall have the meanings  provided for in
the Credit Agreement), (b) does hereby acknowledge and consent to the Commitment
and   Acceptance  of  even  date  herewith  by  and  among  the  Borrower,   the
Administrative  Agent,  and U.S. Bank,  National  Association,  providing for an
increase of the Aggregate  Commitment to $413,000,000  and (c)  acknowledges and
agrees that its obligations under its Guaranty remain in full force and effect.

         This Consent of  Guarantors is executed and delivered as of October 16,
2000.

                                     RICHMOND AMERICAN HOMES OF CALIFORNIA,
                                      INC., a Colorado corporation

                                     By:  /s/ John J. Heaney
                                        ---------------------------------------
                                     Name:    John J. Heaney, Vice President

                                     RICHMOND AMERICAN HOMES OF MARYLAND,
                                      INC., a Maryland corporation

                                     By:  /s/ John J. Heaney
                                        ---------------------------------------
                                     Name:    John J. Heaney, Vice President

                                     RICHMOND AMERICAN HOMES OF NEVADA,
                                      INC., a Colorado corporation

                                     By:  /s/ John J. Heaney
                                        ---------------------------------------
                                     Name:    John J. Heaney, Vice President

                                     RICHMOND AMERICAN HOMES OF Virginia,
                                      INC., a Virginia corporation

                                     By:  /s/ John J. Heaney
                                        ---------------------------------------
                                     Name:    John J. Heaney, Vice President

                                     RICHMOND AMERICAN HOMES OF ARIZONA,
                                      INC., a Delaware corporation

                                     By:  /s/ John J. Heaney
                                        ---------------------------------------
                                     Name:    John J. Heaney, Vice President

<PAGE>

                                     RICHMOND AMERICAN HOMES OF COLORADO,
                                      INC., a Delaware corporation

                                     By:  /s/ John J. Heaney
                                        ---------------------------------------
                                     Name:    John J. Heaney, Vice President

                                     RICHMOND AMERICAN HOMES OF NORTHERN,
                                      CALIFORNIA, INC., a Colorado corporation

                                     By:  /s/ John J. Heaney
                                        ---------------------------------------
                                     Name:    John J. Heaney, Vice President

                                     M.D.C. LAND CORPORATION, INC.,
                                      a Colorado corporation

                                     By:  /s/ John J. Heaney
                                        ---------------------------------------
                                     Name:    John J. Heaney, Vice President

                                     RICHMOND AMERICAN CONSTRUCTION, INC.,
                                      a Delaware corporation

                                     By:  /s/ John J. Heaney
                                        ---------------------------------------
                                     Name:    John J. Heaney, Vice President

                                       2

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