Document:

Exhibit 10.27

                               FRANCHISE AGREEMENT

     THIS AGREEMENT,  made this 7th day of July, 1982, by and between STUCKEY'S,
INC.  (hereinafter  called  "Company") , and Bowlin's Inc., 136 Louisiana  N.E.,
Albuquerque,  NM 87108  a(n)  (individual)  (partnership)  (corporation)  of New
Mexico (hereinafter called "Franchisee").

                                    RECITALS

     The Company is a wholly-owned  subsidiary of Pet  Incorporated,  a Delaware
corporation,  and through Pet Incorporated possesses the entire right, title and
interest in certain  registered  and common law  trademarks  and service  marks,
including  STUCKEY'S,  STUCKEY'S  with  Carriage and Lace Design,  and STUCKEY'S
PECAN SHOPPE which are used in the business of  Stuckey's,  Inc. to identify its
STUCKEY'S  PECAN  SHOPPE  operations  and the origin of  products  and  services
therein  available.  The foregoing  trademarks  and service marks and additional
trademarks and service marks which are or may be, from time to time,  designated
by the Company, are hereinafter referred to as "Proprietary Marks".  Substantial
sums have been and  continue  to be  expended  by the  Company  in  advertising,
promoting and publicizing its Proprietary Marks.

     The Company manufactures,  distributes and sells certain products under the
Proprietary  Marks and operates and franchises a chain of  distinctive  drive-in
food, confection, gift and service stores under the name STUCKEY'S PECAN SHOPPE.
The Company has  developed  and built a strong  demand for the products sold and
the services  provided in said stores and has  established a reputation and good
will related to its STUCKEY'S PECAN SHOPPE stores.

     The Franchisee is fully  informed about and recognizes the good  reputation
and required high standards of the STUCKEY'S  PECAN SHOPPE and  understands  the
importance thereof to Company. Franchisee desires to continue in the business of
a STUCKEY'S  PECAN  SHOPPE,  in accordance  with the standards  specified by the
Company,  at and from the  premises  described  in  Section  1 on the  terms and
conditions herein set forth.

     THEREFORE,  IN CONSIDERATION OF the mutual  agreements herein contained and
for  other  good  consideration  acknowledged  by each to be  satisfactory,  the
parties hereto agree as follows:

     1.   GRANT OF FRANCHISE:

          The  Company  hereby  licenses  Franchisee,  subject  to the terms and
conditions hereof, to operate a STUCKEY'S PECAN SHOPPE, and to use in connection
therewith  the  Proprietary   Marks  of  Company,   at  the  specific   location
(hereinafter referred to as "Premises") defined as:

Stuckey's Pecan Shoppe #253
I-40 & State Road 344
Edgewood, NM 87015

          While this Agreement shall be and remain in effect,

          (a)    Franchisee  shall  use the said  premises  exclusively  for the
                 business of a STUCKEY'S  PECAN  SHOPPE  according  to standards
                 adopted by the Company for its STUCKEY'S  PECAN SHOPPE  system,
                 and  Franchisee  shall not use, allow or permit the Premises to
                 be used for any other purpose;

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          (b)    Franchisee shall have the  non-exclusive  privileges of selling
                 Company's  products and using the name  STUCKEY'S as applied to
                 products and services of and by the Company in the operation of
                 a STUCKEY'S  PECAN SHOPPE,  including  products and services as
                 may in the  future,  from  time to time,  be made a part of and
                 identified with the STUCKEY'S PECAN SHOPPE system;

          (c)    Franchisee  may  advertise  the  business  operated  under this
                 license under the names  STUCKEY'S and STUCKEY'S  PECAN SHOPPE,
                 and   Franchisee   may  use  on  said  Premises  the  Company's
                 Proprietary Marks,  designs,  advertising and other identifying
                 features.  Company,  however,  reserves the right to change the
                 name under which the  business of its  STUCKEY'S  PECAN  SHOPPE
                 system is conducted and, in such event,  to require  Franchisee
                 to use the new name in the operation of its franchise hereunder
                 according to standards prescribed by the Company.

          (d)    Notwithstanding the provisions of the foregoing  subparagraphs,
                 Franchisee  shall  not  use the  name  STUCKEY'S,  or any  name
                 visually or phonetically  similar thereto, as the name of or as
                 part of any firm or  corporate  name,  or on any product  other
                 than those  manufactured  and sold by Company,  or as a prefix,
                 suffix or other  modifying word,  phrase,  term, sign or symbol
                 not expressly authorized by Company.

     2.   LOCATION CLAUSE:

          The  Franchisee  acknowledges  that the franchise and license  granted
under this  Agreement is solely for the location set forth in Section 1. Nothing
in this Agreement shall be construed to authorize or permit Franchisee to use or
exercise the franchise or license,  or any related right or privilege,  at or in
any other location or for any other purpose; provided,  however, that Franchisee
shall be  permitted  to erect  billboards  at other  locations  consistent  with
Company's  policies  regarding  outdoor  advertising,  and  Franchisee  shall be
permitted to engage in other  advertising  and  promotion of the  franchise  and
license granted by this Agreement.

          Notwithstanding  the  foregoing   paragraph,   in  the  event  of  the
relocation of the highway upon which the franchise  granted by this Agreement is
located,  Franchisee  shall have the option to relocate the  franchise or to add
under the provisions of this  Agreement an additional  location on the relocated
highway,  provided that such  location or additional  location is not within the
franchise area defined in any other STUCKEY'S PECAN SHOPPE  franchise  agreement
to which the Company is a party,  and that the Company is first advised  thereof
in  writing  and  gives its  consent  in  writing,  which  consent  shall not be
unreasonably withheld.

     3.   RESTRICTION ON GRANTING OF FRANCHISEES WITHIN SPECIFIC AREA:

          During  the term of this  Agreement,  the  Company  will  not  grant a
similar franchise and license to any other person, partnership,  corporation, or
other entity,  and the Company will not erect a  company-owned  STUCKEY'S  PECAN
SHOPPE within the following described area:

          #253: Edgewood, New Mexico: Beginning at the present store location on
Interstate  40 in a westerly  direction to the Stuckey store located west of the
city of  Albuquerque,  New Mexico and in an  easterly  direction  to the Stuckey
store located at Santa Rosa, New Mexico.

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     4.   FRANCHISE CONSIDERATION:

          Franchisee shall pay to Company  throughout the term of this Agreement
a franchise fee at the rate of two percent (2%) of gross sales of the franchise.
The  franchise  fee shall be paid to the  Company  monthly  at the rate of 2% of
gross sales in the month for which payment is made.

          The Company is  endeavoring  to improve the  performance  of its store
operations.  Changes in establishment  practices, in its franchise relationships
and in the format of business of the  STUCKEY'S  PECAN  SHOPPE are  reflected in
this Agreement and further,  are  anticipated.  Such changes and other concerted
efforts will establish new directions for the Company,  its image and hopefully,
our increased sales and profitability of store operations,  including  franchise
stores.  It is agreed,  therefore,  that during the term of this Agreement,  the
Company may from time to time  increase the rate of  percentage of the franchise
consideration to be paid under this Section 4; provided, however, that:

          (i)    No  increase  shall be made until  after two (2) years from the
                 date hereof;

          (ii)   No increase shall be for more than fifteen percent (15%) of the
                 rate in effect immediately prior to the increase;

          (iii)  No  increase  shall be made at a time  earlier  than  three (3)
                 years after the immediately preceding increase;

          (iv)   No increase in the rate shall result in a rate greater than the
                 franchise  consideration  rate  provided  in the  then  current
                 franchise  contract  form,  provided  that such form contains a
                 franchise fee provision higher than this Agreement;

          (v)    No  increase  in the rate  will be made  under  this  Agreement
                 without taking similar actions at a reasonably  concurrent time
                 with  respect  to all  franchise  agreements  then  outstanding
                 having in effect a franchise  fee the same as in effect at such
                 time under this  Agreement.  Such  action will not be deemed to
                 have not been taken if the action or effect thereof is enjoined
                 by any  legal or  administrative  action or  prohibited  by any
                 applicable law.

          For purposes of this paragraph,  the term "gross sales" shall mean all
sales whether for cash or upon credit and without  regard to whether  collected,
made by  Franchisee in the operation of the business  licensed  hereunder,  less
discounts  and  allowances,  if any, and returns of products  and the like,  and
excluding any sales tax or other taxes (but not  excluding  sales or other taxes
normally  constituting  a part of a product's  posted price) imposed on the sale
price and collected from the customer.  The monthly franchise fee payments to be
made as provided  for by this  Section  shall be remitted to the Company  within
twenty (20) days following the end of each month.

     5.   ADVERTISING FEE:

          In addition to the franchise consideration to be paid under Section 4,
Franchisee  shall pay to the Company an advertising  fee within twenty (20) days
after the end of each  calendar  month equal to five tenths of one percent (.5%)
of gross sales of the franchise for the month for which payment is to be made.

          Gross sales for  purposes of this  Section 5 shall mean gross sales as
defined in Section 4 hereof.

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          Company  shall  deposit  all  advertising  fees  paid  hereunder  in a
cooperative  advertising fund. The Company shall also contribute to said fund an
amount in respect to each Company-owned STUCKEY'S PECAN SHOPPE store computed in
the same manner as the advertising  fee paid by the Franchisee.  Such fund shall
be used  exclusively in the advertising and promotion of STUCKEY'S PECAN SHOPPES
and STUCKEY'S  products and services  rendered  thereat.  The Company shall have
responsibility  for the creation and execution of all  advertising and promotion
supported by such fund.

          Franchisee  may  engage,  at  its  own  expense,  in  advertising  and
promotional  programs of its own;  provided,  however,  that all advertising and
promotional  material  proposed by  Franchisee  shall be approved by the Company
prior to use.

     6.   COMPANY OBLIGATIONS AND STANDARDS OF QUALITY AND OPERATIONS:

          During the term of this  Agreement,  the  Company  shall  provide  the
following to Franchisee:

          (a)    Standard plans and  specifications  for physical  improvements,
                 such as fixtures,  furnishings,  signs and the like, and design
                 and layout for Franchisee's store;

          (b)    Training in the operation of a STUCKEY'S PECAN SHOPPE,  as more
                 specifically covered in Section 9;

          (c)    Accounting forms for reporting  transactions and financial data
                 as required by this Agreement;

          (d)    A copy of all of the Company's  current  manuals  affecting the
                 operations of Franchisee's  STUCKEY'S  PECAN SHOPPE,  including
                 its Operating, Food Service, and Petroleum Service Manuals.

          During  the  term of  this  Agreement,  the  Company  shall  determine
specifications,  standards and  operating  procedures  for the  STUCKEY'S  PECAN
SHOPPES,  including  standards  for  products  used or sold in  STUCKEY'S  PECAN
SHOPPES,  standards of service,  standards for  furnishings  and equipment,  and
standards specifically for:

          (i)    The safety, maintenance,  cleanliness,  function and appearance
                 of the Franchisee's premises, including fixtures, equipment and
                 signs;

          (ii)   The general  appearance and demeanor of employees,  their dress
                 and uniforms;

          (iii)  The quality,  style and other  characteristics  of  merchandise
                 carried  for  sale,  and  bags,   boxes  and  other   packaging
                 materials;

          (iv)   Days of  operation  and  minimum  hours  per day  during  which
                 Franchisee's  store will be open for  business,  which  minimum
                 hours per day shall be from 7:00 AM to 8:00 PM from  April 1 to
                 October 31 and from 7:00 AM to 6:00 PM from November 1 to March
                 31;

          (v)    Advertising and promotion;

          (vi)   Accounting and reporting forms and use thereof;

                                       -4-
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          (vii)  Recordkeeping;

          (viii) Extension of credit and acceptance of credit cards;

          (ix)   Use and  illumination of exterior and interior signs,  posters,
                 designs and similar items;

          (x)    Compliance with government regulations;

          (xi)   The  handling of returns of product by  customers  and customer
                 complaints and adjustments.

          The Company shall keep  Franchisee  informed of all such standards and
Franchisee agrees to comply with them. Company agrees to use its best efforts to
secure  adherence to these  standards by all STUCKEY'S  PECAN  SHOPPES,  whether
Company-owned  or franchised,  all for the purpose of attaining and  maintaining
uniformity of the  distinguishing  characteristics of the STUCKEY'S PECAN SHOPPE
system.

     7.   PURCHASE OF TRADEMARK PRODUCTS:

          Company will sell to Franchisee,  subject to the availability thereof,
all products which it  manufactures  and  distributes  for sale in its STUCKEY'S
PECAN SHOPPE system bearing a Proprietary Mark. Franchisee will purchase,  stock
and offer for sale as many lines of such product as reasonably  practicable,  it
being the purpose of this  provision to assure that all STUCKEY'S  PECAN SHOPPES
are (i) supplied with STUCKEY'S products,  and (ii) identified with the national
image of the  STUCKEY'S  PECAN  SHOPPE  system  and the  products  and  services
available  therein.  Franchisee shall have the obligation to develop and promote
diligently the sale of STUCKEY'S products and services.

          Franchisee  will not sell  under  the  franchise  granted  herein  any
products  manufactured  or sold by others  unless the same are  approved  by the
Company,   which  approval  the  Company  shall  not  unreasonably  withhold.  A
Franchisee  desiring to sell products and services or to use supplies other than
those  offered by the Company  shall  submit  samples  thereof to the Company in
accordance with procedures  established by the Company. The Company shall advise
Franchisee  of  its  approval  or  rejection  within  forty-five  (45)  days  of
Franchisee's  submittal of a request for  approval.  Any  rejection  shall be by
notice in writing to  Franchisee.  An approval  shall be deemed  given after the
expiration of the forty-five (45) days referred to above.

     8.   COMPANY TRADEMARKS:

          Franchisee  acknowledges the validity and the ownership in the Company
of the Proprietary Marks and designs employed by the Company in the operation of
STUCKEY'S PECAN SHOPPES.  Franchisee  agrees to use such  Proprietary  marks and
designs only as permitted by the Company.  All good will developed in conducting
the business of the STUCKEY'S PECAN SHOPPE covered by this Agreement shall inure
to the benefit of the Company.

     9.   TRAINING:

          The Company shall provide a training  program for Franchisee,  and the
Franchisee,  or the person engaged by Franchisee to be manager from time to time
of the STUCKEY'S  PECAN SHOPPE  licensed by this  Agreement,  shall  participate
therein,  unless excused by the Company. Such person, upon successful completion

                                       -5-
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of the training  program,  shall be certified as having  successfully  completed
said program.  Company reserves the right to refuse to certify a person who does
not successfully  complete the training program.  No person who is not certified
by the Company  shall serve as manager of a STUCKEY'S  PECAN  SHOPPE,  including
that operated pursuant to this Agreement.

          Expenses  incurred by the  Franchisee,  including  transportation  and
living expenses,  wages and other employee costs, during training shall be borne
by  Franchisee;  but no charge  shall be made by Company to  Franchisee  for the
training program so provided.

     10.  RIGHT TO INSPECTION OF PREMISES:

          Company shall have the right at all times during  Franchisee's  normal
business hours to enter upon Franchisee's  premises and to inspect  Franchisee's
facilities and operations to determine and assure  compliance  with standards of
quality and service  prescribed  by Company.  Company  shall make  available  to
Franchisee within a reasonable period of time a report of such inspection.

          Company  shall  have the right to remove  from the  premises,  without
liability for trespass or other tort, any items that are not in conformance with
this Agreement and with applicable current standards and specifications.

     11.  LAWS AND ORDINANCES:

          Franchisee  shall have the  obligation  to operate  and  maintain  its
business and premises in compliance with all applicable laws and ordinances, and
shall give assurances thereof to Company upon request.

     12.  SALES STAFF:

          Franchisee shall maintain an adequate staff of sales people and clerks
and  shall  maintain  a  manager  of the  store  who  shall  meet the  standards
prescribed by Company for managers.

     13.  BUILDING, CONSTRUCTION AND MAINTENANCE:

          Franchisee shall undertake no reconstruction or material alteration of
its  STUCKEY'S  PECAN  SHOPPE  structure  without  the  written  approval of the
Company,  which  approval  shall not be  unreasonably  withheld.  Withholding of
approval  hereunder  of a  reconstruction  or  material  alteration  not meeting
applicable  standards of the Company at the time such reconstruction or material
alteration is to be done shall be deemed not unreasonably  withheld.  Franchisee
shall keep all  structures in good repair and well painted and decorated  inside
and outside. It shall at all times maintain the premises, including the interior
and exterior of buildings, salesroom, restrooms, storerooms, and service station
in a clean, orderly, and sanitary condition satisfactory to Company.  Franchisee
shall  not  maintain  or  erect  on  the  Premises  any  outbuildings,   storage
facilities,  trailers, and the like, without the approval of the Company; and in
the  event  of  approval,  then  only  consistent  with the  conditions  of such
approval.

     14.  BUILDING REFURBISHING:

          In addition to regular maintenance, Franchisee agrees to refurbish the
store in which  Franchisee  operates as the Company  may  require,  from time to
time, to maintain or improve appearance and efficient  operations.  For purposes
of this  Section,  refurbishing  shall  include (i)  replacement  of worn out or
obsolete fixtures,  equipment and signs, (ii) substitution or addition of new or
improved  fixtures,  equipment and signs,  (iii)  redecorating and repair of the

                                       -6-
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interior  and exterior of the  premises  and repair and  resurfacing  of parking
facilities,  and (iv)  modification of design and layout,  including  structural
modifications and remodeling.

     15.  SIGNS:

          Franchisee  shall  prominently  display on said  premises  advertising
signs of such nature,  form, color,  number,  location and size, and composed of
such material, as the Company shall direct or approve in writing.

          In the event the Company  disapproves  of any  Franchisee's  sign, the
Company shall give written notice to such Franchisee explaining why such sign is
not  satisfactory to Company,  and if such  disapproved sign is not corrected to
Company's  satisfaction  within a reasonable period of time after written notice
is received by the  Franchisee,  provided  that the Company  disapproval  is not
unreasonable,  then Company  shall have the right to enter upon the premises for
the purpose of removal thereof without paying therefor and without being thereby
deemed guilty of or liable for trespass or any other tort.

          In  order  to  enhance  the  advertising  of the  franchise  business,
Franchisee  shall  maintain  off  premises  a  reasonable  number of road  signs
satisfactory  to the Company.  Franchisee  shall incur all costs for such signs,
including, but not limited to, the construction,  maintenance, and insurance for
such signs.

     16.  ACCOUNTING AND FINANCIAL RECORDS:

          Franchisee  shall keep  accurate,  complete and  up-to-date  books and
records  regarding  sales,  inventory,  profit  and  loss  from  operations  and
financial standing of the Franchisee,  and will permit the Company during normal
business hours to inspect such books and records.  Franchisee  shall submit with
each continuing  royalty  payment under Section 4, a true,  correct and complete
statement of gross sales for the period for which payment is submitted, on forms
or in a manner prescribed by the Company.

          In order to further the maintenance of a uniform accounting system and
practice,  Company shall advise and assist in setting up Franchisee's  books and
records,  at no extra  charge  to the  Franchisee.  Franchisee  will  permit  an
examination of his accounts,  books and records to be made by the Company,  or a
person  designated  by the  Company,  at such time or times as the  Company  may
designate  in  writing.  A copy of a  report  of any such  examination  shall be
furnished to the Franchisee.  In the event that the books and records of account
of the Franchisee are maintained by the Company on behalf of the Franchisee, the
obligation of the Franchisee under this paragraph shall be deemed to be met.

          The Company may, at Franchisee's request,  agree to keep the books and
records of  Franchisee.  In such event,  Franchisee  shall execute the Company's
Accounting  Service  Agreement  which  shall  be  deemed,  while  in  effect,  a
supplement to this Agreement.

     17.  INSURANCE:

          Franchisee  shall  purchase  and keep in force during the term of this
Agreement adequate insurance covering the business  operations of the franchise,
which insurance shall be in amounts and with carriers acceptable to the Company.
Such insurance shall include Stuckey's, Inc. as named insured.  Franchisee shall
file with the Company  appropriate  certificates  of  insurance  and provide for
copies of all notices of renewal or cancellation to be sent to the Company.  The
insurance and minimum  amounts  required of the Franchisee by the Company are as
follows:

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          (a)    Comprehensive  general liability  insurance,  including product
                 liability coverage, of not less than $1,000,000.

          (b)    Vehicle  liability  insurance,  including  coverage of vehicles
                 that may be used by employees in  connection  with the business
                 of Franchisee, of not less than $1,000,000.

          (c)    Workmen's  Compensation  insurance and other insurance that may
                 be required by law applicable to  Franchisee's  business in the
                 jurisdiction where located.

     18.  CUSTOMER COMPLAINTS:

          Franchisee shall give Company immediate notice of any injury to person
or damage to property  occurring on Franchisee's  premises or arising out of the
operation of its business as a STUCKEY'S PECAN SHOPPE.  Franchisee will receive,
investigate and adjust all complaints,  whether received  directly by Franchisee
or forwarded to Franchisee  by the Company,  arising out of the operation of its
business,  all with a view to  securing  and  maintaining  the good  will of the
public  towards  STUCKEY'S  products and services.  Franchisee  shall  indemnify
Company  and save  Company  harmless  from and against all claims for damages to
person or  property  occurring  on  Franchisee's  premises or arising out of the
operation of Franchisee's business,  unless occurring as a result of a breach by
the Company of its obligations set forth in the next succeeding  section of this
Agreement.

     19.  PRODUCT WARRANTY:

          Company  warrants that all food products sold by it shall be as of the
date of delivery to Franchisee  neither  adulterated  nor misbranded  within the
meaning of the Federal  Food,  Drug and Cosmetic  Act, as amended,  and the pure
food laws and  ordinances  of the state or city in which  Franchisee is located,
and will be products which are not proscribed from  introduction into interstate
commerce under the Federal Food, Drug and Cosmetic Act.  Company shall indemnify
Franchisee and save  Franchisee  harmless and shall defend  Franchisee  from and
against any and all charges, actions and proceedings,  whether instituted by any
government  or any  private  individual  or entity,  on  account of any  alleged
adulteration or misbranding which is in violation of the foregoing warranty.

     20.  PETROLEUM PRODUCTS:

          It is an  integral  part  of the  style  and  format  of  business  of
STUCKEY'S PECAN SHOPPES to provide for the sale of petroleum  products.  Company
shall,  during the term  hereof,  provide  specifications  and  standards to the
Franchisee  for  the  operation  of  such   facilities  and  shall  render  such
supervision  as to  assure  compliance  therewith.  It shall  further  establish
procedures for the use of appropriate  credit cards in the purchase of petroleum
products  and shall  advise and keep  Franchisee  informed  thereof  and furnish
Franchisee with supplies to be used in such credit procedures.

          Arrangements for the supply of petroleum  products,  and all purchases
of petroleum products,  shall be through the Company, unless otherwise permitted
by the Company.  The Company  shall extend its best efforts to procure  adequate
supplies of petroleum  products  meeting its standards and at the best available
prices.  It is a principal  purpose of this Paragraph that the provision  herein
and the comparable provision in other franchise agreements with other Stuckey's,
Inc.  franchisees  together with purchases made for Company-owned  stores,  will
enable  Company to obtain  adequate  supplies  of  petroleum  meeting  Company's
standards  and to obtain such  products at prices  favorably  affected by volume
purchases.

                                       -8-
<PAGE>
          In the event of  shortages  of  petroleum  products,  the Company will
endeavor to allocate  available  supplies  in an  equitable  manner so as not to
favor one franchise store over another franchise store or a Company-owned  store
over a franchise store; provided,  however, that nothing herein shall affect the
obligation of the Company to comply with any statute or  regulation  that may at
the time of any allocation pertain to the allocation of petroleum products.

     21.  TERM OF AGREEMENT AND TERMINATION:

          Unless  terminated  as  otherwise  herein  provided,  the term of this
Agreement shall be for ten (10) years from the date hereof,  and may be extended
thereafter  at the option of the  Franchisee  for  successive  terms of five (5)
years  upon  Franchisee  giving at least  ninety  (90) days'  written  notice of
extension  prior  to the end of the  term of  this  Agreement  or the end of any
extended term hereof,  provided that  Franchisee  shall not be in default of any
provision of this  Agreement,  and  provided,  further,  that  Franchisee  shall
execute  Company's  then current  standard form franchise  agreement,  which may
include higher percentage royalty and advertising fees than provided for herein.

          Notwithstanding the provisions of the foregoing paragraph,  Franchisee
may  terminate  this  Agreement at any time by giving  Company  sixty (60) days'
written notice of  termination,  and the Company may terminate this Agreement at
any time by giving  twelve (12) months'  written  notice of  termination  to the
Franchisee or by giving written notice of termination to the Franchisee upon any
of the following conditions:

          (a)    The  filing of a  petition  in  bankruptcy  by or  against  the
                 Franchisee, or any partner if the Franchise is a partnership;

          (b)    The making of an assignment for the benefit of creditors or the
                 institution of any proceeding under any state insolvency law by
                 the   Franchisee,   or  any  partner  if  the  Franchise  is  a
                 partnership;

          (c)    The breach by Franchisee of any obligation of Franchisee  under
                 this  Agreement  and the failure of the  Franchisee  to correct
                 such breach to the  satisfaction of the Company upon demand and
                 within thirty (30) days thereafter.

          Waiver,  however occurring,  by the Company of any specific default by
the Franchisee shall not affect or impair the Company's rights in respect to any
subsequent default whether of the same or a different kind. No delay or omission
of the Company to exercise  any right  arising  from a default  shall  affect or
impair the Company's  rights as to any such default or a future default.  In the
event any  bankruptcy  or insolvency  proceeding  involves less than all parties
constituting  the Franchisee,  the Company shall not have the right to terminate
this  Agreement  as to the parties  involved in such  bankruptcy  or  insolvency
proceeding,  provided said other  parties elect in writing,  within a reasonable
period of time after the filing of any such bankruptcy or insolvency proceeding,
to continue the STUCKEY'S PECAN SHOPPE established  pursuant hereto and agree to
the terms and provisions of this Agreement for the unexpired term thereof.

     22.  ASSIGNMENT:

          Franchisee shall not sell,  transfer or assign this Agreement,  or any
interest herein, and shall not sell, transfer,  assign, lease or sublet or offer
to sell,  transfer,  assign or  sublet  (except  as  security  for  indebtedness
incurred in connection with the business being conducted hereunder) any interest
in the premises,  or any part thereof,  used in the operation of this franchise,
or in the business thereon conducted, or in any equipment or furnishings located
thereon which are standard to STUCKEY'S  PECAN  SHOPPES,  without first offering

                                       -9-
<PAGE>
the same to the  Company  in writing at a stated  price and upon  stated  terms,
which offer the Company may accept  within  sixty (60) days,  and if the Company
does not accept such offer  within the sixty day  period,  then  Franchisee  may
within the sixty days thereafter,  sell, transfer,  assign, lease or sublet such
interest as the case may be, but not at a lower price or on more favorable terms
than  offered  to the  Company;  provided,  however,  that  no  sale,  transfer,
assignment, lease or subletting to a third party shall be made without the prior
written consent of the Company,  which consent the Company will not unreasonably
withhold,  and provided further that it shall not be deemed unreasonable for the
Company to  withhold  its consent to a sale,  transfer,  or  assignment  of this
Agreement,  or any interest herein, if the transferee shall not agree in writing
to take subject to the terms and  provisions of this Agreement for the unexpired
term hereof. Notwithstanding the foregoing,

          (i)    If Franchisee  hereunder  constitutes more than one individual,
                 corporation,  partnership or other entity,  and any one thereof
                 shall have the right to sell, transfer, assign, lease or sublet
                 any interest in the premises on which the franchise is located,
                 any interest in the  franchise  itself,  or any interest in the
                 building, inventory,  equipment,  furniture or furnishings used
                 for the  business  of the  franchise  to any other  individual,
                 corporation,  partnership  or other  entity who, at the time of
                 such sale,  transfer,  assignment,  lease or subletting is also
                 one of the individuals,  corporations,  partnerships,  or other
                 entities constituting the Franchisee under this Agreement;

          (ii)   Franchisee,  or any individual Franchisee if Franchisee is more
                 than one person,  may, during his lifetime,  give to any trust,
                 person, corporation or other Donee any interest in the premises
                 on  which  the  franchise  is  located,  any  interest  in  the
                 franchise itself,  or any interest in the building,  inventory,
                 equipment, furniture or furnishings used in the business of the
                 Franchisee  or such  individual;  provided,  however,  that the
                 Donee  agrees  in  writing   addressed  to  Company   within  a
                 reasonable  period of time  after  such gift to be bound by the
                 terms and provisions of this Agreement;

          (iii)  Any legatee or heir of the Franchisee or individual  Franchisee
                 if Franchisee is more than one person,  shall upon the death of
                 the  Franchisee  be  entitled  to  all  the  rights   hereunder
                 previously  held by the  Franchisee  or such member;  provided,
                 however,  that such legatee or heir agrees in writing  within a
                 reasonable  period of time after receiving any such property to
                 be bound by the terms and provisions of this Agreement;

          (iv)   If Franchisee is not a corporation,  Franchisee may incorporate
                 its business  and may assign its interest in this  Agreement to
                 such corporation provided that Franchisee shall be the owner of
                 at  least  fifty-one   percent  (51%)  of  the  stock  of  such
                 corporation  and that the  activities  of the  corporation  are
                 confined  exclusively  to the operation of the STUCKEY'S  PECAN
                 SHOPPE  hereby   licensed.   In  the  event   Franchisee  is  a
                 corporation,   or  becomes  a  corporation   and  assigns  this
                 Agreement to said corporation,  then at any time that person(s)
                 other  than  Franchisee   become  directly  or  indirectly  the
                 owner(s) or controller(s) of said  corporation,  this Agreement
                 shall  immediately  become terminable at the option of Company.
                 Further, in the event Franchisee is a corporation, it shall not
                 be  deemed a breach  of this  section  for any  shareholder  in
                 Franchisee  to sell,  assign or transfer any shares to a member
                 of his immediate family.

                                      -10-
<PAGE>
          No assignment  or transfer  permitted by this Section 22 shall be made
without prior written advice thereof to the Company.

     23.  OBLIGATIONS AFTER TERMINATION:

          Upon the sale by  Franchisee  of the premises to the Company,  or to a
third party under the provisions of the preceding  section,  the obligations and
rights of this Agreement shall terminate, except in regard to the obligations of
Franchisee to take action or to sustain from taking action after the termination
of this Agreement and the payment of all outstanding accounts.

          In the event of  termination  of this  Agreement  without a concurrent
assumption  of  Franchisee's  obligations  hereunder  by an  assignee  or  other
successor in interest as permitted by this Agreement, the Company shall purchase
from the Franchisee and the Franchisee shall sell to the Company:

          (a)    All merchandise of Franchisee  that is in a saleable  condition
                 and was  manufactured,  distributed  and/or  packed  under  the
                 STUCKEY'S  name,  at  Franchisee's   net  cost,   exclusive  of
                 transportation charges;

          (b)    Electrically  lighted STUCKEY'S signs displayed on the building
                 or  elsewhere  on the  premises  that were  purchased  from the
                 Company,  and the purchase price to be paid by Company shall be
                 the price originally paid by the Franchisee to the Company less
                 ten percent (10%) depreciation per year, and with consideration
                 given to the condition of the sign, with  particular  regard to
                 unusual deterioration, if any.

          Upon the termination of this Agreement for whatever reason, Franchisee
shall  immediately  cease to be a STUCKEY'S PECAN SHOPPE.  Franchisee  shall not
thereafter  represent or hold itself out as such;  shall  discontinue use of the
name  STUCKEY'S  or  any  name  visually  or  phonetically  similar;  and  shall
discontinue  at the  above  described  premises  the  use of  all  trade  names,
trademarks,  service marks, signs, structures and form of advertising indicative
of a STUCKEY'S  PECAN SHOPPE,  or the business or products  thereof,  and in the
event said  premises  are not  purchased  by the  Company,  or are not used with
permission  of Company by another in the business of a STUCKEY'S  PECAN  SHOPPE,
Franchisee  shall make such changes in signs or buildings so as  effectively  to
distinguish it from its former use and from other STUCKEY'S PECAN SHOPPES.

          If, upon  termination,  Franchisee  shall remain in  possession of the
premises  occupied by the  STUCKEY'S  PECAN  SHOPPE  covered by this  Agreement,
Franchisee  shall make  reasonable  modifications  to the  exterior and interior
decor  thereof  as Company  deems  required  to  eliminate  identification  as a
STUCKEY'S PECAN SHOPPE.  In the event of Franchisee  failing to comply with this
obligation, Company shall have the right to enter upon Franchisee's premises and
made such  modification,  provided the Company acts in a reasonable  manner; and
neither  such entry or the making of such  modification  shall be a trespass  or
other illegal act of the Company.

          If Franchisee,  after  termination of this Agreement,  shall refuse or
neglect to keep or perform the  provisions  of this  Section,  Franchisee  shall
reimburse Company for all costs, attorneys' fees, and other expenses incurred in
connection  with legal actions to require  Franchisee to comply herewith and, in
addition, Franchisee shall pay to Company the sum of $500 per day as damages for
all the time that Franchisee  displays the name STUCKEY'S on outdoor advertising
or on a sign at the front of or on the building after thirty (30) days after the
termination date.

                                      -11-
<PAGE>
     24.  COVENANT NOT TO COMPETE:

          While this Agreement is in effect,  Franchisee shall not engage in any
business  the same as or  similar  to the  business  covered  by this  Agreement
located within the area set forth in Section 3.

     25.  FRANCHISEE NOT AN AGENT OR LEGAL REPRESENTATIVE OF COMPANY:

          This Agreement shall not constitute  Franchisee the agent or employee,
or legal  representative of the Company for any purpose whatsoever.  The Company
and the  Franchisee  are not and shall not be considered  as joint  venturers or
partners or as agents of each other. No representations  shall be made by either
party that would  create an apparent  agency,  and neither  party shall have the
power to bind or obligate the other except as provided in this Agreement.

     26.  NOTICES:

          Any notice  required to be given by either party to the other under or
in connection with this Agreement  shall be in writing and delivered  personally
or by certified or registered  mail,  return  receipt  requested,  with adequate
postage  thereon.  Notices to Franchisee  shall be directed to Franchisee or his
representative  at Franchisee's  place of business.  Notices to Company shall be
directed to the President,  Stuckey's, Inc., 4501 Circle 75 Parkway, Suite 6360,
Atlanta, Georgia 30339.

     27.  SEVERABILITY:

          If any provision of this Agreement shall be construed to be illegal or
invalid,  the validity of the remaining  portions of this Agreement shall not be
affected thereby.

     28.  ARBITRATION:

          The Company  encourages the existence of a franchise  association and,
with  Franchisee,  acknowledges  the existence of the Franchise  Advisory  Board
(F.A.B.) as the franchise  association of Stuckey's franchises as of the date of
this  Agreement.  The  parties  desire  to  submit,  hear  and  resolve  through
arbitration,  certain  matters which may become issues of  controversy  with the
assistance of the F.A.B.  Accordingly,  in the event of any controversy  between
Company and  Franchisee  regarding  alleged  violations of Company  standards of
operations and service, including store standards,  image, condition of premises
and demeanor of store personnel,  the parties agree to submit the controversy to
arbitration  before an Arbitration  Committee.  The Arbitration  Committee shall
consist  of five  persons,  two  franchisees  appointed  by the  F.A.B.  and two
appointed  officials of the Company appointed by the Company,  and the President
of the Company or his designee from the Company.

          The party  initiating the arbitration  proceedings  shall give written
notice to the other party indicating such party's desire to arbitrate, the issue
in dispute, and the reasons therefor.  The two arbitrators selected shall within
ten (10) days  select a chairman  and the  chairman  shall  within a  reasonable
period of time  select a site  located  in the area set forth in Section 3 for a
hearing.  Except as  otherwise  expressly  provided,  the  proceedings  shall be
conducted  in  accordance  with  the  rules  then  prevailing  of  the  American
Arbitration Association.

          Judgment  upon an  award of a  majority  of the  arbitrators  shall be
binding  and may be  entered  in any  court  having  jurisdiction  thereof.  The
Franchisee  and the Company  shall bear equally all expenses of the  arbitration
proceeding.

                                      -12-
<PAGE>
     29.  REBATES:

          In the event the Company purchases product on behalf of Franchisee and
receives  any rebate or discount in respect to the  purchase,  Company will pass
through the full amount of such rebate or discount to the Franchisee.

     30.  GENERAL:

          This Agreement  cancels and  supersedes any and all other  agreements,
oral or written, among the parties with respect to any subject matter hereof and
contains all covenants and agreements between the parties with respect thereto.

          No change in,  addition to or erasure of any  printed  portion of this
Agreement  (except  filling in blank  lines)  shall be valid or binding upon the
Company unless the same is approved in writing by the President of the Company.

          No agreement  between the parties which is at variance with any of the
provisions of this Agreement or which imposes  definite  obligations upon either
party not  specifically  imposed by this  Agreement  or which is  intended to be
effective or performed  following  the  expiration  or the  termination  of this
Agreement and imposes  obligations or extends the time for  performance  thereof
other than as  provided in this  Agreement  shall be binding  upon either  party
unless executed by Franchisee and the President or Vice President of Company.

STUCKEY'S, INC.

By /s/ Don Barnes
   ----------------------------------
   Don Barnes, President

STATE OF GEORGIA  )
                  ) ss
COUNTY OF COBB    )

     Before me on this 3rd day of August,  1982,  personally appeared Don Barnes
to me  known  to be the  persons  who  executed  the  foregoing  instrument  and
acknowledged same to be their free act and deed.

                                        /s/ Janice Wingham
                                        ----------------------------------------
                                        Notary Public

                                        My Commission Expires: 10-25-85

BOWLIN'S, INC.

/s/ Michael L. Bowlin, Exec. V.P.
------------------------------------
MICHAEL L. BOWLIN

Monica A. Bowlin, Secretary
------------------------------------
MONICA A. BOWLIN

                                      -13-
<PAGE>
STATE OF NEW MEXICO  )
                     ) ss
COUNTY OF BERNALILLO )

     Before  me on this  14th  day of July, 1982,  personally  appeared  M.L.
Bowlin, Ex. V.P. & Moncia A. Bowlin, Secretary to me known to be the persons who
executed the foregoing instrument and acknowledged same to be their free act and
deed.

                                        /s/ Nina Pratz
                                        ----------------------------------------
                                        Notary Public

                                        My Commission Expires: 6/30/83

                                      -14-
<PAGE>
                             [STUCKEY'S LETTERHEAD]

Date: September 8, 1982                                              cc: Ron Fox
Subject: Addendum to Franchise Agreement
From: Don Barnes
To: Mike Bowlin

The Addendum to the  Stuckey's  Franchise  Agreement  has been  received;  which
includes the  interpretations  and comments on that particular document that you
have asked me to sign in connection with the Edgewood, New Mexico store. Subject
to the following remarks, I am returning that document to you executed on behalf
of Stuckey's, Inc.

As the caption to the  document  sets  forth,  it is  acknowledged  that it is a
statement of interpretation  and comment on certain  provisions in the franchise
agreement.  They are reflective of the conversations we had on March 24 and July
6, 1982. Paragraphs 3, 4 and 6 are acknowledged as amendments and paragraph 7 as
a  direction  instructs  to whom  notices  are to be sent when sent to  Bowlin's
Incorporated.

I would like to expand  somewhat on your  paragraph 3 by simply  stating  that a
principal purpose of Article 7 of the franchise agreement is to maintain general
uniformity in the image of a Stuckey's  Pecan Shoppe as perceived by the public.
That is a principal reason behind the standard  agreement  requiring approval of
products for  marketing in Stuckey's  Pecan  Shoppes  which are other than those
offered by the company.  Products  totally  foreign to the business of Stuckey's
may adversely affect its image in the public and therefore,  its goodwill, which
Stuckey's,  Inc. must protect against. With this concept in mind, in addition to
what you say in your  paragraph,  I have no  objections to the  modification  as
included in your paragraph 3.

If you have any  questions or need further  assistance  with  understanding  the
spirit and intent of our agreement, I'd welcome the opportunity to discuss them.

/s/ DB

DB/rw

Enc.

                                      -15-
<PAGE>
                         ADDENDUM TO FRANCHISE AGREEMENT

                INTERPRETATION AND COMMENT ON CERTAIN PROVISIONS
              IN STUCKEY'S, INC., FRANCHISE AGREEMENT AS DISCUSSED
               AND AGREED UPON IN TWO (2) TELEPHONE CONVERSATIONS
             BETWEEN FRANCHISEE AND COMPANY HELD ON MARCH 24, 1982,
                              AND ON JULY 6, 1982.

1.   Page 3, Article 4, FRANCHISE CONSIDERATION,  describes the terms of payment
     by Franchisee of the  Franchise  Fee. On July 6, 1982,  the Company and the
     Franchisee  discussed  this  provision of the  agreement at some length,  a
     summary of that  discussion  follows:  The Franchisee  informed the Company
     that it was the intent of the  Franchisee  to continue  to dispense  Texaco
     gasoline products at the Edgewood, New Mexico, Stuckey's Store. The Company
     agreed to allow the Franchisee to continue to dispense  Texaco  products at
     that location,  and the Company further agreed to pay to the Franchisee the
     rebate of $0.0355 per gallon of Texaco gasoline  products  dispensed by the
     Franchisee at that location: The Company also agreed that this rebate shall
     be paid monthly,  by the Company,  within a reasonable  time  following the
     receipt of the rebate for the  preceding  month by the Company from Texaco:
     Further,  the  Company  emphasized  that,  as  provided  by  the  Franchise
     Agreement on Page 15, Article 29,  Rebates,  the Company shall pass through
     to the Franchisee  the Texaco rebate and any and all additional  rebates or
     discounts as they are received.

2.   Page 4,  Article  5,  ADVERTISING  FEE,  provides  for the  payment  by the
     Franchisee  of five tenths of one percent  (.5%) of the monthly gross sales
     to the Company as an advertising fee. Again,  referencing the discussion of
     July 6, 1982, between the Company and the Franchisee, the Company suggested
     that at some future date,  one-half of this advertising fee may be returned
     to the  Franchisee  to be used to improve the outdoor  advertising  program
     that  the  Franchisee  utilizes:   The  Franchisee   acknowledges  that  no
     commitment was made by the Company  concerning this fee, but the Franchisee
     encourages  the  Company to return a portion of this fee in the belief that
     doing so would be in the best interests of the organization.

3.   Page 6, Article 7, PURCHASE OF TRADEMARK PRODUCTS,  states, in part, that a
     Franchisee  desiring  to sell  products  other  than  those  offered by the
     Company  must  submit  samples and allow  forty-five  (45) days for Company
     approval.  After a discussion held on March 24, 1982,  concerning a similar
     provision in another franchise agreement,  it was mutually agreed that this
     requirement  be waived.  Franchisee  asks  Company to waive this  provision
     also,  subject to the following:  Both  Franchisee and Company  acknowledge
     that the intent of this section is to prevent the  introduction of directly
     competing products that are otherwise identical to the trademarked products
     supplied by the Company. Further, Franchisee hereby agrees not to introduce
     such identical  products or business format not consistent with a Stuckey's
     Pecan Shoppe without approval of the Company.

4.   Page 7, Article 13, BUILDING,  CONSTRUCTION,  AND MAINTENANCE,  states,  in
     part, that no alteration of an existing  Stuckey's  Pecan Shoppe  structure
     shall be undertaken without written approval of the Company. As a result of
     the discussion mentioned above in Item 3 of this Addendum,  it was mutually
     agreed that written  approval is not needed for the changing or altering of
     the  display  sales areas of the store as long as such  alterations  do not
     involve the relocating of fixed  partitions or walls, or other  substantial
     structural  changes.  Franchisee asks Company to also accept this provision
     for this Addendum.

5.   Page 9, Article 20, PETROLEUM PRODUCTS, states, in part, that Company shall
     attempt to supply  adequate  supplies of gasoline  products to  Franchisee.
     Franchisee  merely  desires to remind  Company that  Franchisee  intends to

                                      -16-
<PAGE>
     continue to dispense  Texaco  gasoline  products as supplied by Company and
     expects any discount or rebate that the Company may receive from Texaco for
     such products to be passed on to the Franchisee.

6.   Page 13, Article 24, COVENANT NOT TO COMPETE, states that, Franchisee shall
     not engage in any similar  business covered by the Agreement within an area
     set forth in  Article 3 of the  Franchise  Agreement.  The area  covered by
     Article 3 of the Franchise Agreement includes a store location at which the
     Franchisee  presently  operates  a  similar  business.  The  store  and its
     location are: Bowlin's Flying "C" Ranch, which is located  approximately 48
     miles East of the Edgewood  Stuckey's  Store on Interstate  40.  Franchisee
     expects that the Company,  by being hereby informed of the existence of the
     above  mentioned   competing  business  owned  by  the  Franchisee,   shall
     acknowledge that the existence of this similar and competing business shall
     not violate Article 24, or any other provisions of the Franchise Agreement,
     and further, that any "covenants not to compete" contained in the Franchise
     Agreement are hereby waived with respect to the business mentioned herein.

7.   Page 14,  Article 26,  NOTICES,  states,  in part,  that  notices  shall be
     directed  to  Franchisee  at his place of  business.  For  purposes of this
     Agreement,  the  primary  place  of  business  for  the  Franchisee  is the
     corporation   office  in   Albuquerque,   New   Mexico.   All  notices  and
     communication  of any kind  must be sent  to:  Bowlin's  Incorporated,  136
     Louisiana N.E., Albuquerque, NM 87108.

8.   Page 15,  Article  29,  REBATES,  provides  that any  rebates or  discounts
     received by the Company for products  purchased on behalf of the Franchisee
     shall be passed  through to the  Franchisee.  Franchisee  again  desires to
     remind the  Company  that the  Franchisee  intends to  continue to dispense
     Texaco gasoline products, and the Franchisee expects to receive any and all
     rebates or discounts in full.

9.   Page 15, Article 30,  GENERAL,  states that no changes in, or additions to,
     the Franchise  Agreement shall be binding upon either party unless executed
     in writing by both the  Franchisee  and the President or Vice  President of
     the Company.  Franchisee therefore requests that Company sign this Addendum
     to Franchise  Agreement  and that this  Addendum  shall be attached to, and
     become  part of, that  Agreement.  Further,  that no other  changes in this
     agreement  shall be binding  unless  acknowledged  in writing and signed by
     both parties.

STUCKEY'S                               BOWLIN'S INCORPORATED

By /s/ Don Barnes                       By /s/ Michael L. Bowlin
   ---------------------------------       -------------------------------------
   DON BARNES, PRESIDENT                   MICHAEL L. BOWLIN
                                           EXECUTIVE VICE PRESIDENT

                                      -17-
<PAGE>
STATE OF GEORGIA )
                 ) ss
COUNTY OF COBB   )

     Before  me on this 8th day of  September,  1982,  personally  appeared  DON
BARNES to me known to be the persons who executed the foregoing  instrument  and
acknowledged same to be their free act and deed.

                                        /s/ Marilyn Ann Lank
                                        ----------------------------------------
                                        Notary Public

My Commission Expires: Notary Public, Georgia, State at large
                       My Commission Expires October 28, 1985

STATE OF NEW MEXICO  )
                     ) ss
COUNTY OF BERNALILLO )

     Before me on this 14th day of July,  1982,  personally  appeared Michael L.
Bowlin,  Exec.  V. P. to me known to be the persons who executed  the  foregoing
instrument and acknowledged same to be their free act and deed.

                                        /s/ Nina J. Pratz
                                        ----------------------------------------
                                        Notary Public

My Commission Expires: 6/30/83

                                      -18-
<PAGE>
                         PERSONAL GUARANTY AND INDEMNITY

     THIS  GUARANTY  AND  INDEMNITY  is made by MICHAEL L.  BOWLIN and MONICA A.
BOWLIN of 136 LOUISIANA NE, ALBUQUERQUE, NEW MEXICO, 87108, hereinafter referred
to individually and collectively as "Guarantors";

     As an  inducement  for  Stuckey's  Inc.,  a  Delaware  corporation,  herein
referred to as "Stuckey's", to extend credit to _________________________ herein
referred  to as  "Franchisee",  in the  course of  selling  supplies  and making
purchases  of  petroleum  products  and  other  materials  for the  Franchisee's
account, Guarantors represent, warrant, and agree as follows:

     1. Guarantors do hereby absolutely and  unconditionally  guarantee the full
and  complete  performance  by  Franchisee  of  all  the  terms,  covenants  and
conditions of the Franchise Agreement between Stuckey's and Franchisee,  whether
entered  into  contemporaneously  with  this  Guaranty  or not,  and do  further
guarantee the payment of all amounts due Stuckey's from Franchisee.

     2.  Guarantors do agree to indemnify and hold  Stuckey's  harmless from and
against all liability, losses, damages, costs and expenses (including reasonable
attorneys'  fees)  suffered  or  incurred  by  Stuckey's   arising  out  of  the
Franchisee's failure to pay any and all amounts due third parties.

     3. Guarantors  within ten days of receipt of written demand from Stuckey's,
shall  pay to  Stuckey's  any  and  all  losses,  damages,  costs  and  expenses
(including  reasonable  attorneys'  fees) suffered or incurred by Stuckey's as a
result  of  any  default  by  Franchisee  or the  breach  of  any  agreement  by
Franchisee.  Stuckey's  shall not be  required  to  exhaust  its legal  remedies
against Franchisee before making written demand of Guarantors.  If there is more
than one Guarantor, each makes this Guaranty both jointly and severally.

     4. Execution of this Guaranty and performance of its terms shall not result
in the breach of any term or  provision,  or  constitute  a default  under,  any
indenture,  mortgage, deed of trust, security agreement,  financial agreement or
contract to which Guarantors are a party or are otherwise bound.

     5. In the event the  Guarantors  shall pay to Stuckey's  any  obligation of
Franchisee as provided herein, Guarantors shall be subrogated to Stuckey's right
of  recovery  against  Franchisee  to the  extent  of any such  payment  made by
Guarantors.

     6. This  Guaranty  shall  inure to the  benefit  of  Stuckey's,  its parent
company,  Pet Incorporated,  their successors and assigns,  and shall be binding
upon Guarantors, their successors, assigns, heirs and legal representatives.

     7. Guarantors  expressly agree that this Guaranty and its provisions  shall
not be modified,  amended or waived in any manner  except by written  instrument
signed by Stuckey's.

                                      -19-
<PAGE>
     IN WITNESS  WHEREOF,  Guarantors  have executed and delivered this Guaranty
this 14th day of July, 19___________.

GUARANTORS:

MICHAEL L. BOLWIN                       /s/ Michael L. Bowlin
-----------------------------------     ----------------------------------------
                                        (Signature of Guarantor)

MONICA A. BOWLIN                        /s/ Monica A. Bowlin
-----------------------------------     ----------------------------------------
                                        (Signature of Guarantor's Spouse)

STATE OF NEW MEXICO  )
                     ) ss
COUNTY OF BERNALILLO )

     Before me on this 14th day of July,  1982,  personally  appeared MICHAEL L.
AND MONICA A. BOLWIN to me known to be the persons who  executed  the  foregoing
instrument and acknowledged same to be their free act and deed.

                                        /s/ Nina J. Pratz
                                        ----------------------------------------
                                        Notary Public

My Commission Expires: 6/30/83

                                      -20-Exhibit 10.28

                   AMENDED AND RESTATED MASTER LOAN AGREEMENT

     This Master Loan Agreement  dated  effective  November 10, 2000, is between
BOWLIN OUTDOOR ADVERTISING & TRAVEL CENTERS INCORPORATED ("BOA"),  BOWLIN TRAVEL
CENTERS, INC. ("BTC") (collectively, the "Borrowers") and FIRST SECURITY BANK OF
NEW MEXICO,  N.A. ("Bank"),  a national banking  association and is an amendment
and restatement of the Master Loan Agreement dated effective  November 10, 1998.
In  consideration  of the mutual  covenants  and  agreements  contained  in this
Agreement  and for other good and valuable  consideration,  the Borrower and the
Bank agree:

SECTION 1 - DEFINITIONS.

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

     1.01 AGREEMENT means this Amended and Restated Master Loan Agreement.

     1.02 BANK means First Security Bank of New Mexico,  N.A. and its successors
and assigns.

     1.03 BORROWERS mean,  individually  and  collectively,  both Bowlin Outdoor
Advertising & Travel Centers  Incorporated  ("BOA"),  a Nevada corporation whose
office and principle place of business is 150 Louisiana  Blvd, NE,  Albuquerque,
NM 87108,  and its  successors  and assigns,  AND Bowlin  Travel  Centers,  Inc.
("BTC"),  a newly formed Nevada corporation and a wholly owned subsidiary of BOA
with  its  principal   place  of  business  also  at  150  Louisiana  Blvd,  NE,
Albuquerque, NM 87108 and its successors and assigns.

     1.04  BORROWERS'  RESOLUTIONS  AND APPROVALS  mean,  the  resolutions  duly
adopted  by the  Borrower  authorizing  and  consenting  to the  Loan and to the
execution and delivery of the Loan Documents. The Borrower's Resolutions must be
evidenced by resolutions and authorizations in form acceptable to the Bank.

     1.05 BUSINESS DAY means a day when the Bank is open for business.

     1.06 CLOSING AND CLOSING DATE mean the effective date of November 10, 2000.

     1.07  GOVERNMENTAL  AUTHORITY  means the United  States of America  and any
state  government;  any  political  subdivision  of any of the foregoing and any
agency, department,  commission, board, bureau or instrumentality of any of them
which now or hereafter exercises jurisdiction over the Borrower.

     1.08  LOAN  means,  collectively  all loans  from the Bank to the  Borrower
described in this Agreement, evidenced by the Notes or other Loan Documents.
<PAGE>
     1.09 COMMITMENT means the written commitment letter dated October 10, 2000,
from the Bank,  accepted October 11, 2000, by BOA outlining the general proposed
structure for the BOA/BTC credit facilities.

     1.10 LOAN  DOCUMENT(S)  means  this  Agreement,  the  Notes,  and all other
security interest, deeds of trust, pledges, mortgages, assignments,  collateral,
lien, lien perfection,  lien protection,  or instruments  executed in connection
with or as  security  for the  payment  of the  Loan or for  performance  of the
Borrower's  Obligations  under  this  Agreement,  or for both such  payment  and
performance and all renewals, extensions, modifications and amendments of any of
the foregoing.  Such term also includes any of the foregoing types or categories
of  documents  created,  executed,  or  required  after  Closing  as  part of or
contemplated by the Loan, this Agreement, or which is hereafter made pursuant to
this Agreement.

     1.11 NOTE(S) means  individually  and  collectively  all of the  promissory
notes, or obligations referred or in the form attached as follows,  executed and
delivered to the Bank by the Borrower, together with all extensions, amendments,
modifications,  revisions,  replacements, and substitutions thereof permitted by
the Bank:

     a.)  The  existing  Notes  by BOA to  the  Bank  listed  in  EXHIBIT  1.11,
          including  those notes  modified by a Promissory  Note Change in Terms
          Agreement.

     b.)  The new notes to BTC listed in EXHIBIT 1.11.

     c.)  Any new notes hereafter created,  executed,  and delivered by Borrower
          and accepted by the Bank.

     1.12 OBLIGATIONS means all obligations of the Borrower:

     a.)  To pay the  principal  of, and  interest on, each Note and any Renewal
          Note in  accordance  with their  respective  terms,  now  existing  or
          existing in the future, and to satisfy all of its other liabilities to
          the Bank  whether  hereunder  or  otherwise,  whether now  existing or
          hereafter incurred, matured or unmatured, direct or contingent,  joint
          or several, including any extensions,  modifications, renewals thereof
          and substitutions therefor;

     b.)  To repay to the Bank all  amounts  advanced by the Bank  hereunder  or
          otherwise  on  behalf  of  the   Borrower,   including,   but  without
          limitation,  advances for Loan Fees, principal or interest payments to
          prior secured parties or lienholders, or for taxes or levies; and

     c.)  To reimburse the Bank, on demand,  for all of the Bank's  expenses and
          costs,  including the reasonable fees and expenses of its counsel,  in
          connection  with  the  administration,   amendment,   modification  or
          enforcement  of the Loan  Documents  and any  documents  evidencing or
          relating  to  a  Renewal  Note,  including,  without  limitation,  any
          proceeding  brought or  threatened  to  enforce  payment of any of the
          Obligations.

                                        2
<PAGE>
     d.)  To pay all other  liabilities  and  indebtedness  and to  perform  all
          obligations and duties to the Bank required in any Loan Document or by
          any other contractual agreement with the Bank.

     1.13 RENEWAL NOTE means any  promissory  note executed and delivered by the
Borrower  to the Bank in  connection  with a renewal,  extension,  modification,
amendment,  revision, replacement or substitution of any Note in accordance with
the terms of this Agreement.

SECTION 2 - THE LOAN.

     2.01 PURPOSE OF THE LOAN  RESTRUCTURING.  BOA is presently  indebted to the
Bank on a number of loans pursuant to the Master Loan Agreement  dated effective
November 10, 1998. BOA has formed BTC, as a wholly owned subsidiary,  and has in
process,  several fundamental  changes to its present business structure,  which
include:

     a.)  Separation of its outdoor  advertising and travel center activities by
          transferring all travel center assets  including its Albuquerque,  New
          Mexico office building to BTC,

     b.)  To apportion  and divide the existing  loans with the Bank between BOA
          and BTC based on the  allocations  and  calculations  prepared  by the
          Borrower and its accountants as outlined in the Commitment,

     c.)  That such  apportionment  will include transfer of some existing notes
          in whole and the division and apportionment of parts of existing notes
          to BTC as the  primary  Borrower.  (BTC will be added as a co-maker on
          all notes which will  remain  with BOA,  and BOA will be a co-maker on
          all notes made to BTC),

     d.)  All assets of the Borrower,  including the outdoor  advertising assets
          of BOA and the travel  center and office assets of BTC will secure the
          Notes to the Borrower,

     e.)  All collateral documents will contain  cross-collateralization clauses
          and will secure  repayment  of all Notes to the Borrower and all Notes
          and all Collateral Documents will contain  cross-default clauses as to
          both Borrowers,

     f.)  BOA has entered into an Agreement and Plan of Merger, dated October 3,
          2000, with Lamar  Advertising  Company ("Lamar") to exchange shares of
          BOA for  shares of Lamar ( the "BOA  Merger").  BOA  anticipates  that
          under the terms of the  proposed  BOA Merger,  that the balance of all
          BOA's term Notes will be paid in full by March 31, 2001,

     g.)  In  consideration  for such payment of the BOA term Notes from the BOA
          Merger,  the Bank will,  provided  no Event of Default  has  occurred,
          release its lien on all BOA assets and release BOA as a co-borrower on
          the BTC Notes,

                                        3
<PAGE>
     h.)  Pending closing of the BOA Merger,  and payment on the BOA term Notes,
          the  undisbursed  portions  of  certain  of the BOA and BTC  Notes are
          restricted as detailed in this Agreement.

     2.02 AMENDMENT AND RESTATEMENT OF MASTER LOAN AGREEMENT.  This Agreement is
an amendment and  restatement  of the Master Loan  Agreement  dated November 10,
1998 and the language, terms and provisions of this amended and restated version
shall control for all purposes.

     2.03 RIGHT OF  SET-OFF.  Collateral  includes  the Bank's  right of set-off
against  any  balance or share  belonging  to  Borrower  of any deposit or other
account with the Bank, notwithstanding any other security for the Loan.

     2.04  INTEREST  RATES.  Interest  shall  accrue on each Note at the rate or
index  specified in such Note as established at the time the Note is executed or
later  changed and in accordance  with the terms of such Note.  The Bank may, at
its option,  calculate and charge interest as though each payment is made on the
payment due date with principal reductions effective as of the date of receipt.

     2.05 REPAYMENT OF NOTES.  Each Note shall be due and payable on the date(s)
specified in the Note and in  accordance  with the terms  thereof.  All payments
shall be paid directly to the Bank in immediately available funds. Alternatively
and at its sole discretion,  the Bank may charge any deposit account of Borrower
for  all or any  part  of the  Obligations  due or  declared  due.  The  records
maintained  by the Bank shall be deemed to be evidence of the date of the amount
of each payment on each Note and the other Obligations.  Payments may be applied
to a Note in such  amounts  and in such  order or  priority  as the  Bank  deems
necessary and as provided in the Note or in this Agreement. Additional principal
payments on certain notes may be required  based on the  Borrower's  earnings as
provided in Section 3.01(l), below.

     2.06  COMMITMENT  AND  LOAN  FEES.  Borrower  shall  pay to  the  following
non-refundable fees in connection with the Loan:

          i.)   $20,000.00 paid upon acceptance of the Commitment Letter

          ii.)  $20,000.00 payable at Closing, and

          iii.) If the proposed BOA Merger, including  payment of the BOA Notes,
                does  not  occur  by  March  31,  2001,  an  additional  fee  of
                $20,000.00  is  payable  by the Borrower to the Bank on April 1,
                2001.

     2.07 OTHER FEES AND COSTS:  the Borrower will reimburse the Bank at Closing
for all out-of-pocket expenses and costs incurred by the Bank in connection with
this Loan including the cost of all lien creation,  lien searches,  filing,  and
recording   fees,  any  title   insurance,   title   endorsements,   appraisals,
environmental,  any legal fees and expenses,  and preparation and review of this

                                        4
<PAGE>
Agreement  and other  Loan  Documents.  The  Bank's  legal  fees will not exceed
$20,000.00  (plus costs and applicable  tax) of which $8,895.00 has already been
paid. The Borrower will promptly  reimburse the Bank after Closing for such cost
and expense  amounts  not  available  at Closing or  incurred  after the date of
Closing.

SECTION 3 - COVENANTS OF THE BORROWER.

     3.01 AFFIRMATIVE  COVENANTS.  So long as any Obligations remain unpaid, the
Borrower will, unless the Bank shall otherwise consent in writing:

     a.)  COMPLIANCE WITH LAWS, ETC. Comply,  and cause each of its subsidiaries
          to comply, in all material respects with (i) all material laws, rules,
          regulations and orders (including,  without limitation,  ERISA and all
          applicable  environmental  laws)  and  (ii)  all  other  laws,  rules,
          regulations and orders, promptly upon discovery of any non-compliance.

     b.)  PAYMENT  OF TAXES,  ETC.  Pay and  discharge,  and  cause  each of its
          subsidiaries  to pay and  discharge,  before  the  same  shall  become
          delinquent,  (i) all taxes,  assessments and  governmental  charges or
          levies imposed upon it or upon its property  PROVIDED,  HOWEVER,  that
          neither the Borrower nor any of its subsidiaries  shall be required to
          pay or  discharge  any such tax,  assessment,  charge or claim that is
          being  contested  in good  faith and by proper  proceedings  and as to
          which appropriate reserves are being maintained.

     c.)  MAINTENANCE OF INSURANCE. Maintain, and cause each of its subsidiaries
          to  maintain,  insurance  with  responsible  and  reputable  insurance
          companies or associations,  in such amounts and covering such risks as
          is  acceptable  to the Bank,  and not less than the usual  amounts and
          coverage types carried by companies engaged in similar  businesses and
          owning  similar  properties  in the same  general  areas in which  the
          Borrower  or  such   subsidiary   operates.   The   Borrower  and  all
          subsidiaries  may  maintain   reasonable  amounts  of  self  insurance
          consistent with their financial condition and other relevant criteria,
          provided that any such self  insurance must be approved by the Bank in
          writing.

     d.)  PRESERVATION  OF  CORPORATE  EXISTENCE  AND  APPROVALS.  Preserve  and
          maintain,  and cause each of its subsidiaries to preserve and maintain
          (i)  its  corporate   existence,   rights   (charter  and  statutory),
          franchises and privileges in the  jurisdiction  of its  incorporation,
          and qualify and remain qualified,  and causes each of its subsidiaries
          to qualify  and remain  qualified,  as a foreign  corporation  in each
          jurisdiction in which such  qualification is necessary or desirable in
          view  of  its  business  and   operations  or  the  ownership  of  its
          properties.

     e.)  MAINTENANCE OF PROPERTIES,  ETC. Maintain and preserve, and cause each
          of its  subsidiaries  to maintain and preserve,  all of its properties
          that are used or useful in the conduct of its business in good working
          order and condition, ordinary wear and tear excepted.

     f.)  PERFORMANCE OF OTHER OBLIGATIONS. Perform and observe all of the terms
          and provisions of all other loans,  debts and obligations to all other
          lenders and creditors except  liabilities not exceeding $100,000 being
          contested in good faith.

                                        5
<PAGE>
     g.)  TRANSACTIONS  WITH  AFFILIATES.   Conduct,   and  cause  each  of  its
          subsidiaries to conduct, all transactions with any of their affiliates
          on terms that are fair and  reasonable  and no less  favorable  to the
          Borrower  or such  subsidiary  than it would  obtain  in a  comparable
          arm's-length transaction with a person not an affiliate.

     h.)  FINANCIAL  RATIO   COVENANTS.   BOA,  and  BTC,  shall  each  maintain
          individually,  and on a consolidated basis (with intercompany  related
          transactions  eliminated)  during the term of this  Loan,  each of the
          following minimum financial ratios:

          i.   Minimum debt coverage ratio of 1.15 to 1.0

          ii.  Minimum interest coverage ratio of 1.5 to 1.0

          iii. Net worth of company must  increase by at least 50% of net profit
               on an annual basis.

          iv.  Tangible leverage ratio of not more than 3.5 to 1.0

          v.   For  purposes  of   calculating   these  ratios,   the  following
               definitions and formulas apply:

                    "Earnings"   means   earnings   before   interest,    taxes,
                    depreciation and amortization.

                    "Interest   Coverage   Ratio"  means  earnings   divided  by
                    (Interest expense (+) taxes).

                    "Debt Coverage Ratio" means earnings  divided by (Prior year
                    current  maturities  of long term debt (+) interest  expense
                    (+) taxes).

                    "Tangible Leverage Ratio" means total liabilities / tangible
                    net  worth.  Tangible  net  worth is  defined  as the sum of
                    (Capital stock, paid in capital and retained  earnings) Less
                    the sum of a good will or other intangible assets.

               All  ratios  will be  calculated  quarterly  from the  Borrower's
               fiscal quarter reviewed  statements with income and expense items
               annualized.

     i.)  The Borrower shall furnish to the Bank:

          i.)  as soon as possible  and in any event  within five days after the
               occurrence of each Default or Event of Default  continuing on the
               date  of such  statement,  a  statement  by the  chief  financial
               officer of the Borrower setting forth details of such Default and
               the action that the  Borrower has taken and proposes to take with
               respect thereto;

                                        6
<PAGE>
          ii.) as soon as  available  and in any event  within 50 days after the
               end of each of the first  three  fiscal  quarters  of each fiscal
               year  of the  Borrower,  a copy of the  10-Q  and  other  related
               filings  submitted by the Borrower to the Securities and Exchange
               Commission (the "SEC");

          iii) as soon as  available  and in any event  within 90 days after the
               end of each  fiscal  year of the  Borrower,  a copy of the annual
               10-K  submitted  by the  Borrower  to  the  SEC  to  include  the
               Borrower's  audited  financial   statements  and  all  schedules,
               accounts, opinions, and notes;

          iv)  promptly after the commencement  thereof,  notice of all actions,
               suits and  proceedings  threatened or pending before any court or
               governmental  department,  commission,  board, bureau,  agency or
               instrumentality,  domestic or foreign,  materially  affecting the
               Borrower or any of its subsidiaries;

          v)   promptly after the sending or filing thereof, copies of all proxy
               statements,  other  financial  statements  and  reports  that the
               Borrower  sends to its  stockholders,  and copies of all regular,
               periodic and special reports, and all registration statements and
               other reports or  information,  that the Borrower  files with the
               Securities and Exchange Commission or any governmental  authority
               that may be substituted therefor, or with any national securities
               exchange;

          vi)  promptly after the furnishing thereof, copies of any statement or
               report  furnished  to any other holder of the  securities  of the
               Borrower  or of any  of  its  subsidiaries  with  respect  to any
               pending or potential  non-compliance  with the terms of any other
               indenture, loan or credit or similar agreement, and not otherwise
               required to be  furnished  to the  Lenders  pursuant to any other
               clause of this Section;

     j.)  EXAMINATION  RIGHTS. At any reasonable time and from time to time, the
          Bank shall have the right to,  (i) to examine  and make  copies of and
          abstracts  from the  records  and books of  account  of, and visit the
          properties  of,  the  Borrower  or any such  subsidiary  and,  (ii) to
          discuss the affairs,  finances and accounts of the Borrower and any of
          its  subsidiaries  with any of their  officers or  directors  and with
          their independent certified public accountants.

     k.)  BOOKS AND RECORDS.  Keep, and cause each of its  subsidiaries to keep,
          proper books of record and account,  in which full and correct entries
          shall  be made  of all  financial  transactions  and  the  assets  and
          business of the Borrower and each such  subsidiary in accordance  with
          GAAP.

                                        7
<PAGE>
     l.)  ADDITIONAL  DEBT  SERVICE  BASED  ON  EXCESS  CASH  FLOW.   Additional
          principal  payment of up to $400,000 per year,  applied to the balance
          of the BOA Term Note  Number  9015.  Provided no default  exists,  the
          Borrower may direct which Note(s) the additional payments will reduce.
          Excess Cash Flow means 50% of the excess  EBITDA  above the 1.3 to 1.0
          debt service  coverage ratio  (calculated  as of the Company's  fiscal
          year-end) up to the maximum amount of $400,000.  The  additional  debt
          service  payments will be due annually  beginning May 1, 2001, for the
          fiscal year ending  January 31,  2001.  Upon closing of the BOA Merger
          and payment of the BOA Notes,  this provision is eliminated and shall,
          thereafter, not apply to BTC.

     m.)  LIST OF BILLBOARDS  AND  LOCATIONS.  The Borrower shall provide to the
          Bank  annually,  within  30 days of the end of the  Borrower's  fiscal
          year, a listing of all of  Borrower's  Billboards by state and county.
          The initial list shall include the specific  property address or legal
          description  and for  Billboards  located  on sites  not  owned by the
          Borrower,  the name and  address  of the  property  owner,  lessor  or
          licensor of the site.

     n.)  BILLBOARD  RECEIVABLES  LISTING.  At the Bank's written  request,  the
          Borrower  shall  provide to the Bank  within 10 days of the receipt of
          the  request,   a  listing  of  all   receivables  for  all  Billboard
          advertising  contracts,  leases,  rentals and  revenues to include the
          name and address of the obligor and an aging of the receivables.

     o.)  ADDITIONAL LOAN DOCUMENTS.  The Borrower shall immediately execute and
          deliver any additional or further Loan Documents which the Bank in its
          sole discretion determines necessary to create, document,  perfect, or
          insure the lien  priority as to any of the  collateral,  lien, or lien
          perfection  interests  contemplated  or referenced in this  Agreement,
          including any exhibit hereto.  Additional documents may, at the Bank's
          option,  include  documents  to create or  perfect  liens as to travel
          centers, Billboard sites, and leasehold interest to be filed in county
          real property records.

     p.)  SUBORDINATION OF SELLER FINANCING.  Any lien(s) or security  interests
          in favor of any  seller  to secure  repayment  of any  portion  of the
          purchase of  billboard  or outdoor  advertising  assets or  businesses
          shall be subordinated to the Bank. The  subordination  amount shall be
          equal to all down payments and principal  payments made  thereafter on
          such financing.

     q.)  LIBOR RATE NOTES;  INDEMNIFICATION  FOR  PREPAYMENTS.  If the Borrower
          elects to prepay any portion of any Note for which the  interest  rate
          is based on the London  Interbank  Offered  Rate  ("LIBOR"),  all such
          prepayments  shall be subject to, and shall  require that the Borrower
          pay to the Bank at the time of such prepayment, an amount(s) which the
          Bank  reasonably  determines  will be sufficient to compensate for any
          loss,  cost,  expense or risk  incurred by the Bank as a result of the
          Borrower's  prepayment(s)  prior to the expiration of applicable LIBOR
          Rate  Period  elected.  The Bank  will  provide  to the  Borrower  its
          calculation of such cost.  Additional debt service  payments  required
          under  subsection  3.01(l),  above,  are not  prepayments  under  this
          provision.

                                        8
<PAGE>
SECTION 3.02 NEGATIVE  COVENANTS.  So long as any obligations remain unpaid, the
Borrower will not, without the prior written consent of the Bank:

     a.)  MERGERS, ETC. Except as contemplated by the proposed BOA Merger, merge
          with or into or consolidate with or into any other entity,  or acquire
          all or substantially all of the assets of any non-outdoor  advertising
          or  non-travel  center  business  or  entity,  or  permit  any  of its
          subsidiaries  to do so, except that (i) any subsidiary of the Borrower
          may merge or consolidate  with or into or acquire assets of, any other
          subsidiary of the Borrower and (ii) any of the Borrower's subsidiaries
          may  merge  into or  dispose  of  assets  to the  Borrower;  PROVIDED,
          HOWEVER,  that in each case,  immediately after giving effect thereto,
          no Event of Default would exist, and in the case of any such merger to
          which  the  Borrower  is  a  party,  the  Borrower  is  the  surviving
          corporation.

     b.)  SALES,  PLEDGE,   TRANSFER  OF  ASSETS.  Sell,  pledge,  grant  liens,
          mortgages,  deeds of trust  or  security  interests  in,  transfer  or
          otherwise  dispose  of, or  permit  any of its  subsidiaries  to sell,
          transfer,  or  otherwise  dispose  of, any of its  assets  (including,
          without limitation, all or substantially all of its assets, whether in
          one  transaction  or a series of related  transactions)  except (i) in
          connection with a transaction  authorized by this  Agreement;  or (ii)
          sale,  transfer or  disposition  of assets,  having an aggregate  book
          value of not more than $500,000 in any fiscal year.  (In no event will
          any such sale of assets  allowed  by this  subsection  be at less than
          fair market value.) The Bank acknowledges that it has consented to the
          formation  of BTC,  transfer  of assets by BOA to BTC,  and to the BOA
          Merger.

     c.)  INVESTMENTS IN OTHER ENTITIES. Make or hold, or permit the Borrower or
          any of its  subsidiaries  to make or hold, any investment in any other
          entity  in  excess of  $500,000,  without  the  Bank's  prior  written
          consent.   This  restriction  shall  not  prevent  the  Borrower  from
          purchasing,  acquiring  a travel  centers  or  billboard  business(es)
          allowed under the terms of this Agreement.

     d.)  CHANGE IN NATURE OF BUSINESS.  Except in connection with  transactions
          permitted under Section 3.02(b) and (c) above,  make, or permit any of
          its  subsidiaries  to make,  any material  change in the nature of its
          business as carried on at the date hereof.

     e.)  ACCOUNTING CHANGES.  Make or permit, or permit any of its subsidiaries
          to make or permit,  any change in  accounting  policies  or  reporting
          practices, except as required by GAAP, or as permitted by GAAP, unless
          the amounts involved or the resulting changes are not material.

     f.)  LIMITATION ON OTHER  BORROWINGS.  The Borrower shall not,  except with
          the Bank's prior written consent:

          i)   incur, assume or otherwise become obligated on loans, borrowings,
               debts, leases, or other financing with any person or entity in an
               amount  exceeding  the  aggregate of $750,000 per fiscal year and
               the aggregate  maximum  amount of  $1,500,000.  (Such  obligation
               limits do not include amounts due to vendors for fuels, supplies,
               materials,  labor,  and  similar  day to day  operating  expenses
               incurred in the ordinary  course of the Borrower's  travel center
               and outdoor advertising business), or

                                        9
<PAGE>
          ii)  incur any  indebtedness  or other  obligations  to any  lender to
               finance the  acquisition of any outdoor  advertising  business or
               billboards, or

          iii) incur  any  indebtedness  or other  obligations  to the  owner or
               seller of any  single or  related  group of  outdoor  advertising
               assets or  businesses  to finance  the  purchase  of such  assets
               (seller  financing)  in  excess  of  $750,000  and in no event in
               excess of the aggregate maximum amount of $1,500,000 for all such
               types of indebtedness.

     g.)  EXECUTIVE  MANAGEMENT.  The Bank is relying,  as a material  factor to
          grant the  restructure  requested  by the  Borrower  and commit to the
          terms and conditions contained in this Agreement including the release
          of collateral upon payment of certain indebtedness as detailed herein,
          on the  experience  and expertise of Michael  Bowlin and Chris Bess as
          executive  management  of BTC,  and of BOA,  until  Closing on the BOA
          Merger and payment of all BOA Notes.  Therefore,  in the event  either
          one or both of them is, for any reason,  no longer  willing or able to
          serve as  executive  management  for the Borrower for any reason other
          than their death or incapacity,  the Bank shall have the option,  upon
          30 days  written  notice,  to declare all sums due and owing under the
          Notes, and all other  Obligations of the Borrower  immediately due and
          payable in full and the failure to pay all such amounts  within 5 days
          of the date due shall  constitute  an Event of Default  under  section
          6.01(a) of this Agreement.

SECTION 4 - ADVANCES ON LINES.

     Provided no Default  exists,  provided the  Borrower has compiled  with and
observed all  covenants,  requirements  and  conditions of this  Agreement,  and
provided  the  Borrower  is not  prohibited  from  doing so by any  Governmental
Authority, Borrower may request advances on the various Lines as provided below.
The Bank shall have no obligation to make  advances,  which would;  1) cause the
aggregate  outstanding  principal  balance of the Notes to exceed the applicable
maximum loan amount for that Line, or 2) be inconsistent with any restriction or
provision of this Agreement.  Specific conditions and restrictions are contained
in Exhibit 5.03.

SECTION 5 - COLLATERAL.

     5.01  COLLATERAL.  The Bank and the  Borrower  intend  and  agree  that the
collateral for this Loan is a first lien (except where a second or inferior lien
position is specifically referenced) on all of the assets of each Borrower, both
real and  personal,  tangible  and  intangible,  ( excluding  however,  all fuel
storage  tanks and  connecting  lines  including  underground  storage tanks and
connecting  lines,  systems and plumbing)  and including all currently  owned or
later acquired  subsidiaries.  Such  collateral  secures all  Obligations of the
Borrower to the Bank and includes,  but is not limited to, the following  liens,
mortgages, security interests and other collateral documents:

     a.)  All  existing   collateral   documents  and  lien  interests   listed,
          referenced or created with the Master Loan  Agreement  dated  November
          10, 1998, all collateral documents, lien interests granted prior to or
          subsequent to such  agreement  including,  but not limited to all real
          estate,  personal  property,  real and  intangible  interests  and all
          insurance policies and coverages on BOA's assets.

                                       10
<PAGE>
     b.)  A first real estate mortgage (or deed of trust,  leasehold mortgage or
          leasehold deed of trust) on the real property and improvements for all
          real  property  now owned by BTC  including  the  travel  centers  and
          Albuquerque  office as listed in EXHIBIT  5.01(B)  and  including  the
          Mortgage title policies  insuring such mortgages in the amounts listed
          and in form acceptable to the Bank.

     c.)  The  security  interests,  liens,  pledges,   assignments,   leasehold
          mortgages, leasehold deeds of trust, second or inferior mortgages, and
          other collateral  interests  granted,  previously by BOA together with
          all such  liens and  interests  granted  to the Bank by BOA and BTC as
          part of this closing,  as referenced in this  Agreement,  and all such
          liens and interests  which may hereafter by granted by Borrower to the
          Bank.

     d.)  Insurance  coverage and loss payee  provisions  for all of  Borrower's
          assets which are collateral for the Loans.

     e.)  Collateral  liens on any travel  centers  purchased,  constructed,  or
          remodeled on Outdoor Acquisition Assets, and any additional collateral
          liens which the Bank requires the Borrower to grant to the Bank during
          the term of the Loan  including  real estate lien and lien  perfection
          documents on billboard site leases.

     5.02 RELEASE OF BOA AND  COLLATERAL.  The Bank hereby agrees to release BOA
as co-maker  (Co-Borrower)  on the various BTC Notes and to release its liens on
certain  collateral as detailed below.  There are no other agreements to release
any other collateral liens, interests, or rights.

     a.)  STUCKEYS RIO PUERCO TRAVEL  CENTER.  BOA is presently  under a written
          agreement to sell the real property commonly known as the Stuckeys Rio
          Puerco in Bernalillo County, New Mexico.  Provided such sale closes by
          December  31,  2000,  the Bank will  release its mortgage on such real
          property in exchange for payment of the greater of fifty percent (50%)
          of the net sale  proceeds  or  $275,000.00,  such net  proceeds  to be
          applied to reduce BTC term  Notes.  If Closing  does not occur by such
          date, the Borrower will, at its expense:  i) execute and deliver a new
          mortgage by BTC on such  property to the Bank,  ii) transfer  title of
          the property  into BTC,  and iii) provide the Bank with a  mortgagee's
          title  insurance in the amount of $550,000,  in form acceptable to the
          Bank.

     b.)  If the BOA Merger closes by March 31, 2001, the Bank will, provided no
          Event of Default has occurred,  in exchange for payment in full of all
          BOA Notes  (excluding  up to  $300,000  outstanding  on the  revolving
          working  capital  Note  #9016  which may be paid by  advancing  on the
          undisbursed portion of the $1,000,000 BTC RLOC) by such date, the Bank
          will release its liens on the BOA assets and will release BOA from all
          liabilities,  as  Co-Borrower  and  co-maker  on the BTC  Notes.  Such
          release  shall include the release of any security  interest,  lien or
          right to the  funds of BOA  deposited  with the Bank as  described  in
          Section  7.02(b),  below.  The  Bank  will  provide,  as  part of such
          releases,  any  documents  or  releases  necessary  to  evidence  such
          releases.

     5.03  COMMITMENTS  AND REVOLVING  NOTES.  All commitments to fund under any
lines, or credit  facilities as wells as the undisbursed  amount on any unfunded
note or line of credit under or pursuant to the  November 10, 1998,  Master Loan
Agreement are terminated excepted those specifically detailed in EXHIBIT 5.03.

                                       11
<PAGE>
SECTION 6 - DEFAULT AND REMEDIES.

     6.01 EVENTS OF DEFAULT.  Each of the following shall constitute an Event of
Default under this Agreement:

     a.)  Failure of Borrower  to make any  payment on any Note,  , or any other
          Obligations to the Bank within five (5) Business Days after receipt of
          certified written notice from the Bank.

     b.)  Any warranty, representation or statement made or furnished to Bank by
          or on behalf of Borrower  under this Agreement or any Loan Document is
          false or  misleading  in any  material  respect  at the  time  made or
          furnished.

     c.)  This  Agreement or any other Loan Document  ceases to be in full force
          and effect  other than as  contemplated  by this  Agreement  or by the
          mutual written consent of the parties.

     d.)  Any  default by Borrower on any  indebtedness  to any other  lender or
          default or material  non-compliance  by the Borrower on any borrowing,
          obligation,  or  contractual  liability  with any third  party  except
          liabilities not exceeding $100,000 being contested in good faith.

     e.)  The  dissolution  or  termination  of Borrower's  existence as a going
          business,  the insolvency of Borrower,  the  appointment of a receiver
          for any part of Borrower's property, any assignment for the benefit of
          creditors,  or the commencement of any proceeding under any bankruptcy
          or insolvency laws by or against Borrower.

     f.)  Commencement  of  foreclosure  or forfeiture  proceedings,  whether by
          judicial proceeding,  self-help,  repossession or any other method, by
          any creditor of Borrower,  including any garnishment,  attachment,  or
          levy on or of any of Borrower's deposit accounts with Lender.

     g.)  A material adverse change occurs in Borrower's financial condition, or
          Bank in good faith  believes the prospect of payment or performance of
          the Indebtedness is impaired.

     h.)  As to any breach or failure  to  observe  or perform  any  non-payment
          (non-monetary)  condition,   requirement  or  restriction  under  this
          Agreement or any other Loan Document  when such breach is  susceptible
          to cure,  the Borrower  fails to cure or remedy such breach  within 15
          days after receipt of certified  written  notice from the Bank of such
          breach.

     i.)  Borrower  breaches  or fails to  observe  any other  term,  condition,
          requirement,  or restriction  under this Agreement,  in any other Loan
          Document,  or in any  other  agreement  with  the  Bank  which  is not
          susceptible to cure.

                                       12
<PAGE>
     j.)  Any enforcement  action is commenced  against the Borrower by the SEC,
          or trading in the  Borrower's  stock is suspended or halted by the SEC
          or any exchange regulated by the SEC.

     6.02  CESSATION  OF ADVANCES,  ACCELERATION  AND OTHER  REMEDIES.  Upon the
occurrence  of any Event of Default as  defined  in Section  6.01,  the Bank may
forthwith  or at any time during such default or events,  without  notice to the
Borrower  refuse  to make  further  advances  on any  Line  or  Note,  and  may,
independent  of such decision,  declare the unpaid  balance of the  Obligations,
including all principal and all interest then accrued, to be immediately due and
payable;  and the  Obligations  shall become and be immediately  due and payable
without  presentment,  notice of protest or other  notice of  dishonor or of any
other  kind of  notice  whatsoever,  including,  without  limitation,  notice of
default, notice of intent to accelerate and notice of acceleration, all of which
are hereby  expressly waived by Borrower;  and the Bank may immediately  enforce
its rights under the Loan Documents; and may exercise all rights available to it
in law or equity  including all rights  available  under this Agreement or under
the other Loan Documents.

SECTION 7 - MISCELLANEOUS.

     7.01 EXECUTION AND FORM OF DOCUMENTS.  Each written instrument  required by
this  Agreement  or any of the other Loan  Documents to be furnished to the Bank
shall  be duly  executed  by the  person  or  persons  specified  (or  where  no
particular person is specified,  by such person as the Bank shall require), duly
acknowledged  where  required  by the Bank and,  in the case of  affidavits  and
similar sworn  instruments,  duly sworn to and subscribed before a notary public
duly  authorized  to act in the  premises by  Governmental  Authority;  shall be
furnished to the Bank in one or more copies as required by the Bank; shall be in
such form and of such  substance as shall be  effective,  in the judgment of the
Bank, to accomplish the results  intended by such  instrument;  and shall in all
respects  be in form and  substance  satisfactory  to the Bank and to its  legal
counsel.

     7.02 ASSIGNMENT OF LOAN PROCEEDS.  Borrower irrevocably assigns to the Bank
and  grants a  security  interest  to the Bank in and to its  right,  title  and
interest in:

     a.)  All Loan proceeds held by the Bank, whether or not disbursed; and

     b.)  All funds deposited by the Borrower with the Bank under this Agreement
          or otherwise.

     7.03  SEVERABILITY.  If any item,  term or provision  contained in the Loan
Documents is in conflict,  or may  hereafter be held to be in conflict  with the
laws of the United  States or the State of New  Mexico,  as  applicable,  or any
political  subdivision of any of them,  then only the documents  containing such
provision  shall be affected and it shall be affected only as to such particular
item, term or provision and shall in all other respects remain in full force and
effect.

     7.04 NO WAIVER.  No course of dealing  between the Bank and the Borrower or
any  guarantor,  or any delay on the part of the Bank in  exercising  any rights
hereunder or under the Loan Documents shall operate as a waiver of any rights of
the Bank, except to the extent, if any, expressly waived in writing by the Bank.

                                       13
<PAGE>
     7.05 SURVIVAL.  All covenants,  agreements,  representations and warranties
made by the  Borrower in the Loan  Documents  and in any  certificates  or other
documents or instruments  delivered pursuant to this Agreement shall survive the
making  by the Bank of the  Loan  and the  execution  and  delivery  of the Loan
Documents, and shall continue in full force and effect until the Obligations are
paid in full.

     7.06  NOTICES.  All  notices  required  to be given in  writing  under this
Agreement  shall  be  given  by hand  delivery,  by a  certified  delivery  by a
nationally  recognized overnight courier service, or by the U.S. Postal Service,
and shall be effective when actually delivered,  or when delivery during regular
business hours is attempted on a Business Day at the notice address of the party
to whom the notice is to be given.  Any party may change its address for notices
under this Agreement by giving written notice to the other party.

Notice Addresses: Borrower:

     BOWLIN Outdoor Advertising & Travel Centers, Inc.
     150 Louisiana Blvd. NE
     Albuquerque, NM 87108
     Attn: Michael L. Bowlin, President

     and

     Bowlin Travel Centers, Inc.
     150 Louisiana Blvd. NE
     Albuquerque, NM 87108
     Attn: Michael L. Bowlin, President

Bank:

     First Security Bank of New Mexico, N.A.
     P.O. Box 1305
     Albuquerque, NM 87103
     Attn: Commercial Loans, David Gandy, Vice President

     7.07 MODIFICATION.  This Agreement shall not be changed orally or by course
of conduct or dealing but shall be changed only by  agreement in writing  signed
by all parties hereto.

     7.08  COUNTERPARTS.  This Agreement may be executed  simultaneously  in any
number of counterparts,  each of which, when so executed and delivered, shall be
an original,  but such counterparts  shall together  constitute one and the same
instrument.

     7.09 BINDING  EFFECT.  This  Agreement  shall be binding upon the Bank, the
Borrower  and  their  respective   successors,   assigns,   heirs  and  personal
representatives.

     7.10 NO  PARTNERSHIP  OR JOINT  VENTURE.  Notwithstanding  anything  to the
contrary in the Loan Documents,  and  notwithstanding  any action the Bank takes
pursuant to the Loan Documents, the Bank and the Borrower shall not be deemed to
be engaged in a partnership or joint venture, nor shall the Bank be deemed to be
an agent or principal of the Borrower.

                                       14
<PAGE>
     7.11  ASSIGNMENT BY THE BANK.  The Loan  Documents,  each Note, any Renewal
Note and the Loan contemplated  thereby, may be placed,  participated,  assigned
and/or serviced by the Bank and/or its successors and assigns, and in connection
with any of the foregoing, the Bank may retain a portion of the fees or interest
paid on the Notes or may  receive  servicing,  brokerage  or other fees from the
purchaser or  participant.  Any such  placement,  participation,  assignment  or
servicing  shall be at the Bank's sole option;  and the Bank and its  successors
and assigns shall have no  obligations  to disclose to the Borrower the receipt,
or contemplated receipt, of any such fees, nor shall the Borrower have any claim
or right to the same.  The Bank shall have the right to disclose  and to provide
to any  prospective  purchaser  or  participant  copies  of Loan  Documents  and
financial and other information of or about the Borrower.

     7.12  RELATION  TO OTHER  DOCUMENTS.  This Loan  Agreement  supersedes  and
replaces all prior agreements,  commitments, and understandings between the Bank
and the Borrower, written or unwritten,  including all previous loan agreements.
The provisions of this Agreement are not intended to supersede the provisions of
the other Loan  Documents,  but should be  construed  as  supplemental  thereto.
However,  except as specifically  provided herein, if there is any inconsistency
between the  provisions  of this  Agreement and the other Loan  Documents,  this
Agreement shall control.

     7.13 JURISDICTION. Borrower hereby irrevocably agrees that any legal action
or  proceedings  against the  Borrower  with  respect to this  Agreement  may be
brought in the courts of the State of New Mexico or in the U.S.  District  Court
for the  District of New Mexico.  Borrower  hereby  consents  and submits to the
jurisdiction of such courts and further consents to the personal jurisdiction of
any court located  within  Bernalillo  County,  New Mexico,  with respect to any
lawsuit to enforce  the  obligations  of  Borrower  under this  Agreement.  This
provision  shall  not  limit  the  right  of the Bank to bring  such  action  or
proceedings  against  the  Borrower  in the  courts  of  such  other  states  or
jurisdictions  where the  Borrower  may be  subject to  jurisdiction  nor to any
action required to be brought in another  jurisdiction  as the Borrower(s)  real
property assets or interests located in such other jurisdictions.

     7.14  GOVERNING  LAW.  This  Agreement  and the Loan  Documents  have  been
negotiated,  executed and delivered  solely within the State of New Mexico.  The
rights and obligations of the parties under this Agreement and under each of the
Loan Documents  shall be governed by and construed and interpreted in accordance
with the laws of the State of New Mexico.

     7.15 JURY  TRIAL  WAIVER.  IN ANY  ACTION,  CLAIM,  COUNTERCLAIM,  OR OTHER
PROCEEDING  BASED UPON OR RELATED IN ANY MANNER TO THIS AGREEMENT,  THE NOTE, OR
THE  OTHER  LOAN  DOCUMENTS,  BORROWER,  THE  BANK,  AND ALL  MAKERS,  SURETIES,
GUARANTORS OF THE NOTE,  AND THIS  AGREEMENT,  TOGETHER WITH ALL  SUCCESSORS AND
ASSIGNS  OF THE  FOREGOING,  WAIVE THE RIGHT TO A JURY  DEMAND AND TO A TRIAL BY
JURY AND STIPULATE THAT THE TRIER OF FACT SHALL BE THE DESIGNATED  JUDGE IN SUCH
PROCEEDING AND ACKNOWLEDGE AND AGREE THAT SUCH WAIVER MAY SIGNIFICANTLY LIMIT AN
IMPORTANT  COMMON LAW,  CONSTITUTIONAL,  AND/OR  STATUTORY  RIGHT WHICH WOULD BE
OTHERWISE AVAILABLE.

                                       15
<PAGE>
BANK:
FIRST SECURITY BANK OF NEW MEXICO, N.A.

/s/ David Gandy
----------------------------------
By: David Gandy, Vice President

BORROWER:
BOWLIN OUTDOOR ADVERTISING & TRAVEL CENTERS INCORPORATED

/s/ Michael L. Bowlin
----------------------------------
By: Michael L. Bowlin, President

BOWLIN TRAVEL CENTERS, INC.

/s/ Michael L. Bowlin
----------------------------------
By: Michael L. Bowlin, President

                                       16
<PAGE>
                  SCHEDULE OF EXHIBITS TO MASTER LOAN AGREEMENT

Exhibit 1.11:       Existing BOA Promissory Notes  and  new BTC Promissory Notes
                    payable to First Security Bank of New Mexico, N.A.

Exhibit 5.01(b):    The  existing  Mortgages   (or  Deeds  of  Trust,  Leasehold
                    Mortgages, Leasehold Deeds of Trust) on all real property to
                    be  retained  by  BOA  and  the  title polices insuring such
                    Mortgages  by  BOA  to the Bank, together with new mortgages
                    and leasehold mortgages on each parcel listed (excluding the
                    Albuquerque,  New Mexico billboard plant) executed by BTC at
                    closing, each to be insured by a mortgagee's title policy in
                    the amount shown.

Exhibit 5.03:       Lines of Credit and Undisbursed Proceeds

                                       17

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