Document:

EMPLOYMENT AGREEMENT

         EMPLOYMENT AGREEMENT (this "Agreement"),  dated as of October 16, 1998,
is by and between Raintree  Resorts  International,  Inc., a Nevada  corporation
("Employer"), and Bruce S. MacIntire ("Employee").

                              W I T N E S S E T H:

     A.   Employer desires to retain the services of Employee as its Senior Vice
          President-Chief Operating Officer-Raintree Owner's Club.

     B.   Employer considers the employment of Employee pursuant to the terms of
          this  Agreement to be in the best interests of Employer and its equity
          holders to facilitate continuity of experienced  management and wishes
          to assure that Employee  serves Employer on an objective and impartial
          basis  and  without  distraction  or  conflict  of  interest  upon the
          potential   termination   of  Employee's   employment   under  certain
          circumstances.

     C.   Employee  is  willing,  on the terms  and  subject  to the  conditions
          provided  in  this  Agreement,   to  undertake  the   responsibilities
          contemplated  herein,  furnish services to Employer as provided herein
          and be subject to certain employment restrictions and obligations.

     D.   Undefined capitalized terms are defined in Section 8(a).

     NOW  THEREFORE,   in   consideration   of  the  premises,   the  covenants,
representations  and warranties  herein  contained and other good,  valuable and
binding  consideration,   the  receipt  and  sufficiency  of  which  are  hereby
acknowledged by the parties hereto, the parties hereby agree:

     1.  Employment  Term.  This Agreement shall commence as of October 16, 1998
(the  "Commencement  Date") and shall  remain in effect for three (3) years from
the  Commencement  Date  (the  "Employment   Term").   Beginning  on  the  third
anniversary  of  the  Commencement  Date,  and  upon  each  anniversary  of  the
Commencement Date thereafter,  this agreement will be automatically  renewed and
the  Employment  Term shall be extended for  successive  one year periods unless
terminated  by either the  Employee  or  Employer  by giving  written  notice of
termination not less than 60 days in advance of the renewal date;  provided that
there shall be no such renewal after the year in which Employee turns 63.

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     2.  Responsibilities  and Authority.  Employer  hereby employs  Employee to
serve as Senior Vice President-Chief Operating  Officer-Raintree Owner's Club of
Employer.  During the Employment Term, Employee will have the responsibility and
authority  to  administer  and  coordinate  the  activities  of Employer and its
subsidiaries relating to the Raintree Owners' Club in accordance with the policy
guidelines as established by Employer's management.

     3. Acceptance of Employment. Employee accepts employment by Employer on the
terms and conditions  herein  provided and agrees,  subject to the terms of this
Agreement,  to devote all of his full  business  time to advance the business of
Employer.  Without Employer's  Board's approval,  Employee will not serve on the
Board of Directors of any  non-affiliate  of Employer that is not  controlled by
Employee's family.

     4. Compensation and Benefits.  As compensation for his services  hereunder,
Employee will be entitled to the following amounts.

          (a) Base  Salary.  Employee  will  receive a base  cash  salary at the
     aggregate rate of  US$120,000.00  per annum (the "Base  Salary").  The Base
     Salary will be paid in 24 substantially  equal  installments with the first
     installment to be on October 31, 1998,  and  thereafter in accordance  with
     normal payroll practices of the Company twice each month.

          (b)  Bonus.  Employee  will be paid a two  part  bonus  (the  "Bonus")
     determined  as follows:  (i) a service based bonus in the amount of $30,000
     which  will  be  paid in 24  equal  monthly  installments  with  the  first
     installment  to be paid on October 31, 1998 and  thereafter  in  accordance
     with normal payroll practices of the Company twice each month, (ii) a merit
     based bonus to be authorized by the Compensation Committee of the Company's
     Board of  Directors  and (iii) a one time  signing  bonus in the  amount of
     $30,000 to be paid on October 31, 1998.

          (c)  Benifits  and  Productivity  Aids.  Employee  will be entitled to
     receive the benefits (the "Benefits") listed on Schedule A.

          (d) Beneficiaries.  Employee will have the absolute right to designate
     the  beneficiaries  to receive the  proceeds,  if any, of all Benefits upon
     Employee's death.

          (e) Acceleration of Payments.

               (i)  Occurrence of  Triggering  Event.  Upon the  occurrence of a
          Triggering Event,  Employee shall receive from Employer (i) a lump sum
          payment  equal to one times his Base Salary and (ii)  earned  Bonuses,
          any vested stock options and any other sums due him.

               (ii) Time of Payment.  All  accelerated  payments of Base Salary,
          Bonuses and  Benefits to Employee  pursuant to this Section 4(e) shall
          be paid as promptly as possible  but in any event within 30 days after
          Employee provides notice of a Triggering Event.

               (iii)  Reimbursement  of  Expenses.  Employee  will  be  promptly
          reimbursed for Reimbursable Expenses.

          (f) Consideration.  Employee's covenants contained in Sections 6 and 7
     are in return for the  consideration - Employee is to receive under Section
     4(e).

          (g) Employer will provide all compensation and benefits listed above.

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     5. Termination. This Agreement may be terminated upon the following terms:

          (a)  Termination  Upon Death.  This  Agreement will terminate upon the
     first  day of the  month  following  Employee's  date of death  during  the
     Employment  Term and,  other than Benefits and  Reimbursable  Expenses,  no
     further amounts will be due hereunder.

          (b)  Termination  Upon Total  Disability.  Employer may terminate this
     Agreement  because  of Total  Disability  upon at least 30 days'  notice to
     Employee;  provided that (i) Employer will pay Employee his Base Salary for
     the  lesser  of (A)  period  from such  notice  until the date on which the
     disability benefits contemplated by the Benefits begin accruing and (B) 120
     days from such notice,  and (ii) Employer  shall pay all other Benefits and
     Reimbursable Expenses owed Employee.

          (c)  Termination  by Employer  Without  Cause.  If terminated  without
     Cause, Employee shall be entitled to receive six months Base Salary.

          (d) Termination by Employer With Cause.  Employer shall be entitled to
     terminate   Employee's   employment  at  any  time  for  Cause.  Upon  such
     termination for Cause, all of Employee's  rights and benefits  provided for
     in this Agreement shall terminate immediately, except as to any accrued and
     unpaid  Base  Salary  prorated  through  the  date of  termination  and any
     Benefits or amounts  owed for  Reimbursable  Expenses  incurred by Employee
     prior  to such  termination.  Employee  will  not be  deemed  to have  been
     terminated  for Cause until there has been  delivered to him a  termination
     notice by Employer's Board.

     6. Confidentiality and Solicitation.

          (a) Confidentiality.

               (i)  Confidentiality  of  Information.  Employee  recognizes  and
          acknowledges that he will have access to the Trade Secrets,  access to
          and knowledge of which are essential to the  performance of Employee's
          duties hereunder. Employee will not, during the term of his employment
          by Employer or  thereafter,  either (A) disclose such Trade Secrets to
          any Person for any reason or purpose  whatsoever,  except on behalf of
          Employer for its business  purposes during the term of this Agreement,
          or (B) make use of any Trade  Secrets for his own  purposes or for the
          benefit of any Person, except to the extent authorized by an agreement
          between Employer and any such Person.

               (ii) Return of Confidential  Information.  All samples and copies
          of  Trade  Secrets   prepared  or  obtained  by  Employee  during  his
          employment shall at all times be the property of Employer and Employee
          shall  deliver  the  same to  Employer  at any  time  upon  Employer's
          request,  and in any event shall deliver the same to Employer upon the
          termination of his employment  whether or not he has been requested to
          do so.

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               (b)  Solicitation.  During the  Employment  Term and three  years
          thereafter,  Employee will not, and will cause his  affiliates to not,
          directly or indirectly,  (i) solicit for employment by any Person, its
          affiliates  or anyone  else,  any  employee or then  currently  active
          independent  contractor of Employer or its  affiliates,  or any person
          who was an employee or then currently active independent contractor of
          Employer or its  affiliates,  within the one year  period  immediately
          preceding such  solicitation of employment;  or (ii) induce or attempt
          to induce,  any employee or independent  contractor of Employer or its
          affiliates,  to terminate  such  employee's  employment or independent
          contractor's active contractual relationship.

                  (c) Specific  Performance.  If there is a breach or threatened
         breach of the  provisions of this Section 6, Employer shall be entitled
         to an injunction restraining Employee from such breach, without bond or
         other  security.  Nothing  herein  shall be  construed  as  prohibiting
         Employer from pursuing any other remedies for such breach or threatened
         breach.

     7. Covenant Not to Compete.

          (a)  Non-Competition   Covenant.   In  return  for  the  consideration
     described in Section 4,  Employee  agrees that he shall not for a period of
     three years from the  termination  of his  employment  with  Employer  (the
     "Non-Competition  Term")  in any  manner  whatsoever,  either  directly  or
     indirectly, with any Person in each case, within the Geographic Area:

                    (i) provide or offer to provide to any Person any  services,
               information  or other  assistance  relating  to the  business  of
               Employer  or of  any  of  its  affiliates  (as  of  the  date  of
               termination  of  Employee's  employment)  or with  respect to any
               customer,  client or prospective  customer or client, of Employer
               or of any of its  affiliates in each case,  within the Geographic
               Area;

                    (ii) own, operate,  engage in, participate in, or contribute
               to, alone or as a partner,  joint  venturer,  officer,  director,
               member,  employee,  consultant,  agent, independent contractor or
               stockholder of, or lender to, or in any other  capacity,  in each
               case, any real estate,  timeshare product, service or product, or
               other which is the same as, similar to, or competes with Employer
               or its  affiliate's  services or products or which  compete  with
               Employer or its affiliate's business;

                    (iii)  (A)  call  on  any  Acquisition  Candidate  with  the
               knowledge of such Acquisition Candidate's status as such, for the
               purpose of  acquiring,  or  arranging  the  acquisition  of, that
               Acquisition  Candidate by any Person  other than  Employer or its
               affiliates, (B) induce any Person which is a customer of Employer
               or  its   affiliates  to  patronize  any  business   directly  or
               indirectly in competition with the business conducted by Employer
               or its affiliates; (C) canvass, solicit or accept from any Person
               which is a  customer  of  Employer  or its  affiliates,  any such
               competitive  business;  or (D) request or advise any Person which
               is a customer  of  Employer  or its  affiliates,  or its or their
               successors;  "Acquisition Candidate" means (I) any Person engaged
               in the Timeshare Business, or the purchase or development of real
               estate with the purpose of engaging in the Timeshare  Business or
               (II) any project with respect to the Timeshare  Business,  and in
               either   case  (i)  which  was  called  on  by  Employer  or  its
               affiliates,  in  connection  with  the  possible  acquisition  by
               Employer or its  affiliates  of that  Person or project,  or (ii)
               with  respect  which  Employer  or its  affiliates  has  made  an
               acquisition analysis; or

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<PAGE>
                    (iv) directly or indirectly  employ, or knowingly permit any
               Person, directly or indirectly, controlled by him, to employ, any
               Person who was  employed  by  Employer  or its  affiliates  at or
               within the prior one year.

               (b) Employee agrees and understands  that Employer's  business is
          highly competitive and that Employer has invested considerable sums of
          money in developing real estate and timeshare properties and services,
          training programs, sales programs,  pricing and marketing formulas and
          programs,  and account records for the proper servicing of its clients
          and potential clients.

               (c) Employee further agrees and understands that this covenant is
          necessary  for  the  protection  of  Employer  due to  its  legitimate
          interest  in  protecting  its  business  goodwill  and Trade  Secrets.
          Employee  further  agrees  and  understands   that,   because  of  the
          legitimate  interest of Employer in protecting  its business  goodwill
          and Trade  Secrets as well as the extensive  confidential  information
          and  special  knowledge  received  by  Employee  from  Employer,   the
          restrictions enumerated in Section 7(a) are not oppressive and are, in
          fact,  reasonable.  Employee also agrees and understands  that, due to
          the  necessity  of  this  covenant  and  the  adequate   consideration
          supporting  it, this  covenant  does not prevent  competition,  and in
          fact, it encourages Employer to entrust Employee with Trade Secrets.

               (d) If a court  of  competent  jurisdiction  determines  that the
          scope of any  provision  of this Section 7 is too broad to be enforced
          as written,  the parties  intended that the court reform the provision
          to  such  narrower  scope  as  it  determines  to  be  reasonable  and
          enforceable.

               (e)  Employee  agrees that if he breaches  this  covenant he will
          submit to the  rendition  of a temporary  restraining  order,  without
          prior notice, and thereafter to a temporary and permanent  injunction.
          Further,  Employee agrees to the jurisdiction of an appropriate  court
          in Harris County, Texas, for the enforcement of this covenant.

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     8. Miscellaneous.

          (a) Definitions. The following terms have the indicated meanings.

               (ii) Base Salary - defined in Section 4(a).

               (ii) Cause -

                    (A) the  failure of Employee  to  substantially  perform his
               covenants  and  duties  described  herein  (other  than  any such
               failure resulting from Total Disability);

                    (B) the engaging by Employee in willful, reckless or grossly
               negligent misconduct which is materially injurious to Employer or
               any of its affiliates, monetarily or otherwise;

                    (C) the misappropriation of Employer funds;

                    (D) Employee's commission of an act of dishonesty, affecting
               Employer  or  its  affiliates,   or  the  commission  of  an  act
               constituting common law fraud or a felony; or

                    (E)  Employee  shall  resign  or  otherwise   terminate  his
               employment  with  Employer  for any  reason  other than by mutual
               written agreement with Employer.

               (iii)  Change of  Control - is  deemed  to have  occurred  if any
          "person"  as such  term is used in  Sections  13(d)  and  14(d) of the
          Securities  Exchange  Act of 1934,  as then in  effect,  other  than a
          shareholder or its  beneficiary on the date hereof or any "person" who
          on the date of determination is a Director or Officer of Employer,  is
          or becomes the "beneficial  owner" as defined in Rule 13d-3 under such
          Act,  directly or indirectly,  of securities of Employer  representing
          51%  or  more  of  the  combined   voting  power  of  Employer's  then
          outstanding equity securities.

               (iv)  Geographic  Area - the  geographic  market  areas  (and the
          specific  countries  and states  located  therein)  of Employer or its
          affiliates in which Employer is conducting business at the time of the
          expiration of Employee's employment with Employer or its affiliates.

               (v) Person - a natural person,  firm,  corporation,  association,
          partnership  (general  or  limited),  limited  liability  corporation,
          syndicate, governmental body, or any other entity.

               (vi) Reimbursable Expenses - all properly documented,  reasonable
          and  necessary  expenses  incurred  by  Employee  on  behalf of and in
          connection with the business of Employer.

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               (vii) Termination Notice - notice under Sections 1(a) or 1(b).

               (viii)  Total  Disability  - illness or other  physical or mental
          disability of Employee  which shall  continue for a period of at least
          45  consecutive  days or three  months  in the  aggregate  during  any
          12-month  period  during the  Employment  Term,  which such illness or
          disability shall make it impossible or  impracticable  for Employee to
          perform any of his duties and responsibilities hereunder.

               (ix) Timeshare Business - the business of purchasing, developing,
          marketing, selling and financing timeshare vacation intervals.

               (x) Trade Secrets - Employer and its  affiliates'  proprietary or
          confidential information,  including but not limited to the following:
          trade  secret  information,   ideas,  concepts,   software,   designs,
          drawings,   techniques,   models,   data,   documentation,   research,
          development,    processes,   procedures,   business   acquisition   or
          disposition  plans,  "know how,"  marketing  techniques and materials,
          marketing and development plans,  customer names and other information
          related  to  customers,  price  lists,  pricing  policies,  details of
          customer,  distributor,  agency  or  consultant  contracts,  financial
          information  and  any  other  information  relating  to the  business,
          customers,  trade, trade secrets or industrial  practices of Employer;
          provided that, "Trade Secrets" shall not include information that: (A)
          at the  time of  disclosure  is in the  public  domain;  or (B)  after
          disclosure  is  published  or  otherwise  becomes a part of the public
          domain through no act or omission of Employee or his  affiliates  (but
          only after, and only to the extent that, such information is published
          or otherwise  becomes  part of the public  domain).  In addition,  any
          combination  of  features   disclosed  in  the  course  of  Employee's
          employment  shall not be deemed to be  within  the  exceptions  listed
          above merely because individual  features are separately in the public
          domain or in a Person's possession, but shall be within the exceptions
          only if the  combination  itself and its principle of operation are in
          the  public  domain or in a Person's  possession  as  provided  in the
          exceptions listed above.

               (xi)  Triggering  Event.  -  Following a Change of Control (A) if
          Employee   terminates   employment  with  Employer;   (B)  the  actual
          termination of this Agreement by Employer;  or (C) except as expressly
          provided  herein,  Employer's  refusal to renew this Agreement for any
          one-year term for any reason, in each case, other than:

                    (1) Employee's voluntary termination;

                    (2) Termination of employment for Cause; or

                    (3)  Termination  of  employment  upon  the  death  or Total
               Disability.

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          (b)  Severability.  To the extent that any provision of this Agreement
     may be  deemed or  determined  to be  unenforceable  for any  reason,  such
     unenforceability  shall not impair or affect any other provision,  and this
     Agreement shall be interpreted so as to most fully give effect to its terms
     and still be enforceable.

          (c) Scope of Agreement.  This Agreement  constitutes  the whole of the
     agreement between the parties on the subject matter,  superseding all prior
     oral  and  written   conversations,   negotiations,   understandings,   and
     agreements in effect as of the date of this Agreement.

          (d)  Notices.  Any notice or request to be given  hereunder  to either
     party hereto shall be deemed  effective  only if in writing and either ((i)
     delivered  personally  to Employee (in the case of a notice to Employee) or
     to the Board of Employer,  or (ii) sent by certified  or  registered  mail,
     postage prepaid, to the addresses set forth on the signature page hereof or
     to such other address as either party may hereafter specify to the other by
     notice similarly served.

          (e)  Assignment.  This Agreement and the rights and obligations of the
     parties  hereto  shall bind and inure to the benefit of each of the parties
     hereto,  and shall also bind and inure to the benefit of  Employee's  heirs
     and legal  representatives  and any  successor or successors of Employer by
     merger or  consolidation  and any assignee of all or  substantially  all of
     Employer's  business  and  properties;  except as to any such  successor or
     assignee of Employer,  neither  this  Agreement  nor any duties,  rights or
     benefits  hereunder may be assigned by Employer or by Employee  without the
     express written consent of Employee or Employer, as the case may be.

          (f) Governing Law,  Construction and Submission to Jurisdiction.  This
     Agreement  shall be construed and enforced in  accordance  with the laws of
     the State of Texas without reference to its choice-of-law principles.  Each
     party hereto has had adequate  opportunity  to be  represented by qualified
     counsel and,  accordingly,  this Agreement shall not be interpreted against
     either  party.  If any  action is brought  to  enforce  or  interpret  this
     Agreement, venue for such action will be in Harris County, Texas.

          (g)  Modification.  No  amendment,   modification  or  waiver  of  any
     provision  hereof  shall be made unless it be in writing and signed by both
     of the parties hereto.

          (h)  Termination  of Prior  Agreements.  When this  Agreement  becomes
     effective  it shall  supersede  all prior  arrangements  or  understandings
     concerning Employee's employment by Employer or Employer.

          (i)  Headings.   The  headings  in  this   Agreement  are  solely  for
     convenience of reference and shall not affect its interpretation.

          (j) No Waiver.  No failure on the part of any party hereto at any time
     to require the performance by any other party of any term of this Agreement
     shall be taken or held to be a  waiver  of such  term or in any way  affect
     such  party's  right to  enforce  such  term,  and no waiver on the part of
     either party of any term of this  Agreement  shall be taken or held to be a
     waiver of any other term hereof or the breach thereof.

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          (k)   Counterparts.   This  Agreement  may  be  executed  in  separate
     counterparts,  each of which when so executed  shall be an original but all
     of such  counterparts  shall  together  constitute  but  one  and the  same
     instrument.

                          [NEXT PAGE IS SIGNATURE PAGE]

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<PAGE>

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

                                            RAINTREE RESORTS INTERNATIONAL, INC.

                                            By:    /S/ Douglas Bech
                                              ----------------------------------
                                                     Douglas Y. Bech
                                                     Chairman

                                             BRUCE S. MACINTIRE

                                             By:    /S/ Bruce MacIntire
                                               ---------------------------------
                                                 Name: Bruce S. MacIntire,
                                                        personally

                                       10
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                                   Schedule A

1. Two weeks annual vacation which shall not accrue from year to year.

2. Life insurance in the amount of two times Base Salary.

3. Disability insurance for Employee pursuant to Employer's plan.

4.  Medical  insurance  for  Employee  and  Employee's  family  pursuant  to the
Employer's plan.

5.  Reasonable  use of office  supplies,  computers,  copying and fax  machines,
telephones and secretarial services.

6. Reasonable  membership  dues for one airline club of Employee's  choice and a
corporate  American  Express card for corporate travel and other proper business
purposes which shall also provide for membership in one or more airline clubs.

7. If terminated  pursuant to Sections 4(e)(i) or 5(c),  reasonable  expenses of
reasonable and customary outplacement services not to exceed $5,000.

                                       11

<PAGE>SIDE LETTER NO. 2
                                October 13, 2000

Raintree Resorts International, Inc.
CR Resorts Cancun, S. de R.L. de C.V.
CR Resorts Los Cabos, S. de R.L. de C.V.
CR Resorts Puerto Vallarta, S. de R.L. de C.V.
Corporacion Mexitur, S. de R.L. de C.V.
CR Resorts Cancun Timeshare Trust, S. de R.L. de C.V.
CR Resorts Cabos Timeshare Trust, S. de R.L. de C.V.
CR Resorts Puerto Vallarta Timeshare Trust, S. de R.L. de C.V.
Promotora Villa Vera, S. de R.L. de C.V.
Villa Vera Resort, S. de R.L. de C.V.
c/o Raintree Resorts International, Inc.
10000 Memorial Drive, Suite 480
Houston,  Texas 77024
Attention:  Mr. Douglas Y. Bech

     Re:  First Amended and Restated Loan and Security Agreement dated April 23,
          1999, as amended.

Dear Mr. Bech:

     Reference  is made to that  certain  First  Amended and  Restated  Loan and
Security  Agreement dated as of April 23, 1999 (the "Original Loan  Agreement"),
as amended by that certain  Amendment  No. 1 to First  Amended and Restated Loan
and Security Agreement dated as of November 30, 1999 (the "Amendment No. 1") and
as further  amended by that  certain  side letter  dated May 11, 2000 (the "Side
Letter No. 1" and together  with the Original  Loan  Agreement and the Amendment
No.  1,  collectively  the  "Loan  Agreement"),  by  and  among  FINOVA  Capital
Corporation ("Lender") and CR Resorts Cancun, S. de R.L. de C.V., CR Resorts Los
Cabos,  S. de R.L.  de C.V.,  CR Resorts  Puerto  Vallarta,  S. de R.L. de C.V.,
Corporacion  Mexitur,  S. de R.L. de C.V., CR Resorts Cancun Timeshare Trust, S.
de R.L. de C.V.,  CR Resorts  Cabos  Timeshare  Trust,  S. de R.L.  de C.V.,  CR
Resorts Puerto Vallarta  Timeshare  Trust,  S. de R.L. de C.V.,  Promotora Villa
Vera, S. de R.L. de C.V. and Villa Vera Resort, S. de R.L. de C.V. (collectively
the "Borrower"), evidencing certain loan facilities from Lender to the Borrower.
In connection  with the Loan Agreement,  Raintree  Resorts  International,  Inc.
("Raintree")  executed  and  delivered  to  Lender  a  Corporate  Guarantee  and
Subordination   Agreement   dated  as  of  November  23,  1998  (the   "Original
Guarantee"), as amended by that certain Consent of Guarantor and Amendment No. 1
to Corporate  Guarantee and  Subordination  Agreement dated as of April 23, 1999
and as further  amended by that certain Consent of Guarantor and Amendment No. 2
to Corporate Guarantee and Subordination Agreement dated as of November 30, 1999
(collectively the "Guarantee Agreement").

                  Unless otherwise  defined herein,  all capitalized  terms used
herein shall have the same meaning as set forth in the Original Loan Agreement.

     This Side Letter will set forth certain  agreements  that have been reached
among the Borrower, Raintree and the Lender.

          1. Additional Definitions:  Paragraph 1 of the Loan Agreement shall be
     amended by adding the following defined terms:

          "'Foreign  Receivables':  those  Receivables with respect to which the
     maker is a resident of a country other than the United States of America or
     Canada.

          2.  Delinquencies:  Paragraph  S.5(b) of the Schedule shall be amended
     and restated in its entirety to read as follows:

                           "(b) Borrower  shall not permit  Delinquencies  as of
         the end of any three (3) consecutive calendar months during the term of
         the Receivables Loan and the Inventory Loan to exceed five percent (5%)
         of  the  aggregate  then  unpaid  principal   balance  of  all  Foreign
         Receivables  which have been  pledged or assigned  to Lender.  Borrower
         shall  not  permit  Delinquencies  as of  the  end  of  any  three  (3)
         consecutive calendar months during the term of the Receivables Loan and
         the Inventory  Loan to exceed four percent (4%) of the  aggregate  then
         unpaid  principal  balance  of all  Receivables  (inclusive  of Foreign
         Receivables)  which  have  been  pledged  or  assigned  to  Lender.  In
         addition,  during the term of the Inventory  Loan,  Borrower  shall not
         permit  Delinquencies  as of  the  end  of any  three  (3)  consecutive
         calendar  months to exceed  ten  percent  (10%) of the  aggregate  then
         unpaid principal balance of all Receivables arising from the Time Share
         Project that have not been pledged or assigned to Lender.  For purposes
         hereof, Delinquencies shall mean, (i) in the case of the first sentence
         above, Foreign Receivables pledged or assigned to Lender under which an
         installment payment becomes more than sixty (60) days past due, (ii) in
         the  case of the  second  sentence  above,  Receivables  (inclusive  of
         Foreign  Receivables)  pledged or  assigned  to Lender  under  which an
         installment  payment  becomes  more than  sixty  (60) days past due and
         (iii) in the case of the third sentence above, Receivables arising from
         the Time Share  Project and which have not been  pledged or assigned to
         Lender, under which an installment payment becomes more than sixty (60)
         days past due. This covenant shall be tested on a consolidated level as
         to all of the entities constituting Borrower."

          3. Foreign  Persons:  Subparagraph  (j)  appearing on Exhibit A to the
     Original  Loan  Agreement  shall be amended and restated in its entirety to
     read as follows:

                                       2
<PAGE>

               "(j) The  Purchaser  is a United  States  or  Canadian  resident,
          unless the  Purchasers  of at least  eighty-five  percent (85%) of all
          other Eligible Instruments are United States or Canadian residents."

          4. Exhibit A to the Original Loan Agreement  shall be amended with the
     addition of a subparagraph (r) reading as follows:

               "(r) In the  case  of a  Foreign  Receivable,  at  least  two (2)
          scheduled installment payments have been made."

          5. Servicing: To the extent that any Borrower receives any installment
     of  principal,  interest or other  amounts  payable  under any  Instruments
     pledged or assigned to Lender,  the Borrower  receiving  such payment shall
     remit such payment, without any deduction, to the appropriate account being
     maintained  by the  Lockbox  Agent under the  Lockbox  Agreement  and shall
     concurrently  therewith advise the Servicing Agent as to the making of such
     payment to the Lockbox Agent and other  specifics  concerning such payments
     as the Servicing Agent shall require. Such payment and report shall be made
     on the first  Business Day of each  calendar  week with respect to payments
     theretofore  received and not yet remitted to Lockbox Agent. As to payments
     received under Instruments constituting Foreign Receivables,  such payments
     shall be remitted to the account referenced in the Lockbox Agreement as the
     "FINOVA Capital Corporation Transfer Account" presently bearing the account
     number 23131556.

          6. Service of Process Agent: Each entity constituting  Borrower hereby
     appoints Raintree Resorts International, Inc. ("Raintree"), with an address
     of  10000  Memorial  Drive,  Suite  480,  Houston,  Texas  77024,  as their
     respective  agent for service of process  ("Service of Process  Agent") who
     shall be  responsible  for accepting  service of process  within the United
     States on behalf of each of the  undersigned.  Service shall be effected on
     the Service of Process  Agent in  accordance  with the laws of the State in
     which such service is made and if served in accordance with such laws, such
     service shall be effective and valid. Within twenty (20) days following the
     full  execution  hereof,  each Borrower  agrees to execute before a Mexican
     notary public a power of attorney in a form  acceptable to Lender as to the
     appointment  of the Service of Process  Agent and shall cause such power of
     attorney to be registered with the appropriate public registry and with the
     Mexican Public Registry of Commerce.  The undersigned  shall not change its
     Service of Process Agent without (i) sixty (60) days' prior written  notice
     to Lender,  (ii) the  delivery  to Lender of a power of  attorney in a form
     acceptable  to Lender as to such new  Service  of  Process  Agent (the "New
     Agent"),  (iii) the delivery to Lender of a written  acceptance  by the New
     Agent of  his/her/its  appointment  and (iv) evidence that the  replacement
     power  of  attorney  has  been  registered  with  the  appropriate   public
     registries  and with the Mexican Public  Registry of Commerce.  Each of the
     undersigned  hereby  agrees  that  service of process  upon the  Service of
     Process Agent  appointed  prior to the  appointment  of the New Agent shall
     continue to be effective until the satisfaction of the conditions set forth
     in clauses (i), (ii), (iii) and (iv) above.

                                       3
<PAGE>
          7.  Conditions:  As a  condition  to Lender's  obligations  hereunder,
     Borrower  shall execute and deliver to Lender an Assignment of  Declarant's
     Rights in a form  acceptable  to Lender  along with  appropriate  financing
     statement  amendments.  As  a  further  condition  to  Lender's  obligation
     hereunder,  Lender  shall be  comfortable  with the  manner in which it has
     perfected its security  interest,  under Mexican law, with respect to those
     Foreign Receivables made by Mexican residents.

          8. Reaffirmation:

               (i) Borrower and Raintree hereby  reaffirm,  as if made as of the
          date hereof,  all of their respective  representations  and warranties
          contained in the Loan  Documents.  Borrower  and Raintree  furthermore
          reaffirm  the  validity,  enforceability  and  legality  of  the  Loan
          Documents,  and all provisions of the Loan Documents, as modified, are
          hereby confirmed and ratified.  Without limiting the generality of the
          foregoing,  Borrower hereby reaffirms the validity and  enforceability
          of the  security  interests  granted  to  Lender  in  the  Collateral.
          Borrower confirms that such security interests will continue to secure
          the timely and faithful  performance  of all  Obligations,  including,
          without limitation, the obligations under this letter. In the event of
          a  conflict  or  inconsistency  between  the  provisions  of the  Loan
          Documents as amended up to the date  immediately  prior to the date of
          this letter and the provisions of this letter,  the provisions of this
          letter will prevail. All terms,  conditions and provisions of the Loan
          Documents (including,  without limitation, the Guarantee Agreement and
          the  Inventory  Note),  as amended,  are  continued  in full force and
          effect and will remain unaffected and unchanged except as specifically
          amended or modified hereby.

               (ii) Borrower and Raintree acknowledge that Lender has performed,
          and is not in default of, its  obligations  under the Loan  Documents;
          that there are no offsets,  defenses or counterclaims  with respect to
          any of Borrower's,  Raintree's or any other party's  obligations under
          the Loan Documents;  and that Lender has not directed  Borrower to pay
          or  not to  pay  any of  Borrower's  payables.  Neither  Borrower  nor
          Raintree  presently  has any existing  claims,  defenses  (personal or
          otherwise)  or  rights  of  setoff  whatsoever  with  respect  to  the
          Obligations. Borrower and Raintree furthermore agree that they have no
          defense, counterclaim, offset, cross-complaint, claim or demand of any
          nature whatsoever which can be asserted as a basis to seek affirmative
          relief or damages from Lender.

               (iii) Borrower  acknowledges  that the indebtedness  evidenced by
          the  Loan  Documents  is  just  and  owing  and  agrees  to  pay  such
          indebtedness  in  accordance  with the  terms  of the Loan  Documents.
          Borrower  further  acknowledges  and  represents  that  no  event  has
          occurred and no  condition  presently  exists that would  constitute a
          default or event of default by Lender under the Loan  Agreement or any
          of the other Loan Documents,  with or without notice or lapse of time.
          Borrower hereby ratifies, reaffirms,  acknowledges and agrees that the
          Loan  Agreement  and  the  other  Loan  Documents   represent   valid,
          enforceable and collectable obligations of Borrower.

                                       4
<PAGE>
          9. Authorization: Borrower and Raintree represent and warrant that (i)
     they have the full power and  authority to execute and deliver this letter;
     (ii) all  action  necessary  and  required  by  Borrower's  and  Raintree's
     Articles of Organization and all other Legal  Requirements for Borrower and
     Raintree  to  execute  and  deliver  the this  letter  have  been  duly and
     effectively  taken;  (iii) this  letter does not  violate or  constitute  a
     default or result in the imposition of a lien under the terms or provisions
     of any  agreement  to which  Borrower or  Raintree is a party;  and (iv) no
     consent of any governmental  agency or any other person not a party to this
     letter is or will be required as a condition to the execution,  delivery or
     enforceability of this letter.

          10.  Guarantee  Agreement:  Raintree  acknowledges and agrees that the
     obligations  of  the  Borrower  under  this  letter  constitute  additional
     obligations of the Borrower,  the performance of which are guaranteed under
     the Guarantee Agreement.

          11. Counterparts: This letter may be executed in counterparts, each of
     which when taken  together shall  constitute  one and the same  instrument,
     notwithstanding  the  fact  that  all  parties  have  not  signed  the same
     counterpart. In addition, this Side Letter may be executed by facsimile and
     such  facsimile  signatures  shall be deemed  original  signatures  for all
     purposes.

          12. Loan  Documents:  This letter shall be deemed a Loan  Document and
     the obligations of the Borrower hereunder shall be deemed an Obligation.

                            [Signature Pages Follow]

                                       5

<PAGE>

                  In the event the foregoing represents an accurate statement of
the  agreements  that have been  reached,  please sign and return a copy of this
letter to the undersigned.

                                       FINOVA CAPITAL CORPORATION

                                        By:  /s/ Mirian Santacruz

                                        Name:    Miran Santacruz
                                             -----------------------------------
                                        Title:  Vice President
                                             -----------------------------------

ACCEPTED this 13th day of October, 2000:

                                        "BORROWER"

WITNESS:                                 CR Resorts Cancun,  S. de R.L. de C.V.,
                                         a Mexican limited  responsibility
                                         corporation with variable capital

Brian Tucker                             By:    /S/ Douglas Y. Bech
____________                             Name: Doug Bech
                                             -----------------------------------
                                         Its:  Attorney in fact
                                             -----------------------------------
                                                                        [SEAL]

WITNESS:                                 CR  Resorts  Puerto  Vallarta,  S.  de
                                         R.L.  de  C.V.,  a  Mexican  limited
                                         responsibility  corporation with
                                         variable capital

Brian Tucker                             By:    /S/ Douglas Y. Bech
____________
                                         Name:  Doug Bech
                                              ----------------------------------
                                         Its:  Attorney in fact
                                              ----------------------------------
                                                                        [SEAL]

                         [Additional Signatures Follow]

                                       6
<PAGE>

WITNESS:                                  Corporacion  Mexitur,  S. de R.L. de
                                          C.V.,  a Mexican  limited
                                          responsibility  corporation with
                                          variable capital

Brian Tucker                             By:    /S/ Douglas Y. Bech
____________
                                         Name:    Doug Bech
                                              ----------------------------------
                                          Its:  Attorney in fact
                                              ----------------------------------
                                                                       [SEAL]

WITNESS:                                 CR Resorts Cancun  Timeshare  Trust, S.
                                         de R.L. de C.V., a Mexican  limited
                                         responsibility corporation with
                                         variable capital
Brian Tucker                             By:    /S/ Douglas Y. Bech
____________
                                         Name:    Doug Bech
                                              ----------------------------------
                                          Its:  Attorney in fact
                                              ----------------------------------
                                                                       [SEAL]
WITNESS:                                CR Resorts Cabos  Timeshare  Trust,  S.
                                        de R.L. de C.V., a Mexican  limited
                                        responsibility corporation with
                                        variable capital
Brian Tucker                             By:    /S/ Douglas Y. Bech
____________
                                         Name:    Doug Bech
                                              ----------------------------------
                                         Its:  Attorney in fact
                                              ----------------------------------

                                                                        [SEAL]

WITNESS:                               CR  Resorts  Puerto  Vallarta  Timeshare
                                       Trust,  S. de R.L.  de C.V.,  a  Mexican
                                       limited responsibility corporation with
                                       variable capital
Brian Tucker                             By:    /S/ Douglas Y. Bech
____________
                                         Name:    Doug Bech
                                              ----------------------------------
                                         Its:  Attorney in fact
                                              ----------------------------------
                                                                       [SEAL]

                         [Additional Signatures Follow]

                                       8
<PAGE>

WITNESS:                               Promotora Villa Vera, S. de R.L. de C.V.,
                                       a Mexican limited responsibility
                                       corporation with variable capital

Brian Tucker                             By:    /S/ Douglas Y. Bech
____________
                                         Name:    Doug Bech
                                              ----------------------------------
                                          Its:  Attorney in fact
                                              ----------------------------------
                                                                        [SEAL]

WITNESS:                               Villa Vera Resort, S. de R.L. de C.V.,
                                       a Mexican limited responsibility
                                       corporation with variable capital
Brian Tucker                             By:    /S/ Douglas Y. Bech
____________
                                         Name:    Doug Bech
                                              ----------------------------------
                                         Its:  Attorney in fact
                                              ----------------------------------

                                                                        [SEAL]

WITNESS:                              Raintree Resorts International., Inc.
                                      a Nevada corporation

Brian Tucker                             By:    /S/ Douglas Y. Bech
____________
                                         Name:    Doug Bech
                                              ----------------------------------
                                          Its:  Attorney in fact
                                              ----------------------------------

                                                                        [SEAL]

<PAGE>

STATE OF Texas)

COUNTY OF Harris)

          The foregoing  instrument was acknowledged  before me this 13th day of
     October,  2000,  by  Douglas  Y. Bech,  as  Attorney  in Fact of CR Resorts
     Cancun,  S. de R.L. de C.V., a Mexican limited  responsibility  corporation
     with variable capital, on behalf of the corporation.

                                Bea M. Robertson
                           --------------------------
                                  Notary Public

                                                                (Seal)

My Commission Expires:
10-31-03
-------------------------

STATE OF Texas)

COUNTY OF Harris)

          The foregoing  instrument was acknowledged  before me this 13th day of
     October,  2000,  by Douglas Y. Bech,  as Attorney in Fact of CR Resorts Los
     Cabos,  S. de R.L. de C.V., a Mexican  limited  responsibility  corporation
     with variable capital, on behalf of the corporation.

                                Bea M. Robertson
                           --------------------------
                                  Notary Public

                                                                (Seal)

My Commission Expires:
10-31-03
-------------------------

STATE OF Texas)

COUNTY OF Harris)

          The foregoing  instrument was acknowledged  before me this 13th day of
     October, 2000, by Douglas Y. Bech, as Attorney in Fact of CR Resorts Puerta
     Vallarta, S. de R.L. de C.V., a Mexican limited responsibility  corporation
     with variable capital, on behalf of the corporation.

                                Bea M. Robertson
                           --------------------------
                                  Notary Public

                                                                (Seal)

My Commission Expires:
10-31-03
-------------------------

STATE OF Texas)

COUNTY OF Harris)

          The foregoing  instrument was acknowledged  before me this 13th day of
     October,  2000,  by Douglas Y. Bech,  as  Attorney  in Fact of  Corporacion
     Mexitur, S. de R.L. de C.V., a Mexican limited  responsibility  corporation
     with variable capital, on behalf of the corporation.

                                Bea M. Robertson
                           --------------------------
                                  Notary Public

                                                                (Seal)

My Commission Expires:
10-31-03
-------------------------

STATE OF Texas)

COUNTY OF Harris)

          The foregoing  instrument was acknowledged  before me this 13th day of
     October, 2000, by Douglas Y. Bech, as Attorney in Fact of CR Resorts Cancun
     Timeshare  Trust,  S. de R.L.  de C.V.,  a Mexican  limited  responsibility
     corporation with variable capital, on behalf of the corporation.

                                Bea M. Robertson
                           --------------------------
                                  Notary Public

                                                                (Seal)

My Commission Expires:
10-31-03
-------------------------

STATE OF Texas)

COUNTY OF Harris)

          The foregoing  instrument was acknowledged  before me this 13th day of
     October,  2000, by Douglas Y. Bech, as Attorney in Fact of CR Resorts Cabos
     Timeshare  Trust,  S. de R.L.  de C.V.,  a Mexican  limited  responsibility
     corporation with variable capital, on behalf of the corporation.

                                Bea M. Robertson
                           --------------------------
                                  Notary Public

                                                                (Seal)

My Commission Expires:
10-31-03
-------------------------

STATE OF Texas)

COUNTY OF Harris)

          The foregoing  instrument was acknowledged  before me this 13th day of
     October,  2000,  by  Douglas  Y. Bech,  as  Attorney  in Fact of Villa Vera
     Resort, S de R.L. de CV, a Mexican limited responsibility  corporation with
     variable capital, on behalf of the corporation.

                                Bea M. Robertson
                           --------------------------
                                  Notary Public

                                                                (Seal)

My Commission Expires:
10-31-03
-------------------------

STATE OF Texas)

COUNTY OF Harris)

          The foregoing  instrument was acknowledged  before me this 13th day of
     October,  2000, by Douglas Y. Bech, as Attorney in Fact of Raintree Resorts
     International, a Nevada corporation, on behalf of the corporation.

                                Bea M. Robertson
                           --------------------------
                                  Notary Public

                                                                (Seal)

My Commission Expires:
10-31-03
-------------------------
<PAGE>

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