Document:

EXHIBIT 10.2

                             AMENDMENT AND AGREEMENT

     This  Amendment  and  Agreement  (this  "Amendment")  is entered into as of
September__,  2007 (the  "Effective  Date"),  by and among  Mortgage  Assistance
Center Corporation,  a Florida corporation (the "Company"),  and the undersigned
entities (each, an "Investor," and collectively,  the  "Investors"),  and amends
that  certain  Series A  Preferred  Stock  and  Common  Stock  Warrant  Purchase
Agreement  dated as of  November  30,  2006,  by and among the  Company  and the
Investors  (the  "Purchase  Agreement").  Messrs.  William G. Payne and Rod Cain
Jones  (collectively,  the  "Board  Member  Investors")  are also  party to this
Amendment for the limited purpose of Section 1.5. The Company, the Investors and
the Board  Member  Investors  may each be  referred  to herein as a "Party"  and
collectively as the "Parties."

                                   BACKGROUND
                                   ----------

     A. The Purchase Agreement provides, among other things, for the purchase by
the Investors of 1,500,000 shares of the Company's Series A Preferred Stock, par
value $.001 per share ("Series A Stock"), plus an additional 1,500,000 shares of
Series  A  Stock  in  three  subsequent  tranches,   subject  to  the  Company's
achievement of certain quarterly performance thresholds (each a "Threshold").

     B.  Notwithstanding  that the Company did not meet the  Threshold for March
31, 2007, the Investors waived the Threshold requirement and purchased the first
subsequent tranche of 500,000 shares of Series A Stock.

     C. The Company  has not met the  Threshold  for June 30,  2007 and,  due to
certain irregularities in the management of its real estate portfolios, of which
the Investors  have been made aware,  Investors have advised the Company that no
future purchases of Series A Stock would be made under the terms of the Purchase
Agreement.

     D. The Investors are, however,  willing to invest an additional  $1,000,000
in  equity  into  the  Company,  and the  Company  is  willing  to  accept  such
investment, upon the terms and conditions set forth in this Amendment.

                                  AGREEMENTS:
                                  -----------

     In consideration  of the mutual  covenants  contained herein and other good
and  valuable  consideration,  the receipt and  sufficiency  of which are hereby
acknowledged,  the Parties  agree as follows.  Capitalized  terms used,  but not
defined  herein have the  respective  meaning  given such terms in the  Purchase
Agreement.

                                   SECTION 1
                     Authorization and Sale of Common Stock
                     --------------------------------------

     1.1.  Authorization.  In  addition  to the  shares  of  Series A Stock  and
warrants to purchase shares of the Company's  common stock,  $.001 par value per
share ("Common Stock") provided for under Section 1.1 of the Purchase Agreement,
the Company has,  subject to the  effectiveness of the Articles of Amendment (as
defined below)  authorized the sale and issuance to the Investors of 267,347,556

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shares (the  "Shares") of Common  Stock.  The Parties  acknowledge  that, at the
Effective Date, the Company does not have a sufficient  number of authorized but
unissued shares of Common Stock to fulfill its obligations under this Agreement,
and will, prior to the issuance of the Shares,  need to file an amendment to its
Articles of Incorporation to increase its authorized shares.

     1.2. Sale and Issuance of Shares.  Section 1.2 of the Purchase Agreement is
hereby  amended to remove any future  obligation on the part of the Investors to
purchase shares of Series A Stock or Warrants.  In lieu thereof,  but subject to
the  terms and  conditions  of this  Amendment,  each of the  Investors  agrees,
severally and not jointly, to purchase, and the Company agrees to sell and issue
to each Investor the number of Shares set forth in the Column designated "Number
of Shares" opposite such Investor's name on the attached Schedule of Investors.

     1.3. Purchase Price. The aggregate  purchase price for Shares shall consist
of  cash  in  the  amount  of  $1,000,000  (the  "Cash   Consideration"),   plus
cancellation of all outstanding  Warrants.  The Cash Consideration  shall be due
and payable as follows:

            (a)  $500,000  was paid by wire  transfer of  immediately  available
funds  into  an  account   designed   in   writing   by  the   Company,   as  of
____________________; and

            (b)  $500,000  shall  be  due  in  payable,   by  wire  transfer  of
immediately  available funds into an account designed in writing by the Company,
on November 30, 2007.

Within five (5) business  days of the  issuance of the Shares to the  Investors,
the  Investors  shall  deliver  to the  Company  originals  of all  certificates
representing the Warrants for cancellation by the Company.

     1.4.  Delivery  of  Shares.  On or before  the second  (2nd)  business  day
following the effectiveness of the Articles of Amendment, the Company will issue
to the Investors certificates,  registered in such Investor's name, representing
the  number  of Shares  that such  Investor  is  purchasing  as set forth in the
Schedule of Investors.

     1.5. Termination of Board Warrants.  Subject to the issuance of the Shares,
the Parties  agree that the warrants to purchase  75,000  shares held by each of
the Board Member Investors (the "Board Warrants") are, as of the Effective Date,
hereby amended to provide that they can only be exercised upon the occurrence of
an Event of  Default  described  below.  Absent  the  occurrence  of an Event of
Default, the Board Warrants cannot be exercised.

                                   SECTION 2
                         Representations and Warranties
                         ------------------------------

     2.1.  Company  Representations  and Warranties.  Except as set forth on the
Schedule  of  Exceptions  attached  hereto as Exhibit A, which  disclosures  and
exceptions  will be deemed to be a part of the  representations  and  warranties
made  hereunder,  the Company  hereby  restates all of the  representations  and
warranties set forth under Section 3 of the Purchase Agreement.

     2.2. Investor Representations and Warranties. The Investors hereby restate

Amendment and Agreement                                                   Page 2

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all of the  representations  and  warranties  set forth  under  Section 4 of the
Purchase Agreement.

                                   SECTION 3
                                Other Obligations
                                -----------------

     3.1. Articles of Amendment. The Company, as soon as reasonably practicable,
shall prepare,  execute and file with the Securities and Exchange Commission and
the State of Florida,  all  applicable  reports,  statements,  acknowledgements,
amendments and such other documentation as may be required,  including,  but not
limited to, any preliminary and definitive Information Statements and Forms 8-K,
to effect the  Articles of  Amendment,  so as to enable the Company to issue the
Shares.  The Company  represents  and warrants to the Investors  that, as of the
Effective Date, its Board of Directors has approved an amendment to its Articles
of Incorporation increasing the number of authorized shares of Common Stock from
50,000,000  to  500,000,000  (the  "Articles  of  Amendment"),  and  that it has
received  consents  from the  holders  of a  sufficient  number of shares of its
outstanding  Common Stock as required by Florida law to effectuate  the Articles
of Amendment.

     3.2. Funding Commitment Agreement.  Simultaneously with, and as a condition
to, the  execution  of this  Agreement,  the Company has  executed  that certain
Funding Commitment  Agreement  providing,  among other things,  that Bob Mangold
shall receive common stock purchase  warrants for  ___________  shares of Common
Stock in exchange for (a) a $300,000 short term loan, and (b) continued debt and
equity  financing  to  fund  the  Company's  acquisition  of  real  estate  loan
portfolios  on the  terms  and  subject  to the  conditions  set  forth  in such
agreement.

     3.3. Loan and Security  Interest.  Until such time as the Shares are issued
as provided  herein,  the  $1,000,000,  or such portion thereof as has then been
invested  in the  Company  pursuant to Section 1.2 above shall be deemed to be a
non-interest  bearing loan to the  Company,  payable on demand at any time after
the  expiration of three months from the Effective  Date, and the Company hereby
grants to the  Investors  a  security  interest  in and to all of the  Company's
assets, subject only to purchase money security interests granted by the Company
prior to the Effective Date in and to the real estate loan  portfolios set forth
in the attached Exhibit B.

                                   SECTION 4
                                Event of Default
                                ----------------

     4.1. Event of Default. Each of the following shall be deemed to be an Event
of Default under this Amendment:

            (a) The Company  shall fail to prepare and file with the  Securities
and  Exchange  Commission  (the  "SEC"),  within ten (10)  business  days of the
Effective Date, a preliminary  Information Statement meeting the requirements of
Regulation  14C  promulgated  under the  Exchange  Act of 1934,  as amended (the
"Regulation 14C");

            (b)  The  Company  shall  fail  to file  with  the SEC a  definitive
Information  Statement  meeting the requirements of Regulation 14C within eleven
(11)  business  days  after  the  latter of (i) the  filing  of the  preliminary

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<PAGE>

Information Statement,  and (ii) the receipt of comments by the Company from the
SEC with respect to the preliminary Information Statement,

            (c) The Company  shall fail to file,  on or before the  twenty-fifth
(25th) calendar day after filing the definitive  Information  Statement with the
SEC,  the  Articles of  Amendment  with the  Secretary  of State of the State of
Florida, the Articles of Amendment; and

            (d) The  Company  shall fail to issue and  deliver the Shares to the
Investors in accordance with Section 1.4above.

Upon the occurrence of an Event of Default, the Investors may, in addition to
any other right and remedy they may have, declare a default under the loan and
foreclose on the security interest contemplated under Section 3.3 above.

                                  Miscellaneous
                                  -------------

     4.2.  Incorporation  by Reference.  Article 7 and Sections  9.1-9.16 of the
Purchase  Agreement are incorporated into this Agreement by this reference as if
such sections had been fully set forth in this Agreement.

         This Amendment and Agreement is executed as of the Effective Date.

                                              THE COMPANY

                                              MORTGAGE ASSISTANCE CENTER
                                              CORPORATION, a Florida corporation

                                              By: /s/ Ron Johnson
                                                  Ron Johnson, President

                                              INVESTORS:

                                              W.C PAYNE INVESTMENTS, LLC

                                              By: W.C. Payne
                                                  W.C. Payne, Managing Member

Amendment and Agreement                                                   Page 4

<PAGE>

                                             FAX/MACC, L.P.

                                             By: Family Access Exchange II, L.P.
                                                 General Partner

                                             By: FAX GenPar, L.L.C.
                                                 General Partner

                                             By: /s/ Rod Cain Jones
                                                 Rod Cain Jones, President

For the limited purpose of Section 1.5 above:

                                                 /s/ William G. Payne
                                                 William G. Payne

                                                 /s/ Rod Cain Jones
                                                 Rod Cain Jones

Amendment and Agreement                                                   Page 5EXHIBIT 10.3

                            VENTURE FUNDING AGREEMENT

     This  Venture  Funding  Agreement,  dated  as  of  October  22,  2007  (the
"Effective  Date"), is made and entered into by and between Mortgage  Assistance
Center Corporation,  a Florida corporation  (hereinafter  referred to as "MACC")
and  its  wholly-owned  subsidiary,  Mortgage  Assistance  Corporation,  a Texas
corporation,  (hereinafter  referred  to as "MAC")  with both  having  corporate
offices at 1341 W. Mockingbird Lane, Suite 1200W,  Dallas Texas 75247 (with both
corporations  hereinafter  collectively  referred to as the "Company"),  and HBK
Fund MS LLC, a Delaware limited liability  company ("HBK").  Each of the Company
and  HBK  are  sometimes  referred  to  in  this  Agreement  as a  "Party,"  and
collectively, as the "Parties."

                                   BACKGROUND:

     A.  The  Company   engages  in  the   business  of   acquiring,   managing,
rehabilitating  and reselling  residential real estate or  non-performing  loans
secured by residential real estate (collectively "Distressed Properties").

     B. HBK has  expressed an interest in  providing  the Company with funds for
the acquisition,  management,  rehabilitation  and resale of certain  Distressed
Properties,  and the Company is willing to accept such  funding,  all subject to
the terms and conditions set forth in this Agreement.

                                   AGREEMENTS

     In consideration  of the mutual  covenants  contained herein and other good
and  valuable  consideration,  the receipt and  sufficiency  of which are hereby
acknowledged, the Parties agree as follows.

                                   ARTICLE I
                                 VENTURE FUNDING

1.1  Distressed Property Portfolios Acquisition.
     -------------------------------------------

            (a) During the period  beginning on the Effective Date and ending on
the date that HBK has  invested a total of $75  million in  Ventures  (hereafter
defined) (the "Term"),  the Company,  in its regular  course of business,  shall
identify  portfolios  of  Distressed  Properties  that  are  being  offered  for
acquisition  ("Portfolios")  that the Company in its judgment believes may be an
attractive  and prudent  investment.  During the Term, the Company shall present
all information  available to the Company regarding potential Portfolios and the
Company's   analysis  of  such  Portfolios  to  HBK  (prior  to  providing  such
information to any other person or entity) in detail sufficient to enable HBK to
conduct an evaluation  regarding the  advisability of funding the acquisition of
any such Portfolio  including,  without limitation,  the purchase price for such
Portfolio and the proposed  Operational  Reserve (hereafter  defined) related to
such  Portfolio  (such  information  is  referred  to in this  Agreement  as the
"Initial  Information").  HBK will have a period of three (3) Business Days from
the receipt of Initial  Information  regarding a Portfolio to request additional
information  regarding  such  Portfolio  ("Additional  Information"),  it  being
understood  and  acknowledged  by the  parties  hereto that HBK has the right to
request such  information with respect to each Portfolio as HBK needs to make an

<PAGE>

informed investment  decision with respect to such Portfolio.  In the event that
HBK requests  Additional  Information  with respect to a Portfolio,  the Company
shall use its best  efforts to acquire or develop such  Additional  Information,
provided that the Company shall not be required to incur unreasonable expense in
doing so. The  Company  acknowledges  and agrees that if it is unable to provide
requested Additional  Information with respect to a Portfolio,  the Company will
not present  information  regarding  the  Portfolio  with  respect to which such
Additional  Information  is requested to any other person or entity.  As used in
this  Agreement,  the term  "Business  Day"  shall  mean (x) any day other  than
Saturday or Sunday or (y) any other day on which banks in Texas are  required or
permitted to be closed.

            (b)  Throughout  the Term,  HBK shall have a five (5)  Business  Day
period from (i) HBK's receipt of the Initial  Information (in the event that HBK
does not request  Additional  Information)  or (ii) HBK's  receipt of Additional
Information  that HBK deems  complete,  to elect to fund the  acquisition of the
Portfolio described in the Initial Information through capital  contributions to
a limited liability company formed for the sole purpose of purchasing, managing,
rehabilitating  and reselling  the  Distressed  Properties in such  Portfolio (a
"Venture").

            (c) Each Venture  created in connection with this Agreement shall be
formed and operate  pursuant to a company  agreement in the form attached hereto
as Exhibit A, and HBK's  capital  contributions  to such Venture  shall be in an
amount  equal to the  agreed  upon  purchase  price for the  acquisition  of the
Portfolio.  HBK shall also provide each Venture with a "drawdown"  loan facility
in an amount not to exceed the amount of any third party  expenses  estimated by
the  Company  to  operate  the  Venture  (the  "Operational  Reserve")  with the
understanding  that the Company shall have the option to borrow monies from such
"drawdown"  loan  facility  on a monthly  basis so as to minimize  the  interest
expense incurred by the Venture with any particular Portfolio.

            (d) During the Term,  the Company  will not present to any person or
entity other than HBK an opportunity to purchase a Portfolio  unless the Company
has  presented  to  HBK  Initial  Information  and,  if  applicable,  Additional
Information  that HBK deems  complete,  related to such  Portfolio and, in cases
where Initial Information or Additional Information deemed by HBK to be complete
has been  delivered to HBK, HBK has not elected to fund the  acquisition of such
Portfolio within the time frames set forth in Section 1.1(b).

            (e)  HBK   acknowledges   and  agrees  that  many  sellers  offering
Portfolios  for sale may require,  and HBK agrees to provide in a timely  manner
with respect to Ventures  HBK has elected to fund,  one or more letters from HBK
regarding  "proof of funds" and other such "letters of financial  capability" to
provide  evidence  that  the  Venture  has the  ability  to fund and  close  the
acquisition of any particular  Portfolio then being pursued by the Venture.  For
purposes  of  clarification,  a  separate  limited  liability  company  shall be
established by the parties for each Portfolio presented to HBK and for which HBK
exercises its funding option under this Section 1.1.

                                       2
<PAGE>

1.2  Out-of-Pocket Expenses.
     -----------------------

            (a) In the event that the actual third party expenses  incurred by a
Venture exceed the Operational Reserve or Additional Reserves (as defined below)
loaned to the  Venture  by HBK or HBK's  affiliate,  HBK Fund  L.P.,  a Delaware
limited  partnership ("HBK Fund"),  HBK shall or shall cause HBK Fund to, if and
when so requested,  loan to such Venture,  an amount  sufficient to (i) pay such
excess third party expenses,  plus (ii) fund an additional  operational  reserve
then  estimated  by the  Venture to be needed to  operate  the  Venture  for the
ensuing four (4) month period (the "Additional  Reserves").  HBK's obligation to
fund or cause HBK Fund to fund Additional Reserves through a loan is conditioned
on the  Company  providing  to  HBK  documentation  establishing  the  need  for
Additional Reserves in form and substance reasonably acceptable to HBK. Under no
circumstances  shall HBK or HBK Fund be  obligated to fund  Additional  Reserves
exceeding 25% of the  Operational  Reserve for a Venture in a single instance or
100% of the Operational Reserve for a Venture in the aggregate.

            (b) The Parties  agree that the  Servicing  Agreement  to be entered
into  between MAC and each  Venture  shall  provide that MAC as the servicer for
each Venture  shall be permitted to utilize  proceeds from the sale or rental of
Portfolio  properties  to pay any  and all  necessary,  proper  and  appropriate
third-party expenses and costs directly related to the respective Portfolio, and
to repay any loans for any  Operating  Reserve  or  Additional  Reserve so as to
minimize the interest expense and priority return of the Venture.

1.3  Sourcing Fee.
     -------------

     In the event that HBK elects pursuant to Section 1.1 to fund a Venture, HBK
shall pay to the Company a fee equal to three percent (3%) of the purchase price
for the  Portfolio  purchased  by the  Venture  (the  "Sourcing  Fee")  with the
understanding  that no monies in the Operational  Reserve or Additional  Reserve
shall be included in the calculation of the Sourcing Fee. The Sourcing Fee shall
be due and payable to the Company at closing of the acquisition of the Portfolio
by the Venture,  in cash, by wire transfer of immediately  available funds to an
account  designated in writing by the Company.  From time to time  properties or
promissory  notes  acquired as part of a Portfolio may be returned to the seller
of the  Portfolio  by a Venture  due to title or other  issues and the  purchase
price is  returned to MAC, in which case such  returned  purchase  price and the
previously  paid 3% Sourcing Fee  attributable  to such returned  purchase price
will be paid over to HBK.

                                   ARTICLE II
                                 LOANS AND NOTES

2.1  Promissory Notes.
     -----------------

     All Additional Reserves provided by HBK or HBK Fund shall be in the form of
a loan to the Company and will be evidenced by one or more promissory notes with
a maturity  of no less than one (1) year and an interest  rate of eight  percent
(8%) per  annum,  and shall be in the form  attached  hereto  as  Exhibit B (the
"Notes").  Each  "drawdown"  facility  referenced  in  Section  1.1(c)  will  be
evidenced by a promissory  note with a maturity of no less than one (1) year and
an  interest  rate of eight  percent  (8%) per  annum,  and shall be in the form
attached hereto as Exhibit C (the "Drawdown  Note").  The Parties agree that the
funding  by HBK of any such  Notes or  Drawdown  Note  shall  not be deemed as a
capital contribution by HBK nor as part of any preferred or priority return.

                                       3
<PAGE>

                                  ARTICLE III
                               ISSUANCE OF WARRANT

     3.1 As additional  consideration  for HBK to enter into this Agreement,  as
soon as practicable after execution of this Agreement, and no later than October
31,  2007,  MACC shall  grant to HBK a Warrant to purchase a number of shares of
the MACC's common  stock,  $.001 par value per share  ("Common  Stock") equal to
one-third of the outstanding shares of MACC's Common Stock determined on a fully
diluted  basis at an  exercise  price of $0.001 per  share.  The  Warrant  shall
include  the  terms  set  forth  in this  Section  3.1 and  shall be in form and
substance satisfactory to HBK.

            (a) The Warrant shall vest and become  immediately  exercisable with
respect to:

                  (i)  Three and 1/3  percent  (3.33%)  of the  shares of Common
Stock for which the  Warrant  is  exercisable  for each $2.5  million in Venture
funding  HBK  provides  pursuant  to  this  Agreement,  up  to an  aggregate  of
$25,000,000 in funding.

                  (ii) Six and 1/3 percent (6.67%) of the shares of Common Stock
for which the Warrant is  exercisable  for each $2.5 million in Venture  funding
HBK provides pursuant to this Agreement,  subsequent to the first $25,000,000 in
funding.

            (b) Vesting shall occur only in whole increments  (i.e., a full $2.5
million  in funding is  required  for each  vesting).  No  vesting  shall  occur
following expiration of the Term.

            (c) To the extent vested, the Warrant shall remain exercisable for a
period of five years from the Effective Date.

            (d) The Warrant shall include a cashless exercise provision.

            (e) The number of shares of Common Stock issuable on exercise of the
Warrant  automatically  shall adjust upward on the date of  consummation  of the
equity investment in MACC described under the caption "Cash Requirements" in the
Management's  Discussion  and  Analysis of  Financial  Condition  and Results of
Operations  contained in MACC's  Quarterly Report on Form 10-QSB for the quarter
ended June 30,  2007 (the  "Consummation  Date") so that as of the  Consummation
Date the Warrant  shall be  exercisable  for a number of shares of Common  Stock
equal to one-third (?) of the outstanding shares of MACC Common Stock determined
on a fully diluted basis.

            (f) The Warrant shall include anti-dilution provisions substantially
similar to those contained in the Warrant dated July 5, 2007 executed by MACC in
favor of W.C. Payne Investments, L.L.C.

            (g) MACC will covenant to (i) file, (ii) maintain  effectiveness  of
and (iii)  update to the  extent  required  by law until the  expiration  of the
Warrant a registration statement on Form S-2 (a "Registration  Statement") under
the Securities Act of 1933, as amended (the "Securities  Act") registering under
the  Securities  Act the re-sale by HBK of shares  issued  upon  exercise of the
Warrant.  Such  Registration  Statement  must  be  filed  within  45 days of the

                                       4
<PAGE>

Effective  Date and  declared  effective  no later  than 60 days  following  the
Effective Date if the Securities  and Exchange  Commission  ("SEC") staff elects
not to review the  Registration  Statement or 120 days  following  the Effective
Date if the SEC staff elects to review the Registration Statement. MACC shall be
obligated to pay to HBK as liquidated  damages for each full calendar month that
MACC is not in compliance with this Section 3.1(g) through the expiration of the
Warrant an amount  equal to two percent  (2%) of the  aggregate  funding HBK has
provided to Ventures as of the first day of the calendar month in question.

                                   ARTICLE IV
                               GENERAL PROVISIONS

     4.1 Headings.  Section  headings in this  Agreement are for  convenience of
reference only, and shall not govern the interpretation of any of the provisions
of this Agreement.

     4.2 Entire Agreement.  This Agreement and the Exhibits attached hereto, the
Company  Agreement entered into concurrently with the execution of the Agreement
related  to the  initial  Venture  and  the  Servicing  Agreement  entered  into
concurrently  with this Agreement between the initial Venture and MAC embody the
entire agreement and  understanding  among the Company and HBK and supersede all
prior  agreements and  understandings  among the Company and HBK relating to the
subject matter thereof.

     4.3 Amendment.  No amendment or  modification  to this  Agreement  shall be
effective, unless in writing and signed by all the Parties.

     4.4  Severability.  Any  provision  in  this  Agreement  that is held to be
inoperative,  unenforceable,  or invalid in any  jurisdiction  shall, as to that
jurisdiction,  be inoperative,  unenforceable,  or invalid without affecting the
remaining provisions in that jurisdiction or the operation,  enforceability,  or
validity  of that  provision  in any  other  jurisdiction,  and to this  end the
provisions of this Agreement are declared to be severable.

     4.5  Non-liability  of HBK. HBK shall have no obligation to fund a Venture,
and shall have no  liability  to the Company or any other party  rising out of a
decision  by HBK not to  fund a  Venture.  HBK  shall  not  have  any  fiduciary
responsibilities to the Company,  nor shall Company have any fiduciary duties to
HBK under this Agreement.

     4.6 Confidentiality.  HBK agrees to hold any confidential information which
it may receive from the Company pursuant to this Agreement in confidence, except
for  disclosure  (a) to  legal  counsel,  accountants,  and  other  professional
advisors  to  such  HBK,  (b) to  regulatory  officials,  (c) to any  person  as
requested pursuant to or as required by law,  regulation,  or legal process, and
(d) to any  person in  connection  with any legal  proceeding  to which HBK is a
party.

     4.7 Notices.  All notices,  requests and other  communications to any party
hereunder  shall be in writing  (including  electronic  transmission,  facsimile
transmission  or  similar  writing)  and shall be given to such party at (a) its
address or facsimile  number set forth on the signature pages hereof or (b) such
other address or facsimile number as such party may hereafter specify. Each such
notice,  request  or  other  communication  shall be  effective  (i) if given by
facsimile  transmission,  when  transmitted to the facsimile number specified in
this Section and confirmation of receipt is received,  (ii) if given by mail, 72
hours  after such  communication  is  deposited  in the mails  with first  class

                                       5
<PAGE>

postage prepaid,  addressed as aforesaid,  or (iii) if given by any other means,
when  delivered  (or, in the case of electronic  transmission,  received) at the
address specified in this Section. All statements,  notices,  closing documents,
and requests hereunder shall be furnished to each of the HBK.

     4.8 Use of HBK Name.  The  Company  agrees  that  neither it nor any of its
officers, directors, employees or agents shall in connection with this Agreement
or in the conduct of the  business  of any  Venture  use or  disclose  under any
circumstances  whatsoever  the name "HBK" without the prior written  approval of
HBK,  except to  employees,  accountants,  attorneys,  bankers,  or other legal,
accounting,  or business  agents or  representations  who would have a valid and
proper  business need to know the identity of HBK unless  otherwise  required or
compelled  by state  or  federal  law.  HBK  acknowledges  that  the  terms  and
conditions of this Agreement, including the disclosure of HBK as a party hereto,
will be disclosed in, and this  Agreement will be filed as an exhibit to, MACC's
public  filings  with the  Securities  and  Exchange  Commission,  and that this
Section  4.8 shall not  prohibit,  nor shall MACC be  required  to obtain  HBK's
consent to, such disclosures or filings.

     4.9 CHOICE OF LAW. THE LOAN DOCUMENTS SHALL BE CONSTRUED IN ACCORDANCE WITH
THE INTERNAL  LAWS OF THE STATE OF TEXAS,  WITHOUT  REGARD TO ITS CHOICE OF LAWS
PROVISIONS.

     4.10  Arbitration.  Any  controversy  arising  out of or  relating  to this
Agreement, or the breach thereof shall be settled by arbitration administered by
the  American   Arbitration   Association  in  accordance  with  its  commercial
arbitration  rules in  Dallas  County,  Texas and  judgment  on the award may be
entered in any court having jurisdiction thereof.

     4.11  Counterparts.  This  Agreement  may  be  executed  in any  number  of
counterparts,  all of which taken together shall  constitute one agreement,  and
any of the  parties  hereto may  execute  this  Agreement  by  signing  any such
counterpart. The Company and the HBK have executed this Agreement as of the date
first above written.

                                       6
<PAGE>

Address for notices:                                 MORTGAGE ASSISTANCE CENTER
                                                     CORPORATION
1341 W. Mockingbird Lane
Suite 1200 W.
Dallas, Texas 754247                                 By: /s/ Ron Johnson
Attn:  President                                         Ron Johnson, President
Fax No.:  (214) 670-0001

Address for notices:                                 HBK FUND MS LLC

300 Crescent Court
Suite 700
Dallas, Texas 75201                                  By: /s/ William E. Rose
Attn:  Legal Department                              Name: William E. Rose
Fax No.:  (214) 758-1207                             Title: Authorized Signatory

Address for notices:                                 MORTGAGE ASSISTANCE
                                                     CORPORATION
1341 W. Mockingbird Lane
Suite 1200 W.
Dallas, Texas 754247                                 By:  /s/ Ron Johnson
Attn:  President                                          Ron Johnson, President
Fax No.:  (214) 670-0001

                                       7
<PAGE>

                                    EXHIBIT A

                                COMPANY AGREEMENT

                                      A-1

<PAGE>

                                    EXHIBIT B

                             FORM OF PROMISSORY NOTE

                                      B-1

<PAGE>

                                    EXHIBIT C

                              FORM OF DRAWDOWN NOTE

                                       C-1

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