Document:

<PAGE>

                                  Exhibit 10.1

GreenPoint Mortgage                       SERVICING CERTIFICATE
<TABLE>
===================================================================================================================================
<S>                                  <C>                                         <C>
Revolving Home Equity Loan           LIBOR:                                             5.88250%
Asset-Backed Notes                   Margin A-1:                                        0.30000%

Series 1999-2                        Class A-1  Note Rate:                              6.18250%
                                     Class A-2  Note Rate:                              6.26250%
                                     Margin A-2:                                        0.38000%
                                     Interest Period 01/16/01 thru 02/14/01:                 30
                                     Servicing Fee Rate:                                0.50000%
                                     Class A-1 Premium Fee Rate:                        0.18000%
                                     Class A-2 Premium Fee Rate:                        0.18000%

                                     Trustee Fee:                                       0.00900%
                                     Class A-1 Act Weighted Avg Ln Rate:               12.54281%
                                     Class A-2 Act Weighted Avg Ln Rate:               12.43503%

                                     Total Management Fee                                500.00

                                     Current Collection Period:                   01/01/01-01/31/01
                                     P&S Agreement Date:                               12/1/99
                                     Original Closing Date:                           12/22/99
                                     Distribution Date:                                2/15/01
                                     Record Date:                                      2/14/01
                                     Pool Factor:                                    68.3736748%

                                     Initial Class A-1 O/C Amt:                         22.71
                                     Initial Class A-2 O/C Amt:                        565.15

                                     Class A-1 O/C Amt as of Pmt Date:             5,408,774.99
                                     Class A-2 O/C Amt as of Pmt Date:             1,438,840.14
                                     Class A-1 Pool Factor:                         71.0713035%
                                     Class A-2 Pool Factor:                         58.4178950%
===================================================================================================================================
</TABLE>

<TABLE>
<S>                                                                                         <C>
BALANCES
         Beginning Class A-1 Pool Balance                                                   149,029,189.99
         Beginning Class A-2 Pool Balance                                                    32,711,258.41

         Beginning Class A-1 Note Balance -- CUSIP 395385AA5                                143,620,415.00
         Beginning Class A-2 Note Balance -- CUSIP 395385AB3                                 31,272,418.27

         Class A-1 Overcollateralization Amount to Fill                                              (0.00)
         Class A-2 Overcollateralization Amount to Fill                                               0.00

         Ending Class A-1 Pool Balance                                                      142,771,836.79
         Ending Class A-2 Pool Balance                                                       32,032,291.76

         Ending Class A-1 Note Balance -- CUSIP 395385AA5                                   137,363,061.80
         Ending Class A-2 Note Balance -- CUSIP  395385AB3                                   30,593,451.62

         Additional Balances  Class A-1                                                       2,016,980.15
         Additional Balances  Class A-2                                                         325,800.45

         Number of all Retransferred Mortgage Loans (Current Retransfer Date)                            0
         Retransferred Mortgage Loan Trust Balances (Current Retransfer Date)                         0.00
         Cumulative Number of all Retransferred Mortgage Loans (From Previous
          Distributions)                                                                                 0
         Cumulative Retransferred Mortgage Loan Trust Balances (From Previous
          Distributions)                                                                              0.00
         Number of all Subsequent Class A-1 HELOC Mortgage Loans (Current
          Date)                                                                                          0
         Subsequent Class A-1 HELOC Mortgage Loan Asset Balance (Current Date)                        0.00
         Number of all Subsequent Class A-2 Heloc Loans (Current Date)                                   0
         Subsequent Class A-2 HELOC Loan Asset Balance (Current Date)                                 0.00
         Number of all Subsequent HLTV Mortgage Loans (Current Date)                                     0
         Subsequent HLTV Mortgage Loan Asset Balance (Current Date)                                   0.00
         Cumulative Number of ALL Subsequent Mortgage Loans                                              0
         Cumulative Subsequent Mortgage Loan Asset Balance                                            0.00
         Class A-1 Cumulative Excess of Draws Over Principal Paydown                                  0.00
         Class A-1 Cumulative Excess of Draws Over Principal Paydown Recoup
          this Distribution                                                                           0.00
         Beginning Loan Count                                                                        4,196
         Ending Loan Count                                                                           4,038

</TABLE>
<PAGE>

<TABLE>

<S>                                                                                           <C>
COLLECTION AMOUNTS Class A-1
1        Aggregate of All Mortgage Collections (Gross)                                         9,829,983.22
2        Total Mortgage Interest Collections (Gross)                                           1,583,054.65
         Servicing Fees (current collection period)                                               62,095.50
         Deferred Interest Transfer  (DI)                                                              0.00
      3a   Mortgage Principal Collections                                                      8,246,928.57
      3b   Pre-Funded Balance                                                                          0.00
      3c   Net Liquidation Proceeds                                                                    0.00
3        Total Mortgage Principal Collections                                                  8,246,928.57
         Aggregate of Transfer Deposits                                                                0.00
         Investor Loss Amount                                                                     27,404.78
         Aggregate Investor Loss Reduction Amount                                                112,765.96

COLLECTION AMOUNTS Class A-2
1        Aggregate of All Mortgage Collections (Gross)                                         1,333,623.26
2        Total Mortgage Interest Collections (Gross)                                             328,856.16
         Servicing Fees (current collection period)                                               13,629.69
         Deferred Interest Transfer  (DI)                                                              0.00
      3a   Mortgage Principal Collections                                                      1,004,767.10
      3b   Pre-Funded Balance                                                                          0.00
      3c   Net Liquidation Proceeds                                                                    0.00
3        Total Mortgage Principal Collections                                                  1,004,767.10
         Aggregate of Transfer Deposits                                                                0.00
         Investor Loss Amount                                                                          0.00
         Aggregate Investor Loss Reduction Amount                                                      0.00

TOTAL COLLECTION AMOUNT
1        Aggregate of All Mortgage Collections (Gross)                                        11,163,606.48
2        Total Mortgage Interest Collections (Gross)                                           1,911,910.81
         Servicing Fees (current collection period)                                               75,725.19
         Deferred Interest Transfer  (DI)                                                              0.00
      3a   Mortgage Principal Collections                                                      9,251,695.67
      3b   Insurance Proceeds                                                                          0.00
      3c   Net Liquidation Proceeds                                                                    0.00
3        Total Mortgage Principal Collections                                                  9,251,695.67
         Aggregate of Transfer Deposits                                                                0.00
         Investor Loss Amount                                                                     27,404.78
         Aggregate Investor Loss Reduction Amount                                                112,765.96

         Class A-1 Net Interest Collection                                                     1,520,959.15
         Class A-2 Net Interest Collection                                                       315,226.47

DISTRIBUTION AMOUNTS Class A-1
         Class A-1 Note    Interest 8.6 (d)(iv)                                                  739,944.35
         Class A-1 Note    Unpaid Interest Shortfall (current cycle)                                   0.00
         Class A-1 Note    Reserve Fund Amount                                                   730,596.41
         Investor Loss Amount                                                                     27,404.78
         Previous Investor Loss Amount                                                                 0.00
         Monthly Credit Enhancer Premium 8.6 (d)(ii)                                              21,543.06
         Credit Enhancer Reimbursement                                                                 0.00
         Accelerated Principal Distribution Amount                                                     0.00
         Spread Account Deposit                                                                        0.00
         Indenture  Trustee Fee 8.6 (d)(i)                                                         1,077.15
         Management Fee 8.6 (d)(iii)                                                                 393.40
         Payment to Servicer                                                                           0.00
         Deferred Interest                                                                             0.00
         Remaining Amount to Transferor                                                                0.00
         Total Certificateholders Distribution Allocable to Interest                           1,520,959.15
</TABLE>

<PAGE>

 <TABLE>

<S>                                                                                                  <C>
         Maximum Principal Payment                                                                    6,229,948.42
         Scheduled Principal Collection Payment ((x) the excess of Max Prin
          Pymt (y) the HELOC Pool O/C Redctin Amt)                                                            0.00
         8.6(d)(v)
         Accelerated Principal Distribution Amount                                                            0.00
         Loan Loss                                                                                       27,404.78
         Class A-1 Overcollateralization Deficit 8.6 (d)(vi)                                                  0.00
         Total Certificateholders Distribution Allocable to Principal                                 6,257,353.20

DISTRIBUTION AMOUNTS Class A-2
         Class A-2 Note    Interest 8.6 (d)(iv)                                                         163,202.93
         Class A-2 Note    Unpaid Interest Shortfall (current cycle)                                          0.00
         Class A-2 Note    Reserve Fund Amount                                                          146,991.53
         Investor Loss Amount                                                                                 0.00
         Previous Investor Loss Amount                                                                        0.00
         Monthly Credit Enhancer Premium 8.6 (d)(ii)                                                      4,690.86
         Credit Enhancer Reimbursement                                                                        0.00
         Accelerated Principal Distribution Amount                                                            0.00
         Spread Account Deposit                                                                               0.00
         Indenture  Trustee Fee 8.6 (d)(i)                                                                  234.54
         Management Fee 8.6 (d)(iii)                                                                        106.60
         Payment to Servicer                                                                                  0.00
         Deferred Interest                                                                                    0.00
         Remaining Amount to Transferor                                                                       0.00
         Total Certificateholders Distribution Allocable to Interest                                    315,226.47

         Maximum Principal Payment                                                                      678,966.65
         Scheduled Principal Collection Payment ((x) the excess of Max Prin
          Pymt (y) the Second Pool O/C Redctin Amt)                                                           0.00
         8.6(d)(v)
         Accelerated Principal Distribution Amount                                                            0.00
         Loan Loss                                                                                            0.00
         Class A-2 Overcollateralization Deficit 8.6 (d)(vi)                                                  0.00
         Total Certificateholders Distribution Allocable to Principal                                   678,966.65

TOTAL DISTRIBUTION AMOUNT
         Class A Note    Interest 8.6 (d)(iv)                                                           903,147.28
         Class A Note    Unpaid Interest Shortfall (current cycle) 5.01(i)                                    0.00
         Class A Note    Reserve Fund Amount                                                            877,587.94
         Investor Loss Amount  5.01(iii)                                                                 27,404.78
         Previous Investor Loss Amount 5.01(iv)                                                               0.00
         Monthly Credit Enhancer Premium 8.6 (d)(ii)                                                     26,233.92
         Credit Enhancer Reimbursement 5.01(vi)                                                               0.00
         Accelerated Principal Distribution Amount 5.01(vii)                                                  0.00
         Spread Account Deposit 5.01(viii)                                                                    0.00
         Indenture Trustee Fee 8.6 (d)(i)                                                                1,311.70
         Management Fee 8.6 (d)(iii)                                                                        500.00
         Payment to Servicer per Section 7.03 5.01 (x)                                                        0.00
         Deferred Interest 5.01 (xi)                                                                          0.00
         Remaining Amount to Transferor 5.01 (xii)                                                            0.00
         Total Certificateholders Distribution Allocable to Interest                                  1,836,185.62

         Maximum Principal Payment                                                                    6,908,915.07
         Scheduled Principal Collection Payment                                                               0.00
         Accelerated Principal Distribution Amount                                                            0.00
         Loan Loss                                                                                       27,404.78
         Overcollateralization Deficit 8.6 (d)(vi)                                                            0.00
         Total Certificateholders Distribution Allocable to Principal                                 6,936,319.85

</TABLE>
<PAGE>

<TABLE>

<S>                                                                                                   <C>
LOSSES/RETRANSFERS
         Unpaid Class A-1 Note    Interest Shortfall Due (From Previous Distributions)                        0.00
         Unpaid Class A-2 Note    Interest Shortfall Due (From Previous Distributions)                        0.00
         Interest Earned on Shortfall @ applicable Certificate Rate                                           0.00
         Investor Loss Reduction Amount (From Previous Distributions)                                         0.00

DISTRIBUTION TO CERTIFICATEHOLDERS  (PER CERTIFICATE WITH A $1,000 DENOMINATION)
Class A-1
         Total Class A-1 Note Distribution Amount Allocable to Interest                                  3.8284535
         Interest Distribution Amount                                                                    3.8284535
         Unpaid Note Interest Shortfall Included in Current Distribution                                 0.0000000
         Unpaid Note Interest Shortfall Remaining after Current Distribution
          (Carryover)                                                                                    0.0000000

         Total Class A-1 Note Distribution Amount Allocable to Principal                                32.3753884
         Maximum Principal Payment                                                                      32.2335968
         Scheduled Principal Collections Payment                                                         0.0000000
         Loan Loss                                                                                       0.1417916
         Accelerated Principal Distribution Amount                                                       0.0000000

Class A-2
         Total Class A-2 Note Distribution Amount Allocable to Interest                                  3.1163440
         Interest Distribution Amount                                                                    3.1163440
         Unpaid Note Interest Shortfall Included in Current Distribution                                 0.0000000
         Unpaid Note Interest Shortfall Remaining after Current Distribution
          (Carryover)                                                                                    0.0000000

         Total Class A-2 Note Distribution Amount Allocable to Principal                                12.9648014
         Maximum Principal Payment                                                                      12.9648014
         Scheduled Principal Collections Payment                                                         0.0000000
         Loan Loss                                                                                       0.0000000
         Accelerated Principal Distribution Amount                                                       0.0000000

         Total Interest Amount Distributed to Class A Certificateholder                                  6.9447974
         Total Principal Amount Distributed to Class A Certificateholder                                45.3401898

         Credit Enhancement Draw Amount                                                                       0.00

DELINQUENCIES/FORECLOSURES

Class A-1
         Number of Mortgages 30 to 59 Days Delinquent                                                           76
         Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent                           3,318,386.69
         Number of Mortgages 60 to 89 Days Delinquent                                                           13
         Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent                             464,239.76
         Number of Mortgages 90 to 179 Days Delinquent                                                           8
         Aggregate Principal Balances of Mortgages 90 to 179 Days Delinquent                            341,254.92
         Number of Mortgages 180 or more Days Delinquent                                                         4
         Aggregate Principal Balances of Mortgages 180 or more Days Delinquent                          198,374.82
         Number of Mortgage Loans in Foreclosure                                                                28
         Aggregate Principal Balances of Mortgage Loans in Foreclosure                                1,119,521.90
         Principal Balance of Real Estate Acquired Through Foreclosure or
          Grant of a Deed                                                                                89,180.29
         Book Value of Real Estate Acquired Through Foreclosure or Grant of a
          Deed                                                                                          127,564.29
         Aggregate Trust Balances of any Liquidated Loans in the Current Month                                0.00
</TABLE>
<PAGE>

<TABLE>

<S>                                                                                                   <C>
Class A-2
         Number of Mortgages 30 to 59 Days Delinquent                                                           4
         Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent                            485,604.82
         Number of Mortgages 60 to 89 Days Delinquent                                                           1
         Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent                            169,847.62
         Number of Mortgages 90 to 179 Days Delinquent                                                          0
         Aggregate Principal Balances of Mortgages 90 to 179 Days Delinquent                                 0.00
         Number of Mortgages 180 or more Days Delinquent                                                        1
         Aggregate Principal Balances of Mortgages 180 or more Days Delinquent                         196,058.94
         Number of Mortgage Loans in Foreclosure                                                                2
         Aggregate Principal Balances of Mortgage Loans in Foreclosure                                 419,201.81
         Principal Balance of Real Estate Acquired Through Foreclosure or
          Grant of a Deed                                                                                    0.00
         Book Value of Real Estate Acquired Through Foreclosure or Grant of a Deed                           0.00
         Aggregate Trust Balances of any Liquidated Loans in the Current Month                               0.00

TOTAL DELINQUENCIES/FORECLOSURES

         Number of Mortgages 30 to 59 Days Delinquent                                                          80
         Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent                          3,803,991.51
         Number of Mortgages 60 to 89 Days Delinquent                                                          14
         Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent                            634,087.38
         Number of Mortgages 90 to 179 Days Delinquent                                                          8
         Aggregate Principal Balances of Mortgages 90 to 179 Days Delinquent                           341,254.92
         Number of Mortgages 180 or more Days Delinquent                                                        5
         Aggregate Principal Balances of Mortgages 180 or more Days Delinquent                         394,433.76
         Number of Mortgage Loans in Foreclosure                                                               30
         Aggregate Principal Balances of Mortgage Loans in Foreclosure                               1,538,723.71
         Principal Balance of Real Estate Acquired Through Foreclosure or
          Grant of a Deed                                                                               89,180.29
         Book Value of Real Estate Acquired Through Foreclosure or Grant of a  Deed                    127,564.29
         Aggregate Trust Balances of any Liquidated Loans in the Current Month                               0.00
=================================================================================================================

RESERVE FUND ACTIVITY

         Reserve Fund Beginning Balance                                                                      0.00
         Reserve Fund Deposit                                                                          877,587.94
         Reserve Fund Earnings                                                                               8.69
         Reserve Bal Subtotal                                                                          877,596.63
         Reserve Fund Reduction Amt                                                                   (877,596.63)
         Reserve Fund Balance                                                                                0.00

PRE-FUNDED ACCOUNT ACTIVITY

         Beginning Balance Pre-Funded Account                                                                0.00
         Remaining Amount for Distribution to Classes                                                        0.00
         Withdrawal for Subsequent Loan Purchase:                                                            0.00

         Ending Balance Pre-Funded Account                                                                   0.00

         All Computations reflected in this Servicer Certificate were made
          in conformity with the Pooling and Servicing Agreement.

         The Attached Servicing Certificate is true and correct in all
          material respects.

       ----------------------------------------------------------------------------------------
         A Servicing Officer    Teri Martine
</TABLE>
<PAGE>

<TABLE>
====================================================================================================================================
GREENPOINT MORTGAGE                             STATEMENT TO NOTEHOLDERS
====================================================================================================================================
<S>                            <C>                                      <C>        <C>                         <C>
Revolving Home Equity Loan     LIBOR:                                   5.88250%   Current Collection Period:  01/01/01-01/31/01
Asset-Backed Notes             Margin:                                  0.30000%   P&S Agreement Date:         12/1/99
Series 1999-2                  Class A-1  Note Rate:                    6.18250%   Original Closing Date:      12/22/99
                               Class A-2  Note Rate:                    6.26250%   Distribution Date:          2/15/01
                                                                                   Record Date:                2/14/01
                               Interest Period 01/16/01 thru 02/14/01:     30      Pool Factor:                68.3736748%

====================================================================================================================================
</TABLE>

<TABLE>
<S>                                                                                       <C>
            BALANCES
            Beginning HELOC Pool Balance                                                  149,029,189.99
            Beginning Second Lien Pool Balance                                             32,711,258.41

            Beginning Class A-1 Note Balance -- CUSIP 395385AA5                           143,620,415.00
            Beginning Class A-2 Note Balance -- CUSIP 395385AB3                            31,272,418.27

            Ending Class A-1 Pool Balance                                                 142,771,836.79
            Ending Class A-2 Pool Balance                                                  32,032,291.76

            Ending Class A-1 Note Balance -- CUSIP                                        137,363,061.80
            Ending Class A-2 Note Balance -- CUSIP                                         30,593,451.62

            Additional Balances Class A-1                                                   2,016,980.15
            Additional Balances Class A-2                                                     325,800.45

            Number of all Retransferred Mortgage Loans (Current Retransfer Date)                       0
            Retransferred Mortgage Loan Trust Balances (Current Retransfer Date)                    0.00
            Cumulative Number of all Retransferred Mortgage Loans (From Previous Distributions)        0
            Cumulative Retransferred Mortgage Loan Trust Balances (From Previous Distributions)     0.00
            Number of all Subsequent HELOC Mortgage Loans (Current Date)                               0
            Subsequent HELOC Mortgage Loan Asset Balance (Current Date)                             0.00
            Number of all Subsequent Second Lien Mortgage Loans (Current Date)                         0
            Subsequent Second Lien Mortgage Loan Asset Balance (Current Date)                       0.00
            Number of all Subsequent HLTV Mortgage Loans (Current Date)                                0
            Subsequent HLTV Mortgage Loan Asset Balance (Current Date)                              0.00
            Cumulative Number of ALL Subsequent Mortgage Loans                                         0
            Cumulative Subsequent Mortgage Loan Asset Balance                                       0.00
            Class A-1 Cumulative Excess of Draws Over Principal Paydown                             0.00

            Beginning Loan Count                                                                   4,196
            Ending Loan Count                                                                      4,038

COLLECTION AMOUNTS Class A-1
            Aggregate of All Mortgage Collections                                           9,767,887.72
            Total Mortgage Interest Collections                                             1,583,054.65
            Servicing Fees (current collection period)                                        (62,095.50)
               Mortgage Principal Collections                                               8,246,928.57
               Pre-Funded Balance                                                                   0.00
                                                                                                    0.00
            Total Mortgage Principal Collections                                            8,246,928.57

COLLECTION AMOUNTS Class A-2
            Aggregate of All Mortgage Collections                                           1,319,993.57
            Total Mortgage Interest Collections                                               328,856.16
            Servicing Fees (current collection period)                                        (13,629.69)

</TABLE>

<PAGE>

<TABLE>
<S>                                                                                        <C>
              Mortgage Principal Collections                                                1,004,767.10
              Pre-Funded Balance                                                                    0.00
                                                                                                    0.00
            Total Mortgage Principal Collections                                            1,004,767.10

TOTAL COLLECTION AMOUNT
            Aggregate of All Mortgage Collections                                          11,163,606.48
            Total Mortgage Interest Collections                                             1,911,910.81
              Mortgage Principal Collections                                                9,251,695.67
              Pre-Funded Balance                                                                    0.00

            Total Mortgage Principal Collections                                            9,251,695.67

DISTRIBUTION AMOUNTS Class A-1
            Class A-1   Note Interest                                                         739,944.35
            Class A-1   Note Unpaid Interest Shortfall (current cycle)                              0.00
            Class A-1   Note Reserve Fund Amount                                              730,596.41

            Maximum Principal Payment                                                       6,229,948.42
            Scheduled Principal Collection                                                          0.00
            Accelerated Principal Distribution Amount                                               0.00
            Loan Loss                                                                          27,404.78
            Class A-1 Overcollateralization Deficit                                                 0.00
            Total Certificateholders Distribution Allocable to Principal                    6,257,353.20

DISTRIBUTION AMOUNTS Class A-2
            Class A-2   Note Interest                                                         163,202.93
            Class A-2   Note Unpaid Interest Shortfall (current cycle)                              0.00
            Class A-2   Note Reserve Fund Amount                                              146,991.53

            Maximum Principal Payment                                                         678,966.65
            Scheduled Principal Collection                                                          0.00
            Accelerated Principal Distribution Amount                                               0.00
            Loan Loss                                                                               0.00
            Class A-2 Overcollateralization Deficit                                                 0.00
            Total Certificateholders Distribution Allocable to Principal                      678,966.65

TOTAL DISTRIBUTION AMOUNT
            Class A Note Interest                                                             903,147.28
            Class A Note Unpaid Interest Shortfall (current cycle)                                  0.00
            Class A Note  Reserve Fund Amount                                                 877,587.94

            Maximum Principal Payment                                                       6,908,915.07
            Scheduled Principal Collection Payment                                                  0.00
            Accelerated Principal Distribution Amount                                               0.00
            Overcollateralization Deficit                                                           0.00
            Total Certificateholders Distribution Allocable to Principal                    6,908,915.07

LOSSES/RETRANSFERS

            Unpaid Class A-1   Note Interest Shortfall Due (From Previous Distributions)            0.00
            Unpaid Class A-2   Note Interest Shortfall Due (From Previous Distributions)            0.00
            Interest Earned on Shortfall @ applicable Certificate Rate                              0.00
            Investor Loss Reduction Amount (From Previous Distributions)                            0.00

</TABLE>
<PAGE>

<TABLE>
<S>                                                                                        <C>
DISTRIBUTION TO CERTIFICATEHOLDERS  (PER CERTIFICATE WITH A $1,000 DENOMINATION)

Class A-1
            Total Class A-1 Note Distribution Amount Allocable to Interest                     3.8284535
            Interest Distribution Amount                                                       3.8284535
            Unpaid Note Interest Shortfall Included in Current Distribution                    0.0000000
            Unpaid Note Interest Shortfall Remaining after Current Distribution
             (Carryover)                                                                       0.0000000

            Total Class A-1 Note Distribution Amount Allocable to Principal                   32.3753884
            Maximum Principal Payment                                                         32.2335968
            Scheduled Principal Collections Payment                                            0.0000000
            Loan Loss                                                                          0.1417916
            Accelerated Principal Distribution Amount                                          0.0000000

Class A-2
            Total Class A-2 Note Distribution Amount Allocable to Interest                     3.1163440
            Interest Distribution Amount                                                       3.1163440
            Unpaid Note Interest Shortfall Included in Current Distribution                    0.0000000
            Unpaid Note Interest Shortfall Remaining after Current Distribution
             (Carryover)                                                                       0.0000000

            Total Class A-2 Note Distribution Amount Allocable to Principal                   12.9648014
            Maximum Principal Payment                                                         12.9648014
            Scheduled Principal Collections Payment                                            0.0000000
            Loan Loss                                                                          0.0000000
            Accelerated Principal Distribution Amount                                          0.0000000

            Total Interest Amount Distributed to Class A Certificateholder                     6.9447974
            Total Principal Amount Distributed to Class A Certificateholder                   45.3401898

            Credit Enhancement Draw Amount                                                          0.00

DELINQUENCIES/FORECLOSURES
Class A-1
            Number of Mortgages 31 to 60 Days Delinquent                                              76
            Aggregate Principal Balances of Mortgages 31 to 60 Days Delinquent              3,318,386.69
            Number of Mortgages 61 to 90 Days Delinquent                                              13
            Aggregate Principal Balances of Mortgages 61 to 90 Days Delinquent                464,239.76
            Number of Mortgages 91 to 180 or more Days Delinquent                                      8
            Aggregate Principal Balances of Mortgages 91 to 180 or more Days
             Delinquent                                                                       341,254.92
            Number of Mortgages 181 or more Days Delinquent                                            4
            Aggregate Principal Balances of Mortgages 181 or more Days Delinquent             198,374.82
            Number of Mortgage Loans in Foreclosure                                                   28
            Aggregate Principal Balances of Mortgage Loans in Foreclosure                   1,119,521.90
            Principal Balance of Real Estate Acquired Through Foreclosure or
             Grant of a Deed                                                                   89,180.29
            Book Value of Real Estate Acquired Through Foreclosure or Grant of
             a Deed                                                                           127,564.29
            Aggregate Trust Balances of any Liquidated Loans in the Current Month                   0.00

Class A-2
            Number of Mortgages 31 to 60 Days Delinquent                                               4
            Aggregate Principal Balances of Mortgages 31 to 60 Days Delinquent                485,604.82
            Number of Mortgages 61 to 90 Days Delinquent                                               1
            Aggregate Principal Balances of Mortgages 61 to 90 Days Delinquent                169,847.62
            Number of Mortgages 91 to 180 or more Days Delinquent                                      0
            Aggregate Principal Balances of Mortgages 91 to 180 or more Days
             Delinquent                                                                             0.00
            Number of Mortgages 181 or more Days Delinquent                                            1
            Aggregate Principal Balances of Mortgages 181 or more Days Delinquent             196,058.94
            Number of Mortgage Loans in Foreclosure                                                    2
            Aggregate Principal Balances of Mortgage Loans in Foreclosure                     419,201.81
            Principal Balance of Real Estate Acquired Through Foreclosure or
             Grant of a Deed                                                                        0.00
            Book Value of Real Estate Acquired Through Foreclosure or Grant of
             a Deed                                                                                 0.00
            Aggregate Trust Balances of any Liquidated Loans in the Current Month                   0.00

</TABLE>
<PAGE>

<TABLE>

<S>                                                                                       <C>
TOTAL DELINQUENCIES/FORECLOSURES
            Number of Mortgages 31 to 60 Days Delinquent                                             80
            Aggregate Principal Balances of Mortgages 31 to 60 Days Delinquent             3,803,991.51
            Number of Mortgages 61 to 90 Days Delinquent                                             14
            Aggregate Principal Balances of Mortgages 61 to 90 Days Delinquent               634,087.38
            Number of Mortgages 91 to 180 or more Days Delinquent                                     8
            Aggregate Principal Balances of Mortgages 91 to 180 or more Days
             Delinquent                                                                      341,254.92
            Number of Mortgages 181 or more Days Delinquent                                           5
            Aggregate Principal Balances of Mortgages 181 or more Days Delinquent            394,433.76
            Number of Mortgage Loans in Foreclosure                                                  30
            Aggregate Principal Balances of Mortgage Loans in Foreclosure                  1,538,723.71
            Principal Balance of Real Estate Acquired Through Foreclosure or
             Grant of a Deed                                                                  89,180.29
            Book Value of Real Estate Acquired Through Foreclosure or Grant of
             a Deed                                                                          127,564.29
            Aggregate Trust Balances of any Liquidated Loans in the Current Month                  0.00

====================================================================================================================================

            Class A-1 Note Rate For Next Distribution                   LIBOR     TBD        #VALUE!

RESERVE FUND ACTIVITY

            Reserve Fund Beginning Balance                                                        0.00
            Reserve Fund Deposit                                                            877,587.94
            Reserve Fund Earnings                                                                 8.69
            Reserve Bal Subtotal                                                            877,596.63
            Reserve Fund Reduction Amt                                                     (877,596.63)
            Reserve Fund Balance                                                                  0.00
</TABLE><PAGE>

                                                                    EXHIBIT 10.1

Preparer
Information :  A. David Bibler   111 North Dodge Street   Algona  (515) 295-3565
             -------------------------------------------------------------------
             Individual's Name     Street Address         City        Phone
             -------------------------------------------------------------------
A. David Bibler ISBA # 00424                               SPACE ABOVE THIS LINE
                                                                    FOR RECORDER

                           LEASE - BUSINESS PROPERTY

THIS LEASE AGREEMENT, is entered into this 14th day of November, 2000, by Dwayne
Fosseen and Betty Fosseen, husband and wife, ("Landlord") whose address for the
purpose of this lease is P.O. Box 347, Radcliffe, Iowa 50230, and Mirenco, Inc.,
an Iowa corporation ("Tenant") whose address for the purpose of this lease is
206 May Street, P.O. Box 343, Radcliffe, Iowa 50230,

WITNESSETH THAT:

          1.  PREMISES AND TERM. The Landlord, in consideration of the rents,
agreements and conditions herein contained, leases to the Tenant and Tenant
leases from Landlord, according to the terms of this lease, the following
described bare land "premises", situated in Hardin County, Iowa:

          Lots Seven (7), Eight (8), Nine (9), Ten (10) and Eleven (11), Block
          Four (4), Radcliffe, Hardin County, Iowa.

and all rights, easements and appurtenances, which, more particularly, includes
the space and premises as may be shown on "Exhibit A," if attached, for a
perpetual term, commencing at midnight of the day previous to the first day of
the lease term, which shall be on October 1, 2000, upon the condition that the
Tenant performs as in this lease provided, and only for so long as the premises
is used, operated or owned by Mirenco, Inc.

          2.  "TRIPLE NET" PROVISION. Tenant agrees that all duties and
obligations to repair, maintain and provide utilities and services, to pay taxes
and special assessments and to pay for casualty and liability insurance shall be
borne solely by Tenant during the term of this lease.

          3.  POSSESSION. Tenant shall be entitled to possession on the first
day of the term of this lease, and shall yield possession to the Landlord at the
end of the lease term, except as herein otherwise expressly provided. Should
Landlord be unable to give possession on said date, Tenant's only damages shall
be a rebating of the pro rata rental.

          4.  USE OF PREMISES. Tenant covenants and agrees during the term of
this lease to use and to occupy the leased premises only for plant and
manufacturing.

          5.  QUIET ENJOYMENT. Landlord covenants that its estate in said
premises is in fee simple and that the Tenant, if not in default, shall
peaceably have, hold and enjoy the premises for the term of this lease. Landlord
shall have the right to mortgage all of its right, title, interest in said
premises at any time without notice, subject to this lease.

          6.  UTILITIES AND SERVICES. Utilities and services shall be furnished
and paid for by the Tenant.

          7.  TERMINATION, SURRENDER OF PREMISES AT END OF TERM -- REMOVAL OF
FIXTURES.

          (a) TERMINATION. This lease shall terminate upon expiration of the
original term; or if this lease expressly provides for any option to renew, and
if any such option is exercised by the Tenant, then this lease will terminate at
the expiration of the option term or terms.

          (b) SURRENDER. Tenant agrees that upon termination of this lease it
will surrender and deliver the premises in good and clean condition or damage
without fault or liability of Tenant.

          (c) HOLDING OVER. Continued possession by Tenant, beyond the
expiration of its tenancy, coupled with the receipt of the specified rental by
the Landlord (and absent a written agreement by both parties for an extension of
this lease, or for a new lease) shall constitute a month to month extension of
the lease.

          (d) REMOVAL OF FIXTURES. Tenant may, at the expiration of its
tenancy, if Tenant is not in default, remove any fixtures or equipment which
Tenant has installed in the premises, providing Tenant repairs any and all
damages caused by removal.

          8.  ASSIGNMENT AND SUBLETTING. Any assignment of this lease or
subletting of the premises or any part thereof, without the Landlord's written
permission shall result in termination of this Lease.
<PAGE>

            9.  REAL ESTATE TAXES.

            A.  All installments of real estate taxes would become delinquent if
not paid during the term of this lease, shall be paid by the Tenant.

            B.  PERSONAL PROPERTY TAXES. Tenant agrees to timely pay all taxes,
assessments or other public charges levied or assessed by lawful authority
against its personal property on the premises during the term of this lease.

            C.  SPECIAL ASSIGNMENTS. Special assignments that would be
delinquent if not paid during the term of this lease shall be timely paid by the
Tenant.

            D.  Each party reserves its right of protest of any assessment of
 taxes.

            10. INSURANCE.

            A.  PROPERTY INSURANCE. Landlord and Tenant agree to insure their
respective real and personal property for the full insurable value. Such
insurance shall cover losses included in the Insurance Services Official Broad
Form Causes of Loss (formerly fire and extended coverage). To the extent
permitted by their policies the Landlord and Tenant waive all rights of recovery
against each other.

            B.  LIABILITY INSURANCE. Tenant shall obtain commercial general
liability insurance in the amounts of $_________________ each occurrence and
$_________________ annual aggregate per location. Such policy shall include
liability arising from premises operations, independent contractors, personal
injury, products and completed operations and liability assumed under an insured
contract. This policy shall be endorsed to include the Landlord as an additional
insured.

            C.  CERTIFICATES OF INSURANCE. Prior to the time the lease takes
effect the Tenant will provide the Landlord with a certificate of insurance with
these property and liability insurance requirements, such certificate shall
include 30 days advance notice of cancellation to the Landlord. A renewal
certificate shall be provided prior to expiration of the current policies.

            D.  ACTS BY TENANT. Tenant will not do or omit doing of any act
which would invalidate any insurance, or increase the insurance rates in force
on the premises.

            E.  RECOMMENDATIONS -- IOWA INSURANCE SERVICES OFFICE. Tenant
further agreed to comply with recommendations of Iowa Insurance Services Office
and to be liable for and to promptly pay, as if current rental, any increase in
insurance rates on said premises and on the building of which said premises are
a part, due to increased risks or hazards resulting from Tenant's use of the
premises otherwise than as herein contemplated and agreed.

            F.  Landlord and Tenant shall each provide a copy of this lease to
their respective insurers.

            11. LIABILITY FOR DAMAGE. Each party shall be liable to the other
for all damage to the property of the other negligently, recklessly or
intentionally caused by that party (or their agents, employees or invitees),
except to the extent the loss is insured and subrogation is waived under the
owner's policy.

            12. INDEMNITY. Except as provided in paragraph 18 (A) (5) and except
for the negligence of Landlord, Tenant will protect, defend and indemnify
Landlord from and against all loss, costs, damage and expenses occasioned by, or
arising out of, any accident or other occurrence, causing or inflicting injury
or damage to any person or property, happening or done in, upon or about the
premises , or due directly or indirectly to the tenancy, use or occupancy
thereof, or any part thereof by Tenant or any person claiming through or under
Tenant.

            13. CONDEMNATION.

            (a) DISPOSITION OF AWARDS. Should the whole or any part of the
premises be condemned or taken for any public or quasi-public purpose, each
party shall be entitled to retain, as its own property, any award payable to it.
Or in the event that a single entire award is made on account of the
condemnation, each party will then be entitled to take such proportion of said
award as may be fair and reasonable.

            (b) DATE OF LEASE TERMINATION. If the whole of the demised premises
shall be condemned or taken, the Landlord shall not be liable to the Tenant
except and as its rights are preserved in paragraph 13 (a) above.

            14. DEFAULT, NOTICE OF DEFAULT AND REMEDIES.

                               EVENTS OF DEFAULT
                               -----------------
<PAGE>

           A. Each of the following shall constitute an event of default by
 Tenant:

           1. Failure to pay rent when due.

           2. Failure to observe or perform any duties, obligations, agreements
or conditions imposed on Tenant pursuant to terms of the lease.

           3. Abandonment of the premises, "Abandonment" means the Tenant has
failed to engage in its usual and customary business activities on the premises
for more than one hundred eighty (180) consecutive business days.

           4. Institution of voluntary bankruptcy proceedings in which the Court
orders relief against the Tenant as a debtor; assignment for the benefit of
creditors of the interest of Tenant under this lease agreement; appointment of a
receiver for the property or affairs of Tenant, where the receivership is not
vacated within ten (10) days after the appointment of the receiver.

[See Additional Provisions being a part hereof.]

                               NOTICE OF DEFAULT
                               -----------------

           B. Landlord shall give Tenant a written notice specifying the default
and giving the Tenant ten (10) days in which to correct the default. If there is
a default (other than for nonpayment of a monetary obligation of Tenant,
including rent) that cannot be remedied in ten (10) days by diligent efforts of
the Tenant, Tenant shall propose an additional period of time in which to remedy
the default. Consent to additional time shall not be unreasonably withheld by
the Landlord. Landlord shall not be required to give Tenant any more than three
notices for the same default within any 365 day period.

                                   REMEDIES
                                   --------

           C. In the event Tenant has not remedied a default in a timely manner
following a Notice of Default, Landlord may proceed with all available remedies
at law or in equity, including but not limited to the following:

           1. Termination. Landlord may declare this lease to be terminated and
shall give Tenant a written notice of such termination. In the event of
termination of this lease, Landlord shall be entitled to prove claim for and
obtain judgment against Tenant for the balance of the rent agreed to be paid for
the term herein provided, plus all expenses of Landlord in regaining possession
of the premises and the reletting thereof, including attorney's fees and court
costs, crediting against such claim, however, any amount obtained by reason of
such reletting.

           2. Forfeiture. If a default is not remedied in a timely manner,
Landlord may then declare this lease to be forfeited and shall give the Tenant a
written notice of such forfeiture, and may, at the time, give Tenant the notice
to quit provided for in Chapter 648 of the Code of Iowa.

          15. RIGHT OF EITHER PARTY TO MAKE GOOD ANY DEFAULT OF THE OTHER. If
default shall be made by either party in the performance of, or compliance with,
any of the terms or conditions of this lease, and such default shall have
continued for thirty (30) days after written notice thereof from one party to
the other, the person aggrieved, in addition to all other remedies now or
hereafter provided by law, may, but need not, perform such term or condition, or
make good such default and any amount advanced shall be repaid forthwith on
demand, together with interest at the rate of 10.00 % per annum, from date of
advance.

          16. MECHANIC'S LIENS. Neither the Tenant nor anyone claiming by,
through, or under the Tenant, shall have the right to file or place any
mechanic's liens or other lien of any kind or character whatsoever, upon said
premises or upon any building or improvement thereon, or upon the leasehold
interest of the Tenant, and notice is hereby given that no contractor, sub-
contractor, or anyone else who may furnish any material, service or labor for
any building, improvements, alteration, repairs or any part thereof, shall at
any time be or become entitled to any lien on the premises, and for the further
security of the Landlord, the Tenant covenants and agrees to give actual notice
thereof in advance, to any and all contractors and sub-contractors who may
furnish or agree to furnish any such material, service or labor.

          17. LANDLORD'S LIEN AND SECURITY INTEREST. (a) Said Landlord shall
have, in addition to any lien given by law, a security interest as provided by
the Uniform Commercial Code of lowa, upon all personal property and all
substitutions thereof, kept and used on said premises by Tenant. Landlord may
proceed at law or in equity with any remedy provided by law or by this lease for
the recovery of rent, or for termination of this lease because of Tenant's
default in its performance.
<PAGE>

            18. ENVIRONMENTAL.

            A. Landlord.  To the best of Landlord's knowledge to date:
               --------

            1. Neither Landlord not Landlord's former or present tenants are
subject to any investigation concerning the premises by any governmental
authority under any applicable federal, state, or local codes, rules and
regulations pertaining to air and water quality, the handling, transportation,
storage, treatment, usage, or disposal of toxic or hazardous substances, air
emissions, other environmental matters, and all zoning and other land use
matters.

            2. Any handling, transportation, storage, treatment, or use of toxic
or hazardous substances that has occurred on the premises has been in compliance
with all applicable federal, state and local codes, rules and regulations.

            3. No leak, spill release, discharge, emission or disposal of toxic
or hazardous substances has occurred on the premises.

            4. The soil, groundwater, and soil vapor on or under the premises is
free of toxic or hazardous substances.

            5. Landlord shall assume liability and shall indemnify and hold
Tenant harmless against all liability or expense arising from any condition
which existed, whether known or unknown, at the time of execution of the lease
which condition is not a result of actions of the Tenant or which condition
arises after date of execution but which is not a result of actions of the
Tenant.

            B. Tenant. Tenant expressly represents and agrees:

            1. During the lease term, Tenant's use of the property will not
include the use of any hazardous substance without Tenant first obtaining the
written consent of Landlord. Tenant understands and agrees that Landlord's
consent is at Landlord's sole option and complete discretion and that such
consent may be withheld or may be granted with any conditions or requirements
that Landlord deems appropriate.

            2. During the lease term, Tenant shall be fully liable for all costs
and expenses related to the use, storage, removal and disposal of hazardous
substances used or kept on the property by Tenant, and Tenant shall give
immediate notice to Landlord of any violation or any potential violation of any
environmental regulation, rule, statute or ordinance relating to the use,
storage or disposal of any hazardous substance.

            3. Tenant, at its sole cost and expense, agrees to remediate,
correct or remove from the premises any contamination of the property caused by
any hazardous substances which have been used or permitted by Tenant on the
premises during any term of this lease. Remediation, correction or removal shall
be in a safe and reasonable manner, and in conformance with all applicable laws,
rules and regulations. Tenant reserves all rights allowed by law to seek
indemnity or contribution from any person, other than Landlord, who is or may be
liable for any such cost and expense.

            4. Tenant agrees to indemnify and hold Landlord harmless from and
against all claims, causes of action, damages, loss, costs, expense, penalties,
fines, lawsuits, liabilities, attorney fees, engineering and consulting fees,
arising out of or in any manner connected with hazardous substances, which are
caused or created by Tenant on or after the date of this lease and during any
term of this lease, including, but not limited to, injury or death to persons or
damage to property, and including any diminution of the value of any leased
premises which may result from the foregoing. This indemnity shall survive the
cessation, termination, abandonment or expiration of this lease.

           19. RIGHTS CUMULATIVE. The various rights, powers, options, elections
and remedies of either party, provided in this lease, shall be construed as
cumulative and no one of them as exclusive of the others, or exclusive of any
rights, remedies or priorities allowed either party by law, and shall in no way
affect or impair the right of either party to pursue any other equitable or
legal remedy to which either party may be entitled as long as any default
remains in any way unremedied, unsatisfied or undischarged.

           20. NOTICES AND DEMANDS. Notices as provided for in this lease shall
be given to the respective parties hereto at the respective addresses designated
on page one of this lease unless either party notifies the other, in writing, of
a different address. Without prejudice to any other method of notifying a party
in writing or making a demand or other communication, such message shall be
considered given under the terms of this lease when sent, addressed as above
designated, postage prepaid, by certified mail deposited in a United States mail
box.

           21. PROVISIONS TO BIND AND BENEFIT SUCCESSORS, ASSIGNS, ETC. Each and
every covenant and agreement herein contained shall extend to and be binding
upon the respective successors, heirs, administrators, executors and assigns of
the parties; except that if any part of this lease is held in joint tenancy, the
successor in interest shall be the surviving joint tenant.
<PAGE>

           22. CHANGES TO BE IN WRITING. None of the covenants, provisions,
terms or conditions of this lease shall be in modified, waived or abandoned,
except by a written instrument duly signed by the parties. This lease contains
the whole agreement of the parties.

           23. RELEASE OF DOWER. Spouse of Landlord appears as a signatory to
this lease solely for the purpose of releasing dower, or distributive share,
unless said spouse is also a co-owner of an interest in the leased premises.

           24. CONSTRUCTION. Words and phrases herein, including acknowledgment
hereof, shall be construed as in the singular or plural number, and as
masculine, feminine or neuter gender according to the context.

           25. ADDITIONAL PROVISIONS.

               DEFAULT. The paragraph 14(a) definitions of default shall also
               -------
include: A non-consensual sale or purchase of Mirenco, Inc., or its assets (i.e.
hostile takeover).

               OPTION(S) TO PURCHASE. Landlords hereby grant unto Tenant the
               ---------------------
option(s) to purchase the subject premises at the times, at a price and in the
manner following:

               Times Granted. Tenant shall have the option to purchase the
               -------------
               subject premises at the time of the decease of Dwayne Fosseen.
               NOTE: This Option to Purchase shall not be available to Tenant
                                                   ---
               under any of the provisions of default, as defined herein, or
               available to any individual or entity seeking a non-consensual
               takeover of Mirenco, Inc.

               Exercise. Tenant shall exercise its option by providing notice of
               --------
               its intent to purchase within ninety (90) days of the decease of
               Dwayne Fosseen.

               Price. The Option price shall be established at the then fair
               -----
               market value of the property. The fair market value shall be
               established by:

                      (a) Agreement of the Parties. The Option price may be
                          agreed by the parties.

                      (b) Appraisal. If the parties cannot agree on the Option
                          price, the Landlord shall designate a licensed,
                          qualified and competent commercial real estate
                          appraiser to appraise the property. The Tenant may
                          accept the designation of the appraiser by the
                          Landlord or may also designate its own licensed,
                          qualified and competent commercial real estate
                          appraiser. If one appraiser is agreed upon, the
                          appraisal value shall be used as the fair market
                          value. If two appraisers are used, the average value
                          of the two appraisals shall be used as the fair market
                          value.

                      (c) Fair Market Value. For purposes of the Option
                          provisions contained herein, fair market value shall
                          be defined as bare-ground, equivalent lots in
                          Radcliffe, Iowa.

/s/ Betty Fosseen                        /s/ Dwayne Fosseen
--------------------------------------   ---------------------------------------
Betty Fosseen      LANDLORD'S SPOUSE     Dwayne Fosseen                 LANDLORD
(See paragraph 23)
                                         MIRENCO, INC.

                                    By: /s/ Dwayne Fosseen         CEO - Mirenco
                                        ----------------------------------------
                                                                          TENANT

                                    By:_________________________________________
                                                                          TENANT
<PAGE>

STATE OF IOWA       )
                    ) ss:
COUNTY OF Hardin  )

     On this 14th day of November, 2000, before me, the undersigned, a Notary
Public in and for said County and State, personally appeared Dwayne Fosseen and
Betty Fosseen, husband and wife, to me known to be the identical persons named
in and who executed the foregoing instrument, and acknowledged that they
executed the same as their voluntary act and deed.

                                /s/ Patty J. Hyland
                                -------------------
                                Notary Public in and for said County and State.
<PAGE>

STATE OF IOWA       )
                    ) ss:
COUNTY OF _________ )

     On this ___ day of September, 2000, before me, the undersigned, a Notary
Public in and for the State of Iowa, personally appeared __________________ and
___________________, to me personally known, who, being by me duly sworn, did
say that they is the __________________ and _________________ of said
corporation executing the within and foregoing instrument, that (no seal has
been procured by the said) (the seal affixed thereto is the seal of said)
corporation; that said instrument was signed (and sealed) on behalf of said
corporation by authority of its Board of Directors; and that the said
_______________________ and _______________________ as such officers
acknowledged the execution of said instrument to be the voluntary act and deed
of said corporation, by it and by them voluntarily executed.

                                 _______________________________________________
                                 Notary Public in and for said County and State.

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