Document:

Exhibit 10.2

TIME SHARING AGREEMENT

This Time Sharing Agreement (the “Agreement”), is entered into
effective the 15th day of  July, 2006, by
and between Affordable Residential Communities Inc. in it’s capacity as the
sole general partner of Affordable Residential Communities LP, a Delaware
limited partnership (“Operator”), and James F. Kimsey, an individual (“User”);

WITNESSETH, that

WHEREAS, Operator leases that certain Dassault-Breguet Falcon 10
aircraft, manufacturer’s serial number 130, bearing the United States
Registration Number N454DP (the “Aircraft”);

WHEREAS, Operator contracts for the provision of a
fully qualified flight crew to operate the Aircraft; and

WHEREAS, Operator desires to lease said Aircraft
with flight crew to User and User desires to lease said Aircraft and flight
crew from Operator on a time sharing basis pursuant to Section 91.501(c)(1) of
the Federal Aviation Regulations (“FARs”).

NOW THEREFORE, Operator and User declaring their
intention to enter into and be bound by this Agreement, and for the good and
valuable consideration set forth below, hereby covenant and agree as follows:

1.             Operator
agrees to lease the Aircraft to User pursuant to the provisions of FAR
91.501(c)(1) and to provide a fully qualified flight crew for all operations on
a non-continuous basis commencing on the first date set forth hereinabove and
continuing for a term of five (5) years. 
Either party may terminate this Agreement by giving thirty (30) days
written notice to the other party.

2.             User
shall pay Operator for each flight conducted under this Agreement an amount per
mile to be determined by User and Operator, but in no event to exceed the
actual expenses of each specific flight, as authorized by FAR Part 91.501(d),
including the actual expense of any “deadhead” flights made for User, as
authorized by FAR Part 91.501(d).  The
expenses authorized by FAR Part 91.501(d) include:

(a)                                  Fuel, oil, lubricants and other additives.

(b)                                 Travel expenses of the crew, including food,
lodging and ground transportation.

(c)                                  Hangar and tie down costs away from the
Aircraft’s base of operation.

(d)                                 Insurance obtained for the specific flight.

(e)                                  Landing fees, airport taxes and similar
assessments.

 1
 

 

 

(f)                                    Customs, foreign permit and similar fees
directly related to the flight.

(g)                                 In-flight food and beverages.

(h)                                 Passenger ground transportation.

(i)                                     Flight planning and weather contract
services.

(j)                                     An additional charge equal to one hundred
percent (100%) of the expenses listed in subparagraph (a) of this paragraph.

3.             Operator
will pay all expenses related to the operation of the Aircraft when incurred,
and will provide an invoice and bill User for the expenses enumerated in
paragraph 2 above on the last day of the month in which any flight or flights
for the account of User occur.  User
shall pay Operator for said expenses within thirty (30) days of receipt of the
invoice and bill therefor.

User shall include with each payment any federal
transportation excise tax due with respect to such payment, and Operator shall
be responsible for collecting, reporting and remitting such tax to the U.S.
Internal Revenue Service.

4.             User
will provide Operator with requests for flight time and proposed flight
schedules as far in advance of any given flight as possible.  Requests for flight time and proposed flight
schedules shall be made in compliance with Operator’s scheduling
procedures.  In addition to proposed
schedules and flight times, User shall provide at least the following
information for each proposed flight at some time prior to scheduled departure
as required by Operator or Operator’s flight crew.

(a)                                  proposed departure point;

(b)                                 destination;

(c)                                  date and time of flight;

(d)                                 the number of anticipated passengers;

(e)                                  the nature and extent of unusual luggage
and/or cargo to be carried;

(f)                                    the date and time of a return flight, if any;
and

(g)                                 any other information concerning the proposed
flight that may be pertinent or required by Operator or Operator’s flight crew.

5.             Operator
shall pay all expenses related to the operation of the Aircraft and shall
employ, pay for and provide to User a qualified flight crew for each flight
undertaken under this 

 2
 

 

 

Agreement.

6.             Operator
shall be responsible for securing or causing to be secured maintenance,
preventive maintenance and required or otherwise necessary inspections on the
Aircraft, and shall take such requirements into account in scheduling the
Aircraft.  No period of maintenance,
preventive maintenance or inspection shall be delayed or postponed for the
purpose of scheduling the Aircraft, unless said maintenance or inspection can
be safely conducted at a later time in compliance with all applicable laws and
regulations, and within the sound discretion of the pilot in command.  The pilot in command shall have final and
complete authority to cancel any flight for any reason or condition which in
his judgment would compromise the safety of the flight.

7.             In
accordance with applicable FARs, the flight crew will exercise all of its
duties and responsibilities in regard to the safety of each flight conducted
hereunder.  User specifically agrees that
the pilot in command, in his sole discretion, may terminate any flight, refuse
to commence any flight, or take other action which in the considered judgment
of the pilot in command is necessitated by considerations of safety.  The parties agree that Operator shall not be
liable for delay or failure to furnish the Aircraft and crew member pursuant to
this Agreement when such failure is caused by government regulation or
authority, mechanical difficulty, war, civil commotion, strikes or labor
disputes, weather conditions or acts of God.

8.             Operator
will provide such additional insurance coverage as User shall request or
require, provided, however, that the cost of such additional insurance shall be
borne by User as set forth in paragraph 2(d) hereof.

9.             Each
party hereto agrees to indemnify and hold harmless the other against all
losses, including costs, attorneys fees and expenses by reason of claims for
injury to or death of persons and loss of or damage to property arising out of
or in any manner connected with the performance of such party’s
responsibilities under this Agreement or any breach by such party of any
covenant or warranty made herein. 
Operator and User agree that in the event either party shall be liable
to the other for any reason relating to this Agreement, that under no
circumstances shall the damaged party be entitled to any special or
consequential damages, including but not limited to damages for lost profits.

10.           User
warrants that:

(a)                                  He will use the Aircraft for and on account
of his own business only, and will not use the Aircraft for the purposes of
providing transportation for passengers or cargo in air commerce for
compensation or hire;

(b)                                 During the term of this Agreement, he will
abide by and conform to all such laws, governmental and airport orders, rules
and regulations, as shall from time to time be in effect relating in any way to
its operation and use of the Aircraft by User.

 3
 

 

 

11.           Neither
this Agreement nor either party’s interest herein shall be assignable to the
other party.  This Agreement shall inure
to the benefit of and be binding upon the parties hereto, their heirs,
representatives and successors.

12.           Nothing
herein shall be construed to create a partnership, joint venture, franchise,
employer-employee relationship or to create any relationship of principal and
agent between the parties.

13.           This
Agreement shall be governed by and construed in accordance with the laws of the
State of Colorado.

[Remainder of Page Intentionally Left Blank]

 4
 

 

 

IN WITNESS WHEREOF, the parties hereto have caused
the signatures of their authorized representatives to be affixed below on the
day and year first above written.

The persons signing below warrant their authority to sign.

TRUTH IN LEASING STATEMENT UNDER SECTION 91.23
(FORMERLY 91.54) OF THE FEDERAL AVIATION REGULATIONS.

(A)                              AFFORDABLE RESIDENTIAL COMMUNITIES LP (“OPERATOR”)
HEREBY CERTIFIES THAT THE AIRCRAFT HAS BEEN INSPECTED AND MAINTAINED  WITHIN THE 12 MONTH PERIOD PRECEDING THE DATE
OF THIS AGREEMENT IN ACCORDANCE WITH THE PROVISIONS OF FAR PART 91 AND ALL
APPLICABLE REQUIREMENTS FOR THE MAINTENANCE AND INSPECTION THEREUNDER HAVE BEEN
MET.

(B)                                AFFORDABLE RESIDENTIAL COMMUNITIES LP (“OPERATOR”)
AGREES, CERTIFIES AND KNOWINGLY ACKNOWLEDGES THAT WHEN THE AIRCRAFT IS OPERATED
UNDER THIS AGREEMENT, IT SHALL BE KNOWN AS, CONSIDERED, AND SHALL IN FACT BE
THE OPERATOR OF THE AIRCRAFT.

(C)                                THE PARTIES UNDERSTAND THAT AN EXPLANATION OF
FACTORS AND PERTINENT FEDERAL AVIATION REGULATIONS BEARING ON OPERATIONAL
CONTROL CAN BE OBTAINED FROM THE LOCAL FLIGHT STANDARDS DISTRICT OFFICE.  OPERATOR FURTHER CERTIFIES THAT IT WILL SEND
A TRUE COPY OF THIS EXECUTED AGREEMENT TO:  
FLIGHT STANDARDS TECHNICAL DIVISION, P. O. BOX 25724, OKLAHOMA CITY, OKLAHOMA,
73125, WITHIN 24 HOURS OF ITS EXECUTION, AS PROVIDED BY FAR 91.23(c)(1).

	
  Operator:

  	
  Affordable Residential

  	
  User:

  	
  /s/James F. Kimsey

  
	
   

  	
  Communities LP

  	
   

  	
  JAMES F. KIMSEY

  
	
   

  	
  By: Affordable
  Residential

  	
   

  	
   

  
	
   

  	
  Communities Inc.

  	
   

  	
   

  
	
   

  	
  Its: Sole
  General Partner

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/Scott L. Gesell

  	
   

  	
   

  
	
  Name:

  	
  Scott L. Gesell

  	
   

  	
   

  
	
  Title:

  	
  Executive Vice President

  	
   

  	
   

  

 

A copy of this Agreement must be carried in the Aircraft while being
operated hereunder.

 5<PAGE>

                                                                   Exhibit 10.1

                      EIGHTH AMENDMENT TO LICENSE AGREEMENT

         This Eighth Amendment to License Agreement is dated effective as of
June 22, 2006 and is made by and between Emerson Radio Corp. ("Licensor") and
Funai Corporation, Inc. ("Licensee").

         WHEREAS, Licensor and Licensee are parties to that License Agreement
dated effective January 1, 2001, as amended (collectively, the "Agreement")
which currently terminates on December 31, 2007; and

         WHEREAS, the parties hereto wish to extend the Agreement to December
31, 2010.

         NOW, THEREFORE, the parties agree to the following:

         1. Amendment of Section 3 of the Agreement. Section 3 of the Agreement
shall be amended to read in full as follows:

                  "(a) Subject to the earlier expiration or termination of this
         Agreement as provided in Section 9 or otherwise, this Agreement shall
         be effective as of the Effective Date and expire as of the close of
         business on December 31, 2010 ("Initial Term"). The parties agree that
         each September, beginning September 2009, they shall meet and discuss a
         one-year extension of the then expiration date of the Agreement, and
         the minimum royalties and gross sales projections for any such extended
         term, provided (i) Licensee has paid to Licensor all Royalties and
         Minimum Royalties payable for each Contract Year as set forth herein on
         Fourth Amended Exhibit C of this Agreement, and (ii) Licensee has
         satisfied and/or complied with all of its obligations hereunder. Each
         successive renewal period shall hereinafter be referred to as a
         "Renewal Term". "Initial Term" and "Renewal Term" shall collectively be
         referred to as "Term".

                  "(b) Notwithstanding any language herein to the contrary,
         should the parties not agree pursuant to Section 3(a) herein of an
         extension of the then expiration date of the Agreement or should the
         Agreement terminate, if at least one hundred twenty (120) days prior to
         the actual date of expiration or termination of this Agreement Licensor
         shall receive an offer from a third party for a license to use the
         Trademark on the Goods in the Territory, then in such case Licensor
         shall within ten (10) days thereafter notify Licensee in writing if it
         wishes to be granted by Licensor a license to use the Trademark on the
         Goods in the Territory pursuant to the same terms and conditions as
         those stated in such third party's offer. If Licensee so notifies
         Licensor in writing within thirty (30) days of its receipt of such
         notice that it is exercising such right of first refusal, then Licensor
         and Licensee shall enter into a formal written agreement signed by both
         parties and Licensor shall not grant such license to such third party
         or any other party. If Licensee does not timely notify Licensor that it
         is exercising such right of first refusal, then Licensor shall have the
         right to accept such offer from such third party and Licensee shall no
         longer have any rights pursuant to this Section 3(b), except that if
         Licensor shall in such case not agree to such offer from such third
         party, then Licensee's rights pursuant to this Section 3(b) shall
         continue to exist."

<PAGE>

         2. Capitalized Terms. All capitalized terms not defined herein shall
have the same meaning as in the Agreement.

         3. Counterparts/Telefax Signature. This Eighth Amendment and any future
amendments may be executed in several counterparts that together shall
constitute but one and the same amendment. A party's signature by telefax shall
be treated as if such document were signed in the original.

         4. All Other Provisions of the Agreement. All other provisions of the
Agreement not amended herein shall continue to have their full force and effect.

         IN WITNESS WHEREOF, this Eighth Amendment has been executed by the duly
authorized representative of each party effective as of the date first set forth
above.

EMERSON RADIO CORP.                            FUNAI CORPORATION, INC.
"Licensor"                                     "Licensee"

By: /s/ John J. Raab                           By: /s/ Tomonori Hayashi
    --------------------------                     ----------------------------
Name: John J. Raab                             Name: Tomonori Hayashi
Title: COO & Senior Executive                  Title: Chairman & Chief
       Vice President                                 Executive Officer

                                      -2-
<PAGE>

                            FOURTH AMENDED EXHIBIT C

I.       ANNUAL MINIMUM ROYALTY(IES) AND PAYMENT SCHEDULE
         ------------------------------------------------

         A.  FIRST CONTRACT YEAR (1/1/01-12/31/01):               $4,300,000

             Within 10 days of Licensee's signing        $   500,000
             January 2, 2001                             $   250,000
             April 30, 2001                              $   250,000
             July 31, 2001                               $ 1,000,000
             October 31, 2001                            $ 1,150,000
             January 31, 2002                            $ 1,150,000
                                                         -----------
             Total                                       $ 4,300,000

         B.  SECOND CONTRACT YEAR (1/1/02-12/31/02):              $4,300,000

             April 30, 2002                              $ 1,000,000
             July 31, 2002                               $ 1,000,000
             October 31, 2002                            $ 1,150,000
             January 31, 2003                            $ 1,150,000
                                                         ----------
             Total                                       $ 4,300,000

         C.  THIRD CONTRACT YEAR (1/1/03-12/31/03):               $4,300,000

             April 30, 2003                              $ 1,000,000
             July 31, 2003                               $ 1,000,000
             October 31, 2003                            $ 1,150,000
             January 31, 2004                            $ 1,150,000
                                                         -----------
             Total                                       $ 4,300,000

         D.  FOURTH CONTRACT YEAR (1/1/04-12/31/04):              $4,300,000

             April 30, 2004                              $ 1,000,000
             July 31, 2004                               $ 1,000,000
             October 31, 2004                            $ 1,150,000
             January 31, 2005                            $ 1,150,000
                                                         -----------
             Total                                       $ 4,300,000

         E.  FIFTH CONTRACT YEAR (1/1/05-12/31/05):               $4,300,000

             April 30, 2005                              $ 1,000,000
             July 31, 2005                               $ 1,000,000
             October 31, 2005                            $ 1,150,000
             January 31, 2006                            $ 1,150,000
                                                         -----------
             Total                                       $ 4,300,000

                                      -3-
<PAGE>

         F.  SIXTH CONTRACT YEAR (1/1/06-12/31/06):               $4,300,000

             April 30, 2006                              $1,000,000
             July 31, 2006                               $1,000,000
             October 31, 2006                            $1,150,000
             January 31, 2007                            $1,150,000
                                                         ----------
             Total                                       $4,300,000

         G.  SEVENTH CONTRACT YEAR (1/1/07-12/31/07):             $4,300,000

             April 30, 2007                              $1,000,000
             July 31, 2007                               $1,000,000
             October 31, 2007                            $1,150,000
             January 31, 2008                            $1,150,000
                                                         ----------
             Total                                       $4,300,000

         H.  EIGHTH CONTRACT YEAR (1/1/08-12/31/08):              $4,300,000

             April 30, 2008                              $1,000,000
             July 31, 2008                               $1,000,000
             October 31, 2008                            $1,150,000
             January 31, 2009                            $1,150,000
                                                         ----------
             Total                                       $4,300,000

         I.  NINTH CONTRACT YEAR (1/1/09-12/31/09):               $4,300,000

             April 30, 2009                              $1,000,000
             July 31, 2009                               $1,000,000
             October 31, 2009                            $1,150,000
             January 31, 2010                            $1,150,000
                                                         ----------
             Total                                       $4,300,000

         J.  TENTH CONTRACT YEAR (1/1/10-12/31/10):               $4,300,000

             April 30, 2010                              $1,000,000
             July 31, 2010                               $1,000,000
             October 31, 2010                            $1,150,000
             January 31, 2011                            $1,150,000
                                                         ----------
             Total                                       $4,300,000

                                      -4-
<PAGE>

II.      TOTAL MINIMUM SALES PROJECTIONS BY CONTRACT YEAR
         ------------------------------------------------

                  Year 1 -  $215,000,000 US
                  Year 2 -  $215,000,000 US
                  Year 3 -  $215,000,000 US
                  Year 4 -  $215,000,000 US
                  Year 5 -  $215,000,000 US
                  Year 6 -  $215,000,000 US
                  Year 7 -  $215,000,000 US
                  Year 8 -  $215,000,000 US
                  Year 9 -  $215,000,000 US
                  Year 10 - $215,000,000 US

                                      -5-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00107-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00107-of-00352.parquet"}]]