Document:

SCHEDULE OF OMITTED
                         ASSIGNMENT OF LEASES AND RENTS

The Company has also entered into an  additional  Assignment of Leases and Rents
which is substantially identical to the following Assignment of Leases and Rents
in all material respects except as to the company. Listed below are the material
details in which such  documents  differ from the document filed as part of this
exhibit.

                 Company
-------------------------------------------

CAX La Casa Blanca, L.L.C.

<PAGE>

RECORDING REQUESTED BY AND
WHEN RECORDED MAIL TO:
Lawrence C. Petrowski
Morrison & Hecker L.L.P.
2800 N. Central Avenue
Suite 1600
Phoenix, Arizona 85004-1007                                 PPM Loan No. 99-0087

                         ASSIGNMENT OF LEASES AND RENTS

         THIS  ASSIGNMENT  (this  "Assignment")  is made this 19 day of January,
2000,  by and from CAX  RANCHO  MIRAGE,  L.L.C.,  a Delaware  limited  liability
company,  having its  principal  place of business at 3410 South Galena  Street,
Suite  210,  Denver,  Colorado  80231  ("Assignor"),  to and for the  benefit of
JACKSON NATIONAL LIFE INSURANCE COMPANY, a Michigan corporation,  having offices
at c/o PPM Finance,  Inc., 225 West Wacker Drive, Suite 1200, Chicago,  Illinois
60606 ("Assignee").

                                    RECITALS:

A.       Assignor is the owner of certain real property located in Pinal County,
         State of Arizona,  more  particularly  described  in Exhibit A attached
         hereto ("Property").

B.       Assignee has made a loan to Assignor  pursuant to a loan agreement (the
         "Loan  Agreement")  of even date  herewith.  The Loan is evidenced by a
         promissory  note  ("Note")  of  even  date  herewith  in  the  original
         principal  amount of Six  Million  Two  Hundred  Seventy  Thousand  and
         No/100ths  Dollars  ($6,270,000.00)  and  secured  by a Deed of  Trust,
         Security  Agreement and Financing  Statement  ("Deed of Trust") of even
         date herewith and recorded contemporaneously  herewith. The obligations
         of Assignor under the Loan  Agreement,  the Note, the Deed of Trust and
         the other Loan Documents are referred to herein as the "Obligations".

C.       Assignor  is  required  as a  condition  to the  making  of the Loan to
         transfer and assign to Assignee absolutely and unconditionally,  all of
         Assignor's  right,  title and  interest in, to and under the Leases and
         Rents, defined in Section 1 below.

                                   AGREEMENT:

         NOW,  THEREFORE,  as an inducement for the making of the Loan, Assignor
hereby represents, warrants, covenants and agrees as follows:

1.  Definitions.  As used herein,  the following  terms shall have the following
meanings:

                  "Event of Default"  means an Event of  Default,  as defined in
         the Loan Agreement.

                  "Leases"  means  all  leases,  subleases,   rental  contracts,
         occupancy  agreements,  licenses and other  arrangements  (in each case
         whether  existing now or in the future) pursuant to which any person or

<PAGE>

         entity  occupies  or has the right to occupy or use any  portion of the
         Property,  and includes (a) any  supplement,  modification,  amendment,
         renewal or  extension of any Lease and (b) any security or guaranty for
         any Lease.

                  "Lessees" means the lessees under the Leases or any subtenants
         or occupants of the Property.

                  "Rents" means all rents, issues, income, revenues,  royalties,
         profits and other amounts now or in the future payable under any of the
         Leases, including those past due and unpaid.

Capitalized  terms used in this Assignment and not otherwise defined are used as
defined in the Loan Agreement.

2.  Assignment.  As security for the payment and performance of the Obligations,
Assignor hereby absolutely and unconditionally  transfers, sets over and assigns
to Assignee all present and future right,  title and interest of Assignor in, to
and under the Leases and the Rents, together with all advance payments, security
deposits and other amounts paid or payable to or deposited  with Assignor  under
any of the Leases and all other  rights and  interests  of Assignor  under or in
respect  of any of the  Leases.  This  Assignment  is  intended  to be and is an
absolute  present  assignment from Assignor to Assignee and not the mere passage
of a security, interest or a provision of additional security, it being intended
hereby to establish a complete and present transfer of all Leases and Rents with
the right, but without the obligation, to collect all Rents.

3. License.  Except as hereinafter  set forth,  Assignor shall have a license to
collect the Rents accruing under the Leases as they become due ("License"),  but
not in  advance,  and to  enforce  the  Leases.  The  License is  revocable,  at
Assignee's  option,  in the event  there  occurs an Event of  Default.  Assignor
covenants and agrees that in  exercising  its License it shall hold all Rents in
trust and shall apply the same first to the payment of the  reasonable  expenses
of owning, maintaining,  repairing,  operating and renting the Property and then
to payment of the Obligations.

4.  Bankruptcy  of Lessee.  In the event  there is an Event of Default  and if a
Lessee under a Lease files or has filed against it any petition in bankruptcy or
for reorganization or undertakes or is subject to similar action, Assignor shall
provide to Assignee a copy of any written notice of such bankruptcy  received by
Assignor,  and Assignee  shall have the right to exercise the rights which would
otherwise  inure to the  benefit of  Assignor  in such  proceedings,  including,
without limitation, the right to seek "adequate protection" of its interests, to
compel  rejection  of any  Lease,  and to seek such  claims and awards as may be
sought or granted in connection with the rejection of such Lease,  provided that
Assignee  must  first  provide  Assignor  with  written  notice of its intent to
exercise  such rights  within  fifteen  (15) days of  Assignee's  receipt of the
notice of  bankruptcy.  Unless  otherwise  consented  to by Assignee in writing,
Assignee's exercise of any of the rights provided in this section shall preclude
Assignor  from the  pursuit and benefit  thereof  without any further  action or
proceeding  of any nature.  Assignee,  however,  shall not be  obligated to make
timely filings of claims in any bankruptcy, reorganization or similar action, or
to otherwise pursue creditor's rights therein.

                                       2
<PAGE>

5.  Representations  and Warranties.  Assignor hereby represents and warrants to
Assignee  that:  (a)  Assignor  is the  absolute  owner of the  entire  lessor's
interest  in each of the  Leases,  with  absolute  right and title to assign the
Leases and the Rents;  (b) the Leases are valid,  enforceable  and in full force
and effect and have not been  modified,  amended  or  terminated,  or any of the
terms and conditions  thereof waived,  except as stated herein; (c) there are no
outstanding  assignments  or  pledges of the Leases or of the Rents and no other
party has any right, title or interest in the Leases or the Rents; (d) there are
no existing  defaults or any state of facts which, with notice or lapse of time,
or both,  would  constitute a default under the  provisions of the Leases on the
part of either  party;  (e) no Lessee has any defense,  set-off or  counterclaim
against Assignor; (f) except as otherwise reflected in the Rent Roll (as defined
in the Loan  Agreement)  each Lessee is in possession  and paying rent and other
charges under its Lease and as provided therein; (g) there are no unextinguished
rent  concessions,  abatements  and/or other amendments  relating to the Lessees
and/or the Leases,  and no Lessee has any purchase option or first refusal right
or any right or option for additional space with respect to the Property, except
as reflected in the Rent Roll;  (h)  Assignor  has not accepted  prepayments  of
installments  of rent or any other  charges under any Lease for a period of more
than one (1) month in  advance;  and (i) all work  required to be  performed  by
Assignor,  as landlord, as of the date hereof under any Lease has been completed
in accordance with the provisions of the Lease.

6. New Leases and Lease  Terminations  and  Modifications.  Except as  expressly
permitted  in the  Loan  Agreement,  Assignor  shall  not  enter  into,  cancel,
surrender  or  terminate,  amend or modify  any  Lease,  or make any  subsequent
assignment or pledge of a Lease, or consent to  subordination of the interest of
any Lessee in any Lease,  without the prior  written  consent of  Assignee.  Any
attempt to do so without the prior written consent of Assignee shall be null and
void. Assignor shall not, without Assignee's prior written consent,  (a) execute
any other assignment or pledge of the Leases, of any interest therein, or of any
Rents,  or agree to a  subordination  of any Lease to any deed of trust or other
encumbrance  now or hereafter  affecting the Property;  or (b) permit a material
alteration  of or  addition to the  Property by any Lessee,  unless the right to
alter or enlarge is expressly  reserved by Lessee in the Lease.  Assignor hereby
covenants  not to accept  rent under any Lease more than one month in advance of
its due date.

7.  Cancellation  of Lease.  In the event  that any Lease  permits  cancellation
thereof  on  payment of  consideration  and the  privilege  of  cancellation  is
exercised, the payments made or to be made by reason thereof are hereby assigned
to Assignee to be applied,  at the election of Assignee,  to the  Obligations in
whatever order Assignee shall choose in its discretion or to be held in trust by
Assignee  as  further  security,  without  interest,  for  the  payment  of  the
Obligations.

8. Assignor to Ensure Continued Performance under Leases. Assignor shall perform
all of its  covenants  as Lessor  under the  Leases,  and shall not  permit  any
release of liability of any Lessee or any  withholding  of rent  payments by any
Lessee. Upon Assignee's request, or at any time notices of default for more than
five Leases in any 30 day period have been sent, Assignor shall promptly deliver
to Assignee  copies of any and all notices of default  Assignor  has sent to any
Lessee.  Assignor  shall enforce at  Assignor's  expense  remedies  available to
Assignor  under upon any Lease any  Lessee's  default in  accordance  with sound
business  practice.  Assignor  shall  deliver to  Assignee  copies of all papers
served in connection  with any such  enforcement  proceedings  and shall consult
with  Assignee,  its agents and attorneys  with respect to the conduct  thereof;

                                       3
<PAGE>

provided  that  Assignor  shall  not  enter  into  any  settlement  of any  such
proceeding without Assignee's prior written consent.

9.       Default of Assignor.

     9.1. Remedies. If an Event of Default occurs, Assignor's License to collect
Rents  shall  immediately  cease and  terminate.  Assignee  shall  thereupon  be
authorized  at its  option  to enter and take  possession  of all or part of the
Property,  in person or by agent,  employee or court appointed receiver,  and to
perform all acts necessary for the operation and  maintenance of the Property in
the same manner and to the same extent that Assignor might reasonably so act. In
furtherance thereof,  Assignee shall be authorized,  but under no obligation, to
collect the Rents  arising from the Leases,  and to enforce  performance  of any
other terms of the Leases  including,  but not limited to,  Assignor's rights to
fix or modify rents,  sue for  possession of the leased  premises,  relet all or
part of the leased  premises,  and  collect  all Rents  under  such new  Leases.
Assignor shall also pay to Assignee, promptly upon any Event of Default: (a) all
rent prepayments and security or other deposits paid to Assignor pursuant to any
Lease assigned hereunder;  and (b) all charges for services or facilities or for
escalations  which have  theretofore been paid pursuant to any such Lease to the
extent  allocable  to any period from and after such Event of Default.  Assignee
will,  after  payment of all proper  costs,  charges and any damages  including,
without limitation,  those payable pursuant to Section 10 hereof,  apply the net
amount of such Rents to the Obligations.  Assignee shall have sole discretion as
to the manner in which such Rents are to be applied,  the  reasonableness of the
costs to which they are applied, and the items that will be credited thereby.

     9.2. Notice to Lessee.  Assignor hereby irrevocably authorizes each Lessee,
upon demand and notice from  Assignee of the  occurrence of an Event of Default,
to pay all Rents under the Leases to Assignee.  Assignor agrees that each Lessee
shall have the right to rely upon any notice from Assignee directing such Lessee
to pay all Rents to Assignee, without any obligation to inquire as to the actual
existence  of an Event of Default,  notwithstanding  any notice from or claim of
Assignor to the  contrary.  Assignor  shall have no claim against any Lessee for
any  Rents  paid by  Lessee to  Assignee.  At such  time as no Event of  Default
exists,  Assignee  may  give  each  Lessee  written  notice  of such  cure  and,
thereafter,  until further notice from Assignee,  each such Lessee shall pay the
Rents to Assignor.

     9.3.  Assignor's  Possession After Default.  Following the occurrence of an
Event of Default,  if  Assignor  is in  possession  of the  Property  and is not
required to surrender such possession  hereunder,  Assignor shall pay monthly in
advance to Assignee, on Assignee's entry into possession pursuant to Section 9.1
hereof,  or to any  receiver  appointed  to  collect  the  Rents,  the  fair and
reasonable  value for the use and occupancy of the Property or such part thereof
as may be in the  possession  of  Assignor.  Upon  default in any such  payment,
Assignor shall  forthwith  vacate and surrender  such  possession to Assignee or
such receiver and, in default thereof, Assignor may be evicted by summary or any
other available proceedings or actions.

     9.4. Assignment of Defaulting  Assignor's Interest in Lease. Assignee shall
have the right to assign  Assignor's  right,  title and  interest  in and to the
Leases to any person  acquiring  title to the Property  through  foreclosure  or
otherwise.  Such  assignee  shall not be liable to account to  Assignor  for the
Rents thereafter accruing.

                                       4
<PAGE>

     9.5.  No Waiver.  Assignee's  failure to avail  itself of any of its rights
under this Assignment for any period of time, or at any time or times, shall not
constitute  a waiver  thereof.  Assignee's  rights and  remedies  hereunder  are
cumulative,  and not in lieu of,  but in  addition  to,  any  other  rights  and
remedies Assignee has under the Loan Agreement,  the Note, the Deed of Trust and
any other Loan  Documents.  Assignee's  rights  and  remedies  hereunder  may be
exercised as often as Assignee deems expedient.

     9.6.  Costs and Expenses.  The cost and expenses  (including any receiver's
fees and fees)  incurred by Assignee  pursuant to the powers  contained  in this
Assignment  shall be  immediately  reimbursed by Assignor to Assignee on demand,
shall be secured  hereby and shall bear  interest  from the date incurred at the
Default Rate. Assignee shall not be liable to account to Assignor for any action
taken pursuant hereto,  other than to account for any Rents actually received by
Assignee.

10.  Indemnification of Assignee.  Assignor hereby agrees to indemnify,  defend,
protect and hold Assignee harmless from and against any and all liability, loss,
cost, expense or damage (including  reasonable  attorney fees) that Assignee may
or  might  incur  under  the  Leases  or by  reason  of  this  Assignment.  Such
indemnification  shall also cover any and all  claims  and  demands  that may be
asserted against  Assignee under the Leases or this Assignment.  Nothing in this
section  shall be construed  to bind  Assignee to the  performance  of any Lease
provisions,  or to otherwise  impose any  liability  upon  Assignee,  including,
without  limitation,  any liability  under  covenants of quiet  enjoyment in the
Leases in the event that any Lessee shall have been joined as party defendant in
any action to foreclose the Deed of Trust and shall have been barred  thereby of
all right,  title,  interest,  and equity of redemption  in the  Property.  This
Assignment  imposes no liability upon Assignee for the operation and maintenance
of the Property or for  carrying out the terms of any Lease before  Assignee has
entered and taken possession of the Property.  Any loss or liability incurred by
Assignee by reason of actual entry and taking possession under any Lease or this
Assignment or in the defense of any claims  shall,  at  Assignee's  request,  be
reimbursed by Assignor. Such reimbursement shall include interest at the Default
Rate  provided  in the Note,  costs,  expenses  and  reasonable  attorney  fees.
Assignee may, upon entry and taking of  possession,  collect the Rents and apply
them to  reimbursement  for any such loss or liability.  The  provisions of this
Section 10 shall survive  repayment of the  Obligations  and any  termination or
satisfaction of this Assignment.

11.  Additions to, Changes in and Replacement of Obligations.  Assignee may take
security in addition to the security  already given  Assignee for the payment of
the  Obligations  or release  such other  security,  and may  release  any party
primarily  or  secondarily  liable  on  the  Obligations,   may  grant  or  make
extensions,   renewals,   modifications  or  indulgences  with  respect  to  the
Obligations or the Deed of Trust and replacements thereof, which replacements of
the  Obligations  or the Deed of Trust may be on the same  terms as, or on terms
different from, the present terms of the  Obligations or the Deed of Trust,  and
may apply any other security held by it to the  satisfaction of the Obligations,
without prejudice to any of its rights hereunder.

12.  Power of  Attorney.  In  furtherance  of the  purposes of this  Assignment,
Assignor  hereby  appoints  Assignee as Assignor's  attorney-in-fact,  with full
authority in the place of Assignor,  at the option of Assignee at any time after
the  occurrence and during the  continuance  of an Event of Default,  and in the
name of Assignor or Assignee,  to (a) collect,  demand and receive the Rents and

                                       5
<PAGE>

other amounts  payable under any Lease,  (b) bring suit and take other action to
enforce the Leases,  (c) enforce,  supplement,  modify,  amend,  renew,  extend,
terminate and otherwise  administer the Leases and deal with Lessees in relation
to the Leases,  (d) give  notices,  receipts,  releases and  satisfactions  with
respect to the Leases and the Rents and other  amounts  payable under any Lease,
and (e) take such other  action as Assignee  may  reasonably  deem  necessary or
advisable  in  connection  with the exercise of any right or remedy or any other
action taken by Assignee under this Assignment.

13. No Mortgagee in Possession;  No Other Liability.  The acceptance by Assignee
of this Assignment,  with all of the rights, power,  privileges and authority so
created, shall not, prior to entry upon and taking of possession of the Property
by Assignee,  be deemed or construed to: (a) constitute  Assignee as a mortgagee
in possession nor thereafter or at any time or in any event obligate Assignee to
appear in or defend any action or  proceeding  relating  to the Leases or to the
Property;  (b) require Assignee to take any action  hereunder,  or to expend any
money or incur any  expenses or perform or  discharge  any  obligation,  duty or
liability under the Leases;  or (c) require Assignee to assume any obligation or
responsibility for any security deposits or other deposits delivered to Assignor
by Lessees and not assigned and  delivered  to Assignee.  Assignee  shall not be
liable in any way for any injury or damage to person or  property  sustained  by
any person in or about the Property.

14.  Termination of  Assignment.  When Assignor pays Assignee the full amount of
the  Obligations,  and such payment is evidenced by a recorded  satisfaction  or
release of the Deed of Trust, this Assignment shall terminate.

15.      Miscellaneous.

     15.1.  Severability.  If any  term of this  Assignment  or the  application
hereof to any person or set of circumstances,  shall to any extent be invalid or
unenforceable,  the remainder of this  Assignment,  or the  application  of such
provision  or part  thereof to persons or  circumstances  other than those as to
which it is invalid or unenforceable,  shall not be affected  thereby,  and each
term of this  Assignment  shall be valid and  enforceable  to the fullest extent
consistent with applicable law.

     15.2.  Captions.  The captions or headings at the beginning of each section
hereof  are for the  convenience  of the  parties  only and are not part of this
Assignment.

     15.3.  Counterparts.  This  Assignment  may be  executed  in  two  or  more
counterparts,  each of which shall be deemed an original, and all of which shall
be  construed  together and shall  constitute  one  instrument.  It shall not be
necessary in making proof of this Assignment to produce or account for more than
one such counterpart.

     15.4. Notices. All notices or other written communications  hereunder shall
be given in the manner set forth in the Loan Agreement.

     15.5.  Modification.  No amendment,  modification  or  cancellation of this
Assignment  or any part hereof shall be  enforceable  without  Assignee's  prior
written consent.

                                       6
<PAGE>

     15.6.  Governing Law. This Assignment shall be governed by and construed in
accordance with the laws of the state in which the Property is located.

     15.7. Successors and Assigns; Gender. The terms, covenants,  conditions and
warranties  contained  herein and the powers  granted  hereby shall run with the
land,  shall  inure to the  benefit  of and bind all  parties  hereto  and their
respective heirs,  executors,  administrators,  successors and assigns,  and all
subsequent  owners of the Property,  and all subsequent  holders of the Note and
the Deed of Trust,  subject in all events to the provisions of the Deed of Trust
and the Loan Agreement regarding transfers of the Property by Assignor.  In this
Assignment, whenever the context so requires, the masculine gender shall include
the feminine  and/or neuter and the singular number shall include the plural and
conversely in each case. If there is more than one party constituting  Assignor,
all obligations of each Assignor hereunder shall be joint and several.

     15.8.  Expenses.  Assignor  shall  pay on demand  all  costs  and  expenses
incurred  by  Assignee  in  connection  with the  review  of  Leases,  including
reasonable fees and expenses of Assignee's outside counsel.

16. Limitation on Personal Liability. Reference is hereby made to the portion of
the Note entitled  "Limitation on Personal  Liability" which provision is hereby
incorporated  herein  by  reference  to the same  extent as if it were set forth
herein.

17.  WAIVER OF TRIAL BY JURY.  ASSIGNOR  HEREBY  WAIVES,  TO THE FULLEST  EXTENT
PERMITTED  BY LAW,  THE  RIGHT  TO TRIAL BY JURY IN ANY  ACTION,  PROCEEDING  OR
COUNTERCLAIM  FILED BY EITHER  PARTY,  WHETHER IN CONTRACT,  TORT OR  OTHERWISE,
RELATING DIRECTLY OR INDIRECTLY TO THIS ASSIGNMENT,  OR ANY ACTS OR OMISSIONS OF
ASSIGNEE IN CONNECTION THEREWITH.

                                       7
<PAGE>

         IN WITNESS  WHEREOF,  Assignor  has caused this  Assignment  to be duly
executed as of the day and year first above written.

                                   ASSIGNOR:

                                   CAX RANCHO MIRAGE, L.L.C.,
                                   a Delaware limited liability company

                                   By:  Commercial Assets, Inc.,
                                        a Delaware corporation, its Sole Member

                                        By:      /s/David M. Becker
                                            -----------------------------
                                             David M. Becker
                                             Chief Financial Officer

STATE OF COLORADO          )
                           ) ss.
COUNTY OF DENVER           )

         The foregoing  instrument was  acknowledged  before me this 19th day of
January,  2000 by David M. Becker,  as the Chief Financial Officer of Commercial
Assets,  Inc.,  a Delaware  corporation,  the Sole Member of CAX RANCHO  MIRAGE,
L.L.C., a Delaware limited liability company.

                                         /s/Lorri J. Owen
                                  --------------------------------
                                  Notary Public in and for said County and State

My Commission Expires:

         7/2/2001

                                       8ACQUISITION AGREEMENT

                  ACQUISITION  AGREEMENT,  dated effective as of January 1, 2000
(the  "Agreement"),  by and among CAX  Riverside,  L.L.C.,  a  Delaware  limited
liability  company  ("Purchaser"),  CADC  Holdings,  L.L.C.,  a Georgia  limited
liability company ("CADC LLC"), Riverside Golf Course Investors, Inc., a Florida
corporation  ("Riverside") and Community Acquisition and Development Corporation
("CADC" and, together with CADC LLC and Riverside, the "Sellers").

                  WHEREAS,   CADC  LLC  owns  98%  of  the  outstanding  limited
liability   company   interests  (the  "Interests")  in  Riverside  Golf  Course
Community,  L.L.C.,  a  Delaware  limited  liability  company  ("the  LLC")  and
Riverside and CADC each owns 1% of the outstanding Interests in the LLC; and

                  WHEREAS,  the Sellers  desire to sell all of their  Interests,
and Purchaser  desires to purchase all of the Sellers'  Interests upon the terms
and subject to the conditions set forth in this Agreement.

                  NOW,  THEREFORE,  in  consideration  of  the  representations,
warranties,  covenants and agreements set forth in this Agreement, and for other
good and valuable consideration,  the receipt and sufficiency of which is hereby
acknowledged, the parties hereto, intending to be legally bound hereby, agree as
follows:

                                    ARTICLE I

                           PURCHASE AND SALE; CLOSING

                  I.1 Purchase and Sale.  The Sellers agree to sell to Purchaser
and Purchaser agrees to purchase,  all of the Sellers'  Interests at the Closing
(as herein  defined) upon the terms and subject to the  conditions  set forth in
this Agreement.

                  I.2  Consideration.  The  consideration for the Interests (the
"Consideration")  shall  be ONE  DOLLAR  AND  NO  CENTS  ($1.00)  in  cash.  The
Consideration  shall be payable by  Purchaser at the Closing in (i) cash or (ii)
such other form as the Sellers and Purchaser may agree to before Closing.

                  I.3 Closing.  The closing of the transactions  contemplated by
this  Agreement  (the  "Closing")  shall  take  place as of January 1, 2000 (the
"Closing  Date") at 10:00 a.m. Denver time, or on such other date as the parties
hereto agree.

<PAGE>

                  I.4  Deliveries  by the  Sellers  at the  Closing.  (a) At the
Closing,  the Sellers  shall  deliver to  Purchaser an executed  Assignment  and
Assumption of Limited Liability Company Interest  Agreement in substantially the
same form as  Exhibit A hereto.  (b) At the  Closing,  the  Sellers  shall  also
deliver to the  Purchaser  certificates  executed  by  officers  of the  Sellers
authorized to so certify on behalf of the Sellers, to the effect that all of the
representations and warranties of the Sellers contained herein at Article II are
true and correct as of the Closing Date.

                  I.5  Deliveries  by  the  Purchasers  at the  Closing.  At the
Closing, the Purchaser shall deliver to the Sellers a certificate executed by an
officer of the Purchaser authorized to so certify on behalf of the Purchaser, to
the effect  that all of the  representations  and  warranties  of the  Purchaser
contained herein at Article III are true and correct as of the Closing Date.

                                   ARTICLE II

                  REPRESENTATIONS AND WARRANTIES OF THE SELLERS

                  Each of the Sellers  represents  and warrants to the Purchaser
that as of the date hereof:

                  II.1  Authority.  Such  Seller  has the  right,  power,  legal
capacity  and  authority  to enter into and perform its  obligations  under this
Agreement.  This  Agreement has been duly and validly  executed and delivered by
such Seller and, assuming the due  authorization,  execution and delivery hereof
by the  Purchaser,  constitutes  a valid and binding  obligation of such Seller,
enforceable   against  it  in  accordance   with  its  terms,   except  as  such
enforceability  may  be  subject  to  the  effects  of  bankruptcy,  insolvency,
reorganization,  moratorium  and other similar laws relating to or affecting the
rights of creditors and of general principles of equity.

                  II.2 No Conflict;  Consents and  Approvals.  The execution and
delivery by such Seller of this Agreement does not, and the  consummation of the
transactions  contemplated hereby and compliance with the terms hereof will not,
(i)  conflict  with,  or  result  in  any  violation  of  any  provision  of the
organizational documents of such Seller, (ii) violate or conflict with or result
in a  breach  or  termination  of  or  default  under,  any  material  agreement
(including  the limited  liability  company  agreement of the LLC),  instrument,
license,  judgment,  order, write, injunction,  decree, statute, law, ordinance,
rule or regulation  applicable to the Seller or any of the property or assets of
such Seller or (iii) result in a default (or an event which with notice or lapse
of time or both would  become a default) or give to any third party any right of
termination,  cancellation,  amendment or  acceleration  under, or result in the
creation or imposition of any Lien on any material  asset of such Seller such as

                                       2
<PAGE>

would reasonably be expected to materially impair the validity or enforceability
of this  Agreement  or the  ability of such  Seller to  perform in any  material
respect,  its  obligations  under  this  Agreement.  No  consent,   approval  or
authorization  of,  or  declaration,  filing  or  registration  with any  court,
administrative   agency  or  commission  or  other  governmental  or  regulatory
authority or any other person or entity is required to be made or obtained by or
with  respect to such Seller in  connection  with the  execution,  delivery  and
performance  of  this  Agreement  or  the   consummation  of  the   transactions
contemplated hereby.

                  II.3 Ownership.  Such Seller is the owner, beneficially and of
record,  of the Interests as set forth in the recitals  hereto free and clear of
all Liens. As used in this Agreement,  "Lien" means any mortgage,  pledge, lien,
encumbrance, charge, adverse claim or restriction of any kind affecting title or
resulting in an  encumbrance  against  property,  real or personal,  tangible or
intangible,  or a security  interest of any kind (including any conditional sale
or other title retention  agreement,  any lease in the nature thereof, any third
party option or other  agreement to sell and any filing of or agreement to give,
any  financing  statement  under  the  Uniform  Commercial  Code (or  equivalent
statute) of any jurisdiction).

                                   ARTICLE III

                 REPRESENTATIONS AND WARRANTIES OF THE PURCHASER

                  The Purchaser  represents  and warrants to the Sellers that as
of the date hereof:

                  III.1 Authority.  It has the right,  power, legal capacity and
authority to enter into and perform its obligations  under this  Agreement.  The
execution,  delivery and performance of this Agreement by the Purchaser, and the
payment by the Purchaser of the  Consideration  has been duly  authorized by the
Purchaser and no further action is necessary on the part of the Purchaser.  This
Agreement has been duly and validly executed and delivered by the Purchaser and,
assuming the due execution and delivery by the Sellers,  constitutes a valid and
binding obligation of the Purchaser,  enforceable  against it in accordance with
its terms.

                  III.2 No Conflict;  Consents and Approvals.  The execution and
delivery by the Purchaser of this  Agreement does not, and the  consummation  of
the transactions  contemplated  hereby and compliance with the terms hereof will
not,  (i) conflict  with,  or result in any  violation  of any  provision of the
Certificate of Limited  Liability Company or Limited Liability Company Agreement
of the  Purchaser,  (ii)  violate  or  conflict  with or  result  in a breach or
termination of or default under, any material  agreement,  instrument,  license,
judgment,  order, writ,  injunction,  decree,  statute, law, ordinance,  rule or

                                       3
<PAGE>

regulation  applicable  to the Purchaser or any of the property or assets of the
Purchaser  or (iii)  result in a default (or an event which with notice or lapse
of time or both would  become a default) or give to any third party any right of
termination,  cancellation,  amendment or  acceleration  under, or result in the
creation or imposition of any Lien on any material  asset of the Purchaser  such
as  would   reasonably  be  expected  to  materially   impair  the  validity  or
enforceability  of this  Agreement or the ability of the Purchaser to perform in
any material respect, its obligations under this Agreement. No consent, approval
or  authorization  of, or declaration,  filing or  registration  with any court,
administrative   agency  or  commission  or  other  governmental  or  regulatory
authority or any other person or entity is required to be made or obtained by or
with respect to the Purchaser in  connection  with the  execution,  delivery and
performance  of  this  Agreement  or  the   consummation  of  the   transactions
contemplated hereby.

                  III.3 Diligence Review. Without limiting the Purchaser's right
to rely on the  representations  and warranties  contained in Article II hereof,
the  Purchaser  acknowledges  that it has had the  opportunity  to  review  such
financial and other data as it has requested of the Sellers, and that it has had
the  opportunity  to  conduct  such due  diligence  investigations  as it deemed
appropriate.

                                   ARTICLE IV

                                    COVENANTS

                  IV.1  Conduct of  Business.  From the date hereof  through the
Closing, except as expressly permitted or contemplated by this Agreement, unless
the Purchaser shall otherwise agree in writing prior to the taking of any action
prohibited by the terms of this Section, the Sellers shall cause each of the LLC
to conduct its  operations  and  business in the  ordinary  and usual  course of
business and consistent with past practice.  Without  limiting the generality of
the foregoing,  and except as otherwise  expressly  permitted by this Agreement,
prior to the Closing,  without the prior written  consent of the Purchaser,  the
Sellers  shall not permit the LLC to: (a)  issue,  sell,  pledge or dispose  of,
grant or otherwise create or agree to issue,  sell,  pledge or dispose of, grant
or otherwise create any equity interest,  any debt or any securities convertible
into or exchangeable for any equity interest; (b) purchase,  redeem or otherwise
acquire or retire, or offer to purchase,  redeem or otherwise acquire or retire,
any equity  interest  (including any options with respect to any equity interest
and any security  convertible or  exchangeable  into any equity  interest);  (c)
declare, set aside, make any distribution,  payable in cash, stock,  property or
otherwise,   with  respect  to  any  of  its  equity  interests,  or  subdivide,
reclassify,   recapitalize,  split,  combine  or  exchange  any  of  its  equity
interests;  (d)  incur  or  become  contingently  liable  with  respect  to  any
indebtedness or guarantee any such  indebtedness or issue any debt securities or
incur any other obligation or liability outside the ordinary course of business;
(e)  acquire  or agree to  acquire  by  merging  or  consolidating  with,  or by
purchasing a  substantial  equity  interest in or a  substantial  portion of the

                                       4
<PAGE>

assets of, or by any other manner, any business or any corporation, partnership,
association  or other  business  entity;  (f) mortgage or otherwise  encumber or
subject to any lien of its properties or assets;  (g) other than with respect to
tenant leases in the ordinary course of business  consistent with past practice,
sell,  transfer or assign any of its assets or  properties;  (h) other than with
respect to tenant leases in the ordinary course of business consistent with past
practice,  enter into any contract not terminable within 30 days; (i) other than
with respect to tenant leases in the ordinary course of business consistent with
past  practice,  pay or settle any claim or liability,  or enter into,  amend or
terminate any transaction,  contract, commitment or arrangement to which the LLC
is a party.

                  IV.2 Further  Assurances.  Each party hereto agrees to use its
best  efforts to obtain all consents  and  approvals  and to do all other things
necessary  for  the  consummation  of  the  transactions  contemplated  by  this
Agreement.  The parties agree to take such further action to deliver or cause to
be delivered to each other at the Closing and at such other times  thereafter as
shall be reasonably  agreed by such additional  agreements or instruments as any
of them may  reasonably  request for the purpose of carrying out this  Agreement
and the transactions contemplated hereby.

                                    ARTICLE V

                                   CONDITIONS

                  V.1  Conditions  to  Each  Party's   Obligations   Under  this
Agreement.  The respective  obligations of each party under this Agreement shall
be subject to the fulfillment at or prior to the Closing Date of the following:

                           (a) Injunctions. At the Closing Date, (i) there shall
be no  injunction,  restraining  order,  decision or decree of any nature of any
United  States or  foreign  court or  governmental  entity or body of  competent
jurisdiction  that is in effect that restrains or prohibits the  consummation of
the  transactions   contemplated  hereby  and  (ii)  there  shall  be  no  suit,
proceeding,  or  governmental  investigation  threatened  or pending  before any
United States or foreign  governmental entity or body of competent  jurisdiction
which  seeks to  restrain  or  prohibit  the  consummation  of the  transactions
contemplated  hereby in whole or material  part,  or to obtain  damages or other
relief in connection with the transactions contemplated hereby.

                           (b) Regulatory  Approvals.  All necessary  approvals,
authorizations and consents of all governmental  entities required to consummate
the  transactions  contemplated  by this Agreement  shall have been obtained and
shall remain in full force and effect and all waiting  periods  relating to such
approvals, authorizations or consents shall have expired.

                                       5
<PAGE>

                  V.2  Conditions  to   Obligations   of  the   Purchaser.   The
obligations of the Purchaser are subject to the  satisfaction at or prior to the
Closing of the following conditions:

                           (a) All  proceedings  to be taken by the  Sellers  in
connection  with  the  transactions  contemplated  by  this  Agreement  and  all
documents, instruments and certificates to be delivered by the LLC in connection
with  the  transactions  contemplated  by this  Agreement  shall  be  reasonably
satisfactory in form and substance to each of the Purchaser and its counsel.

                           (b) All representations and warranties of the Sellers
contained  herein at Article II shall be true and  correct at the  Closing as if
made as of the Closing Date.

                           (c) There  shall not have  occurred as of the Closing
Date any  material  adverse  condition  with respect the  business,  properties,
financial condition or prospects of the LLC.

                           (d) There  shall  not be in effect as of the  Closing
Date any  writ,  judgment,  injunction,  decree  or  similar  order of any court
restraining,  or enjoining or otherwise  preventing  consummation  of any of the
transactions contemplated by this Agreement.

                  V.3 Conditions to Obligations of the Seller.  The  obligations
of the Sellers are subject to the satisfaction at or prior to the Closing of the
following conditions:

                           (a) All  proceedings  to be taken by the Purchaser in
connection  with  the  transactions  contemplated  by  this  Agreement  and  all
documents, instruments and certificates to be delivered by the LLC in connection
with  the  transactions  contemplated  by this  Agreement  shall  be  reasonably
satisfactory in form and substance to the Sellers and their counsel.

                           (b)  All   representations   and  warranties  of  the
Purchaser contained herein at Article III are true and correct at the Closing as
if made as of the Closing Date.

                           (c) There  shall  not be in effect as of the  Closing
Date any  writ,  judgment,  injunction,  decree  or  similar  order of any court
restraining,  or enjoining or otherwise  preventing  consummation  of any of the
transactions contemplated by this Agreement.

                                       6
<PAGE>

                                   ARTICLE VI

                                  MISCELLANEOUS

                  VI.1 Survival. The representations,  warranties, covenants and
agreements  made by the Sellers and the Purchaser in this  Agreement,  or in any
certificate  delivered by the Sellers or the  Purchaser  will survive  until the
first anniversary of the Closing Date.

                  VI.2 Notices.  All notices and other communications under this
Agreement  must be in  writing  and will be deemed  to have  been duly  given if
delivered,  telecopied or mailed, by certified mail,  return receipt  requested,
first-class postage prepaid, to the parties at the following address:

         If to the Sellers, to:

                  c/o Community Acquisition and Development Corporation
                  2 Ponds Edge Drive
                  P.O. Box 500
                  Chadds Ford, Pennsylvania 19317
                  Attention:  President
                  Telephone: (610) 388-9600
                  Fax: (610) 388-9616

         If to the Purchaser, to:

                  c/o Commercial Assets, Inc.
                  3410 South Galena Street, Suite 210
                  Denver, Colorado 80231
                  Attention:  David Becker
                  Telephone:  (303) 614-9422
                  Fax:  (303) 614-9401

         with a copy to:

                  Skadden, Arps, Slate, Meagher & Flom LLP
                  300 South Grand Avenue, Suite 3400
                  Los Angeles, California 90071
                  Attention:  Michael V. Gisser
                  Telephone:  (213) 687-5000
                  Fax:  (213) 687-5600

                                       7
<PAGE>

                  VI.3 Separability. If any provision of this Agreement shall be
declared to be invalid or unenforceable, in whole or in part, such invalidity or
unenforceability  shall not affect the remaining  provisions  hereof which shall
remain in full force and effect.

                  VI.4  Assignment.  This  Agreement  shall be binding  upon and
inure to the benefit of the parties  hereto and their  respective  heirs,  legal
representatives, successors and assigns.

                  VI.5 Interpretation.  The headings contained in this Agreement
are for  reference  purposes only and shall not affect in any way the meaning or
interpretation of this Agreement.

                  VI.6  Counterparts. This  Agreement  may be executed in one or
more counterparts,  all of which shall be considered one and the same Agreement,
and shall become effective when one or more such  counterparts  have been signed
by each of the parties and delivered to each party.

                  VI.7 Entire  Agreement.  This Agreement  represents the entire
Agreement  of the parties with  respect to the subject  matter  hereof and shall
supersede any and all previous contracts, arrangements or understandings between
the parties hereto with respect to the subject matter hereof.

                  VI.8  Governing  Law.  This  Agreement   shall  be  construed,
interpreted,  and governed in accordance with the laws of the State of Delaware,
without reference to rules relating to conflicts of law.

                  VI.9 No Third Party  Beneficiaries.  No person or entity other
than the parties  hereto is an intended  beneficiary  of this  Agreement  or any
portion hereof.

                            [Signature page follows]

                                       8
<PAGE>

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

                                           COMMUNITY ACQUISITION AND DEVELOPMENT
                                           CORPORATION, a Delaware corporation

                                           By:      /s/Joseph W. Gaynor
                                               ----------------------------
                                                Joseph W. Gaynor
                                                President

                                           CADC HOLDING, L.L.C., a Georgia
                                           limited liability company

                                           By:      /s/Joseph W. Gaynor
                                               ----------------------------
                                                Joseph W. Gaynor
                                                Managing Member

                                           RIVERSIDE GOLF COURSE INVESTORS,
                                           INC., a  Florida corporation

                                           By:      /s/Joseph W. Gaynor
                                               ----------------------------
                                                Joseph W. Gaynor
                                                President

                                           CAX RIVERSIDE, L.L.C., a Delaware
                                           limited liability company

                                           By:   Commercial Assets, Inc., a
                                                 Delaware corporation,
                                                 Its Managing Member

                                                By:  /s/David M. Becker, 1/19/00
                                                    ----------------------------
                                                    David M. Becker
                                                    Chief Financial Officer

                                       9
<PAGE>

                            ASSIGNMENT AND ASSUMPTION
                      OF LIMITED LIABILITY COMPANY INTEREST

                  ASSIGNMENT  AND  ASSUMPTION  OF  LIMITED   LIABILITY   COMPANY
INTEREST,  dated  as of  January  1,  2000  (this  "Assignment"),  by and  among
Community  Acquisition  and  Development  Corporation,  a  Delaware  corporation
("CADC"),   Riverside  Golf  Course  Investors,   Inc.,  a  Florida  corporation
("Riverside"),  CADC Holdings,  L.L.C.,  a Delaware  limited  liability  company
("CADC Holdings" and, together with CADC and Riverside,  the  "Assignors"),  and
CAX Riverside,  L.L.C., a Delaware limited  liability  company (the "Assignee").
Capitalized  terms used but not otherwise defined herein shall have the meanings
ascribed thereto in the Acquisition Agreement,  dated as of January 1, 2000 (the
"Acquisition Agreement"), by and among the Assignee and the Assignors.

                  WHEREAS, the Assignors hold interests (the "LLC Interests") in
Riverside Golf Course  Community,  L.L.C., a Delaware limited  liability company
(the "LLC"); and

                  WHEREAS,  pursuant to the Acquisition Agreement, the Assignors
have  agreed to  transfer,  and the  Assignee  has  agreed  to  accept  from the
Assignors, the Assignors' LLC Interests in exchange for $1 (the "Consideration")
in cash, as provided therein.

                  NOW,  THEREFORE,  in  consideration  of the  foregoing and the
covenants  of the  parties  set forth  herein  and for other  good and  valuable
consideration,  the receipt and  sufficiency  of which are hereby  acknowledged,
subject to the terms and conditions  set forth herein,  the parties hereby agree
as follows:

         1.  In   consideration   of  the  transfer  to  the  Assignors  of  the
Consideration  pursuant  to  the  Acquisition  Agreement,  the  Assignor  hereby
unconditionally and irrevocably transfer, assign, contribute and set over to the
Assignee all of the  Assignors'  rights,  title and  interests in and to the LLC
Interests, including, without limitation, (i) all of the Assignors' interests in
the  capital  of the  LLC,  and the  Assignors'  interests  in all  profits  and
distributions  of any kind to which the Assignors  shall at any time be entitled
in respect of the LLC  Interests;  (ii) all other  payments,  if any,  due or to
become due to the  Assignors in respect of the LLC  Interests,  under or arising
out  of  the  limited  liability  company  agreement  of  the  LLC,  whether  as
contractual  obligations,  damages,  insurance proceeds,  condemnation awards or
otherwise;  and (iii) all present and future  claims,  if any, of the  Assignors
against  the LLC or its members or former  managers  under or arising out of the
limited liability  company  agreement of the LLC (or the operating  agreement or
regulations of any  predecessors of the LLC) for monies loaned or advanced,  for
services rendered or otherwise.

                                       10
<PAGE>

         2. Assignee  hereby  accepts the LLC Interests and agrees to assume the
Assignors'  obligations  under the liability  company  agreement of the LLC with
respect to the LLC Interests from and after the date hereof.

         3. This Assignment shall take effect as of the Closing. This Assignment
shall inure to the benefit of and be binding upon the Assignors and the Assignee
and their respective successors and assigns.

         4. This  Assignment  shall be construed and enforced in accordance with
the laws of the State of Delaware,  without regard to its principles of conflict
of laws.

         This  Assignment may be executed in two or more  counterparts,  each of
which  shall  be  deemed  to be an  original,  but all of which  shall  together
constitute one and the same instrument.

         IN WITNESS WHEREOF, the parties hereto have executed this Assignment as
of the day and year first written above.

                                       ASSIGNORS:

                                       COMMUNITY ACQUISITION AND DEVELOPMENT
                                       CORPORATION, a Delaware corporation

                                       By:      /s/Joseph W. Gaynor
                                          ----------------------------
                                           Joseph W. Gaynor
                                           President

                                       CADC HOLDING, L.L.C.,  a Georgia
                                       limited liability company

                                       By:      /s/Joseph W. Gaynor
                                          ----------------------------
                                           Joseph W. Gaynor
                                           Its Managing Member

                                       11
<PAGE>

                                       RIVERSIDE GOLF COURSE INVESTORS, INC.,
                                       a Florida corporation

                                       By:      /s/Joseph W. Gaynor
                                           ----------------------------
                                            Joseph W. Gaynor
                                            Its President

                                       ASSIGNEE:

                                       CAX RIVERSIDE, L.L.C.,
                                       a Delaware limited liability company

                                       By: Commercial Assets, Inc., a Delaware
                                           Its Managing Member

                                            By:  /s/David M. Becker
                                               ----------------------------
                                                David M. Becker
                                                Chief Financial Officer

                                       12

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00009-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00009-of-00352.parquet"}]]