Document:

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                                                                  EXHIBIT 10.223

                       FIFTH AMENDMENT TO PROMISSORY NOTE

       THIS FIFTH AMENDMENT TO PROMISSORY NOTE ("Fifth Amendment"), made as of
December 15, 2000, by and among PREFERRED EQUITIES CORPORATION, a Nevada
Corporation, having an address of 4310 Paradise Road, Las Vegas, Nevada 89109
(hereinafter referred to as "Preferred"), and

       COLORADO LAND AND GRAZING CORP., a Colorado Corporation, having an
address of 4310 Paradise Road, Las Vegas, Nevada 89109 (hereinafter referred to
as "CLGC"), and

       DORFINCO CORPORATION, a Delaware Corporation, having an address of 40
Westminster Street, P.O. Box 6687, Providence, Rhode Island 02940-6687
(hereinafter referred to as "Lender").

                                   WITNESSETH:

       WHEREAS, On August 9, 1991, Preferred executed in favor of Lender a note
evidencing a revolving line of credit loan (the "Loan") in the maximum principal
sum of Five Million Dollars ($5,000,000.00) which note was amended by a First
Amendment to Promissory Note dated June 30, 1993, which amendment, inter alia,
increased the maximum amount of the Loan to Seven Million Five Hundred Thousand
Dollars ($7,500,000.00) which note was further amended by a Second Amendment to
Promissory Note dated August 23, 1994 and by a Third Amendment to Promissory
Note dated September 30, 1995 and a Fourth Amendment to Promissory Note dated
December 15, 2000 (said note, as amended, being hereinafter referred to as the
"Note"); and

       WHEREAS, the above described Note evidences sums advanced or to be
advanced pursuant to a Loan and Security Agreement dated July 31, 1991, which
Agreement was amended by a First Amendment dated January 8, 1992, and by Second
Amendment to Loan and Security Agreement dated June 30, 1993, and by a Third
Amendment to Loan and Security Agreement and Assumption Agreement dated August
23, 1994, which amendment, inter alia, added CLGC as a Borrower (the "Third
Amendment") and by a Fourth Amendment to Loan and Security Agreement dated
September 30, 1995 (the "Fourth Amendment") and by a Fifth Amendment to Loan and
Security Agreement dated November 29, 1996 (the "Fifth Amendment") and a Sixth
Amendment dated June 30, 1999 ("Sixth Amendment") and a Seventh Amendment of
even date herewith (the "Seventh Amendment") (collectively, the Loan and
Security Agreement, as amended, being hereinafter referred to as the "Loan
Agreement"); and

       WHEREAS, Preferred and CLGC have requested that Lender modify the terms
of the Loan, upon the terms and provisions hereinafter set forth, in order to
extend the Term and the Revolving Credit Period as well as other certain
provisions; and

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       NOW THEREFORE, in consideration of the foregoing recitals, and in further
consideration of the mutual covenants contained herein, and intending to be
legally bound hereby, the parties hereto mutually agree as follows:

       1. The foregoing recitals are hereby incorporated herein by reference
thereto.

       2. The parties hereto mutually agree that paragraph 3(c) of the Note is
hereby deleted in its entirety, and in lieu thereof the following provision is
inserted:

              "(c) Repayment on Maturity. On December 31, 2005, (THE "FINAL
              MATURITY DATE"), or on such earlier date as the Note becomes due
              and payable, whether by acceleration or otherwise, the entire
              outstanding principal balance hereof, together with accrued but
              unpaid interest thereon and all other sums owing to Holder
              hereunder or under the Loan Documents, shall be due and payable in
              full."

       3. The parties hereto mutually agree that paragraph 8(a) of the Note is
hereby deleted and in lieu thereof the following provision is inserted:

              "8. Prepayment

                     (a) Except as otherwise specifically provided in the Loan
              Agreement, this Loan may not be prepaid prior to the last day of
              the twelfth full calendar month after the Seventh Amendment Date
              (such period and each twelve month period thereafter being
              referred to as a "Loan Year"). After the first Loan Year, this
              Loan may be prepaid at any time in whole or in part, upon thirty
              (30) days prior written notice to Holder and upon payment, in
              addition to such outstanding principal amount, all accrued and
              unpaid interest, all other amounts then due and payable hereunder
              and a prepayment penalty equal to one percent (1%) of the then
              outstanding principal balance.

       4. Nothing contained herein shall be construed in any manner so as to
affect the validity or prior time lien of any security interest held by Lender,
its successors and assigns, in any Collateral described in the Loan Agreement.
Borrower acknowledges and agrees that the Note is a valid, binding and
enforceable document, duly executed and delivered by Borrower, and that Borrower
has no offsets or defenses to the enforcement of the terms and provisions
contained therein.

       5. Simultaneously with the execution hereof, Lender shall make a notation
on the original Note indicating the existence of this Fifth Amendment.

       6. The execution of this Fifth Amendment shall serve as additional
evidence of the obligation of Borrower (as that term was modified by the Third
Amendment to include CLGC) or so much thereof as may then be outstanding, to
repay the sum of Seven Million Five Hundred Thousand Dollars ($7,500,000.00), to
Lender in accordance with the terms, covenants, provisions and conditions
contained in the Note, as modified herein, which terms, covenants, provisions
and conditions are incorporated herein by reference thereto.

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       7. Except as specifically set forth herein, all terms and provisions set
forth in the Note shall remain in full force and effect, unimpaired by this
Fifth Amendment.

       8. This Fifth Amendment shall be governed by the laws of the State of
Nevada in all respects, including matters of construction, performance and
enforcement, excluding principles governing conflicts of laws.

       9. Capitalized terms used herein which are not otherwise defined shall
have the meaning ascribed in the Note and/or the Loan Agreement.

       10. Wherever possible, the terms of this Fifth Amendment and the terms of
all prior amendments shall be read together, but to the extent of any
irreconcilable conflict, the terms of this Fifth Amendment shall govern.

       IN WITNESS WHEREOF, and intending to be legally bound hereby, the parties
hereto have set their hands and seals the day and year first above written.

ATTEST:                                 BORROWER:

                                        PREFERRED EQUITIES CORPORATION

   /s/ [Signature Illegible]            By:   /s/ GREGG McMURTRIE
-------------------------------            -------------------------------------
Title:  Vice President                  Title:  Executive Vice President
      -------------------------               ----------------------------------

                                        COLORADO LAND AND GRAZING CORP.

   /s/ [Signature Illegible]            By:   /s/ GREGG McMURTRIE
-------------------------------            -------------------------------------
Title:  Vice President                  Title:  President
      -------------------------               ----------------------------------

                                        DORFINCO CORPORATION

                                        By:
                                           -------------------------------------
                                        Title:
                                              ----------------------------------

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                            CORPORATE ACKNOWLEDGMENT

STATE OF    NEVADA                  )
         ----------------------
                                    )  SS:

COUNTY OF    CLARK                  )
         ----------------------

       ON THIS, the 14th day of December, 2000 before me, a Notary Public in and
for the Sate and county aforesaid, the undersigned officer, personally appeared
Gregg McMurtrie, who acknowledged himself to be the Executive Vice President, of
PREFERRED EQUITIES CORPORATION, being authorized to do so, executed the
foregoing instrument for the purposes therein contained by signing the name of
the corporation by himself/herself as such officer.

       IN WITNESS WHEREOF, I hereunto set my hand and official seal.

                                        /s/ SYONJA L. GARCIA
                                        ----------------------------------------
                                        Notary Public

MY COMMISSION EXPIRES:                      ====================================
                                                       NOTARY PUBLIC
                                                      STATE OF NEVADA
                                                      County of Clerk
                                                      SYONJA L. GARCIA
                                                   Appt. No. 00-64553-1
                                              My Appt. Expires Aug. 24, 2004
                                            ====================================

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                            CORPORATE ACKNOWLEDGMENT

STATE OF    NEVADA                  )
         ----------------------
                                    )  SS:

COUNTY OF    CLARK                  )
         ----------------------

       ON THIS, the 14th day of December, 2000 before me, a Notary Public in and
for the Sate and county aforesaid, the undersigned officer, personally appeared
Gregg McMurtrie, who acknowledged himself to be the President, of COLORADO LAND
AND GRAZING CORP., being authorized to do so, executed the foregoing instrument
for the purposes therein contained by signing the name of the corporation by
himself/herself as such officer.

       IN WITNESS WHEREOF, I hereunto set my hand and official seal.

                                        /s/ SYONJA L. GARCIA
                                        ----------------------------------------
                                        Notary Public

MY COMMISSION EXPIRES:                      ====================================
                                                       NOTARY PUBLIC
                                                      STATE OF NEVADA
                                                      County of Clerk
                                                      SYONJA L. GARCIA
                                                   Appt. No. 00-64553-1
                                              My Appt. Expires Aug. 24, 2004
                                            ====================================

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                            CORPORATE ACKNOWLEDGMENT

STATE OF                                    )
         ----------------------
                                            )  SS:

COUNTY OF                                   )
         ----------------------

       ON THIS, the ___ day of _____________, 2000 before me, a Notary Public in
and for the Sate and county aforesaid, the undersigned officer, personally
appeared ___________________, who acknowledged himself to be the
_______________________, of DORFINCO CORPORATION, being authorized to do so,
executed the foregoing instrument for the purposes therein contained by signing
the name of the corporation by himself/herself as such officer.

       IN WITNESS WHEREOF, I hereunto set my hand and official seal.

                                        ----------------------------------------
                                        Notary Public

MY COMMISSION EXPIRES:

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                                                                  EXHIBIT 10.224

                             COMPENSATION AGREEMENT

        THIS COMPENSATION AGREEMENT ("Agreement") is entered into by and between
Carol Sullivan, an individual residing at 8653 Robinson Ridge Drive, Las Vegas,
Nevada, 89117. ("Sullivan") and Preferred Equities Corporation, a Nevada
corporation with its principal address being 4310 Paradise Road, Las Vegas,
Nevada 89109 ("PEC").

                                     RECITAL

        As of January 8, 2001, Sullivan is employed as the Senior Vice President
and Chief Financial Officer ("CFO") of PEC. In her role as CFO, Sullivan is
responsible for arranging financings, lender relations and supervision of the
Trust Deed and Portfolio Management departments and other financial and back
office duties assigned to her from time to time by the Chief Executive Officer
of PEC. Sullivan reports to the Chairman of the Board and Chief Executive
Officer of PEC, Jerome J. Cohen. Sullivan and PEC desire to enter into this
Agreement in order to reduce to writing Sullivan's compensation arrangement with
PEC for such period of time as Sullivan is employed by PEC as CFO or until
modified by mutual agreement of the parties. In consideration of the foregoing,
the parties hereto agree as follows.

1. TERM. The term of this Agreement shall be for a period of one year and shall
expire on January 7, 2002, unless earlier terminated in accordance with the
provisions contained herein.

2. BASE SALARY. Sullivan shall be paid a base salary of Two hundred thousand
dollars ($200,000.00) per annum payable bi-weekly as part of the regular PEC
payroll. Base salary payments shall be subject to ordinary withholding for taxes
and withholding for items designated by Sullivan such as for 401(k)
contributions.

 3. EXECUTIVE BONUS POOL. Sullivan shall be eligible to participate in the
Executive Incentive Compensation Plan of Mego Financial Corp. with awards
thereunder at the discretion of the Incentive Compensation Committee of the
Board of Directors of Mego Financial Corp., PEC'S parent.

 4. STOCK OPTIONS. Sullivan may receive stock options under the Stock Option
Plan of , Mego Financial Corp., at the discretion of the Board of Directors of
Mego Financial Corp.

 5. TRAVEL AND BUSINESS EXPENSE. Sullivan shall be reimbursed for usual business
and travel expenses. Sullivan shall be entitled to fly first class on any flight
or combination of flights longer than two hours in scheduled duration.

  6. OTHER BENEFITS. Sullivan shall be eligible for all benefits afforded to PEC
executives from time to time provided Sullivan meets any eligibility
requirements set forth

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for employees participating therein.

7. VACATION. Sullivan shall have three (3) weeks paid vacation during each PEC
fiscal year.

8. TERMINATION.

        (a)     PEC shall have the right to terminate the Agreement at any time
                with Thirty days written notice to Sullivan.

        (b)     If Sullivan's employment is terminated by PEC for any reason
                other than for Cause during the term of this Agreement, or if
                PEC gives Sullivan notice that PEC does not intend to renew the
                Agreement pursuant to Section 9., Sullivan shall receive base
                salary as set forth in Sections 2. to the date of termination
                and a severance payment in the amount of One Hundred Thousand
                Dollars ($100,000.00). If Sullivan resigns or terminates her
                employment by PEC she will only be entitled to her base salary
                to the date of such termination.

9. RENEWAL. This Agreement shall be renewed from year to year provided that
neither party has given written notice to the other party of her or its
intention not to renew, at least thirty (30) days prior to the expiration of the
then term of the Agreement. In the event that the Agreement has been renewed for
a term following the initial term then the severance payment set forth in
Section 8.(b) shall be Two Hundred Thousand Dollars ($200,000.00).

10. DEFINITION OF CAUSE. "Cause" shall mean any one of the following acts of, or
omissions by, or actions of others relating to, Sullivan:

        (a) Conviction of a felony, whether or not such conviction is appealed.

        (b) Deliberate and premeditated acts against the best interests of PEC.

        (c) Sullivan is found guilty of or is enjoined from violation of any
        state or federal security laws, state or federal laws governing the
        business of PEC, or rules or regulations of any state or federal agency
        regulating any of the business of PEC.

        (d) Misappropriation of PEC funds or property.

        (e) Habitual use of alcohol or drugs to a degree that such use
        interferes in any way with Sullivan's performance of her duties.

11. COVENANT NOT TO SOLICIT. Sullivan agrees that so long as she is employed by
PEC and for a period of one year after termination of her employment by PEC with
or without Cause, or resignation or termination of her

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employment by Sullivan, Sullivan will not solicit or encourage other employees
or officers of PEC to terminate their employment by PEC for any purpose
whatsoever.

12. NOTICE. All notices under this Agreement shall be in writing and shall be
given by personal delivery, certified United States mail or by facsimile, to the
address set forth below:

            If to Sullivan:                     Carole Sullivan
                                                8653 Robinson Ridge Drive
                                                Las Vegas, NV 89117

                                                Facsimile #  702-804-5699

            If to PEC:                          Preferred Equities Corporation
                                                4310 Paradise Road
                                                Las Vegas, NV 89109
                                  Facsimile #   702-369-4398
                                  Attn.         Jerome J. Cohen
                                                President

13. MISCELLANEOUS.

        (a) This Agreement is personal to Sullivan and the duties and
        responsibilities hereunder may not be assigned by Sullivan.

        (b) This Agreement shall terminate except, to the extent applicable, on
        the date of termination of Sullivan's employment by PEC, or Sullivan's
        resignation, her termination of employment, death or permanent
        disability.

        (c) This Agreement may only be modified by mutual written agreement of
        the parties.

        (d) The headings to this Agreement are for convenience of reference only
        and are not to be considered in the interpretation of this Agreement.

        (e) This Agreement shall be governed by the laws of the State of Nevada.

        (f) This Agreement constitutes the entire agreement between the parties
        and there are no other agreements, representations or warranties other
        than as set forth herein.

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
8th day of January, 2001.

Preferred Equities Corporation

-----------------------------               -----------------------
Jerome J. Cohen                             Carol Sullivan
President

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