Document:

Exhibit 4.1

                  WAIVER REGARDING STOCK OWNERSHIP RESTRICTIONS

         This WAIVER  REGARDING STOCK OWNERSHIP  RESTRICTIONS  (this  AWaiver@),
dated as of August 11,  2000,  is by and between  American  Land Lease,  Inc., a
Delaware  corporation and successor in interest to Asset  Investors  Corporation
(the ACompany@), and Terry Considine (the AStockholder@).

         WHEREAS,  pursuant to certain  provisions  contained  in the  Company=s
Second Amended and Restated  Certificate of  Incorporation  (the  ACertificate@;
capitalized  terms used herein but not otherwise  defined  herein shall have the
meanings  provided  in the  Certificate),  no person may,  among  other  things,
beneficially  own or directly or  indirectly  own shares of Capital Stock of the
Company  equal to or in excess of 5% of the aggregate  value of the  outstanding
shares of Common Stock (such provisions, as set forth in Section 7.2.1(a) of the
Certificate, the ARestrictive Ownership Provisions@);

         WHEREAS,  pursuant to Section  7.2.7 of the  Certificate,  the Board of
Directors may, in its sole  discretion,  exempt a person from the application of
any one or more of the Restrictive Ownership  Provisions,  subject to such terms
and conditions as the Board of Directors may determine; and

         WHEREAS,  the  Stockholder  has requested  that the Company  exempt the
Stockholder from application of certain of the Restrictive Ownership Provisions;
and the Company has  determined to provide such  exemption  and  establish  such
limit in  respect  of the  Stockholder,  subject  to the  terms  and  conditions
provided herein.

         NOW, THEREFORE, for mutual consideration the receipt of which is hereby
confirmed, the parties hereto agree as follows:

1.       The Stockholder  shall be exempt,  subject to the Excepted Holder Limit
         established in paragraph 3 below,  from the Aggregate  Stock  Ownership
         Limit as contained in Section 7.2.1(a)(i) of the Certificate.

2.       The Stockholder shall be exempt from the Section 382 Limit as contained
         in Section 7.2.1(a)(i) of the Certificate.

3.       The  exemption  granted  pursuant to paragraph 1 above shall be limited
         such  that the  percentage  of  shares  of  Common  Stock  owned by the
         Stockholder    (including    shares   owned    directly,    indirectly,
         constructively  or Beneficially)  shall not exceed the lesser of (a) 29
         percent,  and (b) the  excess of 34  percent  of the total  outstanding
         shares of Common  Stock of the  Company at such time over the  Excepted
         Holder Limit then  applicable to any person (other than the Stockholder
         or  Asset  Investors   Operating   Partnership,   a  Delaware   limited
         partnership) as determined by the Board of Directors in accordance with
         Section 7.2.7 of the  Certificate,  such percentage  being the Excepted

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         Holder Limit applicable to the Stockholder.

4.       The  Stockholder  agrees that he shall not own,  directly,  indirectly,
         constructively  or Beneficially,  any shares of Capital Stock in excess
         of the Excepted  Holder Limit as provided in paragraph 3 above,  except
         as otherwise permitted by Section 7.2.7(c) of the Certificate.

5.       The Stockholder  agrees that, except as expressly  provided herein, all
         of  the  provisions  contained  in  Article  SEVENTH  (ARestriction  on
         Transfer and Ownership of Shares@)  shall  continue to be applicable to
         the  Stockholder in respect of the  Stockholder=s  ownership of Capital
         Stock of the Company.

6.       This Waiver shall be governed by and construed in  accordance  with the
         laws of the State of Delaware.

         IN WITNESS  WHEREOF,  the parties hereto have duly executed this Waiver
as of the date provided above.

                                            AMERICAN LAND LEASE, INC.

                                            By:  /s/ Terry Considine
                                                --------------------------
                                                 Name: Terry Considine
                                                 Title:  Chief Executive Officer

                                           /s/ Terry Considine
                                           -------------------
                                           TERRY CONSIDINEExhibit 4.2

                  WAIVER REGARDING STOCK OWNERSHIP RESTRICTIONS

         This WAIVER  REGARDING STOCK OWNERSHIP  RESTRICTIONS  (this  AWaiver@),
dated as of August 11,  2000,  is by and between  American  Land Lease,  Inc., a
Delaware  corporation and successor in interest to Asset  Investors  Corporation
(the ACompany@),  and Asset Investors  Operating  Partnership,  L.P., a Delaware
limited partnership (the AStockholder@).

         WHEREAS,  pursuant to certain  provisions  contained  in the  Company=s
Second Amended and Restated  Certificate of  Incorporation  (the  ACertificate@;
capitalized  terms used herein but not otherwise  defined  herein shall have the
meanings  provided  in the  Certificate),  no person may,  among  other  things,
beneficially  own or directly or  indirectly  own shares of Capital Stock of the
Company  equal to or in excess of 5% of the aggregate  value of the  outstanding
shares of Common Stock (such provisions, as set forth in Section 7.2.1(a) of the
Certificate, the ARestrictive Ownership Provisions@);

         WHEREAS,  pursuant to Section  7.2.7 of the  Certificate,  the Board of
Directors may, in its sole  discretion,  exempt a person from the application of
any one or more of the Restrictive Ownership  Provisions,  subject to such terms
and conditions as the Board of Directors may determine; and

         WHEREAS,  the  Stockholder  has requested  that the Company  exempt the
Stockholder from application of certain of the Restrictive Ownership Provisions;
and the Company  has  determined  to provide  such  exemption  in respect of the
Stockholder, subject to the terms and conditions provided herein.

         NOW, THEREFORE, for mutual consideration the receipt of which is hereby
confirmed, the parties hereto agree as follows:

1.       The  Stockholder  shall be exempt from the  Aggregate  Stock  Ownership
         Limit and the Section 382 Limit as contained in Section  7.2.1(a)(i) of
         the Certificate.

2.       The Stockholder  agrees that, except as expressly  provided herein, all
         of  the  provisions  contained  in  Article  SEVENTH  (ARestriction  on
         Transfer and Ownership of Shares@)  shall  continue to be applicable to
         the  Stockholder in respect of the  Stockholder=s  ownership of Capital
         Stock of the Company.

3. This Waiver shall be governed by and construed in accordance with the laws of
the State of Delaware.

         IN WITNESS  WHEREOF,  the parties hereto have duly executed this Waiver
as of the date provided above.

<PAGE>

                                     AMERICAN LAND LEASE, INC.

                                     By:    /s/ Terry Considine
                                          ----------------------
                                             Name:  Terry Considine
                                             Title:    Chief Executive Officer

                                     ASSET INVESTORS OPERATING PARTNERSHIP, L.P.

                                     By:   AMERICAN LAND LEASE, INC., its
                                           General Partner

                                     By:     /s/ Terry Considine
                                           ----------------------
                                              Name:  Terry Considine
                                              Title:    Chief Executive OfficerEXHIBIT

<PAGE>

                              AMENDMENT NUMBER ONE
                                     to the
                         POOLING AND SERVICING AGREEMENT
                          Dated as of September 1, 2000
                                      among
                   DLJ MORTGAGE ACCEPTANCE CORP., as Depositor
                      DLJ MORTGAGE CAPITAL, INC., as Seller
                    WILSHIRE CREDIT CORPORATION, as Servicer
                                       and
                      THE CHASE MANHATTAN BANK, as Trustee

         This AMENDMENT NUMBER ONE is made and entered into this 1st day of
March, 2001, by and among DLJ MORTGAGE ACCEPTANCE CORP., as the depositor (the
"Depositor"), DLJ MORTGAGE CAPITAL, INC., as the seller (the "Seller"), WILSHIRE
CREDIT CORPORATION, as the servicer (the "Servicer") and THE CHASE MANHATTAN
BANK, as the trustee (the "Trustee"), in connection with the Pooling and
Servicing Agreement dated as of September 1, 2001 among the above mentioned
parties (the "Agreement"), relating to the issuance of the DLJ Mortgage
Acceptance Corp., DLJ Mortgage Pass-Through Certificates, Series 2000-S4. This
amendment is made pursuant to Section 10.01 of the Agreement.

         1. Capitalized terms used herein and not defined herein shall have the
meanings assigned to such terms in the Agreement.

         2. The definition of "Special Hazard Loss" set forth in Section 1.01 of
the Agreement is hereby amended effective as of the date hereof by replacing
such definition in its entirety with the following:

         "SPECIAL HAZARD LOSS: With respect to any Liquidated Mortgage Loan, (A)
Any Realized Loss incurred on a Mortgage Loan, to the extent that such Realized
Loss was attributable to direct physical damage to a Mortgaged Property, but not
including any loss caused by or resulting from (1) any loss of a type covered by
a standard form of hazard insurance policy in the jurisdiction where the
Mortgaged Property is located, (2) any loss of a type covered by a flood
insurance policy, if the Mortgaged Property is located at origination in a
federally designated flood zone, or (3) ordinary wear and tear, and (B) any
shortfall in insurance proceeds for partial damage due to the application of the
co-insurance clauses contained in hazard insurance policies."

         3. Except as amended above, the Agreement shall continue to be in full
force and effect in accordance with its terms.

<PAGE>

         IN WITNESS WHEREOF, the Depositor, the Seller, the Servicer and the
Trustee, have caused their duly authorized representatives to execute and
deliver this instrument as of the date first above written.

                                    DLJ MORTGAGE ACCEPTANCE CORP.,
                                    as Depositor

                                             By:      /s/ Helaine Hebble
                                                      ---------------------
                                             Title:   Senior Vice President

                                    DLJ MORTGAGE CAPITAL, INC.,
                                    as Seller

                                             By:      /s/ Peter Principato
                                                      --------------------
                                             Title:   Vice President

                                    WILSHIRE CREDIT CORPORATION,
                                    as Servicer

                                             By:      /s/ Mark H. Peterman
                                                      --------------------
                                             Title:   Assistant Secretary

                                    THE CHASE MANHATTAN BANK,
                                    as Trustee

                                             By:      /s/ Mary Boyle
                                                      --------------------
                                             Title:   Vice President

Consent by:

CREDIT SUISSE FIRST BOSTON CORPORATION,
as Class A-S Certificateholder

         By:      /s/ Peter Principato
                  --------------------
         Title:   Vice President

                                       -2-

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