Document:

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                                                                   EXHIBIT 10.21
                                  PRIVILEGEONE
                           PROFIT SHARING ARRANGEMENT

                                   BACKGROUND

     Calton, Inc. (the "Company") previously agreed to retain John Yates and Tom
Corley (the "Officers") on its payroll for a period of six months if they agreed
that the Company would have no obligation to pay them severance after such
period. The six month period for John expires on August 31, 2003 and the six
month period for Tom expires September 30, 2003. The Company does not have the
resources to continue the Officers on the payroll after the expiration of the
six month period; however, as a result of some positive opportunities that have
been presented to PrivilegeOne recently, the Officers have indicated that they
would be willing to serve as unpaid officers of the Company and PrivilegeONE if
a mutually satisfactory profit sharing arrangement can be made with regard to
the PrivilegeOne operation.

                         SUMMARY OF PROPOSED ARRANGEMENT

1.   The Officers continue to serve as officers of the Company and PrivilegeOne
     without salary or benefits (except Director & Officer liability insurance)
     and will continue to pursue business opportunities for PrivilegeOne. They
     will be responsible for their own expenses.

2.   The Officers will be entitled to 25% of the "Net Profit" attributable to
     any PrivilegeONE business arrangement with a party that they introduce to
     the Company, including any parties that they have previously introduced,
     such as World Omni Financial, Gulf States Toyota, Roy Speed Ross, etc.
     Parties previously introduced by the Officers will be set forth on a list
     approved by the Company and the Officers. The right to participate in the
     Net Profit will last for a period of two years. The Company will have the
     right to terminate the arrangement if the Officers are not using reasonable
     efforts to promote the PriviligeONE program during the two year period.

3.   The term "Net Profit" will mean gross revenues attributable to the
     PrivilegeOne business arrangement less direct expenses and a charge for
     corporate overhead. The corporate overhead charge will be calculated on the
     basis of hours expensed by Company personnel on PrivilegeOne business
     brought to the Company by the Officers.

4.   The Company will be free to pursue opportunities for PrivilegeOne other
     than those presented by the Officers. The Officers will not participate in
     the profits generated by these other opportunities.

5.   The Officers will provide a report to the Company's management twice per
     month regarding PrivilegeOne's activities.

6.   If during the two year period of the arrangement, the PrivilegeOne business
     is sold to a party introduced by the Officers, the Officers will
     participate in 25% of the proceeds over

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     a specified threshold (which will be based upon the Company's total
     investment in the PrivilegeOne project).

7.   The Officers will have no authority to bind the Company or PrivilegeOne
     without the written approval of another Company officer.

                                       2<PAGE>

                                                                   EXHIBIT 10.28
                                  AMENDMENT TO
                            STOCK PURCHASE AGREEMENT
                            ------------------------

     This Amendment to Stock Purchase Agreement (the "Amendment") dated as of
June 26, 2003 by and among Calton, Inc., a New Jersey corporation (the
"Company"), and each of Anthony J. Caldarone, John G. Yates, Maria F. Caldarone
and Laura A. Camisa (each a "Buyer" and collectively the "Buyers").

     WHEREAS, the Company and the Buyers have entered into that certain Stock
Purchase Agreement dated as of June 26, 2003 (the "Stock Purchase Agreement");

     WHEREAS, it was the intention of the Company and the Buyers that the
purchase price of the Common Stock set forth in the Stock Purchase Agreement be
not less than the greater of the book value and the market price of the Common
Stock as of the date of the Stock Purchase Agreement, as each of such prices is
determined pursuant to the policies and procedures of the American Stock
Exchange;

     WHEREAS, in order to adhere to the Listing Standards, Policies and
Requirements of the American Stock Exchange, the parties hereto wish to amend
the purchase price of the Common stock set forth in the Common Stock,
retroactive to the date of the Stock Purchase Agreement;

     NOW, THEREFORE, in consideration of the mutual promises and covenants
contained in this Agreement, and of other valuable consideration, the receipt
and adequacy of which are hereby acknowledged, the parties hereto agree as
follows:

1.   AMENDMENT OF SECTION 1. Section 1 of the Stock Purchase Agreement is hereby
     amended to change the reference to $.22 per share to $.24 per share.

2.   COUNTERPARTS. This Amendment may be executed in one or more counterparts,
     each of which shall be an original, but all of which together shall
     constitute one and the same instrument.

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     IN WITNESS WHEREOF, the parties hereto have executed this Amendment or
caused this Amendment to be executed by their duly authorized corporate officers
as of this 14th day of August, 2003 to be effective retroactive to June 26,
2003.

                                      CALTON, INC.

                                  By:
                                      ---------------------------------------
                                Name: Thomas C. Corley
                                itle: Treasurer and Chief Financial Officer

                                      ---------------------------------------
                                      Anthony J. Caldarone

                                      ---------------------------------------
                                      John G. Yates

                                      ---------------------------------------
                                      Maria F. Caldarone

                                      ---------------------------------------
                                      Laura A. Camisa

                                       2<PAGE>

                                                                   EXHIBIT 10.30

                                COMMITMENT LETTER

Harbor Federal Savings Bank (hereinafter "BANK") is pleased to authorize these
loan commitments to HOMES BY CALTON, LLC, A FLORIDA LIMITED LIABILITY COMPANY
(hereinafter "BORROWER"). The Commitment is subject to the following general
terms, conditions and requirements outlined below and as more specifically
described in the loan documents:

LOAN AMOUNT:         1. $1,232,500.00
                     2. $5,000,000.00 (Revolving Line of Credit)

GUARANTOR:           #1 & #2: CALTON, INC., A NEW JERSEY CORPORATION, (hereafter
                     "GUARANTOR"), shall guarantee repayment of the loan hereby
                     committed. The Guaranty shall be in a form acceptable to
                     BANK and its legal counsel (hereinafter "COUNSEL").

COLLATERAL:          BANK will record a First mortgage lien on real estate and
                     improvements consisting of 35 developed residential lots in
                     the Riverside at the Island Club in Indian River County,
                     Florida, located on the west side of State Road A-1-A,
                     approximately 1.5 miles south of State Road 510 on Orchid
                     Island, and as more particularly described in the mortgage
                     documents.

LOAN PURPOSE:        #1. BORROWER will use the loan proceeds to finance the
                     acquisition of 22 developed residential lots in the
                     Riverside at the Island Club.
                     #2. BORROWER will use the loan proceeds for acquisition of
                     remaining 13 lots and construction of pre-sold and
                     speculative single-family homes, also in the Riverside at
                     the Island Club.

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Homes by Calton, Inc.
August 13, 2003
Page 2

INTEREST RATE:       #1 & #2 Interest payable monthly based upon the Prime Rate
                     as published in the Money Rates Column of THE WALL STREET
                     JOURNAL plus one (1.00%) percent. Rate will be adjusted on
                     the first of the month following the Prime Rate change.
                     Initial rate shall be 5.25%. The interest rate shall never
                     be increased or decreased on any single change date by more
                     than 2.00% from the preceding rate of interest. In any
                     event, the interest rate shall never be less than 5.25% or
                     greater than 18.00% during the life of the loan.

LOAN TERM:           #1. Approval is for a twenty-four (24) month period with
                     interest monthly and principal due at maturity.

                     #2. The Line shall be represented by a Promissory Note or
                     Notes, payable ON DEMAND of BANK. BANK'S obligation to
                     advance under this Builder Line Commitment shall be subject
                     to BORROWER'S continued banking relationship with BANK, as
                     well as the continued satisfactory financial condition of
                     BORROWER. An annual review using current fiscal year-end
                     statements will be performed by BANK. BANK shall have the
                     option to cancel the revolving line of credit after review
                     of required financial statements. However, renewal of the
                     facility will not be unreasonably withheld.

                     FUNDING UNDER THIS LINE FACILITY SHALL BE RESTRICTED AS
                     FOLLOWS:

                     The Line is limited to construction in the Riverside at the
                     Island Club Subdivision in Indian River County, Florida.

                     Advances under the Line will be limited to 75% of total
                     appraised value of the lot and vertical construction for
                     pre-sold homes, not to exceed 100% of cost.

                     Advances under the line will be limited to 50% of total
                     appraised value of lot and vertical construction for
                     speculative units.

                     BANK will provide a holdback equal to 25% of the appraised
                     value of a speculative unit; to be available in the case
                     the BORROWER achieves a bona fide sales contract. If a sale
                     is achieved, the total allocation including the holdback
                     cannot exceed 100% of the BORROWER costs.

                     The Line is limited to no more than 6 speculative units or
                     $1,500,000.00. The restriction will be calculated based
                     upon the sum

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Homes by Calton, Inc.
August 13, 2003
Page 3

                     of allocations at 50% of appraised value not including the
                     25% holdback available when a sales contract is earned.

                     Individual speculative allocations cannot exceed
                     $500,000.00.

                     After closing, the BORROWER will be required to provide
                     front- end deposits for each speculative unit such that the
                     BANK'S allocation plus the deposit will equal the total
                     cost to construct each unit.

FEES:                #1. A loan fee of one percent (1.0%), $12,325.00, is due
                     and payable to BANK upon closing.
                     #2. A loan fee of one percent (1.0%), $50,000.00, is due
                     and payable to BANK upon closing. The Line may also subject
                     to an annual renewal fee not to exceed 1% of the Line
                     amount renewed.

OTHER PROVISIONS:    CONDITIONS TO CLOSE:
                     1.   BORROWER and GUARANTOR to sign attestation forms
                          certifying all financial statements and tax returns to
                          BANK.
                     2.   BORROWER AND GUARANTOR and/or related parties to
                          establish and maintain a primary operating account
                          with BANK.
                     3.   Loan #1 is subject to clear Environmental Phase 1
                          Survey or VISTA environmental risk report satisfactory
                          to BANK.
                     4.   For speculative units BANK will disburse from each
                          allocation, 60% of the initial purchase price
                          including the lot and reimbursable construction costs
                          due to the seller at closing.
                     5.   BORROWER to provide front-end deposits for each
                          speculative unit such that the BANK'S allocation plus
                          the deposit will equal the total cost to construct
                          each speculative unit.
                     6.   BORROWER to establish an operating fund of $150,000.00
                          to be held with BANK.
                     7.   Subject to satisfactory review of personal financial
                          statements to be provided for Anthony Caldarone, John
                          Yates, and Laura Camisa.

OTHER PROVISIONS:    Conditions to close (Continued):
                     8.   Subject to two satisfactory banking references for
                          GUARANTOR.
                     9.   Subject to approval of the qualifying general
                          contractor for the Borrowing entity.

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Homes by Calton, Inc.
August 13, 2003
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                     10.  BORROWER to subordinate to BANK any debts provided by
                          GUARANTOR to support the subject transaction.
                     11.  Verification of GUARANTOR'S current liquidity through
                          current account statements.

                     SUBSEQUENT TO CLOSING:
                     1.   BORROWER to provide annually:
                          a)  Corporate tax return, signed by an officer of the
                              company within thirty (30) days of filing.
                          b)  CPA compiled financial statements with all
                              footnotes within 90 days of fiscal year end.
                          c)  Lots and homes sales history and work-in-progress
                              detail supporting the financial information
                              provided.
                     2.   CORPORATE GUARANTOR to provide annually:
                          a)  A tax return signed by an officer of the company
                              within 30 days of filing.
                          b)  CPA audited financial statements with all
                              footnotes within (90) days of fiscal year end.
                     3.   BORROWER and/or related parties are to maintain a
                          deposit relationship with BANK with a minimum balance
                          equal to 5% of total borrowings.
                     4.   BORROWER to maintain a minimum equity position of
                          $1,550,000.00 as defined as book equity plus
                          subordinated debt.

RELEASE PROVISION:   #1.  $67,500 per lot based on a release ratio of 1.20x the
                          weighted loan amount per lot.
                     #2.  100% of the amount allocated per lot.

SUBORDINATE MORTGAGES - LIENS: Any subordinate mortgage to BANK'S first mortgage
loan must be approved in writing by BANK.

CROSS-DEFAULT/CROSS-COLLATERALIZE: This loan shall be
cross-defaulted/cross-collateralize with all other loans made to BORROWER by
BANK.

SALE OR TRANSFER OF COLLATERAL: Any sale, exchange, assignment or transfer of
the ownership of the above described Collateral, except inventory in the
ordinary course of business, must be approved in writing by BANK.

SECURITY: The loan shall be evidenced by a Promissory Note and Mortgage in form
and substance satisfactory to BANK and its COUNSEL. In addition, a first
security interest in or assignment thereof is required as to all operating
permits, leases, rents, profits, licenses, contract rights and in all of the
building materials, supplies, goods, equipment, furnishings, fixtures, chattels
and other items of personal property of BORROWERS relating to, situated on, or
used or usable in

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Homes by Calton, Inc.
August 13, 2003
Page 5

connection with the maintenance and/or operation of the real estate which is the
subject of the loan.

DOCUMENTATION: The form and substance of all documents to be delivered to BANK
prior to closing of the loan shall include, but not be limited to, the
following: property insurance, appraisal, condominium documents (if applicable),
letters of estoppel (if applicable), and any other documentation as may be
required by BANK and/or its COUNSEL. In addition, any modification, extension or
other changes will require the review and approval by BANK. BORROWERS must pay
all costs and any other related fees.

ENVIRONMENTAL CONCERNS: At any time during the term of the Loan the BANK becomes
aware of environmental pollution or contaminant on, in or under the property
that is the BANK'S collateral for the Loan, or that it becomes apparent to BANK
that there is a high probability of an environmental pollutant or contaminant
on, in or under the property that is the BANK'S collateral for the Loan, the
BANK shall apprise BORROWER of BANK'S concerns and at the BANK'S option,
BORROWER may be required to furnish an environmental audit of BANK'S collateral
performed by a firm approved by BANK at BORROWER'S expense. Such audit must show
that no hazardous or toxic substance, waste or material or any other pollutant
or contaminant is present on, in, or under the property, and shall include soil
tests, chemical tests, and such other tests and analyses as are appropriate.

PLANS AND SPECIFICATIONS: All improvements to the mortgaged premises shall be
constructed in a workmanlike manner and shall meet all federal/state/local
governmental requirements, including, without limitation, all applicable zoning
laws, building codes, environmental codes, rules, ordinances or regulations, and
any necessary compliance with the American Disabilities Act.

SURVEY: BORROWER shall furnish a sealed and certified survey of the premises
prepared in such form and containing such certifications as shall be required by
BANK and its COUNSEL. Such survey shall be continued on new surveys furnished as
often as BANK may require. Any such survey, continuances thereof, or new
surveys, must show no state of facts deemed objectionable by BANK or its
COUNSEL. Surveys are required to certify the following: (1) completion of
foundation, and (2) final completion of all proposed construction.

CONTRACTS AND AGREEMENTS: No other agreement with reference to use of the
Collateral shall be entered into without the approval of BANK.

ZONING, BUILDING PERMITS AND CERTIFICATE OF OCCUPANCY: The Property offered, as
security must be in accord with proper zoning requirements. If there is any
deviation from the zoning ordinance or violation thereof, then this Commitment
shall be null and void. All improvements are to be in accordance with all
federal, state and local laws and regulations, including, but not limited to:
zoning, building, fire, water, environmental and sewage requirements.
Certificates of Proper Zoning, Building Permits and Certificates of Occupancy,
if applicable, are to be furnished in satisfactory form to BANK prior to
closing.

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Homes by Calton, Inc.
August 13, 2003
Page 6

FLOOD HAZARDOUS AREA: BANK will obtain a flood zone determination prior to
Closing and if such determination indicates that the property is in a Special
Flood Hazard Zone, BORROWER will provide coverage as required by BANK. In
addition, if the property is not currently in a flood area but subsequently
becomes part of a Special Flood Hazard Zone, BORROWER will provide coverage as
required by BANK.

INSURANCE: During the construction period on the commercial property, BORROWER
shall furnish BANK with the builder's risk completed value (non-reporting) form
insurance, all in appropriate standard form, affording protection against such
risks, and with such insurance company, as shall be approved by BANK. All
insurance proceeds shall be payable first in the case of loss to BANK, as
mortgagee. Insurance coverage shall be maintained as to afford one hundred
(100%) percent coverage against loss. The originals of such policies shall be
delivered to BANK at or before disbursement of the loan. In addition, prior to
loan closing, proof of Workers Compensation insurance, general liability
insurance, and automobile liability insurance acceptable to BANK must be
provided. Following the construction period, BORROWER shall be required to
protect the contents and improvements to be mortgaged to BANK against loss or
damage from fire and other hazards covered by the standard extended coverage
endorsement, and from any other hazards, including floods or flooding as
required. Insurance and extended coverage endorsements should be of the type
that provides for claims to be settled on a replacement cost basis. BANK will
not accept hazard insurance policies that limit or exclude from coverage, in
whole or in part, windstorm, hurricane, hail damage or any other perils that are
normally included as coverage under an extended coverage endorsement, unless a
separate acceptable policy for those items is provided. BORROWER'S insurance
carrier shall be subject to the reasonable approval of BANK. Such insurance
policies shall contain a long form loss payee clause in favor of BANK, its
successors and/or assigns, ATIMA, and shall provide that no such policy may be
cancelled without ten (10) days prior written notice to BANK.

TITLE INSURANCE: BORROWER shall deliver to BANK a title insurance policy from a
title insurance company approved by BANK, written on the then current form of
ALTA Lender's Policy of Title Insurance, insuring the BANK as of the date of
initial closing, and again as of the date of each future advance made on account
of the construction loan, that (1) BORROWER is vested with a good marketable,
and indefeasible fee simple title in the properties encumbered by the Mortgage,
and (2) the Mortgage constitutes a valid and subsisting first lien upon the fee
title of BORROWER in the mortgaged commercial premises.

TAXES: All taxes and assessments payable in connection with the Collateral are
to be paid at the time of Closing, if due, and subsequent taxes and assessments
must be paid when due.

ESCROW FOR TAXES AND INSURANCE: BORROWER and BANK agree that BANK shall have the
right to require the escrow of taxes and insurance during the term of the loan,
but BANK agrees that it will not exercise such right unless BORROWER is in
default under the Mortgage or

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Homes by Calton, Inc.
August 13, 2003
Page 7

any of the loan documents. Any failure to pay taxes and/or assessments and/or
required insurance premiums when due will be considered a default under this
Commitment and the Mortgage, and will be subject to all the actions available to
BANK under the provisions of Default and the right to require the escrow
referenced above. BORROWER will provide BANK, on a timely basis, proof of
payment of taxes/assessments and required insurance premiums.

PENDING LITIGATION: BORROWERS shall certify to BANK that no litigation
proceedings are pending or threatened which might adversely affect the
BORROWERS' ability to perform under this Commitment or the Loan Documents,
BORROWERS' agreements with contractors, BORROWERS' obligations under Leases or
Sales Contracts or the viability of the Property, that are not fully covered by
insurance.

LATE CHARGES: BORROWERS will pay a late payment of five (5%) percent of the
amount of any payment not made within ten (10) days after the date such payment
is due.

DEFAULT: BANK reserves the right to cancel this Commitment without notice upon
the occurrence of any of the following: (a) BORROWERS has failed to comply with
any and all provisions of this Commitment; (b) the financial condition of
BORROWERS, or the physical condition of the mortgaged property, prior to
closing, shall be changed in any material degree from the information submitted
by BORROWERS in support of the loan request; (c) filing by or against BORROWERS
of a petition in bankruptcy or insolvency.

WAIVER OF JURY TRIAL: BANK, BORROWERS agree that venue for any disputes will be
by courts located in Indian River County, Florida, and further agree that EACH
PARTY WAIVES ANY RIGHT TO TRIAL BY JURY with regard to any and all actions
arising out of, under, or in connection with, the Loan Commitment or other loan
documents and any of the transactions contemplated with reference to the Loan.

CONFIDENTIALITY: This Commitment Letter and any and all information in any way
relating to the Commitment and/or closing of the transaction contemplated
therein are strictly confidential and BORROWERS may not disclose any information
in any way relating to the same without the prior written consent of BANK.

ORGANIZATIONAL EXISTENCE: BORROWER and GUARANTOR will provide BANK with a
current certified copy of their Articles of Incorporation and By-laws.

BORROWING AUTHORIZATION: Prior to or upon the Loan Closing, BORROWER and
GUARANTOR must furnish BANK with a properly executed, certified Resolution of
Borrowing Authority for Corporation or Partnership, where applicable. These
resolutions must contain the

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Homes by Calton, Inc.
August 13, 2003
Page 8

names, positions and sample signatures of all applicable parties.

EXPENSES: Whether or not any of the transactions contemplated by this Commitment
Letter closes, BORROWERS shall pay all BANK'S out-of-pocket costs and expenses
incident thereto, including without limitation, appraisal, brokerage
commissions, title company premiums and charges, recording and filing fees,
documentary stamps, any mortgage recording tax or other tax imposed by reason of
the execution and delivery of the Note and the recording of the Mortgage and
other security loan documents, and the fees and expenses of COUNSEL to BANK. The
provisions of this paragraph shall survive any termination of this Commitment,
whether or not by reason of the consummation of the loan.

LOAN CLOSING: The place, date and time of closing and funding of this loan shall
be at the sole option of BANK and its COUNSEL. BANK will make every reasonable
effort to close and fund this loan at a place, date and time mutually agreeable
to BORROWERS.

REPRESENTATION OF FACTS: The Loan Commitment Letter is subject to the accuracy
of all information, representations and materials submitted with or in support
of the Application for this Loan by the BORROWERS.

POST-CLOSING: BORROWERS shall agree to execute any documents after Closing that
may be requested by BANK, provided no substantive terms are changed.

USURY: This Loan Commitment is subject to the opinion of BANK'S COUNSEL that the
rate of interest and the commitment fee is not in violation of the usury laws in
the State of Florida or United States, where applicable.

GOVERNING LAW: This Commitment shall be governed by and construed in accordance
with the laws of the State of Florida, except if federal law would allow for the
payment of interest at a higher rate than would applicable Florida law, federal
law shall apply to the determination of the highest applicable lawful rate of
interest.

SURVIVAL: This Commitment and all of its terms and provisions shall survive the
closing of this Loan and shall become a part of the Loan documents.

ADVERTISING SIGNS: If requested by BANK, BORROWER shall place an advertising
sign upon the land advertising that financing of construction has been provided
by BANK.

ACCEPTANCE: The acceptance of this Commitment shall be acknowledged by signature
of BORROWERS below and the return of this Commitment to BANK by SEPTEMBER 2,
2003. Should this Commitment not be accepted by this date, it will become null
and void, and all fees or deposits shall be retained as liquidated damages. This
Commitment, unless sooner terminated by the closing and funding of this loan or
extended in writing by BANK, expires SEPTEMBER 15, 2003.

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Homes by Calton, Inc.
August 13, 2003
Page 9

This Commitment is non-assignable, supersedes all prior loan agreements and
shall survive loan closing and remain in effect until the loan is paid in full.
BANK reserves the right to cancel this Commitment should there be any material
change in any representations by BORROWERS.

                                         Very truly yours,
                                         HARBOR FEDERAL SAVINGS BANK

                                         By:
                                            ----------------------------
                                         Robert M. Poore, Vice President

The undersigned accepts the foregoing Commitment and all its terms, conditions
and requirements and agrees to cause the loan to be made in accordance with all
terms, conditions and requirements and within the time specified by this
Commitment. This Commitment Letter, together with any Loan Agreements,
Construction Loan Agreements, Mortgages, Promissory Notes and any/all documents
required to close and securitize this Loan create and contain the entire
commitment of BORROWERS and BANK with respect to those matters herein. No change
in the provisions of this Commitment Letter shall be binding unless in writing
and executed by BORROWERS and in the name of and by an official of BANK.

AS TO BORROWER:

HOMES BY CALTON, LLC

--------------------------------------            -------------------------
Maria F. Caldarone, Manager Member                Date

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Homes by Calton, Inc.
August 13, 2003
Page 10

AS TO GUARANTOR:

CALTON, INC.
A New Jersey Corporation

By:
   ------------------------------------------     -------------------------
Maria F. Caldarone, Executive Vice President      Date

<PAGE>

                                                                   EXHIBIT 10.30
                                 PROMISSORY NOTE
                                  (TERM CREDIT)

$1,232,500.00 U.S.                                          Fort Pierce, Florida
                                                                   Aug. 27, 2003

     FOR VALUE RECEIVED, I, we or either of us (collectively, the "Maker"),
promise to pay to the order of HARBOR FEDERAL SAVINGS BANK, a corporation
organized and existing under the laws of the United States of America (the
"Lender"), the principal sum of ONE MILLION TWO HUNDRED THIRTY-TWO THOUSAND FIVE
HUNDRED AND NO/100 DOLLARS ($1,232,500.00) U.S., together with interest on the
principal balance remaining unpaid from time to time at the rate hereinafter set
forth.

     TERM. The maturity date of this loan is September 1, 2005.

     ADJUSTABLE INTEREST RATE. The rate of interest as determined on the date
hereof and as determined on the first day of each month (the Change Date)
thereafter during the loan term shall equal the Prime Rate as published in the
Money Rates column of the The Wall Street Journal, plus one percent (1.00%). The
initial rate of interest shall be 5.25%. As used herein, the term Change Date
shall mean the date each new interest rate becomes effective. Provided, however,
that the rate of interest shall not increase or decrease more than 2.00% on any
Change Date and that said rate of interest shall never be less than 5.25% nor
greater than 18.00% during the life of the loan. Interest on this Note shall be
computed on the basis of a 365-day year and the actual number of days elapsed.

     PAYMENTS. Principal and interest shall be due and payable and shall be paid
at 100 South Second Street, Fort Pierce, Florida 34950, or at such other place
as the Lender may designate from time to time as follows:

               INTEREST: Interest only shall be due and payable on outstanding
principal commencing on the first day of October, 2003, and continuing on the
first day of each month thereafter until the entire principal indebtedness has
been repaid in full.

               PRINCIPAL: The entire principal indebtedness, together with all
accred but unpaid interest, shall be due and payable on September 1, 2005.

Each payment shall be credited first on account of the interest then accrued on
said principal remaining unpaid and then in reduction of said principal.

     LATE CHARGE. Any installment not received within ten (10) days of its due
date shall be subject to, and it is agreed that the Lender shall collect thereon
and therewith, a "late charge" in the amount of five percent (5%) of the payment
upon each such delinquent installment. Said "late charge" shall be immediately
due and payable and shall be paid by the Maker without notice or demand by the
Lender.

     PREPAYMENT. There shall be no penalty or premium for prepayment.

     INTEREST LIMITATION. Notwithstanding any other provision of this Note or of
any instrument securing this Note or of any other instrument executed in
connection with the loan evidenced hereby, it is expressly agreed that the
amounts payable under this Note or under the other aforesaid instruments for the
payment of the interest or any other payment in the nature of, or which would be
considered as, interest or other change for the use or loan of money shall not
exceed the highest rate allowed by law, from time to time, to be charged by the
Lender.

<PAGE>

In the event the provisions of this Note or of any instrument referred to in
this paragraph, regarding the payment of interest or other payments in the
nature of, or which would be considered as, interest or other charge for the use
or loan of money operate to produce a rate that exceeds such limitation, then
the excess over such limitation will not be payable and the amount otherwise
agreed to be paid shall be reduced by the excess so that such limitation will
not be exceeded, and if any payment actually made shall result in such
limitation being exceeded, the amount of the excess shall constitute and be
treated as a payment on the principal hereof and shall operate to reduce such
principal by the amount of such excess, or if in excess of the principal
indebtedness, such excess shall be refunded.

     CONSENT AND WAIVER. Each Obligor (which term shall mean and include each
Maker, endorser, and all others who may become liable for all or any part of the
obligations evidenced and secured hereby) does hereby, jointly and severally:
(a) consent to any forbearance or extension of the time or manner of payment
hereof and to release of all or any part of any security held by the Lender to
secure payment of this Note and to subordination of the lien of the mortgage and
any other instrument of security securing this Note as to all or any part of the
property encumbered thereby, all without notice to or consent of that party; (b)
agree that no course of dealing or delay or omission or forbearance on the part
of the Lender in exercising or enforcing any of its rights or remedies hereunder
or under any instrument securing this Note shall impair or be prejudicial to any
of the Lender's rights and remedies hereunder or to the enforcement hereof and
that the Lender may extend, modify or postpone the time and manner of payment
and performance of this Note and any instrument securing this Note, may grant
forbearances and may release, wholly or partially, any security held by the
Lender as security for this Note and release, partially or wholly, any person or
party primarily or secondarily liable hereunder and without thereby releasing,
discharging or diminishing its rights and remedies against any other party
primarily or secondarily liable hereunder; and (c) waive notice of acceptance of
this Note, notice of the occurrence of any default hereunder or under any
instrument securing this Note and presentment, demand, protest, notice of
dishonor and notice of protest and notices of any and all action at any time
taken or omitted by the Lender in connection with this Note or any instrument
securing this Note and waives all requirements necessary to hold that party to
the liability of that party.

     EVENTS OF DEFAULT. The happening of any of the following events shall
constitute a default hereunder: (a) failure of any Obligor to pay any principal,
interest, or any other sums required hereunder within ten (10) days of the date
when due under this Note; or (b) a default shall occur in any instrument
securing this Note or in any other instrument executed in connection with the
loan evidenced hereby, and any applicable period of grace shall have expired.

     ACCELERATION. If a default shall occur hereunder, then at the option of the
Lender the entire principal sum then remaining unpaid and accrued interest shall
immediately become due and payable without notice or demand, and said principal
shall bear interest at a per annum rate of eighteen percent (18%) (the "Default
Rate"); it being agreed that interest not paid when due shall, at the option of
the Lender, draw interest at the rate provided for in this paragraph. Failure to
exercise the above options shall not constitute a waiver of the right to
exercise the same in the event of any subsequent defaults.

     ATTORNEY'S FEES. All parties liable for the payment of this Note agree to
pay the Lender reasonable attorneys' fees and costs, whether or not an action be
brought, for the services of counsel employed after maturity or default to
collect this Note or any principal or interest due hereunder, or to protect the
security, if any, or enforce the performance of any other agreement contained in
this Note or in any instrument of security executed in connection with

                                       2

<PAGE>

this loan, including costs and attorneys' fees on any appeal, or in any
proceedings under the National Bankruptcy Code or in any post judgment
proceedings.

     SET OFF. The Obligors shall have no right of set off against the Lender
under this Note or under any instruments securing this Note or executed in
connection with the loan evidenced hereby. The Lender, however, shall have the
right, immediately and without further action by it, to set off against this
Note all money owed by the Lender in any capacity to each or any Obligor,
whether or not due.

     SECURITY. The obligation evidenced hereby is secured by a Mortgage and
Security Agreement (the "Mortgage") of even date herewith and is subject to
compliance with the terms and conditions of a Commitment Letter loan agreement
for mortgage loan dated August 13, 2003 from Lender to Maker. A default under
any of the foregoing instruments shall constitute a default hereunder.

     FLORIDA LAW. This Note is executed under seal and constitutes a contract
under the laws of the State of Florida, and shall be enforceable in a Court of
competent jurisdiction in that State, regardless of in which State this Note is
being executed.

     HEADINGS. The headings of the paragraphs contained in this Note are for
convenience of reference only and do not form a part hereof and in no way
modify, interpret or construe the meaning of the provisions hereof.

     DOCUMENTARY STAMPS. Documentary Stamps in the amount required by Florida
Law have been purchased and affixed to the Mortgage and Security Agreement of
even date herewith which secures this Note.

     THE UNDERSIGNED ACKNOWLEDGES THAT THE LOAN EVIDENCED HEREBY IS FOR
COMMERCIAL PURPOSES ONLY AND NOT FOR PERSONAL FAMILY OR HOUSEHOLD PURPOSES.

     MAKER HEREBY WAIVES ANY RIGHT MAKER MAY HAVE TO A TRIAL BY JURY IN RESPECT
OF ANY LITIGATION BASED UPON THIS NOTE, OR ARISING OUT OF, UNDER OR IN
CONNECTION WITH THE MORTGAGE AND SECURITY AGREEMENT OR ANY OTHER LOAN OR CREDIT
DOCUMENTS, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL
OR WRITTEN) OR ACTIONS OF THE PARTIES. THIS PROVISION IS A MATERIAL INDUCEMENT
TO LENDER TO EXTEND THE CREDT REFERENCED HEREIN.

                                     HOMES BY CALTON, LLC,
                                     a Florida limited liability company

                                     By  /s/ Maria F. Caldarone
                                        -----------------------
                                        MARIA F. CALDARONE, Manager Member

                                       3

<PAGE>

                                                                   Exhibit 10.30
                                 PROMISSORY NOTE
                               (REVOLVING CREDIT)

$5,000,000.00 U.S.                                         Fort Pierce, Florida
                                                                  Aug. 27, 2003

     FOR VALUE RECEIVED, I, we or either of us (collectively, the "Maker"),
promise to pay to the order of HARBOR FEDERAL SAVINGS BANK, a corporation
organized and existing under the laws of the United States of America (the
"Lender"), the principal sum of FIVE MILLION AND NO/100 DOLLARS ($5,000,000.00)
U.S., together with interest on the principal balance remaining unpaid from time
to time at the rate hereinafter set forth. Lender and Maker agree that Maker may
borrow up to the maximum amount of principal more than one (1) time prior to
maturity.

     TERM. This loan shall mature and be due in full ON DEMAND of Lender.

     ADJUSTABLE INTEREST RATE. The rate of interest as determined on the date
hereof and as determined on the first day of each month (the Change Date)
thereafter during the loan term shall equal the Prime Rate as published in the
Money Rates column of the The Wall Street Journal, plus one percent (1.00%). The
initial rate of interest shall be 5.25%. As used herein, the term Change Date
shall mean the date each new interest rate becomes effective. Provided, however,
that the rate of interest shall not increase or decrease more than 2.00% on any
Change Date and that said rate of interest shall never be less than 5.25% nor
greater than 18.00% during the life of the loan. Interest on this Note shall be
computed on the basis of a 365-day year and the actual number of days elapsed.

     PAYMENTS. Principal and interest shall be due and payable and shall be paid
at 100 South Second Street, Fort Pierce, Florida 34950, or at such other place
as the Lender may designate from time to time as follows:

               INTEREST: Interest only shall be due and payable on outstanding
principal commencing on the first day of October, 2003, and continuing on the
first day of each month thereafter until the entire principal indebtedness has
been repaid in full.

               PRINCIPAL: The entire principal indebtedness, together with all
accred but unpaid interest, shall be due and payable ON DEMAND of Lender.

Each payment shall be credited first on account of the interest then accrued on
said principal remaining unpaid and then in reduction of said principal.

     LATE CHARGE. Any installment not received within ten (10) days of its due
date shall be subject to, and it is agreed that the Lender shall collect thereon
and therewith, a "late charge" in the amount of five percent (5%) of the payment
upon each such delinquent installment. Said "late charge" shall be immediately
due and payable and shall be paid by the Maker without notice or demand by the
Lender.

     PREPAYMENT. There shall be no penalty or premium for prepayment.

     INTEREST LIMITATION. Notwithstanding any other provision of this Note or of
any instrument securing this Note or of any other instrument executed in
connection with the loan evidenced hereby, it is expressly agreed that the
amounts payable under this Note or under the other aforesaid instruments for the
payment of the interest or any other payment in the nature of, or which would be
considered as, interest or other change for the use or loan of money shall not
exceed the highest rate allowed by law, from time to time, to be charged by the
Lender.

<PAGE>

In the event the provisions of this Note or of any instrument referred to in
this paragraph, regarding the payment of interest or other payments in the
nature of, or which would be considered as, interest or other charge for the use
or loan of money operate to produce a rate that exceeds such limitation, then
the excess over such limitation will not be payable and the amount otherwise
agreed to be paid shall be reduced by the excess so that such limitation will
not be exceeded, and if any payment actually made shall result in such
limitation being exceeded, the amount of the excess shall constitute and be
treated as a payment on the principal hereof and shall operate to reduce such
principal by the amount of such excess, or if in excess of the principal
indebtedness, such excess shall be refunded.

     CONSENT AND WAIVER. Each Obligor (which term shall mean and include each
Maker, endorser, and all others who may become liable for all or any part of the
obligations evidenced and secured hereby) does hereby, jointly and severally:
(a) consent to any forbearance or extension of the time or manner of payment
hereof and to release of all or any part of any security held by the Lender to
secure payment of this Note and to subordination of the lien of the mortgage and
any other instrument of security securing this Note as to all or any part of the
property encumbered thereby, all without notice to or consent of that party; (b)
agree that no course of dealing or delay or omission or forbearance on the part
of the Lender in exercising or enforcing any of its rights or remedies hereunder
or under any instrument securing this Note shall impair or be prejudicial to any
of the Lender's rights and remedies hereunder or to the enforcement hereof and
that the Lender may extend, modify or postpone the time and manner of payment
and performance of this Note and any instrument securing this Note, may grant
forbearances and may release, wholly or partially, any security held by the
Lender as security for this Note and release, partially or wholly, any person or
party primarily or secondarily liable hereunder and without thereby releasing,
discharging or diminishing its rights and remedies against any other party
primarily or secondarily liable hereunder; and (c) waive notice of acceptance of
this Note, notice of the occurrence of any default hereunder or under any
instrument securing this Note and presentment, demand, protest, notice of
dishonor and notice of protest and notices of any and all action at any time
taken or omitted by the Lender in connection with this Note or any instrument
securing this Note and waives all requirements necessary to hold that party to
the liability of that party.

     EVENTS OF DEFAULT. The happening of any of the following events shall
constitute a default hereunder: (a) failure of any Obligor to pay any principal,
interest, or any other sums required hereunder within ten (10) days of the date
when due under this Note; or (b) a default shall occur in any instrument
securing this Note or in any other instrument executed in connection with the
loan evidenced hereby, and any applicable period of grace shall have expired.

     ACCELERATION. If a default shall occur hereunder, then at the option of the
Lender the entire principal sum then remaining unpaid and accrued interest shall
immediately become due and payable without notice or demand, and said principal
shall bear interest at a per annum rate of eighteen percent (18%) (the "Default
Rate"); it being agreed that interest not paid when due shall, at the option of
the Lender, draw interest at the rate provided for in this paragraph. Failure to
exercise the above options shall not constitute a waiver of the right to
exercise the same in the event of any subsequent defaults.

     ATTORNEY'S FEES. All parties liable for the payment of this Note agree to
pay the Lender reasonable attorneys' fees and costs, whether or not an action be
brought, for the services of counsel employed after maturity or default to
collect this Note or any principal or interest due hereunder, or to protect the
security, if any, or enforce the performance of any other agreement contained in
this Note or in any instrument of security executed in connection with

                                       2

<PAGE>

this loan, including costs and attorneys' fees on any appeal, or in any
proceedings under the National Bankruptcy Code or in any post judgment
proceedings.

     SET OFF. The Obligors shall have no right of set off against the Lender
under this Note or under any instruments securing this Note or executed in
connection with the loan evidenced hereby. The Lender, however, shall have the
right, immediately and without further action by it, to set off against this
Note all money owed by the Lender in any capacity to each or any Obligor,
whether or not due.

     SECURITY. The obligation evidenced hereby is secured by a Mortgage and
Security Agreement (the "Mortgage") of even date herewith and is subject to
compliance with the terms and conditions of a Commitment Letter loan agreeemnt
for mortgage loan dated August 13, 2003 from Lender to Maker. The Commitment
Letter loan agreement stipulates the method by which principal to be advanced
hereunder shall be initially advanced, repaid, and reborrowed, prior to loan
maturity. A default under any of the foregoing instruments shall constitute a
default hereunder.

     FLORIDA LAW. This Note is executed under seal and constitutes a contract
under the laws of the State of Florida, and shall be enforceable in a Court of
competent jurisdiction in that State, regardless of in which State this Note is
being executed.

     HEADINGS. The headings of the paragraphs contained in this Note are for
convenience of reference only and do not form a part hereof and in no way
modify, interpret or construe the meaning of the provisions hereof.

     DOCUMENTARY STAMPS. Documentary Stamps in the amount required by Florida
Law have been purchased and affixed to the Mortgage and Security Agreement of
even date herewith which secures this Note.

     THE UNDERSIGNED ACKNOWLEDGES THAT THE LOAN EVIDENCED HEREBY IS FOR
COMMERCIAL PURPOSES ONLY AND NOT FOR PERSONAL FAMILY OR HOUSEHOLD PURPOSES.

     MAKER HEREBY WAIVES ANY RIGHT MAKER MAY HAVE TO A TRIAL BY JURY IN RESPECT
OF ANY LITIGATION BASED UPON THIS NOTE, OR ARISING OUT OF, UNDER OR IN
CONNECTION WITH THE MORTGAGE AND SECURITY AGREEMENT OR ANY OTHER LOAN OR CREDIT
DOCUMENTS, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL
OR WRITTEN) OR ACTIONS OF THE PARTIES. THIS PROVISION IS A MATERIAL INDUCEMENT
TO LENDER TO EXTEND THE CREDT REFERENCED HEREIN.

                                        HOMES BY CALTON, LLC,
                                        a Florida limited liability company

                                        By  /s/ Maria F. Caldarone
                                          ------------------------
                                           MARIA F. CALDARONE, Manager Member

                                       3

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