Document:

Exhibit 10.20

                         AGREEMENT FOR THE PURCHASE AND
                         SALE OF COMMERCIAL REAL ESTATE

     THIS AGREEMENT FOR THE PURCHASE AND SALE OF COMMERCIAL REAL ESTATE
("Agreement") is entered into as of September 12, 2000 ("Effective Date")
between Bishop Powers, Ltd., a Colorado limited partnership ("Seller") and
Waffle House, Inc., ("Purchaser"), upon the basis of the following facts:

                                    RECITALS
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     Seller is developer of a commercial retail shopping center (the "Center")
to be commonly known as the "Creekside Center", located in Colorado Springs, El
Paso County, Colorado, and depicted on the map attached hereto as Exhibit A and
incorporated herein by reference. The first portion of the Center has been
subdivided into four lots ("Phase I"). Purchaser desires to purchase from Seller
one of the lots. Purchaser proposes to use the Property (as hereinafter defined)
for a Waffle House Restaurant ("Purchaser's Intended Use").

     Subject to the terms of this Agreement, Seller has agreed to sell the
Property (as hereinafter described), to Purchaser.

     NOW, THEREFORE, for valuable consideration, the receipt and sufficiency of
which the parties hereby acknowledge, the parties hereby agree as follows:

     SECTION 1. SALE OF PROPERTY. Subject to the terms and conditions provided
in this Agreement, Seller agrees to sell and Purchaser agrees to purchase all of
Seller's right, title and interest in and to the approximately 34,525 square
feet of real property described on Exhibit B attached hereto and incorporated
herein by reference (the "Property"). The legal description of the Property
shall be included in the Survey described in Section 3.2(c).

     SECTION 2. PURCHASE PRICE. The purchase price to be paid by Purchaser to
Seller for the Property is $350,000.00 (the "Purchase Price"), adjusted as
provided in Section 3.2(c). The Purchase Price will be paid by Purchaser in the
following manner:

     2.1 Earnest Money Deposit. Purchaser has deposited the sum of $10,000.00 in
the form of a stand-by letter of credit acceptable to Seller, with Lawyers Title
Insurance Company, 555 East Pikes Peak, Suite 120, Colorado Springs, Colorado
80903 (the "Title Company") as earnest money and as a deposit towards payment of
the Purchase Price (together with any additions to such deposit, herein the
"Earnest Money Deposit").

     2.2 Funds at Closing. At Closing, Purchaser shall pay to Seller the entire
Purchase Price in immediately available good funds.

     SECTION 3. TITLE MATTERS.

     3.1 Permitted Exceptions. Seller shall transfer and convey its right, title
and interest in the Property to Purchaser, subject only to such matters as
Purchaser may waive or consent to pursuant to Section 3.3, and the Amended
CC&R's referred to in Section 11 hereinafter (the "Permitted Exceptions").

     3.2 Title Documents. On or before thirty days (30) after the Effective
Date, Seller shall deliver to Purchaser at Seller's expense the following title
evidence covering the Property (collectively, the "Title Documents"):

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         (a) Title Commitment. A title insurance commitment (the "Title
Commitment") issued by the Title Company showing the status of record title to
the Property, together with copies of all recorded documents referred to in the
Title Commitment. The Title Commitment must commit to insure title to the
Property in the name of the Purchaser in the full amount of the Purchase Price,
subject only to the Permitted Exceptions. The Title Commitment shall further
commit to delete the standard printed exceptions. Seller shall, at its expense
and promptly after Closing, cause the owner's policy of title insurance to be
issued to Purchaser pursuant to the Title Commitment.

         (b) Tax Certificate. A certificate of taxes due covering the Property
prepared by the Treasurer of El Paso County, Colorado.

         (c) Survey. A land survey plat (as defined in Section 38-51-102,
Colorado Revised Statutes) of the Property, prepared by a licensed Colorado
surveyor, which shall comply with ALTA 1992 Standards for an Urban Class survey
(the "Survey"). The Survey shall contain a legal description of the Property and
shall show the bearing and distances of all boundary lines of the Property, all
improvements to the Property, all easements and other title matters encumbering
or appurtenant to the Property, the location of all dedicated public
rights-of-way adjacent to the Property, any encroachments onto or off of the
Property, the Federal flood zone designation and any other matters that would be
disclosed by an accurate survey of the Property, including the square footage of
the Property. The Survey shall also contain the certification of the surveyor
sufficient for deletion of the standard survey exception from the Title
Commitment, and shall be certified to Purchaser and Purchaser's lender, if any.
If the square footage of the Property as determined by the Survey is different
than 34,525 square feet, then the Purchase Price shall be increased or decreased
at the rate of $10.18 per square foot for every square foot by which the area of
the Property exceeds or is less than 34,525 square feet.

     3.3 Defects of Title. Purchaser shall have the right to object to any
defect of title which appears in the Title Documents and which renders title to
the Property unmerchantable or which makes the Property unsuitable for
Purchaser's Intended Use (a "defect of title"). Any objection to a defect of
title must be in writing and must be received by Seller no later than the
expiration of the Inspection Period (as defined in Section 4.2). Purchaser's
failure to provide Seller with written notice of an objection to any title
matter appearing in the Title Documents within the Inspection Period shall be
deemed to be a waiver by Purchaser of any objection it might otherwise have; and
all such title matters shall become additional "Permitted Exceptions."
Notwithstanding the foregoing, if a defect of title is not revealed in the Title
Documents and is discovered by Purchaser after the close of the Inspection
Period, Purchaser shall have until fifteen (15) days after the date of its
discovery of the defect of title or the date of Closing, whichever is earlier,
to provide Seller with notice of its objection to the defect of title. If Seller
receives timely written notice from Purchaser of a defect of title, Seller shall
have the right, in its sole discretion, to (a) correct or cure the defect of
title, (b) obtain title insurance over the defect of title through title policy
endorsement or otherwise, or (c) notify Purchaser that Seller does not intend to
cure or insure over the defect of title. If Seller is unable or unwilling to
cure or insure over a defect of title, Purchaser shall have the right to either
(a) terminate this Agreement and its obligations hereunder, or (b) waive its
objection to the defect of title. If Purchaser elects to terminate this
Agreement, the Title Company shall return the Earnest Money Deposit to Purchaser
and neither party shall have any further obligation hereunder. If Purchaser
elects to waive its objection to the defect of title, the title matter objected
to shall thereafter be considered a "Permitted Exception." A defect of title,
regardless of its disposition under this Section, shall not result in a
reduction of the Purchase Price.

     SECTION 4. INSPECTION OF PROPERTY.

     4.1 Inspection Items. Seller shall, on or before fifteen (15) days after
the Effective Date, deliver to Purchaser copies of all studies or reports in
Seller's possession with respect to soils, engineering and environmental
matters.

     4.2 Inspection Period. Purchaser shall have from the Effective Date through
forty-five (45) days after the Effective Date, (the "Inspection Period"), in
which to determine whether or not the Property is suitable for Purchaser's
Intended Use (including compliance with applicable zoning, subdivision, building

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and other governmental regulations), which determination shall be in Purchaser's
sole discretion. At anytime during the Inspection Period, Purchaser shall have
the right to terminate this Agreement and all of its obligations hereunder by
providing written notice to Seller of its election to terminate. Upon receipt of
such a notice of termination by Seller, this Agreement shall be automatically
terminated without further action by either party. Upon termination, the Title
Company shall immediately return the Earnest Money Deposit to Purchaser.

     4.3 Access to Property. During the Inspection Period, Purchaser and its
agents and representatives shall have access to the Property to conduct a
physical inspection and to conduct such testing, including core drilling and
soils reports, as Purchaser deems appropriate. Until the Closing, Purchaser
shall not materially alter the existing condition of the Property. Purchaser
hereby indemnifies and holds Seller harmless from any and all losses, costs or
expenses (including lien and personal injury claims, settlement and reasonable
attorneys' fees) which arise from such entry and work, and which may be asserted
against Seller, the Center or the Property.

     SECTION 5. REPRESENTATIONS AND WARRANTIES.

     5.1 Seller's Representations and Warranties. As of the Effective Date and
as of the date of Closing, Seller hereby represents and warrants to Purchaser
that:

         (a) Seller is the owner and, subject to the matters set forth in this
Agreement, has full right, power and authority to sell, convey and transfer the
Property to Buyer as provided in this Agreement and to carry out Seller's
obligations under this Agreement. This Agreement and all documents executed by
Seller that are to be delivered prior to or at Closing have been duly authorized
and have been (or, when executed and delivered, will be) duly executed and
delivered by Seller and are (or, when executed and delivered will be) legal,
valid and binding obligations of Seller.

         (b) The execution, delivery and performance of this Agreement, and the
consummation of the transaction contemplated hereby, will not result in any
breach of or constitute any default under or result in the imposition of any
lien or encumbrance against any part of the Property under any agreement or
other instrument to which Seller is a party or by which Seller or any part of
the Property might be bound.

         (c) Seller is aware of the provisions of the Deficit Reduction Act of
1984, 26 U.S.C. Section 1445, et seq., and the Internal Revenue Service
regulations implementing said Act referring to the withholding tax on the
disposition of United States real property interests by foreign persons and
foreign corporations, and Seller is not a foreign person or corporation as
defined by said Act and regulations.

         (d) In the event any claim is made by any party for the payment of sums
due for the furnishing of labor, materials, equipment or fuel to Seller or to
the Property at the request of Seller prior to Closing, or in the event any lien
is filed against the Property subsequent to Closing as a result of the
furnishing of such materials, labor, equipment or fuel at the request of Seller,
Seller shall immediately cause said lien to be released of record or otherwise
satisfy Buyer, to Buyer's reasonable satisfaction, that such lien will be
immediately released.

     5.2 Purchaser's Representations and Warranties. As of the Effective Date
and as of the date of Closing, Purchaser hereby represents and warrants to
Seller that:

         (a) Neither the entering into of this Agreement nor the consummation or
the transaction contemplated hereby will constitute a violation or breach by
Purchaser of any contract or other instrument to which Purchaser is a party, or
to which it is subject or by which any of its assets or properties may be
affected, or of any judgment, order, writ, injunction or decree issued against
or imposed upon it, or will result in a violation of any applicable law, order,
rule or regulation of any governmental authority affecting Purchaser.

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         (b) To the best of Purchaser's knowledge, there is no action, suit or
proceeding pending or threatened against Purchaser which would affect
Purchaser's ability to enter into or consummate this Agreement.

     SECTION 6. CONDITION OF PROPERTY; DISCLAIMER OF WARRANTIES.

     6.1 As Is. Except as specifically set forth in Sections 5,10, 11 and 16 of
this Agreement:

         (a) Purchaser acknowledges and agrees that Seller has not made, does
not make and specifically negates and disclaims any representations, warranties,
promises, covenants, agreements or guaranties of any kind or character
whatsoever, whether express or implied, oral or written, past, present or
future, of, as to, concerning or with respect to (i) the value, nature, quality
or condition of the Property, including, without limitation, the water, soil and
geology; (ii) the income to be derived from the Property; (iii) the suitability
of the Property for any and all activities and uses which Purchaser may conduct
thereon; or, (iv) the habitability, merchantability, marketability,
profitability or fitness for a particular purpose of the Property; and Seller
specifically disclaims any representations regarding compliance with any
environmental protection, pollution or land use laws, rules, regulations, orders
or requirements, including solid waste, as defined by the U.S. Environmental
Protection Agency regulations at 40 C.F.R., Part 261, or the disposal or
existence, in or on the Property, of asbestos or any hazardous substance, as
defined by the Comprehensive Environmental Response Compensation and Liability
Act of 1980, as amended, and regulations promulgated thereunder.

         (b) Purchaser further acknowledges and agrees that having been given
the opportunity to inspect the Property, Purchaser is relying solely on its own
investigation of the Property and not on any information provided or to be
provided by Seller or Broker other than information referred to in this
Agreement.

         (c) Purchaser further acknowledges and agrees that any information
provided or to be provided by or on behalf of Seller with respect to the
Property was obtained from a variety of sources and that Seller has not made any
independent investigation or verification of such information and makes no
representations as to the accuracy or completeness of such information.

         (d) Seller is not liable or bound in any manner by any oral or written
statements, representations or information pertaining to the Property, or the
operation thereof, furnished by any real estate broker, agent, employee, servant
or other person.

         (e) Purchaser further acknowledges and agrees that to the maximum
extent permitted by law, the sale of the Property as provided for herein is made
on an "AS IS" condition and basis with all faults.

It is understood and agreed that the Purchase Price has been adjusted by prior
negotiation to reflect that all of the Property is sold by Seller and purchased
by Purchaser subject to the foregoing.

     6.2 Radon. The Colorado Department of Health and the United States
Environmental Protection Agency ("EPA") have detected elevated levels of
naturally occurring radon in structures in the Colorado Springs area. EPA has
raised concerns with respect to adverse effects on human health of long-term
exposure to high levels of radon. Purchaser may conduct radon tests to determine
the possible presence of radon in the Property and may conduct such other
investigations and consult such experts as Purchaser deems appropriate to
evaluate radon mitigation measures that can be employed in the design and
construction of improvements on the Property. Purchaser shall rely solely upon
such investigations and consultations and acknowledges that Seller has made no
representation, express or implied, concerning the presence or absence of radon
in the Property, the suitability of the Property for development or the design
or construction techniques, if any, that can be employed to reduce any radon
levels in improvements built on the Property; and Purchaser, for itself and its

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successors and assigns, releases Seller from any liability whatsoever with
respect to the foregoing matters.

     SECTION 7. CONDITIONS PRECEDENT TO PURCHASE AND SALE.

     7.1 Conditions Precedent to Purchaser's Obligations. The following matters
shall constitute absolute conditions precedent to Purchaser's obligations to
purchase the Property:

         (a) Seller's representations and warranties set forth in Section 5.1 of
this Agreement shall be true and correct as of the closing date.

         (b) Provided that Purchaser has timely submitted Purchaser's
Development Plan as required by the provisions of Section 10.5 hereinafter, the
City has approved Purchaser's Development Plan.

     Purchaser shall act with due diligence in completing the conditions of this
Agreement. In the event that the conditions set forth above are not met or
satisfied on or before Closing, through no fault of Purchaser, then Purchaser
may either obtain a refund of the Earnest Money Deposit, following which neither
party shall thereafter have any further liability to the other hereunder, or
Purchaser may waive in writing the nonfulfillment of any portion of these
conditions and purchase the Property pursuant to the terms and provisions hereof
without any reduction in the Purchase Price.

     7.2 Condition Precedent to Seller's Obligation. The following matters shall
constitute absolute conditions precedent to Seller's obligations to sell the
Property:

         (a) Purchaser's representations and warranties set forth in Section 5.2
of this Agreement shall be true and correct as of the closing date.

     Seller shall act with due diligence in completing the conditions of this
Agreement. In the event the conditions set forth above is not met or satisfied
on or before Closing, through no fault of Seller, then Seller may terminate this
Agreement by giving written notice of termination to Purchaser in which event
the Earnest Money Deposit shall be refunded to Purchaser following which neither
party shall thereafter have any further liability to the other hereunder, or
Seller may waive in writing the nonfulfillment of the condition and sell the
Property to the Purchaser pursuant to the terms and provisions hereof.

     SECTION 8. CLOSING.

     8.1 Closing Date. Subject to the Purchaser's right to extend the date (as
set forth in Section 8.4 hereinafter), the closing of the purchase and sale of
the Property (the "Closing") shall occur twenty (20) calendar days following the
City's approval of Purchaser's Development Plan. The Closing shall occur at the
offices of the Title Company. In the event that the City has not approved
Purchaser's Development Plan and Closing has not occurred on or before one
hundred ten (110) days after the Effective Date ("Termination Date"), then
either party may, upon giving of written notice to the other, elect to terminate
this Agreement. Upon receipt of such a notice of termination by the other party
this Agreement shall be automatically terminated without further action by
either party. Upon termination, the Title Company shall immediately return the
Earnest Money Deposit to Purchaser.

     8.2 Purchaser's Obligations at Closing. In addition to delivery of the
balance of the Purchase Price as described in Section 2.2., a portion of which
shall be deposited into escrow pursuant to the provisions of the Escrow
Agreement, as described in Section 10.2 hereinafter, Purchaser shall execute and
deliver the following to Seller at Closing:

         (a) Such affidavits, instruments or agreements that may be required by
the Title Company in its issuance of the policy of title insurance pursuant to
the Title Commitment.

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         (b) A statement which reflects the settlements and prorations provided
for in Section 9.

         (c) The Escrow Agreement.

         (d) Such other documents that may be necessary to carry out the
purposes of this Agreement.

     8.3 Seller's Obligations at Closing. Seller shall execute and deliver the
following to Purchaser at Closing:

         (a) A Special Warranty Deed conveying the Property to Purchaser,
subject only to the Permitted Exceptions.

         (b) A FIRPTA Affidavit.

         (c) Such affidavits, instruments or agreements that may be required by
the Title Company in its issuance of the policy of title insurance pursuant to
the Title Commitment.

         (d) A statement which reflects the settlements and prorations provided
for in Section 9.

         (e) The Escrow Agreement.

         (f) Such other documents that may be necessary to carry out the
purposes of this Agreement.

     8.4 Purchaser's Right to Extend Closing. In the event Purchaser,
notwithstanding its reasonable good faith efforts, has not received City
approval of its Development Plan, Purchaser shall have the right to extend the
Termination Date described in Section 8.1 herein above (the "Original
Termination Date") for an additional period of 30 calendar days (the "First
Extended Termination Date") by giving written notice to Seller (the "First
Extension Notice") on or before a date that is five (5) days prior to the
Original Termination Date. In the event Purchaser, notwithstanding its
reasonable good faith efforts, has not received City approval of Purchaser's
Development Plan, Purchaser shall have the right to extend the First Extended
Termination Date for an additional period of 30 calendar days (the "Second
Extended Termination Date") by giving written notice to Seller (the "Second
Extension Notice") on or before a date that is five (5) days prior to the First
Extended Termination Date.

     SECTION 9. SETTLEMENT AND PRORATIONS. The following items shall be prorated
or settled between Purchaser and Seller at Closing:

     9.1 Taxes and Assessments. Prior to Closing, Seller shall pay the amount of
any unpaid real and personal property taxes allocable to the Property for tax
years prior to the year of Closing and any special assessments for improvements
installed prior to Closing. If Seller fails to pay the entire amount of such
taxes and assessments by Closing, Seller shall be debited on its settlement
sheets with the unpaid amount of such taxes and assessments and any resulting
penalties. Real property taxes and assessments for the Property for the year of
Closing, payable in the following calendar year, shall be apportioned between
Seller and Purchaser as of the date of Closing. Such apportionment shall be
computed on the basis of the most recent assessed valuation and mill levy
information, and shall be final.

     9.2 Miscellaneous Closing Costs. Seller shall pay the costs associated with
providing Purchaser with the title insurance policy described in Section 3.2.
All real estate recording and documentary fees payable in connection with the
purchase and sale of the Property shall be paid by Purchaser. Any fee for
closing services which is charged by the Title Company shall be shared equally
by Seller and Purchaser. Except as otherwise expressly provided in this

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Agreement, Purchaser and Seller shall pay their own fees and expenses incurred
in the preparation, execution and performance of their respective obligations
under this Agreement.

     SECTION 10. APPROVALS, PLANNING, PLATTING AND DEVELOPMENT.

     10.1 Seller's Development Obligations - Generally. The Seller has
subdivided and platted Phase 1, including the Property, and Seller shall be
responsible for the Off Site and On Site Development Work (as hereinafter
defined). Seller has established a development budget of $405,000.00 (the
"Development Budget") for all On and Off Site Development Work necessary or
required as a consequence the subdivision and platting of Phase 1 (including
both "hard" and "soft" costs).

     10.2 Timing of Seller's Development Obligations. It is anticipated that
some of the Development Work may not be completed by Closing. If the Development
Work is not completed by Closing, to assure the Purchaser that the On Site
Development Work will be completed in a timely manner following the Closing, the
parties have agreed that at Closing, and out of the net proceeds payable to
Seller, Seller will place in an escrow the amount arrived at by deducting from
$405,000.00:

         (a) the face amount of the Letter of Credit (as described in Section
10.3), and

         (b) the amount Seller has deposited into an escrow created by an
"Escrow Agreement" in which the parties are the Seller, the Title Company and
Dillon Real Estate Co., Inc., a Kansas corporation, the terms of which are
substantially the same as those set forth on Exhibit C attached hereto and
incorporated herein by reference (the "Dillon Escrow"), and,

         (c) the amount Seller has deposited into an escrow created by an
"Escrow Agreement" in which the parties are the Seller, the Title Company and JH
Foods, Ltd., a Colorado limited partnership, the terms of which are
substantially the same as those set forth on Exhibit C attached hereto and
incorporated herein by reference (the "JH Escrow").

The terms of the escrow agreement between Seller and Purchaser (the "Waffle
House Escrow") shall be substantially as set forth in the Escrow Agreement
("Escrow Agreement") attached hereto as Exhibit C. The date to be inserted in
Paragraph 3 of Exhibit C, shall be seven (7) months after the date of Closing.
In the event that the JH Escrow is not created or funded until after the Waffle
House Escrow has been created and funded, Seller shall be permitted, immediately
following the funding of the JH Escrow, to withdraw from the Waffle House Escrow
an amount equal to the amount deposited in the JH Escrow.

     10.3 Off Site Development Work. For purposes of this Agreement, "Off Site
Development Work" shall mean all of the development work to be performed off the
Property and required to be completed by the City as a condition of the City's
approval of the Concept Plan and the Plat. In accordance with the City's
procedures, the parties acknowledge that the City, as a condition of the
approval of the Concept Plan and the Plat, has required Seller to complete the
Off Site Development Work, and to post with the City a letter of credit ("Letter
of Credit") to assure the City of the completion of the Off Site Development
Work.

     10.4 On Site Development Work. For purposes of this Agreement, "On Site
Development Work" shall mean all of the development work on the Property
required to be completed by the City as a condition of the City's approval of
the Concept Plan and the Plat, and the following:

          (a) Rough grading of the Property in accordance with the City approved
grading plan (the "Grading Plan").

          (b) Construction of private road access to Property per Concept Plan.

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         (c) Stubbing all utilities to the Property pursuant to City Utility
Department specifications.

     10.5 Purchaser's Development Plan. Purchaser acknowledges that the City
will require a development plan ("Purchaser's Development Plan") for the
Property to be approved in accordance with applicable zoning laws and City
subdivision ordinances prior to the issuance of any building permit for
construction of improvements on the Property. On or before sixty (60) days after
the Effective Date, Purchaser shall have completed and submitted to the City for
its approval, Purchaser's Development Plan for the Property. Purchaser
acknowledges that in accordance with the provisions of the Amended CC&R's (as
hereinafter defined), Seller has certain approval rights, including the right to
approve development plans prior to their submission to the City. Before
submitting any Purchaser's Development Plan for the Property to the City,
Purchaser shall submit Purchaser's Development Plan to Seller for approval in
accordance with the CC&R's. Sellers shall have seven (7) days after receipt of
Purchaser's Development Plan within which to approve or disapprove such plan,
and if Seller does not notify Purchaser of the disapproval within said seven (7)
days, the plan shall be deemed approved. Purchaser shall not permit any
development plan to become final and binding on the Property or Seller until
after Closing. Purchaser shall be solely responsible for obtaining the City's
approval of Purchaser's Development Plan, and Seller will cooperate with
Purchaser's efforts to obtain the City's approval of Purchaser's Development
Plan as approved by Seller. Purchaser shall be responsible for all fees and
charges payable in connection with building permits or otherwise payable with
respect to the Property, except for the specific obligations of Seller
identified in this Agreement. Purchaser's failure to first obtain Seller's
approval of Purchaser's Development Plan and thereafter submit Purchaser's
Development Plan to the City for approval by no later than sixty (60) days after
the Effective Date shall constitute a material default hereunder, allowing the
Seller to exercise all remedies for default provided for in this Agreement.

         10.6 Reserved.

         10.7 Seller's Post Plating Responsibilities. Seller shall be
responsible for all improvements, fees and agreements with the City concerning
either installation of improvements or provisions for public facilities that are
required pursuant to approval and recording of the Plat affecting the Property.

         10.8 Utility Service. Seller shall be responsible for extending water,
natural gas, electric and sewer utility lines from their current locations to a
boundary of the Property. The size or capacity of the utility lines extended to
the Property boundary shall be typical for Purchaser's use and shall be stubbed
into the Property from mains that shall not be less than the following:

         Utility                                     Size or Capacity

         Water Main                                  eight inch (8")
         Electrical Service                          800 amps
         Sanitary Sewer                              four inch (4")
         Natural Gas                                 one inch (1")

Purchaser shall be responsible for extending such utility services to the
improvements it constructs on the Property and for paying all tap, line
extension and other City imposed charges and fees in connection with the
extension of such utility services to the improvements. Purchaser acknowledges
that the City installs all electric lines and that Purchaser will be solely
responsible for making arrangements with the City's Department of Utilities to
extend electric lines and to provide electrical service to meet the particular
needs of the improvements to be constructed on the Property. Purchaser will also
be responsible for obtaining telephone and cable television lines and service
for the Property. Purchaser acknowledges that the Plat will have to provide for
utility easements as required by the City.

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         10.9 Streets. Access to the Property will be provided via public and
private streets. Seller shall be responsible for constructing all private and
public access roads within the Center. The access road into the Center off of
Galley Road (the "Street"), to which the Property is adjacent, will be
constructed to meet City street standards. Purchaser acknowledges that Seller
intends to dedicate the Street to the City as soon as the City is prepared to
accept the Street as a City street. Purchaser also acknowledges that, as a
consequence of the Property being located adjacent to what is to become a City
street, that Purchaser's Development Plan will have to comply with setback,
access and other requirements imposed by the City. Purchaser shall be solely
responsible for constructing all driveways within the boundaries of Purchaser's
Property and all curbs and sidewalks on or adjacent to the Property required by
governmental authorities.

         10.10 Drainage. Seller shall be responsible for installing, or causing
to be installed, all drainage facilities required by the City outside of the
Property that relate to development on the Property. Purchaser will be solely
responsible for providing all drainage facilities required within the boundaries
of the Property in accordance with the Purchaser's Development Plan, the Plat
and any applicable drainage plans approved by the City.

         10.11 Park and Drainage Fees. Seller will hold Purchaser harmless from
all requirements and obligations to the City for park fees and drainage fees
with respect to the Property that are required to be paid in conjunction with
the filing and approval of the Plat under ordinances in effect at the time of
this Agreement.

         10.12 Purchaser's Approval Rights. Seller shall, at its expense,
prepare and deliver to Purchaser, by not later than
fifteen (15) days after the Effective Date, the following:

               (a)      The Grading Plan;

               (b)      The Concept Plan;

               (c)      The Plat;

               (d)      The CC&R Amendment (as defined in Section 11.1).

Purchaser shall have fourteen (14) days after it receives any of the foregoing
to approve or disapprove the same by giving written notice to Seller, and if it
disapproves (a "Disapproval"), stating specifically the reasons therefor. In the
event Purchaser does not give such notice within the time period allowed, it
shall conclusively be deemed to have given its approval. If Seller receives
timely written notice from Purchaser of a Disapproval, Seller shall have the
right, in its sole discretion, to (a) correct or cure the Disapproval, or (b)
notify Purchaser that Seller does not intend to cure the Disapproval. If Seller
is unable or unwilling to cure the Disapproval, Purchaser shall have the right
to either (a) terminate this Agreement and its obligations hereunder, or (b)
waive its Disapproval. If Purchaser elects to terminate this Agreement, the
Title Company shall return the Earnest Money Deposit to Purchaser and neither
party shall have any further obligation hereunder. If Purchaser elects to waive
its Disapproval, the matter objected to shall thereafter be considered approved.

         10.13 Cooperation. The Seller and Purchaser shall cooperate with one
another in a reasonable manner to the end that the Closing occurs as
contemplated by this Agreement. All approvals required to be obtained by either
party pursuant to this Agreement shall be sought in a reasonable manner and
acted upon diligently and expeditiously. Whenever the provisions of this
Agreement require one party to obtain the other party's approval, such approval
shall not be unreasonably withheld or delayed. Each party shall use its good
faith efforts to satisfy all the conditions to its performance of this
Agreement.

                                       9

<PAGE>

         SECTION 11. THE COVENANTS FOR THE CENTER.

         11.1 Covenants. There is recorded, at Reception No. 200039029 of the
records of El Paso County, Colorado, a Declaration of Covenants, Conditions and
Restrictions for The Crossing at Palmer Park Center ("the CC&R's"). On or before
the date set forth in Section 10.12, Seller shall deliver to Purchaser at
Seller's expense, an amendment (the "CC&R Amendment") to the CC&R's which Seller
intends to place on the Property. Purchaser acknowledges that the Property will
be conveyed subject to the CC&R's, as amended by the CC&R Amendment (the
"Amended CC&R's"). In addition to other matters, the Amended CC&R's shall:

              (a) Incorporate, as part of the property covered thereunder, the
Property.

              (b) Provide that any private roadways shall be governed by the
CC&R's and each property owner within the Center shall pay it's proportionate
share of expenses which shall be allocated among those property owners owning
platted lots within any phase of the development that has been incorporated in
the CC&R's currently being served by the roads and services.

              (c) Contain provisions allowing the Seller to "phase" the
development of the property within the Center.

              (d) Contain provisions allowing the Seller to approve all plans
and specifications for any improvements to be constructed on any property within
the Center, and development plan for or plat of any property within the Center.

              (e) Contain a prohibition that, for so long as the Property is
utilized primarily for a full-service, family-style, sit-down, breakfast
restaurant, no other portion of the Center shall be used primarily for a
full-service, family-style, sit-down, breakfast restaurant, provided, however,
that such restriction shall not prevent other property in the Center from being
used primarily for the conduct of restaurant operations that are different than
those described above such as, by way of example and not limitation, restaurants
that offer liquor services, emphasize other than breakfast menus, or are open
primarily for dinner or evening meals. Examples of restaurant operations that
would be prohibited by the foregoing restriction are Dennys, Village Inn, IHOP,
COCO's, and Perkins. Examples of the types of restaurant not falling with in the
above restriction are Texas Steakhouse, TGI Friday's, Chicago's, Applebee's,
Outback, Macaroni Grill and any "fast food" establishment such as McDonald's ,
Wendy's, Burger King, Carl's Jr., and Taco Bell.

Purchaser shall have the right to approve the Amended CC&R's in accordance with
the procedures set forth in Section 10.12.

     11.2 Other Development. Purchaser acknowledges that Seller has made no
representations or warranties to Purchaser concerning the development of any
other property adjacent to or in the vicinity of the Property on which Purchaser
has relied.

     SECTION 12. POSSESSION. Possession of the Property shall be delivered to
Purchaser at Closing, subject to Seller's right of access to the Property to
perform its On and Off Site Development Work and other obligations pursuant to
the terms of this Agreement.

         SECTION  13.  NAME  AND  LOGO.  Except  for  directional  and  location
identification  purposes,  neither the name "Creekside  Center," any derivatives
thereof,  nor the  logos  associated  with  such  name may be used in any way in

                                       10

<PAGE>

connection with the Property or any promotion of it, unless Seller has given its
prior written approval to such use.

     SECTION 14. CONDEMNATION. If, between the Effective Date and Closing, any
portion of the Property is taken in condemnation, Purchaser shall have the
option to terminate this Agreement and its obligations hereunder. The option to
terminate contained in this Section must be exercised by written notice to
Seller no later than ten (10) business days after Purchaser is notified in
writing by Seller or others of the condemnation. If Purchaser exercises its
option to terminate in accordance with this Section, the Title Company shall
return the Earnest Money Deposit to Purchaser and neither party shall have any
further obligation hereunder. If Purchaser does not exercise its option to
terminate as provided in this Section, the Agreement shall continue in full
force and effect. In such event, the Purchase Price shall be paid by Purchaser
at Closing without reduction, but Seller shall remit to Purchaser all awards
received by Seller as a result of the condemnation.

     SECTION 15. DEFAULT AND REMEDIES. In the event of default by either party
under this Agreement, Purchaser and Seller agree as follows:

     15.1 Default by Purchaser. If Purchaser shall default in the performance of
its obligations hereunder, Seller's sole and only remedy shall be to terminate
this Agreement and to retain the Earnest Money Deposit as liquidated damages.

     15.2 Default by Seller. If Seller shall default in the performance of its
obligations hereunder, Purchaser shall have the right to either (a) terminate
this Agreement and to obtain the return of the Earnest Money Deposit, or (b)
enforce this Agreement through an action for specific performance and damages.
Purchaser and Seller hereby agree that if Purchaser elects to recover damages
from Seller, Purchaser's damages shall not exceed $50,000, and Purchaser hereby
waives its right to recover damages from Seller in excess of such amount,
including without limitation any loss of profits, consequential damages,
punitive damages or any other damages or losses suffered by Purchaser in
connection with this Agreement.

     SECTION 16. BROKERS. Seller represents and warrants to Purchaser that,
other than Highland Commercial Group, LLC, and Sullivan Hayes Brokerage
Corporation (together, "Broker"), no broker or finder has been engaged by Seller
in connection with any of the transactions contemplated by this Agreement.
Seller further represents and warrants that no person or entity, other than
Broker, now claims or will claim any commission, finder's fee or other amounts
by, through, under or as a result of any relationship with Seller because of
such transactions. Seller agrees to pay Broker a commission equal to ten percent
(10%) of the Purchase Price, which commission shall not be earned or payable
until the occurrence of the Closing and Seller's receipt of the Purchase Price.
In the event of a termination of this Agreement, Broker shall have no right to
share in the Earnest Money Deposit if retained by Seller. Purchaser represents
and warrants to Seller that no broker or finder has been engaged by Purchaser in
connection with any of the transactions contemplated by this Agreement.
Purchaser further represents that no person or entity, other than Broker, claims
or will claim any commission, finder's fee or other amounts by, through, under
or as a result of any relationship with Purchaser because of such transactions.
Each party agrees to hold the other party harmless from and against any and all
costs, expenses, claims, losses or damages, including reasonable attorneys'
fees, resulting from any breach of the representations and warranties contained
in this Section.

     SECTION 17. ASSIGNMENT. Purchaser shall not have the right to assign all or
any part of its interest or rights under this Agreement without the prior
written consent of Seller, except for an assignment to an affiliate. For
purposes hereof, "affiliate" means any person or entity which controls, is
controlled by, or is under common control with, the Purchaser. A person or
entity shall be deemed to have control of another person or entity if such
person or entity directly or indirectly or acting in concert with one or more

                                       11

<PAGE>

persons and/or entities, or through one or more subsidiaries, owns, controls or
holds with power to vote more than 15 percent of the voting shares or rights of
such other entity, or controls in any manner the election or appointment of a
majority of the directors, trustees or managers of another entity, or is the
general partner in or has contributed more than 25 percent of the capital of
such other entity.

     SECTION 18. MISCELLANEOUS.

     18.1 Notices. All notices required or permitted under this Agreement shall
be given by nationally recognized overnight courier, for "next day" delivery,
with all delivery costs paid, or by hand delivery, directed as follows:

          If intended for Seller, to:

                  Bishop Powers, Ltd.
                  c/o Bishop Capital Corporation
                  716 College View Drive
                  Riverton, WY  82501
                  Attn: Robert Thrailkill
                  Phone:  (307) 856-3800

          If intended for Purchaser, to:

                  Waffle House Inc.
                  5986 Financial Drive
                  Norcross, GA 30071
                  Attn:  Walter Barineau

          with a copy in each case to:

                  Flynn McKenna Wright & Karsh, llc
                  Plaza of the Rockies, Suite 202
                  111 South Tejon
                  Colorado Springs, Co 80903
                  Attn:  R. Tim McKenna

Any notice delivered by overnight carrier in accordance with this paragraph
shall be deemed to have been duly given when delivered. Any notice which is hand
delivered shall be effective upon receipt by the party to whom it is addressed.
Either party, by notice given as above, may change the address to which future
notices should be sent.

     18.2 Successors and Assigns. This Agreement shall be binding upon and shall
inure to the benefit of the parties hereto and their respective heirs,
executors, personal representatives, successors and permitted assigns.

     18.3 Entire Agreement. This Agreement, together with the exhibits attached
hereto, constitutes the entire agreement between Seller and Purchaser, and may
not be modified in any manner except by an instrument in writing signed by both
parties.

     18.4 Headings. The section and subsection headings contained in this
Agreement are inserted only for convenient reference and do not define, limit or
proscribe the scope of this Agreement or any exhibit attached hereto.

                                       12

<PAGE>

     18.5 Counterparts. This Agreement may be executed in any number of
counterparts which together shall constitute one and the same instrument.

     18.6 Unenforceable Provisions. If any provision of this Agreement, or the
application thereof to any person or situation shall be held invalid or
unenforceable, the remainder of this Agreement, and the application of such
provision to persons or situations other than those to which it shall have been
held invalid or unenforceable, shall continue to be valid and enforceable to the
fullest extent permitted by law.

     18.7 Time of the Essence. Time is strictly of the essence with respect to
each and every term, condition, obligation and provision of this Agreement, and
the failure to timely perform any of the terms, conditions, obligations or
provisions hereunder by either party shall constitute a breach of and a default
under this Agreement by the party so failing to perform. In calculating any
period of time provided for in this Agreement, the number of days allowed shall
refer to calendar and not business days. If any day scheduled for performance of
any obligation hereunder shall occur on a weekend or holiday, the time period
allowed and day for performance shall be continued to the next business day.

     18.8 Waivers. No waiver by either party of any provision hereof shall be
effective unless in writing or shall be deemed to be a waiver of any other
provision hereof or of any subsequent breach by either party of the same or any
other provision.

     18.9 Attorneys' Fees and Costs. In the event of litigation between Seller
and Purchaser arising out of the enforcement of or a default under this
Agreement, the prevailing party shall be entitled to judgment for court costs
and reasonable attorneys' fees in an amount to be determined by the court.

     18.10 Governing Law; Construction of Agreement. This Agreement shall be
governed by and construed in accordance with the laws of the State of Colorado.
Seller and Purchaser and their respective counsel have reviewed, revised and
approved this Agreement. Accordingly, the normal rule of construction that any
ambiguities are to be resolved against the drafting party shall not be employed
in the interpretation of this Agreement or any amendments or exhibits hereto.

     18.11 Duration of Offer. Purchaser has executed and submitted this
Agreement to Seller as an offer for acceptance by Seller to be evidenced by
Seller's execution of this Agreement. Purchaser's offer as represented by this
Agreement shall continue in effect only until __________, 2000. If Purchaser has
not received a copy of this Agreement executed by Seller on or before that date,
Purchaser's offer and this Agreement shall immediately terminate and shall no
longer be of any force or effect.

              [the remainder of this page intentionally left blank]

                                       13

<PAGE>

This Agreement for the Purchase and Sale of Commercial Real Estate has been
executed as of the date first written above.

                           SELLER:

                                  Bishop Powers., Ltd.
                                  By:  Bishop Capital Corporation, its general
                                       partner

                                  By:  /s/  Robert E. Thrailkill        9/12/00
                                     ------------------------------
                                            Robert E. Thrailkill
                                            President

                           PURCHASER:

                                    Waffle House Inc.

                                    By:  /s/  Walter E. Barineau         9/8/00
                                       ----------------------------
                                              Walter E. Barineau
                                              Real Estate Rep.

                                       14

<PAGE>

                               AGREEMENT OF BROKER

The undersigned, as Broker hereunder, acknowledges and agrees that Section 16 of
the foregoing Agreement correctly sets forth the understanding and agreement
between Broker, Seller and Purchaser relating to the payment of a commission
resulting from the sale of the Property.

  BROKER:

          Highland Commercial Group, LLC

           By:  /s/  James E. Spittler, Jr.
               ----------------------------------
                     James E. Spittler, Jr.
                     Principal

         Sullivan Hayes Brokerage Corporation

           By:
              -----------------------------------

                                       15

<PAGE>

                                    EXHIBIT A
                                       to
                         Agreement for the Purchase and
                         Sale of Commercial Real Estate

                                  Map of Center

                                       16

<PAGE>

                                    EXHIBIT B
                                       to
                         Agreement for the Purchase and
                         Sale of Commercial Real Estate

                          Legal Description of Property

  Lot 3 in the Creekside Center, Filing No. 1, in the City of Colorado Springs,
                            El Paso County, Colorado

                                       17

<PAGE>

                                    EXHIBIT C
                                       to
                         Agreement for the Purchase and
                         Sale of Commercial Real Estate

                                ESCROW AGREEMENT

     THIS ESCROW AGREEMENT is executed this ____ day of ____________, 1999, by
and among Bishop Powers, Ltd., a Colorado limited partnership ("Bishop"), Waffle
House, Inc., a Georgia corporation ("Waffle") and Lawyers Title Insurance
Company ("Escrow Agent").

                                    RECITALS

     A. Waffle and Bishop entered into a certain Agreement for the Purchase and
Sale of Commercial Real Estate dated _______, 2000 (the "Contract"), whereby
Bishop agreed to sell to Waffle, and Waffle agreed to buy, certain real property
located in El Paso County, Colorado, as more particularly described on Exhibit A
attached hereto (the "Property").

     B. As partial consideration for Waffle's purchase of the Property, Bishop
agreed to install certain on site improvements and off site improvements.

     C. Some or all of the on site improvements ("On Sites") listed on Exhibit B
have not been completed or paid to date. However, the parties nonetheless desire
to close the transaction provided for in the Contract.

     D. To ensure that the On Sites will be completed and paid for in a timely
manner, Waffle and Bishop have agreed to close on the date hereof and Bishop has
agreed to deposit with Escrow Agent, pursuant to the terms of this Escrow
Agreement, the sum of $___________ (the "Funds").

     E. The Closing shall be completed today, and the Escrow Agent shall hold
the Funds to disburse the Funds post-closing pursuant to the terms of this
Escrow Agreement.

     NOW THEREFORE, in consideration for their mutual covenants herein and other
good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto agree as follows:

     1. Closing; The Account. The Closing shall be completed forthwith and
immediately thereafter Escrow Agent shall deposit the Funds in an interest
bearing account at a federally chartered financial institution, the deposits of
which are insured by the Federal Deposit Insurance Corporation, which should be
designated as "Lawyers Title Insurance Company on behalf of Bishop Powers, Ltd."
(the "Account"). Unless and until there is a default by Bishop pursuant to
Paragraph 3 following, interest accruing on the Account shall be paid monthly to
Bishop.

                                       18

<PAGE>

     2. Disbursements to Bishop.

        a. The parties acknowledge that disbursements from the Account to Bishop
shall be made with respect to the On Site line items in Exhibit B. Thus, Bishop
will only be entitled to receive the amount set forth in Exhibit B for a given
On Site line item, subject to Subparagraph f. below, and any greater costs
incurred for that On Site line item shall be Bishop's sole responsibility;

        b. Prior to any disbursements being made to Bishop, Bishop or a
development manager designated in writing by Bishop, shall submit a certificate
and demand for payment ("Certificate") to Escrow Agent at the address set forth
on the signature page of this Escrow Agreement. The Certificate shall set forth,
by line item, the type of On Sites for which work has been done, the extent to
which each has been completed, the amount of payment (based on Exhibit B) that
is being demanded for each On Site line item, the total disbursement amount
being requested and whether the Certificate is a final disbursement request;

        c. Bishop may request payment of the amount expended for any On Site
line item, provided however, that if during the term of this Escrow Agreement
the amount requested by Bishop for an On Site line item, together with all
previously advanced amounts for that On Site line item, exceeds the amount shown
on Exhibit B for such On Site line item, Escrow Agent shall only disburse to
Bishop the amount designated on Exhibit B for that On Site line item;

        d. After confirming that payments for any particular On Site line item
have not exceeded the amount provided in Exhibit B, Escrow Agent shall promptly
disburse the requested amount from the Account. Each disbursement shall be in
the form of a lien waiver check from Escrow Agent and shall be made payable
jointly to the contractor performing the work and Bishop;

        e. Bishop shall only submit disbursement Certificates to Escrow Agent
twice each month, but shall be permitted to submit one final Certificate at any
time to handle any previously unsubmitted On Site costs. Each Certificate shall
contain all previously unsubmitted On Site costs which have been incurred by
Bishop to date; and,

        f. If Bishop installs all of the On Sites (rather than Waffle) and funds
are remaining in the Account following Bishop's final Certificate amounts,
Escrow Agent shall then disburse all remaining amounts to Bishop.

     3. Default by Bishop - Waffle's Completion. If all On Sites have not been
completed by ___________, 200_, Waffle may notify Escrow Agent, and following
the giving of such notice, may itself complete the On Site improvements, and
draw on the remaining Funds held by the Escrow Agent in accordance with the
procedures set forth in Section 2 hereinabove.

     4. Termination of Escrow. This Escrow shall terminate upon completion of
all the On Site Improvements, or by written agreement of Bishop and Waffle.

     5. Amendments. No changes or modifications shall be effected in the terms
of this Escrow Agreement except by written instrument signed by Bishop and
Waffle. Escrow Agent shall not be obligated to honor or act upon any
communications or notices received from Bishop or Waffle unless such
communications are in writing.

     6. Governing Law. This Escrow Agreement shall be construed and interpreted
in accordance with the laws of the State of Colorado.

                                       19

<PAGE>

     7. Escrow Protection. If, at any time, Escrow Agent shall be uncertain as
to any performance required of Escrow Agent hereunder, Escrow Agent shall
attempt to obtain the written understanding of Bishop and Waffle as to such
performance. If Escrow Agent is unable to obtain such understanding, it may
bring an interpleader or declaratory judgment action in the District Court of El
Paso County to resolve the questions as to which it is uncertain. Bishop and
Waffle hereby agree for themselves to the jurisdiction of the District Court of
El Paso County, for the purposes of such an action.

     8. Indemnification. Waffle and Bishop shall defend, indemnify and hold
Escrow Agent harmless from and against all claims brought against Escrow Agent
as a consequence of its actions hereunder, provided that Escrow Agent has acted
in good faith and in compliance with the terms of this Escrow Agreement. The
indemnification includes reasonable attorneys' fees, together with all
additional costs incurred by Escrow Agent in defending against any such claim.

     9. Notices. All notices required or permitted to be given or delivered
hereunder shall be in writing and be hand delivered or sent by a nationally
recognized overnight courier for "next day" delivery, with all delivery costs
paid, addressed to the party intended at its address as set forth in the Escrow
Agreement or such other address as it may designate by notice given to the other
party in the manner aforesaid. All such notices shall be deemed to have been
given and delivered when hand delivered, or when delivered by Federal Express,
UPS, Airborne or any other overnight delivery service. IN WITNESS WHEREOF, the
parties have executed this Escrow Agreement on the date first set forth above.

BISHOP POWERS, LTD.
Bishop Capital Corporation
716 College View Drive
Riverton, WY  82501

By:  Bishop Capital Corporation, its General Partner

By:________________________________

WAFFLE HOUSE, INC.,
---------------------------
----------------------,   -------

By:________________________________

LAWYERS TITLE INSURANCE COMPANY
555 East Pikes Peak Avenue
Colorado Springs,  CO
80903

By:________________________________

                                       20

<PAGE>

                                    EXHIBIT A
                                       to
                                Escrow Agreement

                                LEGAL DESCRIPTION

 Lot 3 in the Creekside Center, Filing No. 1, in the City of Colorado Springs,
 El Paso County, Colorado

                                       21

<PAGE>

                                    EXHIBIT B
                                       to
                                Escrow Agreement

                              ON SITE IMPROVEMENTS

                                       22AGREEMENT FOR CONVEYANCE OF EASEMENT

     THIS AGREEMENT FOR CONVEYANCE OF EASEMENT ("Agreement") is entered into as
of September 29, 2000 ("Effective Date") between Bishop Powers, Ltd., a Colorado
limited partnership ("Seller"), and the City of Colorado Springs, a Home Rule
City and Municipal Corporation on behalf of its enterprise, Colorado Springs
Utilities (collectively, the "City"), upon the basis of the following facts:

                                    RECITALS
                                    --------

     Seller is owner of the real property located in Colorado Springs, El Paso
County, Colorado, and legally described on Exhibit A attached hereto and
incorporated herein by reference ("Seller's Property"). As reflected on Exhibit
A, Seller's Property is divided into a "North Tract" and a "South Tract". The
City has an existing sewer line through Seller's Property located in an easement
(the "Old Easement"), the legal description of which is set forth on Exhibit B
attached hereto and incorporated herein by reference.

     The City has determined that it requires an additional easement through
Seller's Property for the purpose of constructing a portion of the Sand Creek
Sewer Line Project. The City has commenced an acquisition procedure for the
easement required for the new sewer line. The parties have reached a negotiated
settlement with respect to the easement, all as set forth in this agreement.

     Subject to the terms of this Agreement, Seller has agreed to grant and
convey the Easements (as hereinafter described), to the City.

     NOW, THEREFORE, for valuable consideration, the receipt and sufficiency of
which the parties hereby acknowledge, the parties hereby agree as follows:

     SECTION 1. SALE OF EASEMENT. Subject to the terms and conditions provided
in this Agreement, Seller agrees to sell and the City agrees to purchase a
permanent and construction easement in two phases, as follows:

     1.1 Phase One. The "Permanent Easement" and the "Construction Easement"
(together, the "Phase 1 Easements") described in the "Easement Agreement No. 1"
attached hereto as Exhibit C and incorporated herein.

     1.2 Phase Two. The "Permanent Easement" and the "Construction Easement"
(together, the "Phase 2 Easements") described in the "Easement Agreement No. 2"
attached hereto as Exhibit D and incorporated herein.

     SECTION 2. PURCHASE PRICE. The total purchase price to be paid by the City
to Seller for the Phase 1 and Phase 2 Easements (together, the "New Easements")
is $125,533.00 (the "Purchase Price"). The purchase price for the Phase 1
Easements shall be $8,332.50, and the purchase price for the Phase 2 Easements
is $117,200.50. The Purchase Price will be paid by the City at Closing of the
respective Phase (as hereinafter defined), in immediately available good funds.

     SECTION 3. TITLE MATTERS.

     3.1 Permitted Exceptions. Seller shall transfer and convey the New
Easements free and clear of liens and encumbrances, except for taxes for the
year of closing and current installments for special assessments. The City has
examined the Title Documents hereinafter described and satisfied itself with
respect to the status of title to the New Easements.

     3.2 Title Documents. The City has obtained, at the City's expense, the
following title evidence covering the New Easements (collectively, the "Title
Documents"):

         (a) Title Commitment. A title insurance commitment (the "Title
Commitment") issued by the Security Title Guaranty Co. (the "Title Company") as
Commitment No. EO53208A99-4, showing the status of record title to the New
Easements, together with copies of all recorded documents referred to in the

                                       1

<PAGE>

Title Commitment. The City may, at its expense, cause the owner's policy of
title insurance to be issued to the City pursuant to the Title Commitment.

         (b) Tax Certificate. A certificate of taxes due covering the New
Easements prepared by the Treasurer of El Paso County, Colorado.

         (c) Survey. A survey (the "Survey") of the Old Easement and the New
Easements, prepared by The Sear-Brown Group, a licensed Colorado surveyor (the
"Surveyor"). The Surveyor has prepared the legal description of the New
Easements, as set forth in the Easement Agreements.

     SECTION 4. INSPECTION OF PROPERTY.

     4.1 Inspection . Prior to the Effective Date, the City has had the
opportunity to inspect Seller's Property and the New Easements.

     SECTION 5. PAYMENT OF BALANCE OF APPRAISAL FEES. The City agrees to pay
Seller, at the Phase 1 Closing, $793.50 as the pro-rata share of the remaining
balance of the fees of Seller's appraiser.

     SECTION 6. CONDITION OF PROPERTY; DISCLAIMER OF WARRANTIES.

     6.1 As Is. Except as specifically set forth in this Agreement:

         (a) The City acknowledges and agrees that Seller has not made, does not
make and specifically negates and disclaims any representations, warranties,
promises, covenants, agreements or guaranties of any kind or character
whatsoever, whether express or implied, oral or written, past, present or
future, of, as to, concerning or with respect to (i) the value, nature, quality
or condition of the New Easements, including, without limitation, the water,
soil and geology; (ii) the income to be derived from the New Easements; (iii)
the suitability of the New Easements for any and all activities and uses which
the City may conduct thereon; or, (iv) the habitability, merchantability,
marketability, profitability or fitness for a particular purpose of the New
Easements; and Seller specifically disclaims any representations regarding
compliance with any environmental protection, pollution or land use laws, rules,
regulations, orders or requirements, including solid waste, as defined by the
U.S. Environmental Protection Agency regulations at 40 C.F.R., Part 261, or the
disposal or existence, in or on the New Easements, of asbestos or any hazardous
substance, as defined by the Comprehensive Environmental Response Compensation
and Liability Act of 1980, as amended, and regulations promulgated thereunder.

         (b) The City further acknowledges and agrees that having been given the
opportunity to inspect the New Easements, the City is relying solely on its own
investigation of the Easements and not on any information provided or to be
provided by Seller other than information referred to in this Agreement.

         (c) The City further acknowledges and agrees that to the maximum extent
permitted by law, the conveyance of the New Easements as provided for herein is
made on an "AS IS" condition and basis with all faults.

It is understood and agreed that the Purchase Price has been adjusted by prior
negotiation to reflect that the New Easements are sold by Seller and purchased
by the City subject to the foregoing.

     SECTION 7. DONATION OF LAND FOR PARK. Seller has proposed that it donate to
the City the portion of the North Tract that is described in Exhibit E attached
hereto and incorporated by reference (the "Park Parcel"). As of the Effective
Date, the parties are in negotiations with respect to the conditions pursuant to
which the Seller will donate and the City will accept for City park purposes,
the Park Parcel. The parties shall cooperate with one another in a reasonable

                                       2

<PAGE>

manner to the end that the donation of the Park Parcel is made to the City at
the Phase 2 Closing, provided, however, that the grant of the New Easements
pursuant to this Agreement shall not be conditioned on the City's acceptance of
the donation of the Park Parcel. Each party shall cooperate in good faith with
the other with respect to the matters described in this Section 7.

     SECTION 8. CLOSING.

     8.1 Closing Date. The closing ("Closing") of the purchase and sale of the
New Easements shall occur at separate times for the Phase 1 and Phase 2
Easements as follows:

         (a) Phase 1 Closing. The Closing on the purchase and sale of the Phase
1 Easements (the "Phase 1 Closing") shall occur on September 29, 2000, at a
place and time to be mutually agreed upon by the parties.

         (b) Phase 2 Closing. The Closing on the purchase and sale of the Phase
2 Easements (the "Phase 2 Closing") shall occur on a date and at a time and
place mutually agreeable to the parties, but in any case, no later than January
31, 2001.

     8.2 The City's Obligations at Closing. In addition to delivery of the
portion of the Purchase Price for the Phase being purchased, as described in
Section 2.2., the City shall execute and deliver the following to Seller at each
Closing:

         (a) The Easement Agreement for the Phase being purchased.

         (b) A statement which reflects the settlements and prorations provided
for in Section 9.

         (c) Such other documents that may be necessary to carry out the
purposes of this Agreement.

     8.3 Seller's Obligations at Closing. Seller shall execute and deliver the
following to the City at Closing:

         (a) The Easement Agreement for the Phase being sold.

         (b) A statement which reflects the settlements and prorations provided
for in Section 9.

         (c) Such other documents that may be necessary to carry out the
purposes of this Agreement.

     SECTION 9. SETTLEMENT AND PRORATIONS. The following items shall be prorated
or settled between Purchaser and Seller at Closing:

     9.1 Taxes and Assessments. Real property taxes and assessments for the
Seller's Property for the
year of Closing and subsequent years shall be paid by Seller.

     9.2 Miscellaneous Closing Costs. The City shall pay the costs associated
with providing the City with the title insurance policy described in Section
3.2. All real estate recording and documentary fees payable in connection with
the purchase and sale of the New Easements shall be paid by the City. Any fee
for closing services which is charged by the Title Company shall be paid by the
City. Except as otherwise expressly provided in this Agreement, the City and
Seller shall pay their own fees and expenses incurred in the preparation,
execution and performance of their respective obligations under this Agreement.

     SECTION 10. INSTALLATION OF DRAINAGE IMPROVEMENTS. The parties have each
had the opportunity to review the "Master Development Drainage Plan for
Creekside Center and Future Apartment Complex" dated July, 2000, Revised August,
2000, Revised September, 2000, Project No. 00019, prepared by Obering Wurth &

                                       3

<PAGE>

Associates (the "Drainage Plan"). The parties agree that Seller shall be
responsible for constructing and paying for any required improvements to the
East side of the Sand Creek Drainage Channel that are described in the Drainage
Report, and that the City shall be responsible for constructing and paying for
any required improvements to the West side of the Sand Creek Drainage Channel.
The timing of the City's installation of the required improvements to the West
side of the Sand Creek Drainage Channel shall be as set forth in the September
12, 2000, letter from Richard Dressel to David Lethbridge, a copy of which is
attached hereto as Exhibit F.

     SECTION 11. DEFAULT AND REMEDIES. In the event of default by any of the
parties to this Agreement, Seller and the City agree as follows:

     11.1 Default by the City. If City shall default in the performance of its
obligations hereunder, Seller shall have the right to enforce this Agreement
through an action for specific performance or damages, or both.

     11.2 Default by Seller. If Seller shall default in the performance of its
obligations hereunder, the City shall have the right to enforce this Agreement
through an action for specific performance or damages, or both.

         SECTION 12. BROKERS.  Seller  represents and warrants to the City that,
no broker or finder  has been  engaged by Seller in  connection  with any of the
transactions  contemplated  by this  Agreement.  Seller  further  represents and
warrants  that no person or entity,  now  claims or will  claim any  commission,
finder's  fee  or  other  amounts  by,  through,  under  or as a  result  of any
relationship with Seller because of such  transactions.  The City represents and
warrants to Seller  that no broker or finder has been  engaged by either of them
in connection with any of the transactions  contemplated by this Agreement.  The
City  further  represents  that no  person or  entity  claims or will  claim any
commission,  finder's fee or other amounts by, through,  under or as a result of
any relationship with either of them because of such transactions.

     SECTION 13. MISCELLANEOUS.

     13.1 Notices. All notices required or permitted under this Agreement shall
be given by nationally recognized overnight courier, for "next day" delivery,
with all delivery costs paid, or by hand delivery, directed as follows:

          If intended for Seller, to:

                   Bishop Powers, Ltd.
                   716 College View Drive
                   Riverton, WY 82501
                   Attn:  Robert E. Thrailkill

          If intended for the City, to:

                   Director, Water Resources Department
                   Colorado Springs Utilities
                   30 South Nevada, Suite 603
                   Colorado Springs, CO 80903

          with a copy to:

                   Colorado Springs Utilities
                   General Counsel's Office
                   30 South Nevada, Suite 603
                   Colorado Springs, CO  80903

                                       4

<PAGE>

          with a copy in each case to:

                   Flynn McKenna Wright & Karsh, llc
                   Plaza of the Rockies, Suite 202
                   111 South Tejon
                   Colorado Springs, Co 80903
                   Attn:  R. Tim McKenna

Any notice delivered by overnight carrier in accordance with this paragraph
shall be deemed to have been duly given when delivered. Any notice which is hand
delivered shall be effective upon receipt by the party to whom it is addressed.
Either party, by notice given as above, may change the address to which future
notices should be sent.

     13.2 Successors and Assigns. This Agreement shall be binding upon and shall
inure to the benefit of the parties hereto and their respective heirs,
executors, personal representatives, successors and permitted assigns.

     13.3 Entire Agreement. This Agreement, together with the exhibits attached
hereto, constitutes the entire agreement between Seller and Purchaser, and may
not be modified in any manner except by an instrument in writing signed by both
parties.

     13.4 Headings. The section and subsection headings contained in this
Agreement are inserted only for convenient reference and do not define, limit or
proscribe the scope of this Agreement or any exhibit attached hereto.

     13.5 Counterparts. This Agreement may be executed in any number of
counterparts which together shall constitute one and the same instrument.

     13.6 Unenforceable Provisions. If any provision of this Agreement, or the
application thereof to any person or situation shall be held invalid or
unenforceable, the remainder of this Agreement, and the application of such
provision to persons or situations other than those to which it shall have been
held invalid or unenforceable, shall continue to be valid and enforceable to the
fullest extent permitted by law.

     13.7 Time of the Essence. Time is strictly of the essence with respect to
each and every term, condition, obligation and provision of this Agreement, and
the failure to timely perform any of the terms, conditions, obligations or
provisions hereunder by either party shall constitute a breach of and a default
under this Agreement by the party so failing to perform. In calculating any
period of time provided for in this Agreement, the number of days allowed shall
refer to calendar and not business days. If any day scheduled for performance of
any obligation hereunder shall occur on a weekend or holiday, the time period
allowed and day for performance shall be continued to the next business day.

     13.8 Waivers. No waiver by either party of any provision hereof shall be
effective unless in writing or shall be deemed to be a waiver of any other
provision hereof or of any subsequent breach by either party of the same or any
other provision.

     13.9 Governing Law; Construction of Agreement. This Agreement shall be
governed by and construed in accordance with the laws of the State of Colorado.
Seller and Purchaser and their respective counsel have reviewed, revised and
approved this Agreement.

     13.10 Recording. This Agreement shall not be recorded by either party
hereto. A Memorandum of Agreement, in a form identical to the one attached
hereto as Exhibit G, shall be recorded in the records of the Clerk and Recorder
of El Paso County, Colorado. City agrees to execute and deliver to Seller a
Release of Memorandum which shall be held in an escrow at Security Title
Guaranty Co., until the earlier to occur of the following events: (i) such time
as the Phase 2 Closing contemplated by the Agreement occurs, in which event the
Release of Memorandum shall be returned to the City at the Phase 2 Closing; or,

                                       5

<PAGE>

(ii) this Agreement terminates prior to the Phase 2 Closing, or the City fails
to close at the Phase 2 Closing pursuant to the Agreement, in which events the
Release of Memorandum shall be delivered to Seller and Seller may thereafter
record the Release of Memorandum in the records of the Clerk and Recorder of El
Paso County, Colorado.

     13.11 Old Easement. The City agrees that Seller shall have the right to
make full use of the property (the "Old Easement Property") that is subject to
the Old Easements, including, without limitation, the right, in, across and
longitudinally along the Old Easement Property, to lay, construct, maintain,
operate, alter, repair, patrol, remove, change the size of and replace, at any
time or from time to time, (a) one or more additional public or private
utilities improvements and appurtenances thereto; (b) private or public
roadways, streets, walking or bicycle pathways, and motor vehicle parking, and
(c) landscaping improvements. Seller shall not perform or permit by other
persons or entities construction of the work within the Old Easement Property
without thirty (30) days prior written notice to the City. At Seller's request,
the City shall execute and deliver to Seller a document in recordable form
confirming the foregoing rights with respect to the Old Easement Property.

     13.12 Survival of Provisions. To the extent applicable, all of the
representations, covenants,

              [the remainder of this page intentionally left blank]

                                       6

<PAGE>

indemnifications and agreements contained in this Agreement, shall survive
Closing.

     13.13 Telecopy Signatures. A signature of a party on this Agreement
provided by telecopy shall have the same effect as an original signature.

This Agreement for Conveyance of Easement has been executed as of the date first
written above.

                      SELLER:

                              Bishop Powers, Ltd.,a Colorado limited partnership
                              By:  Bishop Capital Corporation, a Wyoming
                                   corporation, its General Partner

                                    By:  /s/  Robert E. Thrailkill
                                       -------------------------------------
                                              Robert E. Thrailkill
                                              President

                      CITY:

                              City of Colorado Springs, on behalf of its
                              enterprise, Colorado Springs Utilities

                                    By:  /s/  Gary M. Bostrom
                                       -------------------------------------
                                              Gary M. Bostrom
                                              ISD Manager

APPROVED AS TO FORM:
By:  /s/  Jane Fredman
   -------------------------------
          Jane Fredman
          UTILITIES GENERAL COUNSEL

                                       7

<PAGE>

                                    EXHIBIT A
                                       to
                      Agreement for Conveyance of Easement

                     Legal Description of Seller's Property

North Tract:

South Tract:

                                       8

<PAGE>

                                    EXHIBIT B
                                       to
                      Agreement for Conveyance of Easement

                         Legal Description Old Easement

North Tract:

          Those easements recorded in Book 3196 at Page 719 (A portion
          quitclaimed in Book 3242 at Page 972), Book 5356 at Page 5, and in
          Book 5039 at Page 451, all in the records of the Clerk and Recorder of
          El Paso County, Colorado.

South Tract:

          The easement recorded in Book 3196 at Page 719 in the records of the
          Clerk and Recorder of El Paso County, Colorado.

                                       9

<PAGE>

                                    EXHIBIT C
                                       to
                      Agreement for Conveyance of Easement

                            Easement Agreement No. 1

                                       10

<PAGE>

                                    EXHIBIT D
                                       to
                      Agreement for Conveyance of Easement

                            Easement Agreement No. 2

                                       11

<PAGE>

                                    EXHIBIT E
                                       to
                      Agreement for Conveyance of Easement

                                   Park Parcel

                                       12

<PAGE>

                                    EXHIBIT F
                                       to
                      Agreement for Conveyance of Easement

                        Letter from Dressel to Lethbridge

                                       13

<PAGE>

                                    EXHIBIT G
                                       to
                      Agreement for Conveyance of Easement

                             MEMORANDUM OF AGREEMENT

     This Memorandum of Agreement is entered into as of September 29, 2000, by
and between Bishop Powers, Ltd., a Colorado limited partnership ("Seller"), the
City of Colorado Springs, a Home Rule City and Municipal Corporation on behalf
of its enterprise, Colorado Springs Utilities (collectively, the "City").

Seller and the City entered into an "Agreement for Conveyance of Easement" (the
"Agreement") dated September 29, 2000. The Agreement sets forth the terms and
conditions upon which the Seller has agreed to grant to the City construction
and permanent easements for certain utility purposes with respect to the
property described on Exhibit 1 attached hereto (the "Property"). The purchase
price for the easements is $117,200.50. This Memorandum is being recorded in the
real property records of El Paso County, Colorado to provide record notice to
all parties of the existence of the Agreement and its affect with respect to the
Property. The Agreement should be considered to be in full force and effect
unless a release of memorandum, referring to this Memorandum and signed by the
City and the Seller, is recorded in the real property records of El Paso County,
Colorado. Notwithstanding the above, the closing for the conveyance by the
Seller to the City of the easements on the Property is to take place, by the
terms of the Agreement, no later than January 31, 2001.

                           SELLER:

                                    Bishop Powers, Ltd.,a Colorado limited
                                    partnership
                                    By:  Bishop Capital Corporation, a Wyoming
                                         corporation, its General Partner

                                    By:  /s/  Robert E. Thrailkill
                                       ----------------------------------------
                                              Robert E. Thrailkill
                                              President

                           CITY:

                                    City of Colorado Springs, on behalf of its
                                    enterprise, Colorado Springs Utilities

                                    By:  /s/  Gary Bostrom
                                       ----------------------------------------
                                              Gary Bostrom
                                              ISD Manager

                                       14

<PAGE>

STATE OF WYOMING            )
                            )  ss.
COUNTY OF FREMONT           )

     The foregoing instrument was acknowledged before me this 29 day of
September, 2000, by Robert E. Thrailkill, who is the President of Bishop Capital
Corporation, a Wyoming corporation, the General Partner of Bishop Powers, Ltd.,
a Colorado limited partnership.

                  Witness my hand and official seal.
                  My commission expires: 03-02-03.

                                                 By:  /s/  Sherry L. Moore
                                                    ---------------------------
                                                           Sherry L. Moore
                                                           Notary Public

STATE OF COLORADO           )
                            )  ss.
COUNTY OF EL PASO           )

     The foregoing instrument was acknowledged before me this 29 day of
September, 2000, by Gary M. Bostrom as ISD Manager of the City of Colorado
Springs, on behalf of its enterprise, Colorado Springs Utilities.

                  Witness my hand and official seal.
                  My commission expires:  5-22-2004.

                                                 By:  /s/  Linda Collum
                                                    ---------------------------
                                                           Linda Collum
                                                           Notary Public

                                       15

<PAGE>

                                    Exhibit 1

                          Legal Description of Property
                          -----------------------------

                                       16

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