Document:

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                                                                    EXHIBIT 10.7

                        BRITTANY BAY AT ANDROS ISLE, LTD.

                          LIMITED PARTNERSHIP AGREEMENT

                                 January , 1998

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                                TABLE OF CONTENTS

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         <S>               <C>                                                                              <C>

         SECTION 1.        DEFINITIONS AND PRINCIPLES OF CONSTRUCTION........................................1
             1.1.          DEFINED TERMS.....................................................................1
             1.2.          PRINCIPLES OF CONSTRUCTION........................................................7

         SECTION 2.        FORMATION, EXPENSE OF FORMATION...................................................8
             2.1.          FORMATION.........................................................................8
             2.2.          EXPENSES OF FORMATION AND ACQUISITION.............................................8

         SECTION 3.        NAME..............................................................................8

         SECTION 4.        PURPOSE...........................................................................8

         SECTION 5.        TERM..............................................................................9

         SECTION 6.        PRINCIPAL PLACE OF BUSINESS.......................................................9

         SECTION 7.        CAPITAL...........................................................................9
             7.1.          CAPITAL ACCOUNTS..................................................................9
             7.2.          CONTRIBUTIONS OF BUILDER.........................................................10
             7.3.          CONTRIBUTIONS OF THE LIMITED PARTNER.............................................11
             7.4.          CONTRIBUTIONS OF BAV.............................................................11
             7.5.          ADDITIONAL CONTRIBUTIONS.........................................................11
             7.6.          INTEREST ON CAPITAL..............................................................12
             7.7.          WITHDRAWALS OF CAPITAL...........................................................12
             7.8.          NEGATIVE CAPITAL ACCOUNTS........................................................12
             7.9.          INSTITUTIONAL LOANS..............................................................12
             7.10.         SEPARATE OBLIGATIONS.  ..........................................................12
             7.11.         FAILURE TO CONTRIBUTE.  .........................................................13

         SECTION 8.        ALLOCATION OF PROFITS AND LOSSES.................................................14
             8.1.          DETERMINATION....................................................................14
             8.2.          ALLOCATION OF PROFITS AND LOSSES.................................................14
             8.3.          SPECIAL ALLOCATIONS..............................................................15
             8.4.          ALLOCATION AND PROPORTION........................................................16
             8.5.          TAX STATUS.......................................................................16
             8.6.          BASIS INFORMATION................................................................16
             8.7.          TAX MATTERS PARTNER..............................................................16

         SECTION 9.        DISTRIBUTIONS, BOOKS AND RECORDS AND AUDITS......................................16
             9.1.          DISTRIBUTIONS OF NET CASH FLOW...................................................16
             9.2.          GUARANTY.........................................................................17
             9.3.          LIQUIDATING DISTRIBUTIONS........................................................18
             9.4.          BOOKS AND RECORDS................................................................18
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         <S>               <C>                                                                              <C>
             9.5.          AUDITS...........................................................................18
             9.6.          REPORTS AND STATEMENTS...........................................................19
             9.7.          LOAN TO THE PARTNERS.............................................................20

         SECTION 10.       DEVELOPMENT OF THE PROPERTY......................................................21
             10.1.         FULL COST DEVELOPMENT BUDGET.....................................................21
             10.2.         DEVELOPMENT AND MARKETING AGREEMENT..............................................21
             10.3.         BUILDER FEES.....................................................................21
             10.4.         OVERHEAD REIMBURSEMENT FEES......................................................21
             10.5.         SALES CONTRACTS..................................................................22

         SECTION 11.       MANAGEMENT.......................................................................22
             11.1.         MANAGEMENT CONCEPT...............................................................22
             11.2.         GENERAL PARTNER REPRESENTATIVES..................................................22
             11.3.         MANAGEMENT COMMITTEE MEETINGS....................................................22
             11.4.         TIME LIMITS FOR EXERCISE OF APPROVAL RIGHTS......................................23
             11.5.         STANDARDS OF APPROVAL............................................................23
             11.6.         DOCUMENT EXECUTION.  ............................................................23
             11.7.         CONTROL OF PARTNERSHIP...........................................................23
             11.8.         DESIGNATION OF PROJECT...........................................................24

         SECTION 12.       INSURANCE........................................................................24
             12.1.         INSURANCE TO BE MAINTAINED.......................................................24
             12.2.         FORM OF POLICIES.................................................................24

         SECTION 13.       DEFAULT..........................................................................25
             13.1.         BUILDER EVENTS OF DEFAULT........................................................25
             13.2.         CONSEQUENCES OF BUILDER DEFAULT..................................................26

         SECTION 14.       LIMITED PARTNERS.................................................................26
             14.1.         LIMITATION OF LIABILITIES OF LIMITED PARTNERS....................................26
             14.2.         NO CONTROL OF BUSINESS OR RIGHT TO ACT FOR PARTNERSHIP...........................26
             14.3.         NO PRIORITY......................................................................27

         SECTION 15.       SALE, ASSIGNMENT, TRANSFER OR OTHER DISPOSITION..................................27
             15.1.         TRANSFER OF GENERAL PARTNER'S INTEREST...........................................27
             15.2.         TRANSFER OF LIMITED PARTNERSHIP INTERESTS........................................28

         SECTION 16.       TERMINATION AND DISSOLUTION......................................................31
             16.1.         EVENTS RESULTING IN TERMINATION AND DISSOLUTION..................................31
             16.2.         MANAGEMENT DURING LIQUIDATION....................................................31
             16.3.         PARTNER'S RIGHT TO BID FOR ASSETS................................................32
             16.4.         RECONSTITUTION OF PARTNERSHIP AFTER WITHDRAWAL OF THE
                           LAST REMAINING GENERAL PARTNER...................................................32
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         <S>               <C>                                                                              <C>
             16.5.         DEATH, INCOMPETENCE, BANKRUPTCY OR DISSOLUTION OF A LIMITED PARTNER..............32

         SECTION 17.       REPRESENTATIONS AND  WARRANTIES..................................................32
             17.1.         REPRESENTATIONS, WARRANTIES AND COVENANTS OF BUILDER.............................32
             17.2.         REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE LIMITED PARTNER.................36
             17.3.         REPRESENTATIONS, WARRANTIES AND COVENANTS OF BAV. ...............................37

         SECTION 18.       PERMITTED TRANSACTIONS AND CONFLICTS.............................................38
             18.1...........................................................................................38
             18.2...........................................................................................38

         SECTION 19.       INDEMNIFICATION AND CONTRIBUTION.................................................38
             19.1.         INDEMNIFICATION BY THE PARTNERSHIP...............................................38
             19.2.         INDEMNIFICATION BY GENERAL PARTNERS..............................................39
             19.3.         CONTRIBUTION.  ..................................................................39
             19.4.         LIABILITY OF GENERAL PARTNERS TO LIMITED PARTNER.................................39

         SECTION 20.       MISCELLANEOUS....................................................................39
             20.1.         NOTICE...........................................................................39
             20.2.         PARTITION........................................................................41
             20.3.         GOVERNING LAW....................................................................41
             20.4.         SUCCESSORS.......................................................................41
             20.5.         PRONOUNS.........................................................................41
             20.6.         CAPTIONS NOT PART OF AGREEMENT...................................................41
             20.7.         SEVERABILITY.....................................................................41
             20.8.         COUNTERPARTS.....................................................................41
             20.9.         ENTIRE AGREEMENT AND AMENDMENT...................................................41
             20.10.        EXHIBITS.........................................................................42
             20.11.        ATTORNEYS' FEES..................................................................42
             20.12.        FURTHER ASSURANCES...............................................................42
             20.13.        EQUITABLE REMEDIES...............................................................42
             20.14.        FORCE MAJEURE....................................................................42
             20.15.        NO THIRD PARTY RIGHTS............................................................42
             20.16.        BROKERS..........................................................................42
             20.17.        SURVIVAL.........................................................................42
             20.18.        RELIANCE ON EXPERTS..............................................................43
             20.19.        SUBMISSION TO JURISDICTION.......................................................43
             20.20.        REMEDIES CUMULATIVE: NO WAIVER...................................................43
             20.21.        NO WAIVER........................................................................43
             20.22.        CONFIDENTIALITY..................................................................43
             20.23.        CONSTRUCTION.....................................................................43
             20.24.        DISPUTE RESOLUTION...............................................................43
             20.25.        WAIVER OF TRIAL BY JURY..........................................................44
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                          LIMITED PARTNERSHIP AGREEMENT

                                       OF

                        BRITTANY BAY AT ANDROS ISLE, LTD.

         This Limited Partnership is entered into as of January _________, 1998,
by and between ZUCKERMAN HOMES AT ANDROS ISLE, INC., a Florida corporation
("Builder") and BANKATLANTIC VENTURE PARTNERS 3, INC., a Florida corporation
("BAV") and BANKATLANTIC DEVELOPMENT CORPORATION, a Florida corporation
("Limited Partner").

         WHEREAS, the parties hereto desire to form a limited partnership under
the laws of the State of Florida under the name Brittany Bay at Andros Isle,
Ltd. (the "Partnership") for the term and upon the conditions set forth below.

         NOW, THEREFORE, in consideration of the mutual promises hereafter set
forth, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:

         SECTION 1. DEFINITIONS AND PRINCIPLES OF CONSTRUCTION.

         1.1.     DEFINED TERMS. Any capitalized terms used herein shall have
the meaning ascribed to such capitalized terms in this Section 1.1 or as
elsewhere expressly defined in this Agreement. As used in this Agreement, the
following terms shall have the following meanings (such meaning to be equally
applicable to both the singular and plural forms of the terms defined):

         "Act of Insolvency" shall mean, with respect to a Person, the
occurrence of any of the following events (including, in the case of Person that
is a general or limited partnership, the occurrence of any of the following with
respect to any general partner of such Person):

                  (i)      the dissolution or liquidation of such Person, except
         in the case of a dissolution or liquidation of a Partner
         contemporaneous with a Transfer permitted pursuant to Section 15;

                  (ii)     the making by such Person of an assignment for the
         benefit of its creditors which has not been revoked or reassigned
         within thirty (30) days;

                  (iii)    the commencement by such Person of a voluntary case
         under, or the entry with respect to such Person of an order for relief
         under, any chapter of the Federal Bankruptcy Code (as now or hereafter
         in effect) or the entry with respect to such Person of a similar order
         or decree under any federal or state law, now in existence or hereafter
         enacted, having the same general purpose or effect, if such order or
         decree shall not be vacated within thirty (30) days after the entry
         thereof; or

                  (iv)     the appointment of a receiver, trustee,
         administrator, conservator, sequestrator, liquidator or similar
         official in any federal, state or foreign judicial or nonjudicial
         proceeding,

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         to hold, administer or liquidate all or substantially all of the assets
         of such Person, if such appointment shall not be revoked or terminated
         within thirty (30) days.

         "Additional Capital" shall mean additional capital to be contributed to
the Partnership required to be contributed to the Partnership as provided in
Section 7.5.

         "Additional Conditions" shall mean that (i) as to the initial
contribution as set forth in 7.2.1 and 7.3.1, Builder has obtained the proper
zoning, subdivision and planned unit development approvals, consents, permits
and authorizations and all other permits, approvals, consents and authorizations
of any type and from all governmental entities or authorities (with respect to
the four (4) model lots) ("Model Lots") to be acquired by the Partnership
pursuant to the Purchase Contract and the construction of the Residences thereon
in the manner contemplated for the Project and/or necessary for the Partnership
to obtain building permits for the construction of the Residences to be
constructed on the Model Lots (subject to the payment of applicable permit
fees), (ii) with respect to the additional contribution to be made pursuant to
Sections 7.2.2 and 7.3.2, the Builder has obtained the proper zoning,
subdivision and planned unit development approvals, consents, permits and
authorizations and all other permits, approvals, consents and authorizations of
any type and from all governmental entities or authorities with respect to the
balance of the Lots to be acquired by the Partnership pursuant to the Purchase
Contract ("Balance of the Lots") and the construction of Residences thereon in a
manner contemplated for the Project and/or necessary for the Partnership to
obtain building permits for the construction of the Residences (subject to the
payment of applicable permit fees), (iii) the Partnership and Builder have
executed the Development and Marketing Agreement, (iv) BAV has approved in
writing the Full Cost Development Budget for the Project, (a copy of which is
attached hereto as Exhibit D and made a part hereof), which includes among other
things, the pricing of the Residences, (v) the Management Committee has approved
the terms and conditions of all Property Loans (as defined in Section 7.9) as
more fully described in Section 7.9, (vi) the Management Committee shall have
approved the Full Cost Development Budget; and (vii) BAV shall have approved in
writing the status of title, all due diligence information with respect to the
Project and the plan of development for the Project.

         "Affiliate" shall mean, with respect to a Person, any Person or group
or Persons which, directly or indirectly, Controls, is Controlled by or is under
Common Control with, the specified Person.

         "Agreement" shall mean this Limited Partnership Agreement, as modified,
supplemented or amended from time to time.

         "BAV" shall mean BankAtlantic Venture Partners 3, Inc., a Florida
corporation, as a general partner.

         "BAV Adjusted Capital Contribution" shall mean the capital
contributions of BAV pursuant to Section 7.4 hereof less all distributions made
to BAV pursuant to Section 9.1.3 hereof.

         "BAV Capital Contribution" shall mean all capital contributed to the
Partnership by BAV pursuant to this Agreement.

         "BAV Preference Amount" shall mean an amount, accruing from the Initial
Contribution Date and determined from time to time, equal to ten and one-half
percent (10.5%) per year (cumulative and

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compounded) of the BAV Adjusted Capital Contribution to be paid monthly in
accordance with Section 9.1.1 hereof.

         "Break-up Fee" shall mean the sum of Zero Dollars ($00.00).

         "Builder Adjusted Capital Contributions" shall mean the capital
contributions of Builder less all distributions made to Builder pursuant to
Section 9.1.3.

         "Builder Capital Contribution" shall mean all capital contributed to
the Partnership by Builder pursuant to this Agreement.

         "Builder Preference Amount" shall mean an amount accruing from the
Initial Contribution Date and determined from time to time equal to ten and
one-half percent (10.5%) per year (cumulative and compounded) of the Builder
Adjusted Capital Contribution to be paid monthly in accordance with Section
9.1.1 hereof.

         "Business Day" shall mean any day except Saturday, Sunday and any day
which shall be a legal holiday or a day on which banking institutions are
authorized or required by law or other government action to close in Fort
Lauderdale, Florida.

         "Capital Account" shall have the meaning provided in Section 7.1.

         "Cash Flow"shall mean, for any period, the total cash receipts of the
Partnership for such period including proceeds of loans to the Partnership and
contributions to capital.

         "Code" shall mean the Internal Revenue Code of 1986, as amended from
time to time.

         "Control" shall mean (including, with correlative meaning, the terms
"Controlling," "Controlled by" and "under Common Control with") with respect to
a Person, (i) the beneficial ownership (as defined in Rule 13d-3 under the
Securities and Exchange Act of 1934) of ten percent (10%) or more of the voting
securities of such Person, (ii) the status of being a director, officer,
partner, executor, trustee or other fiduciary of such Person or (iii) the
possession, directly or indirectly, of the power to direct or cause the
direction of the management or policies of such Person, whether through the
ownership of voting securities, by contract or otherwise.

         "Default Loans" shall have the meaning set forth in Section 7.11.

         "Development and Marketing Agreement" shall mean that certain
development and marketing agreement by and between the Partnership and Builder
or an Affiliate thereof, a copy of which is attached as Exhibit A.

         "Fiscal Year" shall mean each year ended December 31.

         "Full Cost development Budget" shall have the meaning provided in
Section 10.

         "GAO Fee" or "Builder Fee" shall mean those fees to be paid to Builder
as a reimbursement of its general and administrative overhead as provided in
Section 10.3.

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         "General Partners" shall mean the Builder and BAV, or any other person
or entity that succeeds either of them in such capacity as permitted by this
Agreement.

         "Gross Sales Price of a Residence Closed" shall mean the gross dollar
amount paid or payable by purchasers pursuant to purchase contracts in
connection with the sale of Residences (and related land) by the Partnership
without deduction for any expenses or costs of sales, cost of construction or
cost of the land, including, without limitation, interest and other carrying
costs.

         "Indemnifying Partner" shall have the meaning provided in Section
19.2.1.

         "Initial Contribution Date" shall mean the date upon which BAV and the
Limited Partner make their initial contribution to the Partnership and shall be
the earlier to occur of (i) July 31, 1998; or (ii) a date which is the later to
occur of the date upon which BAV approves or is deemed to have approved the
title commitment, survey and appraisal to be prepared and delivered pursuant to
Section 17.1.11; and the satisfaction (as determined by BAV) by Builder of all
of the Additional Conditions, other than the additional condition referred to in
(ii) of the definition of the Additional Conditions.

         "Interest" shall mean the entire interest a Partner has in Partnership
Profits, Losses, capital and loans owed by the Partnership to such Partner.

         "Limited Partner" shall mean BankAtlantic Development Corporation, a
Florida corporation, and any other person who may be admitted to the Partnership
as an additional or substituted Limited Partner.

         "Limited Partner Adjusted Capital Contribution" shall mean the capital
contributions of Limited Partner pursuant to Section 7.3 hereof less all
distributions made to Limited Partner pursuant to Section 9.1.3 hereof.

         "Limited Partner Capital Contribution" shall mean all capital
contributed to the Partnership by Limited Partner pursuant to this Agreement.

         "Limited Partner Preference Amount" shall mean an amount, accruing from
the Initial Contribution Date and determined from time to time, equal to ten and
one-half (10.5%) per year (cumulative and compounded) of the Limited Partner
Adjusted Capital Contribution to be paid monthly in accordance with Section
9.1.1 hereof.

         "Losses" shall mean Partnership loss, deductions, credits or items
thereof as described in Section 704(b) of the Code. Such term shall not include
items of loss or deduction allocated pursuant to Section 8.3.3 or 8.3.4
hereafter or any amount which is subject to Section 704(c) of the Code.

         "Management Committee" shall have the meaning provided in Section 11.

         "Net Cash Flow" shall mean, for any period, Cash Flow for such period
less, (i) all payments in such period of operating expenses of the Partnership,
including interest on loans of the Partnership, excluding any expenses not
involving cash expenditures (such as amounts charged for depreciation and
amortization), (ii) all payments in such period on account of the principal
amount of any loans to the Partnership, (iii) all payments in such period of
expenses by the Partnership for capital expenditures in

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connection with the development and construction of the Partnership Property,
(iv) the payment in full of all principal and interest under any Default Loans,
and (v) the Working Capital Reserve.

         "Net Profits" shall mean total gross cash receipts, excluding the
proceeds of any loans or capital contributions, of the Partnership less all cash
expenditures of the Partnership, excluding payments of loan principal,
distributions of Net Cash Flow pursuant to Section 9.1 and the Builder Fee.

         "Notice" shall have the meaning provided in Section 20.1.

         "Overhead Reimbursement Fee" shall mean those fees to be paid to BAV as
a reimbursement of the general and administrative overhead as provided in
Section 10.4.

         "Partner Nonrecourse Debt" shall have the meaning provided in Section
8.3.4.

         "Partner Nonrecourse Deduction" shall have the meaning provided in
Section 8.3.4.

         "Partner Nonrecourse Minimum Gain" shall have the meaning provided in
Section 8.3.4.

         "Partner Representative" shall have the meaning provided in Section
11.2.

         "Partners" shall refer, collectively, to the General Partners and the
Limited Partner. Reference to the "Partner" shall be to any one of them.

         "Partnership" shall refer to Brittany Bay at Andros Isle, Ltd., a
Florida limited partnership.

         "Partnership Act" shall mean the Revised Uniform Limited .Partnership
Act of the State of Florida.

         "Permitted Encumbrances" shall mean those certain liens, charges,
encumbrances, exceptions and/or reservations listed on Exhibit B hereto to which
the Property is either subject at the time of its conveyance to the Partnership
or to which the Property will be subject after conveyance; provided such
exceptions have been approved by BAV and the Limited Partner.

         "Permitted Transfer" shall mean those transfers of Interests permitted
by Sections 15.1 and 15.2 hereof.

         "Permitted Transferee" shall mean, with respect to BAV or the Limited
Partner, any Person of which BAV has beneficial ownership (as defined in Rule
13d-3 of the Securities and Exchange Act of 1934) of more than 80 percent of the
Voting Interests therein, and in the case of BAV or the Limited Partner, shall
specifically include BankAtlantic, F.S.B., BankAtlantic Bancorp, Inc., BFC
Financial Corporation and/or any Person controlling, Controlled by, or under
common Control with BAV, the Limited Partner, BankAtlantic, F.S.B., BankAtlantic
Bancorp, Inc. or BFC Financial Corporation.

         "Person" shall mean any individual, partnership, joint venture, firm,
corporation, association, trust or other enterprise or any government or
political subdivision or any agency, department or instrumentality thereof.

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         "Project" shall mean the ninety (90) single family duplex residential
development and related amenities as described in Section 4 hereof.

         "Profits" shall mean Partnership income, gain or items thereof as
described in Section 704(b) of the Code. Such term shall not include any items
of income or gain specifically allocated pursuant to Sections 8.3.2, 8.3.3 or
8.3.4 hereof or any amount which is subject to Section 704(c)of the Code.

         "Property" shall mean the real property legally described on Exhibit C.

         "Regulations" shall mean the Income Tax Regulations promulgated under
the Code as such Regulations may be amended from time to time.

         "Residences" shall mean the ninety (90) single family duplex residences
which will be constructed on the Property in accordance with the plans and
specifications as are approved in writing by the Management Committee and in
accordance with all laws, ordinances, codes and regulations in effect from time
to time having jurisdiction over the Property and which shall be sold to third
party purchasers.

         "Residence Closed" or "Residence Closing" shall mean the closing of the
sale of a Residence, and shall be deemed to occur upon the earlier of the date
at which payment in full for such Residence is received by the Partnership or
legal title passes from the Partnership to the purchaser and the purchase price
is paid from such purchaser to the Partnership.

         "State" shall mean the State of Florida.

         "Substitute Representative" shall have the meaning provided in Section
11.2.

         "Tax Matters Partner" shall have the meaning provided in Section 8.7.

         "Transfer" shall mean any sale, assignment, pledge, encumbrance,
hypothecation, disposition, gift or other transfer (or the sufferance of any of
the foregoing to occur), whether voluntarily or involuntarily, by operation of
law or otherwise.

         "Voting Interests" shall mean, with respect to a Person, the securities
or other membership interests of all classes the holders of which are
ordinarily, in the absence of contingencies, entitled to elect the directors or
Persons performing similar functions of such Person.

         "Withdrawal" shall refer to (i) the resignation of a General Partner
from the Partnership, (ii) the transfer, sale, assignment, pledge, encumbrance
or other disposition of a General Partner's Interest (but not any pledge or
assignment by a General Partner of its beneficial interest in any fees due to it
or distributions under this Agreement) other than to a Permitted Transferee, or
(iii) the dissolution (which is not followed by a reconstitution), liquidation
or bankruptcy of a General Partner. For purposes of this definition, bankruptcy
of a General Partner shall be deemed to occur when such General Partner is
voluntarily adjudicated a bankrupt or insolvent, or seeks, consents to or does
not contest the appointment of a receiver or trustee for itself or for all or
any part of its property, or files a petition seeking relief under the
bankruptcy, arrangement, reorganization or other debtor relief laws of the
United States or any state or any other competent jurisdiction, or makes a
general assignment for the benefit of creditors, or admits in writing an
inability to pay its debts as they may mature, or a petition is

<PAGE>

filed against a General Partner seeking relief under the bankruptcy,
arrangement, reorganization or other debtor relief laws of the United States or
any state or other competent jurisdiction, or a court of competent jurisdiction
enters an order, judgment or decree appointing, without consent of such General
Partner, a receiver or trustee for it, or for all or any part of its property,
and such petition, order, judgment or decree shall not be and remain discharged
or stayed within a period of thirty (30) days after its entry. "Withdraw" shall
mean the taking or suffering of any action constituting a Withdrawal. Withdrawal
shall not include (i) an assignment, pledge, encumbrance or transfer of a
General Partner's interest in the Partnership to any entity as collateral
security for any loans made to the Partnership, directly or indirectly, by such
entity or any financial institution or (ii) the sale, transfer or assignment by
a General Partner of its interest in the Partnership to a Permitted Transferee,
provided that such General Partner remains liable for its obligations under this
Agreement.

         "Working Capital Reserves" shall mean the reserves retained by the
Partnership in the amount indicated under the caption "working capital
reserves," or like heading, on the Full Cost Development Budget, as may be
increased or decreased by the Management Committee from time to time.

         1.2.     PRINCIPLES OF CONSTRUCTION.

                  1.2.1.   All references to sections, schedules and exhibits
         are to sections, schedules and exhibits in or to this Agreement unless
         otherwise specified. The words "hereof," "herein" and "hereunder" and
         words of similar import when used in this Agreement shall refer to this
         Agreement as a whole and not to any particular provision of this
         Agreement.

                  1.2.2.   All accounting terms not specifically defined herein
         shall be construed in accordance with generally accepted accounting
         principles consistently applied.

         SECTION 2. FORMATION, EXPENSE OF FORMATION.

         2.1.     FORMATION. The parties hereto hereby enter into and form the
Partnership as a limited partnership for the limited purposes and scope set
forth in this Agreement. The Partnership shall be governed by the Partnership
Act, as from time to time amended, except as expressly provided herein to the
contrary. The General Partners shall promptly file the certificate of limited
partnership and such other documents in such public offices in the State or
other appropriate jurisdiction as shall be required under the law of the State
or that of any other jurisdiction to give effect to the provisions of this
Agreement and to preserve the character of the Partnership as a limited
partnership.

         2.2.     EXPENSES OF FORMATION AND ACQUISITION.

                  2.2.1.   Each Partner shall bear its personal expenses
         incurred in connection with the acquisition of its partnership
         interest, except as otherwise expressly provided herein. The
         Partnership shall bear the expenses of its formation, including, but
         not limited to, filing and registration expenses in the State.

                  2.2.2.   In the event this Agreement is terminated prior to
         the date that the initial contributions are made to the Partnership,
         then Builder and Guarantor shall pay to BAV the Break-up Fee (if any)
         within ten (10) days of the termination of the Partnership.

<PAGE>

                  2.2.3.   Normal costs associated with acquiring the Property
         and transferring title to the Project to the Partnership shall be paid
         by the Partnership.

                  2.2.4.   Normal costs associated with the Partnership's sale
         of the Residences, including, without limitation, title costs,
         recording fees and transfer fees shall be paid by the Partnership, or
         such party dealing therewith, in accordance with the usual custom for
         property located in Palm Beach County, Florida.

         SECTION 3. NAME.

         The business and affairs of the Partnership shall be conducted solely
under the name of "Brittany Bay at Andros Isle, Ltd." The Partnership shall
execute and file all assumed or fictitious name or similar certificates required
to be filed under applicable law.

         SECTION 4. PURPOSE.

         The purpose of the Partnership shall be to acquire and own the Property
subject to the Permitted Encumbrances and to construct, develop, market, sell
and dispose of ninety (90) Residences to be located in the Andros Isle
development in Palm Beach County, Florida, and to engage in all other activities
included within the scope of such acquisition, construction, development,
marketing, selling and disposition. The powers and purposes of the Partnership
shall be limited strictly to such acquisition, ownership, construction,
development, marketing, selling and disposition of the Property and warranty
work and other matters incidental to the foregoing for the production of income
and profits in accordance with the terms of this Agreement. Such powers and
Purposes shall not be extended by implication or otherwise except by the written
agreement of the Partners, The "development and marketing of the Property" shall
mean and include the payment of all ad valorem taxes, assessments and other
governmental impositions relating thereto, the preparation of plans for the
development of the Property, the obtaining of all zoning and other governmental
approvals and authorizations necessary or appropriate to develop the Property,
the obtaining of all tests and inspections necessary to develop the Property in
the manner contemplated hereby, the construction of the improvements, the
arranging and obtaining of financing for such development, the development of
Residences and related improvements, and thereafter the marketing, sale and
conveyance of such Residences to buyers.

         SECTION 5. TERM.

         The term of the Partnership shall commence on the date hereof and
shall, unless sooner terminated pursuant to the terms hereof, terminate twenty
(20) years therefrom.

         SECTION 6. PRINCIPAL PLACE OF BUSINESS.

         The principal place of business of the Partnership shall be c/o
Zuckerman Brothers, Inc., 6650 NW 41st Street, Coral Springs, Florida 33067, or
such other place as may from time to time be determined pursuant to the terms
hereof.

         SECTION 7. CAPITAL.

<PAGE>
         7.1.     CAPITAL ACCOUNTS. The Partnership shall establish and maintain
for each Partner a capital account (a "Capital Account") in accordance with
Section 1.704-1(b) of the Regulations. The Capital Account of a Partner shall be
increased by:

                  (i)      the amount of any cash and the net fair market value
         of any property contributed to the Partnership by the Partner;

                  (ii)     the amount of Profits allocated to the Partner; and

                  (iii)    a Partner's pro rata share (determined in the same
         manner as such Partner's share of Profits) of any other amount received
         by the Partnership during such year which is exempt from federal income
         tax.

         The Capital Account of a Partner shall be reduced by:

                  (i)      the amount of any cash and the net fair market value
         of property distributed to the Partner by the Partnership;

                  (ii)     the amount of Losses allocated to the Partner; and

                  (iii)    a Partner's pro rata share (determined in the same
         manner as such Partner's share of Losses) of any other expenditures of
         the Partnership which are not deductible in computing the Partnership's
         taxable income and not properly capitalized.

         This Section 7.1 and all other provisions of this Agreement relating to
the maintenance of Capital Accounts are intended to comply with the requirements
of Section 1.704-1(b) of the Regulations. Consequently, Capital Account
adjustments and any other adjustments which are required to cause Partner's
Capital Accounts to be maintained in accordance with Section 1.704-1(b) of the
Regulations, such as the rule of Section 1.704-1(b)(2)(d) of the Regulations
which controls the Capital Account adjustments for income, gains, losses and
deductions specially allocated pursuant to Section 704(c) of the Code, shall be
made from time to time as necessary. The Partners shall be given Notice of any
adjustments made pursuant to the preceding sentence.

         7.2.     CONTRIBUTIONS OF BUILDER. The Builder shall make the following
contributions to the capital of the partnership:

                  7.2.1.   On of before the Initial Contribution Date, Builder
         (i) shall be deemed to have contributed an amount equal to the expenses
         previously incurred by Builder on behalf of the Partnership as of the
         Initial Contribution Date to the extent such expenses have been
         approved in writing by BAV ("Initial Approved Expenses"), and (ii)
         shall contribute its rights and the rights of Zuckerman Brothers, Inc.
         ("Brothers") to acquire the Property pursuant to that certain Builder
         Purchase and Sale Agreement between Andros Isle Limited Partnership and
         The Zuckerman Group, Inc. ("Group") dated July 17, 1997 (as Group's
         interest have been assigned to Brothers) ("Purchase Contract"),
         whereupon as of the Initial Contribution Date, based on such
         contributions set forth in this Section 7.2.1, the Builder shall be
         deemed to have an initial capital contribution equal to the Initial
         Approved Expenses.

<PAGE>
                  7.2.2.   On or before the date that the Partnership is to
         acquire the Balance of the Lots pursuant to the Purchase Contract, the
         Builder will (i) be deemed to have contributed an amount equal to the
         expenses previously incurred by Builder on behalf of the Partnership
         from and after the Initial Contribution Date through the date that the
         Partnership is to acquire the Balance of the Lots to the extent that
         BAV has approved in writing such expenses ("Additional Approved
         Expenses") and (ii) shall contribute to the capital of the Partnership
         an amount equal to One Hundred Fifty Thousand Dollars ($150,000) less
         the Initial Approved Expenses and Additional Approved Expenses..

                  7.2.3.   Builder shall make additional contributions to the
         capital of the Partnership in an aggregate amount not to exceed Two
         Hundred Fifty Thousand Dollars ($250,000) to fund any Cash Flow
         deficits of the Partnership plus any Additional Capital required to be
         contributed by the Builder to the Partnership pursuant to this
         Agreement. Such additional capital contributions shall be made at such
         times and in such amounts so as to provide sufficient Cash Flow for the
         Partnership to continue its operations.

         7.3.     CONTRIBUTIONS OF THE LIMITED PARTNER. The Limited Partner
shall make the following contributions to the Partnership:

                  7.3.1.   On or before the Initial Contribution Date, provided
         that the Additional Conditions, other than the additional condition
         referred to in (ii) of the definition of the Additional Conditions have
         been fulfilled and provided Builder shall have made its capital
         contribution as required by Section 7.2.1 above, the Limited Partner
         shall contribute Two Hundred Fifty Thousand Dollars ($250,000) to the
         Partnership. The determination of whether the Additional Conditions,
         other than the additional condition referred to in (ii) of the
         definition of the Additional Conditions have been fulfilled shall be in
         the sole determination of the Limited Partner.

                  7.3.2.   On or before the date that the Balance of the Lots
         are to be acquired by the Partnership and provided that the Additional
         Conditions have been fulfilled and the Builder shall make its Capital
         Contribution as required in Section 7.2.2, the Limited Partner shall
         contribute One Million Two Hundred Fifty Thousand Dollars ($1,250,000)
         to the Partnership. The determination of whether the Additional
         Conditions have been fulfilled shall be in the sole discretion of the
         Limited Partner.

                  7.3.3.   The Limited Partner shall make additional
         contributions to the capital of the Partnership in an aggregate amount
         not to exceed $250,000 to fund any Cash Flow deficits of the
         Partnership; provided, however, that the Limited Partner shall not be
         required to make any such additional contribution until such time as
         Builder has made additional contributions to the capital of the
         Partnership in an aggregate amount equal to $250,000 pursuant to 7.2.3
         above. The additional capital contributions of the Limited Partner
         shall be made at such times and in such amounts as is necessary so as
         to provide sufficient Cash Flow for the Partnership to continue its
         operations, but only after Builder has made additional contributions
         equal to $250,000 as provided above.

         7.4.     CONTRIBUTIONS OF BAV. On or before the Initial Contribution
Date, and provided that the Limited Partner shall have made its contribution
pursuant to Section 7.3.1 above,

<PAGE>

BAV shall contribute $100 to the Partnership. BAV shall receive a credit to its
Capital Account equal to the aggregate amount of such capital contributions.

         7.5.     ADDITIONAL CONTRIBUTIONS. In the event that additional
contributions are necessary so as to provide sufficient Cash Flow for the
Partnership to continue operations and the capital contributions pursuant to
Sections 7.2 and 7.3 have previously been made by the respective Partners, then,
at the sole option of the Management Committee, the Management Committee may
notify Builder and the Limited Partner that additional contributions are
required to be made to the Partnership and such additional contributions shall
be made fifty percent (50%) by Builder and fifty percent (50%) by the Limited
Partner. The notice from the Management Committee that additional contributions
are necessary shall specify the amount due from each Partner and the date on
which such additional contribution is due, which date shall not be less than
fifteen (15) days from the date of such notice.

         7.6.     INTEREST ON CAPITAL. Except as otherwise set forth in this
Agreement, no Partner shall be paid interest on its Capital Account.

         7.7.     WITHDRAWALS OF CAPITAL. Except as otherwise provided herein,
no Partner may withdraw capital from the Partnership without the prior written
consent of the Management Committee. No Partner shall have the right to demand
or receive property other than cash in return for its capital contribution
without the prior written consent of the other Partner.

         7.8.     NEGATIVE CAPITAL ACCOUNTS. The obligations of the Partners to
make contributions to the Partnership shall be as herein above set forth. No
Partner shall have any additional obligation to make contributions to the
Partnership by reason of such Partner having a negative balance in its Capital
Account upon liquidation of the Partnership. Each Partner does hereby waive any
rights against the other on account of such Partner having a negative Capital
Account (but the foregoing shall not be deemed to limit the other contribution
obligations of a Partner specifically set forth in this Section 7).

         7.9.     INSTITUTIONAL LOANS. The Partnership has entered or shall
enter into a loan agreement for acquisition and development financing ("A and D
Loan") from BankAtlantic, a federal savings bank ("Lender") for part of the cost
of acquiring and developing the Property. The Partnership has also entered or
shall enter into an agreement for construction financing from Lender for the
cost of constructing the homes (the "Construction Loan"). The commitment letters
with respect to the A&D Loan and Construction Loan are attached hereto and made
a part hereof as Exhibit E. The Construction Loan, the A and D Loan and such
other loans as are approved in writing by the Management Committee (collectively
the "Property Loans". Builder, its Affiliates or Persons Controlling Builder
shall execute such guarantees as are required to obtain such Property Loans. The
Property Loans must be without recourse to the Limited Partner and their
officers, directors, agents, employees, shareholders and partners and shall have
such other terms and provisions which must be reasonably acceptable to BAV. The
Property Loans shall, however, be "with recourse" to the Partnership.

         7.10.    SEPARATE OBLIGATIONS. The parties specifically acknowledge and
agree that BAV and the Limited Partner are acting in their capacity as Partners
in this Partnership pursuant to the express terms and provisions set forth in
this Agreement. Notwithstanding anything contained herein to the contrary, the
parties hereby acknowledge and agree that the fact that BAV and the Limited

<PAGE>

Partner are involved in this transaction, shall not in any way affect their
right and/or the right of Lender or any other Permitted Transferee of BAV or the
Limited Partner to deal with the Partnership in their sole and absolute
discretion in connection with any loans or other transactions which are entered
into by the Partnership and Lender or any Permitted Transferee of BAV or the
Limited Partner, including, but not limited to, the Property Loans ("Other
Transactions"). The Property Loans are independent obligations of the
Partnership (which are guaranteed by Builder) to the Lender. It is specifically
acknowledged and agreed that in connection with the Other Transactions, (i) the
fact that BAV and/or the Limited Partner are involved in this Partnership shall
not in any way affect the obligations of the Partnership to Lender or any other
Permitted Transferee of BAV or the Limited Partner pursuant to the Other
Transactions, nor do the Partners or the Partnership expect to receive any
concessions as the result thereof; (ii) the acts of Lender or any other
Permitted Transferee of BAV or the Limited Partner pursuant to the Other
Transactions are independent and separate from any obligation of BAV and/or the
Limited Partner pursuant to the terms of this Agreement; and the Partners and
the Partnership do hereby release, remise, acquit and forever discharge Lender
and any other Permitted Transferee of BAV or the Limited Partner in connection
with any claims that it is a joint venturer with the Partnership in connection
with Other Transactions and that the only joint venture will be with respect to
the interests of BAV and the Limited Partner pursuant to the express terms and
provisions of this Agreement. Additionally, the Partners and the Partnership do
hereby remise and release Lender and any Permitted Transferee of BAV or the
Limited Partner in connection with any claim for lender liability or claims that
such Partners or the Partnership would be entitled to concessions, extensions or
otherwise be entitled to rights which are not expressly provided for as being
the obligation of Lender or any Permitted Transferee of BAV or the Limited
Partner pursuant to the express terms of such Other Transactions. The Partners
and the Partnership acknowledge and agree that Lender and any other Permitted
Transferee of BAV or the Limited Partner shall have the right, in their sole and
absolute discretion, to enforce the terms and provisions of all such Other
Transactions acting in its sole and best interest as it determines, in its sole
and absolute discretion, without regard to the fact that BAV and/or the Limited
Partner are partners in the Partnership.

         7.11.    FAILURE TO CONTRIBUTE. In the event that any Partner shall
fail to make all or any portion of such Partner's required capital contribution
to the capital of this Partnership as set forth in this Agreement within seven
(7) days after written notice by any General Partner that such capital
contribution is due, then such Partner shall be "in default" of this Agreement
("Defaulting Partner"). In the event of such default, the other Partners shall
have the right (but not the obligation) to elect to convert the capital
contribution which it made to a loan and to advance as a loan to the Partnership
the amount equal to the capital contribution that such Defaulting Partner failed
to make (collectively "Default Loan"). The Partners electing to make such
Default Loan hereunder are hereinafter referred to as "Lending Partners." The
Lending Partners shall determine amongst themselves the proportion in which the
Default Loan shall be made, or, if they fail to agree, then pro rata based on
their relative percentage Interests in the Partnership. In the event the Lending
Partners have advanced such monies as a Default Loan to the Partnership, then
and in such event, the following shall be applicable, (i) such Default Loan
shall be a demand loan which shall bear interest at eighteen percent (18%) per
annum ("Default Rate"); (ii) all monies paid as repayment of such Default Loan
shall first be applied to the costs and expenses of the Lending Partners,
including attorneys' fees and costs with respect to such Default Loan which
shall bear interest at the Default Rate from and after the date any such
expenses are incurred to and through the date such monies are repaid, secondly
toward accrued and unpaid interest and finally, toward the outstanding principal
balance; (iii) interest on the Default Loan shall be due and payable monthly and
all such interest shall be deemed an expense of the Partnership, which monthly

<PAGE>

interest payment to the Partners hereby agree shall be paid by the Partnership,
which monthly interest payment the Partners hereby agree shall be paid by the
Partnership and such monthly obligation shall be set forth on all budgets,
projections of the Partnership; and (iv) the Default Loan may be called in whole
or in part at any time.

                  The remedies heretofore set forth are in addition to and not
in lieu of any and all other legal and equitable remedies that may be available
to the Partnership and/or the Lending Partners in the event of a default by any
Defaulting Partner, including, but not limited to, the right of the Builder to
sue the Limited Partner for compensatory damages in the event that the Limited
Partner shall wrongfully fail to contribute the contributions required to be
contributed by the Limited Partner pursuant to Sections 7.3.1 and 7.3.2 to the
extent the Additional Conditions have been satisfied as provided in those
Sections. With respect to the foregoing remedies, the Lending Partners and the
Partnership shall have the right to pursue same on a cumulative basis, no action
seeking any single remedy constituting an election or in any way precluding the
Lending Partners or the Partnership from simultaneously or thereafter pursuing
any other remedies.

         SECTION 8. ALLOCATION OF PROFITS AND LOSSES.

         8.1.     DETERMINATION. The Profits and Losses of the Partnership shall
be determined for each Fiscal Year in accordance with the method of accounting
selected by the Management Committee and otherwise in accordance with income tax
accounting principles and procedures as provided in the Code, applied in a
consistent manner.

         8.2.     ALLOCATION OF PROFITS AND LOSSES. Subject to Section 8.3,
Profits and Losses shall be allocated among the Partners at the end of each
Fiscal Year in the following manner:

                  8.2.1.   Losses shall be allocated to the Partners on a pro
         rata basis in accordance with respective positive Capital Account
         balances of the Partners until capital Account balances are zero and
         thereafter 60% to Builder, 39.9% to the Limited Partner and .1% to BAV.

                  8.2.2.   Profits shall be allocated among the Partners in the
         following order of priority:

                           8.2.2.1. First, Profits shall be allocated to each
                  Partner until the cumulative Profits allocated to each Partner
                  pursuant to this Section 8.2.2.1 equals the cumulative Losses
                  allocated to each Partner pursuant to Section 8.2.1, in the
                  order and amounts in which such losses were previously
                  allocated.

                           8.2.2.2. Second, Profits in an amount equal to the
                  cumulative amount of Net Cash Flow previously distributed to
                  the Limited Partner and BAV pursuant to Section 9.1.1, reduced
                  by the cumulative amount of Profits previously allocated to
                  the Limited Partner and BAV pursuant to this Section 8.2.2.2,
                  shall be allocated to the Limited Partner and BAV.

                           8.2.2.3. Third, all remaining Profits shall be
                  allocated to the Partners in amounts equal to distributions of
                  Net Cash Flow made pursuant to Section 9.1.4 hereof inclusive
                  of Net Cash Flow otherwise distributed to Builder but which
                  was retained by the Partnership to meet Working Capital
                  Reserves, reduced by the cumulative amount of Profits
                  previously allocated to Builder pursuant to this Section
                  8.2.2.3, shall be allocated to Builder.

<PAGE>

                           8.2.2.4. To the extent there are Profits to be
                  allocated in an amount greater than the allocations required
                  by Sections 8.2.2.1 through 8.2.2.3, such Profits shall be
                  allocated 60% to Builder, 39.9% to the Limited Partner and .1%
                  to BAV.

         8.3.     SPECIAL ALLOCATIONS.

                  8.3.1.   Limitation on Loss Allocations. Losses allocated to
         any Partner pursuant to Section 8.2 shall not exceed the maximum amount
         of Losses that can be so allocated without causing the Capital Account
         of such Partner to have a deficit Capital Account balance (after giving
         effect to Regulation Section 1.704-1(b) (2) (ii) (d) (4), (5) and (6))
         which exceeds the sum of (i) the amount of such deficit the Partner is
         obligated to restore, and (ii) the amount of such deficit the Partner
         is deemed to be obligated to restore pursuant to the penultimate
         sentence of Regulation Section 1. 704-2(g)(1) and Regulation Section 1.
         704-2(i) (5) Any special allocation made under this Section 8.3.1 shall
         be taken into account for purposes of determining subsequent
         allocations of Profits and Losses, so that the total allocations will,
         to the extent possible, equal the allocations which would have been
         made if this Section 8.3.1 was not included in this Agreement.

                  8.3.2.   Qualified Income Offset. Notwithstanding any other
         provision of this Agreement, except Section 8.3.3 hereof, in the event
         any Partner unexpectedly receives an adjustment, allocation or
         distribution described in Regulation Section 1.704-l(b)(2)(ii)(d)(4),
         (5) or (6) which results in such Partner having a deficit Capital
         Account balance (after giving effect to Regulation Section
         1.704-1(b)(2)(ii)(d)(4), (5) and (6)) or otherwise has a deficit
         Capital Account balance which exceeds the sum of (i) the amount of such
         deficit no Partner is obligated to restore, and (ii) the amount of such
         deficit the Partner is deemed to be obligated to restore pursuant to
         the penultimate sentence of Regulation Section 1.704-2(g)(1) and
         Regulation Section 1.704-2(i)(5), such Partner shall be specially
         allocated items of income or gain in an amount and manner sufficient to
         eliminate, to the extent required by the Regulations, the deficit in
         such Partner's Capital Account as quickly as possible. Any special
         allocation made under this Section 8.3.2 shall be taken into account
         for purposes of determining subsequent allocations of Profits and
         Losses, so that the total allocations will, to the extent possible,
         equal the allocations which would have been made if this Section 8.3.2
         was not included in this Agreement.

                  8.3.3.   Nonrecourse Deductions, Minimum Gain Chargeback.
         Nonrecourse deductions shall be allocated 60% to Builder, 39.9% to the
         Limited Partner and .1% to BAV. Notwithstanding any other provision of
         this Agreement, if there is a net decrease in Partnership minimum gain
         (as defined in Regulation Section 1.704-2 (d)), items of income or gain
         shall be allocated to all Partners in an amount determined as provided
         in Regulation Section 1.704-2(g)(2) and otherwise in accordance with
         Regulation Section 1.704-2(f). This Section 8.3.3 is intended to comply
         with the minimum gain chargeback requirements of Regulation Section
         1.704-2(f) and shall be interpreted consistently therewith. Any special
         allocations made under this Section 8.3.3 shall be taken into account
         for purposes of determining subsequent allocations of Profits and
         Losses so that the total allocations will, to the extent possible,
         equal the allocations that would have been made if this Section 8.3.3
         was not included in this Agreement, provided, however, that in making
         such subsequent allocation of Profit and Loss,

<PAGE>

         there shall be taken into account the likelihood that future
         allocations pursuant to this Section 8.3.3 will affect allocations
         previously made hereunder.

                  8.3.4.   Risk of Loss Allocation. Any item of Partner
         Nonrecourse Deductions (as hereinafter defined) with respect to a
         Partner Nonrecourse Debt (as hereinafter defined) shall be allocated to
         the Partner or Partners who bear the economic risk of loss for such
         Partner Nonrecourse Debt in accordance with Regulation Section
         1.704-2(i). The term "Partner Nonrecourse Deductions" has the meaning
         provided in Regulation Section 1.704-2(i)(2). The term "Partner
         Nonrecourse Debt" has the meaning provided in Regulation Section
         1.704-2(b)(4). Subject to Section 8.3.3 hereto, but notwithstanding any
         other provision of this Agreement, in the event that there is a net
         decrease in minimum gain attributable to a Partner Nonrecourse Debt as
         determined pursuant to Regulation Section 1.7042(i)(3) (such minimum
         gain being hereinafter referred to as "Partner Nonrecourse minimum
         Gain") for a taxable year of the Partnership, then, after taking into
         account allocations pursuant to Section 8.3.3 hereof, but before any
         other allocations are made for such taxable year, each Partner with a
         share of Partner Nonrecourse Minimum Gain attributable to such Partner
         Nonrecourse Debt at the beginning of such year shall be allocated items
         of income and gain for such year (and, if necessary, for subsequent
         years) in an amount equal to such Partner's share (determined in a
         manner consistent with Regulation Section 1.704-2(g) (2)) of the net
         decrease in Partner Nonrecourse Minimum Gain. Any special allocations
         made under this Section 8.3.4 shall be taken into account for purposes
         of determining subsequent allocations of Profits and Losses so that the
         total allocations will, to the extent possible, equal the allocations
         that would have been made if this Section 8.3.4 had not previously
         applied.

         8.4.     ALLOCATION AND PROPORTION. All Profits and Losses of the
Partnership for any Fiscal Year allocable to any Partner who has transferred its
Interest which may have been transferred during such year shall be allocated
between the transferor and the transferee as directed by the transferor Partner
in writing prior to the transfer, provided such method is permitted under the
Code. Any additional cost of computing such allocation shall be paid by the
transferee Partner.

         8.5.     TAX STATUS. Notwithstanding any provision hereof to the
contrary, each Partner hereby recognizes that the Partnership shall be subject
to all provisions of Subchapter K of Chapter I of Subtitle A of the Code.

         8.6.     BASIS INFORMATION. Each Partner agrees to provide the
Partnership all information necessary to determine the tax basis for federal
income tax purposes of its interest in any property contributed to the
Partnership.

         8.7.     TAX MATTERS PARTNER. Builder shall serve as the Partnership's
"Tax Matters Partner" within the meaning of Section 6231(a)(7) of the Code.
Builder shall provide BAV and the Limited Partner with copies of all materials
received by it in such capacity within five (5) Business Days after receipt
thereof and shall consult with BAV with respect to the course of action which
will be taken as a result of the receipt of such materials.

         SECTION 9. DISTRIBUTIONS, BOOKS AND RECORDS AND AUDITS.

         9.1.     DISTRIBUTIONS OF NET CASH FLOW. The Partnership shall
distribute Net Cash Flow in the following order of priority:

<PAGE>

                  9.1.1.   First, on the fifteenth (15th) day of each month
         following the date on which Builder, BAV, and the Limited Partner make
         their respective initial capital contribution pursuant to Sections
         7.2.1, 7.4 and 7.3.1, Builder, BAV and the Limited Partner shall
         receive (pro rata) all Net Cash Flow until all Builder Preference
         Amount, BAV Preference Amount and the Limited Partner Preference Amount
         have been paid to Builder, BAV and the Limited Partner;

                  9.1.2.   Second, pro rata, to the Limited Partner, BAV and
         Builder Net Cash Flow in excess of the amounts required to be
         distributed pursuant to Section 9.1.1 until the aggregate amount
         distributed under this Section 9.1.2 to the Limited Partner equals the
         Limited Partner Adjusted Capital Contribution, the aggregate amount
         distributed under this Section 9.1.2 to BAV equals the BAV Adjusted
         Capital Contribution and until the aggregate amount distributed under
         this Section 9.1.2 to the Builder equals the Builder Capital
         Contribution; provided, however, that the amount distributed to the
         Partners pursuant to this Section 9.1.2 shall be reduced and retained
         by Partnership as necessary to cause the cash reserves of the
         Partnership to equal or exceed the Working Capital Reserve.

                  9.1.3.   Fourth, Net Cash Flow shall be distributed 60% to
         Builder, 39.9% to the Limited Partner and .1% to BAV; provided,
         however, that the amount distributed to each Partner pursuant to this
         Section 9.1.3 shall be reduced and retained by the Partnership as
         necessary to cause the cash reserves of the Partnership to equal or
         exceed the Working Capital Reserve.

         9.2.     GUARANTY. Andrew Zuckerman ("A. Zuckerman"), David Zuckerman
("D. Zuckerman"), Steven Zuckerman ("S. Zuckerman"), all being principals of
Builder and residing in the State of Florida, Builder and Zuckerman Brothers
Inc., a Florida corporation ("ZBI") (collectively the "Guarantors"), hereby,
jointly and severally, unconditionally, absolutely and irrevocably guarantee to
the Limited Partner and BAV the full and complete performance by Builder of all
of its obligations and duties under this Agreement and all obligations under the
Development and Marketing Agreement, including those Builder has as "Developer"
under such agreement (but shall not be deemed to include any guaranty of cash,
cash flows or return of capital to the Limited Partner anticipated to be made
hereby) and shall be liable to the Limited Partner for loss or damage resulting
therefrom (the"Guaranty"). The Guarantors hereby waive protest and/or notice of
default by the Partnership with respect to this Guaranty and agree that, in the
event of a default by Builder under this Agreement or the Guaranty set forth in
this Section 9.2, the Limited Partner may proceed against anyone or all of
Builder, ZBI, A. Zuckerman, D. Zuckerman and S. Zuckerman and may do so without
first proceeding against Builder. In addition, Builder, ZBI, D. Zuckerman, S.
Zuckerman and A. Zuckerman shall be deemed to be jointly and severally in
default under this Guaranty upon the occurrence of a Builder Event of Default
(as hereinafter defined). The Guaranty shall not be affected by any modification
or amendment of this Agreement, except if specifically agreed to by the Limited
Partner in writing; The Guaranty shall continue in full force and effect unless
and until the termination of the Partnership pursuant to Section 16 hereof (and
shall survive such termination to the extent the obligations being guaranteed
have not been satisfied as of such termination). As security for this Guaranty,
Builder hereby grants to the Limited Partner a collateral assignment of all of
Builder's right, title and interest in and to its Interest in the Partnership.
In the event of a default under the Guaranty as provided herein, the Limited
Partner shall have (i) the right to foreclose upon the Interest, in which case
the Limited Partner will hold the Builder's Interest directly and be entitled to
all of the rights of Builder with

<PAGE>

respect hereto; provided, however, that the Builder's Interest shall
automatically convert to a limited partnership interest and the Limited Partner
shall have no right to participate in the management of the Partnership and (ii)
the rights of a secured creditor under the Uniform Commercial Code.
Notwithstanding anything in this Agreement to the contrary, upon the occurrence
of a default under the Guaranty, the provisions of this Section 9.2 shall be
available at the option of the Limited Partner, in conjunction with the
provisions of Section 13. The Guarantors and Builders agree to execute such
reasonable documents as the Limited Partner may request from time to time to
evidence and perfect the security interests and guaranties set forth in this
paragraph.

         9.3.     LIQUIDATING DISTRIBUTIONS. Notwithstanding Section 9.1, upon
termination and dissolution of the Partnership under Section 16, all Partnership
assets remaining after payment of all Partnership debts and other obligations
shall be distributed to the Partners as a liquidating distribution in proportion
to, and to the extent of, their positive Capital Account balances after taking
into account all allocations of Profits and Losses and specifically allocated
items of income, gain, loss and deduction pursuant to Section 8 of this
Agreement, which would occur if all Partnership assets were sold at their fair
market value. For purposes of this Section 9.3 a "liquidating distribution"
shall be the distribution of the proceeds from the last sale of the Property or
the distribution in-kind of all of the Partnership's assets.

         9.4.     BOOKS AND RECORDS. The Management Committee shall maintain or
cause to be maintained, in accordance with generally accepted accounting
principles applied in a consistent manner, accurate books and records of account
in which shall be entered all matters relating to the Partnership, including all
income, expenditures, assets and liabilities. Such books and records shall be
maintained at the Partnership's principal place of business or at such other
location as may be designated by the Management Committee from time to time.
Each Partner shall, at all times, subject to reasonable notice, have the right
to inspect and copy the books and records of the Partnership.

         9.5.     AUDITS. In the event any Partner shall request an audit, the
Partnership shall have an audit of its books and records made each Fiscal Year
by a firm of certified public accountants selected by the Management Committee.
Each Partner shall be furnished with a copy of such accountant's audit report,
including a balance sheet, a statement of the Capital Accounts, a statement of
cash flows and a statement of income, together with a certificate of such
accountants covering the result of such audit, as soon as reasonably practical
after the close of such Fiscal Year. If no Partner requests an audit, no audit
shall be performed.

                  At the option of BAV, the financial statements of the
Partnership shall be audited in accordance with generally accepted accounting
principles and by an auditor reasonably acceptable to BAV; provided, however,
that if BAV requests that the financial statements be audited, then BAV and the
Limited Partner would be responsible for 75% of the fees and costs of such
auditors in preparing the audit while the Builder would be responsible for the
remaining 25% of the fees and costs of the auditor in preparing the audit. The
amount payable by the Partners pursuant to this section shall be deducted from
any distributions and payable to the Partners, or, if no distribution is payable
as of the date that the fees and costs are due and payable to the auditor, then
the Partners will contribute to the capital of the Partnership the amount so
payable by such Partner. The fees and costs of the auditor in preparing the
audit shall be specially allocated to the Partners in accordance with the
foregoing, which special allocation shall be made prior to any allocations
otherwise provided for in this Agreement.

         9.6.     REPORTS AND STATEMENTS.

<PAGE>

                  9.6.1.   Within ninety (90) days after the end of each of the
         Partnership's Fiscal Years, the General Partners shall, at the expense
         of the Partnership, cause to be delivered to the Limited Partners the
         following financial statements:

                           9.6.1.1. A balance sheet of the Partnership as of the
                  end of such Partnership's Fiscal Year; and

                           9.6.1.2. A profit and loss statement for such
                  Partnership accounting year.

                  The General Partners shall accompany such financial statements
with such other information as, in the judgment of the General Partners, may be
reasonably necessary for the Limited Partners to be advised of the financial
status and results of operations of the Partnership.

                  9.6.2.   During the entire term of the Project, Developer
         shall provide the Partnership and each of the Partners with the
         following reports:

                           9.6.2.1. A weekly summary of sales and traffic at the
                  Project.

                           9.6.2.2. A monthly sales and marketing report
                  detailing a traffic report, list of Residences sold and
                  Residences under construction.

                           9.6.2.3. A monthly color-coded site plan showing all
                  of the Residences to be sold, all Residences sold and closed
                  in one color, Residences sold and under construction in
                  another color.

                           9.6.2.4. A monthly balance sheet for the Partnership.

                           9.6.2.5.A monthly and year to date income statement,
                  and operating cash flow statement for the Partnership.

                           9.6.2.6. A quarterly comparison of the original Full
                  Cost Development Budget to the combination of actual costs and
                  the costs to complete the Project.

                           9.6.2.7. A monthly production report detailing the
                  status of the construction of the Residences at the Project
                  which shall be provided to the Partners and the Lender.

                           9.6.2.8. A quarterly list of aged accounts payable.

                           9.6.2.9. Within ninety (90) days after the end of
                  each fiscal year of the Partnership, an income statement,
                  balance sheet, and operating cash flow statement for the
                  Partnership.

                           9.6.2.10. Within ninety (90) days after the end of
                  each fiscal year, an income statement, balance sheet, and
                  operating cash flow statement for the Developer.

                           9.6.2.11. A copy of the tax return for the
                  Partnership within ninety (90) days of the end of the
                  Partnership's Fiscal Year.

<PAGE>

                           9.6.2.12. Within ten (10) days from the annual
                  expiry, a copy of the Project's insurance policy as detailed
                  in Section 9.1.1.

                           9.6.2.13. An annual written report detailing the
                  status of bonds or letters of credit (if any) which may have
                  been pledged for the development of the Property or
                  construction of the Residences or other amenities.

         9.7.     LOAN TO THE PARTNERS. Provided that Partnership funds are
available as reasonably determined by BAV, the Partnership shall loan funds to
the Partners in an amount equal to the tax liabilities to be incurred by the
Partners as a result of their investment in the Partnership. Such loan shall be
made on or before the date payment of such tax liabilities by the Partners is
due and without interest and shall be repaid by the Partners on December 31 of
the year in which the Partners shall have received all distributions due them
pursuant to Sections 9.1.1, 9.1.2, 9.1.3 and 9.1.4 and the Overhead
Reimbursement Fee required to be paid pursuant to Section 10.4 below.

         9.8.     BANK ACCOUNTS. Unless otherwise agreed to by the Management
Committee, all bank accounts of the Partnership shall be maintained at
BankAtlantic, F.S.B. The bank accounts of the Partnership shall require the
co-signature of one representative of each General Partner with respect to any
disbursement (i) in excess of Twenty-Five Thousand Dollars ($25,000) for payment
of "soft costs" (i.e. any fees and related costs, architects, accountants,
attorneys, surveyors and similar costs); (ii) in excess of Seventy-Five Thousand
Dollars ($75,000) for the payment for hard costs unless the payment is to a
construction escrow and (iii) for any payment to a Partner or affiliate of any
Partner, including the payment of the fees to Developer and/or TAZ Construction,
Inc. pursuant to construction contract between the Developer and TAZ
Construction, Inc. Except as set forth in Paragraph 13.2(ii), and in this
Section 9.8, all bank accounts of the Partnership shall only require the
signature of any one of the Partner Representatives or Substitute Representative
for any disbursements. To the extent that the provisions of Section 13.2(ii) are
applicable, then all bank accounts of the Partnership shall require the
co-signature of one Partner Representative or Substitute Representative of BAV
and one Partner Representative or Substitute Representative of Builder before
any amount or expenditure can be paid out of the operating account.

         SECTION 10. DEVELOPMENT OF THE PROPERTY.

         10.1.    FULL COST DEVELOPMENT BUDGET. The Full Cost Development Budget
shall be presented to the Management Committee in accordance with Section 11.1
and shall, upon approval, be attached hereto and made a part hereof as Exhibit
D. The Management Committee will implement the Full Cost Development Budget in
accordance with the terms thereof and the terms of this Agreement. The
Management Committee is authorized to revise the Full Cost Development Budget
from time to time to the extent the Management Committee, in its sole
discretion, deems necessary. The Builder shall be permitted to make expenditures
which vary from the Full Cost Development Budget, (as modified in writing by the
Management Committee) provided the aggregate of all variations from the Full
Cost Development Budget shall not exceed four percent (4%) of the entire Full
Cost Development Budget (the "Permitted Variances"), without such authorization
from the Management Committee.

<PAGE>

         10.2.    DEVELOPMENT AND MARKETING AGREEMENT. The Partnership shall,
concurrently with the execution of this Agreement, enter into a Development and
Marketing Agreement with Builder or an Affiliate in the form attached hereto as
Exhibit A.

         10.3.    BUILDER FEES.

                  10.3.1.  Builder or an Affiliate shall be paid a GAO Fee in an
         amount equal to three percent (3%) of the Gross Sales Price of each
         Residence Closed payable simultaneous with disbursal of the closing
         proceeds payable to the Partnership in connection with the sale of each
         Residence Closed. Builder shall provide quarterly reports to the
         Partnership with regard to such fees paid pursuant to this paragraph.
         The GAO Fee shall be paid only in connection with Residences which have
         been closed and the purchase price paid to the Partnership. Amounts of
         the GAO Fee payable by the Partnership to Builder or an Affiliate, and
         duties undertaken by Builder or an Affiliate in respect thereof, are
         collectively referred to herein as "Builder Fees."

                  10.3.2.  The GAO Fee shall not be paid to Builder or its
         Affiliate (and payment thereof shall be deferred and subordinated) if,
         at the time such payment would be due: (i) the amounts due BAV and the
         Limited Partner pursuant to Section 9.1.1 and 9.1.2 hereof and the fee
         payable to BAV pursuant to Section 10.4 have not been paid; (ii)
         Builder is otherwise in default in any material respect under this
         Agreement or the Development and Marketing Agreement and such default
         is not cured within ten (10) days after written notice to Builder of
         such default or (iii) there is an uncured default in any material
         respect under any agreement pertaining to the Project including, but
         not limited to, agreements with the applicable government unit or
         agreements or instruments relating to the financing of the Project.

         10.4.    OVERHEAD REIMBURSEMENT FEES. BAV shall be paid an Overhead
Reimbursement Fee in an amount equal to one percent (1%) of the Gross Sales
Price of each Residence Closed payable simultaneous with disbursal of the
closing proceeds payable to the Partnership in connection with the sale of each
Residence Closed ("Overhead Reimbursement Fee").

         10.5.    SALES CONTRACTS. The form and content of the sales contracts
for the sale and purchase of individual Residences is subject to the prior
approval of BAV. All such contracts shall require deposits ("Escrow Deposits")
in the amount of ten percent (10%) of the purchase price from the prospective
purchaser of a Residence unless otherwise agreed by BAV or unless the
prospective Purchaser is qualified to receive a mortgage in excess of ninety
percent (90%) of the purchase price in which event the deposit shall be equal to
the purchase price less the approved mortgage amount. Such Escrow Deposits shall
be held in escrow by an escrow agent reasonably satisfactory to BAV. It is
expressly understood and agreed that the Escrow Deposits shall be held in escrow
and Builder shall not be permitted to use such Escrow Deposits in connection
with the construction of the Residences unless (i) the prospective purchaser has
waived in writing the requirement that the Deposit be held in escrow, (ii) he
waiver by the prospective purchaser and the use of the funds by Builder complies
with all applicable laws and with the terms of the Property Loans, and (iii)
Builder is in compliance with and not in default under any of the terms of the
Limited Partnership Agreement.

         SECTION 11. MANAGEMENT.

         11.1.    MANAGEMENT CONCEPT. Subject to Sections 11.7 and 13, the
overall management and control of the business and affairs of the Partnership
shall be vested in the General

<PAGE>

Partners. The General Partners shall conduct the business and affairs of the
Partnership through the Management Committee and otherwise in accordance with
the terms of this Agreement.

         11.2.    GENERAL PARTNER REPRESENTATIVES. Each General Partner shall
appoint at all times and from time to time (i) two (2) representatives (a
"Partner Representative"), and (ii) one substitute representative (a "Substitute
Representative") who may, from time to time, replace or act for a Partner
Representative, for purposes of making any decision required of the Partnership
hereunder. Each Partner Representative and Substitute Representative shall be a
natural person and shall be reasonably available for discussions and
consultations relating to the business of the Partnership on Business Days
during normal business hours. Each General Partner represents and warrants that
its respective Partner Representatives and Substitute Representative shall have
full authority to act on its behalf at meetings of the Management Committee or
otherwise to bind such General Partner. Each General Partner may, upon Notice to
the other General Partner at any time and from time to time, appoint, substitute
and replace a Partner Representative or Substitute Representative. The Partner
Representatives (or Substitute Representative) of the Partners together shall
constitute the management committee of the Partnership (the "Management
Committee"). The initial Partner Representatives and Substitute Representative
of Builder shall be A. Zuckerman, S. Zuckerman and D. Zuckerman, respectively.
The initial Partner Representatives and Substitute Representative of BAV shall
be John E. Abdo, Frank Abdo and Seth M. Wise, respectively.

         11.3.    MANAGEMENT COMMITTEE MEETINGS. A Partner Representative or
Substitute Representative may convene a meeting of the Management Committee as
follows: (i) telephonic Management Committee meetings may be convened with three
(3) days Notice unless such notice is waived by all four Partner
Representatives, and (ii) other meetings may be convened either (x) in the
manner agreed upon in writing from time to time by the Management Committee, or
(y) in the absence of any such agreement, by giving each other Partner
Representative fourteen (14) days' Notice. The General Partner calling a meeting
of the Management Committee shall use reasonable efforts to provide the other
General Partner with an agenda for the meeting at the time Notice of the meeting
is given. Notice of a meeting may be waived in writing at any time or from time
to time by a Partner Representative or Substitute Representative, whether before
or after the time of such meeting. Attendance of a Partner Representative or
Substitute Representative at a meeting of the Management Committee shall
constitute a waiver of Notice of such meeting, except where the Partner
Representative or Substitute Representative attends a meeting for the express
purpose of objecting, at the beginning of the meeting, to the transaction of any
business because the meeting is not properly called or convened. Attendees shall
be deemed present at any meeting of the Management Committee held by conference
telephone or similar communication equipment by means of which all Persons
participating in the meeting can continuously hear and speak to each other. A
quorum of the Management Committee shall consist of one (1) Partner
Representative or one (1) Substitute Representative of each General Partner.
Approval of decisions by the Management Committee shall require the consent of
the Partner Representatives or Substitute Representatives of each General
Partner present at a meeting of the Management committee at which a quorum is
present. A Partner Representative of Builder shall act as Chairman of all
meetings of the Management Committee and a Partner Representative of BAV shall
serve as Secretary. The Secretary shall keep a book of minutes of all Management
Committee meetings in which shall be recorded the time and place of all
meetings, the names of those present and the proceedings. The Management
Committee shall also keep a formal record of all of its decisions and
determinations made without holding a Management Committee meeting. Each General
Partner represents that it will use its best efforts to have a Partner
Representative or Substitute Representative present at all regular and properly
noticed special meetings

<PAGE>

of the Management Committee. Notwithstanding the foregoing, any action of the
Management Committee requiring a vote of the Management Committee may be taken
by unanimous written consent of the Partner Representatives without a meeting.
In the event of a telephonic meeting, approval shall be confirmed in writing
within the time limits provided in Section 11.4.

         11.4.    TIME LIMITS FOR EXERCISE OF APPROVAL RIGHTS. Whenever in this
Agreement the consent or approval of either General Partner is required, unless
a different time limit is provided in this Agreement, such consent or approval
shall be promptly considered and acted upon and shall be deemed disapproved if
not given within ten (10) Business Days after Notice of the item to be approved
or disapproved.

         11.5.    STANDARDS OF APPROVAL. Except as otherwise provided herein,
consent or approval shall not be unreasonably withheld. However, whenever in
this Agreement any General Partner is given the right to consent or refuse to
consent or to approve or disapprove in its sole discretion, it may disapprove
arbitrarily and without reason or refuse to consent arbitrarily and without any
reason and need not specify in writing any reason therefor.

         11.6.    DOCUMENT EXECUTION. All documents required to be executed by
the Partnership shall be signed by a Builder Partner Representative or
Substitute Representative and a BAV Partner Representative or Substitute
Representative; provided, however, that the Management Committee may, in
writing, delegate the execution of a document to an authorized agent of the
Partnership.

         11.7.    CONTROL OF PARTNERSHIP. Notwithstanding any other provision of
this Agreement (except Section 13 which shall control upon the occurrence of a
Builder Event of Default), if:

                  (i)      without the other General Partner's prior consent,
         which may be withheld in a General Partner's sole discretion, a General
         Partner's interest in the Partnership shall become subject to any lien,
         pledge, security interest or other encumbrance without the prior
         written consent of each General Partner and such lien, pledge, security
         interest or encumbrance not discharged within thirty (30) days; or

                  (ii)     any General Partner commits an Act of Insolvency; or

                  (iii)    any General partner transfers its interest in the
         Partnership without the prior written consent of the other General
         Partner whenever such consent is required by the terms of this
         Agreement.

then in any such event, the other General Partner (a "Controlling Partner") may,
at its option, designate itself a Controlling Partner, in which event from and
after the exercise of such option, all actions to be taken or decisions to be
made by the Partnership with respect to the conduct of the Partnership's
business may thereafter be taken or made without the approval of the other
General Partner which is not a Controlling Partner or the Partner Representative
or Substitute Representative thereof.

         11.8.    DESIGNATION OF PROJECT. The project as developed on the
Property shall be designated as "Brittany Bay at Andros Isle." The Limited
Partner may utilize the name of the project or the name of Builder in (a)
materials provided to prospective investors in the Limited Partner,

<PAGE>

provided such materials specify and are evidently clear to all such investors
that Builder is in no way responsible for the preparation or content of such
materials or any portion thereof or any exhibit thereto nor has Builder
guaranteed the accuracy of the forecasts or the achievement by the Partnership
of its objectives, or (b) in marketing materials utilized by the Limited
Partner.

         SECTION 12. INSURANCE.

         12.1.    INSURANCE TO BE MAINTAINED. The Partnership shall procure and
maintain in force insurance acceptable in form and content and from insurers
acceptable to the Management Committee which shall, unless otherwise agreed,
include the coverages described on Exhibit F, the premium for which shall be an
expense of the Partnership.

         12.2.    FORM OF POLICIES.

                  12.2.1.  All insurance policies shall be issued in the name of
         the Partnership (and shall name the General Partners), as named
         insured. BAV shall promptly be provided with copies of all issuance
         policies.

                  12.2.2.  Notwithstanding anything else herein to the contrary,
         the Management Committee may, in its sole discretion, provide the
         insurance coverage required pursuant to Section 12.1.1 by including the
         Partnership under the insurance coverage of any Affiliate of a Partner.
         If the Management Committee so elects, the Partnership shall pay to
         such Affiliate its pro rata share of the cost of such coverage, the
         proration to be made in the sole and absolute discretion of such
         Affiliate, provided that in no event shall such prorated cost exceed
         the cost that the Partnership would have paid for such coverage from a
         comparable insurance company to the insurance company providing the
         coverage.

         SECTION 13. DEFAULT.

         13.1.    BUILDER EVENTS OF DEFAULT. The following acts or events shall
constitute "Builder Events of Default":

                  (i)      Any default by the Partnership under the terms of the
         Property Loans (described in Section 7.9) of the Partnership or any
         other loan or indebtedness secured by the Property or an interest in
         the Partnership;

                  (ii)     The failure of the Partnership to make the
         distributions to the Limited Partner and/or BAV pursuant to Sections
         9.1.1, 9.1.2 and 9.1.4 hereof or to pay when due the Overhead
         Reimbursement Fee pursuant to Section 10.4 above;

                  (iii)    The failure of Builder or any Affiliate to make any
         capital contribution required by Section 7.2 or 7.5; to satisfy the
         Guaranty as required by Section 9.2; or to otherwise perform in
         accordance with the terms of this Agreement after five (5) Business
         Days notice of such breach to Builder given by BAV or the Limited
         Partner;

                  (iv)     The breach by Builder or any Affiliate thereof of any
         of its obligations under this Agreement (other than the obligations
         referenced in subsections 13.1(i), (ii), (iii), (v), (vi) or (vii)
         hereof, which shall be governed by the cure periods, if any, contained
         in such subsections)

<PAGE>

         and such breach shall continue or remain uncured twenty (20) days after
         written notice thereof by BAV or the Limited Partner or a breach by
         Builder or any Affiliate thereof the terms of the Development and
         Marketing Agreement attached as Exhibit A (subject to any cure periods
         set forth therein) or the expenditure by the Partnership of amounts in
         excess of that allowed under the Full Cost Development Budget, beyond
         that allowed in Section 10.1 (unless Builder provides all funds or
         other additional costs in excess of the Full Cost Development Budget at
         no cost to BAV or the Limited Partner and without it being considered
         an additional capital contribution;

                  (v)      The occurrence of an event described in subparagraphs
         (i), (ii) or (iii) of Section 11.7;

                  (vi)     The inaccuracy of any of the Representations or
         Warranties set forth in Section 17.1 hereof; or

                  (vii)    The taking of any action by Builder which constitutes
         bad faith, gross negligence or willful misconduct in connection with
         the operation of the Partnership or the Project.

         13.2.    CONSEQUENCES OF BUILDER DEFAULT. Upon the happening of any
Builder Event of Default, BAV shall, in addition to any other rights available
at law or equity, have the right to:

                  (i)      Immediately dissolve the Management Committee and
         take sole control and management of the Partnership, with all rights
         and authority previously granted to the Management Committee pursuant
         to Section 11;

                  (ii)     Require the co-signature of one representative of
         both BAV and Builder before any amount or expenditure can be paid out
         of the Operating Account, as defined in Section 2.12 of the Development
         and Marketing Agreement and before any fees, including, but not limited
         to, the GAO Fee can be paid to Builder pursuant to Section 10.3 hereof;

                  (iii)    Provided Builder has not cured any Builder Event of
         Default within thirty (30) days of the occurrence of such Builder Event
         of Default, Builder's interest in the Partnership shall terminate and
         all right, title and interest in Builder's Partnership Interest shall
         be transferred, at the option of BAV, to BAV or the Limited Partner or
         an Affiliate of either BAV or the Limited Partner. In connection
         therewith, Builder shall be issued a limited partnership Interest in
         the Partnership which shall entitle it to distributions equal to those
         provided by Section 9.1. hereof; provided, however, such distributions
         shall be limited to an amount equal to the Builder Adjusted Capital
         Contribution; further provided, however, that the amount of any
         additional costs incurred by the Partnership to complete the Project as
         the result of, directly or indirectly, the Builder Event of Default
         including without limitation, additional fees payable to any new
         developer and legal fees incurred by the Partnership shall be deducted
         from any such distributions. In addition, upon the occurrence of a
         Builder Event of Default, no further Builder Fees shall be due or
         payable to Builder. Builder shall execute and deliver to BAV any and
         all documents required to execute the Transfer described above in this
         subparagraph (iii). In the event Builder does not for any reason
         execute such transfer documents, Builder hereby grants to BAV a Power
         of Attorney authorizing and empowering BAV to make and execute for

<PAGE>

         Builder and on Builder's behalf, as its attorney in fact, such
         documents or instruments as may be required to effectuate the Transfer
         of all of Builder's right, title and interest in and for its Interest
         as contemplated by this subparagraph (iii). A copy of said Power of
         Attorney is attached hereto as Exhibit G. Builder hereby acknowledges
         that said Power of Attorney is given for valuable consideration coupled
         with an interest and that said Power of Attorney is absolute and
         irrevocable.

         SECTION 14. LIMITED PARTNERS.

         14.1.    LIMITATION OF LIABILITIES OF LIMITED PARTNERS. The Limited
Partner shall not be bound by, or be personally liable for, the expenses,
liabilities or obligations of the Partnership or General Partners and the
liability of the Limited Partner shall be limited solely to the amount of its
contributions to the capital of the Partnership required under the provisions of
section 7.3.

         14.2.    NO CONTROL OF BUSINESS OR RIGHT TO ACT FOR PARTNERSHIP. The
Limited Partner shall take no part in the management, conduct or control of the
business of the Partnership and shall have no right or authority to act for or
on behalf of, or to bind the Partnership.

         14.3.    NO PRIORITY. Except as otherwise specifically set forth
herein, the Limited Partner shall not have the right to demand or receive
property other than cash as a return of his capital contribution or as a
distribution of income. No Limited Partner shall have priority over any other
Limited Partner which may be admitted hereunder either as to the return of his
original contribution of capital to the Partnership or as to distributions.

         SECTION 15. SALE, ASSIGNMENT, TRANSFER OR OTHER DISPOSITION.

         15.1.    TRANSFER OF GENERAL PARTNER'S INTEREST.

                  15.1.1.  Prohibited Transfer. Except as otherwise provided in
         this Section 13 or in Section 15, no General Partner shall Transfer all
         or any part of such Partner's Interest without the prior written
         consent of the other General Partner (which consent may be withheld in
         the sole discretion of a non-transferring General Partner), and any
         such attempt to Transfer such interest shall be void.

                  15.1.2.  Permitted Transfers. Notwithstanding the provisions
         of Section 15.1 hereof, all or any portion of the Interest of a General
         Partner in the Partnership may be Transferred to any Permitted
         Transferee of such General Partner. Such transfer shall not release the
         transferor of liabilities undertaken hereunder.

                  15.1.3.  Admission of Transferee. If a General Partner sells
         or transfers all or any portion of its Interest pursuant to the
         foregoing provisions, the transferee (unless it is already a General
         Partner or unless such transferee is, and then only for so long as it
         continues to be, a Permitted Transferee of the assigning General
         Partner) shall not become a General Partner, but shall merely be an
         assignee of the General Partner's right to receive its share of
         distributions from the Partnership; provided, however, that such
         assignee may become a General Partner if the other General Partner
         approves the admission of such transferee as a General Partner and such
         assignee executes such documents and delivers such legal opinions and
         certificates to the

<PAGE>

         Partnership and the other General Partner as such other General Partner
         deems reasonably necessary or appropriate. If the assigning General
         Partner retains any Interest after the Transfer, it shall continue as a
         General Partner. If so requested by the nontransferring General
         Partner, the transferring General Partner shall obtain, at its expense,
         an opinion of counsel that any transfer does not violate federal or
         state securities laws.

                  15.1.4.  Withdrawals. Each of the General Partners does hereby
         covenant and agree that it will not Withdraw or retire from the
         Partnership, except as a result of a Permitted Transfer of its entire
         Interest pursuant to the terms of this Agreement, and that it will
         carry out its duties and responsibilities hereunder until the
         Partnership is terminated, liquidated and dissolved under Section 16.
         Upon any change in the General Partners of the Partnership as provided
         in this Agreement, the Partners will execute such documents as shall be
         required to amend the Certificate of Limited Partnership to reflect
         such change in the General Partners.

         15.2.    TRANSFER OF LIMITED PARTNERSHIP INTERESTS.

                  15.2.1.  Requirement for Transfer. The Limited Partner shall
         have no right, without the prior written consent of the Management
         Committee, which may be granted or withheld in its sole discretion and
         which need not be exercised in a reasonable manner to Transfer its
         Interest or to substitute a new person or entity as a limited partner
         in its stead. Subject to any restrictions on transferability required
         by law or contained in this Agreement, any Transfer or assignment to
         which the Management Committee shall consent must be effected through a
         written instrument, in a form acceptable to the Management Committee.
         No consent to a Transfer given by the Management Committee shall be
         deemed or considered a release or novation of the transfer or as to any
         obligations of the transferor to the Partnership arising under this
         Agreement otherwise.

                  15.2.2.  Effectiveness of Assignment. The Transfer by a
         Limited Partner of all or part of its Interest shall become effective
         on the first day of the month during which satisfaction of the
         requirements set forth in Section 15.2.1 hereof has occurred and the
         Management Committee has received evidence of such Transfer in form and
         substance reasonably satisfactory to the Management Committee and a
         Transfer fee sufficient to cover all reasonable expenses of the
         Partnership connected with such Transfer.

                  15.2.3.  Requirements for Substitution. No transferee of the
         whole or a portion of a Limited Partner's Interest shall have the right
         to become a substituted Limited Partner in place of his assignor unless
         and until all of the following conditions are satisfied:

                           (i)      a duly executed and acknowledged written
                  instrument of Transfer approved by the Management Committee
                  has been filed with the Partnership setting forth the
                  intention of the transferor that the transferee become a
                  substituted Limited Partner in its place;

                           (ii)     the transferor and transferee execute and
                  acknowledge, and cause such other persons to execute and
                  acknowledge, such other instruments as the Management
                  Committee reasonably deems necessary or desirable to effect
                  such substitution, including without limitation, the written
                  acceptance and adoption by the transferee of the provisions of
                  this Agreement;

<PAGE>

                           (iii)    the written consent of the Management
                  Committee to such substitution shall. be obtained, the
                  granting or denial of which shall be within the sole and
                  absolute discretion of the Management Committee;

                           (iv)     the transferor delivers to the Partnership
                  the written consent of any party whose consent to such
                  substitution is required;

                           (v)      a Transfer fee has been paid to the
                  Partnership sufficient to cover all reasonable expenses in
                  connection with the Transfer and substitution; and

                           (vi)     an appropriate amendment of the certificate
                  of limited partnership has been duly filed and recorded, if
                  necessary. The Management Committee agrees to file such
                  amendment and cause it to be recorded promptly after the
                  conditions specified above in clauses (i) through (v) above
                  have been satisfied.

                  15.2.4.  Permitted Transfer. Notwithstanding anything to the
         contrary contained elsewhere herein, the Limited Partner shall be
         allowed to Transfer its Interest (i) by operation of law pursuant to a
         default on the indebtedness of the Limited Partner secured by its
         Interest, or (ii) with respect to a Transfer to a Permitted Transferee.
         In the event of such default, the appointed representative of the
         holders of such debt secured by the Limited Partner's Interest shall be
         treated, for all purposes hereunder, as a substituted limited partner.
         In the event of a transfer pursuant to Section 15.2.4(ii), the
         Transferee shall be treated for all purposes hereunder, as a
         substituted limited partner.

                  15.2.5.  Blind Option.

                           15.2.5.1. Either BAV and/or the Limited Partner
                  (collectively the "BAV Group") or the Builder ("Builder
                  Group") (the Group initiating this procedure being referred to
                  as the "Initiating Group") shall have the right to invoke a
                  mandatory "blind option" by giving written notice thereof
                  ("Blind Option Notice") to the other, non-initiating group
                  (hereinafter referred to as the "Electing Group"). The Blind
                  Option Notice shall contain (a) an offer to buy ("Offer to
                  Buy") all, but not less than all, the (i) Interests of the
                  Electing Group; (ii) any loans made by the Electing Group to
                  the Partnership ("Partnership Loans") from the Electing Group,
                  which Offer to Buy shall set forth the value of all the
                  Partnership assets as more fully provided in Section 15.2.5.4
                  hereof (referred to as the "Blind Option Price"); and (b) an
                  offer to sell ("Offer to Sell") all, but not less than all,
                  the Initiating Group's Interests and any Partnership Loans
                  made by the Initiating Group (collectively hereinafter
                  referred to as the "Interests") to the Electing Group at the
                  Blind Option Price. The Blind Option Price may not be
                  conditioned in any manner or established as a formula. For
                  purposes of this Article, the applicable Group's Interests
                  shall include the Interest of any Transferee of any Partner
                  of such Group.

                           15.2.5.2. With sixty (60) days from the date in which
                  the Blind Option Notice is given, the Electing Group shall
                  elect either to accept the Offer to Buy or accept the Offer to
                  Sell by giving written notice of such election to the
                  Initiating Group ("Blind Option Election Notice"). The failure
                  of the Electing Group to give the Blind

<PAGE>

                  Option Election Notice within such sixty (60) day period shall
                  be deemed an affirmative election by the Electing Group to
                  accept the Offer to Buy, and a Blind Option Election Notice to
                  that effect shall be deemed given as of the sixtieth (60th)
                  day.

                           15.2.5.3. The Group ultimately purchasing the
                  Interests pursuant to these provisions shall hereinafter be
                  referred to as the "Blind Option Purchaser" and the Group
                  ultimately selling its Interests pursuant to these provisions
                  shall hereinafter be referred to as the "Blind Option Seller."
                  The members of the Group that is the Blind Option Purchaser
                  shall be jointly and severally liable to the purchaser of the
                  Interests of the Blind Option Seller, and the Blind Option
                  Seller may proceed against any one or more of the members of
                  the Group that is the Blind Option Purchaser without any
                  obligation to pursue other members of the Blind Option
                  Purchaser.

                           15.2.5.4. The Blind Option Price to be paid by the
                  Blind Option Purchaser hereunder shall be an amount equal to
                  that which the Blind Option Seller would receive as a
                  distribution pursuant to Section 9.3 hereof if the Partnership
                  assets were sold at the value specified in the Blind Option
                  Notice and the Partnership was terminated and liquidated as of
                  the date of the Blind Option Notice. The Blind Option Price
                  shall be paid by cashier's check or wire transfer at the Blind
                  Option Closing.

                           15.2.5.5. The closing ("Blind Option Closing") under
                  this Article shall be held on a date as agreed upon by the
                  parties, but in no event shall be earlier than the thirtieth
                  (30th) day following the date in which the Blind Option
                  Election Notice is given or deemed given, nor later than the
                  ninetieth (90th) day following the date of the Blind Option
                  Notice. At the Blind Option Closing, each member of the Group
                  that is the Blind Option Seller shall (i) represent and
                  warrant in writing to the Blind Option Purchaser that it is
                  the sole owner of the Interests that it is selling, that such
                  Interests are free and clear of any and all pledges, claims,
                  liens and claims of others (other than the effect of this
                  Agreement) and that it has the full, power, right and
                  authority to consummate the sale of its Interests; and (ii)
                  assign and deliver to the Blind Option Purchaser the Interests
                  so sold, together with all other documents necessary to
                  transfer such interests.

                           15.2.5.6. In the event that a Blind Option Purchaser,
                  through no fault of the Blind Option Seller, breaches its
                  obligations to purchase a Blind Option Seller's Interest in
                  the manner and in the within the time period provided in
                  Section 10.2.5 ("Blind Option Purchaser Default"), such Blind
                  Option Seller, in addition to any other rights and remedies
                  which it may have at law or in equity, may purchase all of the
                  Blind Option Purchaser's interests at an amount per share
                  equal to seventy-five percent (75%) of the Blind Option Price,
                  which sale may be enforced by such Blind Option Seller in
                  equity by a suit for specific performance.

                           15.2.5.7. During the period commencing on the date in
                  which the Blind Option Election Notice is given or deemed
                  given and ending on the date of the Blind Option Closing, the
                  Blind Option Purchaser (i.e., the Builder, if the Builder is
                  the Blind Option Purchaser or BAV, if the BAV Group is the
                  Blind Option Purchaser) shall have the right to exercise all
                  rights of the General Partners hereunder and the consent of
                  the Blind Option Seller shall not be required with respect to
                  any actions. The Partners

<PAGE>

                  hereby agree that the Blind Option Seller shall execute any
                  and all documents reasonably requested by counsel to the
                  Partnership in order to effectuate the foregoing.

                           15.2.5.8. In connection with the Blind Option
                  Closing, the Blind Option Purchaser shall use good faith
                  efforts to obtain the release of the Blind Option Seller (and
                  its principals, if applicable) of any and all agreements
                  (including but not limited to the Property Loans) as to which
                  such Blind Option Seller would have continuing personal
                  liability; provided, however, in the event that the Blind
                  Option Purchaser is not able to obtain such release, then the
                  Blind Option Purchaser shall indemnify and hold the Blind
                  Option Seller (and its principals, if applicable) harmless
                  with respect to all loss, cost and expense, including, but not
                  limited to, attorneys' fees and court costs through all trial
                  and appellate levels that the Blind Option Seller (and its
                  principals, if applicable) would have in connection with such
                  agreements, whereby such Blind Option Seller (and its
                  principals, if applicable) incurred such liability in
                  accordance with the terms and provisions of this Agreement.

         SECTION 16. TERMINATION AND DISSOLUTION.

         16.1.    EVENTS RESULTING IN TERMINATION AND DISSOLUTION. The
Partnership shall be terminated and dissolved upon the happening of any of the
following events:

                  (i)      expiration of the term of the Partnership;

                  (ii)     the Partnership becomes insolvent or bankrupt;

                  (iii)    the written consent of both General Partners;

                  (iv)     the Withdrawal or removal of the last remaining
         General Partner unless the business of the Partnership shall be
         continued in a reconstituted form and another person selected as a
         successor general partner pursuant to Section 16.4 hereof;

                  (v)      the sale or other disposition (including foreclosure)
         of all or substantially all of the Property and the distribution of all
         Partnership assets to the Partners; or

                  (vi)     the failure of the General Partners to extend the
         Initial Contribution Date and the required capital contributions
         required pursuant to Section 7 shall have not occurred.

         16.2.    MANAGEMENT DURING LIQUIDATION. Unless a General Partner shall
have taken control of the Partnership pursuant to Sections 11 and/or 13 hereof,
the Management Committee shall continue to manage the Partnership during the
period of winding up. The Property shall be liquidated as promptly as is
consistent with obtaining at least the fair market value of the assets, and the
liquidation shall be conducted in compliance with law and sound business
practice. The Partners shall be entitled to reimbursement for out-of-pocket
expenses incurred in connection with the winding up and liquidation of the
Partnership. Such reimbursement shall be paid as an expense of the Partnership
after all debts to non Partners have been repaid but before any repayment of
loans or advances to the Partners.

<PAGE>

         16.3.    PARTNER'S RIGHT TO BID FOR ASSETS. Upon the dissolution and
liquidation of the Partnership, any Partner may make a bid or tender an offer on
any of the assets of the Partnership. Those assets bid upon by a Partner shall
not be sold to an outsider unless the bid made by such outsider is upon more
favorable terms and conditions than the highest and best bid of a Partner.

         16.4.    RECONSTITUTION OF PARTNERSHIP AFTER WITHDRAWAL OF THE LAST
REMAINING GENERAL PARTNER. Upon the Withdrawal of the last remaining General
Partner, the Limited Partner shall have the right, by unanimous vote, to elect
to continue the business of the Partnership, in a reconstituted form if
necessary, such right exercisable upon notice to all Partners (including the
last remaining General Partner) within sixty (60) days after the Withdrawal of
the last remaining General Partner, and for this purpose, such Partners owning
more than 50% of the Partnership Interests may vote to elect another person as
successor general partner, such election to be effective at the end of said
60-day period. The Withdrawal of the last remaining General Partner shall not be
effective until the successor general partner shall have taken all steps
necessary to be substituted as a general partner under the laws of the State.

         16.5.    DEATH, INCOMPETENCE, BANKRUPTCY OR DISSOLUTION OF A LIMITED
PARTNER. Upon the death or legal incompetency of an individual Limited Partner,
the liquidation, dissolution or other cessation to exist as a legal entity of a
Limited Partner not an individual, or the insolvency or bankruptcy of any
Limited Partner, the Partnership shall not dissolve or terminate and the
personal representative of such Limited Partner shall have such rights of a
Limited Partner as are necessary for the purpose of settling or managing his
estate or his affairs and the same power as said Limited Partner had to
constitute a transferee of such Limited Partner, but said representative shall
not become a substituted Limited Partner without complying with the requirements
of section 15.

         SECTION 17.  REPRESENTATIONS AND  WARRANTIES.

         17.1.    REPRESENTATIONS, WARRANTIES AND COVENANTS OF BUILDER. Builder
hereby warrants, covenants and represents the following to BAV and the Limited
Partner with full knowledge that BAV and the Limited Partner are acting in
reliance upon same in executing the Agreement and commencing performance
hereunder:

                  17.1.1.   Builder is a corporation duly organized, validly
         existing and in good standing under the laws of the State of Florida.
         Builder has all requisite corporate power and authority to enter into
         and perform this Agreement.

                  17.1.2.  The execution and delivery of this Agreement and the
         consummation of the transactions contemplated hereby have been duly and
         validly authorized by all necessary corporate action on the part of
         Builder and the Persons Controlling Builder. This Agreement has been
         duly executed and delivered by Builder and this Agreement and all
         exhibits and documents executed and delivered by it in connection with
         the consummation of the transactions contemplated hereby constitute
         valid and legally binding and enforceable obligations of Builder.
         Except with respect to the fulfillment of and/or compliance with any
         representation, warranty or covenant contained herein, no consent,
         approval or other action by any governmental authority is required in
         connection with the execution, delivery and performance by Builder of
         this Agreement.

<PAGE>

                  17.1.3.  Neither the execution and delivery of this Agreement
         by Builder nor compliance by Builder with any of the provisions hereof
         will, on and after the Initial Contribution Date, (i) violate or
         conflict with the provisions of Builder's Articles of Incorporation or
         Bylaws, or (ii) violate or conflict with any provisions of, or
         constitute a default (or any event which, with Notice of lapse of time
         or both, would constitute a default) under, or result in the
         termination of, or accelerate the performance required by, or result in
         the creation of any lien upon any of the properties or assets of
         Builder under, any of the terms, conditions or provisions of any note,
         bond, mortgage, indenture, deed of trust, license, agreement or other
         instrument or obligation to which it is a party, or by which it or any
         of its properties or assets may be bound or affected, or (iii) violate
         any order, writ, injunction, decree, statute, rule or regulation
         applicable to Builder.

                  17.1.4.  Except as disclosed in writing, Builder has not
         received and is not aware of, and, to the best of Builder's knowledge,
         Seller has not received and is not aware of, any notice from any
         governmental authority having jurisdiction over the Property, any
         notice regarding violation on, by or involving the Property of any
         applicable laws, ordinances, orders, rules and regulations of any
         federal, state or local authority or governmental or quasi-governmental
         agency having jurisdiction over the Property, except such notices or
         violations which have heretofore been corrected, waived or rescinded or
         will be corrected, waived or rescinded prior to the acquisition of the
         Property by the Partnership. Builder will provide any such- notice to
         RBG Inc. which Builder or Seller receives after the date hereof.

                  17.1.5.  Except as disclosed in writing, Builder has not
         received and is not aware of, and, to the best Of Builder's knowledge,
         Seller has not received and is not aware of, any written notice from
         any court, municipal department, commission, board, bureau, agency or
         other regulatory body having authority over the Property of any
         actions, suits or proceedings (including, but not limited to,
         condemnation proceedings or any proceeding which could effect the
         development of the Property as contemplated herein) adversely affecting
         the Property. Builder will provide any such notice to RBG Inc. which
         Builder or Seller receives after the date hereof.

                  17.1.6.  The Full Cost Development Budget attached as Exhibit
         D represents Builder's best estimate of the items set forth therein as
         of the date thereof and as of the date of this Agreement.

                  17.1.7.  Builder has the right to transfer (or cause to be
         transferred) all right, title and interest in and to the Purchase
         Contract and all documents related thereto, including, but not limited
         to, all due diligence documentation, title commitments, surveys,
         environmental studies, permits and all other documentation with respect
         to the Property ("Documents") (a true and correct copy of which has
         heretofore been furnished to BAV for its review) to the Partnership
         without the consent of the seller under the Purchase Contract
         ("Seller") and, to the best of Builder's knowledge, Seller has the
         right to convey fee simple title by special warranty deed to the
         Property to the Partnership encumbered only by the Permitted
         Encumbrances ( as detailed on Exhibit B hereto) and such other
         encumbrances or exceptions to title as BAV shall expressly agree to in
         writing.

<PAGE>

                  17.1.8.  Builder has obtained, or prior to the Initial
         Contribution Date will obtain or will cause Seller to obtain, all
         governmental and regulatory licenses, approvals and permits necessary
         for the acquisition and development of the Property as contemplated
         herein.

                  17.1.9.  Except as disclosed in writing, there are no
         management, service company, equipment, supply, maintenance or other
         agreements with respect to or affecting, and encumbering and running
         with the title to, the Property.

                  17.1.10. Builder is not, and to the best of Builder's
         knowledge, Seller is not, a foreign person as defined in Section
         1545(f) of the Code, and will, upon transfer of the Purchase Contract
         to the Partnership, furnish, or cause Seller to furnish, if needed, an
         appropriate affidavit to such effect in order that no withholding tax
         will be required pursuant to Section 1445 of the Code.

                  17.1.11. The Builder is and shall at all times during the term
         of this Agreement be a single purpose entity in which the sole asset of
         the Builder shall be its Interest in the Partnership and that the
         Builder shall not execute any agreement which would be binding on the
         Builder other than to the extent permitted pursuant to this Agreement.

                  17.1.12. Within fifteen (15) days from the date hereof (but in
         all events prior to the Initial Contribution Date), Builder, at its
         sole cost and expense, shall deliver or cause to be delivered to the
         Partnership the following:

                           (a)      An assignment of the Purchase Contract
                                    and the Documents and to the extent
                                    required, the consent of the Seller to
                                    Builder's assignment (or future assignment)
                                    to the Partnership all of its right,
                                    interest and title in and to the Purchase
                                    Contract and/or Documents in such form as
                                    shall be reasonably acceptable to BAV;

                           (b)      A commitment letter or binder
                                    ("Title Commitment") showing title to the
                                    Property and improvements thereon, if any,
                                    in Seller, dated on or after the date
                                    hereof, and issued by a title company
                                    reasonably acceptable to BAV (the "Title
                                    Company"), wherein the Title Company shall
                                    commit to issue to the Partnership as to the
                                    Property an owner's title insurance policy,
                                    American Land Title Association ("ALTA")
                                    Form, in the amount of [16] (the "Title
                                    Policy"). The policy shall be ALTA Form B or
                                    such other form that shall be
                                    reasonably acceptable to BAV and shall, in
                                    all events, include an equivalent of an
                                    extended coverage endorsement over all
                                    general title exceptions and a deletion of
                                    the creditors rights exclusion, and be
                                    subject only to the Permitted Encumbrances
                                    (as hereinabove defined), and contain the
                                    following additional endorsements to the
                                    extent allowed in the State, if any, the
                                    form of which shall be either "ALTA" or as
                                    otherwise reasonably approved by BAV:
                                    survey, contiguity (if applicable), zoning
                                    3.1, property tax number, environment,
                                    encroachment and access. The Title
                                    Commitment shall also commit to insure, as
                                    additional parcels, all recorded easement
                                    rights of the Seller, if any, being conveyed
                                    to the

<PAGE>

                                    Partnership (as assignee) under the Purchase
                                    Contract. Concurrently with the delivery of
                                    the Title Commitment, Builder, at no cost to
                                    the Partnership, shall furnish the
                                    Partnership with copies of all documents
                                    recorded with respect to the Property which
                                    appear on the Title Commitment;

                           (c)      Such documentation as may be required to
                                    delete any survey exception set forth in the
                                    title policy to be issued to the Partnership
                                    with respect to the Property;

                           (d)      Searches, dated on or after the date
                                    hereof, of all Uniform Commercial Code
                                    financing statements filed and/or recorded,
                                    against the Seller ("UCC Searches"). Such
                                    UCC Searches must indicate that there are no
                                    claims or liens against any such party
                                    encumbering or which might encumber the
                                    Property subsequent to the date thereof;

                           (e)      A Level 1 Hazardous Materials Site
                                    Investigation ("Level 1 Audit") dated on or
                                    after the date hereof and certified to the
                                    Partnership completing such tasks as shall
                                    reasonably approved, in advance, by BAV or
                                    to the extent required by BAV a Level 2
                                    Hazardous Material Site Investigation
                                    ("Level 2 Audit") dated on and after the
                                    date hereof and certified to the Partnership
                                    completing such tasks as shall be reasonably
                                    approved in advance by BAV.

                                    The Title Commitment, the Survey, the UCC
                                    Searches, Level 1 Audit and the Level 2
                                    Audit are herein, collectively referred to
                                    as "Title Evidence". If the Title Evidence
                                    discloses conditions which might adversely
                                    affect the Partnership or the Property or,
                                    with respect to the Title Commitment,
                                    deficiencies in endorsements or matters
                                    other than the Permitted Encumbrances or,
                                    with respect to the UCC Searches, liens or
                                    claims not permitted hereunder or, with
                                    respect to the Survey, the Level 1 Audit or
                                    Level 2 Audit, as aforesaid, conditions
                                    which might adversely affect the Partnership
                                    or the Property or the marketability thereof
                                    (collectively, the "Defects"), the Defects
                                    shall be cured by Builder, the Seller, or
                                    endorsed over by the Title Company in a
                                    manner and form acceptable to BAV within the
                                    thirty (30) days after the delivery of the
                                    last item of Title Evidence, otherwise BAV
                                    shall have the right to terminate this
                                    Agreement and the Partners will be relieved
                                    of any further obligations hereunder. BAV
                                    may extend, at its sole discretion, the
                                    aforesaid thirty (30) day period to cure or
                                    otherwise resolve the Defects;

                           (f)      Plans and Specifications for the Project;

                           (g)      Copies of the insurance policies required to
                                    be obtained pursuant to Section 12; and

<PAGE>

                           (h)      A current and active general contractor's
                                    license issued to A. Zuckerman which
                                    qualifies Taz Construction, Inc. ("Taz") to
                                    act as the contractor on behalf of the
                                    Partnership at no fee pursuant to a
                                    construction contract which is acceptable to
                                    BAV.

                  17.1.13. The Property has not been used for the generation,
         manufacture, refining, transportation, treatment, storage, handling or
         disposal of hazardous substances, as defined in the Comprehensive
         Environmental Response, Compensation and Liability Act of 1980, as
         amended, or hazardous wastes, as defined in the Recourse Conservation
         and Recovery Act, 42 USC, Section 690, et seq., as amended.

                  17.1.14. The plat of submission for the Project has been
         approved by the applicable governmental authorities and provides for
         the development and construction of the Residences and the completion
         of the Project as contemplated herein. The Partnership has obtained all
         governmental and quasi-governmental approvals necessary to develop and
         construct the Residences and the completion of the Project as
         contemplated herein and that all impact fees and other development
         costs necessary to complete such Project are contemplated by the Full
         Cost Development Budget

                  17.1.15. All necessary and proper zoning, subdivision, and
         planned unit development approvals, consents, permits and
         authorizations, and any and all other permits, approvals, consents and
         authorizations (of any type or kind whatsoever) necessary for the
         development of the Property and the construction of the Residences
         thereon as contemplated herein in the manner contemplated for the
         Project (including but not limited to the final approval of the Site
         Plan for the Project) have been obtained so that the construction of
         the Residences can immediately commence.

         17.2. REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE LIMITED PARTNER.
The Limited Partner hereby warrants, covenants and represents the following to
Builder with full knowledge that it is acting in reliance upon same in executing
this Agreement and commencing performance hereunder:

                  17.2.1.  The Limited Partner is a corporation duly organized,
         validly existing and in good standing under the laws of Florida. The
         Limited Partner has all requisite power and authority to enter into and
         perform its obligations under this Agreement.

                  17.2.2.  The execution and delivery of this Agreement and the
         consummation of the transactions contemplated hereby have been duly and
         validly authorized by all necessary corporate action on the part of the
         Limited Partner. This Agreement has been duly executed and delivered by
         the Limited Partner and this Agreement and all exhibits and documents
         executed and delivered by the Limited Partner in connection with the
         consummation of the transactions contemplated hereby constitute valid
         and legally binding and enforceable obligations of the Limited Partner.
         No consent, approval or other action by any governmental authority is
         required in connection with the execution, delivery and performance by
         the Limited Partner of this Agreement.

                  17.2.3.  Neither the execution and delivery of this Agreement
         by the Limited Partner nor the consummation of the transactions
         contemplated thereby nor compliance by the Limited

<PAGE>

         Partner with any of the provisions hereof will (i) violate or conflict
         with any provision of the Limited Partner's Articles of Incorporation
         and Bylaws, or (ii) violate or conflict with, or result in a breach of
         any provisions of, or constitute a default or an event which will
         notice or lapse of time or both, would constitute a default under, or
         result in the termination of, or accelerate the performance required
         by, or result in the creation of any lien upon any of its properties or
         assets under any the terms, conditions or provisions of any note, bond,
         mortgage, indenture, deed of trust, license, agreement or other
         instrument or obligation to which the Limited Partner is a party, or by
         which it or any of its properties or assets may be bound or affected,
         or (iii) violate any order, writ, injunction, decree, statute, rule or
         regulation applicable to the Limited Partner.

         17.3.    REPRESENTATIONS, WARRANTIES AND COVENANTS OF BAV. BAV hereby
warrants, covenants and represents the following to Builder with full knowledge
that it is acting in reliance upon same in executing this Agreement and
commencing performance hereunder:

                  17.3.1.  BAV is a corporation duly organized, validly existing
         and in good standing under the laws of the Florida. BAV has all
         requisite power and authority to enter into and perform its obligations
         under this Agreement.

                  17.3.2.  The execution and delivery of this Agreement and the
         consummation of the transactions contemplated hereby have been duly and
         validly authorized by all necessary corporate action on the part of
         BAV. This Agreement has been duly executed and delivered by BAV and
         this Agreement and all exhibits and documents executed and delivery by
         it in connection with the consummation of the transactions contemplated
         hereby constitute valid and legally binding and enforceable obligations
         of BAV. No consent, approval or other action by any governmental
         authority is required in connection with the execution, delivery and
         performance by BAV of this Agreement.

                  17.3.3.  Neither the execution and delivery of this Agreement
         by BAV nor the consummation of the transactions contemplated hereby nor
         compliance by BAV with any of the provisions hereof will (i) violate or
         conflict with any provision of BAV's Articles of Incorporation and
         Bylaws, or (ii) violate, or conflict with, or result in a breach of any
         provisions of, or constitute a default or an event which with notice or
         lapse of time or both, would constitute a default under, or result in
         the termination of, or accelerate the performance by, or result in the
         creation of any lien upon any of its properties or assets under any of
         the terms, conditions or provisions of any note, bond, mortgage,
         indenture, deed of trust, license, agreement or other instrument or
         other instrument or obligation to which BAV is a party, or by which it
         or any of its properties or assets may be bound or affected, or (iii)
         violate any order, writ, injunction, decree, statute, rule or
         regulation applicable to BAV.

         SECTION 18.       PERMITTED TRANSACTIONS AND CONFLICTS.

         18.1.    Each of the General Partners and any Affiliate thereof may
engage in or posses an interest in other business ventures of every nature and
description, independently or with others, including but not limited to the
ownership, construction, operation and management of improved or unimproved real
property, provided, however, until completion of the Project, neither the
Builder or its Affiliate shall engage in any other business venture which is
substantially similar in product type and design, within a five (5) mile radius
of the Project ("Restricted Transactions"). Except for the agreement of the
Builder with respect to the Restricted Transactions, neither the Partnership nor
any

<PAGE>

other General Partner shall have any right by virtue of this Agreement to enter
into or participate in such independent ventures or to share the income or
profits derived therefrom or any other rights therein; and each of the General
Partners hereby waives any statutory or other rights to the contrary which it
may now or hereafter possess.

         18.2.    The fact that a General Partner or any of its Affiliates is
directly or indirectly interested in, owned by, employed by, or connected with,
any Person employed by the Partnership to render or perform a service or from
which the Partnership may buy merchandise, material, or other property, shall
not prohibit the Partnership from employing such Person or from purchasing
merchandise, material, or other property therefrom or from otherwise dealing
with such Person under reasonable terms and conditions.

         18.3.    Notwithstanding anything contained herein to the contrary, the
parties acknowledge and agree that BAV, the Limited Partner and/or their
Affiliates, including, but not limited to, BankAtlantic, F.S.B., shall have the
right to engage in or possess interests in other business ventures of every
nature and description, whether or not same is competitive to the Partnership or
in conflict with the Partnership.

         SECTION 19. INDEMNIFICATION AND CONTRIBUTION.

         19.1.    INDEMNIFICATION BY THE PARTNERSHIP. The Partnership hereby
indemnifies each General Partner and each Affiliate thereof from and against any
and all claims, demands, actions, losses and rights of action (including
reasonable attorneys' fees, whether suit is instituted or not, and if
instituted, whether at any trial or appellate level) to which such General
Partner or Affiliate may be subject as a result of the Partnership's breach of,
or failure to perform, any obligation of the Partnership contained in any
contract, agreement, lease or other instrument made or entered into by, assigned
to, or assumed by, the Partnership on, or with respect to, which such General
Partner or Affiliate is primarily or contingently liable or otherwise incurred
by such General Partner, while acting as General Partner in accordance with this
Agreement.

         19.2.    INDEMNIFICATION BY GENERAL PARTNERS.

                  19.2.1.  Each General Partner (an "Indemnifying Partner")
         hereby indemnifies the other General Partner and the Partnership from
         and against any and all claims, demands, actions, losses and rights of
         action (including reasonable attorneys' fees and costs, whether suit is
         instituted or not, and if instituted, whether at any trial or appellate
         level) which shall or may arise by virtue of (i) the Indemnifying
         Partner's negligence or willful misconduct, (ii) breach of any
         provision of this Agreement or (iii) the Indemnifying Partner's, its
         Affiliates' or any of their employees' or agents', actions,
         representations, statements or other communications (in the case of
         BAV, its Affiliates, agents or employees, specifically including but
         not limited to any use of Builders' name which is prohibited by Section
         11.8) to any Person in the course of efforts by the Indemnifying
         Partner, its Affiliates, or any other Person to obtain investors or
         stockholders in or of the Indemnifying Partner or its Affiliates;
         provided, however, that Builder shall not be indemnified pursuant to
         this paragraph for any loss, costs, or expenses it may incur as a
         result of its guaranty of the Property Loans.

                  19.2.2.  The Indemnifying Partner shall promptly notify the
         other General Partner of the existence of any such claim, demand,
         action or cause of action and the other General Partner

<PAGE>

         shall be given reasonable opportunity to participate in the defense
         thereof. Legal counsel employed by the Indemnifying Partner must be
         reasonably acceptable to the other General Partner.

         19.3.    CONTRIBUTION. In the event that one General Partner or its
Affiliate shall be held severally liable for the debts of the Partnership (other
than those debts and liabilities specifically guaranteed by a General Partner or
its Affiliate), such General Partner or its Affiliate shall be entitled to full
indemnity and contribution from the Partnership and contribution from the other
General Partner so that each General Partner shall only be obligated to pay
fifty percent (50%) of such liability.

         19.4.    LIABILITY OF GENERAL PARTNERS TO LIMITED PARTNER. The General
Partners, and officers and directors of the General Partners, (including the
officers and directors of the general partners thereof) shall not be required to
devote all of their time or business efforts to the affairs of the Partnership,
but shall devote so much time and attention to the Partnership as is reasonably
necessary and advisable to manage the affairs of the Partnership to the best
reasonable advantage of the Partnership. The General Partners shall not be
liable because any taxing authorities disallow or adjust any income, nor shall
the General Partners be liable for actions taken or not taken in accordance with
the provisions of the Agreement, provided that the same were not the result of
gross negligence, willful misconduct or fraud.

         SECTION 20. MISCELLANEOUS.

         20.1.    NOTICE.

                  20.1.1.  All notices, requests, consents and other
         communications required or permitted under this Agreement shall be in
         writing (including facsimile transmission) and shall be (as elected by
         the person giving such Notice) hand delivered by messenger or courier
         service, by facsimile transmission with confirmed answer back, or
         mailed (airmail if international) by registered or certified mail
         (postage prepaid), return receipt requested ("Notice"), addressed to:

                  If to Builder:

                           c/o The Zuckerman Group
                           6650 NW 41st Street
                           Coral Springs, Florida 33067
                           Attn: Andy Zuckerman
                           Telephone: (954) 752-4700
                           Facsimile: (954) 752-6625

                  with a copy to:

                           Peter Hodkin, Esq.
                           2101 West Commercial Boulevard
                           Suite 4100
                           Fort Lauderdale, Florida 33309
                           Telephone: (954) 735-0000
                           Facsimile: (954) 735-3636

<PAGE>

                  If to BAV or the Limited Partner:

                           c/o The Abdo Companies
                           1350 N.E. 56th Street
                           Fort Lauderdale, Florida 33334
                           Attn: John E. Abdo
                           Telephone: (954) 491-2191
                           Facsimile: (954) 491-9217

                  with a copy to:

                           Ruden, McClosky, Smith,
                           Schuster & Russell, P.A.
                           200 East Broward Boulevard
                           Fort Lauderdale, Florida 33301
                           Attn: Barry E. Somerstein, Esq.
                           Telephone: (954) 527-2405
                           Facsimile: (954) 764-4996

                  20.1.2.  Each such Notice shall be effective upon delivery and
         shall be deemed delivered (a) on the date delivered if by personal
         delivery, (b) on the date of the confirmed answer back if by facsimile
         transmission, and (c) on the date upon which the return receipt is
         signed, delivery is refused or the Notice is designated by the postal
         authorities as not deliverable, as the case may be, if mailed.

                  20.1.3.  By giving to the other party at least fifteen (15)
         days Notice thereof, the parties hereto and their respective successors
         and assigns shall have the right from time to time and at any time
         during the term of this Agreement to change their respective addresses
         and each shall have the right to specify as its address any other
         address within the United States of America.

                  20.1.4.  A transferee of an Interest by any Partner shall be
         entitled to receive copies of Notices hereunder provided such
         transferee shall have given Notice of his address to the Partnership
         and all Partners of his designated address for purposes of this
         paragraph and further provided that such transferee has otherwise
         complied with the terms and conditions of this Agreement in acquiring
         his interest hereunder.

         20.2.    PARTITION. The General Partners agree that the Property is not
and will not be suitable for partition. Accordingly, each of the Partners hereby
irrevocably waives any and all rights that he may have to maintain any action
for partition of the Property.

         20.3.    GOVERNING LAW. This Agreement and the rights of the parties
hereunder shall be governed by, and interpreted in accordance with the laws of
the State of Florida and may applicable laws of the United States of America.

<PAGE>

         20.4.    SUCCESSORS. Except as herein otherwise specifically provided,
this Agreement shall be binding upon, and inure to, the benefit of the parties
and their successors and permitted assigns.

         20.5.    PRONOUNS. Whenever from the context it appears appropriate,
each term stated in either the singular or the plural shall include the singular
and the plural, and pronouns stated in either the masculine, the feminine or the
neuter gender shall include the masculine, feminine and neuter.

         20.6.    CAPTIONS NOT PART OF AGREEMENT. Captions contained in this
Agreement are inserted only as a matter of convenience and in no way define,
limit or extend the scope or intent of this Agreement or any provisions hereof.

         20.7.    SEVERABILITY. If any provision of this Agreement, or the
application of such provision to any Person or circumstances shall be held
invalid, the remainder of the Agreement, or the application of such provision to
Persons or circumstances other than those to which it is held invalid, shall not
be affected thereby.

         20.8.    COUNTERPARTS. This Agreement may be executed in several
counterparts, each of which shall be deemed an original but all of which shall
constitute one and the same instrument.

         20.9.    ENTIRE AGREEMENT AND AMENDMENT. This Agreement constitutes the
entire Agreement between the parties. The parties hereto may amend this
Agreement at any time during the term of the Partnership, but no amendment shall
be effective unless it is in writing and duly executed by all of the parties
hereto.

         20.10.   EXHIBITS. All exhibits attached to this Agreement and referred
to herein are hereby incorporated by such reference as if fully set forth
herein.

         20.11.   ATTORNEYS' FEES. If any Partner commences an action against
any other Partner: (i) to interpret or enforce any of the terms of this
Agreement; or (ii) as the result of a breach by any other Partner of any terms
hereof the losing (or defaulting) Partner shall pay to the prevailing Partner
all reasonable attorneys fees, costs and expenses incurred in connection with
the prosecution or defense of such action only if such action is prosecuted to a
final judgment in a court of law.

         20.12.   FURTHER ASSURANCES. Each Partner agrees to execute and deliver
any and all additional instruments and documents and do any and all acts and
things as may be necessary or expedient to more fully effectuate this Agreement
and carry on the business contemplated hereunder.

         20.13.   EQUITABLE REMEDIES. In the event of a breach or threatened
breach of this Agreement by any Partner, the remedy at law in favor of the other
Partners will be inadequate and such other Partners, in addition to any and all
other rights which may be available shall accordingly have the right of specific
performance in the event of any breach, or injunction in the event of any
threatened breach of this Agreement by any Partner.

         20.14.   FORCE MAJEURE. Inability of any Partner to commence or
complete its obligations (except for an obligation to contribute capital or
other monetary obligation under this Agreement) hereunder by the dates herein
required resulting from delays caused by strikes, picketing, acts of God,

<PAGE>

war, emergencies shortages or unavailability of materials or other causes beyond
either Partner's reasonable control shall have been timely communicated to the
other Partner, shall extend the period for the performance of the obligations
for the period equal to the period(s) of any such delay(s).

         20.15.   NO THIRD PARTY RIGHTS. The provisions of this Agreement are
for the exclusive benefit of the Partnership and the Partners and no other party
(including without limitation, any creditor of the Partnership or Partner) shall
have any right or claim against the Partnership or any Partner by reason of
those provisions or be entitled to enforce any of those provisions against the
Partnership or any Partner.

         20.16.   BROKERS. Each of the Partners represents and warrants that
such Partner has not dealt with any broker or finder in connection with any of
the transactions contemplated by this Agreement that would result in the
Partnership's being obligated to pay a commission or a fee to such broker or
finder and indemnifies the other Partners against any claim for a commission
resulting from a breach of this representation.

         20.17.   SURVIVAL. All covenants, agreements, representations and
warranties made herein or otherwise- made in writing by any Partner pursuant
hereto shall survive the execution and delivery of this Agreement and the
consummation of the transactions contemplated hereby.

         20.18.   RELIANCE ON EXPERTS. Whenever any Partner reasonably requires
or retains the use of an expert in order to discharge a duty hereunder, such
Partner's sole responsibility in connection with said duties shall be the
reasonable reliance upon the advice of the experts and no Partner shall be
liable on account of any duty or obligation imposed hereunder in the event of
reasonable reliance upon professional advice.

         20.19.   SUBMISSION TO JURISDICTION. Each of the Partners irrevocably
and unconditionally (a) agrees that any suit, action or other legal proceeding
arising out of or relating to this Agreement shall be brought in the Courts of
record of the State of Florida in Broward County or the Courts of the United
States, Southern District of Florida; (b) consents to the jurisdiction of each
such Court in any such suit, action or proceeding; (c) waives any objection
which it may have to the laying of venue of any such suit, action or proceeding
in any of such courts; and (d) agrees that service of any court paper may be
effected on such party by mail, as provided in Section 20.1 hereof, or in such
other manner as may be provided under applicable laws or court rules.

         20.20.   REMEDIES CUMULATIVE: NO WAIVER. The rights and remedies given
in this Agreement and by law to a Non-defaulting Partner shall be deemed
cumulative, and the exercise of one of such remedies shall not operate to bar
the exercise of any other rights and remedies reserved to a Non-defaulting
Partner under the Provisions of this Agreement or given to a Non-defaulting
Partner by law.

         20.21.   NO WAIVER. One or more waivers of the breach of any provision
of this Agreement by any Partner shall not be construed as a waiver of a
subsequent breach of the same or any other provision, nor shall any delay or
omission by a Non-defaulting Partner to seek a remedy for any breach of this
Agreement or to exercise the rights accruing to a Non-defaulting Partner by
reason of such breach be deemed a waiver by a Non-defaulting Partner of its
remedies and rights with respect to such breach.

<PAGE>

         20.22.   CONFIDENTIALITY. Except as required in the normal conduct of a
Partner's business or by law, no Partner, without the written approval of each
other Partner, during continuance of the Partnership or after its termination
shall at any time during the term of this Agreement or thereafter divulge to any
person not a member of the Partnership, other than its attorneys, accountants,
employees, banks and professional advisers, any information concerning the
business of the Partnership or the content of this Agreement or any other
contract or agreement entered into by the Partnership.

         20.23.   CONSTRUCTION. This Agreement shall be interpreted without
regard to any presumption or rule requiring construction against the party
causing this Agreement to be drafted.

         20.24.   DISPUTE RESOLUTION. Any disputes between the Partners with
respect to the performance, interpretation, validity or breach of this Agreement
shall be referred to final and binding arbitration before a panel of three
arbitrators ("AAA") in Palm Beach County, Florida, except as those rules
conflict with the specific provisions set forth below.

                  The arbitrator shall be selected as follows: (i) BAV and
Builder shall each select one arbitrator within five (5) business days after
filing and service of demand from a party delivered to any other party for
arbitration and shall give notice of its selection of the arbitrator to the
other party and the AAA; (ii) the arbitrators selected by the parties shall
select a third arbitrator within five (5) business days thereafter; (iii) if
either party fails to timely select an arbitrator or the arbitrator selected by
the parties cannot agree on a third arbitrator within the time specified, then
the AAA shall select such arbitrator or arbitrators as necessary to comprise a
panel of three arbitrators.

                  Any counterclaims shall be asserted no later than fifteen (15)
days after the service of the demand for arbitration. All documents, materials
and information in the possession of a party of this Agreement in any way
relevant to the claims or disputes shall be made available to the other party
for review and copying not later than thirty (30) days after demand for
arbitration is served. To the extent that a party would be required to make
confidential information available to any other party, an agreement for an order
shall be entered in the proceedings protecting the confidentiality and limiting
access to such information before a party is required to produce such
information. Information produced by a party shall be used exclusively in the
arbitration or litigation that may arise, and shall not otherwise be disclosed.

                  The arbitration hearing shall commence within sixty (60) days
of the service of the demand for arbitration. The arbitrators shall render an
final award within fifteen (15) days after the conclusion of the final session
of the arbitration hearing.

                  Judgment upon the award rendered by the arbitrators shall be
final, binding and conclusive on the parties and their respective
administrators, executives, legal representations, heirs, successors and
assigns. The parties hereto consent to the sole and exclusive jurisdiction of
venue of the circuit or county court (as appropriate) in and for Palm Beach
County, Florida (or such other court located in Palm Beach County, Florida which
has subject matter jurisdiction) (hereinafter "Court"), for a purpose of
confirming the arbitration award.

                  The prevailing party in any civil action, arbitration or other
legal proceeding shall be entitled to reasonable attorneys' fees and court costs
and expenses (including all costs and expenses of arbitration and expert witness
fees) incurred, including, through any confirmation proceedings and

<PAGE>

appeals. All costs and expenses of the arbitration, including hearing and
arbitration fees, shall be initially borne equally by the parties; provided,
however, the prevailing party shall be entitled to recover all such costs and
expenses paid by it to the other party.

                  The arbitrators shall not have the subject matter jurisdiction
to determine the issues of entitlement and the amount of attorneys' fees. Such
determination shall be made by the Court. Further, in no event shall a party be
entitled to punitive damages or consequential damages in connection with this
Agreement in any arbitration or judicial proceedings and all such parties hereby
waive their right to any punitive and/or consequential damages. In the event
that an arbitration panel or court concludes that the punitive and/or
consequential damage waiver contained in the proceeding sentence is
unenforceable, then the Court with subject matter jurisdiction over the
confirmation of the award shall have the sole and exclusive jurisdiction to
determine issues of entitlement of such sums to the extent not legally waivable.

         20.25.   WAIVER OF TRIAL BY JURY. The Partners hereby knowingly
voluntarily and intentionally waive the right any Partner may have to a trial by
jury with respect to any litigation based on or arising out of, under or in
connection with this Agreement and/or any document contemplated to be executed
in conjunction herewith or any course of conduct, course of dealing, statements
(whether verbal or written) or any actions of any other Partner.

         IN WITNESS WHEREOF, this Agreement is executed effective as of the date
first set forth above.

                                    GENERAL PARTNERS

                                    ZUCKERMAN HOMES AT ANDROS ISLE, INC., a
                                    Florida corporation

                                    By:
 --------------------------            ----------------------------------------
                                    Name:
         `                               --------------------------------------
                                    Title:
---------------------------              --------------------------------------
                                    Date:
                                         --------------------------------------

                                    BANKATLANTIC VENTURE PARTNERS 3, INC., a
                                    Florida corporation

                                    By:
---------------------------            ----------------------------------------
                                    Name:
                                         --------------------------------------
                                    Title:
---------------------------              --------------------------------------
                                    Date:
                                         --------------------------------------

                                    LIMITED PARTNER

                                    BANKATLANTIC DEVELOPMENT CORPORATION, a
                                    Florida corporation

<PAGE>

                                    By:
---------------------------            ----------------------------------------
                                    Name:
                                         --------------------------------------
                                    Title:
---------------------------              --------------------------------------
Date:
     ----<PAGE>

                                                                    EXHIBIT 10.8

THE MEMBER INTERESTS REPRESENTED BY THIS INSTRUMENT HAVE BEEN ACQUIRED FOR
INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR ANY STATE SECURITIES LAWS PURSUANT TO APPLICABLE EXEMPTIONS. WITHOUT
SUCH REGISTRATION, INTERESTS MAY NOT BE SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE
TRANSFERRED IN THE UNITED STATES AT ANY TIME WHATSOEVER, EXCEPT UPON DELIVERY TO
THE LIMITED LIABILITY COMPANY OF AN OPINION OF COUNSEL SATISFACTORY TO THE
MANAGER OF THE LIMITED LIABILITY COMPANY THAT REGISTRATION IS NOT REQUIRED FOR
SUCH TRANSFER OR THE SUBMISSION TO THE MANAGER OF THE LIMITED LIABILITY COMPANY
OF SUCH OTHER EVIDENCE AS MAY BE SATISFACTORY TO THE MANAGER TO THE EFFECT THAT
ANY SUCH TRANSFER WILL NOT BE IN VIOLATION OF THE SECURITIES ACT OF 1933, AS
AMENDED, OR APPLICABLE STATE SECURITIES LAWS OR ANY RULE OR REGULATION
PROMULGATED THEREUNDER. ADDITIONALLY, ANY SALE OR OTHER TRANSFER OF THE
INTERESTS IS SUBJECT TO CERTAIN RESTRICTIONS THAT ARE SET FORTH IN THIS
OPERATING AGREEMENT.

                              AMENDED AND RESTATED
                               OPERATING AGREEMENT
                                       OF
                        LEVITT COMMERCIAL HIGH RIDGE LLC

         THIS AMENDED AND RESTATED OPERATING AGREEMENT ("Agreement") is made and
entered into effective as of the ___ day of ___________, 2002, by and among
LEVITT COMMERCIAL DEVELOPMENT LLC, a Florida limited liability company, f/k/a
Levitt Commercial LLC ("Manager") and LEVITT COMMERCIAL LLC, a Florida limited
liability company, f/k/a Levitt Commercial Development LLC ("Commercial"), 100
COMMERCE ROAD ASSOCIATES, INC., a Florida corporation ("CMSI"), THEODORE P.
CIACCIA, P.A. ("Ciaccia"), and NICHOLAS A. SOLIMINE, JR., P.A. ("Solimine")
(each of Commercial, CMSI, Ciaccia and Solimine are sometimes hereinafter
referred to individually as "Member" and collectively as "Members").

                               W I T N E S S E T H

         WHEREAS, Articles of Organization ("Articles") legally creating LEVITT
COMMERCIAL HIGH RIDGE LLC, a Florida limited liability company ("Company"), were
filed with the Department of State of the State of Florida, and the Articles are
approved and the filing thereof ratified; and

         WHEREAS, the Members desire to participate together as a limited
liability company formed under Chapter 608 of the Florida Statutes to engage in
the business described in Section 2.04 hereof; and

                                       1

<PAGE>

         WHEREAS, the Members previously entered into an Operating Agreement for
the Company dated as of __________, 2002; and

         WHEREAS, Manager and Commercial have changed their legal names since
the date of the execution of the original Operating Agreement, and the Members
desire to amend and restate the Operating Agreement so as to avoid any confusion
regarding the identity of the Members; and

         WHEREAS, the Members believe that, the best means to accomplish the
foregoing is to supersede any prior agreements or understandings among them by
setting forth in this Agreement all the terms, provisions, conditions and
covenants by which the Company will be governed.

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

                                   ARTICLE I
                           INCORPORATION; DEFINITIONS

         1.01     Incorporation. The foregoing recitals are true and correct
and, together with any Schedules and Exhibits attached hereto, are hereby
incorporated herein and made a part hereof.

         1.02     Definitions. Capitalized terms used, but not otherwise
defined, herein shall have the meanings hereafter set forth.

         1.03     Adjusted Capital Account Deficit. With respect to any Member,
the deficit balance, if any, in such Member's Capital Account as of the end of
the relevant Fiscal Year, after giving effect to the following adjustments:

                  (i)      Credit to such Capital Account any amounts which such
         Member is obligated to restore or is deemed to be obligated to restore
         pursuant to the penultimate sentences of Regulations Sections
         1.704-2(g)(1) and 1.704-2(i)(5); and

                  (ii)     Debit to such Capital Account the items described in
         Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), and
         1.704-1(b)(2)(ii)(d)(6) of the Regulations.

The foregoing definition of Adjusted Capital Account Deficit is intended to
comply with the provisions of Section 1.704-1(b)(2)(ii)(d) of the Regulations
and shall be interpreted consistently therewith.

         1.04     Affiliate. When used with reference to a specified Member, (a)
any person who, directly or indirectly, through one or more intermediaries,
controls or is controlled by or is under common control with the specified
Member, (b) any person who is an officer of, partner in or trustee of, or serves
in a similar capacity with respect to, the specified Member or of which the
specified Member is an officer, partner or trustee, or with respect to which the
specified Member

                                       2

<PAGE>

serves in a similar capacity, or (c) any person who, directly or indirectly, is
the beneficial owner of more than ten percent (10%) of any class of equity
securities of, or otherwise has a substantial beneficial interest in, the
specified Member or of which the specified Member is directly or indirectly the
owner of more than ten percent (10%) of any class of equity securities or in
which the specified Member has a substantial beneficial interest.

         1.05     Agreement. This Operating Agreement or any restatements
hereof, as originally executed or amended from time to time.

         1.06     Available Cash. Cash funds of the Company, excluding cash
proceeds from a Capital Transaction, if any, and after provision for (i) payment
of all outstanding and unpaid current obligations, expenses and charges of the
Company as of such time (including all amounts of any principal or interest
payable with respect to any loans from Members and compensation to any Members
that have provided services to the Company); and (ii) Reserves as determined by
the Manager for the management and operation of the Company's business,
determined from time to time by the Manager to be available for distribution to
the Members. Available Cash shall include the proceeds from sales of property in
the ordinary course of business.

         1.07     Capital Account. An account that, throughout the full term of
the Company, shall be established, determined and maintained separately for each
Member in accordance with the following provisions:

                  (a)      To each Member's Capital Account there shall be
credited such Member's Capital Contributions, such Member's distributive share
of Profits and any items in the nature of income or gain which are specially
allocated pursuant to Sections 4.05 or 4.06 hereof, and the amount of any
Company liabilities assumed by such Member or which are secured by any Company
property distributed to such Member.

                  (b)      To each Member's Capital Account there shall be
debited the amount of cash and the value of any Company property distributed to
such Member pursuant to any provision of this Agreement, such Member's
distributive share of Losses and any items in the nature of expenses or losses
which are specially allocated pursuant to Sections 4.05 or 4.06 hereof, and the
amount of any liabilities of such Member assumed by the Company or which are
secured by any property contributed by such Member to the Company.

                  (c)      In the event all or a portion of an interest in the
Company is transferred in accordance with the terms of this Agreement, the
transferee shall succeed to the Capital Account of the transferor to the extent
it relates to the transferred interest.

                  (d)      In determining the amount of any liability for
purposes of (i) and (ii) of this definition, there shall be taken into account
Code Section 752(c) and any other applicable provisions of the Code and
Regulations.

The foregoing provisions and the other provisions of this Agreement relating to
the maintenance of Capital Accounts are intended to comply with Regulations
Section 1.704-1(b) and shall be interpreted and applied in a manner consistent
with such Regulations.

                                       3
<PAGE>

         1.08     Capital Contribution. The amount of cash or the agreed fair
market value of property or services contributed by each Member to the capital
of the Company, as reflected in the books of the Company. The initial Capital
Contributions are as described in Schedule A hereof.

         1.09     Capital Transaction. An Interim Capital Transaction or a
Terminating Capital Transaction. Capital Transactions shall exclude sales of
property in the ordinary course of business.

         1.10     Code. The Internal Revenue Code of 1986, as amended from time
to time, or any corresponding provision or provisions of any federal internal
revenue law enacted in substitution of the Internal Revenue Code of 1986.

         1.11     Company. LEVITT COMMERCIAL HIGH RIDGE LLC, a Florida limited
liability company.

         1.12     Company Accountants. Such independent accountants as may be
selected, from time to time, by the Manager.

         1.13     Event of Dissolution. Any of the events that result in a
dissolution of the Company as set forth in Section 9.01 hereof.

         1.14     Fiscal Year. The calendar year.

         1.15     Gross Asset Value. With respect to any asset, the asset's
adjusted basis for federal income tax purposes, except as follows:

                  (i)      The initial Gross Asset Value of any asset
contributed by a Member to the Company shall be the gross fair market value of
such asset, as agreed upon by the contributing Member and the Manager;

                  (ii)     The Gross Asset Values of all Company assets shall be
adjusted to equal their respective gross fair market values, as determined by
the Manager as of the following times: (1) the acquisition of an additional
interest in the Company by any new or existing Member in exchange for more than
a de minimis Capital Contribution; (2) the distribution by the Company to a
Member of more than a de minimis amount of property as consideration for an
interest in the Company; and (3) the liquidation of the Company within the
meaning of Regulations Section 1.704-1(b)(2)(ii)(g); provided, however, that
adjustments pursuant to clauses (1) and (2) shall be made only if the Manager
reasonably determines that such adjustments are necessary or appropriate to
reflect the relative economic interests of the Members in the Company;

                  (iii)    The Gross Asset Value of any Company asset
distributed to any Member shall be adjusted to equal the gross fair market value
of such asset on the date of distribution as determined by the distributee and
the Manager; and

                                       4

<PAGE>

                  (iv)     The Gross Asset Values of Company assets shall be
increased (or decreased) to reflect any adjustments to the adjusted basis of
such assets pursuant to Code Section 734(b) or Code Section 743(b), but only to
the extent that such adjustments are taken into account in determining Capital
Accounts pursuant to Regulations Section 1.704-1(b)(2)(iv)(m) and Section
4.05(i) hereof; provided, however, that Gross Asset Values shall not be adjusted
to the extent the Manager determines that an adjustment pursuant to subparagraph
(ii) of this definition is necessary or appropriate in connection with a
transaction that would otherwise result in an adjustment pursuant to this
subparagraph.

         If the Gross Asset Value of an asset has been determined or adjusted
pursuant to subparagraphs (i), (ii) or (iii) of this definition, such Gross
Asset Value shall thereafter be adjusted by the Depreciation taken into account
with respect to such asset for purposes of computing Profits and Losses.

         For purposes of the foregoing provision, "Depreciation" means, for each
Fiscal Year, an amount equal to the depreciation, amortization or other cost
recovery deduction allowable with respect to an asset for such Fiscal Year,
except that if the Gross Asset Value of an asset differs from its adjusted basis
for federal income tax purposes at the beginning of such Fiscal Year,
Depreciation shall be an amount which bears the same ratio to such beginning
Gross Asset Value as the depreciation, amortization or other cost recovery
deduction for income tax purposes for such Fiscal Year bears to such beginning
adjusted tax basis; provided, however, that if the adjusted basis for income tax
purposes of an asset at the beginning of such Fiscal Year is zero, Depreciation
shall be determined with reference to such beginning Gross Asset Value using any
reasonable method selected by the Manager.

         1.16     Interim Capital Transaction. A transaction pursuant to which
the Company borrows funds or refinances existing debt, a sale, condemnation,
exchange, abandonment or other disposition of a portion (which is less than
substantially all) of the assets of the Company, an insurance recovery or any
other transaction, other than a Terminating Capital Transaction, that, in
accordance with generally accepted accounting principles, is considered capital
in nature.

         1.17     Law. The Florida Limited Liability Company Act, as amended
from time to time.

         1.18     Look-Back IRR. An internal rate of return for Commercial equal
to an interest rate of twenty two and one half percent (22.5%), compounded
annually, that causes the discounted present value of all distributions of
Available Cash and Net Proceeds of Capital Transactions to Commercial to equal
the discounted present value of the total of the initial and any additional
Capital Contributions made by Commercial. The calculation of the Look-Back IRR
shall not take into account any federal, state or local income taxes imposed on
Commercial as a result of receiving such distributions or on Commercial's share
of the taxable income of the Company. Determination of the "Look-Back IRR" shall
be done by the Company's Accountant. By way of example of the calculation of the
Look-Back IRR, assume that the aggregate initial and additional Capital
Contributions of Commercial is $1,000,000, which for these purposes assume was
contributed on the first day of the first year of the calculation period, that a
distribution of $500,000 is made on the last day of the second year of the
calculation period, and a distribution of $500,000 is made on the last day of
the third year of the calculation period. In order to

                                       5
<PAGE>

achieve the Look-Back IRR, a distribution of $889,000 will need to be made on
the last day of the fourth year of the calculation period.

         1.19     Manager. Levitt Commercial Development LLC shall serve as
Manager.

         1.20     Manager's Development Fee. An amount equal to $175,000,
payable at the rate of $29,167 per month for the six months following the
acquisition of the Property. In the event that the Manager's Development Fee is
not paid in any month, the past due amount shall accrue interest at the rate of
10% per annum. The Manager's Development Fee shall be an amount described in
Code Section 707(a).

         1.21     Member Interest or Interests. The entire ownership interest of
a Member in the Company at any particular time, including such Member's rights
to any and all distributions, allocations and other incidents of participation
in the Company to which such Member may be entitled as provided in this
Agreement and under applicable law, together with the obligations of such Member
to comply with all of the terms and provisions of this Agreement and the Law,
and further including its Capital Account hereunder.

         1.22     Member Minimum Gain. An amount, with respect to each Member
Nonrecourse Debt, equal to the Company Minimum Gain that would result if such
Member Nonrecourse Debt were treated as a Nonrecourse Liability, determined in
the same manner as "partner minimum gain" pursuant to Regulation Section
1.704-2(i).

         1.23     Member Nonrecourse Debt. Any nonrecourse debt (for the
purposes of Regulation Section 1.1001-2) of the Company for which no Member
bears the "economic risk of loss" within the meaning of Regulation Section
1.752-2.

         1.24     Member Nonrecourse Deductions. These shall have the meaning
set forth in Treasury Regulation Section 1.704-2(i) for "partner nonrecourse
deductions." The amount of Member Nonrecourse Deductions with respect to Member
Nonrecourse Debt for any Fiscal Year equals the excess, if any, of (a) the net
increase, if any, in the amount of Member Minimum Gain attributable to such
Member Nonrecourse Debt during such Fiscal Year, over (b) the aggregate amount
of any Distributions during that Fiscal Year to the Member that bears the
economic risk of loss for such Member Nonrecourse Debt to the extent such
distributions are from the proceeds of such Member Nonrecourse Debt and are
allocable to an increase in Member Minimum Gain attributable to such Member
Nonrecourse Debt, determined in accordance with Regulation Section 1.704-2(i).

         1.25     Member Percentages. The respective percentage interest of each
Member in the Company as set forth on Schedule A hereto.

         1.26     Nonrecourse Deductions. Deductions of the Company described in
Section 1.704-2(b)(1) of the Regulations.

         1.27     Nonrecourse Liability. A liability of the Company described in
Sections 1.704-2(b)(3) and 1.752-1(a)(2) of the Regulations.

                                       6
<PAGE>

         1.28     Person. Any individual, partnership, corporation, limited
liability company, trust or other entity.

         1.29     Preferred Return. Preferred Return means an amount determined
by multiplying ten percent (10%) per annum by the average monthly balance of a
Member's Unreturned Capital, cumulative and not compounded, which amount shall
commence to accrue as of the date a Member makes its Capital Contribution to the
Company as specified in Article III hereof.

         1.30     Profits and Losses. Profits and Losses means, for each Fiscal
Year, an amount equal to the Company's taxable income or loss for such Fiscal
Year, including gain or loss from Capital Transactions, determined in accordance
with Code Section 703(a) (for this purpose, all items of income, gain, loss, or
deduction required to be stated separately pursuant to Code Section 703(a)(1)
shall be included in taxable income or loss), with the following adjustments:

                  (a)      Any income of the Company that is exempt from federal
income tax and not otherwise taken into account in computing Profits or Losses
pursuant to this definition of "Profits" and "Losses" shall be added to such
taxable income or loss;

                  (b)      Any expenditures of the Company described in Code
Section 705(a)(2)(B) or treated as Code Section 705(a)(2)(B) expenditures
pursuant to Regulations Section 1.704-1(b)(2)(iv)(i), and not otherwise taken
into account in computing Profits or Losses pursuant to this definition of
"Profits" and "Losses" shall be subtracted from such taxable income or loss;

                  (c)      In the event the Gross Asset Value of any Company
asset is adjusted pursuant to subparagraphs (ii) or (iii) of the definition of
"Gross Asset Value," the amount of such adjustment shall be taken into account
as gain or loss from the disposition of such asset for purposes of computing
Profits or Losses;

                  (d)      Gain or loss resulting from any disposition of
property with respect to which gain or loss is recognized for federal income tax
purposes shall be computed by reference to the Gross Asset Value of the property
disposed of, notwithstanding that the adjusted tax basis of such property
differs from its Gross Asset Value;

                  (e)      In lieu of the depreciation, amortization, and other
cost recovery deductions taken into account in computing such taxable income or
loss, there shall be taken into account Depreciation for such Fiscal Year,
computed in accordance with the definition of "Depreciation";

                  (f)      To the extent an adjustment to the adjusted tax basis
of any Company asset pursuant to Code Section 734(b) or Code Section 743(b) is
required pursuant to Regulations Section 1.704-1(b)(2)(iv)(m)(4) to be taken
into account in determining Capital Accounts as a result of a distribution other
than in complete liquidation of a Member's Member Interest, the amount of such
adjustment shall be treated as an item of gain (if the adjustment increases the
basis of the asset) or loss (if the adjustment decreases the basis of the asset)
from the disposition of the asset and shall be taken into account for purposes
of computing Profits or Losses; and

                                       7
<PAGE>

                  (g)      Any items which are specially allocated pursuant to
Sections 4.05 or 4.06 shall not be taken into account in computing Profits or
Losses.

         The amounts of the items of Company income, gain, loss or deduction
available to be specially allocated pursuant to Section 4.05 shall be determined
by applying rules analogous to those set forth in subparagraphs (i) through (vi)
above.

         1.31     Required Vote. The affirmative vote of the Members entitled to
vote having, in the aggregate, fifty-one percent (51%) or more of the Member
Percentages of all of the Members entitled to vote.

         1.32     Reserves. Reserves shall mean, with respect to any fiscal
period, funds set aside during such period which shall be maintained in amounts
deemed sufficient by the Manager for working capital, to pay taxes, insurance,
debt service, replacements, capital improvements or repairs, contingent
liabilities, or other costs and expenses, incident to the ownership or operation
of the Property.

         1.33     Stipulated Rate. The rate of interest, calculated annually,
equal to two percent (2%) per annum plus the annual rate of simple interest
reported from time to time by the Wall Street Journal as the "Prime Rate," but
not higher than the highest nonusurious rate of simple interest for commercial
loans under applicable law, nor lower than the lowest interest rate that may be
charged without causing the imputation of interest for federal income tax
purposes.

         1.34     Terminating Capital Transaction. A sale, condemnation,
exchange or other disposition, whether by foreclosure, abandonment or otherwise,
of all or substantially all of the then remaining assets of the Company or a
transaction that will result in a dissolution of the Company.

         1.35     Transfer. The sale, transfer, assignment, syndication, pledge,
hypothecation, encumbrance or other disposition, either voluntarily,
involuntarily, by operation of law or otherwise.

         1.36     Treasury Regulations or Regulations. The Regulations
interpreting the Code promulgated by the United States Treasury Department.

         1.37     Unpaid Preferred Return. As of any date, the Preferred Return
that has been accrued but not paid to the Members.

         1.38     Unreturned Capital. Unreturned Capital means, with respect to
each Member, at any given time, the excess of (a) the Capital Contributions made
by such Member to the Company, over (b) all distributions made to such Member
pursuant to Subsection 4.02(b) hereof.

                                   ARTICLE II
                       CONTINUATION, NAME, BUSINESS, TERM

         2.01     Continuation. The Members hereby continue the Company for the
purposes set forth herein. The Members shall execute any and all certificates or
other documents, and take

                                       8
<PAGE>

whatever action is required, in order to authorize the Company to conduct
business as a limited liability company under the Law. The rights and
liabilities of the Members shall be as provided in the Articles and the Law,
except as otherwise provided herein.

         2.02     Name. The business of the Company shall be conducted under the
name of the Company.

         2.03     Principal Place of Business; Recordkeeping Office. The
principal place of business for the transaction of the business of the Company
shall be at such location as hereinafter may be determined by the Manager.

         2.04     Purposes of the Company. Subject to the provisions of Article
X hereof, the purpose for which the Company was organized and is hereby
continued is to acquire, own, hold, manage, operate, improve, lease, maintain
and repair, construct improvements thereon, sell or otherwise dispose of and
mortgage or otherwise encumber, certain commercial real property, consisting of
land and buildings described as approximately 70,000 square feet of speculative
flex warehouse development at I-95 and Commerce Drive in Boynton Beach, Florida
(collectively, the "Property"), together with related assets; and doing all
things incidental thereto, which may include the sale of parcels of the Property
in the ordinary course of business ("Company's Business"). The Property as fully
developed is sometimes referred to herein as the "Project." Without in any way
limiting the generality of the foregoing, the Company may: (i) enter into,
perform and carry out contracts and agreements, or as may be necessary,
appropriate or incidental to the accomplishment of the purposes of the Company;
(ii) sell, exchange, lease, mortgage or otherwise dispose of all or any part of
the properties and assets of the Company for cash, stock, other securities or
other property or any combination thereof; (iii) borrow money and evidence the
same by notes or other evidences of indebtedness and secure the same with liens
on all or any portion of the assets of the Company in furtherance of any of or
all of the purposes of the Company; and (iv) do all other acts and things which
may be necessary, appropriate or incidental to the carrying out of the business
and purposes of the Company.

         2.05     Scope and Jurisdiction. The Company is authorized to engage in
all business permitted by the Law. If the Company qualifies to do business in a
foreign jurisdiction, then it may transact all business permitted in that
jurisdiction. There is no jurisdictional restriction upon the property or
activity of the Company.

         2.06     Term. The term of the Company as a limited liability company
shall commence with the filing of the Articles, and shall continue in full force
and effect until terminated in accordance with Article IX of this Agreement or
as otherwise provided by the Law.

         2.07     Title. Legal title to Company property, whether real, personal
or mixed, shall be held in the name of the Company.

                                  ARTICLE III
                          CAPITAL CONTRIBUTIONS; LOANS

         3.01     Initial Capital Contributions.

                                       9
<PAGE>

                  (a)      The Members shall make or have made the following
initial Capital Contributions to the Company:

                           (i)      CMSI - $175,000. CMSI acknowledges that it
has received the amount of its required contribution through a loan from
Commercial (or an Affiliate of Commercial), which loan accrues simple interest
at 10% per annum ("CMSI Loan"). CMSI hereby grants to Commercial (or its
affiliated lender) a security interest in its Member Interest, and agrees to
execute and deliver such further documents as Commercial may request to evidence
and perfect the foregoing. Further, CMSI hereby agrees that any and all general
contractor fees that it may receive in connection with the construction of the
Property pursuant to the GC Agreement shall be paid to Commercial (or its
affiliated lender) until the CMSI Loan has been paid in full. In the event that
CMSI shall be in default under the terms of the "GC Agreement" (as defined in
Section 5.06 hereof), and if under the terms of the GC Agreement the Company
shall exercise its right to replace CMSI as the general contractor for the
Project, then the Member Percentages shall be recalculated pursuant to the
provisions of Section 3.02(d) hereof, with (a) the Capital Contribution of CMSI
being an amount equal to the total amount of general contractor fees theretofore
paid by CMSI to Commercial (or its affiliated lender) as a repayment of the CMSI
Loan, less any sums expended by or on behalf of the Company as a result of the
default by CMSI under the GC Agreement, and (b) the Capital Contribution of
Commercial shall be increased by an amount equal to $175,000 less all general
contractor fees previously paid by CMSI to Commercial (or its affiliated lender)
under this subsection as a repayment of the CMSI Loan.

                           (ii)     Ciaccia - $17,500.

                           (iii)    Solimine - $17,500.

                           (iv)     Commercial - The sum of $738,219, which is
the amount required to be contributed such that the aggregate of the initial
Capital Contributions of all of the Members shall be equal to the equity
requirements under the total cost budget attached hereto as Exhibit A. In the
event that under the terms of the acquisition and development financing obtained
by the Company ("A&D Loan") the total equity requirement under the total cost
budget shall be modified, then the amount of the capital to be contributed by
Commercial shall also be correspondingly modified; provided, however, in no
event shall the amount of the initial Capital Contribution of Commercial be
adjusted as a result of any cost overruns during the course of construction, or
any other matter subsequent to the closing under the A&D Loan. The initial
Capital Contribution of Commercial shall be further increased by the amount of
all funds expended by Commercial in connection with the formation of the Company
and the development of the Property, whether incurred prior or subsequent to the
date of the formation of the Company. Commercial also agrees to guaranty the A&D
Loan. To the extent available under the A&D Loan, Commercial shall be reimbursed
for all funds expended in excess of the required initial Capital Contribution of
$738,219.

                  (b)      The Manager shall set forth the amount of each
Member's contributions on Schedule A, attached hereto. Schedule A shall be
modified by the Manager to reflect any additional contributions or additional
Members admitted to the Company.

                                       10
<PAGE>

                  (c)      The initial Member Percentages of the Members shall
be as set forth on Schedule A hereto, and the Manager shall revise Schedule A to
reflect any adjustments to the Member Percentages as provided herein. The Member
Percentages may be adjusted so that the Member Percentage of each Member shall
be a fraction expressed as a percentage, the numerator of which is equal to such
Member's "Adjusted Capital" (as hereinafter defined), and the denominator of
which is equal to the aggregate Adjusted Capital of all of the Members. The
"Adjusted Capital" of each Member other than Commercial shall be equal to the
actual Capital Contributions of such Member. The "Adjusted Capital" of
Commercial shall be equal to the greater of (i) the actual Capital Contributions
of Commercial, or (ii) 25% of the budgeted total cost of the Project as set
forth on Exhibit A hereto, less the actual Capital Contributions of the
remaining Members. The foregoing provision is intended by the Members to provide
a benefit to Commercial if it is successful in obtaining for the Company an
acquisition and development loan that has a "loan to cost" ratio in excess of
75%.

         3.02     Additional Capital Contributions.

                  (a)      Additional Capital Contributions shall be made in
such manner and in such amounts as shall be determined by the Manager as being
necessary or appropriate to fund all expenses associated with the Company's
Business ("Additional Contributions"), which Additional Contributions shall be
made by the Members, pro rata, in accordance with their respective Member
Percentages. The Additional Contributions shall be made by the Members within
twenty (20) days following the date of determination that such Additional
Contributions are to be made.

                  (b)      In the event that a Member fails to make all or any
portion of that Member's share of the Additional Contributions within five (5)
business days after such determination that such Additional Contributions are
due, then such Member shall be in "Default" of these Regulations ("Defaulting
Member"). In the event of such Default, the other Member(s) may elect to advance
as a loan to the Defaulting Member an amount equal to the Additional
Contributions that the Defaulting Member failed to make ("Default Loan"). The
Member(s) electing to make a Default Loan is sometimes hereinafter referred to
as the "Lending Member." In the event the Lending Member has advanced such
monies to the Company as a Default Loan to the Defaulting Member, then and in
such event the following shall be applicable: (i) such Default Loan shall be a
demand loan which shall bear interest at eighteen percent (18%) per annum
("Default Rate"); (ii) all monies to which the Defaulting Member is otherwise
entitled from the Company, whether in its capacity as member or lender, shall be
paid by the Company to the Lending Member as repayment of such Default Loan, and
applied to the costs and expenses of the Lending Member, including attorneys'
fees and costs with respect to such Default Loan, secondly towards accrued and
unpaid interest, and finally towards the outstanding principal balance; (iii)
the Default Loan shall be secured by the Member Interest owned by the Defaulting
Member, and (iv) the Default Loan may be called in whole or in part anytime.

                  (c)      In the event the Lending Member shall make the
Default Loan and in the further event that the Defaulting Member shall have
failed to fully cure the Default hereunder by paying the Default Loan, together
with interest thereon at the Default Rate from the date such Default Loan was
due until the date of the election by the Lending Member to take advantage of

                                       11
<PAGE>

the provisions of this Section 3.02, the Lending Member shall have the right
(which shall only be elected in writing) to convert all or any portion of the
Default Loan (including interest which has accrued thereon) to the capital of
the Company, whereupon the Member Interest of the Lending Member shall be
proportionately and permanently increased and the Member Interest of the
Defaulting Member shall be proportionately and permanently reduced in the manner
set forth in Section 3.02(d) below. Notwithstanding anything contained herein to
the contrary, the Lending Member shall give the Defaulting Member three (3)
days' written notice of its intention to invoke the provisions of Section
3.02(d) below, during which time the Defaulting Member shall have the right to
satisfy in full the then outstanding principal balance, together with any
accrued but unpaid interest, of the Default Loan owing to the Lending Member.

                  (d)      In the event that the Lending Member shall determine
to convert all or any portion of the Default Loan to the capital of the Company
pursuant to Section 3.02(c) above, the Member Interests of the Lending Member
and the Defaulting Member shall be redetermined pursuant hereto so that each
Member's redetermined Member Percentage shall be equal to the product of the
total Member Percentages of the Lending Member and the Defaulting Member, and a
fraction, the numerator of which shall be equal to any Capital Contributions of
such Member (including the Member's Adjusted Capital amount), plus one hundred
ten percent (110%) of any Default Loans theretofore made by such Member, and the
denominator of which is equal to the Capital Contributions of the Lending Member
and the Defaulting Member (including each Member's Adjusted Capital amount), and
one hundred ten percent (110%) of any Default Loans theretofore made by the
Lending Member.

         3.03     Loans.

                  (a)      Subject to the limitations provided herein, in the
event that at any time or from time to time additional funds in excess of the
Capital Contributions of the Members are required by the Company for or in
respect of its business or any of its obligations, expenses, costs, liabilities
or expenditures, the Manager may, but shall not be obligated to, apply on behalf
of the Company to borrow such required additional funds, with interest payable
at the then prevailing rates, from commercial banks, savings and loan
associations or other lending institutions. Any Member may, but is not required
to, provide security or personal guarantees for such loans, in exchange for
which such Member may be compensated in such amount as shall be agreed to by the
Manager.

                  (b)      In the event that the Manager is unable or chooses
not to cause the Company to borrow said required additional funds from a
commercial bank, savings and loan association or other lending institution, any
Member (or an Affiliate of any Member) may, but is not required to, lend such
funds to the Company. In the event that a Member elects to provide the
additional funds in the form of a loan to the Company, any such loan shall be
evidenced by a negotiable promissory note of the Company and shall bear interest
at a rate per annum equal to the Stipulated Rate. In no event shall any such
loan bear interest at a rate in excess of the highest lawful nonusurious rate
permitted by the law applicable to the loan. Any change in the Stipulated Rate,
shall automatically result in a change in the rate of interest charged to the
Company in respect of the respective loan. Any interest paid pursuant to this
Paragraph shall be deemed an expense of the Company and repayment of such
loan(s) shall not affect the Capital

                                       12

<PAGE>

Account of the Member. All loans made by a Member shall be and are hereby
declared to be secured by a lien upon the assets of the Company, subject only to
any prior liens granted to third party lenders. This provision is not intended
to be for the benefit of any creditor or other Member (other than a Member in
its capacity as a Member) to whom any debts, liabilities or obligations are owed
by the Company or any of the Members.

         3.04     Other Matters Relating to Capital and Loans.

                  (a)      Interest earned on Company funds shall inure solely
to the benefit of the Company, and, except as specifically provided herein, no
interest shall be paid upon any contributions or advances to the capital of the
Company or upon any undistributed or reinvested income or profits of the
Company.

                  (b)      The Capital Contributions of the Members shall be
utilized for carrying out the purposes of the Company as set forth in this
Agreement and for payment of any expenses incurred in connection therewith,
including payment or reimbursement of expenses paid or incurred on behalf of the
Company whether prior or subsequent to the execution of this Agreement.

                  (c)      Loans by a Member to the Company (including those
arising by virtue of payment under a guaranty or indemnity of the Company
obligations) shall not be considered contributions to the capital of the Company
and shall not increase the Capital Account of the lending Member.

                  (d)      Except as specifically provided herein, no Member
shall be entitled to withdraw its Capital Contribution, or to a return of any
part of his Capital Contribution or to receive property or assets other than
cash in return thereof without the consent of the Manager, and the Manager shall
not be liable for the return of all or any portion of the Members' Capital
Contributions.

                  (e)      No Member shall be entitled to priority over any
other Member, either with respect to a return of his Capital Contribution or to
allocations of taxable income, gains, losses or credits, or to distributions,
except as provided in this Agreement.

                                   ARTICLE IV
                          ALLOCATIONS AND DISTRIBUTIONS

         4.01     Distribution of Available Cash and Net Proceeds from Interim
Capital Transactions. Available Cash and Net Proceeds from Capital Transactions
shall be distributed to the Members quarterly (if funds are available for same)
or as more frequently determined by the Manager and shall be distributed as
follows:

                  (a)      First, to the Manager its then due and unpaid
Manager's Development Fee, including any interest accrued thereon;

                                       13

<PAGE>

                  (b)      Second, to Members pro rata in accordance with their
respective Unpaid Preferred Returns, until the Unpaid Preferred Return of the
Members, if any, is reduced to zero;

                  (c)      Third, to the Members pro rata in accordance with
their respective Unreturned Capital balances, until the Unreturned Capital
balances of all of the Members, if any, is reduced to zero;

                  (d)      Fourth, to Commercial until such time as Commercial
has received its Look Back IRR;

                  (e)      Fifth, to all of the Members other than Commercial,
pro rata in accordance with their relative Member Percentages, until the
relative amounts of all distributions under this subsection 4.01(e) and
subsection 4.01(d) above shall be in proportion to the Members' Member
Percentages; and

                  (f)      Finally, to the Members, pro rata in accordance with
their respective Member Percentages.

         4.02     Distribution in Cash Only. No Member shall have the right to
demand or receive property from the Company for any reason whatsoever and no
Member shall have the right to sue for partition of the Company or of the
Company's assets.

         4.03     Allocations of Profits and Losses. Profits and Losses shall be
allocated in the following order of priority:

                  (a)      Any Profits shall be allocated as follows:

                           (i)      first, to the Members in an amount equal to
and in proportion to the net cumulative Losses (aggregate Losses in excess of
aggregate Profits) allocated to the Members since the date of this Agreement;

                           (ii)     then, to the Members, pro rata in accordance
with the relative amounts distributed to the Members pursuant to Sections
4.01(b), (d) and (e), and Sections 9.02(a)(iv), (vi) and (vii) hereof; and

                           (iii)    finally, to the Members, pro rata in
accordance with their respective Member Percentages.

                  (b)      Any Losses shall be allocated:

                           (i)      first, to the Members in an amount equal to
and in proportion to the net cumulative Profits (aggregate Profits in excess of
aggregate Losses) allocated to the Members subsequent to the date of this
Agreement;

                           (ii)     next, to the Members, pro rata in accordance
with their respective positive Capital Account balances; and

                                       14
<PAGE>

                           (iii)    finally, to the Members, pro rata in
accordance with their respective Member Percentages.

         4.04     Special Allocations. The following special allocations shall
be made in the following order:

                  (a)      Minimum Gain Chargeback. Except as otherwise provided
in Section 1.704-2(f) of the Regulations, and notwithstanding any other
provision of this Article IV, if there is a net decrease in Company Minimum Gain
during any Fiscal Year, each Member shall be specially allocated items of
Company income and gain for such Fiscal Year (and, if necessary, subsequent
Fiscal Years) in an amount equal to such Member's share of the net decrease in
Company Minimum Gain, determined in accordance with Regulations Section
1.704-2(g). Allocations pursuant to the previous sentence shall be made in
proportion to the respective amounts required to be allocated to each Member
pursuant thereto. The items to be so allocated shall be determined in accordance
with Sections 1.704-2(f)(6) and 1.704-2(j)(2) of the Regulations. This Section
is intended to comply with the minimum gain chargeback requirement in Section
1.704-2(f) of the Regulations and shall be interpreted consistently therewith.

                  (b)      Member Minimum Gain Chargeback. Except as otherwise
provided in Section 1.704-2(i)(4) of the Regulations and notwithstanding any
other provision of this Article IV, if there is a net decrease in Member
Nonrecourse Debt Minimum Gain attributable to a Member Nonrecourse Debt during
any Fiscal Year, each Member who has a share of the Member Nonrecourse Debt
Minimum Gain attributable to such Member Nonrecourse Debt, determined in
accordance with Section 1.704-2(i)(5) of the Regulations, shall be specially
allocated items of Company income and gain for such Fiscal Year (and, if
necessary, subsequent Fiscal Years) in an amount equal to such Member's share of
the net decrease in Member Nonrecourse Debt Minimum Gain attributable to such
Member Nonrecourse Debt, determined in accordance with Regulations Section
1.704-2(i)(4). Allocations pursuant to the previous sentence shall be made in
proportion to the respective amounts required to be allocated to each Member
pursuant thereto. The items to be so allocated shall be determined in accordance
with Regulations Sections 1.704-2(i)(4) and 1.704-2(j)(2). This Section is
intended to comply with the minimum gain chargeback requirement in Section
1.704-2(i)(4) of the Regulations and shall be interpreted consistently
therewith.

                  (c)      Qualified Income Offset; Loss Limitation.

                           (i)      If any Member unexpectedly receives any
adjustment, allocation, or distribution described in Regulation Section
1.704-1(b)(2)(ii)(d)(4), (5) or (6) which causes or increases a deficit capital
account balance in such Member's Capital Account (as determined in accordance
with such Regulations), items of Company income and gain shall be allocated to
such Member in an amount and manner sufficient to eliminate, to the extent
required by the Regulations, the Adjusted Capital Account Deficit of such Member
as quickly as possible, provided that such allocations shall be made only if and
to the extent that such Member would have an Adjusted Capital Account Deficit
after all other allocations provided for in this Article IV have been
tentatively made as if this Section were not in the Agreement. This provision is

                                       15
<PAGE>

intended to be a "qualified income offset," as defined in Regulation Section
1.704-1(b)(2)(ii)(d), such Regulations being specifically incorporated herein by
reference.

                           (ii)     The Losses allocated pursuant to Section
4.04 hereof shall not exceed the maximum amount of Losses that can be so
allocated without causing any Member to have an Adjusted Capital Account Deficit
at the end of any Fiscal Year. In the event some but not all of the Members
would have Adjusted Capital Account Deficits as a consequence of an allocation
of Losses pursuant to Section 4.03, the limitation set forth in this Subsection
shall be applied on a Member by Member basis so as to allocate the maximum
permissible Losses to each Member under Section 1.704-1(b)(2)(ii)(d) of the
Regulations.

                  (d)      Gross Income Allocation. In the event any Member has
a deficit Capital Account at the end of any Fiscal Year which is in excess of
the sum of (i) the amount such Member is obligated to restore pursuant to any
provision of this Agreement, and (ii) the amount such Member is deemed to be
obligated to restore pursuant to the penultimate sentences of Regulations
Sections 1.704-2(g)(1) and 1.704-2(i)(5), each such Member shall be specially
allocated items of Company income and gain in the amount of such excess as
quickly as possible, provided that an allocation pursuant to this Section shall
be made only if and to the extent that such Member would have a deficit Capital
Account in excess of such sum after all other allocations provided for in this
Article IV have been made as if Section 4.04(c) hereof and this Section were not
in this Agreement.

                  (e)      Nonrecourse Deductions. Nonrecourse Deductions for
any Fiscal Year shall be specially allocated based upon their respective Member
Percentages.

                  (f)      Member Nonrecourse Deductions. Any Member Nonrecourse
Deductions for any Fiscal Year shall be specially allocated to the Member who
bears the economic risk of loss with respect to the Member Nonrecourse Debt to
which such Member Nonrecourse Deductions are attributable in accordance with
Regulations Section 1.704-2(i)(1).

                  (g)      Excess Nonrecourse Liabilities. Solely for purposes
of determining a Member's proportionate share of the "excess nonrecourse
liabilities" of the Company within the meaning of Regulations Section
1.752-3(a)(3), the Members' interests in Company profits are based upon their
respective Member Percentages.

                  (h)      Distributions with Respect to Nonrecourse
Liabilities. To the extent permitted by Section 1.704-2(h)(3) of the
Regulations, the Manager shall endeavor to treat distributions of Available Cash
as having been made from the proceeds of a Nonrecourse Liability or a Member
Nonrecourse Debt only to the extent that such distributions would not cause or
increase an Adjusted Capital Account Deficit for any Member.

                  (i)      Section 754 Adjustments. To the extent an adjustment
to the adjusted tax basis of any Company asset pursuant to Code Section 734(b)
or Code Section 743(b) is required, pursuant to Regulations Section
1.704-1(b)(2)(iv)(m)(2) or Regulations Section 1.704-1(b)(2)(iv)(m)(4), to be
taken into account in determining Capital Accounts as the result of a
distribution to a Member in complete liquidation of its interest in the Company,
the amount of

                                       16
<PAGE>

such adjustment to Capital Accounts shall be treated as an item of gain (if the
adjustment increases the basis of the asset) or loss (if the adjustment
decreases such basis) and such gain or loss shall be specially allocated to the
Members in accordance with their interests in the Company in the event that
Regulations Section 1.704-1(b)(2)(iv)(m)(2) applies, or to the Member to whom
such distribution was made in the event that Regulations Section
1.704-1(b)(2)(iv)(m)(4) applies.

         4.05     Curative Allocations. The allocations set forth in Section
4.04 (the "Regulatory Allocations") are intended to comply with certain
requirements of the Regulations. It is the intent of the Members that, to the
extent possible, all Regulatory Allocations shall be offset either with other
Regulatory Allocations or with special allocations of other items of Company
income, gain, loss or deduction pursuant to this Section. Therefore,
notwithstanding any other provision of this Article IV (other than the
Regulatory Allocations), the Members shall make such offsetting special
allocations of Company income, gain, loss or deduction in whatever manner it
determines appropriate so that, after such offsetting allocations are made, each
Member's Capital Account balance is, to the extent possible, equal to the
Capital Account balance such Member would have had if the Regulatory Allocations
were not part of the Agreement and all Company items were allocated pursuant to
Section 4.03.

         4.06     Tax Allocations:  Code Section 704(c).

                  (a)      In accordance with Code Section 704(c) and the
Regulations thereunder, income, gain, loss, and deduction with respect to any
property contributed to the capital of the Company shall, solely for tax
purposes, be allocated among the Members so as to take account of any variation
between the adjusted basis of such property to the Company for federal income
tax purposes and its initial Gross Asset Value (computed in accordance with
subparagraph (i) of the definition of "Gross Asset Value").

                  (b)      In the event the Gross Asset Value of any Company
asset is adjusted pursuant to subparagraph (ii) of the definition of "Gross
Asset Value," subsequent allocations of income, gain, loss, and deduction with
respect to such asset shall take account of any variation between the adjusted
basis of such asset for federal income tax purposes and its Gross Asset Value in
the same manner as under Code Section 704(c) and the Regulations thereunder.

                  (c)      Any elections or other decisions relating to such
allocations shall be made by the Manager in any manner that reasonably reflects
the purpose and intention of this Agreement. Allocations pursuant to this
Section are solely for purposes of federal, state, and local taxes and shall not
affect, or in any way be taken into account in computing, any Member's Capital
Account or share of Profits, Losses, other items, or distributions pursuant to
any provision of this Agreement.

                  (d)      Except as otherwise provided in this Agreement, all
items of Company income, gain, loss, deduction, and any other allocations not
otherwise provided for shall be divided among the Members in the same
proportions as they share Profits or Losses, as the case may be, for the Fiscal
Year.

                                       17

<PAGE>

         4.07     Other Allocation Rules.

                  (a)      Profits, Losses and any other items of income, gain,
loss or deduction shall be allocated to the Members pursuant to this Article IV
as of the last day of each Fiscal Year; provided that Profits, Losses and such
other items shall also be allocated at such times as the Gross Asset Values of
Company property are adjusted pursuant to subparagraph (ii) of the definition of
Gross Asset Value.

                  (b)      For purposes of determining the Profits, Losses, or
any other items allocable to any period, Profits, Losses, and any such other
items shall be determined on a daily, monthly, or other basis, as determined by
the Manager using any permissible method under Code Section 706 and the
Regulations thereunder.

                  (c)      All allocations to the Members pursuant to this
Article IV shall, except as otherwise provided, be divided among them in
proportion to the Member Percentages held by each.

                  (d)      The Members are aware of the income tax consequences
of the allocations made by this Article IV and hereby agree to be bound by the
provisions of this Article IV in reporting their shares of Company income and
loss for income tax purposes, except to the extent otherwise required by law.

         4.08     Allocations to Transferred Interests. Profits and Losses which
are allocable to a Member Interest that was transferred or assigned during a
Fiscal Year shall be further allocated between or among the transferor and
transferee Members in proportion to the number of days during the Fiscal Year
that each such Member owned said Member Interest or in any other proportion
authorized by the Code and selected by the Manager, without regard to the actual
Profits and Losses as of the date of such transfer or assignment and without
regard to any distributions made with respect to such Member Interest.

                                       18
<PAGE>

                                   ARTICLE V
                            MANAGEMENT OF THE COMPANY

         5.01     Rights, Powers and Duties of the Manager. The overall
management and control of all aspects of the business and operations of the
Company shall be vested exclusively in the Manager. The Manager shall have all
the rights and powers provided in this Agreement, the Law and the Certificate
and any action taken by the Manager shall constitute the act of and serve to
bind the Company. The Manager shall conduct the day-to-day operations of the
Company and shall use good faith efforts to carry out the business of the
Company as set forth herein. With respect to all of its obligations, powers and
responsibilities and the limitations thereon as provided in this Agreement, the
Manager is authorized to execute and deliver, for and on behalf of the Company,
such agreements or instruments as the Manager may deem necessary or desirable,
all on such terms and conditions as it may deem necessary or desirable, and the
execution of such agreements, instruments or other documents by the Manager
shall be sufficient to bind the Company. Without limiting the generality of the
foregoing, the Manager has the right, power and authority, on behalf of the
Company, to:

                  (a)      Determine how to proceed with the ownership,
development, repair, management, lease and disposition of all or any part of the
Property, including, but not limited to, the sale or exchange of all or
substantially all of the Property;

                  (b)      Execute, on behalf of the Company, any and all
agreements, contracts, documents, certificates and instruments necessary or
convenient in connection with the management, leasing, maintenance, operation
and disposition of the Property;

                  (c)      Employ such agents, employees, managers, accountants,
attorneys, consultants and other professionals as it may deem necessary or
desirable for the conduct of the Company's business and pay from Company assets
such fees, expenses, salaries, wages and other compensation to such parties as
it may determine;

                  (d)      Pay from Company assets, extend, renew, modify,
adjust, submit to arbitration, prosecute, defend or compromise upon such terms
as it may determine, and upon such evidence as it may deem sufficient, any
obligation, suit, liability, cause of action or claim, including taxes, either
in favor of or against the Company;

                  (e)      Borrow money and issue evidences of indebtedness and
security therefor, mortgage, pledge or otherwise encumber Company assets,
refinance any borrowing, and name the Company as guarantor or indemnitor for any
loan or borrowing to the extent permissible under any other agreements
(including mortgages) to which the Company is a party;

                  (f)      Make from Company assets any and all expenditures
that it may deem necessary or desirable for the conduct of the Company's
business and the carrying out of its obligations and responsibilities under this
Agreement to the extent permissible under any other agreements (including
mortgages) to which the Company is a party;

                                       19
<PAGE>

                  (g)      Declare and make distributions of capital or income,
in cash or property, to Members;

                  (h)      Subject to the provisions of Article VII, admit
Persons as Members, including substituted Members;

                  (i)      Make or have made for the Company such market
research reports, economic and statistical data, evaluations, analyses, opinions
and recommendations as it may deem necessary or desirable with respect to the
business of the Company;

                  (j)      Purchase liability and other insurance to protect the
Company and the Company's assets and business;

                  (k)      Invest the Company's assets in bank and savings and
loan association savings accounts, commercial paper, government securities,
certificates of deposit, bankers' acceptances, other short term interest bearing
obligations and any other investments in the sole and absolute discretion of the
Manager;

                  (l)      Maintain adequate records and accounts of all
operations and expenditures and furnish the Members with annual statements of
accounts as of the end of each Company Fiscal Year, together with tax reporting
information;

                  (m)      Make, refrain from making, or revoke such elections
under the tax laws of the United States, the several States and other relevant
jurisdictions as to the treatment of items of Company income, gain, loss,
deduction, and credit and as to all other relevant matters, including, without
limitation, elections under Section 754 of the Code;

                  (n)      Enter into any leases for property, real or personal;

                  (o)      Make any purchases for, on behalf of, or in the name
 of, the Company;

                  (p)      Redeem Member Interests of the Members;

                  (q)      Establish, maintain and release Reserves, in such
amount as the Manager determines appropriate, in its reasonable discretion under
the then existing circumstances; and

                  (r)      Take any and all other action permitted under the Law
and that is reasonably related to Company purposes.

         5.02     Liability and Indemnification of Manager.

                  (a)      Neither the Manager nor its officers, directors,
partners, employees, agents, Affiliates, successors or assigns shall be liable
to the Company or the Members for any loss or damage incurred by reason of any
act performed or omitted in connection with the activities of the Company or in
dealing with third parties on behalf of the Company, unless such act or

                                       20
<PAGE>

omission was taken or omitted by the Manager, in bad faith, and such act or
omission constitutes fraud, gross negligence or willful breach of fiduciary
duty.

                  (b)      The Company, its receiver or its trustee, shall
indemnify and save harmless the Manager and its officers, directors, partners,
employees, agents, Affiliates, successors and assigns, from any claim,
liability, loss, judgment or damage incurred by them by reason of any act
performed or omitted to be performed in connection with the activities of the
Company or in dealing with third parties on behalf of the Company, including
costs and attorneys' fees (which attorneys' fees may be paid as incurred) and
any amounts expended in the settlement of any claims of liability, loss or
damage provided that the act or omission of the Manager is not found, by a
final, non-appealable ruling of a court of competent jurisdiction to have
resulted from an act or omission of the Manager taken in bad faith and that
constitutes fraud, gross negligence or willful breach of fiduciary duty by the
Manager. The Company shall advance all sums required to indemnify and hold the
Manager and its Affiliates harmless as provided herein from the initiation of
any claim against such indemnified Persons, subject to acknowledgment in writing
by such indemnified Person of the obligation to reimburse the Company in the
event that, following the entry of a final, non-appealable judgment, it is
determined that the Company was not obligated to indemnify such Person pursuant
to this Agreement. All judgments against the Company and the Manager, wherein
the Manager is entitled to indemnification, must first be satisfied from Company
assets before the Manager shall be responsible for such obligations. The
provisions of this Section shall survive the termination of the Company.

         5.03     Contractual Provisions. The Manager shall have the right and
authority to require a provision in all Company contracts that it not be
personally liable thereon and that the person or entity contracting with the
Company is to look solely to the Company and its assets for satisfaction.

         5.04     Delegation of Duties. The Manager shall have the right and
authority to delegate to one or more persons (including, but not limited to,
delegation among the Managers) the Manager's right and powers to manage and
control the businesses, investments and affairs of the Company, including to
delegate to agents, employees and Affiliates of the Manager or Company.

         5.05     Reimbursement. The Manager shall have the authority to
reimburse the Manager for reasonable and customary expenses incurred if and to
the extent that such expenses are attributable to Company affairs

         5.06     General Contractor. CMSI shall serve as the general contractor
for the Company, and in connection therewith shall be entitled to a fee equal to
$175,000, payable to CMSI monthly as part of construction draws. The Company and
CMSI shall enter into a general contractors agreement ("GC Agreement") in
connection with the foregoing having terms and conditions that are customary and
appropriate for a transaction similar to the Project.

         5.07     Other Activities. The Manager and its respective Affiliates
may have other business interests and may engage in other activities in addition
to those relating to the Company, including, without limitation, the rendering
of advice or services of any kind to other investors,

                                       21

<PAGE>

the making of other investments and serving as a general partner, managing
member or in similar capacities in other partnerships or entities of any kind.
The pursuit of such ventures, even if competitive with the business of the
Company, shall not be deemed wrongful or improper.

         5.08     Transactions with Affiliates. The validity of any transaction,
agreement or payment involving the Company, on the one hand, and the Manager or
its Affiliates, on the other hand, permitted by the terms of this Agreement
shall not be affected by reason of the relationship between the Company and the
Manager or its Affiliates; provided, however, that in all events such agreements
shall be on the same or similar terms available to the Company if it was to
contract with an unaffiliated third party similarly situated.

         5.09     Removal of Manager. The Members agree that the Manager may
only be replaced in the sole discretion of Commercial.

                                   ARTICLE VI
                            MATTERS REGARDING MEMBERS

         6.01     Liability and Indemnification of Members.

                  (a)      Except as provided above and in Article III hereof,
the Members shall not be bound by, or personally liable for, obligations or
liabilities of the Company beyond the amount of their initial Capital
Contributions and any additional Capital Contributions to the Company; provided,
however, the Members are obligated to return a distribution from the Company to
the extent that, immediately after giving effect to the distribution, all
liabilities of the Company, other than liabilities to Members on account of
their interest in the Company and liabilities as to which recourse of creditors
is limited to specified property of the Company, exceed the fair value of the
Company assets, provided that the fair value of any property that is subject to
a liability as to which recourse of creditors is so limited shall be included in
the Company assets only to the extent that the fair value of the property
exceeds this liability.

                  (b)      Neither the Members nor their officers, directors,
partners, employees, agents, affiliates, successors or assigns shall be liable
to the Company or the other Members for any loss or damage incurred by reason of
any act performed or omitted in connection with the activities of the Company or
in dealing with third parties on behalf of the Company, unless such act or
omission was taken or omitted by the Member, in bad faith, and such act or
omission constitutes fraud, gross negligence or willful breach of fiduciary
duty.

                  (c)      The Company, its receiver or its trustee, shall
indemnify and save harmless each Member and their respective officers,
directors, partners, employees, agents, Affiliates, successors and assigns, from
any claim, liability, loss, judgment or damage incurred by them by reason of any
act performed or omitted to be performed in connection with the activities of
the Company or in dealing with third parties on behalf of the Company, including
costs and attorneys' fees (which attorneys' fees may be paid as incurred) and
any amounts expended in the settlement of any claims of liability, loss or
damage provided that the act or omission of the Member is not found, to have
resulted from an act or omission of the Member taken in bad faith and that
constitutes fraud, gross negligence or willful breach of fiduciary duty by the
Member.

                                       22
<PAGE>

The Company shall advance all sums required to indemnify and hold the Member and
its Affiliates harmless as provided herein from the initiation of any claim
against such indemnified Persons, subject to acknowledgment in writing by such
indemnified Person of the obligation to reimburse the Company in the event that
it is determined that the Company was not obligated to indemnify such Person
pursuant to this Agreement. All judgments against the Company and a Member,
wherein the Member is entitled to indemnification, must first be satisfied from
Company assets before the Member shall be responsible for such obligations. The
Company shall not pay for any insurance covering liability of the Member or of
its officers, directors, partners, employees, agents, Affiliates, successors and
assigns for actions or omissions for which indemnification is not permitted
hereunder; provided, that nothing contained herein shall preclude the Company
from purchasing and paying for such types of insurance, including extended
coverage liability and casualty and worker's compensation, as would be customary
for any person owning comparable property and engaged in a similar business or
from naming the Member and any of its Affiliates as additional insured parties
thereunder. Nothing contained herein shall constitute a waiver by any Member of
any right which he may have against any party under Federal or state securities
laws. The provisions of this Section shall survive the termination of the
Company.

         6.02     Management. The Members shall not participate in the operation
or management of the business of the Company, or transact any business for or in
the name of the Company.

         6.03     Limitation of Certain Rights. The Members shall not have the
right or power to: (a) withdraw or reduce their Capital Contributions to the
Company except as a result of the dissolution of the Company or as otherwise
provided in this Agreement or by the Law; (b) bring an action for partition
against the Company or with respect to any of its property; (c) compel any sale
of all or any portion of the assets of the Company pursuant to any applicable
law, (d) cause the appointment of a receiver for all or any portion of the
assets of the Company, or (e) cause the termination or dissolution of the
Company by court decree or as may be permitted by the Law, such rights being
specifically waived by the Members. Each Member has been induced to enter into
this Agreement in reliance upon the waivers set forth in this Section, and
without those waivers, no Member would have entered into this Agreement.

         6.04     Voting. Whenever the Members are entitled by this Agreement to
vote on any particular matter, each Member shall be entitled to vote in
proportion to the Member Percentage of such Member as set forth on Schedule A.
Except as specifically provided to the contrary herein, all actions of the
Members shall be authorized by Required Vote of the Members.

         6.05     Meetings of the Members.

                  (a)      Meetings of the Members for any purpose may be called
by the Manager, and shall be called by the Manager upon receipt of a request in
writing signed by the Required Vote of the Members. Such request shall state the
purpose or purposes of the proposed meeting and the business to be transacted.
Notice of any such meeting shall be delivered to all Members in the manner
prescribed in Section 11.02 of this Agreement within ten (10) days after receipt
of such request and no fewer than fifteen (15) days or more than sixty (60) days
before the date of such meeting. The notice shall state the place, date, hour
and purpose of the meeting. At each

                                       23
<PAGE>

meeting the Members present or represented by proxy shall adopt such rules for
the conduct of such meeting as they shall deem appropriate. A list of the names
and addresses of all Members shall be maintained as part of the books and
records of the Company.

                  (b)      The presence in person or by proxy of the Required
Vote of the Members shall constitute a quorum at all meetings; provided,
however, that if there be no such quorum, Members (or their proxies) holding
more than fifty (50%) percent of the Member Percentages of the Members at such
meeting may adjourn the meeting from time to time without further notice, until
a quorum shall be obtained.

                  (c)      Each Member may authorize any person or persons to
act for him by proxy in all matters in which a Member is entitled to
participate. Every proxy must be signed by the Member or his attorney-in-fact
(other than the Manager). No proxy shall be valid after the expiration of six
(6) months from the date thereof. Every proxy shall be recoverable and
rescindable (if rescinded prior to any vote) by the Member executing it.

         6.06     Special Power of Attorney.

                  (a)      Each Member, by his execution of the Member's
signature page to this Agreement, irrevocably makes, constitutes and appoints
the Manager, with full power of substitution, their true and lawful
attorney-in-fact, for them and their names, places and steads, to make, execute,
sign, acknowledge, swear to, deliver, record and file any document or instrument
which may be considered necessary or desirable by the Manager to carry out the
provisions of this Agreement, including, without limitation, the following:

                           (i)      Any amendment to this Agreement made with
such consents, if any, of the Members as provided herein, any separate
certificate of membership, any certificate of doing business under any assumed
name, and any other certificate, instrument or document which may be required to
be filed, or which the Manager deems advisable to file, under the laws of any
state or the regulations of any governmental agency, as well as any amendments
to the foregoing; and

                           (ii)     Any instrument or document which may be
required or appropriate to carry out the purposes of the Agreement, effect the
continuation of the Company, approve the choice of and admit any additional or
substituted Member, dissolve and terminate the Company, or consent to the return
to the Members of all or a part of their respective Capital Contributions by
reason of Distributions to the Partners, or as may be required or helpful to
effectuate a transaction approved by the Required Vote of the Members pursuant
to Section 7.06 hereof.

                  (b)      The foregoing special power of attorney granted by
 each Member shall be one which:

                           (i)      Is a special power of attorney coupled with
an interest, is irrevocable and shall survive the death or legal incapacity of
the granting Member;

                                       24

<PAGE>

                           (ii)     May be exercised by the Manager for each
Member by a facsimile signature or by executing any instrument with a single
signature as attorney-in-fact for all Members; and

                           (iii)    Shall survive the delivery of any attempted
assignment by a Member of any part of his Member Interest, except that where the
assignee has been approved by the Manager for admission to the Company as a
substituted Member, this special power shall survive the delivery of such
assignment for the sole purpose of enabling the Manager to execute, acknowledge
and file any instrument or document necessary to effect such substitution.

         6.07     Manager's Ownership of Member Interests. In the event that the
Manager shall own any Member Interest, the Manager shall in all respects be
treated as a Member with respect to the Member Interest owned by the Manager.

         6.08     No Priority. Except as otherwise specifically set forth
herein, no Member shall have the right to demand or receive property other than
cash in any distribution. Except as otherwise specifically set forth herein, no
Member shall have priority over any other Member.

                                  ARTICLE VII
                   ISSUANCE AND TRANSFERS OF MEMBER INTERESTS

         7.01     Prohibition. Except as provided in this Article VII, absent
the written consent of the Manager, no Member shall Transfer all or any portion
of its Member Interest or any interest or right therein. Any purported Transfer
of a Member Interest in violation of the provisions of this Agreement shall be
void ab initio.

         7.02     Rights of Assignee. For purposes of this Agreement, an
"Assignee" is any Person who acquires (by purchase, gift, inheritance, judgment
or otherwise), or claims to have an ownership or security interest (including
any charging lien) in or against the Company or any Member Interest, but who has
not been admitted as a Member of the Company in accordance with Section 7.03.
Any interest in the Company or any Member Interest acquired by an Assignee is
subject to the terms and conditions of this Agreement and the Articles. An
Assignee has no rights or entitlements in respect to the Company or any Member
Interest except as specifically granted to the Assignee in this Agreement or the
Articles. By way of illustration and not limitation, an Assignee shall have no
(i) voting rights of any nature or kind, or (ii) rights to require any
information or accounting of the Company's transactions or finances or to
inspect Company books. If, however, an Assignee is admitted to the Company as a
Member, such admission shall vest in such Assignee all rights, powers,
authorities and responsibilities inuring to and imposed upon Members hereunder.

         7.03     Additional Member Interests; Admission of Members.

                  (a)      No additional Members shall be admitted into the
Company without the prior written consent of the Manager, which consent shall
not be unreasonably withheld. Any additional Member admitted into the Company
shall be admitted upon such terms and conditions

                                       25

<PAGE>

as determined by the Manager and in compliance with the provisions of this
Agreement. Additional Members shall agree in writing to be bound by this
Agreement.

                  (b)      An Assignee will be admitted to the Company as a
successor or additional Member only if all of the following conditions are met:

                           (i)      The Manager consents in writing to the
         admission of the Assignee as a Member, which consent shall not be
         unreasonably withheld, provided that, without limiting the generality
         of the foregoing, it shall not unreasonable for the Manager to withhold
         consent with respect to an Assignee if consenting would: (A) permit
         access to the business and affairs of the Company to a Person that is
         in competition with or, in the good faith opinion of the Manager; would
         be detrimental to the best interests of the Company; (B) subject the
         Company to investment or other legal restrictions to which it would
         otherwise not be subject; or (C) permit a Person, who is not an
         "Accredited Investor" (as defined in Rule 501 promulgated under the
         Securities Act of 1933, as amended (the "Act")) to be a Member;

                           (ii)     The Assignee agrees in writing to be bound
         by the provisions of this Agreement;

                           (iii)    The Assignee delivers to the Manager
         documentation, satisfactory to Manager, evidencing Assignee's right to
         an interest in the Company or a Member Interest, and executes any and
         all documents, including an amendment to this Agreement, required to
         effectuate or evidence its admission to the Company as a Member;

                           (iv)     The Assignee reimburses the Company for all
         reasonable costs and expenses (including reasonable attorney's fees)
         incurred in connection with the transfer and admission;

                           (v)      The Assignee is not a minor or legally
         incompetent;

                           (vi)     The Transfer does not constitute a default
         under any agreement to which the Company or Assignee is bound; and

                           (vii)    If deemed necessary by the Manager, an
         opinion of counsel is delivered to the Manager in form, substance and
         from counsel satisfactory to the Manager to the effect that: (A) the
         proposed Transfer does not require registration under the Act or any
         other applicable state or federal securities laws, including, in each
         case, the rules and regulations promulgated thereunder; and (B) that
         such action will not cause the Company to be termination for federal
         income tax purposes pursuant to Code Section 708.

         7.04     Rights of Individual Member's Personal Representative. Upon
the death or disability of an individual who is a Member, his personal
representative shall have all of the rights of a Member for the purpose of
settling or managing his estate, and such power as the decedent or incompetent
possessed to constitute a successor as an Assignee and to join with such
assignee in making application to substitute such Assignee as a Member. However,
such

                                       26
<PAGE>

personal representative shall not have the right to become a substituted Member
in the place of his predecessor in interest unless the conditions of Section
7.03 (other than the requirement that the assignor execute and acknowledge
instruments) are satisfied.

         7.05     Rights of Nonindividual Member's Representative. Upon the
adjudication of bankruptcy, dissolution or other cessation of existence as a
legal entity of a Member which is not an individual, the authorized
representative of such entity shall have all of the rights of a Member for the
purpose of effecting the orderly winding-up and disposition of the business of
such entity and such power as such entity possessed to constitute a successor as
an Assignee and to join with such Assignee in making application to substitute
such assignee as a Member.

         7.06     Sale or Conversion of Company. In lieu of selling all or
substantially all of the assets of the Company, the Manager may arrange a
transaction pursuant to which the interests of the Manager and the Members in
the Company shall be acquired by a Person in exchange for cash, property
(including an equity interest in such Person or its Affiliate), or any
combination of the foregoing or the Company shall be converted into a different
form of entity. If the Manager arranges such a transaction and, following not
less than twenty (20) days' prior written notice to the Members describing the
material terms thereof, the transaction is approved by the Required Vote of the
Members, the same shall be deemed an Approved Transaction for purposes of this
Section. In the event of an Approved Transaction, each Member, whether or not it
voted for the Approved Transaction, agrees (i) to raise no objection to the
consummation of the Approved Transaction; (ii) if the Approved Transaction is
structured as a merger, consolidation or other transaction to which such rights
would be applicable, hereby waives any dissenters, appraisal or similar rights
in connection therewith; (iii) agrees to convey its interest in the Company as
contemplated by the Approved Transaction; and (iv) agrees to take such other
actions and to execute such documents as shall be deemed necessary or desirable
by the Manager in connection with the entering into and consummation of the
Approved Transaction. Each Member shall, in connection with the Approved
Transaction, receive in exchange for its interest in the Company the same
consideration as such Member would have received if the aggregate consideration
paid with respect to the entire Approved Transaction had been received by the
Company and distributed in complete liquidation pursuant to the rights and
preferences set forth in this Agreement.

                                       27
<PAGE>

                                  ARTICLE VIII
                                 FISCAL MATTERS

         8.01     Books and Records. The Manager shall keep, or cause to be
kept, full and accurate books and records of all transactions of the Company
using such method of accounting as determined by the Manager in consultation
with the Company accountants. All organizational records of the Company and
other records required to be kept by the Company under the Law, shall, at all
times, be maintained at the Company's record keeping office, and shall be open
during ordinary business hours for inspection and copying upon the reasonable
request and at the expense of the Members and their authorized representatives.

         8.02     Reports and Statements.

                  (a)      Within ninety (90) days after the end of each Fiscal
Year, the Company shall, at its expense, cause to be delivered to the Members
the following unaudited financial statements, which obligation may be satisfied
by delivery to the Members of a copy of the Company's federal tax return:

                           (i)      A profit and loss statement for such period;
and

                           (ii)     A balance sheet of the Company as of the end
of such period.

                  (b)      The Manager shall, at the expense of the Company
prepare, or cause to be prepared, for delivery to the Members prior to the due
date thereof (excluding extensions), all federal and any required state and
local income tax returns for the Company for each Fiscal Year of the Company.

         8.03     Appointment of Tax Matters Partner. The Manager is hereby
designated pursuant to Code Section 6231(a)(7) as the Company's Tax Matters
Partner, and is responsible for acting as the liaison between the Company and
the Internal Revenue Service ("Service"). The Tax Matters Partner shall have the
duties of a tax matters partner as provided in the Code, in addition to such
other duties as are provided under this Agreement. The Tax Matters Partner shall
be reimbursed by the Company for all out-of-pocket expenses, costs and
liabilities expended or incurred by the Tax Matters Partner in acting as the
Company's Tax Matters Partner.

         8.04     Tax Status. Any provision hereof to the contrary
notwithstanding, solely for United States federal income tax purposes, each of
the Members hereby recognizes that the Company will be subject to all provisions
of Subchapter K of Chapter 1 of Subtitle A of the Code. The parties intend that
the Company be taxed as a partnership for United States income tax purposes. The
parties intend that all special allocations be considered to have economic
effect under the "qualified income offset" provisions described in section
1.704-1(b)(2)(ii)(d) of the Regulations. All questions of construction and
interpretation shall be resolved consistently with that intent.

         8.05     Tax Elections. The Members shall from time to time determine
whether or not to make or attempt to revoke any and all tax elections regarding
depreciation methods and recovery

                                       28

<PAGE>

periods, capitalization of construction period expenses, amortization of
organizational and start-up expenditures, basis adjustments upon admission or
retirement of Members, and any other federal, state, or local income tax
elections.

                                   ARTICLE IX
                                   DISSOLUTION

         9.01     Dissolution. The Company shall be dissolved only upon the
occurrence of any of the following:

                  (a)      The sale of all or substantially all of the assets of
the Company;

                  (b)      The written election by the Manager and the Required
Vote of the Members that the Company should be dissolved; or

                  (c)      The date on which the Company is required to be
dissolved under the Law.

         9.02     Wind-Up of Affairs.

                  (a)      Upon dissolution, the Manager shall proceed with
dispatch and without any unnecessary delay to sell or otherwise liquidate the
Company's assets. The Capital Account of each Member shall be determined.
Profits or Losses to the date of termination, including realized profits or
losses arising from a sale of all of the assets of the Company (whether or not
recognized for Federal income tax purposes), and unrealized profits and losses
on any assets to be distributed in kind (determined as if such assets had been
sold by the Company for prices equal to their respective fair market value)
shall be allocated as set forth in Article IV and credited or charged to the
Capital Accounts of the Members. After paying or duly providing for all
liabilities to creditors of the Company, the Manager shall distribute the net
proceeds and any other liquid assets of the Company among the Members in the
manner hereinafter set forth:

                           (i)      First, to the expenses of any such sale or
disposition;

                           (ii)     Next, to the payment of just debts and
liabilities of the Company (including the Manager's Development Fee and all
amounts of any principal or interest payable with respect to any loans from
Members), in the order of priority as provided by the Law;

                           (iii)    Next, to the establishment of any Reserves
that the Manager may deem reasonably necessary for any contingent or unforeseen
liabilities and other obligations of the Company or of the Members arising out
of or in conjunction with the Company's affairs;

                           (iv)     Next, to those Members having an Unpaid
Preferred Return, pro rata in accordance with their respective Unpaid Preferred
Return, until the Unpaid Preferred Return of the Members, if any, is reduced to
zero;

                           (v)      Next, to the Members pro rata in accordance
with their respective Unreturned Capital balances, until the Unreturned Capital
balances of all of the Members, if any, is reduced to zero;

                                       29
<PAGE>

                           (vi)     Next, to Commercial until such time as it
has received an amount under this subsection and Section 4.01(d) hereof shall be
equal to the Look Back IRR;

                           (vii)    Next, to all of the Members other than
Commercial, pro rata in accordance with their relative Member Percentages, until
the relative amounts of all distributions under this subsection and Sections
4.01(d), 4.01(e) and 9.02(a)(vi) shall be in proportion to the Members' Member
Percentages; and

                           (viii)   Finally, to the Members, an amount equal to
their then existing positive Capital Account balances, as determined after
taking into account all Capital Account adjustments for the Company's taxable
year during which such liquidation occurs.

                  (b)      The wind-up of the affairs of the Company shall be
conducted exclusively by the Manager. In liquidating the assets of the Company,
all tangible assets of a saleable value shall be sold at such price and terms as
the Manager in good faith determines to be fair and equitable. Any partnership,
corporation or other entity in which all or any of the Members are in any way
interested may purchase such assets at such sale. It shall not be necessary to
sell any intangible assets of the Company. A reasonable time shall be allowed
for the orderly liquidation of the assets of the Company and the discharge of
liabilities to creditors so as to enable the Company to minimize the losses
normally occurring upon a liquidation.

                  (c)      If any assets of the Company are to be distributed in
kind, such assets shall be distributed on the basis of the then fair market
value thereof (after adjusting the Capital Accounts of all Members for any
unrealized gain or loss inherent in such property, as set forth above). The fair
market value shall be determined by the Manager, or, if requested by the
Members, by an independent appraiser who shall be selected by agreement of the
Manager and the Required Vote of the Members. In the discretion of the Manager,
a pro rata portion of the distributions that would otherwise be made to the
Members pursuant to this Article IX may be:

                           (i)      Distributed to a trust established for the
benefit of the Members solely for the purposes of liquidating Company property,
collecting amounts owed to the Company, and paying any contingent or unforeseen
liabilities or obligations of the Company or of the Members arising out of or in
connection with the Company. The assets of any such trust shall be distributed
to the Members from time to time, in the reasonable discretion of the Manager in
the same proportions as the amount distributed to such trust by the Company
would otherwise have been distributed to the Members pursuant to this Article
IX; or

                           (ii)     Withheld to provide a reasonable Reserve for
Company liabilities (contingent or otherwise) and to allow for the collection of
the unrealized portion of any installment obligations owed to the Company,
provided that such withheld amounts shall be distributed to the Members as soon
as practicable.

                  (d)      The portion of the distributions that would otherwise
have been made to each of the Members that is instead distributed to a trust or
withheld to provide a Reserve pursuant hereto shall be determined in the same
manner as the expense or deduction would have been

                                       30
<PAGE>

allocated if the Company had realized an expense equal to such amounts
immediately prior to Distributions being made pursuant to this Article IX.

         9.03     Termination. The Company shall terminate when all Company
assets shall have been disposed of.

                                   ARTICLE X
                        SINGLE PURPOSE ENTITY PROVISIONS

         In the event that the Property is mortgaged in favor of a lender
("Lender") which requires the Company to be a "single purpose entity" within the
meaning of the guidelines for such entities, as published from time to time by
Standard & Poors (collectively, the "S&P Guidelines"), the following provisions
shall apply, notwithstanding anything contained elsewhere in this agreement to
the contrary:

         10.01    Single Purpose. The Company's business and purpose shall
consist solely of the following:

                  (a)      To engage solely in the ownership, operation and
management of the Property pursuant to and in accordance with this Operating
Agreement and the Company's Articles of Organization; and

                  (b)      to engage in such other lawful activities permitted
to limited liability companies by the applicable laws and statutes for such
entities of the State of Florida as are incidental, necessary or appropriate to
the foregoing.

         10.02    Limitations. Notwithstanding any other provision of this
Agreement and any provisions of law that otherwise so empowers the Company, the
Company shall not, without the consent of its Members by Required Vote, do any
of the following:

                  (a)      engage in any business or activity other than those
set forth in Section 10.01;

                  (b)      do any act which would make it impossible to carry on
the ordinary business of the Company, except as otherwise provided in this
Agreement;

                  (c)      borrow money or incur any indebtedness or assume or
guaranty any indebtedness of any other entity, other than normal trade account
and lease obligations incurred in the ordinary course of business, or grant
consensual liens on the Company's property other than in favor of the Lender;

                  (d)      dissolve or liquidate, in whole or in part;

                  (e)      consolidate or merge with or into any other entity or
convey or transfer or lease its property and assets substantially as an entirety
to any entity;

                  (f)      institute proceedings to be adjudicated bankrupt or
insolvent, or consent to the institution or bankruptcy or insolvency proceedings
against it, or file a petition seeking or

                                       31

<PAGE>

consenting to reorganization or relief under any applicable federal or state law
relating to bankruptcy, or consent to the appointment of a receiver, liquidator,
assignee, trustee, sequestrator (or other similar official) of the Company or a
substantial part of property of the Company, or make any assignment for the
benefit of creditors, or admit in writing its inability to pay its debts
generally as they become due, or take company action in furtherance of any such
action; or

                  (g)      amend the Articles of Organization or the Operating
Agreement of the Company.

In addition to the foregoing, the Company shall not, without the written consent
of the Lender, take any action set forth in items (i) through (v) or item (vii)
above.

         10.03    Title to Company Property. All property owned by the Company
shall be owned by the Company as an entity and, insofar as permitted by
applicable law, no Member or Manager shall have any ownership interest in any
Company property in its individual name or right and, each membership or other
ownership interest in the Company shall be personal property for all purposes.

         10.04    Separateness Covenants. The Company shall:

                  (a)      maintain books and records and bank accounts separate
from those of any other person;

                  (b)      maintain its assets in such a manner that it is not
costly or difficult to segregate, identify or ascertain such assets;

                  (c)      Hold itself out to creditors and the public as a
legal entity separate and distinct from any other entity;

                  (d)      hold regular Manager and Member meetings, as
appropriate, to conduct the business of the Company, and observe all other legal
formalities;

                  (e)      prepare separate tax returns and financial
statements, or if part of a consolidated group, then it will be shown as a
separate member of such group;

                  (f)      allocate and charge fairly and reasonably any common
employee or overhead shared with affiliates;

                  (g)      transact all business with affiliates on an
arm's-length basis and pursuant to enforceable agreements;

                  (h)      conduct business in its own name, and use separate
stationery, invoices and checks;

                  (i)      not commingle its assets or fund with those of any
other person; and

                  (j)      not assume, guaranty or pay the debts or obligations
of any other person.

                                       32

<PAGE>

                                   ARTICLE XI
                         REPRESENTATIONS OF THE MEMBERS

         By their execution below, each Member represents and warrants to the
Managers, the other Members and the Company as follows:

         11.01    The Member is an "accredited investor" (as defined in Rule
501(a) of the Securities Act of 1933, as amended) and is a sophisticated
investor by virtue of his education, training and/or numerous prior investments
made on his own behalf or through entities which he, alone or with others,
controls. The Member is knowledgeable and experienced in financial and business
matters, especially in investments which involve the new and used automobile
industry and/or are similar to the Company's Business, and which have risks
similar to those which may be encountered by the Company. The Member is capable
of evaluating the merits and risks of an investment in the Company and is
capable of exercising the control over the operations of the Company to the full
extent permitted by this Agreement.

         11.02    The Member has been furnished or otherwise obtained all
information necessary to enable him to evaluate the merits and risks of his
prospective investment in the Company. The Member recognizes that the Company
has no prior operating history, may be highly leveraged and involves substantial
risks. An investment in the Company is highly speculative and the Member may
suffer a complete loss of his investment.

         11.03    The Member has been furnished or has had access to any and all
material documents and information regarding the Company, and the Members. The
Member has had an opportunity to question the other Members and receive adequate
answers to such questions. The Member hereby acknowledges that the Company has
made available to the Member prior to any investment in the Company all
information requested by the Member and reasonably necessary to enable the
Member to evaluate the risks and merits of an investment in the Company. The
Member, after a review of this information and other information he has
obtained, is aware of the speculative nature of any investment in the Company.

         11.04    The Member is aware that the Member will have to make the
Capital Contributions required hereunder, which may include bank guaranties. The
Member can bear the economic risk of the investment in the Company (including
the possible loss of his entire cash payment and any amount guaranteed) without
impairing the Member's ability to provide for himself and/or his family in the
same manner that the Member would have been able to provide prior to making an
investment in the Company. The Member understands that he must continue to bear
the economic risk of the investment in the Company for an indefinite period of
time.

         11.05    The Member understands that the Member Interests have not been
registered under the Securities Act of 1933, as amended, or related laws and
regulations or any other applicable securities laws of any other jurisdiction
(collectively, the "Securities Laws"), inasmuch as the offering of Member
Interests is either not an offering of a security because of the powers vested
in the Members to manage the Company, participate as a Manager, or because the
offering is being made to a limited group of potential investors. The Member
understands that he

                                       33

<PAGE>

has no rights whatsoever to request, and that the Company is under no obligation
whatsoever to furnish, a registration of the Member Interests under the
Securities Laws.

         11.06    The Member Interests that the Member is acquiring are being
acquired solely for his account and are not being purchased with a view to, or
for resale in connection with, any distribution within the meaning of the
Securities Act of 1933, as amended, or any other applicable Securities Laws. The
Member will not resell or offer to resell any Member Interests except in
accordance with the terms of this Agreement and in compliance with all
applicable Securities Laws.

         11.07    The Member acknowledges that there is no current market for
the Member Interests and none is anticipated to develop. Moreover, there are
substantial restrictions on the Transfer of the Member Interests. Therefore, the
Member has considered its prospective investment in the Company to be a
long-term illiquid investment acceptable because the Member is willing and can
afford to accept and bear the substantial risks of the investment for an
indefinite period of time.

         11.08    The Member is aware that there is no assurance, representation
or warranty, by any Person, that the Company's Business and the other assets
anticipated to be acquired by the Company will operate at a profit, will
generate sufficient cash flow for distribution to the Members, or will
appreciate in value or be sold at a profit. The Members, by Required Vote, are
authorized to incur indebtedness on behalf of the Company to pay costs incurred
in conducting and completing the Company's Business, to establish and maintain
reserves for working capital, taxes, insurance and other costs and expenses, to
raise substantial debt financings, and to use Company revenues to pay the
organization costs and debt costs of the Company. The use of Company revenues
for such purposes will delay the Member's receipt of available cash
distributions from the Company, and may require the Member to report and pay tax
on Company income without having received contemporaneous cash distributions,
even if the Company is profitable.

         11.09    The Member understands that if he receives a distribution from
the Company at a time when the liabilities of the Company exceed the fair market
value of the Company's assets, the Member will be liable to the Company for the
amount of such distribution, and such liability shall continue for three (3)
years from the date of the distribution. In addition, the Member will be liable
to the Company and/or its creditors as provided by the Law.

         11.10    The Member understands that major changes were made by tax
laws enacted in the past, and more will likely be enacted in the future. The
Member is aware that he should understand that the tax consequences of an
investment in the Company are subject to change. The Member is further aware
that this Agreement contains complex tax attribute allocations. The Member
agrees that the Company and the Managers have not, will not, and cannot assure
the Member that such allocations will be respected for federal income tax
purposes by the IRS. Depending on which allocations were to be disregarded if
challenged by the IRS, the Member's share of income, gains, losses, deductions
and credits of the Company could be affected and could change. In such an event,
the Member may have to amend its tax return for the year or years of such
change(s).

                                       34

<PAGE>

         11.11    The Member understands that the federal income tax treatment
of the Company and the ownership of interests therein, whether direct or
indirect, are complex and, in many cases, uncertain. Statutory provisions and
administrative regulations have been interpreted inconsistently by the courts.
Additionally, some statutory provisions remain to be interpreted by
administrative regulations. It is possible that the United States Internal
Revenue Service ("IRS") may successfully challenge the tax treatment accorded
certain items by the Company.

         11.12    The Member is aware that the IRS may audit the income tax
returns of the Company and may audit the Member's income tax return as the
result of the Member's investment in or claimed deductions or losses from its
investment in the Company. Such deductions and losses, when taken together with
other items reported on the Member's tax return, may prompt the IRS to examine
the Member's return, both as to income and deductions relating to the Company
and as to other matters. The Company and the Managers cannot assure the Member
that such an audit or examination will not occur or that the Member will not
incur additional liability and costs as a result of any such audit or
examination.

                                   ARTICLE XII
                                  MISCELLANEOUS

         12.01    Amendments. This Agreement may be amended at any time with
written consent of, in each case, the Manager and (a) the Required Vote of the
Members in every instance other than those described in clauses (b) and (c); (b)
if an amendment affects a Member's obligations to make Capital Contributions or
a Member's allocable share of Profits and Losses or share of distributions, then
the consent of such Member shall be required; and (c) without the consent of any
of the Members if the amendment is (i) to substitute or add Members to the
extent provided for in this Agreement and to amend Schedule A, as appropriate
from time to time, to accurately reflect the identity of each Member and that
Member's Capital Contribution; (ii) to add to the representations, duties or
obligations of the Manager or surrender any right or power granted to the
Manager herein, for the benefit of the Members; (iii) to cure any ambiguity, to
correct or supplement any provision herein which may be inconsistent with any
other provision herein, or to make any other provisions with respect to matters
or questions arising under this Agreement which will not be inconsistent with
the provisions of this Agreement; (iv) to preserve the status of the Company as
a "partnership" for federal income tax purposes; (v) to delete or add any
provision of this Agreement required to be so deleted or added by the staff of
the Securities and Exchange Commission or other federal agency or by a state
"Blue Sky" commission or official or similar such official, which addition or
deletion is deemed by such commission, agency or official to be for the benefit
or protection of the Members; or (vi) if such amendment is, in the opinion of
counsel for the Company, necessary or appropriate to satisfy the requirements of
Code Section 704(b) or the regulations promulgated thereunder. If amended, the
Manager shall file, or cause to be filed, an amendment of the Articles of
Organization with the appropriate authorities, in the event that the Manager
determines the filing of such amendment to be necessary or appropriate to comply
with the Law.

         12.02    Notices. Any notice required or permitted to be delivered to
any Member under the provisions of this Agreement shall be deemed to have been
duly given (a) upon hand delivery thereof, (b) upon telefax and written
confirmation of transmission, (c) upon receipt of any

                                       35

<PAGE>

overnight deliveries, or (d) on the third (3rd) business day after mailing
United States registered or certified mail, return receipt requested, postage
prepaid, addressed to each Member as set forth on Schedule A hereto or at such
other address, or to such other Person and at such address for that Person, as
any Member shall designate in writing to the other Members in the manner
hereinabove set forth.

         12.03    Agency. Except as provided herein, nothing herein contained
shall be construed to constitute any Member hereof the agent of any other Member
hereof or to limit in any manner the Members in the carrying on of their own
respective businesses or activities. Any Member may engage in and/or possess any
interest in other business ventures of every nature and description,
independently or with others, whether existing as of the date hereof or
hereafter coming into existence; and neither the Company nor any Member hereof
shall have any rights in or to any such independent ventures or the income or
profits derived therefrom.

         12.04    Further Assurances. The Members will execute and deliver such
further instruments and do such further acts and things as may be required to
carry out the intent and purposes of this Agreement.

         12.05    Headings. The headings of the various sections of this
Agreement are intended solely for convenience of reference, and shall not be
deemed or construed to explain, modify or place any construction upon the
provisions hereof.

         12.06    Successors and Assigns. This Agreement and any amendments
hereto shall be binding upon and, to the extent expressly permitted by the
provisions hereof, shall inure to the benefit of the Members, their respective
heirs, legal representatives, successors and assigns.

         12.07    Applicable Law. This Agreement shall be governed by and
construed in accordance with the laws of the State of Florida, and agreed upon
venue, to the extent permitted by law, shall be Broward County, Florida. This
Agreement is intended to be performed in accordance with, and only to the extent
permitted by, all applicable laws, ordinances, rules, and regulations of the
jurisdictions in which the Company does business.

         12.08    Entire Agreement. This Agreement sets forth all (and is
intended by all parties hereto to be an integration of all) of the promises,
agreements, conditions, understandings, warranties and representations among the
parties hereto with respect to the Company, the Company business and the Company
assets, and there are no promises, agreements, conditions, understandings,
warranties or representations, oral or written, express or implied, except as
set forth herein.

         12.09    Counterparts. This Agreement and any amendments hereto may be
executed in counterparts, each of which shall be deemed an original, and such
counterparts shall constitute but one and the same instrument.

         12.10    Gender. Wherever the context requires, any pronoun used herein
may be deemed to mean the corresponding masculine, feminine or neuter in form
thereof and the singular form of

                                       36

<PAGE>

any nouns and pronouns herein may be deemed to mean the corresponding plural and
vice versa as the case may require.

         12.11    Remedies. Each of the Members acknowledges and agrees that in
the event that a Member shall violate any of the restrictions or fails to
perform any of the obligations hereunder, the Company or the other Members will
be without adequate remedy at law and will therefore be entitled to enforce such
restrictions or obligations by temporary or permanent injunctive or mandatory
relief obtained in an action or proceeding instituted in any court of competent
jurisdiction without the necessity of proving damages and without prejudice to
any other remedies it may have at law or in equity.

         12.12    Litigation. If the Company or any party hereto is required to
engage in litigation against any other party hereto, either as plaintiff or as
defendant, in order to enforce or defend any rights under this Agreement, and
such litigation results in a final judgment in favor of such party ("Prevailing
Party"), then the party or parties against whom said final judgment is obtained
shall reimburse the Prevailing Party for all direct, indirect or incidental
expenses incurred, including, but not limited to, all attorneys' fees, court
costs and other expenses incurred throughout all negotiations, trials or appeals
undertaken in order to enforce the Prevailing Party's rights hereunder.

         12.13    No Third Party Beneficiary. This Agreement is made solely and
specifically among and for the benefit of the parties hereto, and their
respective successors and assigns subject to the express provisions hereof
relating to successors and assigns, and no other Person shall have any rights,
interest or claims hereunder or be entitled to any benefits under or on account
of this Agreement as a third party beneficiary or otherwise.

         12.14    No Recordation. Neither this Agreement nor any memorandum
thereof shall be recorded amongst the public records of any governmental
authority without the prior written consent of the Manager.

         12.15    Foreign Person Withholding. Each Member hereby represents and
warrants that the Company shall comply with all reporting and withholding
requirements imposed with respect to "foreign persons," as defined in the Code,
and any Member that is a foreign person shall be obligated to contribute to the
Company any funds necessary to enable the Company (to the extent not available
out of such Member's share of Available Cash) to satisfy any withholding
obligations. In the event any Member shall fail to contribute to the Company any
funds necessary to enable toe Company to satisfy any withholding obligation, the
Manager shall have the right to offset against any payments due and owing to
such Member, or its Affiliates, the amounts necessary to satisfy such
withholding obligation, or, in the event the Company shall be required to borrow
funds to satisfy any withholding obligation by reason of a Member's failure to
contribute such funds to the Company, the Manager shall have the right to offset
against said Member's present and future distributions, an amount equal to the
amount so borrowed plus the greater of (i) the Company's actual cost of
borrowing such funds, or (ii) the amount borrowed, multiplied by the Stipulated
Rate.

                                       37
<PAGE>

         12.16    Legal Representation. The Company may retain one or more legal
counsel ("Law Firm"), from time to time, to represent the Company on specified
matters and the Members hereby recognize and acknowledge that representation of
the Company shall not establish any attorney-client relationship between the
Members and the Law Firm. It is further expressly acknowledged and agreed by the
Members, that any Law Firm representing the Company may also represent a Member
or any Affiliates of a Member.

                         THIS SPACE INTENTIONALLY BLANK

                     SIGNATURES CONTINUED ON FOLLOWING PAGE

                                       38

<PAGE>

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

                                    MANAGER:

                                    LEVITT COMMERCIAL DEVELOPMENT LLC,
                                    a Florida limited liability company, f/k/a
                                    Levitt Commercial LLC

                                    By:
                                       -----------------------------------------
                                       Seth M. Wise, President

                                    MEMBERS:

                                    LEVITT COMMERCIAL LLC, a Florida limited
                                    liability company, f/k/a Levitt Commercial
                                    Development LLC

                                    By:
                                       -----------------------------------------
                                       Seth M. Wise, President

                                    100 COMMERCE ROAD ASSOCIATES, INC., a
                                    Florida corporation

                                    By:
                                       -----------------------------------------
                                       Edward R. Ellman, President

                                    THEODORE P. CIACCIA, P.A., a Florida
                                    corporation

                                    By:
                                       -----------------------------------------
                                       Theodore P. Ciaccia, President

                                    NICHOLAS A. SOLIMINE, JR., P.A., a Florida
                                    corporation

                                    By:
                                       -----------------------------------------
                                       Nicholas A. Solimine, Jr., President

                                       39
<PAGE>

                                   SCHEDULE A

                                     MEMBERS

<TABLE>
<CAPTION>
                                            MEMBER                     CAPITAL
NAME & ADDRESS                              PERCENTAGE                 CONTRIBUTIONS
--------------                              ----------                 -------------
<S>                                         <C>                        <C>
Levitt Commercial LLC                       82.28%                     $738,219
4150 SW 28th Way
Fort Lauderdale, FL 33312

100 Commerce Road Associates, Inc.          14.77%                     $175,000
1072A E. Newport Center Drive
Deerfield Beach, FL 33419

Theodore P. Ciaccia, P.A.                    1.48%                     $ 17,500
2050 NE 27th Avenue
Pompano Beach, FL 33062

Nicholas A. Solimine, Jr., P.A.              1.48%                     $ 17,500
22932 Ironwedge Drive
Boca Raton, FL 33433
</TABLE>

                                       40
<PAGE>

                                    EXHIBIT A

                                TOTAL COST BUDGET

   DEVELOPMENT COSTS

<TABLE>
<CAPTION>
                                           TOTAL                   PSF
                                         ----------            ----------
<S>                                      <C>                   <C>
LAND COSTS
  Land                                    1,020,593                 14.60
                                         ----------            ----------
TOTAL LAND COSTS                          1,020,593                 14.60

HARD/CONSTRUCTION COSTS
  Awnings (Bahama shutters)                  24,388                  0.35
  Doors/Frames/Hardware                       8,078                  0.12
  Drywall-Demising Walls                     75,000                  1.07
  Electrical                                 96,420                  1.38
  Fences & Gates                             10,000                  0.14
  Finish Carpentry                            2,395                  0.03
  Fire Alarm                                 16,660                  0.24
  Fire Extinguishers                          1,190                  0.02
  Fire Sprinklers                            84,000                  1.20
  Glazing                                    69,325                  0.99
  Gutters/Downspouts                         10,100                  0.14
  Handrailings/Railings                      11,000                  0.16
  Hurricane Shutters                         17,085                  0.24
  HVAC                                       14,000                  0.20
  Landscaping/Irrigation                     91,800                  1.31
  Masonry/Tilt                              965,000                 13.80
  Model Unit (TI & Mezz)                     55,000                  0.79
  Overhead Bay Doors                         30,898                  0.44
  Painting                                   59,643                  0.85
  Plumbing                                   46,410                  0.66
  Roofing                                   190,000                  2.72
  Rough Carpentry                            10,000                  0.14
  Signage                                    20,000                  0.29
  Site Wall                                  21,000                  0.30
  Site Work                                 454,000                  6.49
  Steel Joists & Decking                    230,769                  3.30
  Stucco & Lath                              17,984                  0.26
  Testing                                    15,000                  0.21
  General Conditions                         99,600                  1.42
  Contingency                                50,000                  0.72
                                         ----------            ----------

TOTAL HARD/CONSTRUCTION COSTS             2,796,745                 40.01
</TABLE>

                                       41

<PAGE>

<TABLE>
<S>                                      <C>                   <C>
SOFT/DEVELOPMENT COSTS
  Accounting                                  1,000                  0.01
  Architectural                              77,860                  1.11
  Closing Costs                              10,000                  0.14
  Construction Management                    15,000                  0.21
  Developers Fee                            175,000                  2.50
  Engineering                                28,559                  0.41
  Engineering - Traffic                         630                  0.01
  Environmental                               2,500                  0.04
  Fees - Gov't Site Approval                  5,250                  0.08
  General Contractor Fee                    175,000                  2.50
  Geotechnical & Exfiltration                 1,690                  0.02
  Impact Fees - Other                        17,245                  0.25
  Impact Fees - Traffic                      62,065                  0.89
  Impact Fees - Water/Sewer                   2,717                  0.04
  Insurance - Builder's Risk                 21,080                  0.30
  Insurance - Liability                      33,000                  0.47
  Legal - Due Diligence                       4,194                  0.06
  Legal - Partnership Docs                    2,000                  0.03
  Legal - Purchase                           11,992                  0.17
  Legal - Sale                               14,149                  0.20
  Loan Costs                                 28,400                  0.41
  Market Analysis                               350                  0.01
  Marketing - Brochures                         818                  0.01
  Marketing - Misc                            2,386                  0.03
  Permits - City                             33,000                  0.47
  Permits - County                              250                  0.00
  Permits - Other                             1,000                  0.01
  Planner                                     9,601                  0.14
  Platting Fees                                   0                  0.00
  Postage                                       484                  0.01
  Printing                                      394                  0.01
  Real Estate Taxes                          14,983                  0.21
  Renderings                                  1,905                  0.03
  Sales Deficit                              17,276                  0.25
  Surveying                                   3,800                  0.05
  Contingency                                15,693                  0.22
                                         ----------            ----------

TOTAL SOFT/DEVELOPMENT COSTS                791,271                 11.32

  FINANCING COSTS
    Interest Expense                        111,835                  1.60
    Origination Points & Fees                19,500                  0.28
                                         ----------            ----------
TOTAL FINANCING COSTS                       131,335                  1.88

                                         ----------            ----------

TOTAL DEVELOPMENT COSTS                   4,739,944                 67.80
</TABLE>

                                       42

<PAGE>

<TABLE>
<S>                                       <C>                  <C>
LOAN AMOUNT (80% LOAN)                    3,791,725                 54.24
                                         ----------
EQUITY REQUIREMENT                          948,219                 13.56
CMSI                                        175,000
TED CIACCIA                                  17,500
NICK SOLIMINE                                17,500
LEVITT COMMERCIAL                           738,219
                                         ----------
TOTAL                                       948,219
</TABLE>

                                       43

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00047-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00047-of-00352.parquet"}]]