Document:

EXHIBIT 10.1

                RESIDENTIAL FUNDING MORTGAGE SECURITIES II, INC.

                                  as Purchaser,

                                       and

                         RESIDENTIAL FUNDING CORPORATION

                                    as Seller

                          HOME LOAN PURCHASE AGREEMENT
                                        -

                          Dated as of December 1, 2000

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                                TABLE OF CONTENTS
                                                                                          Page

                                    ARTICLE I

                                   DEFINITIONS

<S>     <C>                                                                                 <C>
Section 1.1.   Definitions...................................................................1

                                   ARTICLE II

                    SALE OF HOME LOANS AND RELATED PROVISIONS

Section 2.1.   Sale of Home Loans............................................................2

Section 2.2.   Payment of Purchase Price.....................................................4

                                   ARTICLE III

                               REPRESENTATIONS AND WARRANTIES;
                               REMEDIES FOR BREACH

Section 3.1.   Seller Representations and Warranties.........................................4

                                   ARTICLE IV

                               SELLER'S COVENANTS

Section 4.1.   Covenants of the Seller......................................................12

                                    ARTICLE V

                                    SERVICING

Section 5.1.   Servicing....................................................................12

                                   ARTICLE VI

                      LIMITATION ON LIABILITY OF THE SELLER

Section 6.1.   Limitation on Liability of the Seller........................................12

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                                   ARTICLE VII

                                   TERMINATION

Section 7.1.   Termination..................................................................13

                                  ARTICLE VIII

                            MISCELLANEOUS PROVISIONS

Section 8.1.   Amendment....................................................................13

Section 8.2.   GOVERNING LAW................................................................13

Section 8.3.   Notices......................................................................13

Section 8.4.   Severability of Provisions...................................................14

Section 8.5.   Relationship of Parties......................................................14

Section 8.6.   Counterparts.................................................................14

Section 8.7.   Further Agreements...........................................................14

Section 8.8.   Intention of the Parties.....................................................14

Section 8.9.   Successors and Assigns; Assignment of This Agreement.........................15

Section 8.10.  Survival.....................................................................15

Exhibits

Exhibit 1             Home Loan Schedule

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                                       -1-

               This HOME LOAN PURCHASE AGREEMENT (this "Agreement" or "Home Loan
Purchase Agreement"),  dated as of December 1, 2000, is made between Residential
Funding  Corporation (the "Seller") and Residential  Funding Mortgage Securities
II, Inc. (the "Purchaser").

                              W I T N E S S E T H :
                               - - - - - - - - - -

               WHEREAS, the Seller owns Home Loans and the Related Documents for
the Home Loans indicated on the Home Loan Schedule  attached as Exhibit 1 hereto
(collectively,  the "Home Loans"), including rights to (a) any property acquired
by foreclosure or deed in lieu of foreclosure or otherwise, and (b) the proceeds
of any insurance policies covering the Home Loans;

               WHEREAS,  the parties hereto desire that the Seller sell the Home
Loans to the Purchaser pursuant to the terms of this Agreement together with the
Related Documents on the Closing Date;

               WHEREAS,  pursuant  to the  terms  of the  Trust  Agreement,  the
Purchaser  will  sell the Home  Loans to the  Issuer  in  exchange  for the cash
proceeds of the Securities;

               WHEREAS, pursuant to the terms of the Trust Agreement, the Issuer
will  issue  and  transfer  to  or  at  the  direction  of  the  Depositor,  the
Certificates;

     WHEREAS,  pursuant to the terms of the Indenture, the Issuer will issue and
transfer to or at the direction of the Depositor, the Notes; and

               WHEREAS,  pursuant to the terms of the Servicing  Agreement,  the
Master  Servicer  will  service  the Home Loans  directly or through one or more
Subservicers.

               NOW,  THEREFORE,  in consideration of the mutual covenants herein
contained, the parties hereto agree as follows:

                                    ARTICLE I

                                   DEFINITIONS

               Section  1.1.  Definitions.  For all  purposes  of this Home Loan
Purchase Agreement,  except as otherwise expressly provided herein or unless the
context otherwise requires, capitalized terms not otherwise defined herein shall
have the  meanings  assigned  to such  terms  in the  Definitions  contained  in
Appendix A to the Indenture dated December 21, 2000 (the  "Indenture"),  between
Home Loan Trust 2000-HI5,  as issuer, and The Chase Manhattan Bank, as indenture
trustee,  which is incorporated by reference herein. All other capitalized terms
used herein shall have the meanings specified herein.

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                                       -2-

                                   ARTICLE II

                    SALE OF HOME LOANS AND RELATED PROVISIONS

               Section 2.1.  Sale of Home Loans.

               (a) The Seller,  by the execution and delivery of this Agreement,
does hereby sell,  assign,  set over,  and  otherwise  convey to the  Purchaser,
without  recourse,  all of its right,  title and  interest  in, to and under the
following,  and wherever  located:  (i) the Home Loans,  all  interest  accruing
thereon and all collections in respect thereof  received on or after the Cut-off
Date;  (ii)  property  which  secured a Home Loan and which has been acquired by
foreclosure or deed in lieu of foreclosure;  (iii) the interest of the Seller in
any  insurance  policies in respect of the Home Loans;  and (iv) all proceeds of
the foregoing.  Such conveyance  shall be deemed to be made, with respect to the
Cut-off Date Loan  Balances,  as of the Closing Date,  subject to the receipt by
the Seller of  consideration  therefor as provided  herein  under  clause (b) of
Section 2.2.

               (b) In  connection  with  such  conveyance,  the  Seller  further
agrees,  at its own expense,  on or prior to the Closing Date to indicate in its
books and records that the Home Loans have been sold to the  Purchaser  pursuant
to this Agreement and to deliver to the Purchaser true and complete lists of all
of the Home Loans  specifying for each Home Loan (i) its account number and (ii)
its Cut-off  Date Loan  Balance.  Such  lists,  which form part of the Home Loan
Schedule,  shall  be  marked  as  Exhibit  1 to this  Agreement  and are  hereby
incorporated into and made a part of this Agreement.

               (c) In connection with such conveyance by the Seller,  the Seller
shall on behalf of the Purchaser deliver to, and deposit with the Custodian,  on
or before the Closing Date, the following  documents or instruments with respect
to each Home Loan:

                    (i) the original  Mortgage Note endorsed without recourse to
        the Indenture  Trustee and showing an unbroken chain of endorsement from
        the  originator  thereof to the Person  endorsing it or, with respect to
        any  Home  Loan  as  to  which  the  original  Mortgage  Note  has  been
        permanently  lost or destroyed  and has not been  replaced,  a Lost Note
        Affidavit  from the related seller or  Residential  Funding  Corporation
        stating the  original  Mortgage  Note was lost,  misplaced  or destroyed
        together with a copy of such Note;

               (ii) the original Mortgage with evidence of recording thereon, or
          a copy of the original Mortgage with evidence of recording thereon;

                  (iii)  assignments  (which  may be  included  in  one or  more
        blanket  assignments  if  permitted by  applicable  law) of the Mortgage
        recorded to "The Chase  Manhattan  Bank as  indenture  trustee"  c/o the
        Seller at an address specified by the Seller; and

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                                       -3-

                   (iv)  originals  of  any   intervening   assignments  of  the
        Mortgage, with evidence of recording thereon, or a copy of such original
        intervening assignment with evidence of recording indicated thereon; and

                    (v)  a  true   and   correct   copy  of   each   assumption,
        modification,  consolidation or substitution agreement, if any, relating
        to the Home Loan.

               Within the time period for the review of each  Mortgage  File set
forth in Section 2.3 of the Custodial Agreement,  if a defect or omission in any
Mortgage File is discovered  which may materially and adversely affect the value
of the related Home Loan, or the interests of the Indenture  Trustee (as pledgee
of the Home  Loans),  the  Noteholders,  the  Certificateholders  or the  Credit
Enhancer  in such Home Loan,  including  the  Seller's  failure  to deliver  any
document  required to be delivered to the  Custodian on behalf of the  Indenture
Trustee  (provided  that a Mortgage  File will not be deemed to contain a defect
for an  unrecorded  assignment  under  clause  (iii)  above  if the  Seller  has
submitted such assignment for recording or if such assignment is not required to
be recorded pursuant to the terms of the following paragraph),  the Seller shall
cure such defect,  repurchase the related Home Loan at the  Repurchase  Price or
substitute an Eligible  Substitute  Loan for the related Home Loan upon the same
terms  and   conditions  set  forth  in  Section  3.1  hereof  for  breaches  of
representations and warranties as to the Home Loans. As set forth in Section 2.3
of the Custodial Agreement, the Custodian shall deliver to the Indenture Trustee
a  certificate  (the "Interim  Certification")  to the effect that all documents
required to be delivered  pursuant to this Subsection  2.1(c) have been executed
and received and that such documents  relate to the Home Loans identified on the
Home Loan Schedule,  except for any exceptions  listed on Schedule B attached to
such Interim Certification.

               Within 60 days after the  receipt by the Master  Servicer  of the
recording  information,  the Seller at its own expense shall complete and submit
for recording in the appropriate public office for real property records each of
the assignments  referred to in clause (iii) above.  While such assignment to be
recorded is being  recorded,  the  Custodian  shall  retain a photocopy  of such
assignment.  If any  assignment is lost or returned  unrecorded to the Custodian
because of any defect  therein,  the Seller is required to prepare a  substitute
assignment  or cure such defect,  as the case may be, and the Seller shall cause
such assignment to be recorded in accordance with this paragraph.

               In the event that the Seller  delivers to the Custodian on behalf
of the Indenture  Trustee any Mortgage  Note or assignment in blank,  the Seller
shall, or shall cause the Custodian to, complete the endorsement of the Mortgage
Note and the assignment in conjunction with the Interim  Certification issued by
the Custodian.

               In  instances   where  an  original   Mortgage  or  any  original
intervening  assignment  of Mortgage  was not, in  accordance  with clause (ii),
(iii),  (iv) or (v) above (or copies thereof as permitted in this section 2.1(c)
above), delivered by the Seller to the respective Custodian prior to

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or concurrently  with the execution and delivery of this  Agreement,  the Seller
will deliver or cause to be delivered  the  originals of such  documents to such
Custodian promptly upon receipt thereof.

               The Purchaser  hereby  acknowledges  its acceptance of all right,
title and interest to the property, conveyed to it pursuant to this Section 2.1.

               (d) The parties  hereto  intend that the  transactions  set forth
herein  constitute  a sale by the Seller to the  Purchaser  of all the  Seller's
right,  title and interest in and to the Home Loans and other property as and to
the extent  described  above. In the event the transactions set forth herein are
deemed not to be a sale,  the Seller  hereby  grants to the Purchaser a security
interest in all of the Seller's  right,  title and interest in, to and under the
Home Loans and such other  property,  to secure all of the Seller's  obligations
hereunder,  and this  Agreement  shall  constitute  a security  agreement  under
applicable  law. The Seller agrees to take or cause to be taken such actions and
to  execute  such  documents,  including  without  limitation  the filing of all
necessary  UCC-1  financing  statements  filed in the State of Minnesota  (which
shall have been submitted for filing as of the Closing Date),  any  continuation
statements with respect thereto and any amendments thereto required to reflect a
change in the name or  corporate  structure  of the  Seller or the filing of any
additional UCC-1 financing  statements due to the change in the principal office
or jurisdiction of incorporation of the Seller,  as are necessary to perfect and
protect the Purchaser's interests in each Home Loan and the proceeds thereof.

               Section 2.2.  Payment of Purchase Price.

               (a) The  "Purchase  Price" for the Home Loans  shall be an amount
equal to  $574,740,261.22  in  immediately  available  funds  together  with the
Certificates.

               (b) In  consideration  of the  sale of the  Home  Loans  from the
Seller to the  Purchaser on the Closing  Date,  the  Purchaser  shall pay to the
Seller on the Closing Date by wire transfer of immediately  available funds to a
bank account designated by the Seller, the amount specified above in clause (a);
provided,  that  such  payment  may be on a net  funding  basis if agreed by the
Seller and the Purchaser.

                                   ARTICLE III

                         REPRESENTATIONS AND WARRANTIES;
                               REMEDIES FOR BREACH

     Section 3.1. Seller  Representations and Warranties.  The Seller represents
and warrants to the Purchaser, as of the Closing Date (or if otherwise specified
below, as of the date so specified):

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        (a)    As to the Seller:

                    (i) The  Seller is a  corporation  duly  organized,  validly
        existing  and in good  standing  under the laws of the State of Delaware
        and has the  corporate  power  to own its  assets  and to  transact  the
        business in which it is currently engaged.  The Seller is duly qualified
        to do business as a foreign  corporation and is in good standing in each
        jurisdiction in which the character of the business  transacted by it or
        properties  owned or leased by it  requires  such  qualification  and in
        which the failure to so qualify would have a material  adverse effect on
        the business,  properties,  assets or condition  (financial or other) of
        the Seller;

                   (ii) The Seller has the power and authority to make, execute,
        deliver and perform its obligations  under this Agreement and all of the
        transactions  contemplated  under  this  Agreement,  and has  taken  all
        necessary  corporate  action to authorize  the  execution,  delivery and
        performance  of  this  Agreement.  When  executed  and  delivered,  this
        Agreement will constitute the legal, valid and binding obligation of the
        Seller  enforceable in accordance with its terms,  except as enforcement
        of such terms may be limited by  bankruptcy,  insolvency or similar laws
        affecting  the  enforcement  of creditors'  rights  generally and by the
        availability of equitable remedies;

                  (iii) The Seller is not  required to obtain the consent of any
        other Person or any consent, license, approval or authorization from, or
        registration or declaration with, any governmental authority,  bureau or
        agency in connection with the execution, delivery, performance, validity
        or enforceability of this Agreement, except for such consents, licenses,
        approvals or authorizations,  or registrations or declarations, as shall
        have been obtained or filed, as the case may be;

                   (iv) The  execution  and delivery of this  Agreement  and the
        performance of the transactions  contemplated  hereby by the Seller will
        not violate any provision of any existing law or regulation or any order
        or decree of any court  applicable to the Seller or any provision of the
        Certificate of  Incorporation  or Bylaws of the Seller,  or constitute a
        material breach of any mortgage,  indenture, contract or other agreement
        to which the Seller is a party or by which the Seller may be bound;

                    (v) No litigation or administrative  proceeding of or before
        any court, tribunal or governmental body is currently pending, or to the
        knowledge  of the Seller  threatened,  against  the Seller or any of its
        properties or with respect to this Agreement or the  Certificates  which
        in the opinion of the Seller has a reasonable likelihood of resulting in
        a  material  adverse  effect on the  transactions  contemplated  by this
        Agreement;

                   (vi) This  Agreement  constitutes a legal,  valid and binding
        obligation of the Seller,  enforceable  against the Seller in accordance
        with its terms, except as enforceability

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                                       -6-

        may be limited by  applicable  bankruptcy,  insolvency,  reorganization,
        moratorium  or other  similar laws now or hereafter in effect  affecting
        the  enforcement  of  creditors'  rights in  general  and except as such
        enforceability  may be limited by general  principles of equity (whether
        considered in a proceeding at law or in equity);

                  (vii)  This   Agreement   constitutes  a  valid  transfer  and
        assignment  to the  Purchaser  of all right,  title and  interest of the
        Seller in, to and under the Home Loans,  all monies due or to become due
        with  respect  thereto,  and all  proceeds  of such  Cut-off  Date  Loan
        Balances  with respect to the Home Loans and such funds as are from time
        to time  deposited in the Custodial  Account  (excluding  any investment
        earnings  thereon)  as  assets  of the  Trust  and  all  other  property
        specified  in the  definition  of "Trust" as being part of the corpus of
        the Trust conveyed to the Purchaser by the Seller;

                 (viii) The Seller is not in default  with  respect to any order
        or  decree  of any  court or any  order,  regulation  or  demand  or any
        federal,  state,  municipal or governmental  agency, which default might
        have  consequences  that  would  materially  and  adversely  affect  the
        condition  (financial  or  other)  or  operations  of the  Seller or its
        properties or might have  consequences  that would materially  adversely
        affect its performance hereunder; and

                     (The  Seller  has not  transferred  the  Home  Loans to the
         Purchaser  with any  intent  to  hinder,  delay or  defraud  any of its
         creditors.

        (b)    As to the Home Loans:

                    (i) The information set forth in the Home Loan Schedule with
        respect  to each Home Loan or the Home  Loans  that  compose  either the
        Group I Loans or Group II Loans,  as applicable,  is true and correct in
        all  material  respects  as of the date or dates  respecting  which such
        information is furnished;

                   (ii)      [Reserved];

                  (iii) The related Mortgage Note and the Mortgage have not been
        assigned or pledged,  the Seller has good and  marketable  title thereto
        and the  Seller is the sole  owner and  holder of the Home Loan free and
        clear  of  any  and  all  liens,  claims,  encumbrances,   participation
        interests,  equities,  pledges,  charges or  security  interests  of any
        nature  and has full right and  authority,  under all  governmental  and
        regulatory  bodies  having   jurisdiction  over  the  ownership  of  the
        applicable  Home  Loans to sell and  assign  the same  pursuant  to this
        Agreement;

               (iv) To the best of Seller's knowledge, there is no valid offset,
          defense or counterclaim of any obligor under any Mortgage;

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                                       -7-

               (v) To the best of  Seller's  knowledge,  there is no  delinquent
          recording or other tax or fee or  assessment  lien against any related
          Mortgaged Property;

               (vi) To the best of Seller's  knowledge,  there is no  proceeding
          pending or  threatened  for the total or partial  condemnation  of the
          related Mortgaged Property;

                  (vii)  To  the  best  of  Seller's  knowledge,  there  are  no
        mechanics'  or similar  liens or claims  which have been filed for work,
        labor or material affecting the related Mortgaged Property which are, or
        may be liens  prior or equal to, or  subordinate  with,  the lien of the
        related  Mortgage,  except liens which are fully insured  against by the
        title insurance policy referred to in clause (xi);

               (viii) As of the Cut-off Date,  none of the Home Loans were 30 or
          more days delinquent;

               (ix) For each Home Loan, the related  Mortgage File contains each
          of the documents and instruments specified to be included therein;

                    (x) The related  Mortgage  Note and the related  Mortgage at
        the time it was made complied in all material  respects with  applicable
        local, state and federal laws;

                   (xi) A policy  of  title  insurance  in the  form and  amount
        required by the Program  Guide was  effective  as of the closing of each
        Home Loan and each such  policy is valid and  remains  in full force and
        effect,  and a title search or other assurance of title customary in the
        relevant  jurisdiction was obtained with respect to each Home Loan as to
        which no title insurance policy or binder was issued;

                  (xii) None of the  Mortgaged  Properties is a mobile home that
        is  permanently  attached to its  foundation  and none of the  Mortgaged
        Properties  are  manufactured  housing  units  that are not  permanently
        attached to their foundation;

                 (xiii)  Approximately  9.2% and  27.3% of the Group I Loans and
        Group II Loans, respectively, in each case by Cut-off Date Loan Balance,
        are secured by Mortgaged Properties located in California;

                  (xiv) Approximately 93.56% and 92.35% of the Group I Loans and
        Group II  Loans,  respectively,  by  Cut-Off  Date Loan  Balance,  had a
        Combined Loan-to-Value Ratio in excess of 100%;

                   (xv)      [Reserved];

                  (xvi)      [Reserved];

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               (xvii) None of the proceeds of any Home Loan were used to finance
          the purchase of single premium credit insurance policies;

               (xviii)  The  Seller  will  submit  for  filing  or  cause  to be
          submitted for filing UCC-1 financing statements in accordance with the
          terms of this Agreement;

               (xix) Each Mortgage is substantially similar one to the other and
          is an enforceable obligation of the related Mortgagor;

               (xx) To the best of Seller's  knowledge,  the  physical  property
          subject to each  Mortgage  is free of  material  damage and is in good
          repair;

                  (xxi) The Seller  has not  received a notice of default of any
        senior mortgage loan related to a Mortgaged  Property which has not been
        cured by a party other than the related Subservicer;

                 (xxii)  No  Group I Loan or  Group  II  Loan  has a  prepayment
        penalty  term  that  extends   beyond  five  years  after  the  date  of
        origination;

                 (xxiiNone of the Home Loans are reverse Home Loans;

                 (xxiv) No Group I Loan has a remaining term to stated  maturity
        of less than 53 months.  All of the Group I Loans are fixed rate and are
        fully amortizing,  except for 0.3% that are Balloon Payment loans. As of
        the  Cut-off  Date,  the Loan Rates on the Group I Loans  range  between
        8.25% per annum and 18.75% per annum and the weighted  average Loan Rate
        is approximately 13.9591% per annum. The weighted average remaining term
        to  stated  maturity  of the  Group I Loans  as of the  Cut-off  Date is
        approximately 233 months;

                  (xxv) No Group II Loan has a remaining term to stated maturity
        of less than 96 months. All of the Group II Loans are fixed rate and are
        fully amortizing,  except for 2.5% that are Balloon Payment Loans. As of
        the Cut-off  Date,  the Loan Rates on the Group II Loans  range  between
        9.12% per annum and 17.63% per annum and the weighted  average Loan Rate
        is approximately 13.4789% per annum. The weighted average remaining term
        to  stated  maturity  of the  Group II Loans as of the  Cut-off  Date is
        approximately 249 months;

                 (xxvi) (A) Each Mortgaged  Property with respect to the Group I
        Loans and Group II Loans  consists of a single  parcel of real  property
        with a single family residence erected thereon,  manufactured housing or
        an individual  condominium  unit.  (B) With respect to the Group I Loans
        and Group II Loans, respectively,  (i) approximately 2.67% and 0.36% (by
        Cut-off  Date Loan  Balance)  are secured by real  property  improved by
        individual  condominium units and (ii)  approximately  91.27% and 84.96%
        (by Cut-off Date Loan

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                                       -9-

        Balance)  of the Group I Loans and  Group II  Loans,  respectively,  are
        secured by real property with a single family residence erected thereon;

                (xxvii)  Approximately  99.95% and  100.00% of the Group I Loans
        and Group II Loans,  respectively,  by Cut-off  Date Loan  Balance,  are
        secured by second mortgages or deeds of trust and approximately 0.05% of
        the Group I Loans,  by Cut-off Date Loan  Balance,  are secured by first
        mortgages or deeds of trust;

               (xxviii)  If any of the Home  Loans are  secured  by a  leasehold
        interest,  with respect to each leasehold interest, the use of leasehold
        estates for residential  properties is an accepted  practice in the area
        where the related Mortgaged Property is located; residential property in
        such area  consisting of leasehold  estates is readily  marketable;  the
        lease is recorded and no party is in any way in breach of any  provision
        of such  lease;  the  leasehold  is in full  force and effect and is not
        subject to any prior lien or encumbrance by which the leasehold could be
        terminated;  and the remaining term of the lease does not terminate less
        than five years after the maturity date of such Home Loan.

                 (xxix) Each Subservicer meets all applicable requirements under
        the Servicing Agreement, is properly qualified to service the Home Loans
        and has been  servicing  the Home  Loans  prior to the  Cut-off  Date in
        accordance with the terms of the Program Guide;

                  (xxx) For each Home Loan, if required, as of the Cut-off Date,
        flood   insurance   has  been  obtained   which  meets  all   applicable
        requirements of Section 3.04 of the Servicing  Agreement.  For each Home
        Loan,  hazard  insurance  has been obtained  which meets all  applicable
        requirements of Section 3.04 of the Servicing Agreement;

                 (xxxi) There is no material default, breach, violation or event
        of  acceleration  existing  under  the  terms  of any  Mortgage  Note or
        Mortgage and no event which,  with notice and expiration of any grace or
        cure period, would constitute a material default,  breach,  violation or
        event of acceleration  under the terms of any Mortgage Note or Mortgage,
        and no such material default, breach, violation or event of acceleration
        has been  waived  by the  Seller  or by any  other  entity  involved  in
        originating or servicing a Home Loan;

                (xxxii) No  instrument of release or waiver has been executed in
        connection with the Home Loans,  and no Mortgagor has been released,  in
        whole or in part from its obligations in connection with a Home Loan;

               (xxxiii)  With  respect to each Home Loan that is a second  lien,
        either (i) no consent  for the Home Loan was  required  by the holder of
        the related  prior lien or liens or (ii) such consent has been  obtained
        and is contained in the Mortgage File;

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                                      -10-

                (xxxiv) With respect to each Home Loan, either (i) the Home Loan
        is  assumable  pursuant to the terms of the Mortgage  Note,  or (ii) the
        Home Loan  contains a customary  provision for the  acceleration  of the
        payment  of the unpaid  principal  balance of the Home Loan in the event
        the related Mortgaged  Property is sold without the prior consent of the
        mortgagee thereunder; and

                 (xxxv)  Each  Mortgage  File  either  contains  (a) an original
        Mortgage  Note or (b)  with  respect  to any Home  Loan as to which  the
        original  Mortgage Note has been  permanently  lost or destroyed and has
        not been replaced,  a Lost Note  Affidavit  together with a copy of such
        Mortgage Note.

        (c) Upon  discovery  by Seller or upon  notice from the  Purchaser,  the
Credit Enhancer,  the Issuer,  the Owner Trustee,  the Indenture  Trustee or any
Custodian,  as  applicable,  of a breach of any  representation  or  warranty in
clause (a) above which  materially  and  adversely  affects the interests of the
Securityholders  or the  Credit  Enhancer  in any Home Loan,  the Seller  shall,
within 45 days of its discovery or its receipt of notice of such breach,  either
(i) cure such  breach in all  material  respects or (ii) to the extent that such
breach  is  with  respect  to a Home  Loan or a  Related  Document,  either  (A)
repurchase  such  Home  Loan  from the  Trust at the  Repurchase  Price,  or (B)
substitute  one or more  Eligible  Substitute  Loans for such Home Loan, in each
case in the  manner and  subject to the  conditions  and  limitations  set forth
below.

               Upon  discovery by the Seller or upon notice from the  Purchaser,
the Credit Enhancer, the Issuer, the Owner Trustee, the Indenture Trustee or any
Custodian,  as  applicable,  of a breach of any  representation  or  warranty in
clause  (b) above  with  respect  to any Home Loan or upon the  occurrence  of a
Repurchase  Event that  materially  and  adversely  affects the interests of the
Securityholders  or the Credit  Enhancer or of the  Purchaser  in such Home Loan
(notice of which shall be given to the Purchaser by the Seller,  if it discovers
the same),  notwithstanding  the Seller's lack of knowledge  with respect to the
substance of such  representation  and warranty or Repurchase  Event, the Seller
shall,  within 90 days after the earlier of its  discovery  or receipt of notice
thereof, either cure such breach or Repurchase Event in all material respects or
either (i) repurchase such Home Loan from the Trust at the Repurchase  Price, or
(ii)  substitute  one or more Eligible  Substitute  Loans for such Home Loan, in
each case in the  manner and  subject to the  conditions  set forth  below.  The
Repurchase  Price for any such  Home Loan  repurchased  by the  Seller  shall be
deposited  or caused to be  deposited  by the Master  Servicer in the  Custodial
Account maintained by it pursuant to Section 3.02 of the Servicing Agreement.

               The Seller may only  substitute  an Eligible  Substitute  Loan or
Loans for a Deleted Loan pursuant to this Section  3.1(c) if the Seller  obtains
an Opinion of  Counsel  generally  to the  effect  that the  substitution  of an
Eligible  Substitute  Loan or Loans for a Deleted  Loan will not cause an entity
level  federal or state income tax to be imposed on the Trust.  The Seller shall
also  deliver  to the  Custodian  on behalf of the Trust,  with  respect to such
Eligible  Substitute  Loan or Loans,  the original  Mortgage  Note and all other
documents and agreements as are required by Section 2.1(c),

<PAGE>

                                      -11-

with the Mortgage Note endorsed as required by Section  2.1(c).  No substitution
will be made in any calendar month after the Determination  Date for such month.
Monthly  Payments due with respect to Eligible  Substitute Loans in the month of
substitution  shall not be part of the Trust and will be  retained by the Master
Servicer  and  remitted  by the  Master  Servicer  to  the  Seller  on the  next
succeeding  Payment  Date,  provided  that  a  payment  at  least  equal  to the
applicable  Monthly  Payment has been  received by the Trust,  for such month in
respect of the Deleted Loan. For the month of substitution, distributions to the
Custodial  Account pursuant to the Servicing  Agreement will include the Monthly
Payment due on a Deleted Loan for such month and  thereafter the Seller shall be
entitled to retain all amounts  received in respect of such  Deleted  Loan.  The
Master  Servicer  shall amend or cause to be amended  the Home Loan  Schedule to
reflect the removal of such  Deleted Loan and the  substitution  of the Eligible
Substitute  Loan or Loans and the Master Servicer shall deliver the amended Home
Loan Schedule to the Indenture  Trustee.  Upon such  substitution,  the Eligible
Substitute Loan or Loans shall be subject to the terms of this Agreement and the
Servicing Agreement in all respects, the Seller shall be deemed to have made the
representations  and  warranties  with respect to the Eligible  Substitute  Loan
contained  herein set forth in clauses  (iii) through  (xxxv) of Section  3.1(b)
(other than clauses (viii), (xiii), (xiv), (xxiv), (xxv), (xxvi)(B) and (xxvii))
as of the date of substitution,  and the Seller shall be obligated to repurchase
or substitute for any Eligible  Substitute  Loan as to which a Repurchase  Event
has occurred as provided  herein.  In connection with the substitution of one or
more  Eligible  Substitute  Loans  for one or more  Deleted  Loans,  the  Master
Servicer  will  determine the amount (such amount,  a  "Substitution  Adjustment
Amount"),  if any, by which the aggregate principal balance of all such Eligible
Substitute  Loans  as of the date of  substitution  is less  than the  aggregate
principal balance of all such Deleted Loans (after  application of the principal
portion of the Monthly Payments due in the month of substitution  that are to be
distributed to the Custodial Account in the month of  substitution).  The Seller
shall deposit the amount of such shortfall into the Custodial Account on the day
of substitution, without any reimbursement therefor.

               Upon receipt by the Indenture  Trustee on behalf of the Trust and
the Custodian of written  notification,  signed by a Servicing  Officer,  of the
deposit  of  such  Repurchase  Price  or of  such  substitution  of an  Eligible
Substitute Loan (together with the complete  related  Mortgage File) and deposit
of  any  applicable  Substitution  Adjustment  Amount  as  provided  above,  the
Custodian,  on behalf of the  Indenture  Trustee shall release to the Seller the
related Mortgage File for the Home Loan being repurchased or substituted for and
the  Indenture  Trustee on behalf of the Trust shall  execute  and deliver  such
instruments of transfer or assignment  prepared by the Master Servicer,  in each
case  without  recourse,  as shall be  necessary  to vest in the  Seller  or its
designee such Home Loan released  pursuant  hereto and thereafter such Home Loan
shall not be an asset of the Trust.

               It is understood  and agreed that the obligation of the Seller to
cure any breach,  or to repurchase or substitute  for, any Home Loan as to which
such a breach has occurred and is continuing  shall  constitute  the sole remedy
respecting   such  breach   available  to  the   Purchaser,   the  Issuer,   the
Certificateholders  (or the Owner  Trustee on behalf of the  Certificateholders)
and the  Noteholders  (or the  Indenture  Trustee on behalf of the  Noteholders)
against the Seller.

<PAGE>

                                      -12-

               It  is  understood  and  agreed  that  the   representations  and
warranties  set  forth  in  this  Section  3.1  shall  survive  delivery  of the
respective Mortgage Files to the Indenture Trustee, or the Custodian.

                                   ARTICLE IV

                               SELLER'S COVENANTS

               Section 4.1. Covenants of the Seller. The Seller hereby covenants
that,  except for the  transfer  hereunder,  the Seller  will not sell,  pledge,
assign or transfer to any other Person,  or grant,  create,  incur or assume any
Lien on any Home Loan,  or any  interest  therein.  The Seller  will  notify the
Indenture  Trustee,  as assignee of the Purchaser,  of the existence of any Lien
(other  than as  provided  above) on any Home Loan  immediately  upon  discovery
thereof; and the Seller will defend the right, title and interest of the Issuer,
as assignee of the Purchaser, in, to and under the Home Loans against all claims
of third parties claiming through or under the Seller;  provided,  however, that
nothing in this Section 4.1 shall be deemed to apply to any Liens for  municipal
or  other  local  taxes  and  other  governmental   charges  if  such  taxes  or
governmental  charges  shall not at the time be due and payable or if the Seller
shall currently be contesting the validity  thereof in good faith by appropriate
proceedings.

                                    ARTICLE V

                                    SERVICING

               Section  5.1.  Servicing.  The Seller will service the Home Loans
pursuant to the terms and conditions of the Servicing Agreement and will service
the Home  Loans  directly  or through  one or more  subservicers  in  accordance
therewith.

                                   ARTICLE VI

                      LIMITATION ON LIABILITY OF THE SELLER

               Section 6.1.  Limitation on Liability of the Seller.  None of the
directors,  officers,  employees  or  agents  of the  Seller  shall be under any
liability  to the  Purchaser,  it  being  expressly  understood  that  all  such
liability  is  expressly   waived  and  released  as  a  condition  of,  and  as
consideration for, the execution of this Agreement.  Except as and to the extent
expressly provided herein or in the Servicing Agreement, the Seller shall not be
under any liability to the Trust,  the Owner Trustee,  the Indenture  Trustee or
the Securityholders. The Seller and any director, officer,

<PAGE>

                                      -13-

employee  or agent of the Seller may rely in good faith on any  document  of any
kind prima facie  properly  executed and submitted by any Person  respecting any
matters arising hereunder.

                                   ARTICLE VII

                                   TERMINATION

               Section  7.1.   Termination.   The  respective   obligations  and
responsibilities of the Seller and the Purchaser created hereby shall terminate,
except for the  Seller's  indemnity  obligations  as provided  herein,  upon the
termination of the Owner Trust pursuant to the terms of the Trust Agreement.

                                  ARTICLE VIII

                            MISCELLANEOUS PROVISIONS

               Section 8.1.  Amendment.  This Agreement may be amended from time
to time by the  Seller and the  Purchaser  by  written  agreement  signed by the
Seller and the Purchaser, with the consent of the Credit Enhancer (which consent
shall not be unreasonably withheld).

               Section 8.2.  GOVERNING LAW. THIS AGREEMENT  SHALL BE GOVERNED BY
AND  CONSTRUED  IN  ACCORDANCE  WITH THE  LAWS OF THE  STATE OF NEW YORK AND THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS.

               Section 8.3.  Notices.  All demands,  notices and  communications
hereunder  shall be in  writing  and shall be deemed to have been duly  given if
personally delivered at or mailed by registered mail, postage prepaid, addressed
as follows:

               (i)    if to the Seller:

                      Residential Funding Corporation
                      8400 Normandale Lake Boulevard
                      Suite 700
                      Minneapolis, Minnesota  55437
                      Attention:  Managing Director, Structured Finance

or, such other address as may hereafter be furnished to the Purchaser in writing
by the Seller.

<PAGE>

                                      -14-

               (ii)   if to the Purchaser:

                      Residential Funding Mortgage Securities II, Inc.
                      8400 Normandale Lake Boulevard
                      Suite 700
                      Minneapolis, Minnesota 55437
                      Attention:  Managing Director, Structured Finance

               (iii)  if to the Custodian:

                      Wells Fargo Bank Minnesota, N.A.
                      1015 10th Avenue S.E.
                      Minneapolis, Minnesota  55414
                      Attention: MDC -- Account Manager

or such other  address as may hereafter be furnished to the Seller in writing by
the Purchaser.

               Section 8.4.  Severability  of Provisions.  If any one or more of
the covenants,  agreements,  provisions of terms of this Agreement shall be held
invalid for any reason whatsoever, then such covenants,  agreements,  provisions
or terms shall be deemed  severable  from the remaining  covenants,  agreements,
provisions or terms of this Agreement and shall in no way affect the validity of
enforceability of the other provisions of this Agreement.

               Section 8.5.  Relationship of Parties.  Nothing herein  contained
shall be deemed or construed to create a partnership  or joint  venture  between
the  parties  hereto,  and the  services  of the Seller  shall be rendered as an
independent contractor and not as agent for the Purchaser.

               Section 8.6. Counterparts.  This Agreement may be executed in one
or  more   counterparts  and  by  the  different   parties  hereto  on  separate
counterparts, each of which, when so executed, shall be deemed to be an original
and such counterparts, together, shall constitute one and the same agreement.

               Section 8.7.  Further  Agreements.  The  Purchaser and the Seller
each  agree to execute  and  deliver  to the other  such  additional  documents,
instruments  or agreements as may be necessary or  appropriate to effectuate the
purposes of this Agreement.

               Section 8.8. Intention of the Parties. It is the intention of the
parties that the Purchaser is  purchasing,  and the Seller is selling,  the Home
Loans,  rather than a loan by the  Purchaser  to the Seller  secured by the Home
Loans. Accordingly,  the parties hereto each intend to treat the transaction for
federal  income tax  purposes  as a sale by the  Seller,  and a purchase  by the
Purchaser,  of the Home Loans.  The Purchaser  will have the right to review the
Home Loans and the Related  Documents to determine  the  characteristics  of the
Home Loans which will affect the federal

<PAGE>

                                      -15-

income tax  consequences  of owning the Home Loans and the Seller will cooperate
with all reasonable requests made by the Purchaser in the course of such review.

               Section  8.9.   Successors   and  Assigns;   Assignment  of  This
Agreement.  This  Agreement  shall  bind  and  inure  to the  benefit  of and be
enforceable  by the  Seller,  Purchaser  and  their  respective  successors  and
assigns.  The obligations of the Seller under this Agreement  cannot be assigned
or delegated to a third party without the consent of the Credit Enhancer and the
Purchaser,  which consent shall be at the Credit  Enhancer's and the Purchaser's
sole discretion,  except that the Purchaser and the Credit Enhancer  acknowledge
and agree that the Seller may assign its obligations  hereunder to any Affiliate
of the Seller,  to any Person  succeeding to the business of the Seller,  to any
Person  into which the Seller is merged  and to any  Person  resulting  from any
merger,  conversion or consolidation to which the Seller is a party. The parties
hereto  acknowledge  that the  Purchaser  is  acquiring  the Home  Loans for the
purpose of contributing  them to the Issuer.  Pursuant to the terms of the Trust
Agreement,  the Issuer  will issue and  transfer to or at the  direction  of the
Purchaser,  the  Certificates  and pursuant to the terms of the  Indenture,  the
Issuer will issue and  transfer to or at the  direction  of the  Purchaser,  the
Notes  secured by the Home Loans.  As an inducement to the Purchaser to purchase
the Home Loans,  the Seller  acknowledges  and consents to (i) the assignment by
the Purchaser to the Issuer of all of the Purchaser's  rights against the Seller
pursuant  to  this  Agreement  insofar  as such  rights  relate  to  Home  Loans
transferred  to the Issuer and to the  enforcement  or  exercise of any right or
remedy  against the Seller  pursuant to this  Agreement by the Issuer,  (ii) the
enforcement  or exercise of any right or remedy  against the Seller  pursuant to
this  Agreement by or on behalf of the Issuer and (iii) the  Issuer's  pledge of
its interest in this Agreement to the Indenture  Trustee and the  enforcement by
the Indenture  Trustee of any such right or remedy against the Seller  following
an Event of Default under the Indenture.  Such  enforcement of a right or remedy
by the Issuer or the Indenture Trustee, as applicable, shall have the same force
and  effect as if the right or remedy  had been  enforced  or  exercised  by the
Purchaser directly.

     Section 8.10.  Survival.  The representations and warranties made herein by
the Seller and the provisions of Article VI hereof shall survive the purchase of
the Home Loans hereunder.

<PAGE>

                                      -16-

               IN WITNESS  WHEREOF,  the Seller and the  Purchaser  have  caused
their  names  to be  signed  to this  Home  Loan  Purchase  Agreement  by  their
respective officers thereunto duly authorized as of the day and year first above
written.

                                            RESIDENTIAL FUNDING MORTGAGE
                                            SECURITIES II, INC.
                                                   as Purchaser

                                            By:    /s/ Lisa Lundsten
                                               --------------------------------
                                            Name:      Lisa Lundsten
                                            Title:        Managing Director

                                            RESIDENTIAL FUNDING CORPORATION
                                                   as Seller

                                            By:    /s/ Julie Steinhagen
                                               --------------------------------
                                            Name:      Julie Steinhagen
                                            Title:     Director

<PAGE>

                                       -1-

               IN WITNESS  WHEREOF,  the Seller and the  Purchaser  have  caused
their  names  to be  signed  to this  Home  Loan  Purchase  Agreement  by  their
respective officers thereunto duly authorized as of the day and year first above
written.

                                            RESIDENTIAL FUNDING MORTGAGE
                                            SECURITIES II, INC.
                                                   as Purchaser

                                            By:
                                               --------------------------------
                                            Name:      Lisa Lundsten
                                            Title:       Vice President

                                            RESIDENTIAL FUNDING CORPORATION
                                                   as Seller

                                            By:
                                               --------------------------------
                                            Name:      Julie Steinhagen
                                            Title:     Director

<PAGE>

                                       -2-
                                    Exhibit 1

                               HOME LOAN SCHEDULE

                           TO BE PROVIDED UPON REQUEST

<PAGE>Exhibit 10.5

                     SEVERANCE AGREEMENT AND MUTUAL RELEASE

         THIS  SEVERANCE  AGREEMENT  AND MUTUAL  RELEASE  (the  "Agreement")  is
executed  and  entered  into this _____ day of  _________,  2000 by and  between
Edward Mooney ("Mooney"), and NetAmerica.com Corporation, a Delaware corporation
("NetAmerica.com" or the "Company").

                                 R E C I T A L S

         WHEREAS, on or about April 1, 1999, Mooney and the Company entered into
an  employment  agreement,  attached  hereto as  Attachment  A (the  "Employment
Agreement");

         WHEREAS, Mooney is also a director of the Company;

         WHEREAS, the parties mutually agree that it is in their respective best
interests to bring the employment and director  relationship  between Mooney and
the Company to a conclusion as provided herein;

         WHEREAS,  the Company would like Mooney to provide consulting  services
during a transition period; and

         WHEREAS, the parties intend to provide for such employment  termination
and transition and other services in this Agreement.

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

         1.  Termination  of  Employment.  As of February 28, 2000,  the parties
mutually  agree that  Mooney's  executive  employment  with the Company  ceased.
Furthermore,  Mooney  delivered  a  written  resignation  as of such  date  (the
"Resignation")  from his  position as an  executive  officer and director of the
Company.

         2. Interim Responsibilities During Transition Period. From February 28,
2000  through  March 31,  2000 or such later time as the parties  agree,  Mooney
continued  or will  continue to assume such  responsibilities  and perform  such
tasks as the Secretary  and Treasurer of the Company  assumes or as the Board of
Directors  shall assign.  As of March 31, 2000, the parties  mutually agree that
Mooney's  employment  as Secretary  and  Treasurer of the Company will cease and
Mooney will deliver a written resignation from such position.

         3. Consulting Services.  Upon execution of this Agreement,  the Company
hereby  retains  Mooney as a  consultant,  to advise it with  respect to certain
aspects of its  business.  In  connection  therewith,  Mooney  hereby  agrees to
perform  such  reasonable  and  necessary  consulting  services  relating to the
restructuring  of  NetAmerica.com's  business to focus on the  operations of its
subsidiary,  RateXchange,  Inc.,  as may be  requested  by the  Company  and its
executive officers from time to time until May 1, 2000 or such later time as the
parties may mutually agree (the "Consulting Period"). Mooney hereby accepts such
retention and shall in good faith perform such  services,  for and on behalf and
in the best interests of the Company

<PAGE>

during the Consulting  Period. It is agreed that Mooney shall not be required to
spend any  specific  period or periods of time at the offices or premises of the
Company in providing  the services  hereunder,  but will be available to consult
with the Company at mutually convenient times and places. Mooney may provide the
services  hereunder  in  person,  by  telephone,   facsimile,  e-mail  or  other
correspondence as he and the Company mutually agree.

         4. Consideration. In consideration for the covenants and agreements set
forth in Sections 1-3 above,  the  parties'  mutual  releases,  on the terms and
conditions of this Agreement, the parties acknowledge and agree as follows:

         (a) Until the  expiration of the Consulting  Period,  the Company shall
pay to Mooney a consulting fee of $10,000 per month for the consulting  services
Mooney renders to the Company during the Consulting Period.

         (b) Upon execution of this Agreement,  the Company agrees to pay Mooney
$10,000  per  month  for  six  (6)  months  in  severance  pay  less  applicable
withholdings.  Each  payment  will be made by the fifth (5th) day of each month.
Notwithstanding the foregoing,  after the Company receives at least $7.5 million
in additional  financing,  any unpaid severance  payments will be paid in a lump
sum payment within ten (10) days of the Company's receipt of such funds.

         (c) Mooney agrees to comply with Sections 6, 7 and 8 of the  Employment
Agreement,   which  are   incorporated   herein  by  reference,   pertaining  to
Non-Competition,  Confidentiality and Remedies.  The  Non-Competition  provision
will be limited to noncompetition  with the Company's  operations on the date of
the  execution  of  this  Agreement.  All  other  terms  and  provisions  of the
Employment Agreement shall terminate upon the execution of this Agreement.

         (d) Upon  execution of this  Agreement,  the Company  agrees to pay the
cost of Mooney's health  insurance  premiums for a period of twelve (12) months.
Each payment will be made by the seventh (7th) day of each month.

         (e) Upon  execution of this  Agreement,  the Company  agrees to pay all
amounts it owes Mooney for unpaid salary,  bonuses and/or expenses.  The Company
also agrees to issue all options  that were  approved for Mooney by the Board of
directors prior to the execution of this Agreement.

         (f) Mooney  shall be entitled to keep his current  computer  and office
equipment.

         (g) Within thirty (30) days of the expiration of the Consulting Period,
the Company  agrees to register on Form S-8, or on an  alternative  form to Form
S-8, all shares issued upon exercise of options  issued under the Company's 1999
or 2000 Stock  Option Plans or outside such plans and owned by Mooney at the end
of the Consulting  Period.  The Company agrees to maintain the  effectiveness of
this registration for a period of at least one (1) year.

         5. Release of Mooney's Claims Against the Company.

         (a)  Excluding  claims for  breach or  enforcement  of this  Agreement,
Mooney  does  hereby  irrevocably  and   unconditionally   release  and  forever
discharge, for himself and for his

                                       -2-

<PAGE>

heirs,  executors,  administrators and assigns, any and all claims of any nature
whatsoever  against the  Company,  its current and former  officers,  directors,
shareholders,  employees,  representatives,  attorneys and agents as well as its
predecessors,  parent  companies,   subsidiaries,   affiliates,  successors  and
assigns,  which  Mooney has or had against them or any of them arising out of or
by reason of any cause,  matter or things whatsoever  existing as of the date of
execution  of  this  Agreement,  whether  known  to the  parties  at the  tie of
execution of this Agreement or not,  including  without  limitation,  any claims
arising out of, or relating in any manner whatsoever to the employment of Mooney
b the  Company  and his  separation  from the  Company.  This FULL WAIVER OF ALL
CLAIMS includes,  without limitation,  any claims,  demands, or causes of action
arising out of, or relating in any manner  whatsoever to the Civil Rights Act of
1964 and 1991, as amended,  the Age Discrimination in Employment Act of 1967, as
amended,  the Older Workers  Benefit  Protections  Act, the Fair Labor Standards
Act, the Labor Management Relations Act, the Employee Retirement Income Security
Act of 1974,  the  Americans  with  Disabilities  Act,  or any other  applicable
federal,  state,  or local  statute  or  regulation,  or any common law cause of
action,  including  without  limitation,  claims  for  breach of any  express or
implied contract,  the covenant of good faith and fair dealing,  tort,  wrongful
discharge,   constructive  discharge,   personal  injury,   emotional  distress,
defamation,  fraud,  or any claims for  attorneys'  fees or other costs,  Mooney
further  covenants  and agrees that upon being paid the amounts  provided for in
Section 4, above,  the Company is not further  indebted to him in any amount for
any reason, including any fringe benefits or other forms of compensation.

         (b)  Mooney  represents  and  warrants  that  he has  not  assigned  or
subrogated any of his rights, claims and causes of action,  including any claims
referenced in this Agreement, or authorized any other person or entity to assert
such claim or claims on his behalf and he agrees to indemnify  and hold harmless
the  Company  against any  assignment  of said right,  claims  and/or  causes of
action.

         (c) Mooney  represents  that he has not filed any complaints or charges
against the Company with any local,  state or federal court or agency based upon
events  occurring  prior  to the date of  execution  of this  Agreement.  Mooney
further represents and agrees that he will not in the future file,  instigate or
encourage  the filing of any  proceeding  or lawsuit  by any party  against  the
Company in any local, sate or federal court or agency. Mooney further represents
and agrees that he shall not in the future  cooperate or participate in any such
lawsuit or proceedings except in accordance with this Agreement and as otherwise
required by law. It is understood and agreed that Mooney's promises set forth in
this  Section 5 are of  critical  importance  to this  Agreement.  Any breach by
Mooney of the  provisions of this Section  shall be deemed a material  breach of
this Agreement.

         (d)  Mooney  agrees  that  he will  not  disclose,  disseminate  and/or
publicize  any of the terms of this  Agreement,  any of the factual  allegations
underlying any claims the Company or Mooney may have against one another, any of
the underlying facts of this Agreement or negotiations regarding this Agreement,
directly or indirectly,  specifically or generally, to any person,  corporation,
association or  governmental  agency,  except (a) as required by law; (b) to the
extent  necessary  to  report  income to  appropriate  taxing  authorities;  (c)
pursuant to privileged communications; or (d) in response to an order of a court
or governmental agency of competent jurisdiction or subpoena issued under proper
authority;  provided that notice of receipt of such judicial  order,  inquiry or
subpoena shall be immediately  communicated to the Company,

                                       -3-

<PAGE>

telephonically  and confirmed  immediately  thereafter  in writing,  so that the
Company will have the  opportunity to intervene and assert what rights it has to
nondisclosure prior to the response to the order, inquiry or subpoena.

         6. Release of the Company's Claims Against Mooney.

         (a) Excluding  claims for breach or enforcement of this Agreement,  the
Company for itself, its legal representatives, subsidiaries, affiliates, agents,
successors in interest and assigns, irrevocably and unconditionally releases and
forever  discharges  Mooney  from any and all  claims of any  nature  whatsoever
against Mooney, or his affiliates, agents, employees,  attorneys, successors and
assigns, which the Company has or had against Mooney arising out of or by reason
of any cause, matter or thing whatsoever existing as of the date of execution of
this  Agreement,  whether  known to the parties at the time of the  execution of
this Agreement or not, including without limitation,  any claims arising out of,
or relating in any manner  whatsoever to the employment of Mooney by the Company
and his separation from the Company.  The Company acknowledges that this release
of claims specifically  includes,  but is not limited to, any and all claims for
breach of  contract,  breach of the  covenant  of good  faith and fair  dealing,
intentional or negligent misrepresentation,  conspiracy, negligence of any kind,
libel,  slander or any other wrongful  conduct based upon events occurring prior
to the date of the execution of this Agreement.

         (b) The Company  represents  and  warrants  that it has not assigned or
subrogated any of its rights,  claims and causes of action  including any claims
referenced in this  Agreement or authorized any other person or entity to assert
such claim or claims on its behalf and  agrees to  indemnify  and hold  harmless
Mooney against any assignment of said rights, claims and/or causes of action.

         (c) The  Company  represents  that it has not filed any  complaints  or
charges  against  Mooney with any local,  state or federal court or agency based
upon the events occurring prior to the date of execution of this Agreement.  The
Company  further  represents  and agrees  that it will not in the  future  file,
instigate  or  encourage  the filing of any  proceeding  or lawsuit by any party
against  Mooney in any local,  state or federal  court or  agency.  The  Company
further  represents  and  agrees  that it shall not in the future  cooperate  or
participate  in any such lawsuit or proceeding  except in  accordance  with this
Agreement and as otherwise required by law. It is understood and agreed that the
Company's promises as set forth in this Section 6 are of critical  importance to
this  Agreement.  Any breach by the Company of the  provisions  of this  Section
shall be deemed a material breach of this Agreement.

         (d) The Company  agrees that it will not disclose,  disseminate  and/or
publicize  any of the terms of this  Agreement,  any of the factual  allegations
underlying any claims the Company or Mooney may have against one another, any of
the underlying facts of this Agreement or negotiations regarding this Agreement,
directly or indirectly,  specifically or generally, to any person,  corporation,
association or  governmental  agency,  except (a) as required by law; (b) to the
extent necessary to report income to appropriate taxing  authorities;  or (c) in
response to an order of a court or governmental agency of competent jurisdiction
or subpoena  issued under proper  authority;  provided that notice of receipt of
such judicial  order,  inquiry or subpoena shall be immediately  communicated to
Mooney,  telephonically and confirmed immediately thereafter in

                                       -4-

<PAGE>

writing,  so that Mooney will have the  opportunity to intervene and assert what
rights he has to  nondisclosure  prior to the response to the order,  inquiry or
subpoena.

         7. Tax  Obligations.  It is understood and agreed that Mooney is liable
for all tax obligations, if any, with respect to the payments and sums set forth
in Section 4, above. The Company makes no warranty as to any tax consequences of
such payments,  and a determination of the tax consequences of such payments are
the sole responsibility of Mooney.

         8. Independent  Contractor Status.  With respect to Section 3 above, it
is expressly understood and agreed that Mooney is an independent  contractor and
is not in any  manner  an  agent  or  employee  of the  Company  (or  any of its
subsidiaries),  nor is Mooney  authorized or empowered to conduct business under
the name of, or for the account of, the Company (or any of its  subsidiaries) or
to incur obligations of any kind, express or implied,  on behalf of the Company,
or to make any promise,  warranty or representation on behalf of the Company (or
any of its  subsidiaries)  with  respect  to any  of its or  their  products  or
services.

         9.  Indemnification.  With  respect to  Sections 2 and 3 above,  Mooney
shall  indemnify  the Company from and against any and all  expenses  (including
attorneys' fees),  judgments,  fines, claims, causes of action,  liabilities and
other amounts paid (whether in settlement or otherwise  actually and  reasonably
incurred) by the Company in connection  with such action,  suit or proceeding if
(i) the Company was made a party to any action,  suit or proceeding by reason of
the fact that Mooney rendered advice or services pursuant to this Agreement, and
(ii)  Mooney did not act in good faith and in a manner  reasonably  believed  by
Mooney to be in or not  opposed  to the  interests  of the  Company,  and,  with
respect to any criminal  action or proceeding,  did not  reasonably  believe his
conduct was lawful.

         10. Survival of Representations, Etc. All representations,  warranties,
and  agreements  made  herein  shall  survive  for a period  of five  (5)  years
following execution of this Agreement.

         11. Twenty-One Day Consideration  Period.  Mooney  acknowledges that he
has been  allowed  twenty-one  (21)  days to  consider  this  Agreement  and the
releases and waivers contained herein.  Mooney further  acknowledges that he has
been  advised to consult  with  counsel and that he has  consulted  with counsel
regarding this Agreement.

         12. Seven Day  Revocation  Period.  The parties agree that Mooney shall
have a period of seven (7) days  following  the  execution of this  Agreement in
which to revoke the Agreement and that the Agreement shall not become  effective
or enforceable until the revocation period has expired (See Attachment B).

         13. Civil Code Section  1542.  Each party  expressly  waives all rights
under  Section  1542 of the Civil  Code of the State of  California,  which each
party understands provides as follows:

                  A general release does not extend to claims which the creditor
                  does not know or  suspect to exist in his favor at the time of
                  executing  the  release,  which  if  known  by him  must  have
                  materially affected his settlement with the debtor.

                                       -5-

<PAGE>

         14. Miscellaneous.

         (a)  Binding  Effect;  Assignment.  This  Agreement  shall inure to the
benefit  of and be binding  upon the  parties  hereto,  their  respective  legal
representatives and successors. This Agreement may not be assigned.

         (b) Further Assurances;  Cooperation. Each party shall, upon reasonable
request  by the other  party,  execute  and  deliver  any  additional  documents
necessary  or  desirable  to  complete  the  transactions  contemplated  by this
Agreement, pursuant to and in the manner contemplated by this Agreement.

         (c) Entire Agreement.  This Agreement  constitutes the entire agreement
between the parties hereto and supersedes all prior arrangements, understandings
and agreements,  oral or written, between the parties hereto with respect to the
subject matter hereof.

         (d) Dispute Resolution.  Except as otherwise expressly provided in this
Agreement,  any civil  claim  which  arises out of or relates in any way to this
Agreement  shall be settled by binding and exclusive  arbitration in California,
in accordance with the following terms and procedures:

                  (i) The party with a civil  claim must  notify the other party
in writing by certified  mail within the times set forth by statute for filing a
civil claim of its desire to have the claim resolved by arbitration.

                  (ii) Upon notice of a timely  civil  claim,  the parties  will
agree upon an  arbitrator  or, if unable to agree,  will request a list from the
Federal Mediation and Conciliation Service from which the parties will alternate
strikes  until  only  one name  remains.  The last  remaining  name  will be the
arbitrator.

                  (iii)  The  arbitrator  shall  have  no  authority  to add to,
subtract from, or otherwise modify the terms of this Agreement or to make awards
beyond those provided for by the statue or other cause of action under which the
claim arises.

                  (iv)  Any  party  to the  arbitration  may be  represented  by
counsel.  All decisions of the  arbitrator  made in accordance  with this policy
shall be final and conclusively binding upon the parties. The parties agree that
the  arbitrator's  award may be entered as a judgment by any court of  competent
jurisdiction, unless the award is vacated, modified or corrected.

                  (i)   Issues   of   procedure,   arbitrability,   appeal,   or
confirmation,  vacation or  correction of award shall be governed by the Federal
Arbitration Act, 9 U.S.C. ss.ss.1-16.

         (e)  Attorney  Fees.  In any  action or  proceeding  arising  out of or
related  to this  Agreement,  the  prevailing  party  shall be  entitled  to its
reasonable  attorney fees and related  costs,  including fees and costs incurred
prior to formal  initiation of any action or proceeding,  and including fees and
costs incurred for collecting or attempting to collect any judgment or award.

         (f)  Amendments  and  Waivers.  This  Agreement  may not be modified or
amended  except by an instrument or  instruments  in writing signed by the party
against whom enforcement

                                      -6-

<PAGE>

of any such modification or amendment is sought. Mooney may, by an instrument in
writing,  waive  compliance  by the Company  with any term or  provision of this
Agreement  on the part of the  Company to be  performed  or complied  with.  The
Company may, by an instrument in writing,  waive compliance by Mooney,  with any
term or  provision  of this  Agreement  on the part of Mooney to be performed or
complied with. Any waiver of a breach of any term or provision of this Agreement
shall not be construed as a waiver of any subsequent breach.

         (g) Headings:  Severability.  The headings  contained in this Agreement
are for convenience of reference only and shall not affect the interpretation or
construction hereof. Any term or provision of this Agreement which is invalid or
unenforceable in any jurisdiction shall as to such jurisdiction,  be ineffective
to the extent of such invalidity or  unenforceability  without rendering invalid
or  unenforceable  the  remaining  terms and  provisions  of this  Agreement  or
affecting  the validity or  enforceability  of any of the terms or provisions of
this Agreement in any other jurisdiction.  If any provision of this Agreement is
so broad as to be unenforceable,  such provision shall be interpreted to be only
so broad as is enforceable.

         (h)  Jurisdiction.  This  Agreement  shall be governed in all respects,
whether as to validity,  construction,  capacity,  performance, or otherwise, by
the laws of the State of California. The parties to this Agreement hereby submit
to the jurisdiction of the courts of the State of California.

         (i) Voluntary  Agreement.  This Agreement is freely entered into by the
undersigned parties upon advice of counsel.

         (j)  Agreement  not an Admission The parties  hereby  acknowledge  that
neither this Agreement nor the payments made hereunder nor the acceptance of the
same,  may be treated as an  admission of any legal  responsibility,  liability,
wrongdoing  or fault of any kind  whatsoever.  Such  responsibility,  liability,
wrongdoing and fault being expressly denied.

         (k)  Execution  in  Counterparts.  This  Agreement  may be  executed in
counterparts,  each of which shall be deemed an original  and all of which shall
be deemed to be one and the same instrument.

         (l)  Construction.  It is agreed and  understood  that the general rule
that  "ambiguities  are to be construed  against the drafter" shall not apply to
this  Agreement.  The parties agree that this Agreement is a part of negotiation
and was drafted by all parties.  In the event any language of this  Agreement is
found to be ambiguous,  each party shall have an opportunity to present evidence
as to the  actual  intent of the  parties  with  respect  to any such  ambiguous
language.

         (m) Amendments and Modifications. Any amendment or modification of this
Agreement must be in writing and signed by each party.

                           THE  SIGNATORIES  HAVE  CAREFULLY  READ  THIS  ENTIRE
                           AGREEMENT.  ITS CONTENTS HAVE BEEN FULLY EXPLAINED BY
                           THE  RESPECTIVE  ATTORNEYS.   THE  SIGNATORIES  FULLY
                           UNDERSTAND  THE  FINAL  AND  BINDING  EFFECT  OF THIS
                           AGREEMENT.  THE ONLY  PROMISES

                                      -7-

<PAGE>

                           MADE TO ANY SIGNATORY  ABOUT THIS  AGREEMENT,  AND TO
                           SIGN THIS AGREEMENT ARE CONTAINED IN THIS  AGREEMENT.
                           THE    SIGNATORIES   ARE   SIGNING   THIS   AGREEMENT
                           VOLUNTARILY.  PLEASE READ  CAREFULLY:  THIS SEVERANCE
                           AGREEMENT  AND MUTUAL  RELEASE  INCLUDES A RELEASE OF
                           ALL KNOWN AND UNKNOWN CLAIMS.

         IN  WITNESS  WHEREOF,  the  parties  hereto  have  duly  executed  this
Agreement as of the date first above written.

                                                     EDWARD MOONEY

                                                     ------------------------
                                                     Edward Mooney

                                                     NETAMERICA.COM CORPORATION

                                                     By:________________________

                                                     Its:_______________________

                                      -8-

<PAGE>

                                  ATTACHMENT A

                              EMPLOYMENT AGREEMENT

<PAGE>

                                  ATTACHEMENT B

                                 NON-REVOCATION
                        AS OF THE DATE SHOWN ON THIS FORM

         By  signing  below,  I  verify  that I have  chosen  not to  revoke  my
agreement to and execution of the Severance  Agreement  and Mutual  Release.  My
signature  confirms  my  renewed  agreement  to the  terms  of  that  Agreement,
including the release and waiver of any and all claims relating to my employment
with  NetAmerica.com  Corporation  and its successors,  assigns,  and affiliated
companies, and/or the termination of that employment.

------------------------                    ---------------------------
Signature*                                  Date

*Do not sign,  date, or return this document until seven (7) days after you sign
the Severance  Agreement and Mutual Release.  The Severance Agreement was signed
on __________________.

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