Document:

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                                                                    EXHIBIT 10.1

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                           INTEREST PURCHASE AGREEMENT

                                 by and between

                  APOLLO REAL ESTATE INVESTMENT FUND III, L.P.

                                       and

                             WRD HOLDING CORPORATION

                          Dated as of December 29, 2000

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                           INTEREST PURCHASE AGREEMENT

                  THIS INTEREST PURCHASE AGREEMENT (the "AGREEMENT") is made and
entered into as of December 29, 2000, by and between WRD Holding Corporation, a
Delaware corporation ("BUYER"), and Apollo Real Estate Investment Fund III,
L.P., a Delaware limited partnership ("SELLER").

                                    RECITALS:

                  WHEREAS, Seller holds all of Class A interests in Western
Realty Development LLC, a Delaware limited liability company (the "COMPANY");
and

                  WHEREAS, Seller desires to sell to Buyer 29/30ths of the
Seller's Class A interests in the Company (the "INTEREST"), and Buyer desires to
purchase from Seller the Interest, pursuant to the terms and conditions set
forth below.

                  NOW, THEREFORE, in consideration of the foregoing and the
mutual covenants and agreements hereinafter contained, and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto hereby agree as follows:

                              TERMS AND CONDITIONS:

1.       DEFINED TERMS.

         (a)      "AGREEMENT" shall have the meaning set forth in the preamble.

         (b)      "AMENDMENT NO. 6" shall mean Amendment No. 6, dated the date
hereof, to the Amended and Restated Western Realty Development LLC Limited
Liability Company Agreement (Second Restatement) dated February 20, 1998,
substantially in the form of Exhibit B attached hereto.

         (c)      "BUYER" shall have the meaning set forth in the preamble.

         (d)      "CAP" shall have the meaning set forth in Section 9(a).

         (e)      "CLOSING" shall have the meaning set forth in Section 2.

         (f)      "CLOSING DATE" shall have the meaning set forth in Section 2.

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

         (h)      "COMPANY" shall have the meaning set forth in the recitals.

         (i)      "DAMAGES" means all losses, damages, liabilities, costs and
expenses (including reasonable attorneys' fees and expenses) incurred in
investigating, preparing or defending any claims covered by Section 9 hereof,
provided, that Damages shall not include any consequential losses, damages,
liabilities or expenses.

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         (j)      "ENCUMBRANCE" shall have the meaning set forth in Section
5(e).

         (k)      "INDEMNIFIED PARTY" and "INDEMNIFYING PARTY" shall have the
meanings set forth in Section 9(b).

         (l)      "INTEREST" shall have the meaning set forth in the recitals.

         (m)      "NOTE" shall have the meaning set forth in Section 2.

         (n)      "PURCHASE PRICE" shall have the meaning set forth in Section
2.

         (o)      "SELLER" shall have the meaning set forth in the preamble.

2.       SALE AND PURCHASE OF INTEREST; PURCHASE PRICE.

         At the closing of the transactions contemplated hereby (the "CLOSING";
the date of the Closing, the "CLOSING DATE"), Buyer hereby agrees to purchase
from Seller, and Seller hereby agrees to sell to Buyer, the Interest. The
aggregate purchase price (the "PURCHASE PRICE") for the Interest shall be
$4,000,000. At the Closing, Buyer shall deliver to Seller a promissory note
substantially in the form of Exhibit A attached hereto (the "NOTE") in the
principal amount of $4,000,000 in full payment of the Purchase Price.

3.       SELLER'S CLOSING DELIVERIES.

         At the Closing, Seller shall deliver or cause to be delivered to Buyer
the following items:

         (a)      Amendment No. 6 executed by Seller;

         (b)      An executed FIRPTA affidavit from Seller; and

         (c)      Such other executed documents and instruments as are required
by this Agreement from Seller to effectuate the sale of the Interest.

4.       BUYER'S CLOSING DELIVERIES.

         At the Closing, Buyer shall deliver or cause to be delivered to Seller
the following items:

         (a)      The Note, executed by Buyer in favor of Seller;

         (b)      Amendment No. 6 executed by Buyer; and

         (c)      The Pledge Agreement securing payments under the Note
substantially in the form of Exhibit C attached hereto.

5.       REPRESENTATIONS AND WARRANTIES OF SELLER.

         Seller represents and warrants to Buyer as follows:

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         (a)      Seller is a limited partnership duly organized, validly
                  existing and in good standing under the laws of the State of
                  Delaware.

         (b)      Seller has full right, authority, power and capacity (i) to
                  execute and deliver this Agreement and each other agreement,
                  document and instrument to be executed and delivered by Seller
                  pursuant to this Agreement, (ii) to perform the transactions
                  contemplated hereby, and (iii) to transfer, assign, convey and
                  deliver the Interest to Buyer in accordance with this
                  Agreement.

         (c)      All applicable partnership or other action necessary for
                  Seller to execute and deliver this Agreement and each other
                  agreement, document and instrument executed by Seller pursuant
                  to this Agreement, and to perform the transactions
                  contemplated hereby, has been taken prior to the date hereof.

         (d)      This Agreement and each other agreement, document and
                  instrument executed and delivered by Seller pursuant to this
                  Agreement constitutes the legal, valid and binding obligation
                  of Seller, each enforceable in accordance with its respective
                  terms.

         (e)      Seller owns the Interest free and clear of any claim, lien or
                  encumbrance (each, an "ENCUMBRANCE"), and has full power and
                  authority to convey free and clear of any Encumbrance the
                  Interest and, upon execution by Seller and Buyer of Amendment
                  No. 6 and delivery of the Note by Buyer as herein provided,
                  Buyer will acquire good and valid title to the Interest, free
                  and clear of any Encumbrance.

         (f)      There are no agreements, instruments or understandings with
                  respect to the Interest other than this Agreement and such
                  other agreements, documents and instruments as are required
                  hereby.

         (g)      The execution, delivery and performance of this Agreement and
                  each other agreement, document and instrument to be executed
                  and delivered by Seller in connection with the transactions
                  contemplated hereby (i) do not and will not violate Seller's
                  limited partnership agreement, (ii) do not and will not
                  violate any foreign, federal, state, local or other laws
                  applicable to Seller or require Seller to obtain any approval,
                  consent or waiver of, or make any filing with, any person or
                  authority (governmental or otherwise) that has not been
                  obtained or made and which does not remain in effect, and
                  (iii) do not and will not result in a breach or a violation
                  of, constitute a default under, accelerate any obligation
                  under or give rise to a right of termination of, any
                  indenture, deed of trust, mortgage, loan or credit agreement
                  or any other agreement, contract, instrument, lease, permit,
                  authorization, order, writ, judgment, injunction, decree,
                  determination or arbitration award to which Seller is a party
                  or by which the Interest is affected.

         (h)      Seller has made no agreement with, and has no obligation
                  (absolute or contingent) to, any other person or entity to
                  sell, transfer, dispose of or in any way encumber

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                  the Interest or restrict in any way Seller's ability to sell
                  the Interest to Buyer or to enter into any agreement with
                  respect to the Interest.

         (i)      Seller has not entered into any agreement, arrangement or
                  understanding with any person or entity which will result in
                  the obligation of Buyer to pay any finder's fee, brokerage
                  commission or similar payment in connection with the
                  transactions contemplated hereby.

         (j)      Seller is not a foreign entity, foreign corporation, foreign
                  partnership, foreign trust or foreign estate (as those terms
                  are defined in the Code and income tax regulations).

         (k)      There is no litigation, proceeding, suit, action, controversy,
                  or claim existing, pending, or, to the best of Seller's
                  knowledge, threatened, against Seller which might affect the
                  transfer of the Interest to Buyer, and there is no basis known
                  to Seller for any such litigation, proceeding, suit, action,
                  controversy, or claim. There are no judgments or liens
                  existing, whether or not filed, against Seller which would
                  affect the Interest.

         Seller acknowledges and agrees that Buyer has made no representations
or warranties (whether oral or in writing) to Seller in connection with the
transactions contemplated hereby except as otherwise expressly set forth in this
Agreement or any other documents dated the date hereof.

6.       REPRESENTATIONS AND WARRANTIES OF BUYER.

         Buyer represents and warrants to Seller as follows:

         (a)      Buyer is a corporation duly organized, validly existing and in
                  good standing under the laws of the State of Delaware.

         (b)      Buyer has full right, authority, power and capacity (i) to
                  execute and deliver this Agreement and each other agreement,
                  document and instrument to be executed and delivered by it
                  pursuant to this Agreement and (ii) to perform the
                  transactions contemplated hereby.

         (c)      This Agreement and each other agreement, document and
                  instrument executed and delivered by Buyer pursuant to this
                  Agreement constitutes the legal, valid and binding obligation
                  of Buyer, each enforceable in accordance with its respective
                  terms.

         (d)      All applicable corporate or other action necessary for Buyer
                  to execute and deliver this Agreement and each other
                  agreement, document and instrument executed by Buyer pursuant
                  to this Agreement, and to perform the transactions
                  contemplated hereby, has been taken prior to the date hereof.

         (e)      The execution, delivery and performance of this Agreement and
                  each other agreement, document and instrument to be executed
                  and delivered by Buyer in

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                  connection with the transactions contemplated hereby (i) do
                  not and will not violate the certificate of incorporation or
                  the by-laws of Buyer, and (ii) do not and will not result in a
                  breach or a violation of, constitute a default under,
                  accelerate any obligation under or give rise to a right of
                  termination of, any indenture, deed of trust, mortgage, loan
                  or credit agreement, any other agreement, contract,
                  instrument, lease, permit or authorization, or any order,
                  writ, judgment, injunction, decree, determination or
                  arbitration award to which Buyer is a party.

         (f)      Buyer has not entered into any agreement, arrangement or
                  understanding with any person or entity which will result in
                  the obligation of Seller to pay any finder's fee, brokerage
                  commission or similar payment in connection with the
                  transactions contemplated hereby.

         Buyer acknowledges and agrees that Seller has made no representations
or warranties (whether oral or in writing) to Buyer in connection with the
transactions contemplated hereby except as otherwise expressly set forth in this
Agreement or any other documents dated the date hereof.

7.       LIMITATIONS AND SURVIVAL OF REPRESENTATIONS AND WARRANTIES.

         The representations, warranties, covenants, and agreements herein
contained on the part of each of the parties hereto shall be deemed and
construed to be continuing representations, warranties, covenants, and
agreements of each such party, that shall survive the Closing. Seller agrees to
indemnify and hold harmless Buyer, and Buyer agrees to indemnify and hold
harmless Seller, against and with respect to all Damages in accordance with
Section 9 hereof.

8.       COVENANT OF FURTHER ASSURANCES.

         From time to time, Seller will execute and deliver such further
instruments of conveyance and transfer reasonably requested and take such other
action as Buyer reasonably may require to more effectively convey and transfer
to Buyer the Interest and otherwise fulfill its agreements hereunder.

9.       INDEMNIFICATION.

         (a)      Cap. In no event shall Seller be liable to Buyer, and in no
event shall Buyer be liable to Seller, for any breach of the representations,
warranties, covenants and agreements included or provided for herein or in any
schedule or certificate or other document delivered pursuant to this Agreement,
in an amount greater than the Purchase Price or, if larger, the redemption price
of the Note at maturity (the "CAP").

         (b)      Indemnification Generally. Seller, on the one hand, or Buyer,
on the other hand (the "INDEMNIFYING PARTY"), shall indemnify, respectively,
Buyer, on the one hand, or Seller, on the other hand, as the case may be (the
"INDEMNIFIED PARTY"), against and in respect of Damages sustained or incurred by
such Indemnified Party or any of their respective parents, subsidiaries,
officers, directors, members, partners, shareholders, agents and representatives
arising out of any breaches of the Indemnifying Party's representations,
warranties, covenants and agreements set

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forth in this Agreement. Any payments pursuant to this Section 9(b) shall be
treated as an adjustment to the Purchase Price for tax purposes.

         (c)      Other Indemnification Provisions. Any indemnification
provisions set forth in this Agreement may be supplemented or superseded by
documents executed by both parties hereto on or after the date hereof.

10.      EXPENSES.

         Except as otherwise specifically provided herein, each party shall pay
its own expenses in connection with this Agreement and the consummation of the
transactions contemplated herein.

11.      MISCELLANEOUS.

         (a)      This Agreement shall be binding upon and inure to the benefit
                  of the respective heirs, personal representatives, fiduciaries
                  and successors of Seller and Buyer.

         (b)      This Agreement may not be assigned by either party without the
                  prior written consent of the other party.

         (c)      All notices and other communications hereunder shall be
                  sufficiently given for all purposes hereunder if in writing
                  and delivered personally, sent by documented overnight
                  delivery service, or, to the extent receipt is confirmed,
                  telecopy, telefax or other electronic transmission service to
                  the appropriate address or number as set forth below:

                  If to Seller to:

                  Apollo Real Estate Investment Fund III, L.P.
                  2 Manhattanville Road
                  Purchase, New York 10577
                  Attention: Ronald Solotruk
                  Fax: (914) 694-6503

                  with a copy to:

                  Akin, Gump, Strauss, Hauer & Feld, L.L.P.
                  590 Madison Avenue
                  New York, New York 10022
                  Attention: Louis Vitali, Esq.
                  Fax: (212) 872-1002

                  or at such other address and to the attention of such other
                  person as Seller may designate by written notice to Buyer.

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                  If to Buyer to:

                  WRD Holding Corporation
                  c/o New Valley Corporation
                  100 S.E. Second Street
                  32nd Floor
                  Miami, Florida 33131
                  Attention: Richard J. Lampen
                  Fax: (305) 579-8009

                  with a copy to:

                  Coudert Brothers
                  1114 Avenue of the Americas
                  New York, New York, 10036
                  Attention: Clyde E. Rankin, III, Esq.
                  Fax: (212) 626-4120

                  or to such other address and to the attention of such other
                  person as Buyer may designate by written notice to Seller.

         (d)      This Agreement shall be construed and enforced in accordance
                  with the laws of the State of New York without giving effect
                  to such state's conflict of law principles. Any dispute,
                  controversy or claim arising out of or relating to this
                  Agreement shall be finally settled by binding arbitration to
                  be conducted in New York, New York in accordance with the
                  rules then in force of the American Arbitration Association,
                  including the rules governing the appointment of arbitrators.
                  The decision in such arbitration proceeding shall be final and
                  non-appealable and shall be binding on the parties thereto and
                  enforceable in courts of competent jurisdiction without a
                  further review on the merits.

         (e)      A waiver by either party of a breach of any provision of this
                  Agreement shall not operate as or be construed as a waiver of
                  any other subsequent breach thereof or of any other provision.

         (f)      This Agreement and Exhibits annexed hereto represent the
                  entire agreement between the parties hereto with respect to
                  the transactions contemplated hereby and may be modified only
                  by a simultaneous or subsequent written document executed by
                  the party to be charged therewith.

         (g)      The headings of the Sections of this Agreement are inserted
                  for convenience only and do not constitute a part of this
                  Agreement.

         (h)      This Agreement may be signed in counterparts, each of which
                  shall be deemed to be an original and all of which together
                  shall constitute one and the same instrument.

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

                             BUYER:

                             WRD HOLDING CORPORATION

                             By: /s/ Richard J. Lampen
                                 -----------------------------------------------
                                 Name: Richard J. Lampen
                                 Title: President

                             SELLER:

                             APOLLO REAL ESTATE INVESTMENT FUND III, L.P.

                             By: Apollo Real Estate Advisors III, L.P.,
                                 its general partner

                             By: Apollo Real Estate Capital Advisors III, Inc.,
                                 its general partner

                             By: /s/ Andrew Cohen
                                 -----------------------------------------------
                                 Name: Andrew Cohen
                                 Title: Vice President<PAGE>   1

                                                                    EXHIBIT 10.2

                                 PROMISSORY NOTE

U.S. $4,000,000                                                December 29, 2000

                  FOR VALUE RECEIVED, WRD Holding Corporation, a Delaware
corporation ("Borrower"), hereby promises to pay to the order of Apollo Real
Estate Investment Fund III, L.P., having an office at 2 Manhattanville Road,
Purchase, New York 10577 ("Lender"), the principal sum of FOUR MILLION DOLLARS
($4,000,000), together with interest on the unpaid principal amount of this Note
pursuant to the terms hereof, Additional Interest (as hereinafter defined) and
all other amounts due hereunder. All such principal, interest, Additional
Interest and such other amounts due hereunder (collectively, the "Debt"), shall
be payable, without set-off or counterclaim, in lawful money of the United
States of America in immediately available funds to Lender at the address of
Lender set forth herein or at such other place as Lender may from time to time
designate in writing. The entire unpaid principal amount of this Note and any
accrued and unpaid interest thereon shall be due and payable on the Maturity
Date, unless otherwise earlier prepaid or accelerated in accordance with the
terms hereof. This Note is issued pursuant to the terms of the Interest Purchase
Agreement, dated the date hereof, between Borrower and Lender (as the same may
be amended, supplemented or restated from time to time, the "Interest Purchase
Agreement"), and other documents, instruments and agreements described or
referred to therein and/or executed as of the date hereof (such documents,
instruments and agreements, as the same may be amended, supplemented or restated
from time to time, are collectively referred to herein as the "Loan Documents").

         1.       Definitions. Capitalized terms not otherwise defined in this
Note shall have the meanings ascribed to such terms in the Interest Purchase
Agreement. For purposes of this Note, the following terms shall have the
meanings set forth below.

(a) "Appraised Net Asset Value" means the value of the Company, after deducting
all liabilities of the Company, as agreed to by Borrower and Lender, or if
Borrower and Lender cannot agree on the value of the Company within a reasonable
period of time, the value of the Company, after deducting all liabilities of the
Company, determined as set forth herein. Each of Borrower and Lender shall
within 30 days after the occurrence of an event giving rise to the determination
of Appraised Net Asset Value appoint by notice a professional appraiser with
significant experience in the appraisal of real estate and/or companies engaged
in the real estate business in Russia (a "Qualified Appraiser"). The two
Qualified Appraisers so appointed shall, within 30 days of their appointment,
appoint a third Qualified Appraiser by notice to Borrower and Lender, and the
three Qualified Appraisers shall determine the net proceeds that would have been
received by the Company if the Company (i) sold all of its assets for cash at
their then fair market value (less all costs and expenses of such sale,
including closing costs, real estate brokerage commissions and fees, title
premiums and escrow fees, reserves in respect of specified matters and legal and
other expenses incident to such sale) and (ii) paid all of its liabilities. The
value of the Company shall equal the average of the appraised values determined
by each of the two Qualified Appraisers whose appraisals are closest to each
other (or, if either of Borrower or Lender fails to promptly

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appoint its Qualified Appraiser as provided above, the appraised value
determined by the Qualified Appraiser appointed).

(b) "Available Cash Flow" means the net operating income of Borrower commencing
on the date hereof (including, without limitation, Company Distributions
received by Borrower), after payment of all operating expenses commencing after
the date hereof and any taxes related to the Company Distributions.

(c) "Company Distributions" means any and all distributions made by the Company
to Borrower after the date hereof.

(d) "Company" means Western Realty Development LLC.

(e) "Liquidity Event" means the occurrence of any of the following in one
transaction or series of related transactions: (i) the direct or indirect sale
by Borrower of all or substantially all of the equity interests of the Company;
(ii) the contribution of all or substantially all of the equity interests of the
Company to another entity in exchange for consideration including securities of
such entity (or any of such entity's affiliates); (iii) a merger or
consolidation of the Company into another entity in connection with which the
holders of equity interests of the Company receive cash from, and/or securities
of, such entity; (iv) the direct or indirect sale of any of the real property
assets owned directly or indirectly by the Company; (v) the consummation of an
offering of securities by the Company; (vi) the refinancing of any existing
indebtedness of the Company (except to the extent the proceeds of such
refinancing are used by the Company in connection with its operations); and
(vii) any similar transaction.

(f) "Maturity Date" means November 30, 2005.

(g) "Net Liquidation Proceeds" means all amounts received by Borrower or the
Company, as the case may be, from a Liquidity Event after deducting from such
proceeds all expenses incurred by Borrower and/or the Company in connection
therewith, and all taxes related thereto, provided, however, that any proceeds
received by the Company and distributed to Borrower shall only be considered
"Net Liquidation Proceeds" received by the Company but not Borrower.

(h) "Participation Amount" means (i) upon the occurrence of any Liquidity Event
prior to the Maturity Date, the proceeds of which are received directly by the
Company, an amount equal to 30% of the amount by which Net Liquidation Proceeds
exceed the Threshold Amount, (ii) upon the occurrence of any Liquidity Event
prior to the Maturity Date, the proceeds of which are received directly by
Borrower, an amount equal to the amount by which Net Liquidation Proceeds exceed
the Threshold Amount, and (iii) in connection with the repayment of the Debt at
maturity, an amount equal to 30% of the amount by which the Appraised Net Asset
Value exceeds the Threshold Amount as of the Maturity Date, less any amounts
previously paid by Borrower to Lender in connection with a Liquidity Event.

(i) "Threshold Amount" means $13,750,000.

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         2.       Payment of Debt. Borrower covenants and agrees with Lender
that Borrower shall punctually pay the Debt in U.S. dollars to Lender on the
Maturity Date (or earlier, as provided herein) by wire transfer of immediately
available funds.

         3.       Prepayments. (a) Borrower shall not prepay the principal
amount of the Debt without Lender's prior written consent other than as set
forth in clause (b) of this Section 3.

                  (b)      If any Liquidity Event shall occur, Borrower shall
apply all Net Liquidation Proceeds received by Borrower to prepay the Debt. Such
Net Liquidation Proceeds shall be applied first to pay accrued interest to the
date of prepayment, and then to the principal amount of the Debt in accordance
with this Note.

         4.       Interest Rate. The principal amount of the Debt shall bear
interest at a rate per annum equal to 7%, compounded annually. Interest shall be
payable to the extent of Available Cash Flow.

         5.       Computation of Interest. Interest shall be calculated on the
basis of a 360-day year for the actual days elapsed.

         6.       Additional Interest. On the Maturity Date or, if earlier, upon
the occurrence of a Liquidity Event, Borrower agrees that Lender shall be
entitled to receive and Borrower shall pay to Lender an amount equal to the
Participation Amount as additional interest ("Additional Interest") hereunder.

         7.       Events of Default. (a) The occurrence of any one or more of
the following events with respect to Borrower shall constitute an event of
default hereunder ("Event of Default"):

                  (i)      If Borrower shall fail to pay when due any payment of
principal, interest or Additional Interest on this Note and such failure
continues for 10 days after Lender notifies Borrower in writing; or

                  (ii)     If, pursuant to or within the meaning of the United
States Bankruptcy Code or any other federal or state law relating to insolvency
or relief of debtors (a "Bankruptcy Law"), Borrower or the Company shall (i)
commence a voluntary case or proceeding; (ii) consent to the entry of an order
for relief against it in an involuntary case; (iii) consent to the appointment
of a trustee, receiver, assignee, liquidator or similar official; (iv) make an
assignment for the benefit of its creditors; or (v) admit in writing its
inability to pay its debts as they become due; or

                  (iii)    If a court of competent jurisdiction enters an order
or decree under any Bankruptcy Law that (i) is for relief against Borrower or
the Company in an involuntary case; (ii) appoints a trustee, receiver, assignee,
liquidator or similar official for Borrower or the Company or substantially all
of Borrower's or the Company's properties; or (iii) orders the liquidation of
Borrower or the Company, and in each case the order or decree is not dismissed
within 120 days; or

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<PAGE>   4

                  (iv)     If at any time Lender shall cease to have a perfected
first priority lien in the Collateral (as defined in the Pledge Agreement).

                  (b)      Borrower shall notify Lender in writing within five
days after the occurrence of any Event of Default of which Borrower acquires
knowledge.

                  (c)      Upon the occurrence of an Event of Default hereunder
(unless all Events of Default have been cured or waived in writing by Lender),
Lender may, at its option, (i) by written notice to Borrower, declare the entire
unpaid principal balance of this Note, together with all accrued interest
thereon, immediately due and payable regardless of any prior forbearance, and
(ii) exercise any and all rights and remedies available to it under applicable
law, including, without limitation, the right to collect from Borrower all sums
due under this Note and exercise all rights and remedies of a secured party
pursuant to the Pledge Agreement.

         8.       Lender's Expenses. Borrower agrees to pay or reimburse Lender
for all its reasonable costs and expenses incurred in connection with the
enforcement or preservation of any rights under this Note including, without
limitation, reasonable fees and disbursements of counsel to Lender (the
"indemnified liabilities"); provided, however, that Borrower shall have no
obligation hereunder to Lender with respect to indemnified liabilities arising
from the gross negligence or willful misconduct of Lender. The agreements in
this Section 8 shall survive repayment of the Debt.

         9.       Cumulative Remedies; No Waiver. To the extent permitted by
law, every remedy given hereunder to Lender shall not be exclusive of any other
remedy or remedies, and every such remedy shall be cumulative and in addition to
every remedy provided by statute, law, equity or otherwise.

         10.      Waiver of Presentment. Borrower hereby waives presentment for
payment, demand, notice of nonpayment, notice of protest, notice of intent to
accelerate, notice of acceleration and protest of this Note, and all other
notices in connection with the delivery, acceptance, performance, default or
enforcement of the payment of this Note, and agrees that its liability shall not
be in any manner affected by any indulgence, extension of time, renewal, waiver
or modification granted or consented to by Lender and consents to any and all
such extensions of time, renewals, waivers and modifications as may be granted
by Lender with respect to the payment or other provisions of this Note without
notice to Borrower and without affecting its liability hereunder.

         11.      Compliance with Usury Laws. It is the intent of Lender and
Borrower to comply at all times with applicable usury laws. If at any time such
laws would render usurious any amounts called for under this Note, then it is
the express intention of Borrower and Lender that such excess amount be
immediately credited on the principal balance of this Note (or, if this Note has
been fully paid, refunded by Lender to Borrower, and Borrower shall accept such
refund), and the provisions hereof and thereof be immediately deemed to be
reformed and the amounts thereafter collectible hereunder reduced to comply with
the then applicable laws, without the necessity of the execution of any further
documents, but so as to permit the recovery of the fullest amount otherwise
called for hereunder and thereunder. To the extent permitted by

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<PAGE>   5

law, any such crediting or refund shall not cure or waive any Default. If at any
time following any such reduction in the interest rate payable by Borrower,
there remains unpaid any principal amount under this Note and the maximum
interest rate permitted by applicable law is increased or eliminated, then the
interest rate payable hereunder shall be readjusted, to the extent permitted by
applicable law, so that the total dollar amount of interest payable hereunder
shall be equal to the dollar amount of interest which would have been paid by
Borrower without giving effect to the reduction in interest resulting from
compliance with the applicable usury laws theretofore in effect. Borrower
agrees, however, that in determining whether or not any interest payable under
this Note is usurious, any non-principal payment (except payments specifically
stated in this Note to be "interest"), including, without limitation, prepayment
fees and late charges, shall be deemed to the extent permitted by law, to be an
expense, fee, premium or penalty rather than interest.

         12.      Governing Law. (a) This Note shall be construed in accordance
with, and governed by, the laws of the State of New York without regard to the
conflicts of law principles thereof other than New York General Obligations Law
Section 5-1401.

                  (b)      Borrower agrees that this Note shall be executed in
the county and state of New York and that there are sufficient minimum contacts
of Borrower with New York County and the State of New York for the purpose of
conferring jurisdiction upon the federal and state courts presiding in such
county and state. Borrower consents that any legal action or proceeding arising
hereunder may be brought in the Supreme Court of the State of New York, New York
County, New York or the United States District Court for the Southern District
of New York and assents and submits to personal jurisdiction of any such court
in any action or proceeding involving Borrower or this Note.

                  (c)      BORROWER HEREBY IRREVOCABLY AND UNCONDITIONALLY
WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS NOTE OR
ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN.

         13.      Amendment; Entire Agreement. (a) This Note may not be changed,
waived, modified or discharged orally but only by an agreement in writing,
signed by the party against whom enforcement of any such change, waiver,
modification or discharge is sought. This Note may not be assigned by Borrower
or Lender. This Note shall be binding on Borrower and shall inure to the benefit
of Lender.

                  (b)      This Note represents the agreement of Borrower and
Lender with respect to the subject matter hereof, and there are no promises,
undertakings, representations or warranties by Lender relative to the subject
matter hereof not expressly set forth or referred to herein or in the other Loan
Documents.

         14.      Severability. If any term or provision of this Note or the
application thereof to any person or circumstance shall to any extent be
invalid, illegal or unenforceable, the remainder of this Note or the application
of such term or provision to persons or circumstances other than those as to
which it is invalid or unenforceable shall not be affected thereby.
Notwithstanding

                                       5
<PAGE>   6

anything to the contrary in this Note, Lender shall not be deemed to have waived
any right which Lender may have under any provisions of the U.S. Bankruptcy Code
to file a claim for the full amount of the Debt.

         15.      Survival. All representations and warranties made hereunder,
in the other Loan Documents and in any document, certificate or statement
delivered pursuant hereto or in connection herewith shall survive the execution
and delivery of this Note.

         16.      Termination of the Note. Notwithstanding any provision of this
Note to the contrary, if Lender exercises its right to take ownership in the
Interest pledged under the Pledge Agreement, this Note shall be deemed satisfied
to the extent of 30% of the Appraised Net Asset Value of the Company, determined
as of the date of the exercise by Lender of such right in the manner set forth
in the definition of Appraised Net Asset Value.

                    [SIGNATURE APPEARS ON THE FOLLOWING PAGE]

                                       6
<PAGE>   7

                  IN WITNESS WHEREOF, Borrower has duly executed this Note as of
the date first written above.

                                        WRD HOLDING CORPORATION

                                        By:/s/ Bennett Borko
                                           -------------------------------------
                                           Name: Bennett Borko
                                           Title: Vice President

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