Document:

2003 Non-Qualified Stock Option Plan

    
       

       

      EXHIBIT
        10.1

       

       

      AMERICHIP
        INTERNATIONAL, INC. 

       

      AMENDED
        AND RESTATED

       

      2003
        NONQUALIFIED STOCK OPTION PLAN 

       

      ARTICLE
        I

      Purpose
        of Plan 

       

      This
        AMENDED AND RESTATED 2003 NONQUALIFIED STOCK OPTION PLAN (the "Plan") of
        AMERICHIP INTERNATIONAL, INC. (the "Company") for persons employed or associated
        with the Company, including without limitation any employee, director, general
        partner, officer, attorney, accountant, consultant or advisor, is intended
        to
        advance the best interests of the Company by providing additional incentive
        to
        those persons who have a substantial responsibility for its management, affairs,
        and growth by increasing their proprietary interest in the success of the
        Company, thereby encouraging them to maintain their relationships with the
        Company. Further, the availability and offering of Stock Options under the
        Plan
        supports and increases the Company's ability to attract, engage and retain
        individuals of exceptional talent upon whom, in large measure, the sustained
        progress growth and profitability of the Company for the shareholders depends.
        

       

      ARTICLE
        II 

      Definitions
        

       

      For
        Plan purposes, except where the context might clearly indicate otherwise,
        the
        following terms shall have the meanings set forth below: 

       

      "Board"
        shall mean the Board of Directors of the Company.

       

      "Code"
        shall mean the Internal Revenue Code of 1986, as amended, and the rules and
        regulations promulgated thereunder.

       

      "Committee"
        shall mean the Compensation Committee, or such other committee appointed
        by the
        Board, which shall be designated by the Board to administer the Plan. The
        Committee shall be composed of one or more persons as from time to time are
        appointed to serve by the Board and may be members of the Board or in the
        alternative, the Plan may be administered by the entire Board. 

       

      "Common
        Shares" shall mean the Company's Common Shares $0.001 par value per share,
        or,
        in the event that the outstanding Common Shares are hereafter changed into
        or
        exchanged for different shares or securities of the Company, such other shares
        or securities.

       

      "Company"
        shall mean AMERICHIP INTERNATIONAL, INC., a Nevada corporation, and any parent
        or subsidiary corporation of AMERICHIP INTERNATIONAL, INC., as such terms
        are
        defined in Section 425(e) and 425(f), respectively of the Code. 

       

      "Optionee"
        shall mean any person employed or associated with the affairs of the Company
        who
        has been granted one or more Stock Options under the Plan.

       

      "Stock
        Option" or "NQSO" shall mean a stock option granted pursuant to the terms
        of the
        Plan.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      "Stock
        Option Agreement" shall mean the agreement between the Company and the Optionee
        under which the Optionee may purchase Common Shares hereunder. 

       

      ARTICLE
        III

      Administration
        of the Plan 

       

      1.
          The Committee or Board shall administer the plan and accordingly,
        it
        shall have full power to grant Stock Options, construe and interpret the
        Plan,
        establish rules and regulations and perform all other acts, including the
        delegation of administrative responsibilities, it believes reasonable and
        proper. 

       

      2.
          The determination of those eligible to receive Stock Options, and
        the
        amount, price, type and timing of each Stock Option and the terms and conditions
        of the respective stock option agreements shall rest in the sole discretion
        of
        the Committee, subject to the provisions of the Plan. 

       

      3.
          The Committee or Board may cancel any Stock Options awarded under
        the
        Plan if an Optionee conducts himself in a manner which the Committee determines
        to be contrary to the best interest of the Company and its shareholders as
        set
        forth more fully in paragraph 8 of Article X of the Plan.

       

      4.
          The Board or the Committee may correct any defect, supply any omission
        or
        reconcile any inconsistency in the Plan or in any granted Stock Option, in
        the
        manner and to the extent it shall deem necessary to carry it into effect.
        

       

      5.
          Any decision made, or action taken, by the Committee or the Board
        arising
        out or in connection with the interpretation and administration of the Plan
        shall be final and conclusive. 

       

      6.
          Meetings of the Committee shall be held at such times and places
        as shall
        be determined by the Committee. A majority of the members of the Committee
        shall
        constitute a quorum for the transaction of business, and the vote of a majority
        of those members present at any meeting shall decide any question brought
        before
        that meeting. In addition, the Company may take any action otherwise proper
        under the Plan by the affirmative vote, taken without a meeting, of a majority
        of its members. 

       

      7.
          No member of the Committee shall be liable for any act or omission
        of any
        other member of the Committee or for any act or omission on his own part,
        including, but not limited to, the exercise of any power or discretion given
        to
        him under the Plan except those resulting form his own gross negligence or
        willful misconduct.

       

      8.
          The Company, through its management, shall supply full and timely
        information to the Committee on all matters relating to the eligibility of
        Optionees, their duties and performance, and current information on any
        Optionee's death, retirement, disability or other termination of association
        with the Company, and such other pertinent information as the Committee may
        require. The Company shall furnish the Committee with such clerical and other
        assistance as is necessary in the performance of its duties hereunder.

       

      ARTICLE
        IV 

      Shares
        Subject to the Plan 

       

      1.
          The total number of shares of the Company available for grants of
        Stock
        Options under the Plan shall be 115,000,000 Common Shares, subject to adjustment
        as herein provided, which shares may be either authorized but unissued or
        reacquired Common Shares of the Company.

       

      2.
          If a Stock Option or portion thereof shall expire or terminate for
        any
        reason without having been exercised in full, the unpurchased shares covered
        by
        such NQSO shall be available for future grants of Stock Options.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      ARTICLE
        V 

      Stock
        Option Terms and Conditions 

       

      1.
          Consistent with the Plan's purpose, Stock Options may be granted
        to any
        person who is performing or who has been engaged to perform services relating
        to
        the operation, development and growth of the Company.

       

      2.
          Determination of the option price per share for any stock option
        issues
        hereunder shall rest in the sole and unfettered discretion of the Committee.
        

       

      3.
          All Stock Options granted under the Plan shall be evidenced by agreements
        which shall be subject to applicable provisions of the Plan, and such other
        provisions as the Committee may adopt, including the provisions set forth
        in
        paragraphs 2 through 11 of this Article V.

       

      4.
          All Stock Options granted hereunder must be granted within ten years
        from
        the date this Plan is adopted. 

       

      5.
          No Stock Option granted hereunder shall be exercisable after the
        expiration of ten years from the date such NQSO is granted. The Committee,
        in
        its discretion, may provide that an option shall be exercisable during such
        ten
        year period or during any lesser period of time. The Committee may establish
        installment exercise terms for a Stock Option such that the NQSO becomes
        fully
        exercisable in a series of cumulating portions. If an Optionee shall not,
        in any
        given installment period, purchase all the Common Shares which such Optionee
        is
        entitled to purchase within such installment period, such Optionee's right
        to
        purchase any Common Shares not purchased in such installment period shall
        continue until the expiration or sooner termination of such NQSO. The Committee
        may also accelerate the exercise of any NQSO. 

       

      6.
          A Stock Option, or portion thereof, shall be exercised by deliver
        of (i)
        a written notice of exercise to the Company specifying the number of Common
        Shares to be purchased, and (ii) payment of the full exercise price of such
        Common Shares, as fully set forth in paragraph 7 of this Article V. The payment
        of the exercise price may be offset against a debt owed by the Company to
        the
        Optionee.   No NQSO or installment thereof shall be reusable except
        with
        respect to whole shares, and fractional share interests shall be disregarded.
        Not less than 100 Common Shares may be purchased at one time unless the number
        purchased is the total number at the time available for purchase under the
        NQSO.
        Until the Common Shares represented by an exercised NQSO are issued to an
        Optionee, he shall have none of the rights of a shareholder.

       

      7.
          The exercise price of a Stock Option, or portion thereof, may be
        paid:

       

      A.
          In United States dollars, in cash or by cashier's check, certified
        check,
        bank draft or money order, payable to the order of the Company in an amount
        equal to the option price or offset against an existing debt owed by the
        Company
        to the Optionee; or,     

       

      B.
          At the discretion of the Committee, through the delivery of fully
        paid
        and nonassessable Common Shares, with an aggregate fair market value (determined
        as the average of the highest and lowest reported sales prices on the Common
        Shares as of the date of exercise of the NQSO, as reported by such responsible
        reporting service as the Committee may select, or if there were not transactions
        in the Common Shares on such day, then the last preceding day on which
        transactions took place), as of the date of the NQSO exercise equal to the
        option price, provided such tendered shares, or any derivative security
        resulting in the issuance of Common Shares, have been owned by he Optionee
        for
        at least 30 days prior to such exercise; or, 

       

      C.
          By a combination of both A and B above. 

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      8.
          The Committee shall determine acceptable methods for tendering Common
        Shares as payment upon exercise of a Stock Option and may impose such
        limitations and prohibitions on the use of Common Shares to exercise an NQSO
        as
        it deems appropriate. 

       

      9.
          With the Optionee's consent, the Committee may cancel any Stock
        Option
        issued under this Plan and issue a new NQSO to such Optionee. 

       

      10.
          Except by will, the laws of descent and distribution, or with the
        written
        consent of the Committee, no right or interest in any Stock Option granted
        under
        the Plan shall be assignable or transferable, and no right or interest of
        any
        Optionee shall be liable for, or subject to, any lien, obligation or liability
        of the Optionee. Upon petition to, and thereafter with the written consent
        of
        the Committee, an Optionee may assign or transfer all or a portion of the
        Optionee's rights and interest in any stock option granted hereunder. Stock
        Options shall be exercisable during the Optionee's lifetime only by the Optionee
        or assignees, or the duly appointed legal representative of an incompetent
        Optionee, including following an assignment consented to by the Committee
        herein. 

       

      11.
          No NQSO shall be exercisable while there is outstanding any other
        NQSO
        which was granted to the Optionee before the grant of such option under the
        Plan
        or any other plan which gives the right to the Optionee to purchase stock
        in the
        Company or in a corporation which is a parent corporation (as defined in
        Section
        425(e) of the Code) of the Company, or any predecessor corporation of any
        of
        such corporations at the time of the grant. An NQSO shall be treated as
        outstanding until it is either exercised in full or expires by reason of
        lapse
        of time. 

       

      12.
        Any Optionee who disposes of Common Shares acquired on the exercise of a
        NQSO by
        sale or exchange either (i) within two years after the date of the grant
        of the
        NQSO under which the stock was acquired, or (ii) within one year after the
        acquisition of such Shares, shall notify the Company of such disposition
        and of
        the amount realized upon such disposition. The transfer of Common Shares
        may
        also be restricted by applicable provisions of the Securities Act of 1933,
        as
        amended.

       

      ARTICLE
        VI

      Adjustments
        or Changes in Capitalization 

       

      1.
          In the event that the outstanding Common Shares of the Company are
        hereafter changed into or exchanged for a different number of kinds of shares
        or
        other securities of the Company by reason of merger, consolidation, other
        reorganization, recapitalization, reclassification, combination of shares,
        stock
        split-up or stock dividend:

       

      A.
          Prompt, proportionate, equitable, lawful and adequate adjustment
        shall be
        made of the aggregate number and kind of shares subject to Stock Options
        which
        may be granted under the Plan, such that the Optionee shall have the right
        to
        purchase such Common Shares as may be issued in exchange for the Common Shares
        purchasable on exercise of the NQSO had such merger, consolidation, other
        reorganization, recapitalization, reclassification, combination of shares,
        stock
        split-up or stock dividend not taken place;

       

      B.
          Rights under unexercised Stock Options or portions thereof granted
        prior
        to any such change, both as to the number or kind of shares and the exercise
        price per share, shall be adjusted appropriately, provided that such adjustments
        shall be made without change in the total exercise price applicable to the
        unexercised portion of such NQSO's but by an adjustment in the price for
        each
        share covered by such NQSO's; or, 

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      C.
          Upon any dissolution or liquidation of the Company or any merger
        or
        combination in which the Company is not a surviving corporation, each
        outstanding Stock Option granted hereunder shall terminate, but the Optionee
        shall have the right, immediately prior to such dissolution, liquidation,
        merger
        or combination, to exercise his NQSO in whole or in part, to the extent that
        it
        shall not have been exercised, without regard to any installment exercise
        provisions in such NQSO. 

       

      2.
          The foregoing adjustment and the manner of application of the foregoing
        provisions shall be determined solely by the Committee, whose determination
        as
        to what adjustments shall be made and the extent thereof, shall be final,
        binding and conclusive. No fractional Shares shall be issued under the Plan
        on
        account of any such adjustments.   

       

      ARTICLE
        VII

      Merger,
        Consolidation or Tender Offer 

       

      1.
          If the Company shall be a party to a binding agreement to any merger,
        consolidation or reorganization or sale of substantially all the assets of
        the
        Company, each outstanding Stock Option shall pertain and apply to the securities
        and/or property which a shareholder of the number of Common Shares of the
        Company subject to the NQSO would be entitled to receive pursuant to such
        merger, consolidation or reorganization or sale of assets.

       

      2.
          In the event that: 

       

      A.
          Any person other than the Company shall acquire more than 20% of
        the
        Common Shares of the Company through a tender offer, exchange offer or
        otherwise; 

       

      B.
          A change in the "control" of the Company occurs, as such term is
        defined
        in Rule 405 under the Securities Act of 1933; 

       

      C.
          There shall be a sale of all or substantially all of the assets
        of the
        Company; any then outstanding Stock Option held by an Optionee, who is deemed
        by
        the Committee to be a statutory officer ("insider") for purposes of Section
        16
        of the Securities Exchange Act of 1934 shall be entitled to receive, subject
        to
        any action by the Committee revoking such an entitlement as provided for
        below,
        in lieu of exercise of such Stock Option, to the extent that it is then
        exercisable, a cash payment in an amount equal to the difference between
        the
        aggregate exercise price of such NQSO, or portion thereof, and, (i) in the
        event
        of an offer or similar event, the final offer price per share paid for Common
        Shares, or such lower price as the Committee may determine to conform an
        option
        to preserve its Stock Option status, times the number of Common Shares covered
        by the NQSO or portion thereof, or (ii) in the case of an event covered by
        B or
        C above, the aggregate fair market value of the Common Shares covered b y
        the
        Stock Option, as determined by the Committee at such time. 

       

      3.
          Any payment which the Company is required to make pursuant to paragraph
        2
        of this Article VII, shall be made within 15 business days, following the
        event
        which results in the Optionee's right to such payment. In the event of a
        tender
        offer in which fewer than all the shares which are validity tendered in
        compliance with such offer are purchased or exchanged, then only that portion
        of
        the shares covered by an NQSO as results from multiplying such shares by
        a
        fraction, the numerator of which is the number of Common Shares acquired
        purchase to the offer and the denominator of which is the number of Common
        Shares tendered in compliance with such offer, shall be used to determine
        the
        payment thereupon. To the extent that all or any portion of a Stock Option
        shall
        be affected by this provision, all or such portion of the NQSO shall be
        terminated.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      4.
          Notwithstanding paragraphs 1 and 3 of this Article VII, the Company
        may,
        by unanimous vote and resolution, unilaterally revoke the benefits of the
        above
        provisions; provided, however, that such vote is taken no later than ten
        business days following public announcement of the intent of an offer of
        the
        change of control, whichever occurs earlier. 

       

      ARTICLE
        VIII 

      Amendment
        and Termination of Plan 

       

      1.
          The Board may at any time, and from time to time, suspend or terminate
        the Plan in whole or in part or amend it from time to time in such respects
        as
        the Board may deem appropriate and in the best interest of the Company.

       

      2.
          No amendment, suspension or termination of this Plan shall, without
        the
        Optionee's consent, alter or impair any of the rights or obligations under
        any
        Stock Option theretofore granted to him under the Plan.

       

      3.
          The Board may amend the Plan, subject to the limitations cited above,
        in
        such manner as it deems necessary to permit the granting of Stock Options
        meeting the requirements of future amendments or issued regulations, if any,
        to
        the Code. 

       

      4.
          No NQSO may be granted during any suspension of the Plan or after
        termination of the Plan. 

       

      ARTICLE
        IX 

      Government
        and Other Regulations 

       

      The
        obligation of the Company to issue, transfer and deliver Common Shares for
        Stock
        Options exercised under the Plan shall be subject to all applicable laws,
        regulations, rules, orders and approval which shall then be in effect and
        required by the relevant stock exchanges on which the Common Shares are traded
        and by government entities as set forth below or as the Committee in its
        sole
        discretion shall deem necessary or advisable. Specifically, in connection
        with
        the Securities Act of 1933, as amended, upon exercise of any Stock Option,
        the
        Company shall not be required to issue Common Shares unless the Committee
        has
        received evidence satisfactory to it to the effect that the Optionee will
        not
        transfer such shares except pursuant to a registration statement in effect
        under
        such Act or unless an opinion of counsel satisfactory to the Company has
        been
        received by the Company to the effect that such registration is not required.
        Any determination in this connection by the Committee shall be final, binding
        and conclusive. The Company may, but shall in no event be obligated to take
        any
        other affirmative action in order to cause the exercise of a Stock Option
        or the
        issuance of Common Shares purchase thereto to comply with any law or regulation
        of any government authority. 

       

      ARTICLE
        X 

      Miscellaneous
        Provisions 

       

      1.
          No person shall have any claim or right to be granted a Stock Option
        under the Plan, and the grant of an NQSO under the Plan shall not be construed
        as giving an Optionee the right to be retained by the Company. Furthermore,
        the
        Company expressly reserves the right at any time to terminate its relationship
        with an Optionee with or without cause, free from any liability, or any claim
        under the Plan, except as provided herein, in an option agreement, or in
        any
        agreement between the Company and the Optionee. 

       

      2.
          Any expenses of administering this Plan shall be borne by the
        Company.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      3.
          The payment received from Optionee from the exercise of Stock Options
        under the Plan shall be used for the general corporate purposes of the
        Company.

       

      4.
          The place of administration of the Plan shall be in the state of
        Nevada,
        and the validity, contraction, interpretation, administration and effect
        of the
        Plan and its rules and regulations, and rights relating to the Plan, shall
        be
        determined solely in accordance with the laws of the state of
        Nevada.

       

      5.
          Without amending the Plan, grants may be made to persons who are
        foreign
        nationals or employed outside the United States, or both, on such terms and
        conditions, consistent with the Plan's purpose, different from those specified
        in the Plan as may, in the judgment of the Committee, be necessary or desirable
        to create equitable opportunities given differences in tax laws in other
        countries.

       

      6.
          In addition to such other rights of indemnification as they may
        have as
        members of the Board or Committee, the members of the Committee shall be
        indemnified by the Company against all costs and expenses reasonably incurred
        by
        them in connection with any action, suite or proceeding to which they or
        any of
        them may be party by reason of any action taken or failure to act under or
        in
        connection with the Plan or any Stock Option granted thereunder, an against
        all
        amount paid by them in settlement thereof (provided such settlement is approved
        by independent legal counsel selected by the Company) or paid by them in
        satisfaction of a judgment in any such action, suit or proceeding, except
        a
        judgment based upon a finding of bad faith; provided that upon the institution
        of any such action, suit or proceeding a Committee member shall in writing,
        give
        the Company notice thereof and an opportunity, at its own expense, to handle
        and
        defend the same before such Committee member undertakes to handle and defend
        it
        on his own behalf.

       

      7.
          Stock Options may be granted under this Plan form time to time,
        in
        substitution for stock options held by employees of other corporations who
        are
        about to become employees of the Company as the result of a merger or
        consolidation of the employing corporation with the Company or the acquisition
        by the Company of the assets of the employing corporation or the acquisition
        by
        the Company of stock of the employing corporation as a result of which it
        become
        a subsidiary of the Company. The terms and conditions of such substitute
        stock
        options so granted my vary from the terms and conditions set forth in this
        Plan
        to such extent as the Board of Director of the Company at the time of grant
        may
        deem appropriate to conform, in whole or in part, to the provisions of the
        stock
        options in substitution for which they are granted, but no such variations
        shall
        be such as to affect the status of any such substitute stock options as a
        stock
        option under Section 422A of the Code.

       

      8.
          Notwithstanding anything to the contrary in the Plan, if the Committee
        finds by a majority vote, after full consideration of the facts presented
        on
        behalf of both the Company the Optionee, that the Optionee has been engaged
        in
        fraud, embezzlement, theft, commission of a felony or proven dishonesty in
        the
        course of his association with the Company or any subsidiary corporation
        which
        damaged the Company or any subsidiary corporation, or for disclosing trade
        secrets of the Company or any subsidiary corporation, the Optionee shall
        forfeit
        all unexercised Stock Options and all exercised NQSO's under which the Company
        has not yet delivered the certificates and which have been earlier granted
        the
        Optionee by the Committee. The decision of the Committee as to the case of
        an
        Optionee's discharge and the damage done to the Company shall be final. No
        decision of the Committee, however, shall affect the finality of the discharge
        of such Optionee by the Company or any subsidiary corporation in any manner.
        Further, if Optionee voluntarily terminates employment with the Company,
        the
        Optionee shall forfeit all unexercised stock options.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      ARTICLE
        XI

      Written
        Agreement

       

      Each
        Stock Option granted hereunder shall be embodied in a written Stock Option
        Agreement which shall be subject to the terms and conditions prescribed above
        and shall be signed by the Optionee and by the President or any Vice President
        of the Company, for and in the name and on behalf of the Company. Such Stock
        Option Agreement shall contain such other provisions as the Committee, in
        its
        discretion shall deem advisable. 

       

      ARTICLE
        XII 

      Effective
        Date 

       

      This
        Plan shall become unconditionally effective as of the effective date of approval
        of the Plan by the Board of Directors of the Company. No Stock Option may
        be
        granted later than ten (10) years from the effective date of the Plan; provided,
        however, that the Plan and all outstanding Stock Options shall remain in
        effect
        until such NQSO's have expired or until such options are cancelled.

       

      
        	
                Number
                  of Shares: _______________

              	
                Date
                  of Grant: _______________    
                  

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      NONQUALIFIED
        STOCK OPTION AGREEMENT 

       

       

      AGREEMENT
        made this _____ day of __________________, 20____, between
        ____________________________ (the "Optionee"), and AMERICHIP INTERNATIONAL
        INC.,
        a Nevada corporation (the "Company").

       

      1.
          Grant of Option. The Company, pursuant to the provisions of the
        AMERICHIP
        INTERNATIONAL, INC. AMENDED AND RESTATED 2003 Nonqualified Stock Option Plan
        (the "2003 Plan"), set forth as Attachment A hereto, hereby grants to the
        Optionee, subject to the terms and conditions set forth or incorporated herein,
        an Option and Purchase from the Company all or any part of an aggregate of
        _______________ Common Shares, as such Common Shares are now constituted,
        at the
        purchase price of $_______________ per share. The provisions of the 2003
        Plan
        governing the terms and conditions of the Option granted hereby are incorporated
        in full herein by reference. 

       

      2.
          Exercise. The Option evidenced hereby shall be exercisable in whole
        or in
        part (but only in multiples of 100 Shares unless such exercise is as to the
        remaining balance of this Option) on or after __________________, 20___ and
        on
        or before _________________, 20___, provided that the cumulative number of
        Common Shares as to which this Option may be exercised (except as provided
        in
        paragraph 1 of Article VI of this 2003 Plan) shall not exceed the following
        amounts:   

       

      
        	
                Cumulative
                  Number of Shares

              	
                Prior
                  to Date (Not Inclusive of)

              

      

       

      The
        Option evidenced hereby shall be exercisable by the deliver to and receipt
        by
        the Company of (i) a written notice of election to exercise, in the form
        set
        forth in Attachment B hereto, specifying the number of shares to be purchased;
        (ii) accompanied by payment of the full purchase price thereof in case or
        certified check payable to the order of the Company, or by fully-paid and
        nonassessable Common Shares of the Company properly endorsed over to the
        Company, or by a combination thereof; and, (iii) by return of this Stock
        Option
        Agreement for endorsement of exercise by the Company on Schedule I hereof.
        In
        the event fully paid and nonassessable Common Shares are submitted as whole
        or
        partial payment for Shares to be purchased hereunder, such Common Shares
        will be
        valued at their Fair Market Value (as defined in the 2003 Plan) on the date
        such
        Shares are received by the Company and applied to payment of the exercise
        price.

       

      3.
          Transferability. The Option evidenced hereby is NOT assignable or
        transferable by the Optionee other than by the Optionee's will, by the laws
        of
        descent and distribution, as provided in paragraph 9 of Article V of the
        2003
        Plan. The Option shall be exercisable only by the Optionee during his lifetime.
        

       

      
        	 	 	 
	 	
                AMERICHIP
                  INTERNATIONAL, INC.

              
	 
 	 
 	 
 
	 	
                BY:  

              	 
	 	
                

              
	 	
                Marc
                  Walther, Chief Executive
                  Officer

              

      

       

      
        	
                ATTEST:
                  

              
	 
	
                ________________________________________
                  

              
	
                Secretary
                  

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      Optionee
        hereby acknowledges receipt of a copy of the 2003 Plan, attached hereto and
        accepts this Option subject to each and every term and provision of such
        Plan.
        Optionee hereby agrees to accept as binding, conclusive and final, all decisions
        or interpretations of the Compensation Committee of the Board of Directors
        administering the 2003 Plan on any questions arising under such Plan. Optionee
        recognizes that if Optionee's employment with the Company or any subsidiary
        thereof shall be terminated with cause, or by the Optionee, all of the
        Optionee's rights hereunder shall thereupon terminate; and that, pursuant
        to
        paragraph 10 of Article V of the 2003 Plan, this Option may not be exercised
        while there is outstanding to Optionee any unexercised Stock Option, granted
        to
        Optionee before the date of grant of this Option, to purchase Common Shares
        of
        the Company or any parent or subsidiary thereof. 

       

      Dated:
        _________________________________ 

       

      
        	 	 
	 	
                ___________________________________
                  

              
	
                 

              	
                Optionee
                  

              
	 	 
	
                 

              	
                ___________________________________
                  

              
	
                 

              	
                Type
                  or Print Name 

              
	 	 
	
                 

              	
                ___________________________________

              
	
                 

              	
                Address
                  

              
	 	 
	
                 

              	
                ___________________________________
                  

              
	
                 

              	
                Social
                  Security No.

              

      

       

      Date:

       

      Secretary,

      AMERICHIP
        INTERNATIONAL, INC. 

      9282
        General Drive, Ste 100, Plymouth MI 48107

       

      Dear
        Sir: 

       

      In
        accordance with paragraph 2 of the Nonqualified Stock Option Agreement
        evidencing the Option granted to me on _____________________ under the AMERICHIP
        INTERNATIONAL, INC. AMENDED AND RESTATED 2003 Nonqualified Stock Option Plan,
        I
        hereby elect to exercise this Option to the extent of __________________
        Common
        Shares. 

       

      Enclosed
        are (i) Certificate(s) No.(s) ____________________ representing fully-paid
        common shares of AMERICHIP INTERNATIONAL, INC. endorsed to the Company with
        signature guaranteed, and/or a certified check payable to the order of AMERICHIP
        INTERNATIONAL, INC. in the amount of $_______________ as the balance of the
        purchase price of $______________ for the Shares which I have elected to
        purchase and (ii) the original Stock Option Agreement for endorsement by
        the
        Company as to exercise on Schedule I thereof. I acknowledge that the Common
        Shares (if any) submitted as part payment for the exercise price due hereunder
        will be valued by the Company at their Fair Market Value (as defined in the
        2003
        Plan) on the date this Option exercise is effected by the Company. In the
        event
        I hereafter sell any Common Shares issued pursuant to this

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      option
        exercise within one year from the date of exercise or within two years after
        the
        date of grant of this Option, I agree to notify the Company promptly of the
        amount of taxable compensation realized by me by reason of such sale for
        federal
        income tax purposes. 

       

      When
        the certificate for Common Shares which I have elected to purchase has been
        issued, please deliver it to me, along with my endorsed Stock Option Agreement
        in the event there remains an unexercised balance of Shares under the Option,
        at
        the following address:

       

      Include
        Optionee's address here.            
           
            

       

       

       

       

       

      
        	
                 

              	
                _________________________________
                  

              
	
                 

              	
                Signature
                  of Optionee 

              
	 	 
	
                 

              	
                __________________________________
                  

              
	
                 

              	
                Type
                  or Print NameExhibit 10.1

                               COMMITMENT LETTER
                               -----------------

                                                                December 1, 2005

Tierra del Sol Resort (Phase 1), L.P.
c/o Resorts Development Group, LLC 2462
Sand Lake Road
Orlando, FL 32809
Attn.: Malcolm J. Wright

Dear Mr. Wright:

     KeyBank  National  Association  (hereinafter "KeyBank", or "Lender") hereby
offers,  subject  to the terms and conditions hereinafter set forth, to make the
following commercial real estate mortgage construction loan (the "Loan"):

BORROWERS:          (I)  TIERRA  DEL  SOL  RESORT  (PHASE  1),  L.P.,  a limited
                    partnership  organized  under  the  laws  of  the  State  of
                    Florida;  (ii)  TDS  TOWNHOMES  (PHASE  1),  LLC,  a limited
                    liability  company  organized under the laws of the State of
                    Florida;   (iii)  COSTA   BLANCA  I  REAL  ESTATE,  INC.,  a
                    corporation  organized  under  the  laws  of  the  State  of
                    Florida;  (iv)  TIERRA  DEL  SOL  (PHASE 2), L.P., a limited
                    partnership  organized  under  the  laws of Florida; (v) TDS
                    AMENITIES,  INC.,  a corporation organized under the laws of
                    the  State   of   Florida;  (vi)   TDS  CLUBHOUSE,  INC.,  a
                    corporation  organized  under  the  laws  of  the  State  of
                    Florida;  (vii)  COSTA BLANCA II REAL ESTATE, LLC, a limited
                    liability  company  organized under the laws of the State of
                    Florida; (viii) COSTA BLANCA III REAL ESTATE, LLC, a limited
                    liability  company  organized under the laws of the State of
                    Florida;  (ix)  TDS  TOWNHOMES  (PHASE  2),  LLC,  a Florida
                    limited  liability  company; and (x) TIERRA DEL SOL RESORTS,
                    INC., a corporation organized under the laws of the State of
                    Florida  (the  foregoing   entities  sometimes   hereinafter
                    collectively  referred to as the "Borrowers"). The Borrowers
                    shall  be established in a manner satisfactory to Lender, to
                    be  special  purpose  entities (i.e., bankruptcy remote) and
                    are required to have an independent director.

REPAYMENT           Malcolm   J.   Wright   ("Wright").   American   Leisure
GUARANTORS:         Holdings,  Inc.,  a  corporation GUARANTORS: organized under
                    the laws of the State of Florida ("ALH"); and LLC-6, a to be
                    formed  Florida  limited  liability   company,  jointly  and
                    severally.

PERFORMANCE AND     Wright,  ALH,  and  LLC-6,  an  entity  to be formed jointly
COMPLETION          and severally.
GUARANTORS:

COMPLETION          PCL    Construction   Enterprises,   Inc.,   a   corporation
GUARANTOR:          organized  under  the laws of the State of Colorado ("PCL").

<PAGE>

                    The   Repayment   Guarantors,   Performance  and  Completion
                    Guarantors   are  collectively  referred to as "Guarantors".
                                                                    -----------

DESCRIPTION OF      The  Loan  (sometimes  referred  to  herein  as the "Phase I
                                                                         -------
PROJECT             Loan")  is  being   committed  for  the  construction  of  a
                    ----
                    development  known  as  "Tierra del Sol" ("The Resort"). The
                    Loan  which  is  the  subject  of this Commitment is for the
                    initial phase of Tierra del Sol.

                    Additionally,  an  entity  related  to  the  Lender, KeyBanc
                    Capital Markets ("KeyBanc"), is underwriting the issuance of
                    a  Community  Development  District  ("CDD") bonds, with net
                                                          -----
                    proceeds  in  the  amount  of  approximately $21,500,000.00,
                    which  will  be used for the payment of Project costs and to
                    purchase  common  land.  Borrowers  shall  comply  with  all
                    requirements of KeyBanc with respect to the CDD issuance.

USE OF PROCEEDS:    The   Loan   proceeds   are  to  be   used  solely  for  the
                    development  of Phase 1 (hereinafter called "Phase I" of the
                    Resort)   consisting   of  a   luxury  townhouse/condominium
                    community  consisting  of  114  townhomes  and  180 mid-rise
                    condominiums  (each  townhome  and  condominium  unit  being
                    sometimes referred to herein as a "unit") along with project
                    amenities  including  pools  and a poolside structure dining
                    "grille"    restaurant   to    service    the   pools   (the
                    "Improvements") on land located in Polk County, Florida (the
                     ------------
                    "Land") (the Land, Improvements and all related fixtures and
                     ----
                    personal  property  are  referred  to  as the "Project"), in
                                                                   -------
                    accordance  with  the  Schedule of sources and uses of funds
                    and  the  Project  budget  set forth in EXHIBIT"A", attached
                                                            ----------
                    hereto, approved by the Lender hereunder, as the same may be
                    modified  with the prior written approval of the Lender, and
                    to  pay  such  other  related expenses and costs as shall be
                    approved in writing by the Lender.

MAXIMUM             The  principal  amount  of  the  Loan shall not exceed FORTY
LOAN AMOUNT:        MILLION  AND  NO/100  DOLLARS  ($40,000,000.00)  or  so much
                    thereof  as  may be advanced from time to time to or for the
                    benefit  of the Borrower subject to the terms and conditions
                    of the Construction Loan Agreement (the "Loan Amount").
                                                             -----------

TERM:               If   not   sooner   paid,   the   entire  principal  balance
                    outstanding,  together  with  all  unpaid  interest thereon,
                    fees,  and  costs  and expenses incurred by Lender, shall be
                    due  and  payable  in  full on the twenty-four (24) calendar
                    month anniversary of the Date of Closing ("Maturity").
                                                               --------

PRINCIPAL REPAYMENT/The  Loan  shall  be  a  revolving  loan  and  Borrower  may
REVOLVING FEATURE:  borrow,  repay  and reborrow funds hereunder to pay costs as
                    shown on the Budget; provided that (i) the maximum principal
                    balance   shall   never   exceed  $40,000,000.00;  (ii)  the
                    aggregate  amount borrowed may not exceed $72,550,00.00; and
                    (iii)  the  Borrowers  have  at  all times complied with the
                    terms  and conditions of the Loan Documents. In addition, at
                    Lender's   sole   discretion   and  subject   to  acceptable
                    appraisals,  upfront  plan  and cost reviews, the absence of
                    default and other factors.
                            -----------------
<PAGE>

                    CONSIDERED  BY  THE  LENDER,  THE  AGGREGATE AMOUNT OF FUNDS
                    ------------------------------------------------------------
                    BORROWED HEREUNDER  may  be increased, and/or the Lender may
                    ------------------
                    permit  funds to be utilized for additional costs RELATED TO
                                                                ----------------
                    THE DEVELOPMENT OF OTHER PORTIONS OF THE RESORT.
                    -----------------------------------------------

PROJECT EQUITY      Borrowers   shall   provide   evidence   reasonably
REQUIREMENT:        satisfactory to the Lender that the project equity ("Project
                    Equity")  invested  in  the  Project  is  not  less than the
                    difference  between  the  total Project Cost as set forth in
                    the  Budget  and  the maximum Phase I Loan amount; provided,
                    however,  in  no event shall the Project Equity be less than
                    44%  of  the  total  cost  of  the Project as set out in the
                    Budget  approved  by the Lender hereunder or $57,913,746.00,
                    whichever  is greater. The Project Equity must be either (i)
                    deposited  with  Lender  prior  to  the Date of Closing, and
                    disbursed  prior  to  the  first advance of the Loan or (ii)
                    used  to pay Project costs approved by Lender, with evidence
                    of payment delivered to Lender prior to or at Closing of the
                    Loan.

RELEASE PRICE:      Release  Price  for  the  Loan  shall  be the greater of (i)
                    100%  of  net sales proceeds or (ii) individual unit release
                    prices  per  a to-be-determined stacking plan (acceptable to
                    Lender)  that produces not less than a 1.20x acceleration on
                    the Loan.

INTEREST RATE:      Advances  of  the  proceeds  of  the  Loan  shall  bear
                    interest  at  the  daily,  floating 30- Day Daily Adjustable
                    LIBOR Rate plus the LIBOR Rate Margin. The LIBOR Rate Margin
                    shall  be 2.75%. The LIBOR Rate shall be the average rate as
                    shown  in  Dow Jones Markets (formerly Telerate) (Page 3750)
                    at  which  deposits  in United States Dollars are offered by
                    first  class  banks  in  the  London  Interbank  Market  at
                    approximately 11:00 a.m. (London time) two (2) business days
                    prior  to  the  date  an advance is made in an amount of the
                    advance and with a maturity equal to the applicable Interest
                    Period.  The  LIBOR Rate will be adjusted for any applicable
                    reserves  and  taxes  if  required  by  future  regulations.
                    Interest  shall be calculated on the basis of a 360-day year
                    for the actual number of days elapsed.

DEFAULT RATE:       In  the  event  of  any  default, the interest rate shall be
                    the  greater  of  (i)  three  percent  (3%) in excess of the
                    Interest  Rate  otherwise  applicable  on  each  outstanding
                    advance or (ii) eighteen percent (18%), but shall not at any
                    time exceed the highest rate permitted by law.

INTEREST PAYMENTS:  Interest  on  the  principal  balance  outstanding  on  the
                    Loan  from  time  to  time  shall be due and payable monthly
                    beginning  on  the  5th  day  of  the  first  calendar month
                    following  the  Date of Closing (as hereinafter defined) and
                    continuing on the 5th day of each consecutive calendar month
                    thereafter.

INTEREST RATE       Borrowers  shall  be  required  to  institute  an  interest
PROTECTION:         rate  hedging  program  through  the purchase of an interest
                    rate  swap,  cap,  or  other  such  interest rate protection
                    product ("Interest Rate Protection Product") with respect to
                              --------------------------------
                    the  Loan. The Interest Rate Protection Product, the portion
                    of the Loan (if less than the Loan)

<PAGE>

                    Amount)  to  which  the  Interest  Rate  Protection  Product
                    shall  apply,  and  the  financial institution providing the
                    Interest  Rate  Protection  Product  shall be subject to the
                    prior approval of the Lender.

                    If  Borrowers  purchases  the  Interest  Rate  Protection
                    Product  from  the  Lender,  Borrowers  shall enter into the
                    Lender's  customary form agreement for such purposes and any
                    indebtedness or other obligations of Borrowers arising under
                    such agreement shall be indebtedness secured by the Mortgage
                    and the other Loan Documents.

LOAN FEES:          At  Closing,  fees  shall  be  payable  by  Borrowers to the
                    Lender as follows:

                    1.   COMMITMENT  FEE:  Upon  the  Borrowers'  acceptance  of
                         this  Commitment,  a  Commitment  Fee  of SEVEN HUNDRED
                         TWENTY-FIVE  THOUSAND  FIVE  HUNDRED AND NO/100 DOLLARS
                         ($725,500.00)  (1% of the Loan amount) shall be paid on
                         or before the Date of Closing.

                    2.   LOAN  ADMINISTRATION  FEE:  A  Loan  Administration Fee
                         of  SEVENTY  FIVE  THOUSAND  AND  NO/100  DOLLARS
                         ($75,000.00)  shall  be  paid  on or before the Date of
                         Closing and annually, in advance, thereafter during the
                         term of the Loan.

                    Borrowers  acknowledge  that  each  such  Fees  shall be for
                    the  applicable  services  rendered,  supported  by  good,
                    valuable  and adequate consideration. The Commitment Fee and
                    the  Loan Administration Fee shall be deemed to be earned by
                    the  Lender  on the date of this Commitment and shall not be
                    refundable for any reason.

EXPENSES:           Borrowers  shall  pay  all  costs  and  expenses  including
                    (by way of illustration and not limitation): recording fees,
                    title insurance costs, escrow fees, flood zone determination
                    fee,  survey fees, appraisal costs, the Lender's outside and
                    in-house  attorney's  costs  and fees, the Lender's document
                    preparation fee, engineer's fee, inspecting architect's fee,
                    environmental  audit  and  site inspection fees, and any and
                    all  other  costs  of  the  Lender  in  connection with this
                    Commitment and the Loan.

LATE FEE:           For  any  payment  of  principal  or  interest  made  later
                    than  five  (5) days following the due date, Borrowers shall
                    pay  a late fee equal to the greater of four percent (4%) of
                    the amount of such payment or Twenty-five Dollars ($25.00).

LOAN DOCUMENTS      The  Loan  shall  be  evidenced  by  a  promissory note (the
AND SECURITY FOR    "Note")  for  the  Loan  Amount  and  a  Construction  Loan
THE LOAN:            Agreement, and shall be secured by:

                    1.   A  mortgage,  assignment  of  leases  and  rents,
                         security  agreement and fixture filing (the "Mortgage")
                         which  Mortgage shall convey to Lender (a) a first lien
                         upon  the unencumbered fee simple title to the Land and
                         the  Improvements  and  easements  and  rights  of  way
                         appurtenant  thereto,  which  Land  shall be more fully
                         described  in a legal description to be provided by the
                         Borrowers  to  satisfaction  of  the  Lender, and (b) a
                         first lien and security

<PAGE>

                         interest  in  all  fixtures  and  personal  property
                         owned  by  Borrowers  and relating to or located on the
                         Project,  and  (c)  assigning all leases, subleases and
                         other  agreements  relating to the use and occupancy of
                         all  or  any portion of the Project, and to all present
                         and future rents, leases, issues and profits therefrom;

                         2.   A   Guaranty   of   Payment   executed   by   each
                              Repayment  Guarantor  and  pursuant  to  which the
                              Repayment   Guarantors   jointly   and   severally
                              guarantee payment of principal, interest and other
                              amounts due under the Loan;

                         3.   A   Guaranty   of   Performance   and   Completion
                              executed   by   each  Performance  and  Completion
                              Guarantor  and  pursuant  to which the Performance
                              and  Completion  Guarantors  jointly and severally
                              guarantee  the  lien-free and timely completion of
                              the  Project and Borrowers' obligation to keep the
                              Loan  "in  balance"  and  to  pay  for  all  cost
                              overruns;

                         4.   A   Guaranty   of  Completion   executed   by  the
                              Completion  Guarantor  and  pursuant  to which the
                              Completion  Guarantor  guarantee the lien-free and
                              timely completion of the Project.

                         5.   Such  UCC  Financing   Statements  describing  the
                              personal  property  relating  to  the  Project  as
                              Lender's  counsel  determines  are   necessary  to
                              perfect  or  notify  third parties of the security
                              interest  intended  to be created in such property
                              by the Loan Documents;

                         6.   An  Environmental  Indemnity   Agreement  executed
                              by  Borrowers  and  the  Guarantors,  jointly  and
                              severally;

                         7.   An   assignment   of    construction    documents,
                              including,   without   limitation,   the   General
                              Contract,   all   architecture   and   engineering
                              contracts,   Plans  and  Specifications,  permits,
                              licenses,   approvals  and   development   rights,
                              together  with  consents  to  the  assignment  and
                              construction    agreements    from   the   General
                              Contractor,   the   architect  and  other  parties
                              specified by Lender.

                         8.   A  collateral  assignment  of  all  contracts  and
                              agreements  related  to  sale  of each condominium
                              unit (as applicable).

                         9.   A   collateral    assignment   of   all   purchase
                              deposits.

                         10.  An   assignment   of   any   management   and/or
                              operating agreements.

                         11.  A   Subordination,   Nondisturbance   and
                              Attornment  Agreement  between  Lender and each of
                              the tenants under any lease(s), if applicable; and

                         12.  Such   other   documents,   instruments   or
                              certificates  as  the  Lender  and its counsel may
                              reasonably  require,  including  such documents as
                              Lender  in  its sole discretion deems necessary or
                              appropriate to effectuate the terms and conditions
                              of  the  Construction Loan Agreement and the other
                              Loan  Documents,  and  to  comply with the laws of
                              this State.

<PAGE>

                         All  of  the  foregoing  documents  (the  "Loan
                         Documents")  shall  be in form and substance acceptable
                         to  the Lender and shall remain effective for as long a
                         period of time as any part of the Loan is unpaid.

                         In  addition,  at  Closing,  Borrowers  shall  deliver
                         the  opinions  of Borrowers' legal counsel, in form and
                         substance  acceptable  to  Lender and Lender's counsel,
                         that

                         a.   With  respect  to  the  Borrowers,  the
                              Guarantors,  the  Land, and the Project, that: (a)
                              the  transactions  contemplated by this Commitment
                              do  not   violate   any  provision   of  any  law,
                              restriction   or   the   document   affecting  the
                              Borrowers,  the  Guarantor(s),  the  Land,  or the
                              Project;  (b)  the  Loan  Documents have been duly
                              executed  and  delivered,  constitute legal, valid
                              and  binding  obligations  of  the  Borrowers  and
                              Guarantor  and  are enforceable in accordance with
                              their  terms;  (c)  the   Borrowers  are   validly
                              organized and existing corporations and/or limited
                              liability companies under the laws of the State of
                              Florida  and qualified to do business in the State
                              of  Florida,  that  each has the legal capacity to
                              own,  develop and operate the Land and the Project
                              and  to  perform  its  obligations  under the Loan
                              Documents,  and  that  the  Loan   has  been  duly
                              authorized  by  the Borrowers; (d) the Guarantors,
                              as  applicable, are validly organized and existing
                              corporations  and/or  limited  liability companies
                              under  the  laws  of  the  State  of  Florida  and
                              qualified  to  do business in the State of Florida
                              and are duly authorized to execute and deliver the
                              Guaranties;  (e) there is no threatened or pending
                              litigation  that  might   affect   the  Loan,  the
                              Guarantor(s),   the   Land,  the  Project  or  the
                              Borrowers;  and  (f) such other matters (including
                              an  opinion with respect to zoning of the Land and
                              the  Project)   concerning   the  Loan,  the  Loan
                              Documents,  the  Land, the Project, the Borrowers,
                              or the Guarantor, as the Lender or its counsel may
                              require.

                         b.   A   non-consolidation   opinion   confirming  that
                              the structure of the Loans and the organization of
                              the  Borrowers  and  Guarantors  is  such that the
                              Borrower   will  constitute  a  "special  purpose,
                              bankruptcy  remote  entity", separate from ALH and
                              any other related or commonly owned entities.

PRE-SALE REQUIREMENT:    Borrowers  shall  deliver  to  Lender  prior to Closing
                         fully  executed  Qualified Contracts which will produce
                         aggregate  net  sales proceeds sufficient to cover 120%
                         of  the  MAXIMUM  AGGREGATE  FUNDING  PERMITTED   UNDER
                                  ----------------------------------------------
                         THE Loan. Qualified Contracts  shall have the following
                         ---
                         characteristics:  (i)  must  be  non-assignable WITHOUT
                                                                         -------
                         WRITTEN  PERMISSION  BY  LENDER, WHICH PERMISSION SHALL
                         -------------------------------------------------------
                         NOT  BE  UNREASONABLY  WITHHELD  OR  DELAYED; (ii) must
                         --------------------------------------------
                         indicate  20%  non-refundable deposits; and (iii) Units
                         sold   pursuant   to   Qualified   Contracts   must  be
                         deliverable  within  the  timeframe  required  by   the
                         contract.  Furthermore,  not more than 35 Phase I units
                         can be sold to individuals/entities associated with the
                         Project.

                         In  addition,  and  as   part  of  the  Project  Equity
                         requirement,  Borrowers  shall deliver to Lender, to be
                         held  by,  and  pledged  to  Lender,  Usable   Deposits
                         totaling  at  least  $17,209,078.00  on the initial 294
                         units being developed in Phase I,

<PAGE>

                         together  with  all  deposits  (collected  and   to  be
                         collected)  with regard to the Project; or provide such
                         evidence  to   Lender,   acceptable  in  Lender's  sole
                         discretion,  such Usable Deposits have been utilized in
                         accordance  with the sources and uses of funds attached
                         as  EXHIBIT"A".  If Usable Deposits are not equal to or
                         greater  than   $17,209,078.00,   in   the   aggregate,
                         Borrower's  equity  requirement shall be increased on a
                         dollar  for  dollar  basis  for each dollar that Usable
                         Deposits  are less than $17,209,078.00. Usable Deposits
                         are defined as: (i) 10% (2nd 10% deposits) of the gross
                         sales  contract price of each Phase I condominium unit;
                         or  (ii)  20% of the gross sales contract price of each
                         Phase I townhome unit.

                         Furthermore,   prior   to   funding    Phase   I   Loan
                         proceeds   for   a   particular  condominium  building,
                         Borrowers  shall  deliver  to Lender contracts of sale,
                         sufficient to Lender, for at least thirty-three (33) of
                         the  36   units  contained   in  each  building  to  be
                         constructed  as in Phase I with evidence, sufficient to
                         Lender,  that  Borrowers   have  received  full  twenty
                         percent  (20%)  deposits  for each of said contracts of
                         sale.

APPRAISAL:               Prior  to  Closing,  Lender  must  receive  an  updated
                         written  appraisal  from Integra Realty Resources based
                         on  a bulk discount sellout appraised value of at least
                         $90,700,000.00,  and  satisfactory  to  lender  in  all
                         respects. The appraisal shall be updated, at Borrowers'
                         cost, as and when reasonably requested by Lender.

TITLE INSURANCE POLICY:  Counsel   for   Lender   shall  obtain,  at  Borrowers'
                         expense,  an  ALTA extended coverage lender's policy of
                         title  insurance  meeting  the  requirements set out in
                         EXHIBIT  "D"  attached   hereto  by  a  title   company
                         satisfactory to the Lender in the Loan Amount, insuring
                         the  Lender  that it has a first lien upon the Project,
                         and  including  insurance against construction hens and
                         encroachments  by  or  upon  the  Project and with such
                         endorsements as may be required by the Lender, with all
                         so-called  "Standard" exceptions deleted and containing
                         no exceptions other than those specifically approved by
                         the  Lender  (the  foregoing hereinafter referred to as
                         the  "ALTA  Policy").ONE  HALF  OF  LENDER'S  COUNSEL'S
                         PORTION  OF  THE TITLEPREMIUM SHALL BE CREDITED AGAINST
                         THE LEGAL FEES PAYABLE BY THE BORROWERS.

INSURANCE:               Borrowers   shall   obtain   and   maintain   either
                         Builder's Risk insurance coverage or permanent All Risk
                         insurance  coverage as appropriate, satisfactory to the
                         Lender,  on  the  real  estate  and  personal  property
                         securing  this  Phase  I  Loan.  All insurance policies
                         shall  be  issued  by  carriers with a Best's Insurance
                                                                ----------------
                         Reports policy  holder's rating of  A  and a  financial
                         -------
                         size  category   of   Class   X  and  shall  include  a
                         standard  mortgage   clause  (without contribution)  in
                         favor  of and acceptable  to  the  Lender. The policies
                         shall  provide  for  the coverages set forth in EXHIBIT
                                                                         -------
                         "F" attached and any  other  coverage  that  the Lender
                         ---
                         may from time to time deem necessary:

                         Each   policy   shall   provide  that  it  may  not  be
                         cancelled,  reduced  or  terminated  without  at  least
                         thirty  (30)  days  prior written notice to Lender. The
                         initial  policies shall be prepaid and delivered to the
                         Lender  prior to closing and all renewal policies shall
                         be deposited with Lender as evidence of such insurance.

<PAGE>

ENVIRONMENTAL            Borrowers   shall   provide   evidence   (including  a
                         "Phase  I"  environmental  ASSESSMENT: assessment dated
                         with 6 months from the date of Closing) indicating that
                         the  Land  is  free  from  risk,  in  the Lender's sole
                         judgment,  from   all   hazardous   substances,   toxic
                         substances  or  hazardous  wastes  as  defined  by  any
                         federal,  state,  or  local  law, statute, ordinance or
                         regulation  and  is  free  of  all  other contamination
                         which,  even  if  not  so regulated, is known to pose a
                         hazard  to  the  health  of  any person on or about the
                         Land,  and  that  the  Land  is  not in a "Wetlands" or
                         "Flood Plain" area, and contains no underground storage
                         tanks or oil or gas wells. The environmental consultant
                         must  be acceptable to the Lender and shall be directly
                         engaged  by  Borrowers  at  Borrowers' cost. The Lender
                         reserves the right, at Borrowers' expense, to retain an
                         independent  consultant  to  review  any  such evidence
                         submitted  by  Borrowers  or  to  conduct  its  own
                         investigation of the Land.

                         In   addition,   the   Lender  may,  under  appropriate
                         circumstances   consider  the   use  of   environmental
                         insurance to mitigate  the risks of certain conditions.

CONSTRUCTION             The   Lender   shall   require   the   services  of  an
INSPECTIONS:             outside consulting engineer (the INSPECTIONS: "Lender's
                         Consultant"),  to  be engaged by the Lender at the cost
                         and  expense of the Borrowers, to perform the following
                         services on behalf of the Lender:

                         a.   To  make  an  initial  pre-cost  analysis
                              verifying  that  the Improvements can be completed
                              for the amount available for construction from the
                              Loan  budget  established  by  the  Lender for the
                              Borrowers;

                         b.   To  review  and  advise  the  Lender  whether,  in
                              the  opinion of the Lender's Consultant, the final
                              plans  and specifications are satisfactory for the
                              intended purposes thereof;

                         c.   To  make  monthly  inspections  and  certify  that
                              construction  is  in  accordance with the original
                              plans and specifications approved by the Lender to
                              certify  that  construction has reached the stated
                              percentage  of  completion,  that  the  monthly
                              requisitions  actually  reflect the degree of work
                              performed  to  date  and  that  the  undisbursed
                              proceeds  of  the  Loan are sufficient to complete
                              the construction;

                         d.   To  review  and  approve  construction  contracts
                              entered  into  by  the  Borrowers  or  the General
                              Contractor  in connection with the construction of
                              the  Project,  for  the  purpose  of providing the
                              Lender  with  an  opinion  as  to  the  costs  of
                              construction  to  be  incurred  to  complete  the
                              Project,  and also for the purpose of assuring the
                              Lender  that  all  such  contracts deal adequately
                              with and include the work required to be performed
                              by the approved final plans and specifications.

NON-ASSIGNABILITY OF     This  Commitment  is  made  exclusively  to  the
COMMITMENT:              Borrowers  and  is  not  assignable  nor  transferable
                         voluntarily  or  involuntarily by the Borrowers and any
                         such assignment or transfer or attempted assignment, or
                         transfer  shall  be  null  and void and shall result in
                         this  Commitment being automatically and simultaneously
                         terminated.

<PAGE>

LENDER PARTICIPATION/    Borrowers  acknowledges  that,  following  the
SYNDICATIION             Closing,  the  Lender  will  endeavor  to  syndicate or
CONTINGENCY:             participate  portions  of the Loan with other financial
                         institutions.  Borrowers agree, at Lender's request, to
                         execute  such  additional  promissory  notes  and other
                         instruments  as  may  be  appropriate  to  evidence its
                         obligation  under  the  Loan to such syndicate banks as
                         may  commit,  in  the  future, to fund a portion of the
                         Loan  amount according to the terms of the Construction
                         Loan Agreement.

                         Lender   shall   be   the   lead   arranger  and  'book
                         manager'   and   will  manager   all   aspects  of  the
                         syndication,  including  the  selection of lenders, the
                         determination  of  when  lead  arranger  will  approach
                         potential  lenders  and  the  final   allocation  among
                         lenders.  Borrowers   agree  to  assist  lead  arranger
                         actively  in  achieving  a  timely  syndication that is
                         reasonably  satisfactory   to   lead   arranger,  such
                         assistance  to  include, among other things, (a) direct
                         contact  during  syndication  between Borrowers' senior
                         officers,  representatives  and  advisors,  on  the one
                         hand,  and  prospective  lenders,  on the other hand at
                         such  times  and places as lead arranger may reasonably
                         request,  (b) providing lead arranger all financial and
                         other  information  with  respect  to Borrowers and the
                         transactions  contemplated   that   lead  arranger  may
                         reasonably  request,  including   but  not  limited  to
                         financial  projections  relating  to the foregoing, and
                         (c)  assistance  in  preparation  of  a  confidential
                         information memorandum and other marketing materials to
                         be used in connection with the syndication.

                         Lender,  as  Agent,  shall  be  entitled  to change the
                         structure  or  terms  of  the Loan if Lender determines
                         that  such  changes  are  advisable  in order to ensure
                         successful  syndication  or an optimal credit structure
                         for  the  Loan,  provided  the  total  Loan  Amount and
                         interest  and  repayment  terms  will  not  change.  In
                         addition,  this  Commitment  is subject to (among other
                         things) the absence of (i) a material adverse change in
                         the  business,  condition   (financial  or  otherwise),
                         operations,  performance,  properties  or  prospects of
                         Borrowers;  and  (ii)   any  material  change  in  loan
                         syndication  or  financial or capital market conditions
                         generally from those currently in effect.

INDEMNIFICATION:         Borrowers  and  each   Guarantor  agrees  to  indemnify
                         and  to defend and hold the Lender harmless against (i)
                         any  brokerage  commissions or finder's fees claimed by
                         any  broker  or  other  party  in  connection  with the
                         transactions  contemplated  hereby and (ii) any losses,
                         costs,  damages  or expenses that the Lender may incur,
                         directly or indirectly, including attorneys' fees, as a
                         result  of  or in connection with the assertion against
                         the  Lender  of  any claims relating to the presence or
                         removal  of  any  environmental  contamination  on  the
                         Project or any adjacent property.

DISBURSEMENT             All   funds   disbursed   under   the   Loan  shall  be
PROCEDURES:              subject  to  the Lender's Construction PROCEDURES: Loan
                         Agreement,  which  shall contain such terms, covenants,
                         and  conditions as shall be satisfactory to the Lender,
                         including without limitation, the following:

<PAGE>

                         Draw  Request:   All   requests   for  disbursement  of
                         -------------
                         funds ("Phase I Loan Disbursement") shall be in writing
                                --------------------------
                         using   the   Lender's   standard   form   of  Borrower
                         Certificate  and  shall  be submitted on a Standard AIA
                         Form  G702  and  G703, including any change orders on a
                         Standard  AIA Form G701, and including invoices for any
                         "soft  costs,"  and  shall be for costs consistent with
                         the  final  Project  cost  breakdown  as  presented  on
                         Lender's standard "Soft and Hard Cost Requisition" form
                         and  accepted  by  the  Lender  in  aggregate total and
                         itemization.  Draw  requests  should  not  be made more
                         frequently than once per month. Lender may, in its sole
                         discretion  permit  disbursements  for materials stored
                         off-site.  Each  draw request shall be certified by the
                         Borrowers  and  approved  in  writing  by  the  Project
                         Architect  or  Engineer,  and  the Lender's independent
                         inspector.

                         Affidavits/Lien  Waivers:  The  Borrowers  shall
                         ------------------------
                         submit with all Draw Requests affidavits certifying all
                         outstanding  balances  due but unpaid for work in place
                         for  the  Project. With each draw request, Lender shall
                         have  the  right to require the Borrowers to deliver to
                         the  Lender  waivers  of  hens  from contractors in the
                         respective sum received by each such contractor for all
                         of Borrowers' preceding draw requests.

                         Title  Insurance:  Lender  shall  be  provided  with an
                         ----------------
                         endorsement  to  the ALTA Policy, as of the date of the
                         requested  Phase  I  Loan  Disbursement,  showing  no
                         additional  hens  or  encumbrances  upon  the  Project,
                         including identification of delinquent taxes.

                         Inspections:  All  inspections  shall  be  completed by
                         -----------
                         an  agent  for  the  Lender  who  may  require  further
                         information,  including,  but not limited to, documents
                         such  as  contracts  and  invoices,  to  complete  the
                         analysis  of  the Draw Request. The Borrowers shall pay
                         the cost of these inspections as well as offsite stored
                         materials inspections, if applicable.

                         Foundation  Survey:  Upon  completion  of  the  each
                         ------------------
                         foundation,  the  Borrowers  shall  submit a foundation
                         survey complying with EXHIBIT "B" attached hereto.
                                               ----------

                         Disbursements:  All  disbursements  shall  be  made
                         -------------
                         within approximately ten (10) days after receipt of all
                         information  required  by  the  Lender  to  approve the
                         requested disbursements.

                         Net  Cash  Flow.  The  Loan  Agreement  shall  require
                         ---------------
                         that  all  Net  Cash  Flow  from  the  Project  must be
                         deposited  with  the Lender in a demand deposit account
                         in Borrowers' name but under the Lender's sole dominion
                         and  control.  Funds deposited in such account shall be
                         applied  against  the monthly payments on the Loan, and
                         Phase  I  Loan  proceeds  will  be  disbursed  from the
                         interest  reserve  set  out  in  the Budget only to the
                         extent  the Net Cash Flow is not sufficient to make the
                         payments.  "Net  Cash  Flow"  means  the  gross  income
                         produced by the Project from all sources reduced by (a)
                         ordinary  and  necessary  operating  expenses  actually
                         incurred  and  paid  with  respect  to  the  Project
                         (including amounts paid to affiliates of Borrowers only
                         if  preapproved  by the Lender), (b) reasonable capital
                         expenditures  actually made with respect to the Project
                         (other than those funded out of Phase I Loan proceeds),
                         and  (c)  reasonable  reserves  for  repairs  and

<PAGE>

                         replacements  to  the  Project,  but only if and to the
                         extent  such  reserves are funded in cash and deposited
                         with  the  Lender and pledged to the Lender as security
                         for payment of the Loan.

                         Funds  will  be  disbursed  directly  into  a  demand
                         deposit  account  maintained by Borrowers at the Lender
                         specifically  for  the  Project; provided, however, the
                         Lender reserves the right to pay individual contractors
                         directly  or  by check jointly payable to Borrowers and
                         any  such  contractor  should  circumstances warrant in
                         Lender's  sole  opinion.  At  Lender's  option,
                         disbursements  may  be  made  by  Lender into an escrow
                         account  and subsequently disbursed to Borrowers by the
                         Title Company.

                         In  Balance:  The  Loan  shall  remain  "in balance" at
                         -----------
                         all  times. The Loan shall be deemed to be "in balance"
                         only  at  such  times  as  Lender  determines,  in  its
                         reasonable  discretion,   that  the   then  undisbursed
                         portion  of  the  Loan  equals  or  exceeds  the amount
                         necessary to pay all work done and not theretofore paid
                         for  or to be done in connection with the completion of
                         the  construction of the Project in accordance with the
                         plans and specifications or otherwise to be incurred in
                         connection  with  completion  of  the  Project.  If the
                         Lender  determines  that  the Loan is not "in balance",
                         Borrowers  shall  within  ten  (10)  days after written
                         request  by Lender deposit the amount of the deficiency
                         with  Lender  which  shall then be disbursed before any
                         further  disbursements of Phase I Loan proceeds. Lender
                         shall  not be obligated to make any disbursement of the
                         Loan at any time that the Loan is not in balance.

                         Retainage:   At  the  time  of  each  disbursement  the
                         ---------
                         Lender  shall  withhold  ten  percent  (10%)  (the
                         "Retainage")  of  the  "hard  costs"  contained on each
                          ---------
                         requested  Phase  I  Loan disbursement (i.e., the total
                         amount  then due the General Contractor and the various
                         contractors,  subcontractors and material suppliers for
                         costs  of construction.) until such time as the Project
                         is  50%  complete.  Thereafter,  the Retainage shall be
                         zero  percent  (0%).  The Retainage shall be held until
                         completion  of  the  Project  and disbursed only at the
                         time  of  the final disbursement of the Loan; provided,
                                                                       --------
                         however,  upon  the  satisfactory completion of 100% of
                         -------
                         the  work  with  respect to any individual trade or the
                         delivery  of all materials pursuant to a purchase order
                         in  accordance  with  the  plans  and specifications as
                         certified by the Lender's consultant, Lender may decide
                         on a case by case basis (but shall not be obligated) to
                         permit  retainages  with respect to such trade order to
                         be disbursed to Borrowers.

ADDITIONAL LOAN          1.   The  plans  and  specifications,  schedule,
CONDITIONS:                   Budget,and  other written materials related to the
                              construction  of  the  Project shall be subject to
                              Lender's  review  and approval, including, but not
                              limited  to,  a  soil  analysis  and  evidence  of
                              compliance  with  the  Americans with Disabilities
                              Act.

                         2.   Construction   of   the   Improvements   shall  be
                              commenced  within  thirty (30) days of Closing and
                              shall be completed within twenty-one (21)  months.

                         3.   Upon  completion  of  all  construction  and prior
                              to  disbursement of the final Retainage, Borrowers

<PAGE>

                              shall   submit   evidence  of  completion  of  the
                              Project,  consisting  of   (i)  a  Certificate  of
                              Substantial  Completion  AIA  Form  G704  from the
                              supervising   architect   and  General  Contractor
                              certifying  that the Project has been completed in
                              accordance with the final plans and specifications
                              as  approved  by the Lender; (ii) a certificate of
                              use  and  occupancy  and  any  other  certificates
                              required  by  the State of Florida or by any other
                              applicable  governmental  department,   agency  or
                              unit;  (iii) a complete "As-Built" ALTA/ACSM final
                              survey  of  the Project complying with EXHIBIT "B"
                              attached  hereto;  (iv)  a rent roll and copies of
                              all  leases  for   the  Project;  and  (v)  tenant
                              estoppel   certificates   in  form  and  substance
                              acceptable to Lender.

                         4.   All   contracts   for   sale  of   condominium  or
                              townhome   units   shall   be   submitted  to  and
                              acceptable  to  Lender  in  all respects, and must
                              include  a  delivery  date that can be achieved as
                              evidenced  by the final construction schedule. PCL
                              to  present  a  final  construction  schedule   to
                              Lender.  This  final  schedule will be reviewed by
                              Lender  and its third party construction inspector
                              and  must   be   acceptable   in   all   respects.
                              Additionally,  a matrix must be approved by Lender
                              that  demonstrates  on  a  unit-by-unit basis that
                              each  unit under contract will be delivered within
                              twenty-four (24) months from the date of contract,
                              and  not  less  than three (3) months prior to the
                              required   delivery   date   contained   in   each
                              respective   purchase   and   sale  agreement.  No
                              extension  of  such  contracts may be made without
                              Lender's approval.

                         5.   Borrowers  shall  provide  Lender  with  monthly
                              Project sales updates.

                         6.   Borrowers  and  the  Guarantor(s)  shall  submit
                              to  Lender:  (i) not later than one hundred eighty
                              (180)  days  after  the end of each calendar year,
                              annual  Federal Income Tax Returns; (ii) not later
                              than 90 days after the end of each fiscal year, an
                              annual,  audited  financial statement (or personal
                              financial  statement,  as applicable to Malcolm J.
                              Wright),  and  (iii)  not later than 45 days after
                              the  end  of  each  calendar  quarter  a   company
                              prepared    interim   financial   statement   (as
                              applicable  to  all  Borrowers and Guarantors with
                              the  exception   of  Malcolm  J.   Wright).   Each
                              financial   statement   shall  be  prepared  by  a
                              certified  public  accountant acceptable to Lender
                              in  accordance  with generally accepted accounting
                              principles.  Each  financial  statement  shall  be
                              certified  as  true,  complete  and correct by its
                              preparer  and by Borrowers or, in the case of each
                              of  the  Guarantors'  financial statements, by the
                              Guarantor  to  whom it relates. In addition, prior
                              to  the  Date  of  Closing and then not later than
                              sixty (60) days before the end of each fiscal year
                              of  Borrowers,  Borrowers  shall deliver to Lender
                              the  Project's updated annual operating budget for
                              the  following  fiscal  year.  Within fifteen (15)
                              days  following  the  end of each month, Borrowers
                              shall  deliver  to  Lender:  (i) monthly unaudited
                              operating  cash  flow  statements for the Project,
                              certified  as  true,   complete   and  correct  by
                              Borrowers  showing actual sources and uses of cash
                              during  the  preceding  month,  and (ii) a current
                              rent  roll  and  a summary of all leasing activity
                              then  taking  place  with  respect to the Project,
                              particularly  describing the status of all pending
                              lease.

<PAGE>

                              negotiations,  if  any.  Borrowers  and  the
                              Guarantors shall provide such additional financial
                              information  Lender reasonably requires. Borrowers
                              shall  during regular business hours permit Lender
                              or  any  of  its agents or representatives to have
                              access to and examine all of its books and records
                              regarding  the  development  and  operation of the
                              Project.

                         7.   Borrowers  shall  erect  a  sign  on  the  Land
                              indicating  that  the  Lender  is  the  source  of
                              financing  for  the  Project  and  to use the Loan
                              Amount,  Borrowers'  name  and Project location in
                              any  advertisement.  Borrowers shall pay the costs
                              and expenses associated with such sign.

                         8.   Until  the  Loan  is  paid  in  full,  neither the
                              Borrowers  nor any Guarantor(s) shall, without the
                              prior  written  consent  of  the  Lender,  create,
                              effect,  consent  to, attempt, contract for, agree
                              to  make,  suffer  or permit any conveyance (other
                              than  leases  for  portions  of the Project in the
                              ordinary  course  of  business), sale, assignment,
                              transfer,   lien,   pledge,   mortgage,   security
                              interest,   encumbrance   or  alienation  of,  the
                              Project,  or  any  interest  in  or portion of the
                              Project,  or  any interest in the Borrowers, which
                              is  effected  directly,  indirectly,  voluntarily,
                              involuntarily,  or  by  operation  of  law  or
                              otherwise.

                         9.   Provided  no  Event  of  Default  exists under any
                              of  the  Loan Documents at any time while the Loan
                              remains  unpaid,  the Lender will permit Borrowers
                              to  pay  the  Property insurance premiums and real
                              estate  taxes  related  to  the Project outside of
                              escrow  during  the  term  of  the Loan. Borrowers
                              shall  furnish  to  the  Lender  evidence that the
                              insurance premiums and real estate taxes are paid,
                              at  least five (5) days prior to the last date for
                              payment  of  such amounts before imposition of any
                              penalty  or  interest  or  termination  of  the
                              insurance policy, as applicable.

                         10.  $9,090,130.00   of   the  CDD   proceeds  must  be
                              utilized  to  purchase  the  Land from the current
                              owner,  an  entity  related  to  the Borrowers and
                              then,  concurrently,  the  Borrowers  shall  cause
                              $7,687,676.00  of such funds to be utilized in the
                              Project  with  the  remaining  $1,402,454.00 to be
                              placed  in  a  collateral account to be pledged as
                              additional  security  for the Loan. Borrowers must
                              demonstrate  to Lender's satisfaction that all CDD
                              funds  will  be  utilized  for  qualified  project
                              costs,  and  in  accordance  with  the sources and
                              uses. Borrower shall assign to Lender any proceeds
                              received   from   the  funding   of  approximately
                              $26,050,000.00   of   Special  Assessment  Capital
                              Improvement Bonds (the "Bonds") for Phase I issued
                              by  the  Westridge  Community Development District
                              (the "CDD").

                         11.  Borrower   shall   provide   satisfactory
                              agreements  related  to  the CDD Bond issuance and
                              proceeds  required  among  the  CDD, the Borrower,
                              Lender, the Bond Trustee, and any other associated
                              parties.  Further, during the term of the Loan, no
                                        ----------------------------------------
                              additional  funding  under CDD shall be permitted,
                              --------------------------------------------------
                              and  Borrowers'  shall not seek to amend or modify
                              --------------------------------------------------
                              the CDD. or the documents related thereto, without
                              --------------------------------------------------
                              Lender's consent. which may be granted or withheld
                              --------------------------------------------------
                              in Lender's sole discretion.
                              ---------------------------

<PAGE>

                         12.  To  the  extent  assignable,  Borrower  shall
                              assign  to  Lender  all  contracts,  agreements,
                              proceeds  related  to  the  CDD and any associated
                              bond offerings.

                         13.  Borrower   shall   form   a   to-be-determined
                              limited liability company ("LLC-6") and shall fund
                              LLC-6  with cash or comparable liquid assets in an
                              amount  equal to or greater than $4,000,000.00, at
                              its  option,  may   elect  to  invest  such  funds
                              directly   the   Bank.   In   either  event,   the
                              $4,000,000.00 must be deposited with the Lender in
                              a  demand  deposit  account  (in LLC-6's name., if
                              applicable)  but  under the Lender's sole dominion
                              and  control, and said account shall be pledged as
                              additional  security for the Loan. The account, as
                              well  as the LLC-6 Guaranty, will be released upon
                              full repayment of the Loan.

                         14.  All  project-related  accounts  of  the  Borrowers
                                   ---------------
                              shall  be  maintained  with  Lender, and all funds
                                                           ------
                              thereon  shall  be  pledged  as collateral for the
                              Loan.

                         15.  In  addition  to  the  sums  described  in Section
                              14,  above,  Borrowers  and/or  Guarantors   shall
                              deposit  $4,000,000.00  cash  in  a demand deposit
                              account  under  the  Lender's  sole  dominion  and
                              control,  and  said  account  shall  be pledged as
                              additional security for the Loan. The account will
                              be released upon full repayment of the Loan.

                         16.  Borrowers    shall   not    obtain    subordinate
                              financing unless approved by Lender.

                         17.  Lender   must   review    and   approve   of   all
                              condominium  documents,  homeowners'   association
                              documents,     management   agreements   and   CDD
                              documents,  and  the condominium documents must be
                              approved  by  all  applicable  state  agencies and
                              filed with the State of Florida.

                         18.  Assignment  of  the  operating  agreement  between
                              American  Leisure  Hospitality  Group  and Sonesta
                              Orlando, Inc.

                         19.  Satisfactory  OF  AC  and  Patriot  Act  searches.
                              Borrowers  and  Guarantors  shall  cooperate  with
                              Lender  and  provide  all information necessary to
                              complete  searches. Borrowers and Guarantors shall
                              complete  the information attached as Exhibit "G".
                                                                    ------------

                         20.  Borrowers,   or   the  escrow  agent  utilized  by
                                            ------------------------------------
                              Borrowers   for  such   purpose,  shall  open  and
                              -----------------------------
                              maintain  a  depository  account  with  Lender for
                              deposits  associated  with the Project and for any
                              other portions of the Resort. Escrow Agent for any
                                                    ------
                              and  all deposits associated with the Project must
                              be acceptable to Lender.

                         21.  General   Contractor   will   be   required   to
                              demonstrate  full  payment and performance bonding
                              or  Subguard  insurance  from  Zurich  in  a  form
                              approved by Lender.

<PAGE>

                         22.  PCL's  construction   schedule  must   demonstrate
                              that  units can be delivered in July 2006 and each
                              month thereafter to be consistent with the revised
                              paydowns.

                         23.  Upon  pay-off   of   the  Phase  I  Loan,  in  the
                              ----                                       -------
                              event  the  concurrent real estate  loan  made  by
                              -----                  ---- ------              --
                              Lender  to  a  related borrower with regard to the
                              ------
                              Phase  II  portion  of  the  Resort (the "Phase II
                                                      ---  ------       ----- --
                              Loan"),  if  such loan is not then financed with a
                              ----     -------------        ----
                              construction  loan  or otherwise paid-off in full,
                              then  100%  of  the  net  sales  proceeds from the
                              closing  of  Phase  I units after repayment of the
                              Phase I Loan will be required to be applied to the
                              principal  balance  of  the  Phase  II Loan, until
                              paid/refinanced. Notwithstanding the foregoing, in
                              the  event  that:  (i)  the Phase II Loan has been
                              repaid  and  (ii)  the clubhouse and any remaining
                              project  amenities  have  not been financed with a
                              separate loan; then 100% of the net sales proceeds
                              from  the  closing of Phase I units after retiring
                              the  Phase  I  Loan  will  be  held  in  a  Lender
                              controlled  account   to  be   used  to  fund  the
                              construction  of  the  clubhouse and any remaining
                              project amenities.

Items to be Delivered    Borrowers   shall   furnish   the   following
PRE-CLOSING              documentation  to  the  Lender  at  least ten (10)
                         business  days  prior  to  Closing,  all  in form,
                         substance  and   execution  satisfactory   to  the
                         Lender:

                         1.   A  complete  set  of  final  plans  and
                              specifications for development of the Project.

                         2.   A  cost  breakdown  and  itemization  of  all hard
                              and soft costs for the Project and the sources for
                              payment of such costs (herein called the "Budget).
                              This  itemization shall include (i) a summary page
                              indicating  costs of land, site work, construction
                              and  soft  costs  on  an  AIA  G703  form and (ii)
                              detailed  schedules  supporting  the site work and
                              construction  costs  shown  on  the  AIA G703 form
                              according  to  Construction  Standards  Institute
                              Division.  General Contractor shall provide Lender
                              with proof of required insurance.

                         3.   Evidence  that  the  insurance  required  under
                              this Commitment has been obtained.

                         4.   ALTA/ACSM  Survey  complying  with  the
                              requirements  set  forth  on  Exhibit "B" attached
                                                            -----------
                              hereto.

                         5.   All  of  the  Engineer's  or  Architects'
                              Contracts  and  the  General Contractor's contract
                              and  all  other  primary  contracts  related  to
                              construction of the Project.

                         6.   A  list  of  all  known  and  contemplated
                              contractors used for development of the Project.

                         7.   Soil  analysis  (including  drainage)  by  a
                              qualified  engineer  evidencing  that  the  soil
                              condition  is  suitable  for  construction  of the
                              Improvements.

<PAGE>

                         8.   Evidence  of  compliance  with  all  applicable
                              zoning requirements.

                         9.   Evidence  of  availability  of  storm  and
                              sanitary sewers and all utilities to the Project.

                         10.  A  Notice  of  Commencement  complying  with
                              applicable law.

                         11.  Architect's  Certificate  of  Compliance  with
                              local  governmental zoning and building ordinances
                              and architect's professional liability insurance.

                         12.  As  applicable,  certified  copy  of  Borrowers'
                              Articles  of  Incorporation,  Articles  of
                              Organization,  Bylaws,  Operating  Agreement,
                              Certificates  of  Good Standing from the Secretary
                              of  the  State  of  Florida  and  resolutions
                              authorizing the action required of the Borrowers.

                         13.  As  applicable,  certified  copy  of  Guarantor's
                              Articles  of  Incorporation,  Articles  of
                              Organization,  Bylaws,  Operating  Agreement,
                              Certificate of Good Standing from the Secretary of
                              the  State  of Florida and resolutions authorizing
                              the action required of the Guarantor.

                         14.  The  Borrowers'  and  any  Guarantor's  Federal
                              Tax I.D. Number or Social Security Number.

                         15.  A  Commitment  for  the  issuance  of  the  ALTA
                              Policy  and copies of all items listed in Schedule
                              B thereof.

                         16.  Construction  Schedule  setting  forth  the
                              approximate  start  and  finish dates of all major
                              stages of the Project; such schedule shall provide
                              that  the  construction  of the Improvements shall
                              commence  on  or before ninety (90) days after the
                              Date of Closing.

                         17.  Prior  to  disbursement  of  Loan  funds
                              ----------------------------------------
                              pertaining  thereto,  evidence  of  all  building
                              ------------------------------
                              permits  and  governmental approvals necessary for
                              each building to be constructed in the Project.
                              -------------------------------

                         18.  Current  financial  statements  of  the  Borrowers
                              and  any  Guarantors  which  indicate  no material
                              adverse  change from those previously delivered to
                              the Lender.

                         19.  Performance  and  payment  bonds  and/or
                                                                ------
                              'subguard' insurance policy satisfactory to Lender
                              ---------------------------
                              in form and substance.

                         20.  A   report   from   Lender's   Consultant   (a)
                              demonstrating  the adequacy of Borrowers' proposed
                              Budget   to   complete   the   Project   and   (b)
                              confirmation  that  the  Construction  Schedule is
                              realistic   and   acceptable   in   all  respects.
                              Additionally,  a matrix must be approved by Lender
                              and  Lender's  Consultant  that  demonstrates on a
                              unit-by-unit  basis  that each unit under contract
                              can  be delivered not less than three months prior
                              to  the  required  delivery date contained in each
                              respective purchase and sale agreement.

                         21.  Federal  and  state  tax  lien,  judgment, UCC and
                              pending  litigation  searches for each Co-Borrower
                              and  each  Guarantor  for each state and county in
                              which  such entity was formed as well as the State
                              and  county  in  which the Project is located - in
                              each case, not more than dated not more than sixty
                              (60) days prior to the Loan closing.

<PAGE>

                         22.  A   duly   executed   Architect's  Certificate  in
                              the form OF EXHIBIT "E" attached hereto.

                         23.  Any   and   all   other   documents   reasonably
                              requested by Lender.

FLOOD PLAIN              The  Lender  shall  obtain,  at  Borrowers'  cost,  a
                         Flood Zone Certificate certifying that the Premises are
                         not  located  in  a  special  flood  hazard  area  as
                         identified by FEMA.

FINANCIAL CONDITION:     As  of  the  Date  of  Closing of the Loan, there shall
                         have  been  no material adverse change in the financial
                         condition or credit of any Co-Borrower or any Guarantor
                         or  tenant of the Project nor in the value or condition
                         of the Project.

COMMITMENT               This  Commitment  is  open  for  acceptance  by  the
EXPIRATON:               Borrowers  until  5:00  P.M. Orlando, Florida Time five
                         (5) days from the date of this Commitment. If it is not
                         accepted and returned to the Lender with the Commitment
                         Fee  by  said  date,  the  Commitment shall immediately
                         become null and void without further notice.

PHASE I LOAN CLOSING     The  Loan  shall  be  closed  no  later  than  December
DATE:                    30,  2005,  or this Commitment shall immediately become
                         null  and  void without further notice. As used herein,
                         "Date  of Closing" and "Closing" shall mean that day on
                         which  the  Mortgage  is  filed  for  record  with  the
                         appropriate  county  recorders or clerks, and all other
                         conditions of this Commitment are satisfied.

LENDER'S COUNSEL:        The  Lender  will  be  represented  by  the law firm of
                         Foley  & Lardner LLP. The principal contact attorney at
                         the  firm  will  be  Terence  J.  Delahunty,  Jr., Esq.
                         (Telephone 407.244.3252; Fax 407.648.1743).

MODIFICATION:            This   commitment   replaces   in   its  entirety  that
                         certain  Commitment  among  the  parties  hereto  dated
                         August  15,  2005  and accepted August 16, 2005, and is
                         issued  at  Borrowers'   request   to  address  various
                         modifications  to  the  timing  and  structure  of  the
                         Project's development.

     The  Lender's  obligation  under  this  Commitment  shall  be  subject  to
satisfaction  of  all  of  the conditions contained herein. The issuance of this
Commitment  shall  not  prejudice  the  Lender's  rights of review and approval,
including  without  limitation,  of  all  documents  and  materials  heretofore
delivered to the Lender by or on behalf of the Borrowers.

     This  Commitment shall not be binding upon the Lender unless it is accepted
in  writing  by  the  Borrowers as provided herein, and delivered along with the
non-refundable  Commitment  Fee  to Lender before the Commitment Expiration. The
terms  of  this Commitment, both prior to and after acceptance by Borrowers, may
be  waived  or  modified  only  by a written instrument signed by the Lender and
shall  survive  the  execution  of  the  Loan  Documents,  to  the   extent  not
inconsistent  therewith.  This  Commitment  shall  begoverned by the laws of the
State  of  Florida, without regard to principles of conflict of laws. TIME IS OF
THE ESSENCE IN THIS COMMITMENT LETTER.

                          [SIGNATURE PAGES TO FOLLOW]

<PAGE>

                                                    KEYBANK NATIONAL ASSOCIATION

                                                    BY:/s/ Robert F. Carmichael
                                                       ------------------------
                                                       Robert F. Carmichael,
                                                       Senior Vice President
                                                       December 13, 2005

<PAGE>

                            ACCEPTANCE OF COMMITMENT
                            ------------------------

     The  undersigned  hereby  acknowledges  receipt of the foregoing Commitment
Letter  this  day  of  November,  2005, and does hereby accept all of the terms,
conditions  and  time  limitations  set  forth  in  the Commitment Letter by the
execution  of  same  and by the payment herewith to the Lender of the Commitment
Fee  referred  to  herein,  which  fee  the  undersigned  acknowledges  to  be
non-refundable.

                               BORROWERS;
                               ----------
                               TIERRA DEL SOL RESORT (PHASE 1), L.P., A
                               Florida limited partnership A To Be Formed Entity

                               By: TDSRLP, LLC, a Florida limited liability
                                   Company general partner A To Be Formed Entity

                               By:    /s/ Malcolm J. Wright
                                      ---------------------------------

                               Its:   Its Proposed Authorized Signatory
                                      ---------------------------------

                               TIERRA  DEL  SOL  (PHASE  2),  L.P.,  a
                               limited  partnership organized under the laws
                               of the State of Florida A To Be Formed Entity

                               By:    /s/ Malcolm J. Wright
                                      ---------------------------------

                               Its:   Its Proposed Authorized Signatory
                                      ---------------------------------

                               TDS  TOWNHOMES  (PHASE  1),  LLC,  a  Florida
                               limited  liability  company  A  To  Be Formed
                               Entity

                               By:   /s/ Malcolm J. Wright
                                     --------------------------------

                               Its:  Its Proposed Authorized Signatory
                                     ---------------------------------

                               TDS  TOWNHOMES  (PHASE  2),  LLC,  a  Florida
                               limited  liability  company  A  To  Be Formed
                               Entity

                               By:  /s/ Malcolm J. Wright
                                    --------------------------------

                               Its: Its Proposed Authorized Signatory
                                    ---------------------------------

<PAGE>

                               COSTA  BLANCA  I  REAL  ESTATE,  INC.,  A
                               Florida corporation

                               By:/s/ Malcolm J. Wright
                                  ---------------------------------

                               Its: President
                                   --------------------------------

                               COSTA  BLANCA  II  REAL  ESTATE,  LLC.,  A
                               limited liability company organized under the
                               laws of the State of Florida

                               By: /s/Malcolm J. Wright
                                  ---------------------------------

                               Its: President
                                   --------------------------------

                               COSTA  BLANCA  III  REAL  ESTATE,  LLC.,  A
                               limited liability company organized under the
                               laws of the State of Florida

                               By: /s/ Malcolm J. Wright
                                  ----------------------------------

                               Its: President
                                   ---------------------------------

                               TDS Amenities, Inc., a Florida Corporation

                               By: /s/ Malcolm J. Wright
                                  ----------------------------------

                               Its: President
                                    --------------------------------

                               TIERRA  DEL  SOL  RESORTS,  INC.,  a  Florida
                               corporation

                               By: /s/ Malcolm J. Wright
                                  ----------------------------------

                               Its: President
                                   ---------------------------------

                               TDS  CLUBHOUSE,  INC.,  a  corporation
                               organized  under  the  laws  of  the State of
                               Florida

                               By: /s/ Malcolm J. Wright
                                  -----------------------------------

                               Its: President
                                   ----------------------------------

<PAGE>

                                   GUARANTORS;

                                   /s/ Malcolm J. Wright
                                   ---------------------
                                   MALCOLM J. WRIGHT

                                   AMERICAN LEISURE HOLDINGS, INC., A
                                   Florida corporation

                                   By: /s/ Malcolm J. Wright
                                      -------------------------------

                                   Its: CEO
                                       -------------------------------

<PAGE>

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