Document:

EXHIBIT 10.25
                     PLEDGE AND SECURITY AGREEMENT

     THIS PLEDGE AND SECURITY AGREEMENT (hereinafter "Agreement"), is
dated effective as of March 28, 2001, and is made by JAMES E. ACRIDGE
("Acridge"), in favor of GIANT INDUSTRIES, INC., a Delaware corporation
("Giant").

                              RECITALS:

          A.  Acridge is the sole owner of 100% of the membership
interests in Pinnacle Rodeo, L.L.C., an Arizona limited liability company
("Rodeo"), which is the sole member of Pinnacle Rawhide, L.L.C., an Arizona
limited liability company ("Rawhide").

          B.  Under an Agreement dated as of September 17, 1998, by and
between Acridge and Giant, as modified by the Modification Agreement, dated
as of December 23, 1998, by and between Acridge and Giant, as modified by the
Amended and Restated Loan Agreement, dated as of March 20, 2000, by and
between Acridge and Giant, as modified by the Loan Modification Agreement,
dated as of February 28, 2001, by and between Acridge and Giant, as modified
by the First Amendment to Amended and Restated Promissory Note and Loan
Modification Agreement, dated effective the date hereof (collectively, with
any further amendments, the "Loan Agreement"), Giant has made a loan to
Acridge in the original principal amount of $5,000,000.00 (the "Loan").

          C.  In connection with the Loan, Acridge executed the
Promissory Note, dated as of September 17, 1998, in the stated principal
amount of $4,000,000.00, in favor of Giant, as modified by the Amended and
Restated Promissory Note, dated as of September 23, 1998, in the total
principal amount of $5,000,000.00, executed by Acridge in favor of Giant, as
further modified by the Amended and Restated Promissory Note, dated as of
March 10, 2000, in the total principal amount of $5,000,000.00, executed by
Acridge in favor of Giant, as further modified by the Amended and Restated
Promissory Note, dated as of February 28, 2001, in the total principal amount
of $5,000,000.00, executed by Acridge in favor of Giant, as modified by the
First Amendment to Amended and Restated Promissory Note and Loan Modification
Agreement, dated effective the date hereof (collectively, with any further
amendments, the "Note").

          D.  The Loan is secured by the collateral described in the
Pledge and Security Agreement, dated effective as of March 10, 2000, by and
among Acridge, Rodeo and Giant, as modified by the First Amendment to Pledge
and Security Agreement, dated as of March 9, 2001, by and among Acridge,
Rodeo and Giant (collectively, with any further amendments, the "Pledge
Agreement").

          E.  Certain financing statements were executed in connection
with the Loan (collectively, the "Financing Statements").

          F.  Giant and Acridge, as Trustee for and on behalf of the
Acridge Family Trust (the "Acridge Trust"), entered into a Purchase
Agreement, dated January 26, 2001, as amended (collectively, with any further
amendments, the "Purchase Agreement"), with respect to the sale by the
Acridge Trust to Giant of a parcel of land containing approximately 40 acres
located at 9540 East Jomax Road in Scottsdale, Arizona (the "Property").

          G.  As of March 9, 2001, Giant and Acridge, as Trustee for and
on behalf of the Acridge Trust, entered into a Third Amendment to Purchase
Agreement with respect to the sale by the Acridge Trust to Giant of the
Property, wherein, among other things, Giant increased the Deposit (as
defined in the Purchase Agreement) by an additional $450,000.00 (the
"Additional Obligation").

          H.  The First Amendment to the Pledge and Security Agreement
establishes a contingent obligation of Giant to make a Surplus Payment in
connection with the sale of the Property (the "Surplus Payment"), which
Surplus Payment is also deemed an obligation secured by the Pledge Agreement.

          I.  Effective as of March 28, 2001, the parties intend to
extend the maturity date of the Loan from March 28, 2001 to March 28, 2003
(the "Extension").

          J.  As consideration for the Extension, as well as
consideration for the Additional Obligation and the Surplus Payment, and as
additional consideration for the obligations of Acridge under the Note and
Loan Agreement, and for other good and valuable consideration, Acridge
desires to grant Giant a first priority security interest in and to 100% of
the membership interests of Rodeo.

                               AGREEMENT:

          NOW, THEREFORE, in consideration of the premises and for other
good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereby agree as follows:

1. PLEDGE.  Acridge hereby grants to Giant a first priority security
interest in the following (the "Pledged Collateral"):

     1.1 Collateral Definition:  The Pledged Collateral consists of the
     following:

          1.1.1 100% of the membership interest of Rodeo and all rights of
          Acridge as the sole member of Rodeo (including, without
          limitation, the right to distributions of cash or property from
          Rodeo) (collectively, the "Interest"); and

          1.1.2 All proceeds of or distributions or payments under the
          Interest.

     1.2 Definition of "Net Cash Flow".  For the purposes of this
     Agreement, the term "Net Cash Flow" shall mean the gross cash proceeds
     to Rodeo from all sources.

     1.3 Payment of Net Cash Flow with respect to the Interest When No
     Default Exists: During the term of this Agreement, and prior to any
     default by Acridge of his obligations under the Note, the Loan
     Agreement, the Pledge Agreement, the Purchase Agreement or hereunder
     (collectively, the "Obligations"), the Net Cash Flow after accounting
     for payments or reserves required by the existing lenders to Rodeo
     attributable to the Interest may be paid to Acridge.

     1.4  Payment of Net Cash Flow with respect to the Interest After
     Default:  After any default has occurred under the Note, the Loan
     Agreement, the Pledge Agreement, the Purchase Agreement or hereunder,
     Acridge shall cause Rodeo to distribute to Giant, on account of the
     Obligations, all Net Cash Flow after accounting for any payments or
     reserves required by the existing lenders to Rodeo.

2. SECURITY FOR OBLIGATIONS.

     2.1  Obligations Secured.  The pledge granted in this Agreement
     secures the payment and performance of the obligations by Acridge under
     the Note, the Loan Agreement, the Pledge Agreement, the Purchase
     Agreement, and this Agreement.

     2.2  Acknowledgment of Consideration. Acridge acknowledges that he has
     benefited from the extension of the maturity date of the Loan from
     February 28, 2001 to March 28, 2001, as well as by the further
     Extension of the maturity date of the Loan from March 28, 2001 to March
     28, 2003.  In addition, Acridge has benefited by the assumption of the
     creation of the Additional Obligation by Giant, as well as Giant's
     contingent obligation to make the Surplus Payment, as well as by the
     covenants and agreements of Giant set forth in the Purchase Agreement,
     the Purchase Agreement Modification, the Note, the Loan Agreement and
     the Pledge Agreement.  Accordingly, Acridge acknowledges that he has
     received valuable consideration in the form of the aforesaid.  Acridge
     acknowledges the receipt and sufficiency of adequate consideration for
     his pledge of the Pledged Collateral as set forth herein, and all of
     the terms and conditions of this Agreement are fully binding upon him
     as set forth herein.

3.   FINANCING STATEMENTS.  To perfect the security interest granted hereby
in accordance with the Uniform Commercial Code in effect in the State of
Arizona (the "Code"), Acridge shall, contemporaneously with the execution
hereof, execute and deliver to Giant a financing statement (the "Financing
Statement") in form satisfactory to Giant.  Acridge agrees that, from time to
time hereafter, he will execute and deliver to Giant such further instruments
and documents as Giant may reasonably request which are necessary for the
purpose of perfecting and continuing the perfection of the security interest
granted hereby.

4.   REPRESENTATIONS, WARRANTIES AND ACKNOWLEDGEMENTS.  Acridge represents
and warrants to Giant as follows:

     4.1  Authorization. This Agreement has been duly authorized, executed
     and delivered by Acridge and creates a valid security interest in the
     Pledged Collateral under the Uniform Commercial Code, as adopted by the
     State of Arizona (the "Code") and when the Financing Statement is duly
     filed with the Arizona Secretary of State, Giant will have a first
     priority security interest in the Pledged Collateral.

     4.2  No Default. The execution and delivery of this Agreement will not
     conflict with or result in a breach, default or violation of any other
     agreement to which Acridge is a party or by which any of Acridge's
     property is bound.  The consummation of the transactions contemplated
     herein will not conflict with or result in a breach, default or
     violation of any other agreement to which Acridge is a party or by
     which any of Acridge's property is bound.

     4.3  Good Title.  Acridge is the legal owner of the Pledged Collateral
     and has neither granted any other security interest in the Pledged
     Collateral nor executed any financing statement with respect thereto
     (other than the Financing Statement).

     4.4  Location.  The principal residence and location of Acridge is the
     address for Acridge specified on the signature page below.  Acridge
     shall promptly notify Giant of any change in either.

     4.5  Priority. This Agreement creates a first priority security
     interest, free from any other liens, claims or security interests.

     4.6  Informed Consent to Agreement.  Acridge acknowledges that he has
     thoroughly read and reviewed the terms and provisions of this Agreement
     and is familiar with the same, that the terms and provisions contained
     herein are clearly understood by him and have been fully and
     unconditionally consented to by him, and that Acridge's execution of
     this Agreement is done freely, voluntarily, with full knowledge and
     without duress, and that in executing this Agreement, Acridge is
     relying on no other representations either written or oral, express or
     implied, made to Acridge by any other party hereto, and that the
     consideration received by Acridge hereunder has been actual and
     adequate.  Acridge further acknowledges that he has been advised, and
     has been given the reasonable opportunity, to seek independent legal
     advice with respect to the subject matter of this Agreement, and
     Acridge hereby represents to Giant that he has either sought and
     obtained such independent legal advice or that he hereby waives such
     advice.

     4.7  Consents. That no consent or approval of any third party is
     required to permit the pledge of the Pledged Collateral hereunder.

5.   COVENANTS OF ACRIDGE:

     5.1  No other Liens. Acridge agrees that it will not create or permit
     to exist any lien, security interest, or other charge or encumbrance
     upon or with respect to the Pledged Collateral, except for the security
     interest under this Agreement.

     5.2  No Assignment.  Acridge shall not sell, transfer, convey, assign,
     or otherwise dispose of, or further encumber, all or any part of the
     Pledged Collateral or any interest therein, voluntarily or
     involuntarily, by operation of law or otherwise, directly or
     indirectly.  Nor shall Acridge cause, allow, or enable, Rodeo or
     Rawhide to sell, transfer, convey, assign, or otherwise dispose of, or
     further encumber, all or any part of its assets or property, or any
     interest therein, voluntarily or involuntarily, by operation of law or
     otherwise, directly or indirectly, however sales of inventory and
     personal property in the ordinary course of business for full and fair
     consideration shall not be prohibited hereby.

     5.3  Notice of Default.  Upon hearing of a Default, as defined in
     Section 6 below, or upon knowledge or notice of the likelihood of a
     Default, Acridge shall immediately provide (but in all events within 24
     hours after first hearing of the Default or likelihood thereof) notice
     to Giant of such Default or likelihood thereof.

     5.4  Performance of Other Obligations.  Acridge shall cause Rodeo and
     Rawhide to timely and fully comply with, and perform, when due, all
     terms, obligations, covenants and conditions contained in any
     agreements with third parties, including the three promissory notes
     dated January 18, 2000 by Rodeo in favor of Western Town, L.L.C., an
     Arizona limited liability company, and Hirsch Investment Co., L.L.C.,
     an Arizona limited liability company, in the aggregate original
     principal amount of $28,851,250 (the "Hirsch Notes").

     5.5  Notice of Payments.  On or before the payment due dates set forth
     under the Hirsch Notes, Acridge shall immediately provide Giant notice
     of such payment being made, along with reasonable evidence of such
     payment, which notice shall include a certification that all
     obligations of Rodeo under the Hirsch Notes are current and that Rodeo
     is not in default under any of the Hirsch Notes.

     5.6  Reimbursement.  Acridge shall reimburse all reasonable out of
     pocket costs directly or indirectly related to Giant's protection of
     collateral, including reasonable, prudent, or necessary costs incurred
     to maintain its secured position in the Pledged Collateral, or the
     value thereof.

     5.7  Management.  Acridge shall manage and operate Rodeo, and
     therefore all assets and interests held by Rodeo, in a commercially
     reasonable manner, not inconsistent with the rights and interests of
     Giant created hereby.  Acridge shall not cause or permit Rodeo, or any
     entity controlled by Rodeo, to be in breach of, or to allow a default
     (including, without limitation, a Default) to occur in regard to any of
     their respective obligations.

     5.8  Further Cooperation.  From time to time, and immediately upon
     request of Giant, Acridge shall cooperate with and assist Giant in its
     efforts to preserve and protect the Pledged Collateral, and the secured
     interests of Giant therein, including obtaining the express
     subordination of Hirsch Investment Co., L.L.C. (or its affiliates), in
     regard to Giant's security interest in the 49% membership interest in
     Rawhide held by Giant, as such express subordination is contemplated by
     Section 9 of the Settlement Agreement, dated January 18, 2000, by and
     among Rodeo, Rawhide, Acridge, Hirsch Investment Co., L.L.C., I. Jerome
     Hirsch and others.

6.   REMEDIES OF GIANT.  In the event that (a) an Event of Default shall
occur under the Note, or (b) Acridge fails to comply with or perform when
due, any term, obligation, covenant or condition contained in this Agreement
or in the Loan Agreement, the Pledge Agreement, the Purchase Agreement, or
(c) Rodeo or Rawhide fails to comply with or perform when due, any term,
obligation, covenant or condition contained in any agreement with any third
parties, including, without limitation, the Hirsch Notes, and any other
obligations of Rodeo or Rawhide to  any other creditor of Rodeo or Rawhide
(each, a "Default"), then Giant shall have and may exercise, with respect to
the Pledged Collateral and pursuant to the security interest created hereby,
all rights and remedies under the Code.  The proceeds from any foreclosure
sale pursuant to the Code shall be applied first toward the costs and
expenses of such sale and all other reasonable costs incurred by Giant,
including without limitation, fairness opinions and attorneys' fees, second
towards any attorneys' fees owing to Giant pursuant to Section 18 hereof,
third towards the satisfaction of the defaulted Obligations, fourth toward
the satisfaction of any indebtedness secured by a subordinate security
interest in the Pledged Collateral, and the surplus to Acridge.  In the event
that Giant has and exercises remedies under the Code pursuant to and in
accordance with the terms of this Section, any notice of sale required by law
shall be deemed "commercially reasonable" if such notice is given at least
five (5) days prior to the time of such sale.  Acridge acknowledges that such
shorter period of time is necessary for Giant to protect any interests in the
Pledged Collateral and its property from the claims of other parties
including creditors having liens on assets owned, directly or indirectly, by
Acridge.  Acridge recognizes that Giant may be unable to effect a public sale
of any or all of the Pledged Collateral by reason of certain prohibitions
contained in the Securities Act of 1933, as amended, and applicable state
securities law, but may be compelled to resort to one or more private sales
thereof to a restricted group of purchasers who will be obliged to agree,
among other things, to acquire such Pledged Collateral for their own account
for investment and not with a view to the distribution or resale thereof.
Acridge acknowledges and agrees that any such private sale may result in
prices and other terms less favorable to the seller than if such sale were a
public sale and, notwithstanding such circumstances, agrees that any such
private sale (if otherwise commercially reasonable) shall be deemed to have
been made in a commercially reasonable manner. Nothing contained in the two
immediately preceding sentences shall be construed as an agreement between
Acridge and Giant that the Pledged Collateral does constitute a "security"
within the meaning of the Securities Act of 1933 or applicable state
securities laws, or that the Pledged Collateral cannot be sold at a public
sale.

7.   COVENANT OF GIANT.  If (a) Giant takes possession of any or all of the
Pledged Collateral, and thereafter all assets of Rodeo and Rawhide are
liquidated and all liabilities and obligations of Rodeo and Rawhide are paid
or satisfied in full, and (b) all of Acridge's Obligations to Giant have been
paid or satisfied in full, after reimbursing Giant for the Giant Claim
Amount, and the Additional Amounts, both as defined below, and (c) Rodeo has
any funds remaining, then Giant shall remit such remaining funds to Acridge.
As used above, the "Giant Claim Amount" shall mean an amount that shall be
fixed at the date of the foreclosure (the "Foreclosure") by Giant of the
Interest, and shall be equal to the aggregate of: (i) all outstanding amounts
due to Giant under the Note, the Loan Agreement, the Purchase Agreement and
hereunder; (ii) all reasonable costs and expenses incurred by Giant through
the date of the Foreclosure in connection with the Foreclosure, the
liquidation of Rodeo and Rawhide, and in enforcing its rights hereunder,
including as set forth in Sections 5.6 and 18.  As used above, the
"Additional Amounts" shall mean an accretive factor which will be computed
upon the Giant Claim Amount (without regard to whether the Note is satisfied
or deemed satisfied) at the rate that would have been applicable upon default
under the Note, plus any additional reasonable costs or expenses incurred by
Giant after the Foreclosure with respect to the Foreclosure and the sale or
liquidation of all of the assets of Rodeo and Rawhide.  Acridge's right to
receive funds as set forth above does not give Acridge or any persons acting
on his behalf, or any of Acridge's heirs, successors or assigns, any right to
control, question or attack any of the actions taken by Giant in its sole
discretion, with respect to the exercise of Giant's rights hereunder, or the
liquidation of Rodeo or Rawhide, including without limitation, the commercial
reasonableness of any sales, any consideration received, or any costs or
expenses incurred.

8.   REAFFIRMATION OF OBLIGATIONS.  Acridge believes that it is in his best
interests to enter into this Agreement with Giant.  Acridge hereby reaffirms
the full force and effectiveness of the Note, the Loan Agreement, the Pledge
Agreement, the Purchase Agreement and the Financing Statements.  Acridge
agrees that the Pledge Agreement, as amended, continues to secure all of the
obligations described therein, including the Additional Obligations.  Acridge
represents that this Agreement is of substantial economic benefit to Acridge
and that his reaffirmation and consent is an essential part of the
consideration to Giant to enter into this Agreement and to extend the
Maturity Date of the Loan Agreement Modification.  Acridge hereby consents to
the terms, conditions and the provisions of this Agreement.

9.   NO IMPAIRMENT; SECURITY.  Nothing contained herein shall be deemed a
waiver of or limit any of the rights and remedies that Giant may have against
Acridge or of any of Giant's rights and remedies arising out of any other
documents or agreements, and Giant specifically reserves, and shall have, all
rights and remedies available to Giant under the law or as provided in such
other documents and agreements.

10.   REMEDIES CUMULATIVE.  The remedies of the parties hereto under this
Agreement are cumulative and shall not exclude any other remedies to which
any party may be lawfully entitled including, without limitation, the
remedies under the Note or the Loan Agreement.

11.   AMENDMENTS, ETC.  Any amendment, modification or waiver of any
provision of this Agreement shall be void and of no force or effect unless
made in writing, signed by the party or parties to be bound, and specifying
with particularity the nature and extent of such amendment, modification or
waiver. No delay in exercising, or failure to exercise, any right, remedy or
power hereunder shall impair such right, remedy or power or any right, remedy
or power of Giant under any other Agreement or shall be construed to be a
waiver of any Default hereunder or under any other agreement.

12.   NOTICES, ETC.  Except as otherwise expressly provided in this
Agreement, any notice, request, instruction, correspondence or other document
to be given hereunder by either party to the other (herein collectively
called a "Notice") shall be in writing and shall be given either by hand
delivery against receipt (which includes delivery by commercial couriers such
as Federal Express or Express Mail) or by facsimile (but only if automatic
machine confirmation is issued by the transmitting fax machine), with
confirmation copy to the addresses set forth beneath the signature of each
party hereto. Notices shall be effective immediately upon delivery against
receipt, or 24 hours after being sent by facsimile.  In the event any party
wishes to change the address for notices as specified herein, it shall give a
notice pursuant to this section, whereupon the new notice shall be effective
after the time stated herein.

13.   SEVERABLE PROVISIONS; ENFORCEABILITY.  Each provision of this Agreement
is intended to be severable.  If any provisions hereof shall be declared by a
court of competent jurisdiction to be illegal, unenforceable or invalid for
any reason whatsoever, such illegality, unenforceability or invalidity shall
not affect the validity of the remainder of this Agreement. Time is of the
essence hereof.

14.   TERMINOLOGY.  All captions, headings or titles in the paragraphs or
sections of this Agreement are inserted for convenience of reference only and
shall not constitute a part of this Agreement or affect the construction or
interpretation of this Agreement.

15.   CONTINUING SECURITY INTEREST; TRANSFER OF OBLIGATIONS.  This Agreement
creates a continuing security interest in the Pledged Collateral and shall
(i) remain in full force and effect until performance in full of the
Obligations, (ii) be binding upon Acridge, his heirs, successors, transferees
and assigns and (iii) inure to the benefit of the Giant and its successors,
transferees and assigns. The security interest herein granted shall
terminate, and Giant shall execute and deliver to Acridge such termination
statements and other instruments as shall be necessary to release such
security interest, when the Obligations of Acridge have been fully satisfied.
Acridge shall promptly notify Giant of any change in Acridge's name or the
location of his principal residence, chief executive office and/or principal
place of business, and upon the happening of any of the foregoing events
shall cause Acridge and transferee to execute such additional financing
statements, continuation statements or other documents as may be necessary to
continue the perfection of the security interest herein granted. The security
interest herein granted shall continue in effect notwithstanding any transfer
of Pledged Collateral, regardless of whether such transfer may be permitted
pursuant to this Agreement or any governing document of Rodeo. Nothing in
this Agreement, express or implied, is intended to confer upon any person or
entity other than the parties hereto and their respective permitted heirs,
successors and assigns, any rights, benefits or obligations hereunder.

16.   COUNSEL; INTERPRETATION.  Each party hereto acknowledges that it was
represented by legal counsel (or had the opportunity to be represented by
independent legal counsel) in connection with this Agreement and that each of
them and their counsel have reviewed and revised this Agreement, or have had
an opportunity to do so, and that any rule of construction to the effect that
ambiguities are to be resolved against the drafting party shall not be
employed in the interpretation of this Agreement or any amendments or any
exhibits hereto or thereto.

17.   GOVERNING LAW; TERMS.  This Agreement shall be governed by, and
construed and enforced in accordance with the laws of the State of Arizona.
Unless otherwise defined herein, terms defined in Article 9 of the Code are
used herein as therein defined.

18.   ATTORNEYS' FEES.  In the event of any claim, controversy or dispute
arising out of or relating to this Agreement, or the breach thereof, the
prevailing party shall be entitled to recover reasonable attorneys' fees
incurred in connection with any arbitration or court proceeding.

19.   NO THIRD PARTY BENEFICIARIES.  This Agreement is made and entered into
for the sole protection and benefit of Giant and its permitted successors and
assigns.  No other persons or entities shall have any right of action under
this Amendment.

          IN WITNESS WHEREOF, Acridge has caused this Agreement to be duly
executed and delivered by its authorized officer thereunto duly authorized as
of the date first above written.

ACRIDGE:

/s/ JAMES E. ACRIDGE
------------------------------
James E. Acridge

Address:
23733 N. Scottsdale Road
Scottsdale, Arizona 85255
Facsimile:____________________
Attn: ________________________

GIANT:

GIANT INDUSTRIES, INC., a Delaware
corporation

By: /s/ MARK B. COX
Name: MARK B. COX
     -------------------------
Title: VP TREASURER
      ------------------------

Address:
23733 N. Scottsdale Road
Scottsdale, Arizona 85255
Facsimile:____________________
Attn:_________________________

This Agreement and the terms hereof are
consented and agreed to by:

PINNACLE RODEO, L.L.C., an Arizona limited
liability company

By: /s/ JAMES E. ACRIDGE
   ----------------------------
   James E. Acridge
Its: Sole MemberEXHIBIT 10.26
                            PURCHASE AGREEMENT

DATE:             January 26, 2001

SELLER:           JAMES E. ACRIDGE, TRUSTEE FOR AND ON BEHALF OF THE ACRIDGE
                  FAMILY TRUST
                  Address: 23733 North Scottsdale Road
                           Scottsdale, Arizona 85253
                  Telephone: (480) 585-8802
                  Facsimile No.: (480) 585-8894
                  Attention:  James E. Acridge
                  Taxpayer Identification Number: ###-##-####

BUYER:            GIANT INDUSTRIES, INC., a Delaware corporation
                  Address: 23733 N. Scottsdale Road
                           Scottsdale, AZ  85255-3410
                  Telephone: (480) 585-8888
                  Facsimile No.: (480) 585-8985
                  Attention:  Kim H. Bullerdick, General Counsel
                  Taxpayer Identification Number:  86-0218157

ESCROW AGENT:     FIRST AMERICAN TITLE INSURANCE COMPANY
                  Address: 4801 East Washington Street
                           Phoenix, Arizona 85034
                  Telephone: (602) 685-7560
                  Facsimile No.: (602) 685-7580
                  Escrow Officer: Carol Peterson
                  Escrow Number:  201-800-1331310

PROPERTY:         The real property legally described on Exhibit A, including
                  all improvements located on and all rights and privileges
                  appurtenant to the real property (the "Property").

                             ARTICLE 1
                      AGREEMENT OF THE PARTIES

     1.1  Agreement.  In consideration of the mutual promises and covenants
set forth in this Agreement, Seller agrees to sell and Buyer agrees to buy
the Property on the terms and conditions set forth in this Agreement.

                             ARTICLE 2
                   SALES PRICE AND PAYMENT TERMS

     2.1  Sales Price.  The total sales price (the "Sales Price") which
Buyer agrees to pay for the Property is the lesser of $5,000,000 or the
Appraised Value of the Property determined in accordance with Section 2.2
below.

     2.2  Appraised Value.  On or before the expiration of the Feasibility
Period (defined in Section 5.1(b) below), Buyer, at its expense, shall cause
the Property to be appraised by a licensed real estate appraiser selected by
Buyer and approved by Seller and pursuant to instructions and using a
methodology agreed to by Buyer and Seller.  The amount set forth in such
appraisal shall conclusively be deemed the "Appraised Value" for purposes of
this Agreement.

     2.3  Payment of Sales Price.  The Sales Price is payable as follows:

         (a) Earnest Money Deposit.  Immediately following the execution
of this Agreement by both parties, Buyer shall pay to Seller, by wire
transfer of immediately available funds, direct and outside of Escrow,
$740,000 as an earnest money deposit (the "Deposit").  If the Escrow
closes, the Deposit shall be credited against the Sales Price.  If the
transaction fails to close for any reason, the Deposit shall be repaid
to Buyer within five (5) days following the termination of this
Agreement, less any amounts Seller is entitled to retain pursuant to
Section 11.1 below.  Seller's obligation to repay the Deposit and to
pay any amounts pursuant to Section 11.2 below, shall be secured by a
deed of trust on the Property in the form attached hereto as Exhibit B
(the "Deed of Trust")

         (b) Loan Payment.  At the Closing, $896,775.10, and such
additional amount as shall be mutually agreed to by Buyer and Seller,
("Loan Payment") shall be applied by Buyer to amounts payable to Buyer
by James E. Acridge ("Acridge") under that certain Loan Agreement dated
September 17, 1998, as subsequently amended, between Buyer and Acridge
(the "Loan Agreement"), first to prepay the interest that shall become
due and payable on February 28, 2001 and the remainder to reduce the
principal balance due and owing under the Loan Agreement.  Seller hereby
directs Buyer to apply the Loan Payment to the amounts payable by Acridge
as set forth in the preceding sentence.

         (c) Cash Payable at Closing.  The balance of the Sales Price
shall be paid by wire transfer of immediately available funds to the
account of Escrow Agent, to be deposited in the Escrow on or before the
Closing.

                             ARTICLE 3
                              ESCROW

     3.1  Establishment of the Escrow.  An escrow for this transaction (the
"Escrow") is established with Escrow Agent, and Escrow Agent is engaged to
administer the Escrow.

     3.2  Opening Date.  Within twenty-four (24) hours of the execution of
this Agreement by both Buyer and Seller, Buyer will deliver an executed copy
of this Agreement to Escrow Agent.  The date that the Agreement is delivered
to Escrow Agent is referred to in this Agreement as the "Opening Date".

     3.3  Acceptance of Escrow.  By accepting this Escrow, Escrow Agent
agrees to the terms of this Agreement as they relate to the duties of Escrow
Agent.

     3.4  Escrow Instructions.  This Agreement constitutes escrow
instructions to Escrow Agent.  If Escrow Agent requires the execution of its
standard form printed escrow instructions, Buyer and Seller agree to execute
those instructions; however, those instructions will be construed as applying
only to Escrow Agent's engagement.  If there are conflicts between the terms
of this Agreement and the terms of the printed escrow instructions, the terms
of this Agreement will control.

     3.5  Escrow Cancellation Charges.  If the Escrow fails to close
because of Seller's default, Seller will pay all customary escrow
cancellation charges.  If the Escrow fails to close because of Buyer's
default, Buyer will pay all customary escrow cancellation charges.  If the
Escrow fails to close for any other reason, Seller and Buyer will each pay
one-half (1/2) of all customary escrow cancellation charges.

                             ARTICLE 4
                 INFORMATION TO BE PROVIDED TO BUYER

     4.1  Information and Other Items to Be Provided to Buyer.  On or
before February 9, 2001, Seller will provide Buyer with the following, at no
cost to Buyer:

          (a) Survey.  A survey (the "Survey") of the Property prepared
by a civil engineer satisfactory to Buyer, licensed in Arizona.  The
Survey will be an ALTA survey and will show all easements,
encroachments and other matters affecting the Property.  The Survey
will be certified to be accurate, complete and correct to Buyer.  The
cost of the Survey will be paid by Seller.  The Survey will form the
basis for the legal description of the Property.  Notwithstanding the
foregoing, Seller may provide an existing survey of the Property (an
"Existing Survey") in satisfaction of the foregoing so long as the
Title Insurer is willing to rely on such Existing Survey, or a current
Update of such Existing Survey, in issuing the title policy described in
Section 6.3 below and provided further that the Existing Survey is
certified to Buyer and Title Insurer.

          (b) Preliminary Title Report. A current preliminary title
report (the "Report") on the Property prepared by Escrow Agent.  The
Report will show the status of title to the Property as of the date of
the Report and will be accompanied by legible copies of all documents
referred to in the Report.

          (c) Studies and Reports.  Copies of all engineering plans and
reports, site plans, environmental site assessments, architectural
plans, drawings, test and inspection reports, environmental
assessments, studies, and other materials prepared for Seller or in
Seller's possession relating to the Property.

          (d) Other Agreements.  Copies of any other agreements or
contracts relating to the Property.

     4.2  Material Changes in Information.  At the Closing, Seller will
report to Buyer in writing any material changes in and otherwise to update
and bring current as of the Closing any and all information furnished by
Seller to Buyer pursuant to this Agreement.

                             ARTICLE 5
                        CONDITIONS TO CLOSING

     5.1  Conditions to Buyer's Obligation to Close.  Buyer's obligations
to close this transaction are subject to the satisfaction, in Buyer's sole
and absolute discretion (or waiver by Buyer in writing), of the following
conditions on and as of the Closing, unless an earlier date is specified:
(a) Title Review.  Buyer is satisfied with the status of title
to the Property as disclosed by the Report and the Survey.  In that
regard:
          (i)  Buyer will have ten (10) days (the "Title Review
Period") following receipt of both the Report and the Survey to
approve or disapprove any Survey matters and the status of title
as shown by the Report and the Survey.  If Buyer is dissatisfied
with any matter shown on the Survey or with any exception to
title as shown in the Report, then Buyer may, by giving notice to
Seller and Escrow Agent within the Title Review Period, either:

              (1) Cancel this Agreement; or

              (2) Provisionally accept title subject to Seller's
         removal of any disapproved matters, exceptions or
         objections, in which case Seller will use its best efforts
         to remove the matters, exceptions or objections or obtain
         title insurance endorsements satisfactory to Buyer against
         such matters, exceptions and objections before the Closing.
         If Seller cannot remove such matters, exceptions and
         objections before the Closing, Buyer may terminate this
         Agreement and the Deposit will be returned to Buyer, or
         Buyer may waive such objections and the transaction will
         close as scheduled.

          (ii)  Title to the Property will be delivered to Buyer at
the Closing free and clear of all monetary liens and encumbrances
(other than the lien for current real property taxes not yet due
and payable).  All of such liens and encumbrances are disapproved
for the purposes of this Section, and Buyer need not give any
further notice of disapproval as to those items.  Seller agrees
that all such monetary liens and encumbrances will be released
from the Property by Seller at Seller's sole expense on or before
the Closing.

          (iii)  If, prior to Closing, Escrow Agent issues a
supplemental title report showing additional exceptions to title
(a "Title Supplement"), Buyer shall have a period of time equal
to two (2) business days (a "Supplemental Title Review Period")
from the date of receipt of the Title Supplement and a copy of
each document referred to in the Title Supplement in which to
give notice of dissatisfaction as to any additional exceptions.
If Buyer is dissatisfied with any additional exception shown in
the Title Supplement, then Buyer will have the rights set forth
above in Sections 5.1(a)(i)(1) and 5.1(a)(i)(2) by giving
appropriate notice to Seller during the Supplemental Title Review
Period.

          (iv)  If Buyer does not object to a Survey matter or an
exception to title as disclosed by a Report within the Title
Review Period or Supplemental Title Review Period, as applicable,
the matter will be deemed to have been approved by Buyer.  The
matters shown in the Report and any Title Supplement (other than
standard printed exceptions and exclusions that will be included
in the title policy) that are approved or deemed approved by
Buyer in accordance with this Section 5.1(a), the Survey matters
that are approved or deemed approved by Buyer, and any other
matters approved by Buyer in writing, are referred to in this
Agreement as the "Approved Title Exceptions".

     (b)  Buyer's Investigations.  Buyer is satisfied with Buyer's
investigations and inspections with respect to the Property and this
transaction.  Without limiting the foregoing, Buyer will have the right
to determine, in its sole discretion, that the purchase and resale of
the Property will not violate any of the terms and conditions of any
note, loan agreement or other indebtedness of Buyer or require Buyer to
make any payments under any such indebtedness and that this transaction
will not result in any material economic effect or risk to Buyer.  In that
regard, for a period ending at 5:00 o'clock p.m. (Phoenix time) on
February 19 2001 (the "Feasibility Period"), Buyer will have the
absolute right to cancel this Agreement for any reason whatsoever, in
Buyer's sole and absolute discretion.  However, until Buyer cancels,
Buyer will proceed in good faith with Buyer's preliminary investigatory
steps with respect to this transaction.  Unless Buyer gives written
notice of cancellation prior to the expiration of the Feasibility
Period, then Buyer will be deemed to have elected not to cancel the
Agreement under this provision.

     (c)  Changes.  Buyer has approved, on or before the Closing, (i)
the results of an inspection, at the Buyer's expense, of any material
changes occurring after the satisfaction of the inspection condition
described in Section 5.1(b)) and (ii) any supplementary information
provided to Buyer as required by Section 4.2.

     (d)  Loan Agreement.  Buyer and Acridge shall have agreed on a
mutually acceptable (i) extension of the Loan Agreement, and (ii) a
reduction, if any, in the principal balance due and owing under the
Loan Agreement.

     (e)  Appraisal.  Seller has approved the appraiser selected by
Buyer and Buyer and Seller have agreed on the instructions to be given
to and the methodology to be used by such appraiser by February 2,
2001.

     (f)  Repurchase Option and/or Right of First Refusal.  Buyer
and Seller shall have agreed on the terms of a repurchase option and/or
right of first refusal to be granted to Seller giving Seller the right
to repurchase the Property on terms and conditions acceptable to the
parties.

     (g)  Truthfulness of Representations.  Seller's representations
and warranties set forth in this Agreement are true, complete and
correct on and as of the Closing.

     (h)  Full Compliance.  Seller has fully performed all of its
obligations to be performed by Seller on or before Closing.

If any of the foregoing conditions is not fulfilled to the satisfaction of
Buyer, in Buyer's reasonable discretion (or otherwise waived by Buyer in
writing), except as otherwise provided herein, on or before the date by
which such contingency is to have been satisfied, Buyer may, in addition to
any right or remedy otherwise available to Buyer, by written notice to Seller
given at any time prior to Closing, cancel this Agreement.  If this Agreement
is canceled as permitted by this Section 5.1, the Deposit will be returned to
Buyer as provided in Section 2.3(a).

     5.2  Conditions to Seller's Obligation to Close.  Seller's obligation
to close this transaction is subject to the satisfaction, in Seller's sole
and absolute discretion (or waiver by Seller in writing), of the following
conditions on and as of the Closing, unless an earlier date is specified:

          (a)  Loan Agreement.  Buyer and Acridge shall have agreed on a
mutually acceptable (i) extension of the Loan Agreement, and (ii) a
reduction, if any, in the principal balance due and owing under the Loan
Agreement.

          (b)  Appraisal.  Seller has approved the appraiser selected by
Buyer and Buyer and Seller have agreed on the instructions to be given
to and the methodology to be used by such appraiser by February 2,
2001.

          (c)  Repurchase Option and/or Right of First Refusal.  Buyer and
Seller shall have agreed on the terms of a repurchase option and/or
right of first refusal to be granted to Seller giving Seller the right
to repurchase the Property on terms and conditions acceptable to the
parties, each in their own discretion.

          (d)  Truthfulness of Representations.  Buyer's representations
and warranties set forth in this Agreement are true, complete and
correct on and as of the Closing.

          (e)  Full Compliance.  Buyer has fully performed all of its
obligations to be performed by Buyer on or before Closing.

If any of the foregoing conditions is not fulfilled to the satisfaction of
Seller, in Seller's reasonable discretion (or otherwise waived by Seller in
writing), on or before the date by which such contingency is to have been
satisfied, Seller may by written notice to Buyer, cancel this Agreement, in
which event the Deposit shall be returned to Buyer as provided in Article 11
below.

                             ARTICLE 6
                 CLOSING DOCUMENTS; TITLE POLICIES

     6.1  Seller's Closing Documents.  On or before the Closing, Seller
will deposit the following documents into the Escrow for delivery to Buyer at
the Closing, each of which will have been duly executed and, where
appropriate, acknowledged, and will be in form and substance satisfactory to
Buyer and Buyer's legal counsel:

          (a) Deed.  A special warranty deed, in form and substance
satisfactory to Buyer, subject to no defects, exceptions, easements,
encumbrances, covenants, conditions, restrictions, mining claims or
liens, except the Approved Title Exceptions.

          (b) Affidavit of Value.  An Affidavit of Value as required by
law.

          (c) Warranty Certificate.  A Certificate certifying that, as of
the Closing, all of the representations and warranties of Seller set
forth in Article 9 were true when made and are true, correct and
current as of, and as if made at, the Closing, and that all such
representations and warranties will survive the Closing.

          (d) FIRPTA Affidavit.  An affidavit, signed and acknowledged by
Seller under penalties of perjury, certifying that Seller is not a
nonresident alien, foreign corporation, foreign partnership, foreign
trust, foreign estate, or other foreign person within the meaning of
Section 1445 and 7701 of the Internal Revenue Code of 1986 and the
associated Treasury Regulations.

          (e) Certified Trust Agreement..  A certified copy of Seller's
Trust Agreement and such other documents as may be reasonably required
by Buyer or Escrow Agent evidencing the Seller's authority to complete
this transaction and designating the person or persons authorized to
sign documents on behalf of Seller.

          (f) Additional Documents.  Such other documents as may be
necessary or appropriate to transfer and convey all of the Property to
Buyer and to otherwise consummate this transaction in accordance with
the terms of this Agreement.

     6.2  Buyer's Closing Documents.  On or before the Closing, Buyer will
deposit into the Escrow the following documents for delivery to Seller at the
Closing, each of which will have been duly executed and, where appropriate,
acknowledged and will be in form and substance satisfactory to Seller and
Seller's legal counsel:

          (a) Release of the Deed of Trust.  A release of the Deed of
Trust.

          (b) Affidavit of Value.  An Affidavit of Value as required by
law.

          (c) Buyer's Resolution.  A certified copy of resolution of the
board of directors of Buyer, or other equivalent document reasonably
satisfactory to Seller if Buyer is not a corporation, which resolution
will be in full force and effect, approving this transaction and
designating the person or persons authorized to sign documents on
behalf of Buyer.

          (d) Additional Documents.  Such other documents as may be
necessary or appropriate to consummate this transaction in accordance
with the terms of this Agreement.

     6.3  Title Policy. At the Closing, Seller will provide Buyer with an
extended owner's policy of title insurance issued by First American Title
Insurance Company (the "Title Insurer") in the full amount of the Sales
Price, effective as of the Closing, insuring Buyer that fee simple title to
the Property is vested in Buyer, subject only to the usual printed exceptions
and exclusions contained in such title insurance policies and the Approved
Title Exceptions.  Seller, at Seller's expense, will satisfy all of Escrow
Agent's requirements for issuance of such policy, other than those, if any,
within Buyer's control.

                             ARTICLE 7
                      CLOSING THE TRANSACTION

     7.1  Deadline for Closing.

          (a) Initial Time for Closing.  The closing of this transaction
and the Escrow (the "Closing") will occur on or before February 23,
2001, in the offices of Buyer.

          (b) Extension for Late Delivery. If Seller fails to cure any
title exception pursuant to Section 5.1(a)(iii) on or before the date set
for Closing, Buyer may extend.

     7.2  Closing Costs and Prorations.

          (a) Escrow Fees.  Seller and Buyer will each pay one-half (1/2)
of the Escrow fee.

          (b) Title Insurance Fees.  Seller will pay the entire premium
for a standard coverage owner's policy of title insurance.  Buyer will
pay the premium differential between an ALTA extended owner's title
insurance policy and a standard coverage owner's policy in the same
amount.

          (c) Recording Fees.  Recording fees for documents transferring
interests to Buyer, such as a deed, and for removing liens,
encumbrances or other title matters will be paid by Seller.

          (d) Improvement Liens.  Any improvement liens or other
assessments will be paid in full by Seller on or prior to Closing.

          (e) Prorations.  Real estate and personal property ad valorem
taxes, homeowner's or property owners' association assessments, and
irrigation district assessments will be prorated in the Escrow as of
the Closing, based upon the most current information then available to
Escrow Agent.  If, at the Closing, actual tax or assessment information
is not available, then, following the Closing and within thirty (30)
days of receipt by either Buyer or Seller of the actual tax or
assessment information, Buyer and Seller will re-prorate real estate
taxes and assessments among themselves and make any necessary adjusting
payments.

          (f) Miscellaneous Closing Costs.  Any other closing costs not
provided for above will be paid by Buyer and Seller as they shall
mutually agree or, in the absence of such agreement, according to the
usual and customary practice in Maricopa County, Arizona.

     7.3 Payments and Disbursements to Be Handled through the Escrow.  The
various charges, credits and prorations contemplated by this Agreement will
be handled by Escrow Agent through the Escrow by appropriate charges and
credits to Buyer and Seller.  All amounts payable pursuant to this Agreement
will be paid to Escrow Agent for disposition through the Escrow.  Escrow
Agent is authorized to make all disbursements to the parties and to third
parties contemplated by this Agreement from funds deposited for those
purposes, as necessary or appropriate to close this transaction.

     7.4 Final Disbursement to Seller.  Upon the Closing, all amounts paid
according to Sections 2.3(a) less any closing costs, commissions and other
amounts payable by or chargeable to Seller, will be disbursed to Seller.

     7.5 Buyer's Obligation to Deposit Additional Funds.  On or before the
Closing, Buyer will deposit with Escrow Agent cash in an amount sufficient to
pay all closing costs and other amounts payable by or otherwise chargeable to
Buyer.

     7.6 IRS Reporting at Closing. Escrow Agent agrees to be the
designated "reporting person" under Section 6045(e) of the U.S. Internal
Revenue Code with respect to the real estate transaction described in this
Agreement and to prepare, file and deliver such information, returns and
statements as the U.S. Treasury Department may require by regulations or
forms in connection therewith, including Form 1099-B.

                             ARTICLE 8
                        ADDITIONAL COVENANTS

     8.1 Possession.  Possession of the Property will be delivered to
Buyer upon the Closing free and clear of all leases and other possessory
interests.

     8.2 Risk of Loss.  Except as provided in Section 8.3, the risk of
loss or damage to the Property and all liability to third persons until the
Closing will be borne by Seller.

     8.3 Right to Enter and Inspect the Property.  From time to time prior
to the Closing, Buyer may enter the Property with Buyer's representatives,
contractors, and agents to examine the Property, conduct soil tests,
environmental studies, engineering feasibility studies, and other tests and
studies, and to investigate the Property.  Buyer will indemnify and hold
harmless Seller and Seller's Related Parties for, from, and against any
Claims arising out of Buyer's exercise of the rights granted by this Section
(unless resulting from Seller's negligence or willful misconduct) and this
indemnity will survive the Closing or the cancellation of this Agreement.

     8.4 Condemnation.  If all or any portion of the Property is condemned
(or sold and conveyed in lieu of condemnation) prior to the Closing or if any
condemnation action is commenced, Buyer may cancel this Agreement by giving
written notice of cancellation to Seller.  If Buyer elects to cancel, the
Deposit will be returned to Buyer and the Agreement will be canceled.  If
Buyer elects to close the Escrow notwithstanding the taking of all or a
portion of the Property or commencement of a condemnation action prior to the
Closing, Buyer will receive all awards or payments made by the condemning
authority to which Seller would otherwise be entitled and will proceed to
close the Escrow and pay the total Sales Price.

     8.5 Maintenance of Property.  Seller agrees to maintain the Property,
including all improvements and landscaping, in good condition and repair
until the Closing.

     8.6 Brokerage.  Buyer warrants that Buyer has not dealt with any
broker in connection with this transaction.  Seller warrants that Seller has
not dealt with any broker in connection with this transaction..  If any
person asserts a claim to a finder's fee, brokerage commission or other
compensation on account of alleged employment as a finder or broker or
performance of services as a finder or broker in connection with this
transaction, the party under whom the finder or broker is claiming will
indemnify and hold the other party and the other party's Related Parties
harmless for, from, and against any Claims related thereto.  This indemnity
will survive the Closing or the cancellation of this Agreement.

     8.7 General Indemnity.  Each party to this Agreement agrees to
indemnify and hold harmless each other party and that party's Related Parties
for, from and against all Claims attributable, directly or indirectly, to the
breach by such indemnifying party of any obligation under this Agreement or
the inaccuracy of any representation or warranty made by such indemnifying
party in this Agreement or in any instrument delivered pursuant to this
Agreement or in connection with the transactions contemplated by this
Agreement.  In addition, Seller will indemnify and hold Buyer and Buyer's
Related Parties harmless for, from and against any Claims relating in any way
to the Property and accruing prior to the Closing, even though now unknown
and unsuspected.

                               ARTICLE 9
                SELLER'S REPRESENTATIONS AND WARRANTIES

     9.1 Nature of Seller's Representations.   Each of the representations
and warranties of Seller contained in this Article 9 constitutes a material
part of the consideration to Buyer and Buyer is relying on the correctness
and completeness of these representations and warranties in entering into
this transaction.  Each of the representations and warranties is true and
accurate as of the date of execution of this Agreement by Seller, will be
true and accurate as of the Closing, and will survive the Closing and
regardless of any investigation or inspection by Buyer.

     9.2 Representations and Warranties as to Seller and the Transaction.
Seller represents and warrants to Buyer as follows:

         (a) Organizational Status.  Seller is a trust duly organized,
validly existing and in good standing under the laws of the State of
Arizona, and has full power and authority to enter into and to perform
its obligations under this Agreement.  The persons executing this
Agreement on behalf of Seller have full power and authority to do so
and to perform every act and to execute and deliver every document and
instrument necessary or appropriate to consummate the transactions
contemplated by this Agreement.  Without limiting the foregoing, Seller
has the authority to make the distribution referenced in Section 2.3(b)
above.

         (b) Entity Action.  All action on the part of Seller which is
required for the execution, delivery and performance by Seller of this
Agreement and each of the documents and agreements to be delivered by
Seller at the Closing has been duly and effectively taken.

         (c) Enforceable Nature of Agreement.  This Agreement and each
of the documents and agreements to be delivered by Seller at the
Closing, constitute legal, valid and binding obligations of Seller,
enforceable against Seller in accordance with their respective terms,
except to the extent that enforceability may be limited by applicable
bankruptcy, insolvency, fraudulent conveyance, moratorium, or similar
laws affecting the enforcement of creditors' rights generally, and
subject, as to enforceability, to general principles of equity
(regardless of whether enforcement is sought in a court of law or
equity).

         (d) Violations; Consents; Defaults.  Neither the execution of
this Agreement nor the performance by Seller of its obligations under
this Agreement will result in any breach or violation of the terms of
any law, rule, ordinance, or regulation or of any decree, judgment or
order to which Seller or any officer, director or shareholder of Seller
is a party now in effect from any court or governmental body.  There
are no consents, waivers, authorizations or approvals from any third
party necessary to be obtained by Seller in order to carry out the
transactions contemplated by this Agreement.  The execution and
delivery of this Agreement and performance by Seller of its obligations
under this Agreement will not conflict with or result in a breach or
default (or constitute an event which, with the giving of notice or the
passage of time, or both, would constitute a default) under Seller's
trust agreement, or other instrument to which Seller is a party or by
which Seller or any of its assets may be bound.  The execution and
delivery of this Agreement and performance by Seller of its obligations
under this Agreement will not result in the creation of any new, or the
acceleration of any existing, lien, charge, or encumbrance upon the
Property.

         (e) Litigation.  Neither Seller nor any of its officers,
directors or shareholders is a party to any pending or threatened
action, suit, proceeding or investigation, at law or in equity or
otherwise, in, for or by any court or governmental board, commission,
agency, department or officer arising from or relating to this
transaction, the Property or to the past or present operations and
activities of Seller upon or relating to the Property.

     9.3 Representations and Warranties Relating to the Property.  Seller
represents and warrants to Buyer as follows:

         (a) Governmental Restrictions; Condemnation.  Seller has not
received, nor is aware of, any notifications, restrictions, or
stipulations from the United States of America, the State of Arizona,
the County of Maricopa, the City of Scottsdale, or any other
governmental authority requiring any work to be done on the Property or
threatening the use of the Property.  There are no pending or
threatened condemnation proceedings affecting any portion of the
Property.  Seller is not subject to, nor does any basis exist for, any
order, judgment, decree or governmental restriction which would
adversely affect this transaction, the Property or the use of the
Property in the manner presently being conducted by Seller.  Seller is
not aware of any plan, study, litigation, action, proceeding or effort
by any governmental authority or private party which in any way
challenges, affects or would challenge or affect the continuation of
the present use and operation of the Property.

         (b) Title and Access.  Fee simple title to the Property is
currently vested in Seller.  Permanent, legal access is available to
the Property from a dedicated public right-of-way.

         (c) Knowledge of Adverse Title Matters.  Seller has no
knowledge of any title defect, lien, encumbrance, adverse claim, or
other matter relating to the title to the Property or to the title
insurance coverage for the Property which is has not disclosed in
writing to the title company or which is not shown by the public
records.

         (d) Leases and Agreements.  There are no unrecorded leases,
arrangements, agreements, understandings, options, contracts, or rights
of first refusal affecting or relating to the Property in any way.

         (e) Absence of Liens.  No lien against the Property has arisen
or exists under Federal or state tax, environmental, or other law,
other than the lien for current real property taxes not yet due and
payable.

         (f) Utilities.  Water, sewer, drainage, telephone, gas and
electrical facilities are presently installed to the Property line.

         (g) Property Description.  The legal description of the
Property attached to this Agreement as Exhibit A  accurately and
completely describes the property which Seller owns and which Buyer is
purchasing under this Agreement.  No person has any unrecorded right,
title or interest in the Property, whether by right of adverse
possession, prescriptive easement or otherwise.

         (h) Compliance.  To the best of Seller's knowledge, Seller has
complied, in all respects, with all laws, ordinances, rules,
regulations, requirements and orders of federal, state, or local
governments and/or their agencies with respect to the Property and the
operations presently being conducted by Seller upon the Property. To
the best of Seller's knowledge, neither the Property, nor any
improvement or building upon the Property, violates, in any respect,
any such laws, ordinances, rules, regulations, requirements and orders,
including, but not limited to zoning, or building laws, ordinances,
orders or regulations.

         (i) Environmental Representations.

             (i) To the best of Seller's knowledge, the Property is
     free from and has always been free from Hazardous Substances, and
     is not now and has never been in violation of any Environmental
     Law.  Seller has not caused or allowed the use, generation,
     manufacture, production, treatment, storage, release, discharge,
     or disposal of any Hazardous Substances on, under, or about the
     Property, and has not caused or allowed the transportation to or
     from the Property of any Hazardous Substance.

             (ii) To the best of Seller's knowledge, there are not now
     and have never been any buried or partially buried storage tanks
     located on the Property.

             (iii) Seller has received no warning, notice of violation,
     administrative complaint, judicial complaint, or other formal or
     informal notice alleging that conditions on the Property or
     adjacent property are or have been in violation of any
     Environmental Law, or informing Seller that the Property is
     subject to investigation or inquiry regarding the presence of
     Hazardous Substances on or about the Property or the potential
     violation of any Environmental Law.

             (iv) For purposes of this Agreement, "Environmental Law"
     means any federal, state or local law, statute, ordinance, or
     regulation pertaining to health, industrial hygiene, or
     environmental conditions, including, without limitation, the
     Comprehensive Environmental Response, Compensation and Liability
     Act of 1980, 42 U.S.C. SS 9601, et seq.; the Resource
     Conservation and Recovery Act of 1976, 42 U.S.C. SS 6901, et
     seq.; the Toxic Substances Control Act of 1976, 15 U.S.C.
     SS 2601, et seq.; the Superfund Amendments and Reauthorization
     Act of 1986, Title III, 42 U.S.C. SS 11001, et seq.; the
     Hazardous Materials Transportation Act, 49 U.S.C. SS 1801, et
     seq.; the Clean Air Act, 42 U.S.C. SS 7401, et seq.; the Federal
     Water Pollution Control Act, 33 U.S.C. SS 1251, et seq.; the Safe
     Drinking Water Act, 42 U.S.C. SS 300f, et seq.; the Solid Waste
     Disposal Act, 42 U.S.C. SS 3251, et seq.; and any other federal,
     state or local law, statute, ordinance, or regulation now in
     effect or hereafter enacted which pertains to health, industrial
     hygiene, or the regulation or protection of the environment,
     including, without limitation, ambient air, soil, groundwater,
     surface water, and/or land use.  For purposes of this Agreement,
     Hazardous Substance" means any material, waste, substance,
     pollutant, or contaminant which may or could pose a risk of
     injury or threat to health of the environment.

          (j) Mechanics' Liens.  No work has been performed on or about
the Property or to any improvements located thereon within six (6)
months prior to the Opening Date that could give rise to any mechanics'
or materialmen's liens whatsoever.

          (k) Information.  There is no information or document not
disclosed or provided by Seller to Buyer, directly or indirectly
relating to this transaction or to the ownership or use of the
Property.

          (l) Disclosure.  No representation, warranty or covenant
contained in this Agreement and no statement contained in the Exhibits
or in any certificate or other instrument furnished or to be furnished
to Buyer as required by this Agreement or in connection with the
transactions contemplated by this Agreement, contains or will contain
any untrue statement of a material fact, or omits or will omit to state
a material fact which is necessary in order to make the statements
contained herein or therein not misleading.

For purposes of this Section 10.1, where a representation or warranty is
qualified by the phrase "to the best of Seller's knowledge" or words of
similar import, the phrase means that the representation or warranty is made
to the best of Seller's knowledge, without investigation or inquiry.

                             ARTICLE 10
               BUYER'S REPRESENTATIONS AND WARRANTIES

     10.1 Nature of Buyer's Representations.   Each of the representations
and warranties of Buyer contained in this Article 10 constitutes a material
part of the consideration to Seller and Seller is relying on the correctness
and completeness of these representations and warranties in entering into
this transaction.  Each of the representations and warranties is true and
accurate as of the date of execution of this Agreement by Buyer, will be true
and accurate as of the Closing, and will survive the Closing and regardless
of any investigation or inspection by Seller.

     10.2 Representations and Warranties as to Buyer and the Transaction.
Buyer represents and warrants to Seller as follows:

          (a) Organizational Status.  Buyer is a corporation duly
organized, validly existing and in good standing under the laws of the
State of Arizona and has full power and authority to enter into and to
perform its obligations under this Agreement.  The persons executing
this Agreement on behalf of Buyer have full power and authority to do
so and to perform every act and to execute and deliver every document
and instrument necessary or appropriate to consummate the transactions
contemplated by this Agreement.

          (b) Entity Action.  All corporate action on the part of Buyer
and its shareholders which is required for the execution, delivery and
performance by Buyer of this Agreement and each of the documents and
agreements to be delivered by Buyer at the Closing has been duly and
effectively taken.

          (c) Enforceable Nature of Agreement.  This Agreement and each
of the documents and agreements to be delivered by Buyer at the
Closing, constitute legal, valid and binding obligations of Buyer,
enforceable against Buyer in accordance with their respective terms,
except to the extent that enforceability may be limited by applicable
bankruptcy, insolvency, fraudulent conveyance, moratorium, or similar
laws affecting the enforcement of creditors' rights generally, and
subject, as to enforceability, to general principles of equity
(regardless of whether enforcement is sought in a court of law or
equity).

          (d) Violations; Consents; Defaults.  Neither the execution of
this Agreement nor the performance by Buyer of its obligations under
this Agreement will result in any breach or violation of the terms of
any law, rule, ordinance, or regulation or of any decree, judgment or
order to which Buyer or any officer, director or shareholder of Buyer
is a party now in effect from any court or governmental body.  There
are no consents, waivers, authorizations or approvals from any third
party necessary to be obtained by Buyer in order to carry out the
transactions contemplated by this Agreement.  The execution and
delivery of this Agreement and performance by Buyer of its obligations
under this Agreement will not conflict with or result in a breach or
default (or constitute an event which, with the giving of notice or the
passage of time, or both, would constitute a default) under Buyer's
articles of incorporation or bylaws or any indenture, mortgage, lease,
agreement, or other instrument to which Buyer is a party or by which
Buyer or any of its assets may be bound.  The execution and delivery of
this Agreement and performance by Buyer of its obligations under this
Agreement will not result in the creation of any new, or the
acceleration of any existing, lien, charge, or encumbrance upon the
Property.

For purposes of this Section 10.2, the knowledge of each officer, director
and shareholder of Buyer will be imputed to Buyer.  Where a representation or
warranty is qualified by the phrase "to the best of Buyer's knowledge" or
words of similar import, the phrase means that the representation or warranty
is made to the best of Buyer's knowledge, without investigation or inquiry.

                             ARTICLE 11
                              REMEDIES

     11.1 Seller's Remedies. If Buyer fails to deposit the remainder
of the Sales Price in the time and manner set forth in this Agreement or to
perform when due any other act required by this Agreement or otherwise
breaches this Agreement, Seller's sole and exclusive remedy will be to cancel
this Agreement and the Escrow, such cancellation to be effective immediately
upon Seller giving written notice of cancellation to Buyer and Escrow Agent.
Upon such cancellation, Seller will be entitled to retain from the Deposit
the reasonable costs and expenses incurred by Seller in connection with this
Agreement, not to exceed Twenty Thousand Dollars ($20,000), and Buyer shall
be entitled to the immediate return of the remainder of the Deposit.

     11.2 Buyer's Remedies.  If Seller fails to perform when due any act
required by this Agreement to be performed or otherwise breaches this
Agreement, then, as its sole remedy, Buyer may cancel this Agreement and the
Escrow, such cancellation to be effective immediately upon Buyer giving
written notice of cancellation to Seller and Escrow Agent. In which event
Buyer shall be entitled to the immediate return of the Deposit and the
reasonable costs and expenses incurred by Buyer in connection with this
Agreement, not to exceed Twenty Thousand Dollars ($20,000).

                             ARTICLE 12
                        GENERAL PROVISIONS

     12.1 Certain Definitions.  As used in this Agreement, certain
capitalized terms are defined as follows:

          (a) "Claims" means any and all obligations, debts, covenants,
conditions, representations, costs, and liabilities and any and all
demands, causes of action, and claims, of every type, kind, nature or
character, direct or indirect, known or unknown, absolute or
contingent, determined or speculative, at law, in equity or otherwise,
including attorneys' fees and litigation and court costs.

          (b) "Related Parties" means, with respect to any person or
entity, the officers, directors, shareholders, partners, members,
employees, agents, attorneys, successors, personal representatives,
heirs, executors, or assigns of any such person or entity.

     12.2 Assignment.  At any time prior to the Closing, Buyer may assign
its rights under this Agreement to an Affiliate of Buyer.  Upon execution by
such Affiliate of a document in which the Affiliate assumes the obligations
of Buyer and agrees to perform those obligations, Seller agrees that the
assignor will be released from all obligation and liability as Buyer under
this Agreement and that Seller will accept performance of all of Buyer's
obligations by the assignee.  For purposes of this Agreement, an "Affiliate"
shall be any entity directly or indirectly controlling, controlled by or
under common control with Buyer.

     12.3 Binding Effect.  The provisions of this Agreement are binding
upon and will inure to the benefit of the parties and their respective heirs,
personal representatives, successors and assigns.

     12.4 Attorneys' Fees.  If any action is brought by either party in
respect to its rights under this Agreement, the prevailing party will be
entitled to reasonable attorneys' fees and court costs as determined by the
court.

     12.5 Waivers.  No waiver of any of the provisions of this Agreement
will constitute a waiver of any other provision, whether or not similar, nor
will any waiver be a continuing waiver.  No waiver will be binding unless
executed in writing by the party making the waiver.  Either party may waive
any provision of this Agreement intended for its benefit; provided, however,
such waiver will in no way excuse the other party from the performance of any
of its other obligations under this Agreement.

     12.6 Construction.  This Agreement will be construed according to the
laws of the State of Arizona, without giving effect to its conflict of laws
principles.  References in this Agreement to "Sections" or "Articles" are to
the Sections and Articles in this Agreement, unless otherwise noted.

     12.7 Time.  Time is of the essence of this Agreement.

     12.8 Notices.  Notices will be in writing and will be given by
personal delivery, by deposit in the United States mail, certified mail,
return receipt requested, postage prepaid, by facsimile transmission, or by
express delivery service, freight prepaid.  Notices will be delivered or
addressed to Seller and Buyer at the addresses or facsimile numbers set forth
on the first page of this Agreement or at such other address or number as a
party may designate in writing.  The date notice is deemed to have been
given, received and become effective will be (a) the date on which the notice
is delivered, if notice is given by personal delivery, (b) the date of actual
receipt, if the notice is sent through the United States mail or by express
delivery service, or (c) if notice is sent by facsimile transmission, on the
date of transmission, if the transmission is commenced prior to 4:00 o'clock
p.m. (local time at the place of receipt) and continuously transmitted
thereafter until complete, otherwise on the day following the date of
transmission.

     12.9 Further Documentation.  Each party agrees in good faith to
execute such further or additional documents as may be necessary or
appropriate to fully carry out the intent and purpose of this Agreement.

     12.10 Time Periods.  Except as expressly provided for in this
Agreement, the time for performance of any obligation or taking any action
under this Agreement will be deemed to expire at 5:00 o'clock p.m. (Phoenix
time) on the last day of the applicable time period provided for in this
Agreement.  If the time for the performance of any obligation or taking any
action under this Agreement expires on a Saturday, Sunday or legal holiday,
the time for performance or taking such action will be extended to the next
succeeding day which is not a Saturday, Sunday or legal holiday.

     12.11 Headings and Counterparts.  The headings of this Agreement are
for purposes of reference only and will not limit or define the meaning of
any provision of this Agreement.  This Agreement may be executed in any
number of counterparts, each of which will be an original but all of which
will constitute one and the same instrument.

     12.12 Entire Agreement.  This Agreement, which includes the following
Exhibits:

           Exhibit A          Legal Description
           Exhibit B          Deed of Trust

constitutes the entire agreement between the parties pertaining to the
subject matter contained in this Agreement.  All prior and contemporaneous
agreements, representations and understandings of the parties, oral or
written, are superseded by and merged in this Agreement.  No supplement,
modification or amendment of this Agreement will be binding unless in writing
and executed by Buyer and Seller.

                                  SELLER:

                                  /s/ JAMES E. ACRIDGE
                                  ----------------------------------------
                                  JAMES ACRIDGE, AS TRUSTEE OF THE ACRIDGE
                                  FAMILY TRUST

                                  BUYER:

                                  GIANT INDUSTRIES, INC.

                                  By /s/ MARK B. COX
                                    --------------------------------------
                                  Its  VP, TREASURER AND FINANCIAL OFFICER
                                     -------------------------------------

The undersigned executes this Agreement
for the purpose of agreeing to the
provisions of Section 2.3(b):

/s/ JAMES E. ACRIDGE
---------------------------------------
JAMES E. ACRIDGE

                         ESCROW AGENT ACCEPTANCE

Escrow Agent hereby accepts the engagement to handle the escrow established
by this Agreement in accordance with the terms set forth in this Agreement.

FIRST AMERICAN TITLE INSURANCE
COMPANY

By: /s/ CAROL PETERSON
   -----------------------------------
Name:  CAROL PETERSON
     ---------------------------------
Title: ESCROW OFFICER
      --------------------------------

<PAGE>
                               EXHIBIT A

                     LEGAL DESCRIPTION OF PROPERTY

A parcel of land containing approximately 40 acres located at 9540 East
Jomax Road in the City of Scottsdale, Arizona, more particularly described
as follows:

             THE SOUTHEAST QUARTER OF THE SOUTHEAST QUARTER OF
             SECTION THIRTY-ONE (31), TOWNSHIP FIVE (5) NORTH,
             RANGE (5) EAST OF THE GILA AND SALT RIVER BASE AND
             MERIDIAN, MARICOPA COUNTY, ARIZONA;

             EXCEPT ALL THE COAL AND OTHER MINERALS AS RESERVED
             IN THE PATENT FROM THE UNITED STATES OF AMERICA.

<PAGE>
                              EXHIBIT B

                            DEED OF TRUST

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