Document:

<PAGE>
                                                                               .
                                                                               .
                                                                               .

                                                                    EXHIBIT 10.5

                               COMMERCIAL GUARANTY

<Table>
<Caption>
PRINCIPAL   LOAN DATE   MATURITY    LOAN NO.   CALL/COLL   ACCOUNT   OFFICER   INITIALS
<S>         <C>         <C>         <C>        <C>         <C>       <C>       <C>

                                                  6001                 360
</Table>

References in the shaded area are for Lender's use only and do not limit the
applicability of this document to any particular loan or item.

Any item above containing "***" has been omitted due to text length limitations.

<Table>
<S>                                                        <C>
BORROWER:   NORTH & SOUTH ASPEN, LLC (TIN: 84-1230113)     LENDER:   WESTSTAR BANK
            SARDY HOUSE, LLC (TIN: 75-3099118)                       ASPEN OFFICE
            200 S. ASPEN STREET                                      PO BOX 11510
            ASPEN, CO 81611                                          400 EAST MAIN STREET SUITE 101
                                                                     ASPEN, CO 81612
                                                                     (970) 925-7323
GUARANTOR:    DANIEL D. DELANO (SSN: ###-##-####)
              220 S. ASPEN STREET
              ASPEN, CO 81611
</Table>

================================================================================

AMOUNT OF GUARANTY.  The amount of this Guaranty is Unlimited.

CONTINUING UNLIMITED GUARANTY. For good and valuable consideration, Daniel D.
Delano ("Guarantor") absolutely and unconditionally guarantees and promises to
pay to WestStar Bank ("Lender") or its order, in legal tender of the United
States of America, the Indebtedness (as that term is defined below) of North &
South Aspen, LLC; and Sardy House, LLC ("Borrower"), or either or any of them,
to Lender on the terms and conditions set forth in this Guaranty. Under this
Guaranty, the liability of Guarantor is unlimited and the obligations of
Guarantor are continuing.

INDEBTEDNESS GUARANTEED. The Indebtedness guaranteed by this Guaranty includes
any and all of Borrower's indebtedness to Lender and is used in the most
comprehensive sense and means and includes any and all of Borrower's
liabilities, obligations and debts to Lender, now existing or hereinafter
incurred or created, including, without limitation, all loans, advances,
interest, costs, debts, overdraft indebtedness, credit card indebtedness, lease
obligations, other obligations, and liabilities of Borrower, or any of them, and
any present or future judgments against Borrower, or any of them, and whether
any such Indebtedness is voluntarily or involuntarily incurred, due or not due,
absolute or contingent, liquidated or unliquidated, determined or undetermined;
whether Borrower may be liable individually or jointly with others, or primarily
or secondarily, or as guarantor or surety; whether recovery on the Indebtedness
may be or may become barred or unenforceable against Borrower for any reason
whatsoever; and whether the Indebtedness arises from transactions which may be
voidable on account of infancy, insanity, ultra vires, or otherwise.

DURATION OF GUARANTY. This Guaranty will take effect when received by Lender
without the necessity of any acceptance by Lender, or any notice to Guarantor or
to Borrower, and will continue in full force until all Indebtedness incurred or
contracted before receipt by Lender of any notice of revocation shall have been
fully and finally paid and satisfied and all of Guarantor's other obligations
under this Guaranty shall have been performed in full. If Guarantor elects to
revoke this Guaranty, Guarantor may only do so in writing. Guarantor's written
notice of revocation must be mailed to Lender, by certified mail, at Lender's
address listed above or such other place as Lender may designate in writing.
Written revocation of this Guaranty will apply only to advances or new
Indebtedness created after actual receipt by Lender of Guarantor's written
revocation. For this purpose and without limitation, the term "new Indebtedness"
does not include Indebtedness which at

<PAGE>

                               COMMERCIAL GUARANTY
LOAN NO. 55032                     (CONTINUED)                            PAGE 2

================================================================================

the time of notice of revocation is contingent, unliquidated, undetermined or
not due and which later becomes absolute, liquidated, determined or due. This
Guaranty will continue to bind Guarantor for all Indebtedness incurred by
Borrower or committed by Lender prior to receipt of Guarantor's written notice
of revocation, including any extensions, renewals, substitutions or
modifications of the Indebtedness. All renewals, extensions, substitutions, and
modifications of the Indebtedness granted after Guarantor's revocation, are
contemplated under this Guaranty and, specifically will not be considered to be
new Indebtedness. This Guaranty shall bind Guarantor's estate as to Indebtedness
created both before and after Guarantor's death or incapacity, regardless of
Lender's actual notice of Guarantor's death. Subject to the foregoing,
Guarantor's executor or administrator or other legal representative may
terminate this Guaranty in the same manner in which Guarantor might have
terminated it and with the same effect. Release of any other guarantor or
termination of any other guaranty of the Indebtedness shall not affect the
liability of Guarantor under this Guaranty. A revocation Lender receives from
any one or more Guarantors shall not affect the liability of any remaining
Guarantors under this Guaranty. It is anticipated that fluctuations may occur in
the aggregate amount of Indebtedness covered by this Guaranty, and Guarantor
specifically acknowledges and agrees that reductions in the amount of
Indebtedness, even to zero dollars ($0.00), prior to Guarantor's written
revocation of this Guaranty shall not constitute a termination of this Guaranty.
This Guaranty is binding upon Guarantor and Guarantor's heirs, successors and
assigns so long as any of the guaranteed Indebtedness remains unpaid and even
though the Indebtedness guaranteed may from time to time be zero dollars
($0.00).

GUARANTOR'S AUTHORIZATION TO LENDER. Guarantor authorizes Lender, either before
or after any revocation hereof, without notice or demand and without lessening
Guarantor's liability under this Guaranty, from time to time: (A) prior to
revocation as set forth above, to make one or more additional secured or
unsecured loans to Borrower, to lease equipment or other goods to Borrower, or
otherwise to extend additional credit to Borrower; (B) to alter, compromise,
renew, extend, accelerate, or otherwise change one or more times the time for
payment or other terms of the Indebtedness or any part of the Indebtedness,
including increases and decreases of the rate of interest on the Indebtedness;
extensions may be repeated and may be for longer than the original loan term;
(C) to take and hold security for the payment of this Guaranty or the
Indebtedness, and exchange, enforce, waive, subordinate, fail or decide not to
perfect, and release any such security, with or without the substitution of new
collateral; (D) to release, substitute, agree not to sue, or deal with any one
or more of Borrower's sureties, endorsers, or other guarantors on any terms or
in any manner Lender may choose; (E) to determine how, when and what application
of payments and credits shall be made on the Indebtedness (F) to apply such
security and direct the order or manner of sale thereof, including without
limitation, any nonjudicial sale permitted by the terms of the controlling
security agreement or deed of trust, as Lender in its discretion may determine;
(G) to sell, transfer, assign or grant participations in all or any part of the
Indebtedness; and (H) to assign or transfer this Guaranty in whole or in part.

GUARANTOR'S REPRESENTATIONS AND WARRANTIES. Guarantor represents and warrants to
Lender that (A) no representations or agreements of any kind have bean made to
Guarantor which would limit or qualify in any way the terms of this Guaranty;
(B) this Guaranty is executed at Borrower's request and not at the request of
Lender; (C) Guarantor has full power, right and authority to enter into this
Guaranty; (D) the provisions of this Guaranty do not conflict with or result in
a default under any agreement or other instrument binding upon Guarantor and do
not result in a violation of any law, regulation, court decree or order
applicable to Guarantor; (E) Guarantor has not and will not, without the prior
written consent of Lender, sell, lease, assign, encumber, hypothecate, transfer,
or otherwise dispose of all or substantially all of Guarantor's assets, or any

                                       2
<PAGE>

                               COMMERCIAL GUARANTY
LOAN NO. 55032                     (CONTINUED)                            PAGE 3

================================================================================

interest therein; (F) upon Lender's request, Guarantor will provide to Lender
financial and credit information in form acceptable to Lender, and all such
financial information which currently has been, and all future financial
information which will be provided to Lender is and will be true and correct in
all material respects and fairly present Guarantor's financial condition as of
the dates the financial information is provided; (G) no material adverse change
has occurred in Guarantor's financial condition since the date of the most
recent financial statements provided to Lender and no event has occurred which
may materially adversely affect Guarantor's financial condition; (H) no
litigation, claim, investigation, administrative proceeding or similar action
(including those for unpaid taxes) against Guarantor is pending or threatened;
(I) Lender has made no representation to Guarantor as to the creditworthiness of
Borrower; and (J) Guarantor has established adequate means of obtaining from
Borrower on a continuing basis information regarding Borrower's financial
condition. Guarantor agrees to keep adequately informed from such means of any
facts, events, or circumstances which might in any way affect Guarantor's risks
under this Guaranty, and Guarantor further agrees that, absent a request for
information, Lender shall have no obligation to disclose to Guarantor any
information or documents acquired by Lender in the course of its relationship
with Borrower.

GUARANTOR'S FINANCIAL STATEMENTS. Guarantor agrees to furnish Lender with the
following:

         Additional Requirements.

         Annual Statements. As soon as available, but in no event later than
         February 1st of each year, Daniel D. Delano's balance sheet and income
         statement for the year ended, prepared by Guarantor.

         Tax Returns. As soon as available, but in no event later than April
         15th of each year, Daniel D. Delano's Federal and other governmental
         tax returns, prepared by Guarantor.

All financial reports required to be provided under this Guaranty shall be
prepared in accordance with GAAP, applied on a consistent basis, and certified
by Guarantor as being true and correct.

GUARANTOR'S WAIVERS. Except as prohibited by applicable law, Guarantor waives
any right to require Lender (A) to continue lending money or to extend other
credit to Borrower; (B) to make any presentment, protest, demand, or notice of
any kind, including notice of any nonpayment of the Indebtedness or of any
nonpayment related to any collateral, or notice of any action or nonaction on
the part of Borrower, Lender, any surety, endorser, or other guarantor in
connection with the Indebtedness or in connection with the creation of new or
additional loans or obligations; (C) to resort for payment or to proceed
directly or at once against any person, including Borrower or any other
guarantor; (D) to proceed directly against or exhaust any collateral held by
Lender from Borrower, any other guarantor, or any other person; (E) to give
notice of the terms, time, and place of any public or private sale of personal
property security held by Lender from Borrower or to comply with any other
applicable provisions of the Uniform Commercial Code; (F) to pursue any other
remedy within Lender's power; or (G) to commit any act or omission of any kind,
or at any time, with respect to any matter whatsoever.

In addition to the waivers set forth herein, if now or hereafter Borrower is or
shall become insolvent and the Indebtedness shall not at all times until paid be
fully secured by collateral pledged by Borrower, Guarantor hereby forever waives
and gives up in favor of Lender and Borrower, and Lender's and Borrower's
respective successors, any claim or right to payment Guarantor may now have or
hereafter have or acquire against Borrower, by subrogation or otherwise, so that
at no time shall Guarantor be or become a "creditor" of

                                       3
<PAGE>

                               COMMERCIAL GUARANTY
LOAN NO. 55032                     (CONTINUED)                            PAGE 4

================================================================================

Borrower within the meaning of 11 U.S.C. section 547(b), or any successor
provision of the Federal bankruptcy laws.

Guarantor also waives any and all rights or defenses arising by reason of (A)
any "one action" or "anti-deficiency" law or any other law which may prevent
Lender from bringing any action, including a claim for deficiency, against
Guarantor, before or after Lender's commencement or completion of any
foreclosure action, either judicially or by exercise of a power of sale; (B) any
election of remedies by Lender which destroys or otherwise adversely affects
Guarantor's subrogation rights or Guarantor's rights to proceed against Borrower
for reimbursement, including without limitation, any loss of rights Guarantor
may suffer by reason of any law limiting, qualifying, or discharging the
Indebtedness; (C) any disability or other defense of Borrower, of any other
guarantor, or of any other person, or by reason of the cessation of Borrower's
liability from any cause whatsoever, other than payment in full in legal tender,
of the Indebtedness; (D) any right to claim discharge of the Indebtedness on the
basis of unjustified impairment of any collateral for the Indebtedness; (E) any
statute of limitations, it at any time any action or suit brought by Lender
against Guarantor is commenced, there is outstanding Indebtedness of Borrower to
Lender which is not barred by any applicable statute of limitations; or (F) any
defenses given to guarantors at law or in equity other than actual payment and
performance of the Indebtedness. If payment is made by Borrower, whether
voluntarily or otherwise, or by any third party, on the Indebtedness and
thereafter Lender is forced to remit the amount of that payment to Borrower's
trustee in bankruptcy or to any similar person under any federal or state
bankruptcy law or law for the relief of debtors, the Indebtedness shall be
considered unpaid for the purpose of the enforcement of this Guaranty.

Guarantor further waives and agrees not to assert or claim at any time any
deductions to the amount guaranteed under this Guaranty for any claim of setoff,
counterclaim, counter demand, recoupment or similar right, whether such claim,
demand or right may be asserted by the Borrower, the Guarantor, or both.

GUARANTORS UNDERSTANDING WITH RESPECT TO WAIVERS. Guarantor warrants and agrees
that each of the waivers set forth above is made with Guarantor's full knowledge
of its significance and consequences and that, under the circumstances, the
waivers are reasonable and not contrary to public policy or law. If any such
waiver is determined to be contrary to any applicable law or public policy, such
waiver shall be effective only to the extent permitted by law or public policy.

RIGHT OF SETOFF. To the extent permitted by applicable law, Lender reserves a
right of setoff in all Guarantor's accounts with Lender (whether checking,
savings, or some other account). This includes all accounts Guarantor holds
jointly with someone else and all accounts Guarantor may open in the future.
However, this does not include any IRA or Keogh accounts, or any trust accounts
for which setoff would be prohibited by law. Guarantor authorizes Lender, to the
extent permitted by applicable law, to hold these funds if there is a default,
and Lender may apply the funds in these accounts to pay what Guarantor owes
under the terms of this Guaranty.

SUBORDINATION OF BORROWER'S DEBTS TO GUARANTOR. Guarantor agrees that the
Indebtedness of Borrower to Lender, whether now existing or hereafter created,
shall be superior to any claim that Guarantor may now have or hereafter acquire
against Borrower, whether or not Borrower becomes insolvent. Guarantor hereby
expressly subordinates any claim Guarantor may have against Borrower, upon any
account whatsoever, to any claim that Lender may now or hereafter have against
Borrower. In the event of

                                       4
<PAGE>

                               COMMERCIAL GUARANTY
LOAN NO. 55032                     (CONTINUED)                            PAGE 5

================================================================================

insolvency and consequent liquidation of the assets of Borrower, through
bankruptcy, by an assignment for the benefit of creditors, by voluntary
liquidation, or otherwise, the assets of Borrower applicable to the payment of
the claims of both Lender and Guarantor shall be paid to Lender and shall be
first applied by Lender to the Indebtedness of Borrower to Lender. Guarantor
does hereby assign to Lender all claims which it may have or acquire against
Borrower or against any assignee or trustee in bankruptcy of Borrower; provided
however, that such assignment shall be effective only for the purpose of
assuring to Lender full payment in legal tender of the Indebtedness. If Lender
so requests, any notes or credit agreements now or hereafter evidencing any
debts or obligations of Borrower to Guarantor shall be marked with a legend that
the same are subject to this Guaranty and shall be delivered to Lender.
Guarantor agrees, and Lender is hereby authorized, in the name of Guarantor,
from time to time to execute and file financing statements and continuation
statements and to execute such other documents and to take such other actions as
Lender deems necessary or appropriate to perfect, preserve and enforce its
rights under this Guaranty.

MISCELLANEOUS PROVISIONS. The following miscellaneous provisions are a part of
this Guaranty:

         AMENDMENTS. This Guaranty, together with any Related Documents,
         constitutes the entire understanding and agreement of the parties as to
         the matters set forth in this Guaranty. No alteration of or amendment
         to this Guaranty shall be effective unless given in writing and signed
         by the party or parties sought to be charged or bound by the alteration
         or amendment.

         ATTORNEYS' FEES; EXPENSES. Guarantor agrees to pay upon demand all of
         Lender's costs and expenses, including Lender's attorneys' fees and
         Lender's legal expenses, incurred in connection with the enforcement of
         this Guaranty. Lender may hire or pay someone else to help enforce this
         Guaranty, and Guarantor shall pay the costs and expenses of such
         enforcement. Costs and expenses include Lender's attorneys' fees and
         legal expenses whether or not there is a lawsuit, including attorneys'
         fees and legal expenses for bankruptcy proceedings (including efforts
         to modify or vacate any automatic stay or injunction), appeals, and any
         anticipated post-judgment collection services. Guarantor also shall pay
         all court costs and such additional fees as may be directed by the
         court.

         CAPTION HEADINGS. Caption headings in this Guaranty are for convenience
         purposes only and are not to be used to interpret or define the
         provisions of this Guaranty.

         GOVERNING LAW. THIS GUARANTY WILL BE GOVERNED BY, CONSTRUED AND
         ENFORCED IN ACCORDANCE WITH FEDERAL LAW AND THE LAWS OF THE STATE OF
         COLORADO. THIS GUARANTY HAS BEEN ACCEPTED BY LENDER IN THE STATE OF
         COLORADO.

         INTEGRATION. Guarantor further agrees that Guarantor has read and fully
         understands the terms of this Guaranty; Guarantor has had the
         opportunity to be advised by Guarantor's attorney with respect to this
         Guaranty; the Guaranty fully reflects Guarantor's intentions and parol
         evidence is not required to interpret the terms of this Guaranty.
         Guarantor hereby indemnifies and holds Lender harmless from all losses,
         claims, damages, and costs (including Lender's attorneys' fees)
         suffered or incurred by Lender as a result of any breach by Guarantor
         of the warranties, representations and agreements of this paragraph.

         INTERPRETATION. In all cases where there is more than one Borrower or
         Guarantor, then all words used in this Guaranty in the singular shall
         be deemed to have been used in the plural where the context and

                                       5
<PAGE>

                               COMMERCIAL GUARANTY
LOAN NO. 55032                     (CONTINUED)                            PAGE 6

================================================================================

         construction so require; and where there is more than one Borrower
         named in this Guaranty or when this Guaranty is executed by more than
         one Guarantor, the words "Borrower" and "Guarantor" respectively shall
         mean all and any one or more of them. The words "Guarantor,"
         "Borrower," and "Lender" include the heirs, successors, assigns, and
         transferees of each of them. If a court finds that any provision of
         this Guaranty is not valid or should not be enforced, that fact by
         itself will not mean that the rest of this Guaranty will not be valid
         or enforced. Therefore, a court will enforce the rest of the provisions
         of this Guaranty even if a provision of this Guaranty may be found to
         be invalid or unenforceable. If any one or more of Borrower or
         Guarantor are corporations, partnerships, limited liability companies,
         or similar entities, it is not necessary for Lender to inquire into the
         powers of Borrower or Guarantor or of the officers, directors,
         partners, managers, or other agents acting or purporting to act on
         their behalf, and any Loan indebtedness made or created in reliance
         upon the professed exercise of such powers shall be guaranteed under
         this Guaranty.

         NOTICES. Any notice required to be given under this Guaranty shall be
         given in writing, and, except for revocation notices by Guarantor,
         shall be effective when actually delivered, when actually received by
         telefacsimile (unless otherwise required by law), when deposited with a
         nationally recognized overnight courier, or, if mailed, when deposited
         in the United States mail, as first class, certified or registered mail
         postage prepaid, directed to the addresses shown near the beginning of
         this Guaranty. All revocation notices by Guarantor shall be in writing
         and shall be effective upon delivery to Lender as provided in the
         section of this Guaranty entitled "DURATION OF GUARANTY." Any party may
         change its address for notices under this Guaranty by giving formal
         written notice to the other parties, specifying that the purpose of the
         notice is to change the party's address. For notice purposes, Guarantor
         agrees to keep Lender informed at all times of Guarantor's current
         address. Unless otherwise provided or required by law, if there is more
         than one Guarantor, any notice given by Lender to any Guarantor is
         deemed to be notice given to all Guarantors.

         NO WAIVER BY LENDER. Lender shall not be deemed to have waived any
         rights under this Guaranty unless such waiver is given in writing and
         signed by Lender. No delay or omission on the part of Lender in
         exercising any right shall operate as a waiver of such right or any
         other right. A waiver by Lender of a provision of this Guaranty shall
         not prejudice or constitute a waiver of Lender's right otherwise to
         demand strict compliance with that provision or any other provision of
         this Guaranty. No prior waiver by Lender, nor any course of dealing
         between Lender and Guarantor, shall constitute a waiver of any of
         Lender's rights or of any of Guarantor's obligations as to any future
         transactions. Whenever the consent of Lender is required under this
         Guaranty, the granting of such consent by Lender in any instance shall
         not constitute continuing consent to subsequent instances where such
         consent is required and in all cases such consent may be granted or
         withheld in the sole discretion of Lender.

         SUCCESSORS AND ASSIGNS. Subject to any limitations stated in this
         Guaranty on transfer of Guarantor's interest, this Guaranty shall be
         binding upon and inure to the benefit of the parties, their successors
         and assigns.

DEFINITIONS. The following capitalized words and terms shall have the following
meanings when used in this Guaranty. Unless specifically stated to the contrary,
all references to dollar amounts shall mean amounts in lawful money of the
United States of America. Words and terms used in the singular shall include the
plural,

                                       6
<PAGE>

                               COMMERCIAL GUARANTY
LOAN NO. 55032                     (CONTINUED)                            PAGE 7

================================================================================

and the plural shall include the singular, as the context may require. Words and
terms not otherwise defined in this Guaranty shall have the meanings attributed
to such terms in the Uniform Commercial Code:

         BORROWER. The word "Borrower" means North & South Aspen, LLC; and Sardy
         House, LLC, and all other persons and entities signing the Note in
         whatever capacity.

         GAAP. The word "GAAP" means generally accepted accounting principles.

         GUARANTOR. The word "Guarantor" means each and every person or entity
         signing this Guaranty, including without limitation Daniel D. Delano.

         GUARANTY. The word "Guaranty" means the guaranty from Guarantor to
         Lender, including without limitation a guaranty of all or part of the
         Note.

         INDEBTEDNESS. The word "Indebtedness" means Borrower's indebtedness to
         Lender as more particularly described in this Guaranty.

         LENDER. The word "Lender" means WestStar Bank, its successors and
         assigns.

         NOTE. The word "Note" means the promissory note dated March 28, 2003,
         in the original principal amount of $4,000,000.00 from Borrower to
         Lender, together with all renewals of, extensions of, modifications of,
         refinancings of, consolidations of, and substitutions for the
         promissory note or agreement.

         RELATED DOCUMENTS. The words "Related Documents" mean all promissory
         notes, credit agreements, loan agreements, environmental agreements,
         guaranties, security agreements, mortgages, deeds of trust, security
         deeds, collateral mortgages, and all other instruments, agreements and
         documents, whether now or hereafter existing, executed in connection
         with the Indebtedness.

EACH UNDERSIGNED GUARANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS
GUARANTY AND AGREES TO ITS TERMS. IN ADDITION, EACH GUARANTOR UNDERSTANDS THAT
THIS GUARANTY IS EFFECTIVE UPON GUARANTOR'S EXECUTION AND DELIVERY OF THIS
GUARANTY TO LENDER AND THAT THE GUARANTY WILL CONTINUE UNTIL TERMINATED IN THE
MANNER SET FORTH IN THE SECTION TITLED "DURATION OF GUARANTY." NO FORMAL
ACCEPTANCE BY LENDER IS NECESSARY TO MAKE THIS GUARANTY EFFECTIVE. THIS GUARANTY
IS DATED MARCH 28, 2003.

GUARANTOR:

x /s/ DANIEL D. DELANO
  -----------------------------------
  Daniel D. Delano, Individually

[Separate form executed by Frank S. Peters on March 28, 2003]

                                       7
<PAGE>

                               COMMERCIAL GUARANTY
LOAN NO. 55032                     (CONTINUED)                            PAGE 8

================================================================================

                            INDIVIDUAL ACKNOWLEDGMENT

STATE OF COLORADO                   )
                                    ) ss
COUNTY OF PITKIN                    )

On this day before me, the undersigned Notary Public, personally appeared Daniel
D. Delano, to me known to be the individual described in and who executed the
Commercial Guaranty, and acknowledged that he or she signed the Guaranty as his
or her free and voluntary act and deed, for the uses and purposes therein
mentioned.

Given under my hand and official seal this 28th day of March, 2003.

By /s/ JANICE L. JOHNSON                         Residing at
   -------------------------------------------              --------------------
Notary Public in and for the State of Colorado   My commission expires 4/15/2004

                                       8<PAGE>
                                                                    EXHIBIT 10.6

                          REGISTRATION RIGHTS AGREEMENT

         This Registration Rights Agreement executed on April 30, 2003, to be
effective as of March 20, 2003 (the "Agreement"), is by and between Sardy House,
LLC, a Colorado limited liability company ("Sardy"), and North and South Aspen,
L.L.C., a Colorado limited liability company ("NASA").

                                    RECITALS

         WHEREAS, Sardy and NASA have entered into that certain Contract for the
Purchase and Sale of Real Estate dated as of March 20, 2003 (the "Purchase
Contract"), whereby upon the closing of the Purchase Contract Sardy issued to
NASA a total of 25 units (the "Units") of Sardy limited liability company
membership interests (the "Sardy Securities") in exchange for the conveyance of
the Sardy House real property as set forth in the Purchase Contract; and

         WHEREAS, in connection with the issuance of the Units of Sardy
Securities to NASA under the Purchase Contract, Sardy and NASA have agreed that
Sardy shall grant to NASA certain registration rights with respect to the Units
of Sardy Securities issued under the Purchase Contract, under the terms and
conditions as set forth in this Agreement.

         NOW, THEREFORE, in consideration of the premises and the mutual
covenants and agreements contained herein and in the Purchase Contract, and for
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto hereby agree as follows:

                                    AGREEMENT

         Section 1. Certain Definitions. For purposes of this Agreement, the
following terms shall have the following respective meanings:

                  (a) "Effectiveness Period" shall have the meaning set forth in
         Section 2(c) hereof.

                  (b) "Exchange Act" shall mean the Securities Exchange Act of
         1934, as amended.

                  (c) "Form S-11" shall mean such form under the Securities Act
         as in effect on the date hereof or any registration form under the
         Securities Act subsequently adopted by the SEC for the registration of
         securities of real estate companies.

                  (d) "Holder" shall mean NASA as a holder of Registrable
         Securities, or any transferee or assignee of NASA pursuant to the
         provisions of Section 7 hereof.

                  (e) "NASD" shall mean the National Association of Securities
         Dealers, Inc.

                  (f) "Prospectus" shall mean the prospectus included in the
         Registration Statement, as amended or supplemented by any prospectus
         supplement and by all other

<PAGE>

         amendments thereto, including post-effective amendments, and all
         material incorporated by reference into such Prospectus.

                  (g) "Registrable Securities" shall mean the Units of Sardy
         Securities issued to NASA under the Purchase Contract until in the case
         of such Units the effective registration under the Securities Act and
         resale in accordance with the Registration Statement covering such
         Units.

                  (h) "Registration Statement" shall have the meaning set forth
         in Section 2(a) hereof.

                  (i) "Securities Act" shall mean the Securities Act of 1933, as
         amended.

                  (j) "SEC" shall mean the United States Securities and Exchange
         Commission.

                  (k) "Violation" shall have the meaning set forth in Section
         5(a) hereof.

All other capitalized terms used but not defined herein shall have the
respective meanings given to them in the Purchase Contract.

         Section 2. Form S-11 Registration.

                  (a) Sardy shall use its reasonable best efforts to as soon as
         practicable prepare and file with the SEC, with a view to having such
         registration statement declared effective by the SEC as soon as
         practicable after it has been filed, a registration statement on Form
         S-11 (or, if Form S-11 is not then available or appropriate, on such
         form of registration statement that is then available and appropriate
         to effect a registration of all Registrable Securities held by the
         Holder, subject to the consent of the Holder) pursuant to Rule 415
         under the Securities Act for the purpose of registering under the
         Securities Act all of the Registrable Securities held by the Holder for
         resale by, and for the account of (subject to the provisions of Section
         4(b)), the Holder as a selling security holder thereunder (the
         "Registration Statement"), which shall also include the Prospectus,
         amendments and supplements to such registration statement, all
         exhibits, and all materials incorporated by reference or explicitly
         deemed to be incorporated by reference in such registration statement.

                  (b) Sardy shall use its reasonable best efforts to cause the
         Registration Statement to be declared effective by the SEC as soon as
         practicable after it has been filed.

                  (c) Subject to Section 3(b)(i) hereof, Sardy shall use its
         reasonable best efforts to keep the Registration Statement continuously
         effective, supplemented and amended as required pursuant to the
         provisions of Section 3(b) hereof to the extent necessary to ensure
         that (i) it is available for resales by the Holder and (ii) conforms
         with the requirements of this Agreement and the Securities Act and the
         rules and regulations of the SEC promulgated thereunder as announced
         from time to time for a period (the "Effectiveness Period") of:

                                       2
<PAGE>

                           (i) two years after the effective date of the
                  Registration Statement; or

                           (ii) such shorter period, from the effective date of
                  the Registration Statement until the sale pursuant to the
                  Registration Statement of all of the Registrable Securities.

                  (d) The Holder shall furnish to Sardy such information as
         Sardy may reasonably request in connection with the Registration
         Statement, including information regarding the Holder, the Registrable
         Securities held by the Holder, and the intended method of disposition
         of such securities. The Holder agrees to furnish promptly to Sardy all
         information required to be disclosed in order to make information
         previously furnished to Sardy by the Holder not materially misleading.

         Section 3. Registration Procedures.

                  (a) In connection with the Registration Statement, Sardy shall
         comply with all the provisions of Section 3(b) hereof and shall, in
         accordance with Section 2 hereof, prepare and file with the SEC a
         Registration Statement relating to the registration of the Registrable
         Securities on an appropriate form under the Securities Act.

                  (b) In connection with the Registration Statement and any
         Prospectus required by this Agreement to permit the resale of
         Registrable Securities, Sardy shall:

                           (i) Subject to any notice by Sardy in accordance with
                  this Section 3(b) of the existence of any fact or event of the
                  kind described in Section 3(b)(iii)(D), use its reasonable
                  best efforts to keep the Registration Statement continuously
                  effective during the Effectiveness Period; upon the occurrence
                  of any event that would cause the Registration Statement or
                  the Prospectus contained therein (A) to contain a material
                  misstatement or omission or (B) not be effective and usable
                  for the resale of Registrable Securities during the
                  Effectiveness Period, Sardy shall file promptly an appropriate
                  amendment to the Registration Statement, in the case of clause
                  (A), correcting any such misstatement or omission, and, in the
                  case of either clause (A) or (B), use its reasonable best
                  efforts to cause such amendment to be declared effective and
                  the Registration Statement and the related Prospectus to
                  become usable for their intended purposes as soon as
                  practicable thereafter.

                           (ii) Prepare and file with the SEC such amendments
                  and post-effective amendments to the Registration Statement as
                  may be necessary to keep the Registration Statement effective
                  during the Effectiveness Period; cause the Prospectus to be
                  supplemented by any required Prospectus supplement, and as so
                  supplemented to be filed pursuant to Rule 424 under the
                  Securities Act, and to comply fully with the applicable
                  provisions of Rules 424 and 430A under the Securities Act in a
                  timely manner; and comply with the provisions of the
                  Securities Act with respect to the disposition of all
                  securities covered by the Registration Statement during the
                  applicable period in accordance with the intended method or
                  methods of distribution by the Holder as set forth in the
                  Registration Statement or supplement to the Prospectus.

                                       3
<PAGE>

                           (iii) Promptly advise the Holder and any
                  underwriter(s), and if requested by such persons confirm such
                  advice in writing:

                                    (A) when the Prospectus or any Prospectus
                           supplement or post-effective amendment has been
                           filed, and with respect to the Registration Statement
                           or any post-effective amendment thereto, when the
                           same has become effective,

                                    (B) of any request by the SEC for amendments
                           to the Registration Statement or amendments or
                           supplements to the Prospectus or for additional
                           information relating thereto,

                                    (C) of the issuance by the SEC of any stop
                           order suspending the effectiveness of the
                           Registration Statement under the Securities Act or of
                           the suspension by any state securities commission of
                           the qualification or registration of the Registrable
                           Securities for offering or sale in any jurisdiction,
                           or the initiation of any proceeding for any of the
                           preceding purposes, or

                                    (D) of the existence of any fact or the
                           happening of any event, during the Effectiveness
                           Period, that makes any statement of a material fact
                           made in the Registration Statement, the Prospectus,
                           any amendment or supplement thereto, or any document
                           incorporated by reference therein untrue, or that
                           requires the making of any additions to or changes in
                           the Registration Statement or the Prospectus in order
                           to make the statements therein not misleading.

                  If at any time the SEC shall issue any stop order suspending
                  the effectiveness of the Registration Statement, or any state
                  securities commission or other regulatory authority shall
                  issue an order suspending the qualification or registration or
                  exemption from qualification or registration of the
                  Registrable Securities under state securities or blue sky
                  laws, Sardy shall use its reasonable best efforts to obtain
                  the withdrawal or lifting of such order at the earliest
                  practicable time.

                           (iv) Furnish to the Holder and any underwriter(s),
                  before filing with the SEC, a copy of the Registration
                  Statement and copies of any Prospectus included therein or any
                  amendments or supplements to either of the Registration
                  Statement or Prospectus, which documents will be subject to
                  the review of the Holder and any underwriter(s) for a period
                  of five business days, and Sardy shall not file the
                  Registration Statement or Prospectus or any amendment or
                  supplement to the Registration Statement or Prospectus to
                  which the Holder or any underwriter(s) shall reasonably object
                  within five business days after the receipt thereof.

                           (v) Subject to the execution of a confidentiality
                  agreement reasonably acceptable to Sardy, make available at
                  reasonable times for inspection by one or more representatives
                  of any underwriter participating in any distribution pursuant
                  to the Registration Statement, and any attorney or accountant
                  retained by any of the underwriter(s), all financial and other
                  records, pertinent corporate documents

                                       4
<PAGE>

                  and properties of Sardy as shall be reasonably necessary to
                  enable them to exercise any applicable due diligence
                  responsibilities, and cause Sardy's officers, managers and
                  employees to supply all information reasonably requested by
                  any such representative or representatives of the underwriter,
                  attorney or accountant in connection with the Registration
                  Statement after the filing thereof and before its
                  effectiveness; provided, however, that any information
                  designated by Sardy as confidential at the time of delivery of
                  such information shall be kept confidential by the recipient
                  thereof.

                           (vi) If requested by the Holder or any
                  underwriter(s), include or incorporate in the Registration
                  Statement or Prospectus, pursuant to a supplement or
                  post-effective amendment if necessary, such information as the
                  Holder and any underwriter(s) may reasonably request to have
                  included therein, including, without limitation: (1)
                  information relating to the "plan of distribution" of the
                  Registrable Securities and (2) any other terms of the offering
                  of the Registrable Securities; and make all required filings
                  of such Prospectus supplement or post-effective amendment as
                  soon as reasonably practicable after Sardy is notified of the
                  matters to be included or incorporated in such Prospectus
                  supplement or post-effective amendment.

                           (vii) Furnish to the Holder and any underwriter(s),
                  without charge, at least one copy of the Registration
                  Statement, as first filed with the SEC, and of each amendment
                  thereto (and any documents incorporated by reference therein
                  or exhibits thereto (or exhibits incorporated in such exhibits
                  by reference) as such person may request in writing).

                           (viii) Deliver to the Holder and any underwriter(s),
                  without charge, as many copies of the Prospectus (including
                  each preliminary prospectus) and any amendment or supplement
                  thereto as such persons reasonably may request; subject to any
                  notice by Sardy in accordance with this Section 3(b) of the
                  existence of any fact or event of the kind described in
                  Section 3(b)(iii)(D), Sardy hereby consents to the use of the
                  Prospectus and any amendment or supplement thereto by the
                  Holder and any underwriter(s) in connection with the offering
                  and the sale of the Registrable Securities covered by the
                  Prospectus or any amendment or supplement thereto.

                           (ix) If an underwriting agreement is entered into,
                  Sardy shall furnish to the Holder and each underwriter in such
                  substance and scope as they may reasonably request and as are
                  customarily furnished by issuers to underwriters such
                  documents and certificates to evidence compliance with
                  customary terms and conditions as may be contained in the
                  underwriting agreement.

                           (x) Before any public offering of Registrable
                  Securities, cooperate with the Holder, any underwriter(s), and
                  their respective counsel in connection with the registration
                  and qualification of the Registrable Securities under the
                  securities or blue sky laws of such jurisdictions as the
                  Holder or any underwriter(s) may reasonably request and do any
                  and all other acts or things

                                       5
<PAGE>

                  necessary or advisable to enable the disposition in such
                  jurisdictions of the Registrable Securities covered by the
                  Registration Statement; provided, however, that Sardy shall
                  not be required to subject itself to taxation in any such
                  jurisdiction if it is not now so subject.

                           (xi) Cooperate with the Holder and any underwriter(s)
                  to facilitate the timely preparation and delivery of
                  certificates representing Registrable Securities to be sold
                  and not bearing any restrictive legends (unless required by
                  applicable securities laws or any other agreements to which
                  the Registrable Securities are subject, including the Sardy
                  Limited Liability Company Operating Agreement); and enable
                  such Registrable Securities to be in such denominations (as
                  permitted under the Sardy Limited Liability Company Operating
                  Agreement) and registered in such names as the Holder or any
                  underwriter(s) may reasonably request at least two business
                  days before any sale of Registrable Securities made by such
                  underwriter(s).

                           (xii) Use its reasonable best efforts to cause the
                  Registrable Securities covered by the Registration Statement
                  to be registered with or approved by such other United States
                  or state governmental agencies or authorities as may be
                  necessary to enable the Holder or any underwriter(s) to
                  consummate the disposition of such Registrable Securities,
                  subject to the proviso in clause (x) above.

                           (xiii) If any fact or event contemplated by Section
                  3(b)(iii)(D) hereof shall exist or have occurred, use its
                  reasonable best efforts to prepare a supplement or
                  post-effective amendment to the Registration Statement or
                  related Prospectus or any document incorporated therein by
                  reference or file any other required document so that, as
                  thereafter delivered to the purchasers of Registrable
                  Securities, the Prospectus will not contain an untrue
                  statement of a material fact or omit to state any material
                  fact required to be stated therein or necessary to make the
                  statements therein not misleading.

                           (xiv) Cooperate and assist in any filings required to
                  be made with the NASD and in the performance of any due
                  diligence investigation by any underwriter that is required in
                  accordance with NASD rules and regulations.

                           (xv) Otherwise use its reasonable best efforts to
                  comply with all applicable rules and regulations of the SEC
                  and all reporting requirements under the rules and regulations
                  of the Exchange Act.

                           (xvi) Provide promptly to the Holder upon request
                  each document filed with the SEC pursuant to the requirements
                  of Section 13 and Section 15 of the Exchange Act after the
                  effective date of the Registration Statement.

                           (xvii) Otherwise use its reasonable best efforts to
                  enable the Holder to dispose of the Registrable Securities on
                  the most favorable terms.

                                       6
<PAGE>

                  (c) The Holder agrees that, upon receipt of any notice from
         Sardy of the existence of any fact of the kind described in Section
         3(b)(iii)(D) hereof, the Holder shall, and shall use its reasonable
         best efforts to cause any underwriter(s) to, forthwith discontinue the
         disposition of Registrable Securities pursuant to the Registration
         Statement until:

                           (i) The Holder has received copies of the
                  supplemented or amended Prospectus contemplated by Section
                  3(b)(xiii) hereof; or

                           (ii) The Holder is advised in writing by Sardy that
                  the use of the Prospectus may be resumed.

                  (d) The Holder shall furnish to Sardy such information
         regarding the Holder and the proposed distribution by the Holder of its
         Registrable Securities as Sardy may reasonably request for use in
         connection with the Registration Statement or Prospectus or preliminary
         Prospectus included therein. The Holder, as a selling security holder
         named in the Registration Statement, shall promptly furnish to Sardy
         all information required to be disclosed in order to make information
         previously furnished to Sardy by the Holder not materially misleading
         and such other information as Sardy may from time to time reasonably
         request.

         Section 4. Registration Expenses and Application of Proceeds from
Sales.

                  (a) All expenses incurred in connection with Sardy's
         performance or compliance with this Agreement, including without
         limitation all registration, filing and qualification fees, printing
         fees and expenses, accounting fees and expenses, fees and disbursements
         of counsel for Sardy shall be borne by the Holder. Without limiting the
         generality of the foregoing, Sardy shall not be required to pay for:
         (a) the expenses, fees and disbursements of any counsel for the Holder
         or any underwriter(s), or (b) any underwriting discounts, commissions
         and transfer taxes incurred in connection with a resale of Registrable
         Securities.

                  (b) The Holder agrees that:

                           (i) Any resales of the Registrable Securities by the
                  Holder shall be subject to a minimum "all or none" offering
                  condition such that funds for the purchase of Sardy Securities
                  from the Holder shall be deposited into an escrow account
                  under an escrow agreement which shall provide that the funds
                  shall not be released from escrow to the Holder until a
                  minimum number of Units are sold which is sufficient to enable
                  the Holder to completely repay, from the net proceeds of the
                  sale of such minimum number of Units, all of the outstanding
                  indebtedness of NASA and Sardy to WestStar Bank under that
                  certain Construction Loan Agreement dated March 28, 2003 (the
                  "Construction Loan Agreement") among NASA, Sardy and WestStar
                  Bank, which indebtedness shall reflect the completion of the
                  Sardy renovation construction project referred to in the
                  Construction Loan Agreement, and WestStar Bank's security
                  interest in

                                       7
<PAGE>

                  Sardy's property in connection with the Construction Loan
                  Agreement can be released by WestStar Bank; and

                           (ii) The net proceeds of the sale of Sardy Securities
                  by the Holder released from escrow to the Holder upon
                  satisfaction of the minimum offering condition set forth in
                  Section 4(b)(i) shall be applied by Holder to complete
                  repayment of all outstanding indebtedness of NASA and Sardy to
                  WestStar Bank under the Construction Loan Agreement as
                  referred to in Section 4(b)(i), and in connection therewith
                  the Holder shall secure the release by WestStar Bank of its
                  security interest in Sardy's property in connection with the
                  Construction Loan Agreement, and any net proceeds from the
                  sale of Sardy Securities in excess of such required debt
                  repayment amount may be retained by the Holder.

         Section 5. Indemnification and Contribution.

                  (a) Indemnification by Sardy. To the extent permitted by law,
         Sardy shall indemnify and hold harmless the Holder, the officers,
         managers, members, employees, representatives and agents of the Holder,
         legal counsel and accountants for the Holder, any underwriter (as
         defined in the Securities Act) for the Holder and each person, if any,
         who controls the Holder or underwriter within the meaning of Section 15
         of the Securities Act or Section 20 of the Exchange Act, against any
         losses, claims, damages or liabilities (joint or several) to which they
         may become subject under the Securities Act, the Exchange Act or any
         other federal or state securities law, insofar as such losses, claims,
         damages or liabilities (or actions in respect thereof) arise out of or
         are based on any of the following statements, omissions or violations
         (collectively a "Violation"): (i) any untrue statement or alleged
         untrue statement of a material fact contained in the Registration
         Statement, including any preliminary prospectus or final prospectus
         contained therein or any amendments or supplements thereto, (ii) the
         omission or alleged omission to state therein a material fact required
         to be stated therein, or necessary to make the statements therein not
         misleading, or (iii) any violation or alleged violation by Sardy of the
         Securities Act, the Exchange Act, any state securities law or any rule
         or regulation promulgated under the Securities Act, the Exchange Act or
         any state securities law; and Sardy shall reimburse the Holder or such
         underwriter or controlling person for any legal or other expenses
         reasonably incurred, as incurred, in connection with investigating or
         defending any such loss, claim, damage, liability or action; provided
         that the indemnity agreement in this Section 5(a) shall not apply to
         amounts paid in settlement of any such loss, claim, damage, liability
         or action if such settlement is effected without the consent of Sardy
         (which consent shall not be unreasonably withheld or delayed), nor
         shall Sardy be liable in any such case for any such loss, claim,
         damage, liability or action to the extent that it arises out of or is
         based on a Violation that occurs in reliance on and in conformity with
         information furnished expressly for use in connection with such
         registration by the Holder or such underwriter or controlling person.

                  (b) Indemnification by the Holder. To the extent permitted by
         law, the Holder shall indemnify and hold harmless Sardy, each of its
         managers and officers who sign the Registration Statement, the members,
         employees, representatives and agents of Sardy, legal counsel and
         accountants for Sardy, any underwriter, and any controlling person of

                                       8
<PAGE>

         Sardy or any such underwriter, against any losses, claims, damages or
         liabilities to which any of the foregoing persons may become subject,
         under the Securities Act, the Exchange Act or any other federal or
         state securities law, insofar as such losses, claims, damages or
         liabilities (or actions in respect thereof) arise out of or are based
         on any Violation, in each case to the extent (and only to the extent)
         that such Violation occurs in reliance on and in conformity with
         information furnished by the Holder expressly for use in connection
         with such registration; and the Holder shall reimburse any person
         intended to be indemnified pursuant to this Section 5(b) for any legal
         or other expenses reasonably incurred, as incurred, by such person in
         connection with investigating or defending any such loss, claim,
         damage, liability or action; provided that the indemnity agreement in
         this Section 5(b) shall not apply to amounts paid in settlement of any
         such loss, claim, damage, liability or action if such settlement is
         effected without the consent of the Holder (which consent shall not be
         unreasonably withheld or delayed); and provided further that in no
         event shall any indemnity by the Holder under this Section 5(b), when
         aggregated with amounts contributed, if any, pursuant to Section 5(d),
         exceed the net proceeds from the sale of Registrable Securities
         hereunder received by the Holder after application of the net proceeds
         pursuant to Section 4(b).

                  (c) Indemnifying Party Can Participate in Defense. Promptly
         after receipt by an indemnified party under this Section 5 of notice of
         the commencement of any action (including any governmental action),
         such indemnified party shall, if a claim in respect thereof is to be
         made against any indemnifying party under this Section 5, deliver to
         the indemnifying party notice of the commencement thereof and the
         indemnifying party shall have the right to participate in, and, to the
         extent that the indemnifying party so desires, jointly with any other
         indemnifying party similarly noticed, to assume the defense thereof
         with counsel mutually satisfactory to the parties; provided that an
         indemnified party (together with all other indemnified parties that may
         be represented without conflict by one counsel) shall have the right to
         retain one separate counsel, with the reasonable fees and expenses
         thereof to be paid by the indemnifying party, if representation of such
         indemnified party by the counsel retained by the indemnifying party
         would be inappropriate due to actual or potential differing interests
         between such indemnified party and any other party represented by such
         counsel in such proceeding. The failure to notify the indemnifying
         party within a reasonable time of the commencement of any such action,
         if prejudicial to its ability to defend such action, shall relieve such
         indemnifying party of any liability to the indemnified party under this
         Section 5, but the omission to so notify the indemnifying party will
         not relieve it of any liability that it may have to any indemnified
         party otherwise than under this Section 5.

                  (d) Contribution Where Indemnification Not Available. If the
         indemnification provided in this Section 5 is held by a court of
         competent jurisdiction to be unavailable to an indemnified party with
         respect to any loss, liability, claim, damage or expense referred to
         herein, then the indemnifying party, in lieu of indemnifying such
         indemnified party hereunder, shall contribute to the amount paid or
         payable by such indemnified party as a result of such loss, liability,
         claim, damage or expense in such proportion as is appropriate to
         reflect the relative fault of the indemnifying party on the one hand
         and of the indemnified party on the other in connection with the
         statements or omissions that shall have resulted in such loss,
         liability, claim, damage or expense, as

                                       9
<PAGE>

         well as any other relevant equitable considerations; provided that in
         no event shall any contribution by the Holder under this Section 5(d),
         when aggregated with amounts paid, if any, pursuant to Section 5(b),
         exceed the net proceeds from the sale of Registrable Securities
         hereunder received by the Holder after application of the net proceeds
         pursuant to Section 4(b). The relative fault of the indemnifying party
         and of the indemnified party shall be determined by reference to, among
         other things, whether the untrue or alleged untrue statement of a
         material fact or the omission to state a material fact relates to
         information supplied by the indemnifying party or by the indemnified
         party and the parties' relative intent, knowledge, access to
         information, and opportunity to correct or prevent such statement or
         omission.

                  (e) Underwriting Agreement Shall Control. Notwithstanding the
         foregoing, to the extent that the provisions on indemnification and
         contribution contained in any underwriting agreement entered into in
         connection with the resale of the Registrable Securities are in
         conflict with the foregoing provisions, the provisions in the
         underwriting agreement shall control.

                  (f) Survival of Indemnification Obligations. The obligations
         of Sardy and the Holder under this Section 5 shall survive the
         completion of any offering of Registrable Securities in a Registration
         Statement under this Agreement, and otherwise.

         Section 6. Reports under Exchange Act. In order to enable the Holder to
utilize Rule 144 promulgated under the Securities Act and any other rule or
regulation of the SEC that may at any time permit the Holder to sell the Sardy
Securities to the public without registration (in the event that Rule 144 or
such other SEC rule or regulation is otherwise available to the Holder) or
pursuant to the Registration Statement, Sardy agrees to:

                  (a) Make and keep available adequate current public
         information with respect to Sardy, as contemplated by Rule 144, at all
         times after the effective date of the Registration Statement and
         pursuant to the requirements of the Exchange Act;

                  (b) File with the SEC in a timely manner all reports and other
         documents required of Sardy under the Securities Act and the Exchange
         Act;

                  (c) Undertake any additional actions reasonably necessary to
         maintain the availability of the Registration Statement or the use of
         Rule 144.

         Section 7. Assignment of Registration Rights. The rights to cause Sardy
to register Registrable Securities under this Agreement may be assigned (but
only with all related obligations) by the Holder to a transferee or assignee of
such Registrable Securities that:

                  (a) is a subsidiary, parent or member of the Holder; or

                  (b) is an entity controlling, controlled by or under common
         control, or under common investment management, with the Holder,
         including without limitation a corporation, partnership or limited
         liability company that is a direct or indirect parent or subsidiary of
         the Holder;

                                       10
<PAGE>

provided that: (i) Sardy is, within a reasonable time after such transfer,
notified of the name and address of such transferee or assignee and the
Registrable Securities with respect to which such registration rights are being
assigned; (ii) such transferee or assignee agrees in writing to be bound by and
subject to the terms and conditions of this Agreement; and (iii) such assignment
shall be effective only if immediately following such transfer the further
disposition of such securities by the transferee or assignee is restricted under
the Securities Act.

         Section 8. Specific Performance. Sardy hereby acknowledges and agrees
that irreparable harm would occur in the event any of the registration
provisions of this Agreement were not performed in accordance with their
specific terms or were otherwise breached, and that damages would be an
inadequate remedy for a breach of this Agreement. Therefore, Sardy agrees that
the Holder shall be entitled to specific relief hereunder, including, without
limitation, an order of specific performance of the terms and provisions of this
Agreement, in addition to any other remedy to which Holder may be entitled at
law or in equity. Any requirements for the securing or posting of any bond in
connection with obtaining any such remedy are hereby waived.

         Section 9. Miscellaneous.

                  (a) Notices. All notices, consents, requests, instructions,
         authorizations, approvals, waivers and other communications required or
         permitted by this Agreement shall be in writing and shall be deemed
         duly given to a party when (i) delivered to the appropriate address by
         hand or by nationally recognized overnight courier service (costs
         prepaid); (ii) sent by facsimile or e-mail with confirmation of
         transmission by the transmitting equipment; or (iii) received or
         rejected by the addressee, if sent by certified mail, return receipt
         requested, in each case to the addresses, facsimile numbers or e-mail
         addresses and marked to the attention of the person (by name or title)
         designated in the Purchase Contract (or to such other address,
         facsimile number, e-mail address or person as a party may designate by
         notice to the other parties).

                  (b) Entire Agreement. This Agreement sets forth the entire
         understanding of the parties with respect to the subject matter hereof.

                  (c) Binding Effect. This Agreement shall inure to the benefit
         of, and shall be binding upon, the parties hereto and their respective
         successors and permitted assigns (including permitted transferees of
         any Units of Registrable Securities). Nothing in this Agreement,
         expressed or implied, is intended to confer on any person other than
         the parties hereto or their respective successors and permitted assigns
         any rights, remedies, obligations or liabilities under or by reason of
         this Agreement.

                  (d) Assignment. No party may assign its rights or delegate its
         obligations hereunder (whether voluntarily, involuntarily, or by
         operation of law) without the prior written consent of the other party,
         except as otherwise provided in Section 7 hereof. Any such attempted
         assignment shall be null and void.

                  (e) Further Assurances. The parties agree that at any time and
         from time to time, upon the written request of a party, the parties
         will execute and deliver such further

                                       11
<PAGE>

         documents and do such further acts and things as reasonably requested
         to effect the purposes of this Agreement.

                  (f) Amendments. This Agreement may be amended only by an
         agreement in writing executed by each of the parties hereto.

                  (g) Waiver. The observance of any term of this Agreement may
         be waived only with the written consent of the party to be bound by
         such waiver. No failure on the part of a party to exercise any right or
         remedy shall operate as a waiver thereof.

                  (h) Governing Law. This Agreement shall be governed by and
         construed and interpreted in accordance with the laws of the State of
         Colorado, without regard to any conflict of laws provisions thereof.

                  (i) Jurisdiction and Venue. The parties hereto agree that any
         actions, suits or proceedings arising out of or relating to this
         Agreement, the transactions contemplated hereby or any document
         referred to herein shall be brought solely and exclusively in the
         courts of the State of Colorado located in the City and County of
         Denver, Colorado and/or the courts of The United States of America
         located in the City and County of Denver, Colorado (and the parties
         agree not to commence any action, suit or proceeding relating thereto
         except in such courts), and further agree that service of any process,
         summons, notice or document by U.S. registered mail to the respective
         addresses referred to in Section 9(a) hereof shall be effective service
         of process for any such action, suit or proceeding brought against any
         party in any such court. The parties irrevocably and unconditionally
         waive any objection to the laying of venue of any action, suit or
         proceeding arising out of this Agreement or the transactions
         contemplated hereby, in the courts of the State of Colorado or The
         United States of America located in the City and County of Denver,
         Colorado, and hereby further irrevocably and unconditionally waive and
         agree not to plead or claim in any such court that any such action,
         suit or proceeding brought in any such court has been brought in an
         inconvenient forum.

                  (j) Severability. If any term, provision, covenant or
         restriction of this Agreement is held by a court of competent
         jurisdiction to be invalid, void or unenforceable under applicable law,
         the remainder of the terms, provisions, covenants and restrictions of
         this Agreement shall remain in full force and effect and shall in no
         way be affected, impaired or invalidated, and the term, provision,
         covenant or restriction that is held to be invalid, void or
         unenforceable shall be modified so that it accomplishes to the maximum
         extent possible the original business purpose of such term, provision,
         covenant or restriction in a valid and enforceable manner.

                  (k) Attorney Fees. If any action at law or in equity is
         necessary to enforce or interpret the terms of this Agreement, the
         prevailing party shall be awarded and entitled to recover reasonable
         attorney fees, costs and necessary disbursements in addition to any
         other relief to which such party may be entitled.

                                       12
<PAGE>

                  (l) Headings. The headings, subheadings and other captions of
         this Agreement are for convenience and reference only and shall not be
         used in interpreting, construing or enforcing any of the provisions of
         this Agreement.

                  (m) Counterparts and Facsimile Signatures. This Agreement may
         be executed in any number of counterparts, and signature pages may be
         delivered by facsimile transmission.

                            [Signature page follows]

                                       13
<PAGE>

         IN WITNESS WHEREOF, this Registration Rights Agreement has been duly
executed on behalf of each of the parties hereto by their duly authorized
representatives on April 30, 2003, to be effective as of March 20, 2003.

SARDY:

SARDY HOUSE, LLC, a Colorado limited
liability company,

By:  BLOCK 66, LLC, a Colorado limited
       liability company, its Manager

By:  /s/ FRANK S. PETERS
   ------------------------------------
       Frank S. Peters, Manager

NASA:

NORTH AND SOUTH ASPEN, L.L.C.,
a Colorado limited liability company,

By:  /s/ DANIEL D. DELANO
   ------------------------------------
       Daniel D. Delano, Manager

                                       14

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00052-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00052-of-00352.parquet"}]]