Document:

<PAGE>
                                                                        Ex. 10.3

                  SECOND AMENDMENT TO ASSET PURCHASE AGREEMENT

     THIS SECOND AMENDMENT TO ASSET PURCHASE AGREEMENT ("Amendment") is entered
into as of October 20, 2004, by and between SILVERLEAF RESORTS, INC., a Texas
corporation ("Seller") and ALGONQUIN WATER RESOURCES OF TEXAS, LLC, a Texas
limited liability company; ALGONQUIN WATER RESOURCES OF MISSOURI, LLC, a
Missouri limited liability company; ALGONQUIN WATER RESOURCES OF ILLINOIS, LLC,
an Illinois limited liability company, ALGONQUIN WATER RESOURCES OF AMERICA,
INC., a Delaware corporation; and ALGONQUIN POWER INCOME FUND, a Canadian income
trust (collectively, the "Purchaser").

                                    RECITALS

     A. The parties hereto entered into that certain Asset Purchase Agreement as
of August 29, 2004 (the "Agreement").

     B. The parties hereto desire to amend the Agreement as set forth in this
Amendment.

                                    ARTICLE 1
                                   AGREEMENTS

     1.1 Amendment.  The Agreement in hereby amended as follows:

The first paragraph of Section 6.03 of the Agreement is hereby amended by
deleting the words "sixty-five (65) days" and replacing it with the words
seventy-five (75) days," thereby extending the Inspection Period until the close
of business November 10, 2004.

     1.2 Counterparts.  This Amendment may be executed in one or more
counterparts, each of which shall be deemed an original, but all of which shall
constitute the same instrument.

     1.3 Full Force and Effect.  The Agreement as modified by this Amendment
shall remain in full force and effect.

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

SELLER:                                  PURCHASER:

SILVERLEAF RESORTS, INC.,                ALGONQUIN WATER RESOURCES OF TEXAS,
a Texas corporation                      LLC, a Texas limited liability company

By: /S/ JOE W. CONNER                    By: /S/ EDMUND PAMATAT
    ---------------------------------        -----------------------------------
Its: COO                                 Its: VP Corp Dev
<PAGE>
                                         ALGONQUIN WATER RESOURCES OF
                                         MISSOURI, LLC, a Missouri limited
                                         liability company

                                         By: /S/ EDMUND PAMATAT
                                             -----------------------------------
                                         Its: VP Corp Dev

                                         ALGONQUIN WATER RESOURCES OF
                                         ILLINOIS, LLC, an Illinois limited
                                         liability company

                                         By: /S/ EDMUND PAMATAT
                                             -----------------------------------
                                         Its: VP Corp Dev

                                         ALGONQUIN WATER RESOURCES OF AMERICA,
                                         INC., a Delaware corporation

                                         By: /S/ IAN ROBERTSON
                                             -----------------------------------
                                         Its: Authorized Signing Officer

                                         ALGONQUIN POWER INCOME FUND,
                                         a Canadian income trust

                                         By: /S/ IAN ROBERTSON
                                             -----------------------------------
                                         Its: Authorized Signing Officer of its
                                         Manager Algonquin Power Management Inc.<PAGE>
                                                                        Ex. 10.4

                   THIRD AMENDMENT TO ASSET PURCHASE AGREEMENT

     THIS SECOND AMENDMENT TO ASSET PURCHASE AGREEMENT ("Amendment") is entered
into as of November 10, 2004, by and between SILVERLEAF RESORTS, INC., a Texas
corporation ("Seller") and ALGONQUIN WATER RESOURCES OF TEXAS, LLC, a Texas
limited liability company; ALGONQUIN WATER RESOURCES OF MISSOURI, LLC, a
Missouri limited liability company; ALGONQUIN WATER RESOURCES OF ILLINOIS, LLC,
an Illinois limited liability company; ALGONQUIN WATER RESOURCES OF AMERICA,
INC., a Delaware corporation; and ALGONQUIN POWER INCOME FUND, a Canadian income
trust (collectively, the "Purchaser").

                                    RECITALS

     A. The parties hereto entered into that certain Asset Purchase Agreement as
of August 29, 2004 (the "Agreement").

     B. The parties hereto desire to amend the Agreement as set forth in this
Amendment.

                                    ARTICLE 1
                                   AGREEMENTS

     1.1 Amendment.  The Agreement is hereby amended as follows:

The first paragraph of Section 6.03 of the Agreement is hereby amended by
deleting the words "sixty-five (65) days" and replacing it with the words
"seventy-five (77) days", thereby extending the Inspection Period until the
close of business November 12, 2004.

     1.2 Counterparts.  This Amendment may be executed in one or more
counterparts, each of which shall be deemed am original, but all of which shall
constitute the same instrument.

     1.3 Full Force and Effect.  The Agreement as modified by this Amendment
shall remain in full force and effect.

     IN WITNESS WHEREOF, the parties have duly executed this Amendment as of the
date above written.
<PAGE>
SELLER:                                 PURCHASER:

SILVERLEAF RESORTS, INC.,               ALGONQUIN WATER RESOURCES OF TEXAS, LLC,
a Texas corporation                     a Texas limited liability company

By: /S/ HARRY J. WHITE, JR.             By: /S/ EDMUND PAMATAT
    ---------------------------------       ------------------------------------
Its: CFO                                Its: VP Corp Dev

                                        ALGONQUIN WATER RESOURCES OF MISSOURI,
                                        LLC, a Missouri limited liability
                                        company

                                        By: /S/ EDMUND PAMATAT
                                            ------------------------------------
                                        Its: VP Corp Dev

                                        ALGONQUIN WATER RESOURCES OF ILLINOIS,
                                        LLC, an Illinois limited liability
                                        company

                                        By: /S/ EDMUND PAMATAT
                                            ------------------------------------
                                        Its: VP Corp Dev

                                        ALGONQUIN WATER RESOURCES OF AMERICA,
                                        INC., a Delaware corporation

                                        By: /S/ IAN ROBERTSON
                                            ------------------------------------
                                        Its: Authorized Signing Officer

                                        ALGONQUIN POWER INCOME FUND, a Canadian
                                        income trust

                                        By: /S/ IAN ROBERTSON
                                            ------------------------------------
                                        Its:
                                             -----------------------------------<PAGE>
                                                                        Ex. 10.5

                  FOURTH AMENDMENT TO ASSET PURCHASE AGREEMENT

     THIS FOURTH AMENDMENT TO ASSET PURCHASE AGREEMENT ("Amendment") is entered
into as of November 12, 2004, by and between SILVERLEAF RESORTS, INC., a Texas
corporation ("Seller") and ALGONQUIN WATER RESOURCES OF TEXAS, LLC, a Texas
limited liability company; ALGONQUIN WATER RESOURCES OF MISSOURI, LLC, a
Missouri limited liability company; ALGONQUIN WATER RESOURCES OF ILLINOIS, LLC,
an Illinois limited liability company; ALGONQUIN WATER RESOURCES OF AMERICA,
INC., a Delaware corporation; and ALGONQUIN POWER INCOME FUND, a Canadian income
trust (collectively, the "Purchaser").

                                    RECITALS

     A. The parties hereto entered into that certain Asset Purchase Agreement as
of August 29, 2004 (the "Agreement").

     B. The parties hereto desire to amend the Agreement as set forth in this
Amendment.

                                    ARTICLE 1
                                   AGREEMENTS

     1.1 Amendment.  The Agreement in hereby amended as follows:

The first paragraph of Section 6.03 of the Agreement is hereby amended by
deleting the words "sixty-five (65) days" and replacing it with the words
"eighty-one (81) days", thereby extending the Inspection Period until the close
of business November 16, 2004.

     1.2 Counterparts.  This Amendment may be executed in one or more
counterparts, each of which shall be deemed an original, but all of which shall
constitute the same instrument.

     1.3 Full Force and Effect.  The Agreement as modified by this Amendment
shall remain in full force and effect.

     IN WITNESS WHEREOF, the parties have duly executed rids Amendment as of the
date first above written.
<PAGE>
SELLER:                                   PURCHASER:

SILVERLEAF RESORTS, INC., a Texas         ALGONQUIN WATER RESOURCES OF
corporation                               TEXAS, LLC, a Texas limited liability
                                          company

By: /S/ JOE W. CONNER                     By: /S/ EDMUND PAMATAT
    -----------------------------------       ----------------------------------
Its: COO                                  Its: VP Corp Dev

                                          ALGONQUIN WATER RESOURCES OF
                                          MISSOURI, LLC, a Missouri limited
                                          liability company

                                          By: /S/ EDMUND PAMATAT
                                              ----------------------------------
                                          Its: VP Corp Dev

                                          ALGONQUIN WATER RESOURCES OF
                                          ILLINOIS, LLC, an Illinois limited
                                          liability company

                                          By: /S/ EDMUND PAMATAT
                                              ----------------------------------
                                          Its: VP Corp Dev

                                          ALGONQUIN WATER RESOURCES OF
                                          AMERICA, INC., a Delaware corporation

                                          By: /S/ IAN ROBERTSON
                                              ----------------------------------
                                          Its: Authorized Signing Officer

                                          ALGONQUIN POWER INCOME FUND,
                                          a Canadian income trust

                                          By: /S/ IAN ROBERTSON
                                              ----------------------------------
                                          Its:
                                               ---------------------------------

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