Document:

Exhibit 10.17

                               GENERAL ASSIGNMENT

     THIS GENERAL ASSIGNMENT ("Assignment") is made as of March 14, 2000 by
WINDSOR WOODMONT, LLC., a Colorado limited liability company ("Assignor"), in
favor of WINDSOR WOODMONT BLACK HAWK RESORT CORP., a Colorado corporation
("Assignee").

                                    RECITALS
                                    --------

     Assignor is the owner in fee simple of certain real property and
improvements ("Real Property") in the City of Black Hawk, County of Gilpin,
State of Colorado which is more fully described in.Exhibit "A" attached hereto.

     Assignor and Assignee entered into that certain Contribution Agreement of
even date herewith ("Contribution Agreement") whereby, among other things,
Assignor agreed to convey fee title in the Real Property to Assignee, and
Assignee agreed to accept the Real Property on the terms and conditions stated
in the Contribution Agreement.

     Pursuant to the contribution of the Real Property to Assignee, Assignor
desires to execute this Assignment in favor of Assignee.

     NOW, THEREFORE, for valuable consideration, receipt of which is hereby
acknowledged, Assignor agrees as follows:

     1 . Assignment. Assignor hereby sells, assigns, transfers and conveys to
Assignee all of Assignor's right, title and interest now owned or hereafter
acquired in and to: (a) all liabilities incurred by Assignor in connection with
its acquisition and ownership of the Real Property, which liabilities are
described in Exhibit "B-1" attached hereto ("Liabilities"); and (b) the
contracts listed on Exhibit "B-2" attached hereto ("Contracts");

     2. Representations and Warranties of Assignor . Assignor represents and
warrants to Assignee that, as of the Closing Date (as defined in the
Contribution Agreement), except as disclosed to Assignee in the Contribution
Agreement: (a) Assignor has not assigned or granted a security interest in any
of the Contracts or Liabilities to anyone other than (i) Kennedy Funding, Inc.,
under that certain Deed of Trust dated September 22, 1997, executed by Assignor,

                                        1

<PAGE>

as trustor, for the benefit of Kennedy Funding, Inc., as beneficiary, recorded
on October 6,1997, in Book 627, at Page 261, in the Official Records of Gilpin
County, Colorado, as amended, (ii) National Westminster Bank, under that certain
Deed of Trust dated July 2, 1998, executed by Assignor, as trustor, for the
benefit of Westminster National Bank as beneficiary, recorded on July 7, 1998,
in Book 645, at Page 38 1, in the Official Records of said county, (iii) Natwest
Capital Markets Limited, et alia, under that certain Deed of Trust dated July 2,
1998, executed by Assignor, as trustor, for the benefit of Natwest Capital
Markets Limited, et alia, as beneficiary, recorded on July 7, 1998, in Book 646,
at Page 74, in the Ofricial Records of said county, and (iv) Mahogany Ridge,
L.P., under that certain Deed of Trust dated January 16, 1998, executed by
Assignor, as trustor, for the benefit of Mahogany Ridge, L.P., as beneficiary,
recorded on January 21, 1998, in Book 633, at Page 131, in the Official Records
of said county (said deeds of trust are collectively referred to herein as the
"Deeds of Trust"), which Deeds of Trust will be released of record as of the
Closing Date; (b) Assignor's interests therein are not subject to any lien,
encumbrance, claim, set-off or deduction; (c) Assignor is not in default and
that no event has occurred that with notice or lapse of time or both would
constitute a default by Assignor under any of the Liabilities or Contracts; (d)
none of the Liabilities or Contracts have been amended or modified except as
described in Exhibit "B- 1 " or Exhibit "B-2" attached hereto; (e) as of the
date hereof, Assignor has provided to Assignee true, correct and complete copies
of the Liabilities and the Contracts and they are in full force and effect; (f)
the sale of the Real Property and the assignments described above shall not
constitute an event of default under any of the Liabilities or Contracts which
would permit a party to terminate its agreement or give rise to an action for
damages; (g) the Liabilities and the Contracts and any amendments thereto,
accurately state the terms of the agreement between Assignor and any signers to
the Liabilities and the Contracts; (h) that this is a present, complete and
absolute assignment, Assignor having contributed the Liabilities and Contracts
to Assignee for a fair and adequate consideration; (i) this Assignment is freely
and fairly made; 0) this Assignment is not intended as security of any kind; (k)
Assignee has advised Assignor to consult an attorney concerning this Assignment;
(1) Assignor understands the effect of this Assignment; and (m) Assignor is not
acting under any duress, undue influence or coercion by Assignor or any of its
representatives, agents or attorneys.

     3. Additional Instruments. Assignor hereby agrees to execute and deliver
such additional assignments and other documents, including consents to such
assignment, as Assignee may request in order to implement the purpose and intent
of this Assignment.

                                       2

<PAGE>

     IN WITNESS WHEREOF, Assignor has executed this Assignment as of the date
first above written.

Assignor:
---------

WINDSOR WOODMONT, LLC,
a Colorado limited liability company

By:  /s/  Daniel P. Robinowitz
  ----------------------------------
          Daniel P. Robinowitz, Manager

                                       3

<PAGE>

                                 EXHIBIT "B-1"

                                  Liabilities
                                  -----------

     1 Taxes. Delinquent real property taxes and assessments, as set forth in
Item GG of Schedule B, Section I of the Title Commitment No. FG13671 C-3, dated
February 7, 2000, issued by First American Title Company.

     2. Excavation Work. Liability to the City of Black Hawk for certain land
improvements pursuant to bench excavation permit issued by the City of Black
Hawk, which work is being performed by West Valley Construction for the City of
Black Hawk and the costs therefor will be reimbursed to the City of Black Hawk
by the owner of the Real Property.

                                       4

<PAGE>

                                  EXHIBIT "B-2"

                                   Contracts
                                   ---------

     1 Architect Agreement. Standard Form of Agreement Between Owner and
Architect with Standard Form of Architect's Services (AIA Document B 141-1997,
1997 Edition Electronic Fon-nat) dated January 31, 2000, by WWLLC as Owner and
Paul Steelman, Ltd. as Architect, as affected by that certain Settlement
Agreement of even date therewith by and among in part WWLLC as Owner and Paul
Steelman, Ltd. as Architect.

     2. Excavation Agreement. Standard Form of Agreement Between Owner and
Contractor (AIA Document A 10 1 /CMa) dated May 14, 1998 by and between WWLLC as
Owner and D. H. Blattner & Sons, Inc.("Blattner"), as Contractor. Said agreement
was amended and supplemented pursuant to (i) that certain Supplement to AIA
Document A 10 1 /CMa Standard Form of Agreement Between Owner and Contractor ;
(ii) that certain Amendment, dated June 15, 1998 (the " First Amendment") by and
between WWLLC as Owner and Blattner as Contractor; and (iii) that certain Second
Amendment to Standard Forrn of Agreement Between Owner and Contractor (the
"Second Amendment"), dated December 3 ) 1, 1999, by and between WWLLC as Owner
and Blattner as Contractor, as the same are affected by that certain Settlement
Agreement dated January 1, 2000, by and between WWLLC as Owner and Blattner as
Contractor.

     3. General Construction Agreement. Standard Form of Agreement Between Owner
and Contractor dated January _, 2000, by and between WWLLC as Owner, and PCL
Construction Services, Inc., as Contractor.

                                       5

<PAGE>

                                   Exhibit A

                               Legal Description

LOT I

A TRACT OF LAND IN THE SOUTH ONE-HALF OF SECTION 7, TOWNSHIP 3 SOUTH, RANGE 72
WEST OF THE 6TH P.M., CITY OF BLACK HAWK, COUNTY OF GILPIN, STATE OF COLORADO,
BEING A PART OF THE IfUDDLESTON EXTENSION, THE ELEPHANT LODE, THE EAGLE NEST
LODE, AND CERTAIN TRACTS ON THE WEST SIDE Or RICHMAN STREET, ALL BEING PART OF
THE LANDS DESCRIBED IN BOOK 627 PAGE 226, BOOK 627 PAGE 228, BOOK 627 PAGE 230,
BOOK 627 PAGE 232, BOOK 627 PAGE237, BOOK 627 PAGE 24 1, BOOK 627 PAGE 254, AND
BOOK 628 PAGE 35, MORE PARTICULARLY DESCRIBED AS FOLLOWS:

BEGINNING AT A POINT WHICH BEARS N. 42006'59"E A DISTANCE OF 628-59 FEET FROM
CORNER NO. 21 OF THE SECURITY PLACER, MINERAL SURVEY NO. 5664; THENCE ALONG THE
FOLLOWING COURSES: THENCE S00045'35"E. A DISTANCE OF 177.47 FEET TO A POINT.
THENCE ON A NON-TANGENT CURVE TO THE RIGHT CONTAINING A CENTRAL ANGLE OF
35049'51 ", A RADIUS OF 255.50 FEET, AN ARC LENGTH OF 159.78 FEET, A CHORD
BEARING OF S I 7009'20"W, A CHORD DISTANCE OF 157.19 FEET TO A POINT; THENCE
S64030'00"W, A DISTANCE OF 75.71 FEET TO A POINT, THENCE ON A CURVE TO THE RIGHT
CONTAINING A CENTRAL ANGLE OF 10053'05", A RADIUS OF 1298.20 FEET, AN ARC LENGTH
OF 246.63 FEET, A CHORD BEARING OF N56049'58"W, A CHORD DISTANCE OF 246.26 FEET
TO A POINT; THENCE N51027'30"W, A DISTANCE OF 241.02 FEET TO A POINT; THENCE
N2901 I'40"E, A DISTANCE OF 12.36 FEET TO A POINT; THENCE N53019'44"W, A
DISTANCE OF 117.41 FEET TO A POINT, THENCE N52030'00"E, A DISTANCE OF 571.84
FEET TO A POINT, THENCE S 17013'3 8"E, A DISTANCE OF 79.93 FEET TO A POINT;
THENCE ON A CURVE TO THE LEFT CONTAINING A CENTRAL ANGLE OF 10002'07", A RADIUS
OF 219.50 FEET, AN ARC LENGTH OF 38.45 FEET, A CHORD BEARING OF S22014'42"E, A
CHORD DISTANCE OF 38.40 FEET TO A POINT; THENCE S27015'45"E, A DISTANCE OF
181.68 FEET TO A POINT; THENCE ON A CURVE TO THE RIGHT CONTAINING A CENTRAL
ANGLE OF 26030'10", A RADIUS OF 180.50 FEET, AN ARC LENGTH OF 83.49 FEET, A
CHORD BEARING OF S 14000'40"E, A CHORD DISTANCE OF 82.75 FEET TO THE POINT OF
BEGINNING, COUNTY OF GILPIN, STATE OF COLORADO.

                                  Page 1 of 20

<PAGE>

PARCEL R
--------
     TRACT OF LAND SITUATE ON THE EAST SIDE OF RICHMAN STREET IN THE CITY OF
     BLACK HAWK, DESCRIBED AS FOLLOWS: STARTING AT HIGHWAY #119 RIGHT-OF-WAY
     MONUMENT STATION 842+40. THENCE NORTH 2302 1'40" WEST, 142.92 FEET TO THE
     NORTHWEST CORNER OF TRACT DESCRIBED IN BOOK 279 AT PAGE 221. THENCE NORTH
     13046'40" EAST, 125.23 FEET TO THE POINT OF BEGINNING ON THE NORTH LINE OF
     TRACT #4 DESCRIBED IN BOOK 269 AT PAGE 309, WHENCE BY RECORD THE JENNIE
     BLANCHE, SUR. #551, COR. #4 BEARS SOUTH 4-07-40" EAST, 34.8 FEET AND A WALL
     CORNER BEARS EAST 1.6 FEET. THENCE NORTH 3'03'WEST, 66.55 FEET ALONG WALL
     LINE, THENCE NORTH 1'40'40" EAST, 45.44 FEET ALONG WALL LINE, THENCE EAST
     100 FEET THENCE SOUTH 1'40'40" WEST 45.44 FEET. THENCE SOUTH 3'03'EAST,
     66.55 FEET, THENCE WEST 100 FEET, MORE OF LESS, ALONG THE NORTH BOUNDARY
     LINE OF TRACT #4 AS DESCRIBED IN BOOK 269 AT PAGE 309, TO THE POINT OF
     BEGINNTNG, COUNTY OF GILPIN, STATE OF COLORADO

PARCEL S
--------
     THAT TRACT OF LAND AS DESCRIBED IN DEED RECORDED AUGUST 4,1970, IN BOOK 267
     AT PAGE 402, GILPIN COUNTY, COLORADO, DESCRIBED AS FOLLOWS: A TRACT OF LAND
     ADJOINING THE EASTERLY SIDE OF RICHMAN STREET, MORE PARTICULARLY DESCRIBED
     AS FOLLOWS, TO WIT: COMMENCING AT A POINT ON THE NORTHERLY SIDE LINE OF
     JENNIE BLANCHE LODE MINING CLAIM, UNITED STATES MINERAL SURVEY NO. 551,150
     FEET EASTERLY OF CORNER NO. 4 OF SAID CLAIM, THENCE WEST TO THE EASTERLY
     BOUNDARY OF SAID RICHMAN STREET; THENCE SOUTHERLY ALONG THE SAID BOUNDARY
     OF RICHMAN STREET TO A V:.. INCH REBAR WHICH BEARS SOUTH 20024'WEST 92.7
     FEET FROM A CAPPED R-EBAR MARKED 4/55 1, BEING CORNER NO. 4 OF SAID SURVEY
     NO. 55 1; THENCE SOUTH 68006'EAST TO A PONT OF INTERSECTION IN THE WESTERLY
     END OF SAID SURVEY NO. 55 1; THENCE NORTHERLY TO SAID CORNER NO. 4 OF SAID
     SURVEY NO. 551; THENCE EASTERLY ALONG THE NORTHERLY LINE OF SAID SURVEY NO.
     551 TO THE POINT OF BEGINNING; EXCEPT ANY PORTION THEREOF AS MAY CONFLICT
     WITH THE BRYAN TRACT, BLACK HAWK CITY TITLE,
     COUNTY OF GILPIN, STATE OF COLORADO

                                  Page 2 of 20

<PAGE>

PARCEL S-1
----------
     THAT PORTION OF THE BRYAN LODE OR TRACT, AS DESCRIBED IN DEED RECORDED
     NOVEMBER 25,1898, IN BOOK 135 AT PAGE 274, CITY OF BLACK HAWK, LYING WITHIN
     THE BOUNDARIES OF PARCEL S, ABOVE,
     COUNTY OF GILPIN, STATE OF COLORADO

PARCEL T
--------
     THAT PART OF THE JENNIE BLANCHE LODE MINING CLAIM, UNITED STATES SURVEY NO.
     55 1, LYING WESTERLY OF A LINE THAT IS PARALLEL TO THE END LINES OF SAID
     MINING CLAIM AND INTERSECTS THE NORTHERLY SIDE LINE THEREOF AT A POINT 150
     FEET EASTERLY OF CORNER NO. 4 OF SAID JENNIE BLANCHE LODE MINING CLAIM,
     EXCEPT THAT PART DESCRIBED AS FOLLOWS. A TRACT OF LAND IN THE SOUTH V, OF
     SECTION 7, TOWNSHIP 3 SOUTH, RANGE 72 WEST OF THE 6TH P.M., CITY OF BLACK
     HAWK, COUNTY OF GILPIN, STATE OF COLORADO, BEING A PART OF THE JENNIE
     BLANCHE LODE, MINERAL SURVEY NO. 551, FROM WHICH POINT OF BEGINNING CORNER
     NO. 3 OF SAID JENNIE BLANCHE LODE BEARS S 19045'00" E A DISTANCE OF 11.28
     FEET, AND THE WEST 1/4 CORNER OF SECTION 7, TOWNSHIP 3 SOUTH, RANGE 72 WEST
     BEARS N 72003'49" W, 3364.64 FEET, AND CORNER NO. 21 OF THE SECURITY
     PLACER, MINERAL SURVEY NO. 5864 BEARS S 75048'09" W A DISTANCE OF 535.15
     FEET; THENCE N 19045'00"W ALONG LINE 3-4 OF SAID JENNIE BLANCHE LODE A
     DISTANCE OF 17.17 FEET; THENCE S 8 7'50'5 1 " E, PARALLEL WITH AND 3 FEET
     NORTHERLY OF A CONCRETE RETAINING WALL, A DISTANCE OF 6.15 FEET, THENCE S
     1014'25" W, PARALLEL WITH AND 3 FEET EASTERLY OF A CONCRETE RETAINING WALL,
     A DISTANCE OF 15.93 FEET TO A POINT ON SAID LINE 3-4, THE POINT OF
     BEGINNING, AND EXCEPT ANY PORTION THEREOF LYING WESTERLY OF THE EASTERLY
     BOUNDARY OF RICHMAN STREET AS DETERMINED BY THE BOUNDARY AGREEMENT WITH THE
     CITY OF BLACK HAWK WHICH IS TO BE RECORDED, AND EXCEPT ANY PORTION CONVEYED
     TO RICHMAN PROPERTIES LIMITED LIABILITY COMPANY BY BOUNDARY SETTLEMENT AND
     REAL PROPERTY TRADE AGREEMENT RECORDED JUNE 29,1998, IN BOOK 644, PAGE 409.
     AND EXCEPT ANY PORTION CONVEYED BY DEEDS RECORDED IN BOOK 644 AT PAGES
     402,405, AND 407, COUNTY OF GILPIN, STATE OF COLORADO

                                  Page 3 of 20

<PAGE>

     WHICH PROPERTY, PARCELS R, S, S-1 AND T. ARE ALSO DESCRIBED AS FOLLOWS:

     A TRACT OF LAND IN THE SOUTH 112 OF SECTION 7, TOWNSHIP 3 SOUTH, RANGE 72
     WEST OF THE 6T" P.M., CITY OF BLACK HAWK, COUNTY OF GILPIN, STATE OF
     COLORADO, WHICH BEGINS AT A POINT ON THE EAST LINE OF RICHMAN STREET, AND
     FROM WHICH POINT OF BEGINNING THE WEST 114 CORNER OF SAID SECTION 7 BEARS
     N72030'37"W, 3271.41 FEET, AND CORNER NO. 21 OF THE SECURITY PLACER,
     MINERAL SURVEY NO. 5864 BEARS S670 I O'39"W A DISTANCE OF 475.05 FEET;
     THENCE N 13`2 I'OO"E ALONG SAID EAST LINE OF RICHMAN STREET A DISTANCE OF
     116.56 FEET TO A POINT, THENCE LEAVING SAID EAST LINE OF RICHMAN STREET,
     N90'00'00"E A DISTANCE OF 8.06 FEET, THENCE N3003'00"W A DISTANCE OF 72.83
     FEET; THENCE N 1040'40"E A DISTANCE OF 45.44 FEET; THENCE N90000'00"E A
     DISTANCE OF 100.00 FEET; THENCE S 1040'40"W A DISTANCE OF 45.44 FEET;
     THENCE S 03003'00"E A DISTANCE OF 72.83 FEET; THENCE N90000'00"E A DISTANCE
     OF 64.87 FEET TO A POINT ON LINE 4-5 OF THE JENNIE BLANCHE LODE, MfNERAL
     SURVEY NO. 55 1; THENCE S 19045'00"E A DISTANCE OF 150.90 FEET TO A POINT
     ON LINE 2-3 OF SAID JENNIE BLANCHE LODE; THENCE S76030'00"W ALONG SAID LINE
     2-3 A DISTANCE OF 150.00 FEET TO CORNER NO. 3 OF SAID JENNIE BLANCHE LODE;
     THENCE N I 9045'00"W ALONG LINE 3-4 OF SAID JENNIE BLANCHE LODE, A DISTANCE
     OF 11.28 FEET; THENCE NO 1 0 14'25"E, PARALLEL WITH AND 3 FEET EASTERLY OF
     A CONCRETE WALL, A DISTANCE OF 15.93 FEET, THENCE N87050'51 "W, PARALLEL
     WITH AND 3 FEET NORTH OF SAID WALL, A DISTANCE OF 6.15 FEET TO A POINT ON
     SAID LINE 34 OF SAID JENNIE BLANCHE LODE; THENCE N I 9045'00"W ALONG SAID
     LINE A DISTANCE OF 8.25 FEET; THENCE N68006'00"W A DISTANCE OF 77.99 FEET
     TO THE POINT OF BEGINNTNG.

                                  Page 4 of 20

<PAGE>

PARCEL A:
---------

     THE BRYAN LODE OR TRACT, AS DESCRIBED IN DEED RECORDED NOVEMBER 25,1898, IN
     BOOR 135 AT PAGE 274, CITY OF BLACK HAWK, EXCEPT ANY MINE OF GOLD, SILVER,
     CINNABAR OR COPPER OR TO ANY VALID MINING CLAIM OR POSSESSION HELD UNDER
     EXISTING LAWS, AS SHOWN IN PATENT TO THE CITY OF BLACK HAWK, RECORDED IN
     BOOK 56 AT PAGE 555 AND IN BOOK 62 AT PAGE 456, AND EXCEPT ANY PORTION
     THEREOF IN CONFLICT WITH RICHMAN STREET,
     COUNTY OF GILPIN, STATE OF COLORADO.

PARCEL B:
---------
     THE LIBRA LODE AND DUMP SITE MINING CLAIM, AS DESCRIBED IN DEED RECORDED
     DECEMBER 31,1898, IN BOOK 140 AT PAGE 304, CITY OF BLACK HAWK, EXCEPT ANY
     MINE OF GOLD, SILVER, CINNABAR OR COPPER OR TO ANY VALID MINING CLAIM OR
     POSSESSION HELD UNDER EXISTrNG LAWS, AS SHOWN IN PATENT TO THE CITY OF
     BLACK HAWK, RECORDED IN BOOK 56 AT PAGE 555 AND IN BOOK 62 AT PAGE 456,
     COUNTY OF GILPIN, STATE OF COLORADO.

                                  Page 5 of 20

<PAGE>

PARCEL C:
---------
     ALL THAT PORTION OF SURVEY 880, LITTLE SILVER LODE, NOT IN CONFLICT WITH
     SURVEYS 81, 82, 602, 928, 5173 AND 7626, GILPIN COUNTY, COALEY, MAHASKA,
     LINDEN CASTLE, LULU, MOUNTAIN LION AND DEMOCRAT LODES, ALSO THE BRYAN,
     GALENA AND BLACK JACK LODES AND THE S.E. 114 OF THE N.E. 1/4 OF SEC. 7,
     T.3S., R.72W- OF THE 6TH P.M. THE SAID SURVEY NO. 880 LITTLE SILVER LODE,
     BEING BOUNDED AND DESCRIBED AS FOLLOWS, TO WIT: BEGINNING AT CO. NO. I
     WHENCE THE N.E. COR. SEC. 7, T.3S., R.72W. OF THE 6TH P.M. BEARS N.
     6039'40" E., 3144.42 FT., THENCE S. 59015' W., 1500 FT. TO COR. NO. 2,
     THENCE S. 30045'E, 150 FT. TO COR. NO. 3, THENCE N 59015, E, 1500 FT. TO
     COR. NO. 4, THENCE N. 30-45' W., 150 FT. TO CORNER NO. 1, THE PLACE OF
     BEGINNING, AS DESCRIBED IN DEED RECORDED NOVEMBER 20,1905, IN BOOK 158 AT
     PAGE 219, CITY OF BLACK HAWK, AND EXCEPT ANY N41NE OF GOLD, SILVER,
     CINNABAR OR COPPER OR TO ANY VALID MINING CLAIM OR POSSESSION HELD UNDER
     EXISTING LAWS, AS SHOWN IN PATENT TO THE CITY OF BLACK HAWK, RECORDED IN
     BOOK 56 AT PAGE 555 AND IN BOOK 62 AT PAGE 456,
     COUNTY OF GILPIN, STATE OF COLORADO.

PARCEL D:
---------
     THE PETRIKIN TRACT, AS DESCRIBED IN DEED RECORDED OCTOBER 14, 1908, IN BOOK
     170 AT PAGE 165, CITY.OF BLACK HAWK, EXCEPT ANY MINE OF GOLD, SILVER,
     CINNABAR OR COPPER OR TO ANY VALID MINING CLAIM OR POSSESSION HELD UNDER
     EXISTING LAWS, AS SHOWN IN PATENT TO THE CITY OF BLACK HAWK, RECORDED IN
     BOOK 56 AT PAGE 555 AND IN BOOK 62 AT PAGE 456,
     COUNTY OF GILPIN, STATE OF COLORADO.

                                  Page 6 of 20

<PAGE>

PARCEL E:
---------
     THE MARTELLO AND SCHOENHERR TRACT, AS DESCRIBED IN DEED RECORDED FEBRUARY
     5,1917, IN BOOK 170 AT PAGE 389, CITY OF BLACK HAWK, EXCEPT ANY MINE OF
     GOLD, SILVER, CfNNABAR OR COPPER OR TO ANY VALID MINING CLAIM OR POSSESSION
     HELD UNDER EXISTING LAWS, AS SHOWN IN PATENT TO THE CITY OF BLACK HAWK,
     RECORDED IN BOOK 56 AT PAGE 555 AND IN BOOK 62 AT PAGE 456, COUNTY OF
     GILPIN, STATE OF COLORADO.

PARCEL F:
---------
     THE COALEY LODE MINING CLAIM, U.S. SURVEY NO. 82, AS DESCRIBED IN U.S.
     PATENT RECORDED MARCH 26,1971, IN BOOK 270 AT PAGE 461, EXCLUSIVE OF THE
     SURFACE AREA INCLUDED WITHIN THE BOUNDARIES SURVEY NO. 8 1, AS EXCLUDED IN
     SAID PATENT, COUNTY OF GILPIN, STATE OF COLORADO.

PARCEL G:
---------
     THE GELPIN COUNTY TUNNEL OR LODE MINING CLAIM, U.S. SURVEY NO. 8 1, AS
     DESCRIBED IN U.S. PATENT RECORDED MARCH 26,197 1, IN BOOK 270 AT PAGE 466,
     COUNTY OF GILPIN, STATE OF COLORADO.

PARCEL H:
---------
     THENHEELER TUNNEL LODE MINING CLAIM, U.S. SURVEY NO. 53 1, AS DESCRIBED IN
     U.S. PATENT RECORDED MARCH 26,1971, IN BOOK 270 AT PAGE 47 1, EXCEPT ANY
     PORTION EMBRACED IN SURVEY NO. 82, AS EXCEPTED IN SAID PATENT,
     COUNTY OF GILPIN, STATE OF COLORADO.

                                  Page 7 of 20

<PAGE>

PARCEL I:
---------
     THE MAHASKA LODE MINING CLAIM. U-S. SURVEY NO. 602, AS DESCRIBED IN U.S.
     PATENT RECORDED MARCH 26,1971, IN BOOK 270 AT PAGE 476, EXCEPTING ANY
     PORTION EMBRACED IN SURVEY NOS. 81, 82, 291 AND 55 1, AS EXCEPTED IN SAID
     PATENT, COUNTY OF GILPIN, STATE OF COLORADO.

PARCEL J:
---------
     THE JENNIE BLANCHE LODE MINING CLAIM, U.S. SURVEY NO. 551, AS DESCRIBED IN
     U.S. PATENT RECORDED IN BOOK 76 AT PAGE 180, EXCEPT THAT PART OF THE
     SURFACE THEREOF IN CONFLICT WITH THE GILPIN COUNTY LODE MlNING CLAIM, U.S.
     SURVEY NO 81, AND EXCEPT THAT PART THEREOF LYING WESTERLY OF A LINE THAT
     IS PARALLEL TO AND ENDLINES OF SAID JENNIE BLANCHE LODE AND INTERESTS THE
     NORTHERLY SIDELINE THEREOF AT A POINT 150 FEET EASTERLY OF CORNER NO. 4 OF
     SAID JENNIE BLANCHE LODE, AS EXCEPTED IN DEED RECORDED MAY 12,1972, IN
     BOOK 277 AT PAGE 178,
     COUNTY OF GILPIN, STATE OF COLORADO.

PARCEL K:
---------
     THE DEMOCRAT LODE MINING CLAIM, U.S. SURVEY NO. 7626, AS DESCRIBED IN U.S.
     PATENT RECORDED SEPTEMBER 14,1898, IN BOOK 136 AT PAGE 9, EXCEPTING
     THEREFROM ANY PORTION EMBRACED IN SURVEY NOS. 81, 82, 211, 531, 602, 928
     AND EXCEPT A PORTION OF THE REPUBLICAN LODE CLAW UNSURVEYED, AS EXCEPTED IN
     SAID PATENT,
     COUNTY OF GILPIN, STATE OF COLORADO.

                                  Page 8 of 20

<PAGE>

PARCEL L:
---------
     THE GALENA LODE MINING CLAIM, AS DESCRIBED IN DEED RECORDED NOVEMBER
     20,1920, IN BOOK 170 AT PAGE 459, EXCEPTING ANY CONFLICTS WITH SURVEY NO
     82. COALEY LODE, SURVEY NO. 81, GILPIN COUNTY LODE, SURVEY NO. 928 LINDEN
     CASTLE LODE, SURVEY NO. 602. MAHASKA LODE, SURVEY NO. 5173, MOUNTAIN LION
     AND LULU LODES, THE DEMOCRAT AND SHENANDOAH VALLEY LODES. AND THE
     AGRJCULTURAL PATENT TO THE SE 114 OF THE NE 1/4 OF SECTION 7, TOWNSHIP 3
     SOUTH, RANGE 72 WEST OF THE 6TH P.M., AS EXCEPTED IN SAID DEED, CITY OF
     BLACK H-AWK, AND EXCEPT ANY MINE OF GOLD, SILVER, CINNABAR OR COPPER OR TO
     ANY VALID MINING CLAIM OR POSSESSION HELD UNDER EXISTING LAWS, AS SHOWN IN
     PATENT TO THE CITY OF BLACK HAWK, RECORDED IN BOOK 56 AT PAGE 555 AND IN
     BOOK 62 AT PAGE 456, COUNTY OF GILPIN, STATE OF COLOR-ADO.

PARCEL M:
---------
     THE MOUNTAIN LION, CITY OF BLACK HAWK, EXCEPT ANY MINE OF GOLD, SILVER,
     CINNABAR OR COPPER OR TO ANY VALID MINING CLAIM OR POSSESSION HELD UNDER
     E)GSTING LAWS, AS SHOWN IN PATENT TO THE CITY OF BLACK HAWK, RECORDED IN
     BOOK 56 AT PAGE 555 AND IN BOOK 62 AT PAGE 456,
     COUNTY OF GILPIN, STATE OF COLORADO.

PARCEL N:
---------
     THE LULU, CITY OF BLACK HAWK, EXCEPT ANY PORTION THEREOF LYING OUTSIDE THE
     BOUNDARIES OF THE CITY OF BLACK HAWK, AND EXCEPT ANY MINE OF GOLD, SILVER,
     CINNABAR OR COPPER OR TO ANY VALID MINING CLAIM OR POSSESSION HELD UNDER
     EXISTING LAWS, AS SHOWN IN PATENT TO THE CITY OF BLACK HAWK, RECORDED IN
     BOOK 56 AT PAGE 555 AND IN BOOK 62 AT PAGE 456, EXCEPT ANY PORTION THEREOF
     CONVEYED TO MAHOGANY RIDGE LIMITED PARTNERSHIP, A COLORADO LIMITED
     PARTNERSHIP, BY BILL OF SALE RECORDED FEBRUARY 1, 2000 IN BOOK 687 AT PAGE
     193, COUNTY OF GILPIN, STATE OF COLORADO.

                                  Page 9 of 20

<PAGE>

PARCEL 0:
---------
     THE JENNIE BLANCHE EXTENSION TRACT, AS DESCRIBED IN DEED RECORDED AUGUST 1,
     1996, IN BOOK 605 AT PAGE 15, CITY OF BLACK HAWK, EXCEPT ANY MINE OF GOLD,
     SILVER, CINNABAR OR COPPER OR TO ANY VALID MINING CLAIM OR POSSESSION HELD
     UNDER EXISTING LAWS, AS SHOWN IN PATENT TO THE CITY OF BLACK HAWK, RECORDED
     IN BOOK 56 AT PAGE 555 AND IN BOOK 62 AT PAGE 456,
     COUNTY OF GILPIN, STATE OF COLORADO.

PARCEL P:
---------
     THE SHENANDOAH VALLEY LODE, AS DESCRIBED AUGUST 1, 1996, IN BOOK 605 AT
     PAGE 16, CITY OF BLACK HAWK, EXCEPT ANY MINE OF GOLD, SILVER, CINNABAR OR
     COPPER OR TO ANY VALID MINING CLAIM OR POSSESSION HELD UNDER EXISTING LAWS,
     AS SHOWN IN PATENT TO THE CITY OF BLACK HAWK, RECORDED IN BOOK 56 AT PAGE
     555 AND IN BOOK 62 AT PAGE 456,
     COUNTY OF GILPIN, STATE OF COLORADO.

PARCEL 0:
---------
     THE MAYFLOWER TUNNEL A/K/A MAY FLOWER LODE, AS DESCRIBED AUGUST 1, 1996, IN
     BOOK 605 AT PAGE 14, CITY OF BLACK HAWK, EXCEPT ANY MINE OF GOLD, SILVER,
     CINNABAR OR COPPER OR TO ANY VALID MINING CLAIM OR POSSESSION HELD UNDER
     EXISTING LAWS, AS SHOWN IN PATENT TO THE CITY OF BLACK HAWK, RECORDED IN
     BOOK 56 AT PAGE 555 AND IN BOOK 62 AT PAGE 456,
     COUNTY OF GILPIN, STATE OF COLORADO.

                                 Page 10 of 20

<PAGE>

PARCEL X:
---------
     THE KLONDYKE LODE, BLACK HAWK CITY TITLE, AS DESCRIBED IN DEED RECORDED
     JANUARY 18,1900, IN BOOK 135 AT PAGE 401, EXCLUSIVE OF ITS CONFLICT WITH
     THE COALEY LODE, SURVEY NO. 82. THE WHEELER TUNNEL LODE, SURVEY NO. 53.
     THE LINDEN CASTLE LODE, SURVEY NO. 928. THE DEMOCRAT LODE. SURVEY NO.
     7626.THE BRYAN LODE: THE SILVER DIME LODE, AND EXCLUSIVE OF ANY PORTION
     THEREOF LYING OUTSIDE THE BOUNDARY OF THE TOWNSITE OF BLACK HAWK, AS
     EXCEPTED IN SAID DEED, AND EXCEPT ANY PORTION NOT CONVEYED BY DEED
     RECORDED MAY 31, 1968. IN BOOK 259 AT PAGE 3, CITY OF BLACK HAWK,
     COUNTY OF GILPIN, STATE OF COLORADO

PARCEL Y:
---------
     THE BLACK BEAR LODE, BLACK HAWK CITY TITLE, AS DESCRIBED IN DEED FROM CITY
     OF BLACK HAWK RECORDED AUGUST 9,1902, IN BOOK 153 AT PAGE 37, EXCEPTING
     THEREFROM ANY PORTION EMBRACED IN SURVEY NO. 7626, DEMOCRAT LODE, SURVEY
     NO. 211, RADICAL LODE; MISSOURI LODE, ELEPHANT LODE; AND LION LODE, AS
     EXCEPTED IN SAID DEED,
     CITY OF BLACK HAWK,
     COUNTY OF GILPIN,
     STATE OF COLORADO

PARCEL Z:
---------

     MARY TRACT, BLACK HAWK CITY TITLE, AS DESCRIBED IN DEED RECORDED SEPTEMBER
     10, 1902, IN BOOK 153 AT PAGE 59,
     CITY OF BLACK HAWK,
     COUNTY OF GILPIN,
     STATE OF COLORADO

                                 Page 11 of 20

<PAGE>

PARCEL AA:
---------
     THE SURFACE GROUND OF THE BLACK JACK LODE MINE, BLACK HAWK, CITY TITLE, AS
     DESCRIBED IN DEED RECORDED IN BOOK 121 AT PAGE 211, EXCEPT ANY PORTION
     THEREOF CONVEYED TO THE COUNTY OF GILPIN BY THAT RIGHT OF WAY DEED RECORDED
     DECEMBER 15,1989, IN BOOK 213 AT PAGE 90,
     CITY OF BLACK HAWK,
     COUNTY OF GILPIN,
     STATE OF COLORADO

PARCEL BB:
---------
     THE LINDEN CASTLE LODE MINING CLAIM, U. S. SURVEY NO. 928, AS DESCRIBED IN
     UNITED STATES PATENT RECORDED APRIL 9,1920, IN BOOK 187 AT PAGE 105,
     EXCEPTING THEREFROM ANY PORTION THEREOF EMBRACED IN MINING CLAIMS OR SURVEY
     NOS. 82, 53 1, OR 602, OR THE GALENA LODE CLAIM, OR THAT PORTION OF THE
     CLAIM EMBRACED IN THE SOUTHWEST QUARTER OF THE NORTHWEST QUARTER OF SECTION
     8, TOWNSHIP 3 SOUTH, RANGE 72 WEST OF THE 6TH P.M.,
     COUNTY OF GILPIN,
     STATE OF COLORADO

PARCEL CC:
---------
     THAT PORTION OF THE LION LODE MINING CLAIM, BLACK HAWK CITY TITLE, AS
     DESCRIBED IN DEED RECORDED MARCH 19,1998, IN BOOK 637 AT PAGE 14, LYING
     EAST OF RICHMAN STREET, CITY OF BLACK HAWK, EXCEPT ANY PORTION THEREOF
     LYING OUTSIDE THE BOUNDARIES OF THE PATENTS FOR THE CITY OF BLACK HAWK,
     CITY OF BLACK HAWK, COUNTY OF GILPIN, STATE OF COLORADO

                                 Page 12 of 20

<PAGE>

PARCEL DD:
----------
     THE PRINCE HENRY LODE, BLACK HAWK CITY TITLE. AS DESCRIBED IN DEED FORM THE
     CITY OF BLACK HAWK RECORDED AUGUST 9,1902, IN BOOK 153 AT PAGE 37.
     EXCEPTING THEREFROM ANY PORTION EMBRACED IN SURVEY NO. 7626, DEMOCRAT LODE.
     SURVEY NO. 211, RADICAL LODE. MISSOURI LODE, ELEPHANT LODE, AND LION LODE,
     AS EXCEPTED IN SAID DEED; AND EXCEPT THAT PART OF THE SAID PRINCE HENRY
     LODE DESCRIBED AS FOLLOWS:

          BEGINNING AT CORNER NO. 3 OF THE LION LODE, CITY TITLE, BOOK A, PAGE I
          11, FROM WHICH POINT  CORNER NO. 4 OF THE  CHAMPION  LODE,  SURVEY NO.
          229,  BEARS N8505 1'3 7"W A DISTANCE  OF 543.34  FEET THENCE  N69004'W
          ALONG  LINE 3-4 OF SAID LION  LODE,  A  DISTANCE  OF 44.58 FEET TO ITS
          INTERSECTION  WITH THE  NORTHWESTERLY  LINE OF SAID PRINCE HENRY LODE,
          THENCE  N55'52'E  ALONG SAID  NORTHWESTERLY  LINE A DISTANCE OF 383.13
          FEET TO A POINT ON LINE 4 3 OF THE  DEMOCRAT  LODE,  SURVEY  NO.  626.
          THENCE  S80040'E  ALONG  SAID LINE 4-3 A  DISTANCE  OF 96.06 FEET TO A
          POINT ON THE NORTHWESTERLY  LINE OF THE LINE A DISTANCE OF 150.77 FEET
          TO THE MOST WESTERLY  CORNER OF SAID LODE,  THENCE  S45053'E ALONG THE
          SOUTHWESTERLY LINE OF SAID LODE A DISTANCE OF 81.32 FEET TO A POINT ON
          THE  SOUTHEASTERLY  LINE OF SAID PRINCE  HENRY LODE;  THENCE  S55052'W
          ALONG  SAID LINE A DISTANCE  OF 281.35  FEET TO A POINT ON LINE 3-4 OF
          THE  ELEPHANT  LODE,  CITY TITLE.  THENCE  N39'35'W  ALONG SAID LINE A
          DISTANCE OF 53.77 FEET TO CORNER NO. 4 OF SAID ELEPHANT  LODE;  THENCE
          N40'3 1'56"W A DISTANCE OF 60.31 FEET TO THE POINT OF BEGINNING,
     CITY OF BLACK HAWK,
     COUNTY OF GILPIN,
     STATE OF COLORADO

                                 Page 13 of 20

<PAGE>

PARCEL EE:
----------
     AN EASEMENT OVER AND ACROSS THE LEOPOLD LODE, BLACK HAWK CITY TITLE, AS
     DESCRIBED IN DEED RECORDED JULY 11, 1902, IN BOOK 150 AT PAGE 421' EXCEPT
     ANY PORTION THEREOF LYING OUTSIDE THE BOUNDARIES OF THE LAND DESCRIBED IN
     THE PATENTS TO THE CITY OF BLACK HAWK, RECORDED IN BOOK 56 AT PAGE 555 AND
     IN BOOK 62 AT PAGE 456. AND EXCEPT ANY PORTION THEREOF CONVEYED BY THE
     CITY OF BLACK HAWK PRIOR TO JULY 11, 1902, SAID EASEMENT RECORDED APRIL
     29,1998, IN BOOK 640 AT PAGE 79,
     CITY OF BLACK HAWK,
     COUNTY OF GILPIN,
     STATE OF COLORADO

PARCEL FF:
----------
     THE SOUTH JENNIE BLANCHE LODE, BLACK HAWK CITY TITLE, AS DESCRIBED IN
     INSTRUMENT RECORDED AUGUST 1, 1996, IN BOOK 605 AT PAGE 15,
     CITY OF BLACK HAWK,
     COUNTY OF GILPIN,
     STATE OF COLORADO

PARCEL GG:
----------
     THE COALEY LODE MINING CLAIM, U. S. SURVEY NO. 291, AS DESCRIBED IN U. S.
     PATENT RECORDED IN BOOK 65 AT PAGE 7 1, EXCEPTING THEREFROM ANY PORTION
     EMBRACED IN SURVEY NO. 81, AS EXCEPTED IN SAID PATENT,
     COUNTY OF GILPIN,
     STATE OF COLORADO

                                 Page 14 of 20

<PAGE>

PARCEL II
---------
A TRACT OF LAND IN THE SE 114 OF SECTION 7,  TOWNSHIP 3 SOUTH,  RANGE 72 WEST OF
THE 6TH P.M.,  CITY OF BLACK HAWK,  COUNTY OF GILPIN,  STATE OF COLORADO,  WHICH
BEGINS AT THE  INTERSECTION  OF LINE 1-2 OF THE SOUTH JENNIE  BLANCHE  LODE,  AS
DESCRIBED  IN BOOK C AT PAGE 168 OF THE CITY OF BLACK HAWK RECORDS WITH LINE 1-2
OF THE JENNIE  BLANCHE  EXTENSION  TRACT,  AS  DESCRIBED IN BOOK 605 AT PAGE 15,
GILPIN COUNTY RECORDS, FROM WHICH POINT OF BEGINNING THE EAST 114 CORNER OF SAID
SECTION 7 BEARS N39020'35"E A DISTANCE OF 629.18 FEET.
THENCE  N64000'00"E  ALONG SAID LINE 1-2 OF THE JENNIE BLANCHE EXTENSION TRACT A
DISTANCE  OF 47.94  FEET TO A POINT ON LINE 10-9 OF THE LIBRA LODE AND DUMP SITE
MINING CLAIM, AS DESCRIBED IN BOOK 140 AT PAGE 304, THENCE S4000'00"W ALONG SAID
LINE 10-9 A DISTANCE OF 3_2 1.94 FEET TO SAID  CORNER NO. 9, THENCE  S35022'00"E
ALONG  LINE 9-8 OF SAID  LIBRA LODE AND DUMP SITE  MINING  CLAIM A  DISTANCE  OF
181.86  FEET TO CORNER NO. 8;  THENCE  S39025'00"W  ALONG LINE 8-7 OF SAID LIBRA
LODE AND DUMP SITE  MINING  CLAIM A  DISTANCE  OF 590.23  FEET TO CORNER  NO. 71
THENCE  N44000'00"W  A  DISTANCE  OF  101.33  FEET TO A POINT ON LINE 4-3 OF THE
SILVER  LODE,  AS DESCRIBED  IN BOOK A, PAGE 311,  CITY OF BLACK HAWK  RECORDS.
THENCE  N46000'00"E  ALONG SAID LINE 4-3 A DISTANCE OF 250.48 FEET TO CORNER NO.
3-9 THENCE  N90000'00W  ALONG LINE 3-2 OF SAID  SILVER LODE A DISTANCE OF 215.98
FEET TO CORNER NO. 2; THENCE N61045'04"W A DISTANCE OF 194.02 FEET TO CORNER NO.
3 OF THE GERTRUDE  LODE,  AS DESCRIBED  IN BOOK 150 AT PAGE 405,  GILPIN  COUNTY
RECORDS;  THENCE  N26055'09"W  ALONG LINE 34 OF SAID GERTRUDE LODE A DISTANCE OF
149.86 FEET TO CORNER NO. 4-9 THENCE  N45035'45"W  A DISTANCE OF 80.09 FEET TO A
POINT ON LINE 3-2 OF THE SOUTH JENNIE BLANCHE LODE, AS DESCRIBED IN BOOK C, PAGE
168,  CITY OF BLACK  HAWK  RECORDS;  THENCE  N64000'00"E  ALONG  SAID LINE 3-2 A
DISTANCE OF 750.00 FEET TO CORNER NO. 2;  THENCE  N26000'00"W  ALONG LINE 2-1 OF
SAID SOUTH JENNIE BLANCHE LODE A DISTANCE OF 52-58 FEET TO THE POINT OF

                                 Page 16 of 20

<PAGE>

BEGINNING.

(Description of Parcel 11 continued on next page)

                                 Page 17 of 20

<PAGE>

PARCEL 11 (Continued)
--------------------

                                       AND

     TWO TRACTS OF LAND IN THE NE 1/4 OF THE SE 1/4 OF SECTION 7. TOWNSHIP 3
     SOUTH, RANGE 72 WEST OF THE 6TH P.M., CITY OF BLACK HAWK, COUNTY OF GILPIN,
     STATE OF COLORADO, MORE PARTICULARLY DESCRIBED AS FOLLOWS:

     VOID NO. 3: BOUNDED BY THE SHENANDOAH VALLEY LODE, THE JENNIE BLANCHE
     EXTENSION LODE, THE MOUNTAIN LION LODE, AND THE PETRIKFN LODE, BEGINNING
     AT A POINT FROM WHICH THE EAST 114 CORNER OF SAID SECTION 7 BEARS
     N65002'42"E A DISTANCE OF 473.31 FEET, THENCE S31045'00"E A DISTANCE OF
     137.81 FEET; THENCE S64000'00"W A DISTANCE OF 16.93 FEET. THENCE
     N35013'00"W A DISTANCE OF 137.73 FEET; THENCE S90000'00"E A DISTANCE OF
     1.38 FEET TO THE POINT OF BEGINNING, AND VOID NO. 4: BOUNDED BY THE
     MOUNTAIN LION LODE, THE DUMP SITE LODE, AND THE JENNIE BLANCHE EXTENSION
     LODE: BEGINNING AT A POINT FROM WHICH THE EAST 114 CORNER OF SAID SECTION 7
     BEARS N39059'32"E A DISTANCE OF 497.85 FEET, THENCE S31045'00"E A DISTANCE
     OF 25.67 FEET; THENCE S51036'45"W A DISTANCE OF 5.63 FEET; THENCE N I
     9045'00"W A DISTANCE OF 26.91 FEET TO THE POINT OF BEGINNING.

                                 Page 18 of 20

<PAGE>

PARCEL JJ
---------
     THE SE 1/4 OF THE NE 1/4 OF SECTION 7, TOWNSHIP 3 SOUTH, RANGE 72 WEST OF
     THE 6TH P.M., EXCEPTING THEREFROM ANY PORTION CONTAINED IN SURVEY NOS: 211
     RADICAL LODE; 531 WHEELER LODE. 5173 LULU LODE. 291 COALEY LODE. 602
     MAHASKA LODE. 8 1 GILPIN COUNTY LODE. 229 CHAMPION LODE, 5173 MOLJNTAfN
     LION LODE, 928 LNDEN CASTLE LODE. BLACK JACK LODE; GALENA LODE. REPUBLIC
     LODE. SILVER DOLLAR LODE, LITTLE SILVER LODE AND A PARCEL CALLED THE
     PITRIKEN TRACT, IF ANY, AS EXCEPTED IN DEED RECORDED JUNE 17,1935, IN BOOK
     194 AT PAGE 484, AND EXCEPT ANY MNE OF GOLD, SILVER, CINNABAR OR COPPER OR
     TO ANY VALID MINING CLAIM OR POSSESSION HELD UNDER EXISTING LAWS, AS SHOWN
     IN PATENT TO THE CITY OF BLACK RAWK, RECORDED IN BOOK 56 AT PAGE 555 AND IN
     BOOK 62 AT PAGE 456, AND EXCEPT A TRACT OF LAND IN THE SE 1/4 OF THE NE 1/4
     OF SECTION 7, TOWNSHIP 3 SOUTH, RANGE 72 WEST OF THE 6TH P.M., CITY OF
     BLACK HAWK, COUNTY OF GILPIN, STATE OF COLORADO, DESCRIBED AS FOLLOWS:
     BEGINNING AT THE NE CORNER OF THE SE 1/4 OF THE NE 1/4 OF SECTION 7. THENCE
     S0204341"W ALONG THE EAST LINE OF SAID SE 114 A DISTANCE OF 885.11 FEET,
     THENCE S90"00'00"W A DISTANCE OF 300-00 FEET, THENCE N3104 1'00"W A
     DISTANCE OF 10 12.92 FEET TO A PONT ON THE NORTH LINE OF THE SE 1/4 OF THE
     NE 1/4 OF SECTION T. THENCE N 88001'24"E ALONG SAID NORTH LINE A DISTANCE
     OF 78513 FEET TO THE POINT OF BEGINNING
     CITY OF BLACK HAWK,
     COUNTY OF GILPIN,
     STATE OF COLORADO.

                                 Page 19 of 20

<PAGE>

PARCEL KK:
----------
     THE SILVER DOLLAR LODE, AS DESCRIBED IN LOCATION CERTIFICATE RECORDED
     AUGUST 5,1895, IN BOOK 124 AT PAGE 484,
     CITY OF BLACK HAWK,
     COUNTY OF GILPIN, STATE OF COLORADO

PARCEL LL:
----------
     THE CHICAGO LODE, AS DESCRIBED IN DEED RECORDED AUGUST 19,1901, IN BOOK 150
     AT PAGE 403, EXCLUSIVE OF ANY LAND CONVEYED BY THE CITY OF BLACK HAWK PRIOR
     TO DECEMBER 15,1899, AS EXCLUDED IN SAID DEED,
     CITY OF BLACK HAWK,
     COUNTY OF GILPIN, STATE OF COLORADO

PARCEL MM:
----------
     THE SILVER DIME LODE, AS DESCRIBED IN DEED RECORDED AUGUST 19, 190 1, IN
     BOOK 150 AT PAGE 404, EXCLUSIVE OF ANY LAND CONVEYED BY THE CITY OF BLACK
     HAWK PRIOR TO DECEMBER 15,1899, AS EXCLUDED IN SAID DEED,
     CITY OF BLACK HAWK,
     COUNTY OF GILPIN, STATE OF COLORADO

PARCEL NN:
----------
     THE GERTRUDE LODE, AS DESCRIBED IN DEED RECORDED AUGUST 19, 190 1, fN BOOK
     150 AT PAGE 405, EXCLUSIVE OF ANY LAND CONVEYED BY THE CITY OF BLACK HAWK
     PRIOR TO DECEMBER 15,1899, AS EXCLUDED IN SAID DEED,
     CITY OF BLACK HAWK,
     COUNTY OF GILPIN, STATE OF COLORADO

                                 Page 20 of 20

<PAGE>

                                 EXHIBIT "B-1"

                              Assumed Liabilities
                              -------------------

     1. Taxes. Delinquent real property taxes and assessments, as set forth in
Item GG of Schedule B, Section I of the Title Commitment.

     2. Excavation Work. Liability to the City of Black Hawk for certain land
improvements pursuant to bench excavation permit issued by the City of Black
Hawk, which work is being performed by West Valley Construction for the City of
Black Hawk and the costs therefor will be reimbursed to the City of Black Hawk
by the owner of the Real Property.

<PAGE>

                                 EXHIBIT "B-2"

                                   Contracts
                                   ---------

     1. Architect Agreement. Standard Form of Agreement Between Owner and
Architect with Standard Form of Architect's Services (AIA Document B141-1997,
1997 Edition Electronic Format) dated January 31, 2000, by WWLLC as Owner and
Paul Steelman, Ltd. as Architect, as affected by that cer-tain Settlement
Agreement of even date therewith by and among in part WWLLC as Owner and Paul
Steelman, Ltd. as Architect.

     2. Excavation Agreement. Standard Form of Agreement Between Owner and
Contractor (AIA Document A 10 1 /CMa) dated May 14, 1998 by and between WWLLC as
Owner and D. H. Blattner & Sons, Inc.("Blattner"), as Contractor. Said agreement
was amended and supplemented pursuant to (i) that certain Supplement to AIA
Document Al0I/CMa Standard Form of Agreement Between Owner and Contractor; (ii)
that certain Amendment, dated June 15, 1998 (the " First Amendment") by and
between WWLLC as Owner and Blattner as Contractor; and (iii) that certain Second
Amendment to Standard Form of Agreement Between Owner and Contractor (the
"Second Amendment"), dated December 31, 1999, by and between WWLLC as Owner and
Blattner as Contractor, as the same are affected by that certain Settlement
Agreement dated January 31, 2000, by and between WWLLC as Owner and Blattner as
Contractor.

     3. General Construction Agreement. Standard Form of Agreement Between Owner
and Contractor dated January 25, 2000, by and between WVY'LLC as Owner, and PCL
Construction Services, Inc., as Contractor.Exhibit 10.26

                           SITE IMPROVEMENT AGREEMENT

     THIS AGREEMENT is made this _______ day of _______________, 2000, by and
between the CITY OF BLACK HAWK, COLORADO (the "City"), and WINDSOR WOODMONT
BLACK HAWK RESORT CORP., a Colorado corporation (the "Developer").

                                    RECITALS:

     A. The Developer is the owner of certain real property located in the City
of Black Hawk known as Black Hawk Casino By Hyatt which is more particularly
described in Exhibit A attached hereto and made a part hereof (the "Property").

     B. The Developer desires to obtain an Excavation Permit within the meaning
of Section 18-242 of the City of Black Hawk Municipal Code to perform an
Excavation Project, and must therefore provide Completion Funds within the
meaning of Sections 18-241 and 18-252 of the City of Black Hawk Municipal Code.

     C. The City and the Developer desire to enter into this Site Improvement
Agreement as required by Section 18-241(3) in order specify the terms and
conditions upon which the Completions Funds shall be disbursed, drawn upon
and/or used by the City for completion of the Excavation Project or Site
rehabilitation.

                                   AGREEMENT:

     NOW, THEREFORE, for and in consideration of the mutual promises and
covenants contained herein, the sufficiency of which are mutually acknowledged,
the parties hereto agree as follows:

     1. Purpose. The purpose of this Agreement is to set forth the terms and
conditions of the use of the Completion Funds submitted by the Developer to the
City in order to secure an Excavation Permit for an Excavation Project for which
Completion Funds are required within the meaning of Section 18-241(3) of the
City of Black Hawk Municipal Code. All conditions contained herein are in
addition to any and all requirements of the City of Black Hawk Subdivision
Ordinance and Zoning Ordinance, the City of Black Hawk Territorial Charter, any
and all state statutes, and any other sections of the City of Black Hawk
Municipal Code, and are not intended to supersede any requirements contained
therein. To the extent terms are contained herein which are otherwise undefined,
such terms shall be defined as set forth in Article XII of Chapter 18 of the
City of Black Hawk Municipal Code, as amended.

     2. Amount of Completion Funds. The Developer hereby agrees to submit to the
City prior to the issuance of an Excavation Permit for the Property, funds in
the amount of Five Million, Seven Hundred Ninety-Four Thousand, Five Hundred and

                                       1

<PAGE>

Twenty-Two Dollars and 80/100 ($5,794,522.80), which amount constitutes one
hundred and ten percent (110%) of the amount necessary to complete the
Excavation Project as set forth in Section 18-241(3) of the City of Black Hawk
Municipal Code based on an actual bid attached hereto as Exhibit B, and
incorporated herein by this reference (the "Completion Funds") which shall be
provided pursuant to an Escrow Agreement, in the form which is attached as
Exhibit C and incorporated by this reference and Five Hundred Twenty-Six
Thousand Seven Hundred Seventy-Five Dollars and 20/100 ($526,775.20),
constituting an additional ten percent (10%) of the total cost of the Excavation
Project as Site Rehabilitation Security within the meaning of Section 18-251 of
the City of Black Hawk Municipal Code, which shall be provided to the City in
the form of cash or irrevocable letter of credit prior to the issuance of an
excavation permit.

     3. Use of Completion Funds. In the event work is stopped on the Excavation
Project, for a period of ten (10) consecutive days or more, other than for a
demonstrated force majeure, the City shall draw upon the Completion Funds and,
at its sole discretion, either complete the Excavation Project or otherwise
rehabilitate the Property in accordance with the Site Rehabilitation standards
set forth in City of Black Hawk Municipal Code ss.18-241(8). Upon completion of
the Excavation Project or the Site Rehabilitation, the City shall release any
remaining Completion Funds to the Developer within thirty (30) calendar days of
completion of the City's work.

     4. Breach by the Developer; the City's Remedies. In the event of a breach
of any of the terms and conditions of this Agreement by the Developer, the City
Council shall be notified immediately and the City, may take such action as
permitted and/or authorized by law, this Agreement, or the ordinances and
Charter of the City to protect the public health, safety and welfare; to protect
lot buyers and builders; and to protect the citizens of the City from hardship
and undue risk. These remedies include, but are not limited to:

         a.    The revocation of an Excavation Permit;

         b.    The refusal to issue any building permit or certificate of
               occupancy;

         c.    Any other remedy available at law.

Unless necessary to protect the immediate health, safety and welfare of the
City, or to protect the City's interest with regard to the Completion Funds, the
City shall provide the Developer thirty (30) days written notice of its intent
to take any action under this paragraph during which thirty-day period the
Developer may cure the breach described in the notice and prevent further action
by the City.

     5. Observation. The City shall have the right to make reasonable
engineering observations at the Developer's expense as the City may request.
Observation, acquiescence in, or approval by any engineering inspector of any

                                       2

<PAGE>

portion of the Excavation Project at any particular time shall not constitute
the approval by the City of the Excavation Project.

     6. Completion of the Excavation Project. The Excavation Project shall be
deemed completed at the time and as set forth in City of Black Hawk Municipal
Code ss. 18-254, and if and when completed, the Completion Funds shall be
disbursed in accordance with Paragraph 3 of this Agreement, pursuant to further
instructions to the Escrow Agreement as set forth in the Escrow Agreement.

     7. Indemnification. The Developer shall indemnify and hold harmless the
City, its officers, employees, agents or servants from any and all suits,
actions, and claims of every nature and description caused by, arising from, or
on account of any act or omission of the Developer, or of any other person or
entity for whose act or omission the Developer is liable, with respect to the
Excavation Project; and the Developer shall pay any and all judgments rendered
against the City as the result of any suit, action, or claim, together with all
reasonable expenses and attorneys fees incurred by the City in defending any
such suit, action or claim.

     8. Waiver of Defects. In executing this Agreement the Developer waives all
objections it may have concerning defects, if any, in the formalities whereby it
is executed, or concerning the power of the City to impose conditions on the
Developer as set forth herein, and concerning the procedure, substance, and form
of the ordinances or resolutions adopting this Agreement.

     9. Modifications. This Agreement shall not be amended except by subsequent
written agreement of the parties.

     10. Release of Liability. It is expressly understood that the City cannot
be legally bound by the representations of any of its officers or agents or
their designees except in accordance with the City of Black Hawk Municipal Code
and the laws of the State of Colorado.

     11. Captions. The captions to this Agreement are inserted only for the
purpose of convenient reference and in no way define, limit, or prescribe the
scope or intent of this Agreement or any part thereof.

     12. Binding Effect. This Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective heirs, successors, and
assigns as the case may be.

     13. Invalid Provision. If any provision of this Agreement shall be
determined to be void by any court of competent jurisdiction, then such
determination shall not affect any other provision hereof, and all of the other
provisions shall remain in full force and effect. It is the intention of the
parties hereto that if any provision of this Agreement is capable of two
constructions, one of which would render the provision void and the other which
would render the provision valid, then the provision shall have the meaning
which renders it valid.

                                       3

<PAGE>

     14. Governing Law. The laws of the State of Colorado shall govern the
validity, performance and enforcement of this Agreement. Should either party
institute legal suit or action for enforcement of any obligation contained
herein, it is agreed that venue of such suit or action shall be in Gilpin
County, Colorado.

     15. Attorney Fees. Should this Agreement become the subject of litigation
to resolve a claim of default of performance by the Developer and a court of
competent jurisdiction determines that the Developer was in default in the
performance of the Agreement, the Developer shall pay the City's attorney fees,
expenses, and court costs.

     16. Notice. All notice required under this Agreement shall be in writing
and shall be hand-delivered or sent by registered or certified mail, return
receipt requested, postage prepaid, to the addresses of the parties herein set
forth. All notices so given shall be considered effective seventy-two (72) hours
after deposit in the United States mail with the proper address as set forth
below. Either party by notice so given may change the address to which future
notices shall be sent.

Notice to the City:        Development Coordinator
                           City of Black Hawk
                           P.O. Box 17
                           Black Hawk, Colorado  80422

With copy to:              James S. Maloney
                           Black Hawk City Attorney
                           Hayes, Phillips & Maloney, P.C.
                           1350 17th Street, Suite 450
                           Denver, Colorado  80202

Notice to Developer:       Daniel P. Robinowitz, Esq.
                           Windsor Woodmont Black Hawk Resort Corp.
                           2231 Valdina Street
                           Dallas, Texas 75207

With copy to:              Scott D. Albertson
                           Holley, Albertson & Polk, P.C.
                           1667 Cole Blvd. #100
                           Golden, CO 80401

     17. Approvals. Whenever approval or acceptance of the City is necessary
pursuant to any provision of this Agreement, the City shall act reasonably and
in a timely manner in responding to such request for approval or acceptance.

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<PAGE>

     18. Assignment or Assignments. There shall be no transfer or assignment of
any of the rights or obligations of the Developer under this Agreement without
the prior written approval of the City. The Developer agrees to provide the City
with at least fourteen (14) days advance written notice of the transfer or
assignment of any of the rights and obligations of the Developer under this
Agreement.

     19. Recording of Agreement. This Agreement shall be recorded in the real
estate records of Gilpin County and shall be a covenant running with the
Property in order to put prospective purchasers or other interested parties on
notice as to the terms and provisions hereof.

     20. Title and Authority. The Developer expressly warrants and represents to
the City that it is the record owner of the property constituting the Property
and further represents and warrants, together with the undersigned
individual(s), that the undersigned individual(s) has or have full power and
authority to enter into this Site Improvement Agreement. The Developer and the
undersigned individual(s) understand that the City is relying on such
representations and warranties in entering into this Agreement.

     WHEREFORE, the parties hereto have executed this Agreement on the day and
year first above-written.

                                            CITY OF BLACK HAWK, COLORADO

                                            By:
                                              --------------------------------
                                                Kathryn E. Eccker, Mayor

ATTEST:

-----------------------------------
Deborah S. Yancy, CMC
City Clerk

APPROVED AS TO FORM:

-----------------------------------
James S. Maloney, City Attorney

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<PAGE>

                                            WINDSOR WOODMONT BLACK HAWK
                                            RESORT CORP.

                                            By:_______________________________

                                            Name:_____________________________

                                            Title:____________________________

STATE OF COLORADO           )
                            ) ss.
COUNTY OF _________________ )

         The foregoing  instrument was  subscribed,  sworn to, and  acknowledged
before   me   this   _______   day   of   _______________________,    20__,   by
________________________________   as  the   _______________________________  of
Windsor Woodmont Black Hawk Resort Corp.

         My commission expires:  __________________________

(S E A L)

                                            ------------------------------
                                            Notary Public

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