Document:

EXHIBIT 10.2

FILE

                           PURCHASE AND SALE AGREEMENT
                           ---------------------------

This Purchase and Sale Agreement (the "Agreement") is entered into as of January
1, 2004, by and among Ashcroft Homes Corporation, a Colorado corporation (the
"Buyer"); and Diversity Mortgage Group, LLC, an entity ("DMG"), Seller"). Buyer
and Seller are referred to collectively herein as the "Parties."

WITNESSETH:

     A. The Parties have entered into this Agreement dated of even date herewith
wherein Buyer will purchase from Seller all of the membership interest and
personal goodwill of Seller.

     B. This Agreement contemplates a transaction in which Buyer will purchase
from Seller, and Seller will sell to Buyer, all of its membership interests and
personal in return for the consideration described herein.

     NOW, THEREFORE, in consideration of the premises and the mutual promises
herein made, and in consideration of the representations, warranties, and
covenants herein contained, the Parties agree as follows:

     1. Purchase and Sale of Membership Interest and Goodwill.
     ---------------------------------------------------------

     (a) Conveyance of Membership Interest and Goodwill. Seller hereby
transfers, sells, assigns and conveys all of its personal membership interest
and goodwill relating to Seller to Buyer, for the consideration specified in
Section 1(b) of this Agreement.

     (b) Purchase Price. The purchase price for DMG shall be paid by Buyer to
Seller concurrently with the execution of this Agreement in the form of 100,000
shares of the Buyers common stock, such common stock shall be subject restricted
and subject to all restrictions of the Securities Act of 1933, including Rule
144 and shall be vested equally over the term of this contract in the amount of
25,000 shares per quarter.

     2. Representations and Warranties.
     ----------------------------------

     (a) Representations and Warranties of the Seller. Seller represents and
warrants to the Buyer that the statements contained in this Section 2(a) are
correct and complete as of the date of this Agreement.

     (i) Authorization of Transaction. Seller has full power and authority to
     execute and deliver this Agreement and to perform its obligations
     hereunder. This Agreement constitutes the valid and legally binding
     obligation of Seller, enforceable in accordance with its terms and
     conditions. The Seller need not give any notice to, make any filing with,
     or obtain any authorization, consent, or approval of any government or
     governmental agency in order to consummate the transactions contemplated by
     this Agreement.

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     (ii) Noncontravention. Neither the execution and the delivery of this
     Agreement, nor the consummation of the transactions contemplated hereby,
     will (A) violate any constitution, statute, regulation, rule, injunction,
     judgment, order, decree, ruling, charge, or other restriction of any
     government, governmental agency, or court to which the Seller is subject
     or, or (B) conflict with, result in a breach of, constitute a default
     under, result in the acceleration of, create in any party the right to
     accelerate, terminate, modify, or cancel, or require any notice under any
     agreement, contract, lease, license, instrument, or other arrangement to
     which the Seller is a party or by which Seller is bound or to which any of
     the Seller's assets are subject.

     (iii) Brokers' Fees. Seller has no liability or obligation to pay any fees
     or commissions to any broker, finder, or agent with respect to the
     transactions contemplated by this Agreement for which the Buyer could
     become liable or obligated.

     (b) Representations and Warranties of the Buyer. Buyer represents and
warrants to Seller that the statements contained in this Section 2(b) are
correct and complete as of the date of this Agreement.

     (i) Organization of the Buyer. Buyer is a corporation duly organized,
     validly existing, and in good standing under the laws of the jurisdiction
     of its incorporation.

     (ii) Authorization of Transaction. The Buyer has full power and authority
     to execute and deliver this Agreement and to perform its obligations
     hereunder. This Agreement constitutes the valid and legally binding
     obligation of Buyer, enforceable in accordance with its terms and
     conditions. Buyer need not give any notice to, make any filing with, or
     obtain any authorization, consent, or approval of any government or
     governmental agency in order to consummate the transactions contemplated by
     this Agreement.

     (iii) Noncontravention. Neither the execution and the delivery of this
     Agreement, nor the consummation of the transactions contemplated hereby,
     will (A) violate any constitution, statute, regulation, rule, injunction,
     judgment, order, decree, ruling, charge, or other restriction of any
     government, governmental agency, or court to which the Buyer is subject or
     any provision of its charter or bylaws or (B) conflict with, result in a
     breach of, constitute a default under, result in the acceleration of,
     create in any party the right to accelerate, terminate, modify, or cancel,
     or require any notice under any agreement, contract, lease, license,
     instrument, or other arrangement to which the Buyer is a party or by which
     it is bound or to which any of its assets is subject.

     (iv) Brokers' Fees. Buyer has no liability or obligation to pay any fees or
     commissions to any broker, finder, or agent with respect to the
     transactions contemplated by this Agreement for which Seller could become
     liable or obligated.

                                       2

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     3. Covenants of the Parties. The Parties agree as follows with respect to
the period following the closing of the transactions contemplated by this
Agreement (the "Closing").

     (a) General. In case at any time after the Closing any further action is
necessary to carry out the purposes of this Agreement, each of the Parties will
take such further action (including the execution and delivery of such further
instruments and documents) as any other Party may reasonably request, all at the
sole cost and expense of the requesting Party.

     (b) Covenant Not to Compete. Seller hereby covenants and agrees to support
the Business and the Company and, furthermore, that for a period of one(1) year
from and after the date hereof, Seller will not (i) compete with the Buyer in
any way, or (ii) engage directly or indirectly in any business that the Company
conducts as of the date hereof, within a five(5) mile radius of the Buyers
principal place of business at 6312 S. Fiddlers Green Circle, Englewood, CO
80111; provided, however, that no owner of less than 1% of the outstanding stock
of any publicly traded corporation shall be deemed to engage solely by reason
thereof in any of its businesses. If the final judgment of a court of competent
jurisdiction declares that any term or provision of this Section 3(b) is invalid
or unenforceable, the Parties agree that the court making the determination of
invalidity or unenforceability shall have the power to reduce the scope,
duration, or area of the term or provision, to delete specific words or phrases,
or to replace any invalid or unenforceable term or provision with a term or
provision that is valid and enforceable and that comes closest to expressing the
intention of the invalid or unenforceable term or provision, and this Agreement
shall be enforceable as so modified after the expiration of the time within
which the judgment may be appealed.

     (c) Employment. DMG shall cause Christopher J. Garcia to enter into the
Employment Agreement with Company in the form attached as Exhibit A hereto.

                                       3

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     4. Operating Definitions and Guidance.
     --------------------------------------

     (a) Loan originations. Loan originations shall be defined as any mortgage
or construction loan initiated on or after the Effective Date, further specified
as follows.

     (i) House loans. House loans shall be defined as any mortgage or
     construction loan generated by the Buyer, its subsidiaries, management,
     employees or assigns. House loan origination and yield-spread premiums, or
     any other commissions or fees, shall be allocated on a 60% to Buyer and 40%
     to employee basis.

     (ii) External loans. External loans shall be defined as any mortgage or
     construction loan generated by an employee of Seller. External loan
     origination and yield-spread premiums, or any other commissions or fees,
     shall be allocated on a 30% to Buyer and 70% to employee basis.

     (b) Loan origination and fees. A minimum fee requirement for all House
Loans and External Loans shall be defined and submitted in writing by Seller
within one hundred eighty days of the Effective Date of this Agreement.

     5. Miscellaneous.
     -----------------

     (a) No Third-Party Beneficiaries. This Agreement shall not confer any
rights or remedies upon any Person other than the Parties and their respective
successors and permitted assigns.

     (b) Entire Agreement. This Agreement (including the documents referred to
herein) constitutes the entire agreement among the Parties and supersedes any
prior understandings, agreements, or representations by or among the Parties,
written or oral, to the extent they relate in any way to the subject matter
hereof.

     (c) Succession and Assignment. This Agreement shall be binding upon and
inure to the benefit of the Parties named herein and their respective successors
and permitted assigns. No Party may assign either this Agreement or any of his
or its rights, interests, or obligations hereunder; provided, however, that the
Buyer may (i) assign any or all of its rights and interests hereunder to one or
more of its Affiliates and (ii) designate one or more of its Affiliates to
perform its obligations hereunder (in any or all of which cases the Buyer
nonetheless shall remain responsible for the performance of all of its
obligations hereunder).

     (d) Counterparts; Execution. This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original but all of which
together will constitute one and the same instrument. The Parties shall be
entitled to rely on delivery by facsimile machine of an executed copy of this
Agreement and acceptance of such facsimile signatures shall be equally effective
to create a valid and binding agreement between the Parties in accordance with
the terms hereof.

     (e) Headings. The section headings contained in this Agreement are inserted
for convenience only and shall not affect in any way the meaning or
interpretation of this Agreement.

                                        4

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     (f) Notices. All notices, claims; certificates, requests, demands and other
communications hereunder shall be in writing and shall be deemed to have been
duly given if personally delivered or if sent by nationally recognized overnight
courier, by telecopy, or by registered or certified mail, return receipt
requested and postage prepaid, addressed as follows:

If to Seller:                                      With a copy to:

6489 Trappers Trail Avenue                         Russell S. Jones
Parker, Colorado 80134                             Attorney at Law
Facsimile: _______________                         8044 S. Albion St.
                                                   Centennial,CO 80122
                                                   Facsimile:(303)221-5001

If to Buyer:                                       With a copy to:

Ashcroft Homes Corporation                         Dufford & Brown, PC
6312 S. Fiddlers Green Circle                      1700 Broadway
Suite 500-North                                    Suite 1700
Englewood, Colorado 80111                          Denver, Colorado 80290
Attn: Peter C. Gonzalez                            Attn: David Babiarz, Esq.
Facsimile: (303) 799-6473                          Facsimile: (303) 832-3804

Or to such other address as the Party to whom notice is to be given may have
furnished to the other Parties in writing in accordance herewith. Any such
notice or communication shall be deemed to have been received (a) in the case of
personal delivery, on the date of such delivery, (b) in the case of
nationally-recognized overnight courier, on the next business day after the date
when sent, (c) in the case of telecopy transmission, when received, and (d) in
the case of mailing, on the third business day following that on which the piece
of mail containing such communication is posted.

     (g) Governing Law. This Agreement shall be governed by and construed in
accordance with the domestic laws of the State of Colorado without giving effect
to any choice or conflict of law provision or rule (whether of the State of
Colorado or any other jurisdiction) that would cause the application of the laws
of any jurisdiction other than the State of Colorado.

     (h) Amendments and Waivers. No amendment of any provision of this Agreement
shall be valid unless the same shall be in writing and signed by Buyer and
Seller. No waiver by any Party of any default, misrepresentation, or breach of
warranty or covenant hereunder, whether intentional or not, shall be deemed to
extend to any prior or subsequent default, misrepresentation, or breach of
warranty or covenant hereunder or affect in any way any rights arising by virtue
of any prior or subsequent such occurrence.

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     (i) Severability. Any term or provision of this Agreement that is invalid
or unenforceable in any situation in any jurisdiction shall not affect the
validity or enforceability of the remaining terms and provisions hereof or the
validity or enforceability of the offending term or provision in any other
situation or in any other jurisdiction.

     (j) Incorporation of Exhibits. The Exhibits identified in this Agreement
are incorporated herein by reference and made a part hereof.

     (k) Specific Performance. Each of the Parties acknowledges and agrees that
the other Parties would be damaged irreparably in the event any of the
provisions of this Agreement are not performed in accordance with their specific
terms or otherwise are breached. Accordingly, each of the Parties agrees that an
injunction or injuctions may be appropriate, if warranted by the facts, to
prevent breaches of the provisions of this Agreement and to enforce specifically
this Agreement and the terms and provisions hereof in any action instituted in
any court of the United States or any state thereof having jurisdiction over the
Parties and the matter (subject to the provisions set forth in Section 4(1)
below), in addition to any other remedy to which they may be entitled, at law or
in equity.

     (1) Submission to Jurisdiction. Each of the Parties submits to the
jurisdiction of any state or federal court sitting in Denver, Colorado, in any
action or proceeding arising out of or relating to this Agreement and agrees
that all claims in respect of the action or proceeding may be heard and
determined in any such court. Each Party also agrees not to bring any action or
proceeding arising out of or relating to this Agreement in any other court. Each
of the Parties waives any defense of inconvenient forum to the maintenance of
any action or proceeding so brought and waives any bond, surety, or other
security that might be required of any other Party with respect thereto.

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<PAGE>

     IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of
the date first above written.

 Attested By:                              BUYER:

/s/ Peter C. Gonzalez                      ASHCROFT HOMES CORPORATION
---------------------                      By:  /s/ Richard O. Dean
Peter C. Gonzalez                             -------------------------
Secretary, Ashcroft Homes Corporation      Name:  Richard O. Dean
                                           Title: President & Chief Executive
                                                  Officer

                                           SELLER:
                                           Diversity Mortgage Group, LLC.

                                           /s/ Christopher Garcia
                                           ----------------------
                                           Christopher Garcia
                                           Title: Managing Member

<PAGE>EXHIBIT 10.3

                                                                          FILE

                                    SUBLEASE

     THIS SUBLEASE (this "Sublease" or this "Agreement") is made as of Aug 15,
2003, between JPI APARTMENT DEVELOPMENT, L.P., a Delaware limited partnership
("Sublessor") and ASHCROFT HOMES CORPORATION, a Colorado corporation
("Sublessee")

                                    RECITALS

     A. The Equitable Life Assurance Society of the United States, a New York
corporation ("Prime Lessor"), and Sublessor executed that certain Office Lease
dated as of April 20, 2001 (the "Prime Lease") for certain premises in the
building known as MCI Plaza, 6312 South Fiddler's Green Circle, Englewood,
Colorado (the "Building").

     B. Sublessee desires to sublease certain premises from Sublessor on the
terms and conditions set forth herein.

     Terms used herein which are defined in the Prime Lease, and which are not
otherwise defined herein, shall be given the same meanings herein as are
ascribed to them in the Prime Lease.

     NOW, THERFFORE, for and in consideration of the foregoing and for other
good and valuable consideration and of the mutual agreements hereinafter set
forth, Sublessor and Sublessee stipulate, covenant and agree as follows:

     1. Basic Sublease Provisions.

          (a) Annual Base Rental: Annual Base Rental for the Sublease Premises
     shall be as follows:

            Months 1- 6:  $0.00

            Months 7-18:  $17.75 per square foot of Rentable Area

            Months 19-30: $18.75 per square foot of Rentable Area

            Months 31-42: $19.50 per square foot of Rentable Area

          (b) Security Deposit: $17,078 Sublessor shall hold security deposit as
     security for the full and faithful performance by Sub-Tenant under the
     terms of this sublease Security Deposit shall be returned to Subtenant
     within 21 days of the expiration of this sublease.

          (c) Sublease Premises: Sublessor hereby agrees to sublease to
     Sublessee, and Sublessee hereby agrees to sublease from Sublessor, the
     space referred to as Suite 500N, located on the fifth (5th) floor of the
     North Building outlined on the floor plan attached hereto as Exhibit A (the
     "Building Premises"). The parties stipulate that for purposes of this
     Sublease the Rentable Area of the Sublease Premises shall be deemed to be
     11,546 square feet.

<PAGE>

          (d) Sublessee's Base Year: 2003 calendar year.

          (e) Term: The Term of this Sublease shall commence on September 1,
     2003, and expire on February 28, 2007.

          (f) Use: Sublessee shall use and occupy the Sublease Premises for
     general office purposes and for no other purpose.

     2. Payment of Base Rent. Beginning on the Commencement Date, Sublessee
shall pay the Annual Base Rental set forth in Section 1(a) to Sublessor, without
prior demand therefor and without any deduction whatsoever. Annual Base Rental
shall be paid in equal monthly installments in advance on the first day of each
month of the Term. Annual Base Rental shall be pro-rated for any partial months
at the beginning and end of the Term.

     3. Payment of Additional Rent. Beginning on the Commencement Date,
Sublessee shall pay the Additional Rent comprised of excess Operating Costs and
excess Taxes required to be paid under Section 5 of the Prime Lease entitled
"Adjustment of Rent"; provided, however, that in calculating the Additional Rent
that Sublessee is required to pay under this Sublease, the base year shall be
deemed to be the 2003 calendar year rather than the 2001 calendar year
referenced in the Prime Lease. Sublessee shall pay such Additional Rent to
Sublessor at the same time and in the same manner as same is payable by
Sublessor to Prime Lessor under the Prime Lease. Sublessor shall furnish to
Sublessee a copy of the bill and other materials received from Prime Lessor in
respect of Additional Rent becoming payable under the Prime Lease.

     4. Condition of Sublease Premises. Sublessee shall accept the Sublease
Premises in "as is" condition. Sublessor is not responsible for and shall not be
required to perform work of any kind or nature with respect to the Sublease
Premises.

     5. Furniture in Sublease Premises. Sublessor agrees that during the Term of
this Sublease, Sublessee shall have the right to use, at the sole expense of
Sublessee, the furniture, phones and equipment owned by Sublessor now located
within the Sublease Premises. Sublessee agrees to maintain such furniture,
phones and equipment in good repair and condition, reasonable wear and tear
excepted. If no default by Sublessee occurs during the first twenty four (24)
months of the Term, then upon the expiration of such twenty fourth (24) month,
Sublessor shall convey to Sublessee by bill of sale the furniture (as outlined
in the attached Exhibit A owned by Sublessor located within the Sublease
Premises.

     6. Parking. During the Term, Sublessee shall have the right to use the
thirty five (35) unreserved garage stalls that Sublessor has the right to use
under Section 34 of the Prime Lease, seven (7) of which parking spaces are
reserved spaces. Sublessee shall be responsible for paying any charges by Prime
Lessor for such parking spaces.

     7. Representations Regarding Prime Lease. Sublessor warrants to Sublessee
that a true and correct copy of the Prime Lease is attached hereto as Exhibit B.
Sublessor further warrants and represents to Sublessee that the Prime Lease has
not been amended, and to the current actual knowledge of Sublessor, no party is
in default under the terms of the Prime Lease.

<PAGE>

     8. Provisions of Prime Lease. This Sublease and all the rights of the
parties hereunder are subject and subordinate to the Prime Lease. Each party
agrees that it will not, by its act or omission to act, cause a default under
the Prime Lease. In furtherance of the foregoing, the parties hereby confirm,
each to the other, that it is not practical in this Sublease to enumerate all of
the rights and obligations of the various parties under the Prime Lease and
specifically to allocate those rights and obligations in this Sublease.
Accordingly, in order to afford to Sublessee the benefits of this Sublease and
of those provisions of the Prime Lease which by their nature are intended to
benefit the party in possession of the Sublease Premises, and in order to
protect Sublessor against a default by Sublessee which might cause a default or
event of default by " Sublessor under the Prime Lease, the parties agree as
follows:

          (a) Provided Sublessee shall timely pay all rent when and as due under
     this Sublease, Sublessor shall pay, when and as due, all Base Rent,
     Additional Rent and other charges payable by Sublessor to Prime Lessor
     under the Prime Lease;

          (b) Except as otherwise expressly provided herein, Sublessor shall
     perform its covenants and obligations under the Prime Lease which do not
     require for their performance possession of the Sublease Premises and which
     are not otherwise to be performed hereunder by Sublessee on behalf of
     Sublessor.

          (c) Except as otherwise expressly provided herein, Sublessee shall
     perform all affirmative covenants (including specifically, without
     limitation, the covenants described in Sections 6, 15 and 37 of the Prime
     Lease) and shall refrain from performing any act which is prohibited by the
     negative covenants of the Prime Lease, where the obligation to perform or
     refrain from performing is by its nature imposed upon the party in
     possession of the Sublease Premises.

          (d) Sublessor will not modify the Prime Lease in a manner which might
     have an adverse affect on Sublessee's use or occupancy of the Sublease
     Premises without the consent of Sublessee, which consent shall not be
     unreasonably withheld or delayed.

          (e) Sublessor hereby grants to Sublessee the right to receive all of
     the services and benefits with respect to the Premises that are to be
     provided by Prime Lessor under the Prime Lease. Sublessor shall have no
     duty to perform any obligations of Prime Lessor, which are, by their
     nature, the. obligation of an owner or manager of real property. For
     example, Sublessor shall not be required to provide any services or repairs
     that the Prime Lessor is required to provide under the Prime Lease.
     Sublessor shall have no responsibility for or be liable to Sublessee for
     any default, failure or delay on the part of Prime Lessor in the
     performance or observance by Prime Lessor of any of its obligations under
     the Prime Lease, nor shall such default by Prime Lessor affect this
     Sublease or waive or defer the performance of any of Sublessee's
     obligations hereunder except to the extent that such default by Prime
     Lessor excuses performance by Sublessor under the Prime Lease.
     Notwithstanding the foregoing, the parties contemplate that Prime Lessor
     shall, in fact, perform its obligations under the Prime Lease and in the
     event of any default or failure of such performance by Prime Lessor,
     Sublessor agrees that it will, upon notice from Sublessee, make demand upon
     Prime Lessor to perform its obligations under the Prime Lease and, provided
     that Sublessee specifically agrees to pay all costs and expenses of
     Sublessor, Sublessor will take appropriate legal action to enforce the
     Prime Lease.

<PAGE>

     9. Additional Services. During the Term, Sublessee shall pay Prime Lessor's
charge for any services required by Sublessee in addition to those otherwise
required to be provided by Prime Lessor under the Prime Lease. Sublessee shall
pay for such services promptly after having been billed therefor by Prime Lessor
or by Sublessor.

     10. Quiet Enjoyment. Sublessee covenants and agrees that Sublessee shall
not do or suffer or permit anything to be done which would constitute a default
under the Prime Lease or would cause the Prime Lease to be canceled, terminated
or forfeited by virtue of any rights of cancellation, termination, or forfeiture
reserved or vested in Prime Lessor under the Prime Lease, and that Sublessee
will indemnify and hold harmless Sublessor from and defend Sublessor against all
claims, liabilities, losses and damages of any kind whatsoever (excepting
special and consequential damages) that Sublessor may incur by reason of,
resulting from or arising out of any such cancellation, termination or
forfeiture. Sublessor covenants and agrees with Sublessee that upon Sublessee
paying the Base Rent and Additional Rent reserved in this Sublease and observing
and performing all of the other obligations, terms, covenants and conditions of
this Sublease on Sublessee's part to be observed and performed, Sublessee may
peaceably and quietly enjoy the Sublease Premises during the Term; provided,
however, that the Sublease shall be subject to the provisions of the Prime Lease
and shall automatically terminate upon termination of the Prime Lease. Sublessee
shall have no claim against Sublessor by reason of any termination of the Prime
Lease, unless such termination was caused by the default of Sublessor in the
performance of its obligations under the Prime Lease which have not been assumed
by Sublessee hereunder.

     11. Assignment and Subletting.

          (a) Sublessee may not, without the prior written consent of Sublessor
     and Prime Lessor: (i) assign or transfer this Sublease or any interest
     therein; (ii) permit any assignment of this Sublease or any interest
     therein by operation of law; (iii) sublet the Subleased Premises or any
     part thereof; (iv) grant any license, concession, or other right of
     occupancy of any portion of the Subleased Premises; or (v) mortgage,
     pledge, or otherwise encumber its interest in this Sublease. Sublessor's
     consent to any assignment or subletting is not a waiver of Sublessor's
     right to approve or disapprove any subsequent assignment or subletting.
     Sublessee shall remain jointly and severally liable for the payment of Rent
     and performance of all other obligations under this Sublease after any
     assignment or subletting.

          (b) If Sublessor shall consent to an assignment or subletting, without
     implying or requiring the granting of such consent, then any excess
     consideration payable to Sublessee as a result of such assignment or
     sublease (less brokerage commissions, attorneys' fees and other
     disbursements reasonably incurred by Sublessee for such assignment and
     subletting) shall be payable to Sublessor. Sublessor shall be solely
     responsible for paying to Prime Lessor any portion of such excess
     consideration payable to Prime Lessor under the Prime Lease.

<PAGE>

          (c) If a default occurs after an assignment or subletting, in addition
     to any other remedies available to Sublessor hereunder or provided by law,
     Sublessor may at its option collect directly from the assignee or sublessee
     all rents payable to Sublessee under the assignment or sublease and apply
     the sums so received against any sums due to Sublessor under this Sublease.
     Sublessee authorizes and directs any assignee or sublessee to make such
     payments directly to Sublessor upon receipt of notice from Sublessor. No
     direct collection of rent by Sublessor shall be a novation or a release of
     Sublessee from the performance of its obligations under this Sublease.
     Receipt by Sublessor of rent from any assignee or sublessee is not a waiver
     of the covenant against assignment and subletting or a release of
     Sublessee.

     12. Casualty and Condemnation. Sublessor and Sublessee agree that if by
operation of the provisions of Section 21 of the Prime Lease entitled
"Untenantability" and Section 21 of the Prime Lease entitled "Eminent Domain,"
the Prime Lease continues in full force and erect and Rent is abated, then this
Sublease shall likewise continue in full force and effect and the Rent payable
by Sublessee hereunder shall abate to the same extent that Rent under the Prime
Lease is abated. No compensation or claim or will be allowed or paid by
Sublessor by reason of inconvenience, annoyance or injury to Sublessee's
business arising from the necessity of effecting repairs to the Premises or any
portion of the Building.

     13. Notices. Any notice, demand or request under this Sublease shall be in
writing and shall be considered property delivered when addressed as herein
provided and delivered by registered or certified mail (return receipt
requested) which is deposited in the United States general or branch post
office, or delivered by private express mail service. Any notice, demand or
request by Sublessor to Sublessee shall be addressed to Sublessee and Sublessor
at the addresses set forth on the signature pages hereof, until either shall
direct otherwise in writing. Rejection or other refusal to accept or the
inability to deliver because of a changed address of which no notice was given
shall be deemed to be receipt of the notice, demand or request sent. To the
extent that Sublessor receives or gives any notice to Prime Lessor which may
have an effect on Sublessee's use or occupancy of the Sublease Premises,
Sublessor shall provide a copy of such notice to Sublessee.

     14. Binding and Entire Agreement. This Sublease shall be binding on
Sublessor and Sublessee and their respective successors and assigns. This
Sublease contains the entire agreement of the parties with respect to the
subject matter herein and may not be modified except by instrument in writing,
which is signed by both parties.

     15. Consent Prime Lessor. This Sublease is conditioned upon Prime Lessor's
execution of a consent to this Sublease (the "Consent to Sublease") as required
by the Prime Lease, in form reasonably satisfactory to Sublessor and Sublessee.
Sublessee shall be responsible for the payment of any fees or expenses charged
by Prime Lessor in connection with this Sublease.

     16. Broker Agreement. The parties warrant and represent to each other that
no Person has negotiated or brought about this transaction other than John
Fairbairn of Fairbairn Commercial, who will be compensated according to a
separate agreement with Sublessor ("Broker"). Sublessor and Sublessee shall
defend, indemnify, and save harmless one another from and against any claim
which may be asserted against one of them by any person other than Broker if the
claim is made in connection with this transaction claiming under such party.
This section shall survive the expiration or earlier termination of this
Sublease.

<PAGE>

     17. Attorney's Fees. If it becomes necessary for either party to secure the
services of an attorney in order to collect any amount due hereunder or to
enforce any of the provisions hereof, the defaulting party agrees and binds
itself to pay to the other reasonable attorney's fees and court costs.

     18. Interpretation. This Sublease shall be construed and interpreted under
the laws of the State of Texas.

     19. Time of Essence. Time is of the essence in the performance of all
obligations of the parties.

     20. Counterparts. Any number of counterparts of this Sublease may be
executed by the parties hereto, and each executed counterpart shall be deemed an
original agreement.

     IN WITNESS WHEREOF, duly authorized representatives of the parties hereto
have executed this Sublease as of the day and year first above written.

       [The remainder of this page is intentionally left blank. Signatures
appear on the following signature pages, attached hereto and made apart hereof.]

<PAGE>

                                 SIGNATURE PAGE
                                       TO
                               SUBLEASE AGREEMENT
                                     BETWEEN
                         JPI APARTMENT DEVELOPMENT, L.P.
                                       AND
                           ASHCROFT HOMES CORPORATION

                                  SUBLESSOR:

                                  JPI APARTMENT DEVELOPMENT, L.P.,
                                  a Delaware limited partnership

                                  By:      Lifestyle Apartment Development
                                           Services LLC,
                                           its general partner

                                           By:  /s/ Ron Ingram
                                                --------------
                                           Name: Ron Ingram
                                           Title:

                                  Address:
                                  --------

                                  JPI Apartment Development, L.P.
                                  Attn: Mr. Ron Ingram
                                  600 East Las Colinas Boulevard, Suite 1800
                                  Irving, Texas 75039

<PAGE>

                                 SIGNATURE PAGE
                                       TO
                               SUBLEASE AGREEMENT
                                     BETWEEN
                         JPI APARTMENT DEVELOPMENT, L.P.
                                       AND
                           ASHCROFT HOMES CORPORATION

                                  SUBLESSEE:

                                  ASHCROFT HOMES CORPORATION,
                                  a Colorado corporation

                                  By: /s/ Peter C. Gonzalez
                                      ---------------------
                                  Name: Peter C. Gonzalez
                                  Title: VP - Finance

                                  Address:
                                  --------

                                  56 Inverness Drive E, Suite 105
                                  Englewood, CO.  80122

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