Document:

Exhibit 4.3

                            CORONADO INDUSTRIES, INC.

                             STOCK OPTION AGREEMENT
                     UNDER 2002 __________ STOCK OPTION PLAN

                                                 Date of Grant: January 13, 2003

     Consult Your Personal Tax Advisor: Substantial Tax Consequences Will Result
From Your Exercise Of This Stock Option

     CORONADO INDUSTRIES,  INC., a Nevada corporation (the "Corporation") hereby
grants to  _________________  (the "Optionee"),  pursuant to the 2002 Management
Stock Option Plan of the Corporation  (the "Plan") which is incorporated  herein
by  reference,  an option to purchase a total of  _________  (__,000)  Shares as
defined in the Plan (the "Option"), on the terms and conditions set forth in the
Plan and  hereinafter.  This Option shall not be exercisable  later than January
12, 2013 (herein referred to as the "Expiration Date").

     1.  VESTING.  Subject to the terms and  conditions of this  Agreement,  the
Shares  subject  to this  Option  shall be fully  vested and  exercisable  as of
January 13, 2003.

     2.  OPTION  PRICE.  The Option  price for the  ____,000,000  Shares of this
Option shall be $.01 per share.

     3.  TERMINATION.  This option and all rights  hereunder  to the extent such
rights shall not have been exercised shall terminate and become null and void if
the Optionee ceases to be a employee of the Company or its subsidiaries (whether
by resignation,  retirement,  dismissal, death or otherwise), except that (a) in
the event of the death or  disability  of the Optionee  while an employee of the
Company,  this  option  only to the extent  exercisable  at the date of death or
disability  may be  exercised  within the  applicable  period of time and by the
persons  indicated  in Article VII (6) of the Plan,  and (b) in the event of the
termination  of the  Optionee's  employment by the Company for any other reason,
this option only to the extent  exercisable at the date of such  termination may
be exercised  prior to the  expiration of three (3) months from the date of such
termination,  and shall terminate in all other respects; PROVIDED, HOWEVER, that
in no event may this option be exercised after the Expiration Date.

     4. EXERCISE.  This Option is exercisable  with respect to all, or from time
to time with respect to any portion, of the Shares described above which have at
that time become vested, by delivering  written notice of such exercise,  in the
form  prescribed by the Board,  to the principal  office of the Secretary of the
Corporation.  Each such notice  shall be  accompanied  by payment in full of the
Option price of such Shares.

     5.  NON-TRANSFERABLE.  This Option shall during the Optionee's  lifetime be
exercisable  only by the  Optionee,  and  neither  this  Option  nor  any  right
thereunder  shall  be  transferable  except  by  will or  laws  of  descent  and
distribution,  or be subject to attachment,  execution or other similar process.
In the  event of any  attempt  by the  Optionee  to  alienate,  assign,  pledge,
hypothecate or otherwise dispose of the Option or any right  thereunder,  except
as provided for herein, or in the event of the levy of any attachment, execution
or similar process upon the rights or interest hereby conferred, the Corporation
may  terminate  this  Option by notice to the  Optionee  and this  Option  shall
thereupon become null and void.

     6. LEGAL RESTRICTIONS. If the sale of the Shares purchased hereunder is not
registered under the Securities Act of 1933, but an exemption is available which
requires an investment or other representation, the Optionee shall represent and
agree at the time of exercise  that the Shares being  acquired  upon  exercising
this Option are being acquired for investment,  and not with view to the sale or
distribution  thereof,  and shall make such other  representations as are deemed
necessary or appropriate by the  Corporation and its counsel.  In addition,  the
Optionee  agrees that the  following  legend may be included on the  certificate
representing the Shares:
<PAGE>
     The shares  represented  hereby have not been  registered  under the United
States  Securities  Act of 1933, as amended,  and may not be sold,  pledged,  or
otherwise  transferred without an effective  registration thereof under such act
or an opinion of counsel, satisfactory to the company and its counsel, that such
registration is not required.

     7. CORPORATE TRANSACTIONS.

     (a) If the  Corporation  is merged  or  consolidated  into or with  another
corporation (other than by a merger or consolidation in which the Corporation is
the surviving  corporation) or the Corporation or the  Corporation's  assets are
purchased by another company in exchange for stock,  the Corporation  shall give
the  Optionee  written  notice  of  the  Corporation's  initial  or  preliminary
agreement to the transaction and the details of the transaction at least 60 days
prior to the closing of the transaction and an additional 30 days written notice
prior to the closing date of the transaction and each postponed  closing date of
the  transaction.  The then  exercisable but  unexercised  Shares granted in the
Option may be exercised by the Optionee at any time prior to the closing date of
the  transaction and such exercised  Shares shall then be deemed  outstanding at
the close of the transaction.

     8. TAX CONSEQUENCES.

     This Stock  Option is not intended as an  "Incentive  Stock  Option"  under
Section 422A of the Internal  Revenue Code of 1986, as amended.  Substantial tax
consequences  are involved in the decision to exercise  this Option.  Therefore,
the  Optionee  should  consult  with  and seek  advice  from  his  personal  tax
consultant prior to exercising this Option.

     9. MISCELLANEOUS.

     (a) Neither the granting of this Option nor the exercise  thereof  shall be
construed  as  conferring  upon  the  Optionee  any  right  to  continue  in the
engagement of the Corporation or any of its subsidiaries, or as interfering with
or  restricting  in any way the  right  of the  Corporation  to  terminate  such
engagement at any time.

     (b) Neither the Optionee, nor any person entitled to exercise his rights in
the event of his  death,  shall  have any of the  rights of a  stockholder  with
respect  to the  Shares  subject  to this  Option,  except  after  such date the
Optionee  or such person has been  issued the Shares by the  Corporation  or its
agent.

     (c) The Corporation is relieved from any liability for the  non-issuance or
non-transfer  or any delay in the issuance or transfer of any Shares  subject to
this Option which results from the inability of the Corporation to obtain, or in
any delay in  obtaining,  from each  regulatory  body  having  jurisdiction  all
requisite   authority  to  issue  or  transfer  Shares  of  the  Corporation  in
satisfaction of this Option if counsel for the Corporation  deems such authority
necessary for the lawful issuance or transfer of any such shares.

     (d) No  Shares  acquired  by  exercise  of  this  Option  shall  be sold or
otherwise  disposed of in  violation of any federal or state  securities  law or
regulation in the Untied States.

     (e) This Option shall be exercised in accordance  with such  administrative
regulations  as the  Corporation's  Board  may  from  time  to time  adopt.  All
decisions of the Board upon any  legitimate  question  arising under the Plan or
under this Stock  Option  Agreement  shall be  conclusive  and binding  upon the
Optionee and all other persons, if determined in good faith.

     IN WITNESS WHEREOF, this Stock Option Agreement has been executed as of the
day and year first written above.

                                        CORONADO INDUSTRIES, INC.

                                        By:
                                            ------------------------------------
                                            Gary R. Smith, President

ATTEST:

-----------------------------
G. Richard Smith, Secretary
<PAGE>
                            CORONADO INDUSTRIES, INC.

                             STOCK OPTION AGREEMENT
                     UNDER 2002 MANAGEMENT STOCK OPTION PLAN

                                                 Date of Grant: January 13, 2003

     Consult Your Personal Tax Advisor: Substantial Tax Consequences Will Result
From Your Exercise Of This Stock Option

     CORONADO INDUSTRIES,  INC., a Nevada corporation (the "Corporation") hereby
grants to  _________________  (the "Optionee"),  pursuant to the 2002 Management
Stock Option Plan of the Corporation  (the "Plan") which is incorporated  herein
by  reference,  an option to  purchase a total of ________  Million  (_,000,000)
Shares as defined in the Plan (the  "Option"),  on the terms and  conditions set
forth in the Plan and  hereinafter.  This Option shall not be exercisable  later
than January 12, 2013 (herein referred to as the "Expiration Date").

     1.  VESTING.  Subject to the terms and  conditions of this  Agreement,  the
Shares  subject  to this  Option  shall be fully  vested and  exercisable  as of
January 13, 2004.

     2. OPTION PRICE.  The Option price for the _,000,000  Shares of this Option
shall be $.02 per share.

     3.  TERMINATION.  This option and all rights  hereunder  to the extent such
rights shall not have been exercised shall terminate and become null and void if
the Optionee ceases to be a employee of the Company or its subsidiaries (whether
by resignation,  retirement,  dismissal, death or otherwise), except that (a) in
the event of the death or  disability  of the Optionee  while an employee of the
Company,  this  option  only to the extent  exercisable  at the date of death or
disability  may be  exercised  within the  applicable  period of time and by the
persons  indicated  in Article VII (6) of the Plan,  and (b) in the event of the
termination  of the  Optionee's  employment by the Company for any other reason,
this option only to the extent  exercisable at the date of such  termination may
be exercised  prior to the  expiration of three (3) months from the date of such
termination,  and shall terminate in all other respects; PROVIDED, HOWEVER, that
in no event may this option be exercised after the Expiration Date.

     4. EXERCISE.  This Option is exercisable  with respect to all, or from time
to time with respect to any portion, of the Shares described above which have at
that time become vested, by delivering  written notice of such exercise,  in the
form  prescribed by the Board,  to the principal  office of the Secretary of the
Corporation.  Each such notice  shall be  accompanied  by payment in full of the
Option price of such Shares.

     5.  NON-TRANSFERABLE.  This Option shall during the Optionee's  lifetime be
exercisable  only by the  Optionee,  and  neither  this  Option  nor  any  right
thereunder  shall  be  transferable  except  by  will or  laws  of  descent  and
distribution,  or be subject to attachment,  execution or other similar process.
In the  event of any  attempt  by the  Optionee  to  alienate,  assign,  pledge,
hypothecate or otherwise dispose of the Option or any right  thereunder,  except
as provided for herein, or in the event of the levy of any attachment, execution
or similar process upon the rights or interest hereby conferred, the Corporation
may  terminate  this  Option by notice to the  Optionee  and this  Option  shall
thereupon become null and void.

     6. LEGAL RESTRICTIONS. If the sale of the Shares purchased hereunder is not
registered under the Securities Act of 1933, but an exemption is available which
requires an investment or other representation, the Optionee shall represent and
agree at the time of exercise  that the Shares being  acquired  upon  exercising
this Option are being acquired for investment,  and not with view to the sale or
distribution  thereof,  and shall make such other  representations as are deemed
necessary or appropriate by the  Corporation and its counsel.  In addition,  the
Optionee  agrees that the  following  legend may be included on the  certificate
representing the Shares:

                                       1
<PAGE>
     The shares  represented  hereby have not been  registered  under the United
States  Securities  Act of 1933, as amended,  and may not be sold,  pledged,  or
otherwise  transferred without an effective  registration thereof under such act
or an opinion of counsel, satisfactory to the company and its counsel, that such
registration is not required.

     7. CORPORATE TRANSACTIONS.

     (a) If the  Corporation  is merged  or  consolidated  into or with  another
corporation (other than by a merger or consolidation in which the Corporation is
the surviving  corporation) or the Corporation or the  Corporation's  assets are
purchased by another company in exchange for stock,  the Corporation  shall give
the  Optionee  written  notice  of  the  Corporation's  initial  or  preliminary
agreement to the transaction and the details of the transaction at least 60 days
prior to the closing of the transaction and an additional 30 days written notice
prior to the closing date of the transaction and each postponed  closing date of
the  transaction.  The then  exercisable but  unexercised  Shares granted in the
Option may be exercised by the Optionee at any time prior to the closing date of
the  transaction and such exercised  Shares shall then be deemed  outstanding at
the close of the transaction.

     8. TAX  CONSEQUENCES.  This Stock Option is intended as an "Incentive Stock
Option"  under  Section 422A of the Internal  Revenue Code of 1986,  as amended.
Substantial  tax  consequences  are  involved in the  decision to exercise  this
Option.  Therefore,  the Optionee  should  consult with and seek advice from his
personal tax consultant prior to exercising this Option.

     9. MISCELLANEOUS.

     (a) Neither the granting of this Option nor the exercise  thereof  shall be
construed  as  conferring  upon  the  Optionee  any  right  to  continue  in the
engagement of the Corporation or any of its subsidiaries, or as interfering with
or  restricting  in any way the  right  of the  Corporation  to  terminate  such
engagement at any time.

     (b) Neither the Optionee, nor any person entitled to exercise his rights in
the event of his  death,  shall  have any of the  rights of a  stockholder  with
respect  to the  Shares  subject  to this  Option,  except  after  such date the
Optionee  or such person has been  issued the Shares by the  Corporation  or its
agent.

     (c) The Corporation is relieved from any liability for the  non-issuance or
non-transfer  or any delay in the issuance or transfer of any Shares  subject to
this Option which results from the inability of the Corporation to obtain, or in
any delay in  obtaining,  from each  regulatory  body  having  jurisdiction  all
requisite   authority  to  issue  or  transfer  Shares  of  the  Corporation  in
satisfaction of this Option if counsel for the Corporation  deems such authority
necessary for the lawful issuance or transfer of any such shares.

     (d) No  Shares  acquired  by  exercise  of  this  Option  shall  be sold or
otherwise  disposed of in  violation of any federal or state  securities  law or
regulation in the Untied States.

     (e) This Option shall be exercised in accordance  with such  administrative
regulations  as the  Corporation's  Board  may  from  time  to time  adopt.  All
decisions of the Board upon any  legitimate  question  arising under the Plan or
under this Stock  Option  Agreement  shall be  conclusive  and binding  upon the
Optionee and all other persons, if determined in good faith.

     IN WITNESS WHEREOF, this Stock Option Agreement has been executed as of the
day and year first written above.

                                        CORONADO INDUSTRIES, INC.

                                        By:
                                            ------------------------------------
                                            Gary R. Smith, President
ATTEST:

------------------------------
G. Richard Smith, Secretary

                                       2<PAGE>

                                                                    EXHIBIT 4.1b

                        SUPPLEMENT NO. 2 TO THE INDENTURE

                           dated as of July [ ], 2003

                                     between

                             SPECIALTY TRUST, INC.,
                formerly known as Specialty Mortgage Trust, Inc.,
                                    as Issuer

                                       and

                      DEUTSCHE BANK NATIONAL TRUST COMPANY,
          formerly known as Bankers Trust Company of California, N.A.,
                                   as Trustee

<PAGE>

                  SUPPLEMENT NO. 2 to the iNDENTURE dated as of July [ ], 2003
("Supplemental Indenture No. 2") between SPECIALTY TRUST, INC., formerly known
as Specialty Mortgage Trust, Inc. (the "Issuer"), and DEUTSCHE BANK NATIONAL
TRUST COMPANY, formerly known as Bankers Trust Company of California, N.A., a
national banking association, as trustee (the "Trustee"), to the Indenture dated
as of January 1, 2001, by and between the Issuer and the Trustee (the "Initial
Indenture"), as amended by the Supplement No. 1 to the Indenture dated as of May
1, 2002 (the "Supplemental Indenture No. 1", together with the Initial
Indenture, the "Indenture").

                  WHEREAS, Section 9.01 of the Indenture permits entry into
agreements supplemental to the Indenture upon the terms and conditions specified
therein;

                  WHEREAS, the Issuer and the Trustee have heretofore executed
the Indenture;

                  WHEREAS, pursuant to Section 9.01(2) and (6) of the Indenture
the Issuer and the Trustee wish to amend certain terms of the Indenture by
entering into this Supplemental Indenture No. 2; and

                  WHEREAS, such action will not adversely affect the interests
of the Holders of the Notes.

                  NOW, THEREFORE, the Issuer and the Trustee agree to enter into
this Supplemental Indenture No. 2, hereby amending certain terms of the
Indenture, as of the date hereof as follows:

         Section 1.  Definitions. Each term used but not defined herein shall
have the meaning assigned to such term in the Indenture.

         Section 2.  Amendments.

                  A.       Clause (a) of Section 2.03 of the Indenture is hereby
deleted and replaced in its entirety with the following:

                           "(a)     General.

                           The Notes shall be designated generally as the
                  Specialty Trust, Inc. Collateralized Investment Notes.

                           The aggregate principal amount of Notes at any time
                  outstanding which may be executed, authenticated and delivered
                  under this Indenture is limited to $100,000,000."

<PAGE>

                  B.       The First Paragraph of Clause (c) of Section 2.03 of
the Indenture is hereby deleted and replaced in its entirety with the following:

                           The Notes will bear interest upon the unpaid
                  principal amount thereof from the date of issuance of the
                  Notes at the rate per annum fixed by the Issuer on the date of
                  issuance. Accrued interest on the Notes shall be computed on
                  the basis of a 365-day year and actual days elapsed or on the
                  basis of a 360-day year consisting of twelve 30-day months or
                  on the basis of such other method as may be determined by the
                  Issuer, as set forth in an Issuer Order delivered to the
                  Trustee on or prior to the date of issuance of the Notes. Once
                  determined, the rate of interest payable on a Note and the
                  method of computing interest will remain fixed until the Note
                  matures. The interest rate on the Notes will in no event be
                  less than the applicable federal rate which is a rate
                  periodically set by the Internal Revenue Service as the
                  minimum for short-term borrowings. Interest is payable to the
                  persons in whose names the Notes are registered at the
                  election of the Noteholder either (a) monthly in arrears on
                  the Payment Date of each month or such other day as may be
                  provided in the related Issuer Order, or (b) compounding
                  monthly, at the Stated Maturity.

                  C.       Exhibit A-1 is hereby added to the Indenture, in the
form of Exhibit I attached hereto

         Section 3. Counterparts. This Supplemental Indenture No. 2 may be
executed in several counterparts, each of which shall be deemed an original
hereof and all of which, when taken together, shall constitute one and the same
Supplemental Indenture No. 2.

         Section 4.  Ratification of Indenture. Except as provided herein, all
provisions, terms and conditions of the Indenture shall remain in full force and
effect. This Supplemental Indenture No. 2 is not intended to, and shall not,
modify, add to, or amend any of the terms of the Notes, including, but not
limited to, the Stated Maturity of the Notes, that were issued under the
Indenture prior to the date of this Supplemental Indenture No. 2. As
supplemented by this Supplemental Indenture No. 2, the Indenture is ratified and
confirmed in all respects.

         Section 5. Entire Agreement. This Supplemental Indenture No. 2 sets
forth the entire agreement between the Issuer and the Trustee with respect to
the subject matter hereof, and this Supplemental Indenture No. 2 supersedes and
replaces any agreement or understanding that may have existed between the Issuer
and the Trustee prior to the date hereof in respect of such subject matter.

                           [SIGNATURE PAGE TO FOLLOW]

<PAGE>

                  IN WITNESS WHEREOF, the parties hereto have executed this
Supplemental Indenture No. 2 as of the date set forth above.

                              SPECIALTY TRUST, INC.,
                               formerly known as Specialty Mortgage Trust, Inc.,
                               as Issuer

                              By: ______________________________________________
                                  Name:
                                  Title:

                              DEUTSCHE BANK NATIONAL TRUST COMPANY,
                               formerly known as Bankers Trust Company of
                               California, N.A., as Trustee

                              By: ______________________________________________
                                  Name:
                                  Title:

<PAGE>

                                    EXHIBIT I

                                   EXHIBIT A-1

                       [FORM OF FACE OF CERTIFICATED NOTE]

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE "SECURITIES ACT"), OR ANY STATE SECURITIES LAWS, NEITHER THIS
SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD,
ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE
ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT
SUBJECT TO, REGISTRATION.

THIS SECURITY IS NOT A SAVINGS ACCOUNT OR DEPOSIT AND IS NOT INSURED BY ANY
GOVERNMENTAL AGENCY.

THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR
OTHERWISE TRANSFER SUCH SECURITY ONLY (A) TO THE COMPANY, (B) PURSUANT TO A
REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES
ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE
144A, TO A PERSON IT REASONABLY BELIEVES IS A "QUALIFIED INSTITUTIONAL BUYER" AS
DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT
OR FOR THE INVESTOR ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS
GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) TO AN
INSTITUTIONAL "ACCREDITED INVESTOR" WITHIN THE MEANING OF SUBPARAGRAPH (A)(1),
A(2), (A)3 OR (A)(7) OF RULE 501 UNDER THE SECURITIES ACT THAT IS ACQUIRING THE
SECURITY FOR ITS OWN ACCOUNT OR FOR THE INVESTOR ACCOUNT OF SUCH AN
INSTITUTIONAL "ACCREDITED INVESTOR" FOR INVESTMENT PURPOSES AND NOT WITH A VIEW
TO, OR FOR OFFER OR SALE IN CONNECTION WITH, ANY DISTRIBUTION IN VIOLATION OF
THE SECURITIES ACT, (E) TO AN INDIVIDUAL "ACCREDITED INVESTOR" AS DEFINED IN
SUBPARAGRAPH (A)(4), (A)(5) OR (A)(6) OF RULE 501 UNDER THE SECURITIES ACT WHO
IS RESIDING IN ONE OF THE JURISDICTIONS AUTHORIZED BY THE COMPANY AND WHO IS
ACQUIRING THE SECURITY FOR HIS OR HER OWN ACCOUNT FOR INVESTMENT PURPOSES AND
NOT WITH A VIEW TO, OR FOR OFFER OR SALE IN CONNECTION WITH, ANY DISTRIBUTION IN
VIOLATION OF THE SECURITIES ACT OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE
COMPANY'S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES
(D), (E) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION
AND/OR OTHER INFORMATION REASONABLY SATISFACTORY TO IT, AND IN EACH OF THE
FOREGOING CASES, A CERTIFICATE OF TRANSFER IN THE FORM APPEARING ON THIS
SECURITY COMPLETED AND DELIVERED BY THE TRANSFEROR TO THE COMPANY.

<PAGE>

No. _______________                                            $_____________
Date of Issuance: ________________

                              SPECIALTY TRUST, INC.
                         Collateralized Investment Notes

     SPECIALTY TRUST, INC., a Maryland corporation (hereinafter called the
"Issuer," which term includes any successor under the Indenture referred to
below), for value received, hereby promises to pay to _____________________, or
its registered assigns (the "Holder") the principal sum of __________________
Dollars ($_______) on ____________ (the "Stated Maturity" of said principal
sum), and to pay interest upon the unpaid amount of such principal sum from the
date of issuance, monthly on the 20th of each month commencing on
___________________ (each an "Interest Payment Date"), at the rate of _____% per
annum, until the principal is paid in full or made available for payment.
Accrued interest on the Notes shall be computed on the basis of a 365-day year
and actual days elapsed or on the basis of a 360-day year consisting of twelve
30-day months or on the basis of such other method as may be determined by the
Issuer, as set forth in an Issuer Order delivered to the Trustee on or prior to
the issuance date of the Notes. Interest on the Notes will in no event be less
than the applicable federal rate. Capitalized terms used but not defined herein
shall have the meanings ascribed to them in the Indenture dated as of _________,
2003, as amended (the "Indenture"), executed by Deutsche Bank National Trust
Company, formerly known as Bankers Trust Company of California, N.A., Trustee
(the "Trustee," which term includes any successor Trustee under the Indenture)
and the Issuer. Payment of principal and interest on this Note shall be subject
and pursuant to the provisions of the Indenture.

     Reference is hereby made to the further provisions of this Note set forth
on the reverse hereof, which further provisions shall for all purposes have the
same effect as if set forth at this place.

     Unless the certificate of authentication hereon has been executed by the
Trustee by manual signature of one of its authorized officers, this Note shall
not be entitled to any benefit under the Indenture, or be valid or obligatory
for any purpose.

     IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly
executed by an authorized officer of the Issuer as of the date of issuance set
forth above.

                                        SPECIALTY TRUST, INC.

                                        By: __________________________
                                        Title:  ______________________

                          CERTIFICATE OF AUTHENTICATION

     This is one of the Notes referred to in the within-mentioned Indenture.

                                        DEUTSCHE BANK NATIONAL TRUST COMPANY,
                                        formerly known as Bankers Trust Company
                                        of California, N.A. as Trustee

                                        By: __________________________
                                            Authorized Officer

<PAGE>

                            [FORM OF REVERSE OF NOTE]

     This Note is one of an authorized issue of Notes of the Issuer known as its
"Collateralized Investment Notes" (the "Notes"), limited in aggregate principal
amount up to U.S. $100,000,000 issued and outstanding at any one time. Reference
is hereby made to the Indenture and all indentures supplemental thereto for a
description of the nature and extent of the property assigned, pledged,
delivered, transferred and mortgaged thereunder, the rights, duties and
obligations of the Holders of the Notes, the Trustee and the Issuer, and terms
under which the Notes are authenticated, issued and secured. By receiving and
holding this Note, the Holder hereof accepts and agrees and is subject to all of
the terms and provisions of the Indenture.

     The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Notes under the Indenture at any
time by the Issuer with the consent of the Holders of not less than a majority
in aggregate principal amount of the Notes at the time Outstanding. The
Indenture also contains provisions permitting the Holders of specified
percentages in aggregate principal amount of the Notes at the time Outstanding,
on behalf of the Holders of all the Notes, to waive compliance by the Issuer
with certain provisions of the Indenture, and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holders of
the Notes shall be conclusive and binding upon the holder of this Note and upon
all future holders of this Note and of any Note issued upon the transfer hereof
or in exchange herefor or in lieu hereof whether or not notation of such consent
or waiver is made upon this Note. The Indenture also permits certain amendments,
waivers and consents by the Company and the Trustee without the consent of the
Holders of any of the Notes.

     In any case where any Interest Payment Date or the Stated Maturity shall
not be a Business Day in Nevada, then any payment of interest or principal need
not be made on such date but may be made on the next succeeding Business Day in
Nevada with the same force and effect as if made on the Interest Payment Date or
the Stated Maturity, as the case may be, and no interest shall accrue with
respect to such payment for the period from and after such Interest Payment Date
or Stated Maturity to such next succeeding Business Day.

     If any Event of Default with respect to the Notes shall occur, the
principal of this Note may become or be declared due and payable, in the manner
and with the effect provided in the Indenture.

     The Notes are authorized and issuable only as registered Notes without
coupons in minimum denominations of $25,000. As provided in, and subject to the
provisions of, the Indenture, the Notes are exchangeable for other Notes of a
different authorized denomination or denominations, as requested by the Holder
surrendering the same; provided, however, that the Issuer shall not be required
to issue any Notes of a denomination less than $25,000.

     No service charge will be made for any such transfer or exchange, but the
Issuer may require payment of a sum sufficient to cover any tax or other
governmental charge payable in connection therewith.

     Prior to the due presentment for registration of transfer, the Issuer and
the Trustee and any agent of the Issuer or the Trustee shall treat the person in
whose name this Note is registered as the owner hereof for the purpose of
receiving payment as herein provided and for all other purposes, whether or not
this Note be overdue, and neither the Issuer nor the Trustee nor any agent of
either of them shall be affected by notice to the contrary.

     No reference herein to the Indenture and no provision of this Note or of
the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of, and interest on, this Note
at the times, place and rate and in the coin or currency herein prescribed.

     As provided in the Indenture, this Note shall for all purposes be governed
by and construed in accordance with the laws of the State of Nevada.

<PAGE>

     The Issuer intends that each Note be classified as debt for all purposes,
and the Issuer shall treat, and each Noteholder by acceptance of the Note shall
be deemed to have agreed to treat, the Note as debt for all tax purposes and
shall make all reportings and filings in a manner consistent with such
classification unless and to the extent otherwise required by an applicable
taxing authority.

                                    TRANSFER

     FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto ___________________ (Please print or typewrite name and address of
Assignee) _________________________ (Please insert Social Security or tax
identification number of Assignee) the within Note, and all rights thereunder,
hereby irrevocably constitution and appointing _____________________ Attorney to
transfer said Note on the books of the Issuer with full power of substitution in
the premises.

Dated: __________________________               _____________________________
                                                   Signature of Transferor

     NOTICE: The signature to this transfer must correspond with the name as
written upon the face of this Note in every particular without alteration or
enlargement or any change whatever. If required by the Issuer, the signature
must be guaranteed by a commercial bank or trust company or by a member of a
signature guaranty medallion program. Notarized or witnessed signatures are not
acceptable.

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