Document:

EXHIBIT 10.21

                           REVOLVING CREDIT AGREEMENT

Agreement made this 1st day of March, 2001, by Taylor Investment Corporation
(herein called "the Borrower") and Rural American Bank - Luck, a Wisconsin
Corporation (herein called "the Bank").

                                ARTICLE I. LOANS

1.1      REVOLVING CREDIT LOANS. From time to time, prior to March 1, 2003, or
         the earlier termination hereof (in either case the "TERMINATION DATE"),
         the Borrower may borrow from the Bank up to the aggregate principal
         amount outstanding at any one time of $4,000,000.00 (the "LOAN
         AMOUNT"). All revolving loans hereunder shall be evidenced by multiple
         Promissory Notes of the Borrower payable to the order of the Bank in
         cumulative amounts not to exceed $4,000,000.00 (the "NOTES"). Although
         the Notes shall be expressed to be payable in the full Loan Amount, the
         Borrower shall be obligated to pay only the amounts actually disbursed
         hereunder, together with accrued interest on the outstanding balance at
         the rates and on the dates specified therein and such other charges
         provided for herein.

1.2      ADVANCES AND REPAYMENT. Discretionary loan advances will be made solely
         for the purpose of acquiring real estate in Minnesota and/or Wisconsin
         for future development and resale. Advances will be limited to 80% of
         the lesser of (1) the purchase price of the property, or (2) the Bank's
         Estimate of Real Estate Market Value. Development costs may also be
         considered on a case-by-case basis. Prior to each advance, the Borrower
         will submit the following to the Bank:

         a)       Amount of advance requested.
         b)       Copy of Purchase Agreement for the real estate to be
                  purchased.
         c)       Itemized estimate of development costs, if funding for
                  development costs is requested.
         d)       Preliminary Title Policy Commitment.
         e)       Preliminary Plat showing the number of lots to be developed
                  and their location.
         f)       Schedule, in a form acceptable to the Bank, showing the
                  Purchase Price, Retail Value. Loan Amount, and Lot Release
                  Price, all as allocated to each individual lot.

         Principal repayment will occur as lots are sold. The Bank agrees to
         release each lot for a Lot Release Price equal to 1.30 times the amount
         of the loan balance allocated to each lot according to the following
         conditions:

         a)       Upon the sale of a lot by the Borrower for cash, the Borrower
                  shall pay the required Lot Release Price to the Bank
                  immediately upon closing the sale.
         b)       Upon the sale of a lot by the Borrower for terms, the Borrower
                  shall pay to the Bank the required Lot Release Price when the
                  mortgage is put into the Borrower's line of credit with
                  Diversified Business Credit, Inc., or is sold to a third
                  party. Payment to the Bank shall be made in less than 45 days
                  from the date of the sale. Immediately upon sale for terms,
                  the Borrower will forward to the Bank a copy of the Note and
                  Mortgage evidencing the balance due the Borrower.

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         Any remaining principal balance under a Promissory Note shall be
         payable in full on the second anniversary date of the Promissory Note.

         Interest payments will be payable monthly at the end of each month. The
         rate of interest will be the prime rate of interest as published in the
         WALL STREET JOURNAL, less 0.25%.

1.3      ORIGINATION FEE. The Borrower shall pay to the Bank at the time of
         issuance of each Promissory Note $50,000 or greater an Origination Fee
         in an amount equal to the lesser of $2,000 or 0.50% of the amount of
         the respective Promissory Note. An Origination Fee of $250 will be
         payable by the Borrower to the Bank at the time of issuance of each
         Promissory Note less than $50,000.

1.4      CONDITIONS TO BORROWING. The Bank shall not be obligated to make (or
         continue to make) advances hereunder unless (i) the Bank has received
         executed copies of the Notes and all other documents or agreements
         applicable to the loans described herein, including but not limited to
         the documents specified in Article III (collectively with this
         Agreement the "Loan Documents"), in form and content satisfactory to
         the Bank: (ii) if the loan is secured, the Bank has received
         confirmation satisfactory to it that the Bank has a properly perfected
         security interest, mortgage or lien, with the proper priority; (iii)
         the Bank has received certified copies of the Borrower's Articles of
         Incorporation and By-Laws, a certificate of good standing and all other
         relevant documents; (iv) the Bank has received a certified copy of a
         resolution or authorization in form and content satisfactory to the
         Bank authorizing the loan and all acts contemplated by this Agreement
         and all related documents, and confirmation of proper authorization of
         all guaranties and other acts of third parties contemplated hereunder;
         (v) no default exists under this Agreement or under any other Loan
         Documents, or under any other agreements by and between the Borrower
         and the Bank; and (vi) all proceedings taken in connection with the
         transactions contemplated by this Agreement (including any required
         environmental assessments), and all instruments, authorizations and
         other documents applicable thereto, shall be satisfactory to the Bank.

                      ARTICLE II. WARRANTIES AND COVENANTS

During the term of this Agreement, and while any part of the credit granted the
Borrower is available or any obligations under any of the Loan Documents are
unpaid or outstanding, the Borrower warrants and agrees as follows:

2.1      ORGANIZATION AND AUTHORITY; LITIGATION. The Borrower is a validly
         existing corporation in good standing under the laws of its state of
         organization and has all requisite power and authority, corporate or
         otherwise, and possesses all licenses necessary, to conduct its
         business and own its properties. The execution, delivery and
         performance of this Agreement and the other Loan Documents (i) are
         within the Borrower's power; (ii) have been duly authorized by proper
         corporate action; (iii) do not require the approval of any governmental

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         agency; and (iv) will not violate any law, agreement or restriction by
         which the Borrower is bound. This Agreement and the other Loan
         Documents are the legal, valid and binding obligations of the Borrower,
         enforceable against the Borrower in accordance with their terms. There
         is no litigation or administrative proceeding threatened or pending
         against the Borrower which would, if adversely determined, have a
         material adverse effect on the Borrower's financial condition or its
         property.

2.2      CORPORATE EXISTENCE; BUSINESS ACTIVITIES; ASSETS. The Borrower will (i)
         preserve its corporate existence, rights and franchises; (ii) carry on
         its business activities in substantially the manner such activities are
         conducted as of the date of this Agreement; (iii) not liquidate,
         dissolve, merge or consolidate with or into another entity; and (iv)
         not sell, lease, transfer or otherwise dispose of all or substantially
         all of its assets.

2.3      USE OF PROCEEDS; MARGIN STOCK; SPECULATION. Advances by the Bank
         hereunder shall be used exclusively by the Borrower for purposes
         described in Section 1.2. The Borrower will not use any of the loan
         proceeds to purchase or carry "margin" stock (as defined in Regulation
         U of the Board of Governors of the Federal Reserve System). No part of
         any of the proceeds shall be used for speculative investment purposes,
         including, without limitation, speculating or hedging in the
         commodities and/or futures market.

2.4      ENVIRONMENTAL MATTERS. There exists no uncorrected violation by the
         Borrower of any federal, state or local laws (including statutes,
         regulations, ordinances or other governmental restrictions and
         requirements) relating to the discharge of air pollutants, water
         pollutants, or process waste water or otherwise relating to the
         environment or hazardous substances, whether currently existing or
         enacted in the future (collectively "Environmental Laws"). The Borrower
         does not and will not generate or have in its possession any hazardous
         or toxic wastes, chemicals or other substances, the generation,
         possession or existence of which is prohibited or governed by any
         Environmental Laws (collectively "Hazardous Substances"). The Borrower
         is not subject to any judgment, decree order or citation, or a party to
         (or threatened with) any litigation or administrative proceeding which
         asserts that the Borrower (i) violated any Environmental Laws; (ii) is
         required to clean up, remove or take remedial or other action with
         respect to any Hazardous Substances (collectively "Remedial Action");
         or (iii) is required to pay all or a portion of the cost of any
         Remedial Action, as a potentially responsible party. There are not now,
         nor to the Borrower's knowledge after reasonable investigation have
         there ever been, any Hazardous Substances (or tanks or other facilities
         for the storage of Hazardous Substances) stored, deposited, recycled or
         disposed of on, under or at any real estate owned or occupied by the
         Borrower during the periods that the Borrower owned or occupied such
         real estate, which if present on the property or in soils or ground
         water, could require Remedial Action. To the Borrower's knowledge,
         there are no proposed or pending changes in Environmental Laws which
         would adversely affect the Borrower or its business, and there are no
         conditions existing currently or likely to exist during the term of
         this loan which would subject the Borrower to Remedial Action or other
         liability. The Borrower will timely comply with all applicable
         Environmental Laws; and provide the Bank, immediately upon receipt,
         copies of any correspondence, notice, complaint, order or other

                                      -3-
<PAGE>

         document from any source asserting or alleging any circumstance or
         condition which requires or may require a financial contribution by the
         Borrower or Remedial Action or other response by or on the part of the
         Borrower under Environmental Laws, or which seeks damages or civil,
         criminal or punitive penalties from the Borrower for an alleged
         violation of Environmental Laws.

2.5      ENVIRONMENTAL PERMITS. The Borrower has all permits, licenses and
         approvals required under Environmental Laws.

2.6      INSURANCE. The Borrower will maintain insurance to such extent,
         covering such risks and with such insurers as is usual and customary
         for businesses operating similar properties, and as is satisfactory to
         the Bank and designate the Bank as "Mortgagee" on such policies and
         take such other action as the Bank may reasonable request to ensure
         that the Bank will receive (subject to no other interests) the
         insurance proceeds on the Bank's collateral.

2.7      TAXES AND OTHER LIABILITIES. The Borrower will pay and discharge, when
         due, all of its taxes, assessments and other liabilities, except when
         the payment thereof is being contested in good faith by appropriate
         procedures which will avoid foreclosure of liens securing such items,
         and with adequate reserves provided therefor.

2.8      FINANCIAL STATEMENTS AND REPORTING. The financial statements and other
         information previously provided to the Bank or provided to the Bank in
         the future are or will be complete and accurate and prepared in
         accordance with generally accepted accounting principles. There has
         been no material adverse change in the Borrower's financial condition
         since such information was provided to the Bank. The Borrower will
         (i) maintain accounting records in accordance with generally recognized
         and accepted principles of accounting consistently applied throughout
         the accounting periods involved; (ii) provide the Bank with such
         information concerning its business affairs and financial condition
         (including insurance coverage) as the Bank may reasonably request; and
         (iii) without request provide the Bank with management-prepared, annual
         and quarterly financial statements as submitted to the Securities and
         Exchange Commission within 45 days of the end of each quarter; and
         annual audited financial statements prepared by an accounting firm
         acceptable to the Bank within 90 days of the end of each fiscal year.
         The Borrower also agrees to provide,without request, an annual personal
         financial statement of the Guarantor.

2.9      INSPECTION OF PROPERTIES AND RECORDS; FISCAL YEAR. The Borrower will
         permit representatives of the Bank to visit and inspect any of the
         properties and examine any of the books and records of the Borrower at
         any reasonable time and as often as the Bank may reasonably desire. The
         Borrower will not change its fiscal year.

                     ARTICLE III. COLLATERAL AND GUARANTIES

3.1      COLLATERAL. This Agreement and the Notes are secured by Real Estate
         Mortgage(s) covering real estate to be purchased by the Borrower.

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<PAGE>

3.2      GUARANTIES. This loan is guaranteed by Mr. Philip C. Taylor as
         evidenced by a guaranty dated March 1, 2001. The amount of liability
         under this guaranty shall be limited to $1,000,000. ----

3.3      CREDIT BALANCES; SETOFF. The Borrower grants the Bank a security
         interest and lien in any credit balance or other money now or hereafter
         owed the Borrower by the Bank, and, in addition, agrees that the Bank
         may, at any time after an occurrence of an event described in Section
         4.1 below (notwithstanding any cure periods), without notice or demand,
         set off against any such credit balance or other money any indebtedness
         outstanding hereunder or under the Note.

The information in this Article III is for information only and the omission of
any reference to an agreement shall not affect the validity or enforceability
thereof. The rights and remedies of the Bank outlined in this Agreement and the
documents identified above are intended to be cumulative.

                              ARTICLE IV. DEFAULTS

4.1      DEFAULTS. The occurrence of one or more of the following events shall
         constitute a default:

         a)       NONPAYMENT. The Borrower shall fail to pay (i) any interest
                  due on the Notes, or any other amount payable hereunder, by
                  five days after the same becomes due; or (ii) any principal
                  amount due on the Notes when due.

         b)       NONPERFORMANCE. The Borrower or any guarantor shall default in
                  the performance of any agreement, term, provision condition,
                  or covenant (other than nonpayment) required to be performed
                  or observed by the Borrower or any guarantor hereunder or
                  under any other Loan Document, continuing for a period of 15
                  days.

         c)       MISREPRESENTATION. Any financial information, statement,
                  certificate, representation or warranty given to the Bank by
                  the Borrower or any guarantor (or any of their
                  representatives) in connection with entering into this
                  Agreement or the other Loan Documents and/or any borrowing
                  hereunder, or required to be furnished under the terms hereof,
                  shall prove untrue in any material respect (as determined by
                  the Bank in the exercise of its reasonable judgment) as of the
                  time when given.

         d)       DEFAULT ON OTHER OBLIGATIONS. The Borrower or any guarantor
                  shall be in default under the terms of any loan agreement,
                  Promissory Note, lease, conditional sale contract or other
                  agreement, document or instrument evidencing, governing or
                  securing any indebtedness owing by the Borrower or any
                  guarantor to the Bank or by the Borrower to any third party,
                  and the period of grace, if any, to cure said default shall
                  have passed.

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         e)       JUDGMENTS. Any judgment shall be obtained against the Borrower
                  or any guarantor which, together with all other outstanding
                  unsatisfied judgments against the Borrower (or such
                  guarantor), shall exceed the sum of $10,000 and shall remain
                  unvacated, unbonded or unstayed for a period of 45 days
                  following the date of entry thereof.

         f)       INABILITY TO PERFORM; BANKRUPTCY/INSOLVENCY. (i) the Borrower
                  or any guarantor shall die or cease to exist; or (ii) any
                  guarantor shall attempt to revoke any guaranty of the
                  obligations described herein, or any guaranty becomes
                  unenforceable in whole or in part for any reason, or (iii) any
                  bankruptcy, insolvency or receivership proceedings, or an
                  assignment for the benefit of creditors, shall be commenced
                  under any federal or state law by or against the Borrower or
                  any guarantor; or (iv) the Borrower or any guarantor shall
                  become the subject of any out-of-court settlement with its
                  creditors; or (v) the Borrower or any guarantor is unable or
                  admits in writing its inability to pay its debts as they
                  mature.

         g)       ADVERSE CHANGE; ENVIRONMENTAL VIOLATIONS; INSECURITY. (i)
                  there is a material adverse change in the financial condition
                  of the Borrower or any guarantor, or (ii) any violation of
                  Environmental Laws affecting the Borrower or its properties
                  occurs or is discovered; or (iii) the Bank in good faith deems
                  itself insecure.

         h)       DEBT/EQUITY COVENANT. The Borrower shall fail to maintain at
                  all times a Debt-to-Equity Ratio of less than 4 to 1. Debt
                  shall be defined as all liabilities of the Borrower, including
                  Senior Subordinated Debt and Deferred Income Taxes. Equity
                  shall include Common Stock. Additional Paid-In Capital and
                  Retained Earnings.

4.2      TERMINATION OF LOANS. Upon the occurrence of any of the events
         identified in Section 4.1, the Bank may at any time thereafter
         (notwithstanding the cure periods identified in Sections 4.1(a),
         4.1(b), 4.1(d) and 4.1(e)) immediately terminate its obligation to make
         additional loans hereunder without demand or further notice of any
         kind, all of which are hereby waived.

4.3      ACCELERATION OF OBLIGATIONS. Upon the occurrence of any of the events
         identified in Sections 4.1(a) through 4.1(e) and 4.1(g), and the
         passage of any applicable cure period, the Bank may at any time
         thereafter, by written notice to the Borrower, declare the unpaid
         principal balance of the Notes together with the interest accrued
         thereon and other amounts accrued hereunder, to be immediately due and
         payable; and the unpaid balance shall thereupon be due and payable, all
         without presentation, demand, protest or further notice of any kind,

                                      -6-
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         all of which are hereby waived, and notwithstanding anything to the
         contrary contained herein or in any of the other Loan Documents. Upon
         the occurrence of any event under Section 4.1(f), then the unpaid
         principal balance under the Notes, together with all interest accrued
         thereon and other amounts accrued hereunder, shall thereupon be
         immediately due and payable, all without presentation, demand, protest
         or notice of any kind, all of which are hereby waived, and
         notwithstanding anything to the contrary contained herein or in any of
         the other Loan Documents.

4.4      OTHER REMEDIES. Nothing in this Article IV is intended to restrict the
         Bank's rights under any of the Loan Documents or at law, and the Bank
         may exercise all such rights and remedies as and when they are
         available.

                            ARTICLE V. MISCELLANEOUS

5.1      DELAY; CUMULATIVE REMEDIES. No delay on the part of the Bank in
         exercising any right, power or privilege hereunder shall operate as a
         waiver thereof, nor shall any single or partial exercise of any right,
         power or privilege hereunder preclude other or further exercise thereof
         or the exercise of any other right, power or privilege. The rights and
         remedies herein specified are cumulative and are not exclusive of any
         rights or remedies which the Bank would otherwise have.

5.2      RELATIONSHIP TO OTHER DOCUMENTS. The warranties, covenants and other
         obligations of the Borrower (and the rights and remedies of the Bank)
         that are outlined in this Agreement and the other Loan Documents are
         intended to supplement each other. In the event of any inconsistencies
         in any of the terms in the Loan Documents, all terms shall be
         cumulative so as to give the Bank the most favorable rights set forth
         in the conflicting documents.

5.3      PARTICIPATIONS. The Bank may, at its option sell all or any interests
         in the Notes and other Loan Documents to other financial institutions,
         and in connection with such sales (and thereafter) disclose any
         financial information the Bank may have concerning the Borrower to any
         such participant or potential participant.

5.4      SUCCESSORS. The rights, options, powers and remedies granted in this
         Agreement shall extend to the Bank and to its successors and assigns,
         shall be binding upon the Borrower and its successors and assigns and
         shall be applicable hereto and to all renewals and/or extensions
         hereof.

5.5      EXPENSES AND ATTORNEY'S FEES. The Borrower agrees to reimburse the Bank
         for all fees and out-of-pocket disbursements incurred by the Bank (and
         any participant) in connection with the preparation, execution,
         delivery, administration and enforcement of this Agreement or any of
         the other Loan Documents, and any waivers or amendments with respect
         hereto, including all costs of collection before and after judgment,
         and including,without limitation, the fees and disbursements of counsel
         for the Bank or any participant.

5.6      PAYMENTS. Payments due under the Notes and other Loan Documents shall
         be made in lawful money of the United States, and the Bank is
         authorized to charge payments due under the Loan Documents against any
         account of the Borrower. All payments may be applied by the Bank to
         principal, interest and any other amounts due under the Loan Documents
         in any order which the Bank elects.

                                      -7-
<PAGE>

5.7      APPLICABLE LAW AND JURISDICTION; INTERPRETATION AND MODIFICATION. This
         Agreement and all other Loan Documents shall be governed by and
         interpreted in accordance with the laws of the State of Wisconsin.
         Invalidity of any provision of this Agreement shall not affect the
         validity of any other provision. The provisions of the Loan Documents
         shall not be altered, amended or waived without the express written
         consent of the Bank (and the Borrower, when appropriate). THE BORROWER
         HEREBY CONSENTS TO THE EXCLUSIVE JURISDICTION OF ANY STATE OR FEDERAL
         COURT SITUATED IN THE COUNTY WHERE THE BANK'S OFFICE WHICH IS
         DESIGNATED IN THE NOTE AS THE PLACE FOR PAYMENT IS LOCATED (OR, IN THE
         ABSENCE OF SUCH DESIGNATION, THE BANK'S MAIN OFFICE), AND WAIVES ANY
         OBJECTION BASED ON FORUM NON CONVENIENS, WITH REGARD TO ANY ACTIONS,
         CLAIMS, DISPUTES OR PROCEEDINGS RELATING TO THIS AGREEMENT, THE
         COLLATERAL, ANY OTHER LOAN DOCUMENT, OR ANY TRANSACTIONS ARISING
         THEREFROM, OR ENFORCEMENT AND/OR INTERPRETATION OF ANY OF THE
         FOREGOING. This Agreement, the other Loan Documents and any amendments
         hereto (regardless of when executed) will be deemed effective and
         accepted only at the Bank's offices, and only upon the Bank's receipt
         of the executed originals thereof.

5.8      WAIVER OF JURY TRIAL. THE BORROWER AND THE BANK HEREBY JOINTLY AND
         SEVERALLY WAIVE ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY ACTION OR
         PROCEEDING RELATING TO ANY OF THE LOAN DOCUMENTS, THE OBLIGATIONS
         THEREUNDER OR ANY TRANSACTION ARISING THEREFROM OR CONNECTED THERETO.
         THE BORROWER AND THE BANK EACH REPRESENTS TO THE OTHER THAT THIS WAIVER
         IS KNOWINGLY, WILLINGLY AND VOLUNTARILY GIVEN.

5.9      NOTICES. All notices and correspondence related to the Loan Documents
         shall be sent to:

         a)   If to the Borrower:                b)  If to the Bank:
              Philip C. Taylor                       Tony Johnson
              President                              President
              Taylor Investment Corporation          Rural American Bank - Luck
              43 Main Street, S.E.                   P.O. Box 200
              Suite 506                              206 Main Street South
              Minneapolis, MN 55414                  Luck, WI 54853

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<PAGE>

IN WITNESS WHEREOF, the undersigned have executed this REVOLVING CREDIT
AGREEMENT as of the 1st day of March, 2001.

                               TAYLOR INVESTMENT CORPORATION
                               (Borrower)

                               a Minnesota Corporation

                               By:  /s/ Maureen A. Herzog
                                   ---------------------------------------------

                               Name & Title: Maureen A. Herzog, Asst. Vice Pres.
                                             -----------------------------------

                               By:  /s/ Philip C. Taylor
                                   ---------------------------------------------

                               Name & Title: Philip C. Taylor President
                                             -----------------------------------

                               RURAL AMERICAN BANK - LUCK

                               By:  /s/ Anthony C. Johnson
                                   ---------------------------------------------

                               Name & Title: Anthony C. Johnson, President
                                             -----------------------------------

                                      -9-EXHIBIT 10.22

                             RESTATED LOAN AGREEMENT

                  THIS RESTATED LOAN AGREEMENT, made as of the 14th day of
February, 2000, by and between TAYLOR INVESTMENT CORPORATION ("Borrower") and
M&I BANK OF SHAWANO ("Bank").

                  In consideration of the mutual covenants, conditions and
agreements set forth herein, and other good and valuable consideration, the
receipt and adequacy of which the parties hereto acknowledge, Borrower and Bank
hereby agree as follows:

                                    ARTICLE I

                                   DEFINITIONS

                  The following terms which appear in this Loan Agreement shall
be defined as set forth in this Article I:

                  1.1 Adjusted Interbank Rate is expressed as a fraction, the
numerator of which is the Interbank Rate and the denominator of which is one
minus the Interbank Reserve Requirement.

                  1.2 Advance is any extension of credit by Bank to Borrower
under this Loan Agreement and any Mortgage Note.

                  1.3 Advance Termination Date is April 30, 2001.

                  1.4 Articles of Incorporation are the Articles of
Incorporation of Borrower.

                  1.5 Borrowing Base is seventy percent (70%) of the cost of any
real estate acquisition made by Borrower. Bank, in its sole discretion, may
increase the Borrowing Base to no higher than 75% of the cost of any real estate
acquisition made by Borrower for which Borrower delivers to Bank a Qualified
Appraisal.

                  1.6 Borrowing Resolution is the resolution of the Board of
Directors of the Borrower authorizing the execution of this Loan Agreement and
all of the documents and agreements referenced herein.

                  1.7 Bylaws are the Bylaws of Borrower.

                  1.8 Closing Documents are for each Project, the Development
Plan, a survey map, an accepted offer to purchase and a title insurance
commitment dated no less than (thirty) 30 days prior to the proposed date of
Borrower's acquisition of the real estate described in the Project.

                  1.9 Closing Fee is a sum equal to one-half percent (1/2%) of
each Mortgage Note amount, with a minimum of $250.00 and a maximum of $5,000.00
for each Mortgage Note.

<PAGE>

                  1.10 Development Plan is the plan prepared by Borrower for
each Project which subdivides the real estate contained within each Project into
distinct lots, and which assigns a minimum target sales price for each such lot.
More than one Development Plan shall be referred to as "Development Plans."

1.11 Environmental Laws shall be defined as any and all federal, state, local
and foreign statutes, laws, regulations, ordinances, rules or other governmental
restrictions relating to the environment or to emissions, discharges or releases
of pollutants, contaminants, petroleum or petroleum products, chemicals or toxic
or hazardous substances or wastes into the environment including, without
limitation, ambient air, surface water, ground water, or land, or otherwise
relating to the manufacture, processing, distribution, use, treatment, storage,
disposal, transport or handling of pollutants, contaminants, petroleum or
petroleum products, chemicals or toxic or hazardous substances or wastes or the
clean-up or other remediation thereof and any and all judgments, orders,
decrees, permits, grants, franchises, licenses or agreements relating to the
foregoing to which Borrower is a party or which is otherwise applicable to
Borrower.

                  1.12 Event of Default is defined as the occurrence of any
event described in Article VIII, below.

                  1.13 Existing Agreement is, collectively, the Loan Agreement
dated as of October 5, 1995, an Amendment to Loan Agreement Dated October 5,
1995, a Second Amendment to Loan Agreement as of July 25, 1997, a Third
Amendment to Loan Agreement as of May 15, 1998, and a Fourth Amendment to Loan
Agreement as of May 15, 1999, all between Bank and Borrower, and all documents
referenced therein or appended thereto.

                  1.14 Existing Mortgages are the mortgages executed by
Borrower, securing repayment of the Existing Notes.

                  1.15 Existing Notes are the following business notes executed
by Borrower:

                  ==============================================================
                            Date       Original Principal        Due Date
                                            Amount
                  ==============================================================
                   March 30, 1999        $ 100,800.00       March 30, 2001
                  --------------------------------------------------------------
                   April 30, 1999        $  56,700.00       April 30, 2001
                  --------------------------------------------------------------
                   May 19, 1999          $  60,900.00       May 19, 2001
                  --------------------------------------------------------------
                   November 30, 1999     $ 176,000.00       November 30, 2001
                  ==============================================================

                  1.16 FIRREA is the Financial Institutions Reform, Recovery and
Enforcement Act of 1989, as amended from time to time.

                  1.17 Guarantor is Philip C. Taylor.

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<PAGE>

                  1.18 Guaranty is the continuing guaranty (limited) executed by
Guarantor, in the form attached hereto as Exhibit 1.18.

                  1.19 Interbank Rate means with respect to any Advance, the
rate per annum equal to the rate (rounded upwards, if necessary, to the nearest
1/16 of 1%) quoted as the rate at which dollar deposits in immediately available
funds are offered on the first day of each calendar month in the interbank
Eurodollar market on or about 9:00 A.M., Milwaukee time, for a period of one (1)
calendar month for LIBOR Advances, and for a period of two (2) years for a
Permanent Rate Election. If the first day of any calendar month is not a regular
business day, the Interbank Rate shall be established on the preceding business
day. Bank currently uses the Knight Ridder Information Service to provide
information with respect to the interbank Eurodollar market, but Bank may change
the service providing such information at any time. Each such determination
shall be conclusive and binding upon the parties hereto in the absence of
demonstrable error.

                  1.20 Interbank Reserve Requirement means a percentage
(expressed as a decimal) equal to the aggregate reserve requirement in effect on
the first day of each calendar month (including all basic, supplemental,
marginal and other reserves and taking into account any transitional adjustments
or other scheduled changes in reserve requirements during each calendar month)
specified for "Eurocurrency Liabilities" under Regulation D of the Board of
Governors of the Federal Reserve System, or any other regulation of the Board of
Governors which prescribes reserve requirements applicable to "Eurocurrency
Liabilities" as presently defined in Regulation D, as then in effect, as
applicable to the class or classes of banks of which Bank is a member.

                  1.21 Interest Period means with respect to each LIBOR Advance,
the period through and including the final day of the calendar month in which
the LIBOR Advance is made or the LIBOR Rate is elected.

                  1.22 LIBOR Advance is an Advance for which Borrower elects the
LIBOR Rate for interest rate determination.

                  1.23 LIBOR Rate is the Adjusted Interbank Rate, plus two and
fifty-five one hundredths of one percent (2.55%).

                  1.24 Loan Agreement is this Restated Loan Agreement.

                  1.25 Mortgage Note is any of Borrower's promissory notes to
Bank for any Advance. More than one Mortgage Note shall be referred to as
"Mortgage Notes."

                  1.26 Mortgage is any of the mortgages which Borrower shall
execute and deliver to Bank, creating a first mortgage lien in favor of Bank on
all real property described therein, on all real property acquired by Borrower
for which any Advance is used. More than one Mortgage shall be referred to as
"Mortgages."

                                      -3-
<PAGE>

                  1.27 Mortgaged Property is the real property described in the
Existing Mortgages and Mortgages and all improvements and appurtenances thereto.

                  1.28 Net Worth. The excess of total assets over total
liabilities of Borrower, with total assets and total liabilities each to be
determined in accordance with generally accepted accounting principles,
excluding, however, from the determination of total assets (a) treasury stock;
(b) cash set apart and held in sinking or other analogous funds established for
the purpose of redemption or other retirement of capital stock; (c) to the
extent not already deducted from total assets, reserves for depreciation,
depletion, obsolescence and/or amortization of properties and all other reserves
or appropriations of retained earnings which, in accordance with generally
accepted accounting principles, should be established in connection with the
business conducted by the Borrower; and (d) any revaluation or other write-up in
book value of assets in excess of amounts set forth in Borrower's financial
statements consistent with generally accepted accounting principles consistently
applied.

                  1.29 Permanent Rate is the Adjusted Interbank Rate, plus two
and three-tenths percent (2.30%).

                  1.30 Permanent Rate Election is the election the Borrower may
make under Paragraph 2.3 of this Loan Agreement to calculate interest at the
Permanent Rate on any Mortgage Note only from the date of funding such Mortgage
Note by Bank until its maturity.

                  1.31 Project describes the real property acquired by Borrower
with any proceeds of any Mortgage Note or Existing Note, and all improvements
proposed to such real property as set forth in each Development Plan. More than
one Project shall be referred to as "Projects."

                  1.32 Qualified Appraisal is a real estate appraisal on the
fair market value of real estate acquired by Borrower using proceeds of any
Mortgage Note, addressed to Bank, prepared by a real estate appraiser licensed
to appraise real estate in the state in which such real estate is located, in
conformity with all FIRREA requirements, and prepared or updated, as applicable,
within three months of the date of the funding by Bank of the applicable
Mortgage Note.

                  1.33 Value Percentage is, for each lot sold within a Project,
the percentage derived by dividing the price of the lot sold by the total value
of a Project as set forth in the Project's Development Plan.

                                   ARTICLE II

                               MORTGAGE NOTE LOANS

                  2.1 Mortgage Note Loans. Subject to the terms and conditions
of this Loan Agreement, Bank hereby agrees to lend and advance to Borrower the
principal aggregate sum not to exceed Two Million Five Hundred Thousand Dollars
($2,500,000.00), limited for each Project by the Borrowing Base. The Bank's
commitment to make Advances shall terminate on the Advance Termination Date.
Mortgage Note loans shall be payable in accordance with the terms and conditions

                                      -4-
<PAGE>

of each Mortgage Note. Each Mortgage Note shall mature two (2) years from its
date. Interest shall be calculated on each Mortgage Note on the basis of a
360-day year. After maturity, whether by acceleration or otherwise, accrued
interest and all principal shall become immediately due and payable on each
Mortgage Note.

                  2.2 Payment. The principal of each Mortgage Note shall be
partially repaid upon the sale of each lot within a Project in an amount equal
to the Value Percentage multiplied by the total principal amount of the Mortgage
Note for such Project, multiplied by 140 %. Interest shall be calculated as set
forth in Paragraph 2.3, below, and in each Mortgage Note, and shall be paid to
Bank on the dates set forth in each Mortgage Note.

                  2.3 Interest Election. Immediately prior to Bank's funding
each Mortgage Note, the Borrower shall elect a method of calculating interest
under such Mortgage Note between the LIBOR Rate and the Permanent Rate. Such
election shall determine the interest rate which Borrower shall pay to Bank
under such Mortgage Note from time to time, subject to fluctuation as the LIBOR
Rate fluctuates. Such elected rate shall remain effective until Borrower repays
the Mortgage Note in full.

                  2.4 Use of Funds. Borrower shall use the proceeds of the
Mortgage Note loans to acquire real estate and for no other purpose.

                  2.5 Release of Mortgage Lien. Bank shall grant a partial
release of its mortgage lien on each lot upon receipt of repayment allocated to
such lot as described in Paragraph 2.2, above.

                                   ARTICLE III

                             CONDITIONS OF BORROWING

                  The obligation of the Bank to make any Mortgage Note loan is
subject to the satisfaction of the following conditions for each Project:

                  a.       The representations and warranties of Borrower
                           contained or incorporated by reference in this Loan
                           Agreement shall be true and accurate in all material
                           respects;

                  b.       There shall not exist an Event of Default under this
                           Loan Agreement and no event shall have occurred and
                           be continuing which would constitute an Event of
                           Default under this Loan Agreement but for the
                           requirement that notice be given and/or time elapsed;

                  c.       All proceedings to be taken in connection with such
                           loan and all documents incident thereto shall be
                           satisfactory in form and substance to the Bank and
                           its counsel;

                  d.       The Bank shall have received, on or prior to the date
                           of such loan, all of the following:

                                      -5-
<PAGE>

                           1.       The Closing Documents;

                           2.       The executed Mortgage Note;

                           3.       The Closing Fee;

                           4.       A first priority Mortgage describing the
                                    entire Project as the mortgage property;

                           5.       The Borrowing Resolution, certified by the
                                    secretary of the Borrower as true and
                                    correct; and

                           6.       The Articles of Incorporation and the
                                    Bylaws.

                                   ARTICLE IV

                         REPRESENTATIONS AND WARRANTIES

                  The Borrower hereby represents and warrants, which
representations and warranties shall survive the date hereof and shall remain
effective until all Mortgage Notes and Existing Notes are repaid in full, as
follows:

                  a.       Borrower is a Minnesota corporation legally
                           organized, validly existing, and authorized to
                           conduct business in the State of Wisconsin.

                  b.       The execution and delivery of this Loan Agreement is
                           within Borrower's corporate power, has been duly
                           authorized by proper corporate action, is not in
                           violation of any existing law, rule or regulation of
                           any governmental agency, licensing board or
                           authority, any order or decision of any court, the
                           Articles of Incorporation or Bylaws or the terms of
                           any agreement, restriction or under taking to which
                           Borrower is a party or by which it is bound, and do
                           not require the approval or consent of the
                           shareholders of Borrower, any governmental body,
                           agency or authority or any other person or entity.

                  c.       All written statements made and information given to
                           the Bank by the Borrower concerning the transactions
                           contemplated by this Loan Agreement are true and
                           correct and no material fact concerning Borrower and
                           known to its officers has been withheld.

                  d.       Borrower has good title to all Mortgaged Property,
                           free and clear of all liens, charges or encumbrances
                           of all kinds and every Mortgage and Existing Mortgage
                           will constitute a valid and perfected first mortgage
                           lien in and to the real estate described therein
                           enforceable against all third parties securing the
                           payment of all obligations stated to be secured
                           thereunder.

                                      -6-
<PAGE>

                  e.       Borrower is not a party to or subject to any
                           agreement, restriction, requirement or instrument
                           which has or may reasonably be expected to have a
                           material adverse effect on the business, assets,
                           financial or other operations or conditions of
                           Borrower or on the ability of Borrower to comply with
                           the obligations under this Loan Agreement or any
                           other documents executed in conjunction with or
                           incident to this Loan Agreement.

                  f.       Borrower has paid all taxes when due, unless the same
                           are being contested in good faith by appropriate
                           proceedings.

                  g.       Borrower is not party to any litigation and is
                           unaware of any threatened litigation in which
                           Borrower would be named a defendant.

                                    ARTICLE V

                              AFFIRMATIVE COVENANTS

                  From and after the date of this Loan Agreement, and until the
entire amount owing from the Borrower to the Bank under the terms and conditions
of this Loan Agreement and all Existing Notes and Mortgage Notes is paid in
full, the Borrower shall, unless waived in writing by the Bank:

                  a.       Comply in every material respect with each covenant
                           contained in documents executed pursuant to this Loan
                           Agreement.

                  b.       Furnish the following to the Bank:

                           1.       Within ninety (90) days after the end of
                                    each fiscal quarter, copies of its balance
                                    sheets as of the end of each such quarter
                                    and related statements of the income and
                                    retained earnings of Borrower for said
                                    quarter, together with year-to-date figures,
                                    all in reasonable detail and all prepared
                                    and certified by the employee of Borrower
                                    charged with such responsibility as having
                                    been prepared in accordance with generally
                                    accepted accounting principles;

                           2.       Within ninety (90) days after the end of
                                    each of Borrower's fiscal years, a copy of
                                    the audit report of Borrower for such year,
                                    including therein a copy of its balance
                                    sheet as of the end of such fiscal year and
                                    copies of related statements of its income
                                    and retained earnings for such fiscal year,
                                    all in reasonable detail, and stating in
                                    comparative form the figures as of the end
                                    of and for the previous fiscal year, all
                                    prepared and certified by independent
                                    certified public accountants of recognized
                                    standing selected by Borrower and reasonably
                                    acceptable to the Bank, which audit reports

                                      -7-
<PAGE>

                                    shall be prepared in conformity with
                                    generally accepted accounting principles
                                    applied on a consistent basis;

                           3.       Such other and further financial information
                                    as the Bank may reasonably request.

                  c.       Permit the Bank to visit, inspect and audit the
                           offices and properties of Borrower and to examine its
                           books of account, records, reports and other papers,
                           to make copies and extracts therefrom and to discuss
                           its affairs, finances and accounts with its
                           respective officers and independent public
                           accountants at such reasonable times and places and
                           as often as the Bank may reasonably desire.

                  d.       Substantially comply with the requirements of the
                           Environmental Laws and of all material applicable
                           laws, rules, regulations and orders of all
                           governmental authorities and licensing and regulatory
                           bodies, and with all contractual and other legal
                           obligations, the non-compliance with which would
                           materially adversely effect the business, assets or
                           financial condition of the Borrower.

                  e.       Diligently pursue development of each Project as
                           outlined in each Development Plan.

                  f.       Promptly pay and discharge when due all taxes and
                           assessments levied and assessed or imposed upon the
                           Mortgaged Property or upon Borrower's income, as well
                           as all claims which, if unpaid, might by law become a
                           lien or charge upon the Mortgaged Property; provided,
                           however, that nothing herein contained shall require
                           the Borrower to pay any such taxes, assessments or
                           claims so long as the Borrower shall in good faith
                           contest the validity and stay the execution and
                           enforcement thereof.

                  g.       Furnish to the Bank immediately any information
                           regarding Paragraph 8.1, below and as soon as
                           possible, but in all events within seven (7) days
                           after Borrower has obtained knowledge of the
                           occurrence of an Event of Default, a statement signed
                           by the Borrower setting forth details of such Event
                           of Default which shall specify all actions taken or
                           proposed to be taken to correct the same.

                  h.       Obtain, preserve and maintain all of the Borrower's
                           rights, privileges, licenses and permits necessary or
                           desirable in the normal conduct of Borrower's
                           business.

                  i.       Maintain Net Worth of not less than $6,000,000.00 at
                           all times.

                                      -8-
<PAGE>

                                   ARTICLE VI

                               NEGATIVE COVENANTS

                  From and after the date of this Loan Agreement and while any
part of the loans contemplated hereunder remain outstanding and until the entire
amount owing from the Borrower to the Bank under the terms and conditions of
this Loan Agreement or documents referred to and/or incorporated herein is paid
in full, the Borrower shall not, without the prior written consent of the Bank:

                  a.       Create, assume or suffer to exist any security
                           interest, lien or charge, upon the Mortgaged Property
                           or any improvements thereon.

                  b.       Declare and/or pay any dividend or any other payment
                           to individuals based on ownership of common or
                           preferred stock of Borrower in excess of 60% of
                           Borrower's net income for any of Borrower's fiscal
                           years.

                  c.       Assume, guarantee, endorse, contingently agree to
                           purchase or otherwise become liable upon the
                           obligation of any person, firm or corporation, except
                           by the endorsement of negotiable instruments for
                           deposit or collection.

                                   ARTICLE VII

                                    SECURITY

                  In order to secure repayment of each Mortgage Note, the
Borrower shall execute and deliver to Bank a Mortgage describing the real
property acquired by Borrower with the proceeds of such Mortgage Note. In
addition, Borrower and Bank hereby acknowledge and affirm the validity and
enforceability of all Existing Mortgages.

                  The terms, conditions, covenants and warranties contained in
the Existing Mortgages and Mortgages are incorporated herein as if set forth in
full. A default by Borrower in the performance or observance of any covenant or
agreement contained in the Existing Mortgages or Mortgages shall constitute a
default of the terms of this Loan Agreement and correspondingly, a default by
Borrower in the performance or observation of any covenant or agreement under
this Loan Agreement shall constitute a default under the Existing Mortgages and
Mortgages. It is the parties' express intention that each Existing Mortgage and
each Mortgage shall secure repayment of all of Borrower's obligations to Bank.

                                      -9-
<PAGE>

                                  ARTICLE VIII

                            DEFAULT AND ACCELERATION

                  8.1 The occurrence of any of the following shall constitute an
Event of Default:

                  a.       Borrower shall default in the due and punctual
                           payment of any payment required herein or any other
                           sums of money owing from Borrower to the Bank under
                           the Existing Notes or the Mortgage Notes or any
                           renewals or extensions thereof, and such default
                           shall continue for a period of five (5) days from the
                           date on which said payment matured;

                  b.       Borrower shall default in the due and punctual
                           retirement by payment of all principal and interest
                           amounts due to Bank upon maturity of each of the
                           Existing Notes and Mortgage Notes;

                  c.       Any representation, warranty or certification made by
                           Borrower herein or in any writing furnished in
                           connection with or pursuant to this Loan Agreement
                           shall be false in any material respect on the date as
                           of which made or as of which the same is to be
                           effective;

                  d.       Borrower shall default in the performance or
                           observance of any other term, covenant or agreement
                           contained herein or in any other document
                           incorporated or referred to herein, and the Borrower
                           shall not have cured such default within fifteen (15)
                           days following receipt of notice thereof from Bank.

                  e.       Borrower shall become insolvent or be unable to pay
                           its debts as they mature or shall make an assignment
                           for the benefit of creditors or shall be adjudicated
                           a bankrupt; or any proceedings shall be commenced by
                           Borrower relating to any bankruptcy, reorganization,
                           arrangement, insolvency, readjustment of debt or
                           liquidation law or statute of the federal or any
                           state government, whether now or hereafter in effect;
                           or any such proceeding shall be initiated against
                           Borrower and an order approving the petition is
                           entered or such proceedings shall remain undismissed
                           for a period of sixty (60) days; or Borrower by any
                           action shall indicate its approval of, consent to, or
                           acquiescence in any such proceeding or in the
                           appointment of a trustee or receiver; or any such
                           trustee or receiver shall not be discharged within a
                           period of sixty (60) days after the appointment
                           thereof.

                  8.2 Upon the occurrence of any Event of Default, and while the
same is continuing, the Bank may then, without demand or action of any kind by
the Bank:

                  a.       Declare the entire amount of unpaid principal and all
                           accrued and unpaid interest, fees and charges under
                           the Mortgage Notes and Existing Notes to be
                           automatically and immediately due and payable; and/or

                                      -10-
<PAGE>

                  b.       Declare the Borrower in default under the Existing
                           Mortgages and Mortgages and exercise against the
                           Borrower and the Mortgaged Property, all of its
                           rights and remedies for default provided in this Loan
                           Agreement and/or other applicable law; and/or

                  c.       Set off against any of Borrower's accounts maintained
                           with Bank or its affiliates, all amounts then due;
                           and/or

                  d.       Immediately terminate Bank's obligation to make any
                           further loans pursuant to the Loan Agreement.

                  8.3 No remedy herein conferred upon the Bank is intended to be
exclusive of any other remedy and each and every such remedy shall be cumulative
and shall be in addition to every other remedy given hereunder or now or
hereafter existing at law or in equity or by statute or otherwise. No failure or
delay on the part of the Bank in exercising any right or remedy hereunder shall
operate as a waiver thereof nor shall any single or partial exercise of any
right hereunder preclude other or further exercise thereof or the exercise of
any other right or remedy.

                  8.4 In the event of a conflict in the default or notice of
default provisions of this Loan Agreement and any document referred to or
incorporated herein, the provisions hereof shall control. In every other case,
all remedies shall be deemed cumulative.

                                   ARTICLE IX

                                  MISCELLANEOUS

                  9.1 If an Event of Default occurs, Borrower shall be
responsible to pay all costs and expenses of the Bank, including reasonable
attorneys' fees, whether or not a lawsuit is commenced, and shall be obligated
for payment of the unpaid balance of the Mortgage Notes and/or Existing Notes
and interest accrued thereon and all additional costs, expenses and fees of
enforcing and/or exercising any right or remedy the Bank may have under the
Mortgages, Existing Mortgages, this Loan Agreement and all agreements referenced
herein or attached hereto, or any other provision in law or equity.

                  9.2 The Borrower's rights and liabilities under this Loan
Agreement are not assignable, in whole or in part, without the prior written
consent of the Bank. The Bank's rights and liabilities under this Loan Agreement
are assignable to any successor in interest to Bank. The provisions of this Loan
Agreement shall inure to the benefit of and be binding upon the successors and
assigns of the parties.

                  9.3 All accounting terminology not specifically defined in
this Loan Agreement shall be defined in accordance and consistent with generally
accepted accounting principles.

                  9.4 The Borrower shall pay, or reimburse the Bank for all
costs and expenses, including without limitation attorneys' fees, closing
charges, recording and filing fees, insurance premiums and service charges as

                                      -11-
<PAGE>

required or contemplated by this Loan Agreement, paid or incurred by the Bank in
connection with (i) the preparation, negotiation, approval, execution and
delivery of this Loan Agreement and any other documents and instruments related
hereto or thereto, including all future funding of Mortgage Notes by Bank; (ii)
the negotiation of any amendments or modifications to any of the foregoing
documents, instruments or agreements and the preparation of any and all
documents necessary or desirable to effect such amendments or modifications; and
(iii) the customary Bank charges associated with the servicing of the loans
contemplated hereby.

                  9.5 All agreements, representations and warranties made herein
or in any document executed and/or delivered pursuant hereto shall survive the
execution of this Loan Agreement, the making of the loans described herein and
the delivery of any document in connection therewith.

                  9.6 This Loan Agreement and the exhibits and attachments
attached hereto and the other documents referred to or incorporated herein,
contain the entire understanding of the parties with respect to the subject
matter hereof and restate the Existing Agreement in its entirety. There are no
restrictions, promises, warranties, covenants or undertakings other than those
expressly set forth herein. This Loan Agreement supersedes all prior
negotiations, agreements and undertakings between the parties with respect to
such subject matter.

                  9.7 All communications or notices required or permitted by
this Loan Agreement shall be in writing and shall be deemed to have been given
at the earlier of the date when actually delivered to an officer of the other
party or when received following deposit in the United States mail, certified or
registered mail, postage prepaid, with receipt as evidenced by the return
receipt, and addressed as follows, unless and until either of such parties
notifies the other in accordance with this section of a change of address:

                  If to the Borrower:

                                    The President
                                    Taylor Investment Corporation
                                    43 Main Street SE, Suite 506
                                    Minneapolis, MN 55414

                  If to the Bank:

                                    Peter F. Warmenhoven
                                    Senior Vice President
                                    M&I Bank of Shawano
                                    101 N. Main Street
                                    P.O. Box 496
                                    Shawano, WI 54166-0496

                                      -12-
<PAGE>

                  9.8 Borrower's payment obligations to Bank are absolute and
Borrower shall not be permitted any right of set off or equitable adjustment to
any payment obligation hereunder.

                  9.9 No amendment of this Loan Agreement shall be effective
unless in writing and signed by the parties.

                  9.10 This Loan Agreement shall be governed by the internal
laws of the State of Wisconsin. Any provision of this Loan Agreement which is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof or affecting the validity or
enforcement of such remaining provisions.

                  IN WITNESS WHEREOF, the parties have duly executed this Loan
Agreement as of the day and year first above written.

                  BANK: M&I BANK OF SHAWANO

                          By:     /s/ P. F. Warmenhoven
                              ----------------------------------------
                               Peter F. Warmenhoven, Its Senior Vice President
                               --------------------      ---------------------

                  BORROWER: TAYLOR INVESTMENT CORPORATION

                          By:     /s/ Philip C. Taylor
                              ----------------------------------------
                              Philip C. Taylor, Its President
                              ----------------      ---------

         GUARANTOR'S ACKNOWLEDGMENT AND REAFFIRMATION

                  The undersigned Guarantor acknowledges delivery to Bank of his
Guaranty to secure repayment of Borrower's obligations to Bank. The Guarantor
further hereby ratifies and reaffirms his Guaranty, and further acknowledges and
agrees that his Guaranty guarantees payment of one-third of all obligations of
Borrower to Bank presently existing and arising in the future, and shall remain
in full force and effect until Borrower has repaid all of its obligations to
Bank in their entirety.

                  Dated as of the 14th day of February, 2000.

                                           /s/ Philip C. Taylor
                                        -------------------------------
                                        Philip C. Taylor

                                      -13-

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