Amendment To Construction Line Of Credit Agreement

AMENDMENT TO CONSTRUCTION LINE OF CREDIT LOAN AGREEMENT


THIS AMENDMENT TO CONSTRUCTION LINE OF CREDIT LOAN AGREEMENT (the "Amendment") is made and entered into as of the 15th day of January, 1997, by and between:


(i) BANK UNITED, formerly known as Bank United of Texas
FSB, a Federal savings bank with principal office and place of
business in Houston, Texas (the "Lender"), and


(ii) THE ADLER COMPANIES, INC., a Florida corporation with
principal office and place of business in Coral Gables,
Florida (the "Borrower")


WITNESSETH:


WHEREAS, pursuant to that certain Construction Line of Credit Loan Agreement dated as of March 13, 1996 between the Borrower and the Lender, as amended by (a) that certain Amendment to Construction Line of Credit Loan Agreement dated as of May 6, 1996 between Borrower and Lender and (b) that certain Amendment to Construction Line of Credit Loan Agreement dated as of December 30, 1996, between the Borrower and the Lender (as amended, the "Loan Agreement"), the Lender made a revolving loan (the "Loan") to the Borrower in the maximum principal amount of Ten Million Dollars ($10,000,000.00) to provide financing for the construction of single family residences.


WHEREAS, the parties now desire to amend the terms of the Loan Agreement to provide for a future increase to the amount of the Loan and to establish a "Maximum Amount of Revolving Credit", all as provided herein,


NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby amend the Loan Agreement and agree as follows:


1. Definitions. All capitalized terms used herein and not otherwise defined shall have their same respective meanings herein as defined in the Loan Agreement.


2. The Loan. Section 2.1 of the Loan Agreement is hereby amended and restated, as


2.1 Loan. Subject to the terms and conditions contained in
this Agreement, the Lender agrees to fund and Borrower may borrow,
pay, reborrow or repay Advances from time to time from the date hereof
until the Maturity Date; provided, however, at no time shall the
principal balance of all the Advances outstanding hereunder at an ...