RECORDED REQUEST OF

FIDELITY NATIONAL TITLE

SAN DIEGO OFFICE



THIS DEED OF TRUST WAS PREPARED BY

AND WHEN RECORDED, RETURN TO:



Schulte Roth & Zabel LLP

919 Third Avenue

New York, New York 10022

Attention: Caryn J. Ettinger, Esq.

Reference No.: 089253 0012

258453.2



                 DEED OF TRUST, ASSIGNMENT OF LEASES AND RENTS,

                      SECURITY AGREEMENT AND FIXTURE FILING



                                     made by



                 LAKES KEAN ARGOVITZ RESORTS-CALIFORNIA, L.L.C.

                                    (TRUSTOR)



                                       to



                    FIDELITY NATIONAL TITLE INSURANCE COMPANY

                                    (TRUSTEE)



                               for the benefit of



                                PLKS FUNDING, LLC

                                 (BENEFICIARY)



                               PROPERTY LOCATION:



                                14020 Melody Road

         Portion of Section 10, T.17, S.R.1E (Highway 94/Campo Road) |

                                Jamul, California



                          DATED AS OF FEBRUARY 15, 2006



    THIS ALSO CONSTITUTES FINANCING STATEMENTS FILED AS A FIXTURE FILING AND

 FINANCING STATEMENT PURSUANT TO SECTIONS 9501(a)(1) AND 9502(b) AND (c) OF THE

     CALIFORNIA UNIFORM COMMERCIAL CODE AND IS RECORDED AS A FIXTURE FILING



     PURSUANT TO SECTION 2924b(d) OF THE CALIFORNIA CIVIL CODE, TRUSTOR AND

   BENEFICIARY REQUEST THAT A COPY OF ANY NOTICE OF DEFAULT AND A COPY OF ANY

   NOTICE OF SALE BE MAILED TO TRUSTOR AND BENEFICIARY, RESPECTIVELY, AT THE

                    ADDRESS FOR SUCH PARTY SET FORTH HEREIN.



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                                TABLE OF CONTENTS



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<CAPTION>

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                                                                            ----

<S>                                                                         <C>

ARTICLE I DEFINITIONS....................................................     2

   SECTION 1.01   Terms Defined Above....................................     2

   SECTION 1.02   Definitions............................................     2

   SECTION 1.03   Terminology............................................     6

   SECTION 1.04   Other Defined Terms....................................     6



ARTICLE II GRANT OF LIEN AND SECURITY INTEREST...........................     6

   SECTION 2.01   Grant of Lien..........................................     6

   SECTION 2.02   Grant of Security Interest.............................     6

   SECTION 2.03   No Obligation of Beneficiary...........................     7

   SECTION 2.04   Fixture Filing.........................................     7

   SECTION 2.05   Future Advances........................................     7

   SECTION 2.06   Intentionally Omitted..................................     7



ARTICLE III ASSIGNMENT OF LEASES AND RENTS...............................     7

   SECTION 3.01   Assignment.............................................     8

   SECTION 3.02   Revocable License......................................     8

   SECTION 3.03   Enforcement of Leases..................................     8

   SECTION 3.04   Direction to Tenants...................................     9

   SECTION 3.05   Appointment of Attorney-in-Fact........................     9

   SECTION 3.06   No Liability of Beneficiary............................    10

   SECTION 3.07   Trustor's Indemnities..................................    10

   SECTION 3.08   No Modification of Trustor's Obligations...............    11

   SECTION 3.09   Rights in Bankruptcy...................................    11

   SECTION 3.10   Right to Enforce Under California

                     Civil Code Section 2938.............................    11



ARTICLE IV REPRESENTATIONS AND WARRANTIES................................    13

   SECTION 4.01   Title to Trust Property and Lien of this

                     Deed of Trust.......................................    14

   SECTION 4.02   Taxes and Other Payments...............................    14

   SECTION 4.03   Power to Create Lien and Security......................    14

   SECTION 4.04   Loan and Financing Agreements..........................    14

   SECTION 4.05   Compliance with Laws...................................    14

   SECTION 4.06   No Condemnation........................................    15

   SECTION 4.07   Flood Zone.............................................    15

   SECTION 4.08   Additional Environmental Representation................    15



ARTICLE V AFFIRMATIVE COVENANTS..........................................    15

   SECTION 5.01   Lien Status............................................    15

   SECTION 5.02   Payment of Impositions.................................    16

   SECTION 5.03   Repair.................................................    16

   SECTION 5.04   Insurance and Application of Insurance Proceeds........    16

   SECTION 5.05   Condemnation and Application of Condemnation Proceeds..    19

</TABLE>





                                       i



<PAGE>



<TABLE>

<S>                                                                         <C>

   SECTION 5.06   Maintenance of Rights of Way, Easements, Licenses and

                     Other Rights........................................    19

   SECTION 5.07   Payment and Performance of Obligations.................    20

   SECTION 5.08   Compliance with Permitted Liens and Other Obligations..    20

   SECTION 5.09   Additional Affirmative Covenants.......................    20

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