EXHIBIT 10.20



             STANDARD INDUSTRIAL/COMMERCIAL SINGLE-TENANT LEASE-NET

                (Do not use this form for Multi-tenant Property)



1.   BASIC PROVISIONS ("BASIC PROVISIONS")



     1.1 PARTIES: THIS LEASE ("LEASE"), DATED FOR REFERENCE PURPOSES ONLY.

February 1, 2000 is made by and between WHL 1976 T, LLC by: William Harwell Lyon

1976 Trust (its managing member ("Lessor") and William Lyon Homes, Inc a

California corporation ("Lessee"), (collectively the "Parties", or individually

a "Party").



     1.2 PREMISES: That certain real property, including all improvements

therein or to be provided by Lessor under terms of this Lease, and commonly

known by the street address of 4490 Von Karman Avenue, Newport Beach located in

the County of Orange, State of California and generally described as (described

briefly the nature of the property) two story building ("Premises"). (See

Paragraph 2 for further provisions.)



     1.3 TERM: 3 years and 0 months ("Original Term") commencing February 1,

2000 ("Commencement Date") and ending January 31, 2003 ("Expiration Date"). (See

Paragraph 3 for further provisions.)



     1.4 EARLY POSSESSION: not applicable ("Early Possession Date"). (See

Paragraphs 3.2 and 3.3 for further provisions.)



     1.5 BASE RENT: $ 60,780.00 per month ("Base Rent"), payable on the 1st day

of each month commencing February 1, 2000 (See Paragraph 4 for further

provisions.) If this box is checked, there are provisions in this Lease for the

Base Rent to be adjusted.



     1.6 BASE RENT PAID UPON EXECUTION: $ 60,780.00 as Base Rent for the period

February 1, 2000 to January 31, 2003.



     1.7 SECURITY DEPOSIT: $ none ("Security Deposit"). (See Paragraph 5 for

further provisions.)



     1.8 PERMITTED USE: General office (See Paragraph 6 for further provisions.)



     1.9 INSURING PARTY: Lessor is the "Insuring Party" unless otherwise stated

herein. (See Paragraph 8 for further provisions.)



     1.10 ADDENDA: Attached hereto is an Addendum or Addenda consisting of

Paragraphs 49 through 53 all of which constitute a part of this Lease.



2.   PREMISES.



     2.1 LETTING. Lessor hereby leases to Lessee, and Lessee hereby leases from

Lessor, the Premises, for the term, at the rental, and upon all of the terms,

covenants and conditions set forth in this Lease. Unless otherwise provided

herein, any statement of square footage set forth in this Lease, or that may

have been used in calculating rental, is an approximation which Lessor and

Lessee agree is reasonable and the rental based thereon is not subject to

revision whether or not the actual square footage is more or less.



     2.2 CONDITION. Lessor shall deliver the Premises to Lessee clean and free

of debris on the Commencement Date and warrants to Lessee that the existing

plumbing, fire sprinkler system, lighting, air conditioning, heating, and

loading doors, if any, in the Premises, other than those constructed by Lessee,

shall be in good operating condition on the Commencement Date. If a

non-compliance with said warranty exists as of the Commencement Date, Lessor

shall, except as otherwise provided in this Lease, promptly after receipt of

written notice from Lessee setting forth with specificity the nature and extent

of such non-compliance, rectify same at Lessor's expense. If Lessee does not

give Lessor written notice of a non-compliance with this warranty within (30)

days after the Commencement Date, correction of that non-compliance shall be the

obligation of Lessee at Lessee's sole cost and expense.



     2.3 COMPLIANCE WITH COVENANTS, RESTRICTIONS AND BUILDING CODE. Lessor

warrants to Lessee that the improvements on the Premises comply with all

applicable covenants or restrictions of record and applicable building codes,

regulations and ordinances in effect on the Commencement Date. Said warranty

does not apply to the use to which Lessee will put the Premises or to any

Alterations or Utility Installations (as defined in Paragraph 7.3(a)) made or to

be made by Lessee. If the Premises do not comply with said warranty, Lessor

shall, except as otherwise provided in this Lease, promptly after receipt of

written notice from Lessee setting forth with specificity the nature and extent

of such non-compliance, rectify the same at Lessor's expense. If Lessee does not

give Lessor written notice of a non-compliance with this warranty within (6)

months following the Commencement Date, correction of that non-compliance shall

be the obligation of Lessee at Lessee's sole cost and expense.



     2.4 ACCEPTANCE OF PREMISES. Lessee hereby acknowledges: (a) that it has

been advised by Lessor to satisfy itself with respect to the condition of the

Premises (including but not limited to the electrical and fire sprinkler

systems, security, environmental aspects, compliance with Applicable Law. as

defined in Paragraph 6.3) and the present and future suitability of the Premises

for Lessee's intended use. (b) that Lessee has made such investigation as it

deems necessary with reference to such matters and assumes all responsibility

therefore as the same relate to Lessee's occupancy of the Premises and/or the

term of this Lease, and (C) that neither Lessor, nor any of Lessor's agents, has

made any oral or written representations or warranties with respect to the said

matters other than as set forth in this Lease.



     2.5 LESSEE PRIOR OWNER/OCCUPANT. The warranties made by Lessor in this

Paragraph 2 shall be of no force or effect if immediately prior to the date set

forth in Paragraph 1.1 Lessee was the owner or occupant of the Premises. In such

event, Lessee shall, at Lessee's sole cost and expense, correct any

non-compliance of the Premises with said warranties.



3.   TERM.



     3.1 TERM. The Commencement Date, Expiration Date and Original Term of this

Lease are as specified in Paragraph 1.3.



     3.2 EARLY POSSESSION. If Lessee totally or partially occupies the Premises

prior to the Commencement Date, the obligation to pay Base Rent shall be abated

for the period of such early possession. All other terms of this Lease, however,

(including but not limited to the obligations to pay Real Property Taxes and

insurance premiums and to maintain the Premises) shall be in effect during such

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