ADMINISTRATIVE SERVICES AGREEMENT



      This ADMINISTRATIVE SERVICES AGREEMENT ("Agreement") is made and entered

into as of June 30, 2003 by and between CAVCO INDUSTRIES, INC., an Arizona

corporation ("Cavco"), and CENTEX SERVICE COMPANY, a Nevada corporation

("Service Company").



                                 R E C I T A L S



      Cavco desires to engage Service Company to perform certain services for

Cavco as hereinafter set forth, and Service Company desires to accept such

engagement, upon the terms and subject to the conditions set forth in this

Agreement.



                                A G R E E M E N T



      NOW, THEREFORE, in consideration of the premises and the mutual covenants

set forth herein and other good and valuable consideration, the receipt and

sufficiency of which are hereby acknowledged, Cavco and Service Company do

hereby agree as follows.



      1.    Term of Agreement. The initial term of this Agreement shall extend

from the date hereof to the close of business on the third anniversary of the

date hereof; provided that this Agreement may be sooner terminated in accordance

with the provisions of Section 8 hereof.



      2.    Services. Service Company shall provide to Cavco such services as

are described in Exhibit A hereto. Following the conclusion of the first year of

the three year term of this Agreement, the parties will implement a mutual plan

to discontinue the Services provided hereunder by Service Company to Cavco

incrementally over the remaining term of this Agreement so that by the end of

the three-year term all of such services will be provided internally by Cavco,

or to Cavco by third parties not affiliated with Service Company.



      3.    Insurance Coverage. At the commencement of this Agreement, Service

Company will manage and monitor all of Cavco's insurance and bonding programs,

and shall maintain joint insurance coverage, including general liability,

primary and excess umbrella, automobile, liability, and workers' compensation,

as well as joint bonding programs, for the benefit of Cavco. The amount, term

and conditions of coverage to be maintained will be determined by Service

Company in its sole and absolute discretion. The allocation of cost between

Cavco and Service Company will be determined by Service Company and will be

based on, among other things, revenues, number of employees, types of business

and nature of risks. The parties intend that Cavco shall



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develop its own broker relationships and transition to stand alone programs when

such a transition is feasible at reasonable cost.



      Cavco will pay its allocated cost to Service Company within ten days

following receipt of an invoice therefor. If payment is not made within said

ten-day period, then the amount so owing by Cavco to Service Company shall bear

interest from and after the date of such invoice until such amount has been paid

in full, at a rate (the "Interest Rate") equal to the lesser of the prime rate

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