EXHIBIT 10.29

                                      NOTE

$200,000.00                                      New York, New York
                                                 August 8, 2000


          FOR VALUE RECEIVED, DVL, INC, a Delaware corporation, with offices at
70 East 55th Street, New York, New York 10022 ("Maker") promises to pay RUMSON
MORTGAGE HOLDING LLC, a Delaware limited liability company, with offices at 70
East 55th Street, New York, New York 10022 ("Holder"), the principal sum of TWO
HUNDRED THOUSAND DOLLARS AND 00/100 ($200,000.00) and to pay interest thereon
from the date hereof on the unpaid principal amount of this Note the rate of
twelve percent (12%) per annum, compounded monthly, such principal and interest
to be paid from and including the date hereof through the date of repayment as
hereinafter provided.

          This Note shall be secured by the Maker's interest in any cash
proceeds from Rumson Mortgage Holdings, LLC and Osborne Capital LLC (the
"Funds") and any funds received by Maker during the term of this Note from
Maker's interest in the Funds shall be used to pay Holder any unpaid principal
and interest due under the provisions of this Note .


          All payments made hereof shall be applied first, to sums payable
hereunder other than principal or interest, secondly to the payment of accrued
interest on the unpaid principal balance and thirdly, in reduction of principal
balance.


          All unpaid principal and accrued and unpaid interest which remains
outstanding as of August 31,2001 (the "Maturity Date") shall be due in full as
of such date.

          Upon any default hereunder by Maker, the entire unpaid principal
balance and all accrued and unpaid interest evidenced by this Note shall become
immediately due and payable. This Note shall be fully recourse to Maker.

          Presentment for payment, notice of dishonor, protest and notice of
protest are hereby waived by Maker.

          The outstanding principal balance of this Note may be prepaid in full
or part at any time without prepayment penalty.

          This Note shall not be assigned by either party without the express
written consent of the other party.

          The interpretation of this Note and the rights and remedies of the
parties hereto shall be governed by the laws of the State of New York.




          IN WITNESS WHEREOF, the Maker, intending to be legally bound, has
caused this instrument to be executed as of the day and year first written
above.


                                    DVL, INC.


                                    By:
                                        ------------------------
                                        Gary Flicker
                                        Executive Vice President