EXHIBIT 10.9

                                  AMENDMENT TO
                   HOMEPLEX MORTGAGE INVESTMENTS CORPORATION
                               STOCK OPTION PLAN

         This Amendment (this "Amendment") to the Homeplex Mortgage  Investments
Corporation  (the "Company") Stock Option Plan dated July 27, 1988 (the "Plan"),
is made as of December 31, 1996.

         WHEREAS,  the Board of  Directors  of the  Company  believes  that this
Amendment is in the best  interest of the Company and the Board of Directors and
shareholders  of the Company have  authorized and duly adopted this Amendment in
accordance with the Plan.

         NOW, THEREFORE, the Plan is hereby amended as follows:

         1.       Termination of Option.

                  Section  6(a) of the  Plan is  hereby  amended  to read in its
         entirety as follows:

                  "Section 6.  Termination  of   Employment   or   Directorship;
                  Assignability; Death

                           (a) Termination of Employment or Directorship. If any
                  optionholder  ceases  to be an  employee  or  director  of the
                  Company for a reason other than death,  the  optionholder  (or
                  the   optionholder's   successors   in   the   case   of   the
                  optionholder's    death   after   the   termination   of   the
                  optionholder's  employment or  directorship)  may,  within two
                  years after the termination of the later of the optionholder's
                  (i) employment or (ii) directorship, but in no event after the
                  option's stated  expiration date,  purchase some or all of the
                  shares with respect to which the  optionholder was entitled to
                  exercise the option (and exercise the rights granted under the
                  Plan  with   respect   to  that   option)   on  the  date  the
                  optionholder's employment or directorship terminated; provided
                  that (1) if the  optionholder's  employment or directorship is
                  terminated  for  dishonesty or other acts  detrimental  to the
                  Company's  interests or for the  optionholder's  breach of any
                  employment  contract  with the  Company,  or (2) if after  the
                  optionholder's  employment or directorship is terminated,  the
                  optionholder   commits  acts   detrimental  to  the  Company's
                  interests,  then the option (and the rights  granted under the
                  Plan with respect to that option) shall thereafter be void for
                  all purposes."

         IN  WITNESS  WHEREOF,  the  undersigned,  duly  authorized  officer  of
Homeplex  Mortgage  Investments  Corporation,  has executed this Amendment to be
effective as of the date first set forth above.

                                        HOMEPLEX MORTGAGE INVESTMENTS
                                        CORPORATION


                                        By: /s/ Jay R. Hoffman
                                           -------------------------
                                           Jay R. Hoffman, President