PERFORMANCE AND COMPLETION GUARANTY

Exhibit 10.17



                       PERFORMANCE AND COMPLETION GUARANTY
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                            PROJECT COMMONLY KNOWN AS
                            "TIERRA DEL SOL PHASE I"


     THIS  PERFORMANCE  AND COMPLETION GUARANTY ("Guaranty") made as of December
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 29,  2005, by MALCOLM J. AMERICAN LEISURE HOLDINGS, INC., a Nevada corporation,

and  TDS  DEVELOPMENT,  LLC,  a Florida limited liability company (collectively,
"Guarantor"), to and for the benefit of KEYBANK NATIONAL ASSOCIATION, a national
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banking association, its successors and assigns ("Lender").
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                                 R E C I T A L S
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     A.  On  or  about the date hereof, TIERRA DEL SOL RESORT (PHASE 1), LTD., a
Florida  limited  partnership,  TDS TOWN HOMES (PHASE 1), LLC, a Florida limited
liability  company, COSTA BLANCA I REAL ESTATE, LLC, a Florida limited liability
company,  TDS  AMENITIES,  INC.,  a  Florida  corporation (jointly and severally
"Borrower"),  and  Lender  entered  into  that  certain  Loan  Agreement  ("Loan
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Agreement")  whereby Lender agreed to make a secured revolving loan (the "Loan")
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available  to  Borrower  in  the  maximum  principal amount of FORTY MILLION AND
NO/100  DOLLARS ($40,000,000.00), to finance the development and construction of
a  luxury  townhome/condominium  project  to  be  known as "Tierra del Sol" (the
"Project").  Capitalized  terms used and not otherwise defined herein shall have
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the meanings given to them in the Loan Agreement.

     B.  In  connection  with  the Loan, Borrower has executed and delivered the
Note in favor of Lender of even date herewith in the maximum principal amount of
the  Loan,  payment  of  which  is secured by (i) a Mortgage made by Borrower in
favor of Lender on the Project, and (ii) the other Loan Documents.

     C. Guarantor will derive material financial benefit from the Loan evidenced
and secured by the Note, the Mortgage and the other Loan Documents.

     D.  Lender  has relied on the statements and agreements contained herein in
agreeing  to  make  the  Loan.  The  execution  and delivery of this Guaranty by
Guarantor is a condition precedent to the making of the Loan by Lender.

                                   AGREEMENTS
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     NOW,  THEREFORE, intending to be legally bound, Guarantor, in consideration
of  the  matters  described  in  the  foregoing  Recitals,  which  Recitals  are
incorporated  herein  and  made  a  part hereof, and for other good and valuable
consideration  the  receipt  and  sufficiency  of which are acknowledged, hereby
covenant  and  agree  for  the  benefit of Lender and its successors, endorsees,
transferees, participants and assigns as follows:

     1. Guarantor, absolutely, unconditionally, and irrevocably guarantees:

          (a)  the  full,  complete  and  punctual  observance,  performance and
     satisfaction of all of the obligations, duties, covenants and agreements of
     Borrower under the Loan Agreement and the other Loan Documents with respect
     to  the  Construction  and  completion of the Project free of any claim for
     mechanics',  materialmen's  or  any other liens, and in accordance with (1)
     all  Laws,  (2)  the  Plans and Specifications and (3) the time periods and
     other  requirements  set  forth  in  the Loan Documents, including, without
     limitation, the following:

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               (i)  To  perform, complete and pay for (or cause to be performed,
          completed  and paid for) the Construction and to pay all costs of said
          Construction (including any and all cost overruns) and all other costs
          associated  with the Project (including, without limitation, the costs
          of  any  architects'  and  engineers' fees), if Borrower shall fail to
          perform, complete or pay for such work, including any sums expended in
          excess  of  the  amount of indebtedness incurred by Borrower under the
          Loan  Agreement  or  with  respect  to  the  Loan,  whether or not the
          Construction is actually completed;

               (ii)  If  Lender exercises its right under Section 20.1(a) of the
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          Loan  Agreement  to  take  possession  of the Project and complete the
          Construction,  to reimburse Lender for all costs and expenses incurred
          by  Lender  in excess of the applicable Budget Line Items therefor (if
          any)  in  so  taking  possession  of  the  Project  and completing the
          Construction pursuant to the Plans and Specifications;

               (iii)  If  any mechanics' or materialmen's liens should be filed,
          or  should  attach,  with  respect  to  the  Project  by reason of the
          Construction,  to  immediately,  or within the time period required by
          the  Loan Documents (if any), cause the removal of such liens, or post
          security  against  the  consequences of their possible foreclosure and
          procure  an endorsement(s) to the title policy insuring Lender against
          the consequences of the foreclosure or enforcement of such lien(s);

               (iv)  If any chattel mortgages, conditional vendor's liens or any
          liens,  encumbrances or security interests whatsoever should be filed,
          or  should  attach,  with  respect to the personal property, fixtures,
          attachments  and  equipment  delivered  upon  the Project and owned by
          Borrower,  attached  to  the  Project  or  used in connection with the
          construction  of the Improvements, to immediately cause the removal of
          such  lien(s)  ,  or  within  the  time  period  required  by the Loan
          Documents  (if any), cause the removal of such liens, or post security
          against  the consequences of their possible foreclosure and procure an
          endorsement(s)  to  the  title  policy  insuring  Lender  against  the
          consequences of the foreclosure or enforcement of such lien(s); and

               (v) To pay the premiums for all policies of insurance required to
          be  furnished  by  Borrower  pursuant to the Loan Agreement during the
          Construction if such premiums are not paid by Borrower;

          (b)  Borrower's  obligation  to  keep  the  Loan  In  Balance (as more
     particularly defined and described in Article 11 of the Loan Agreement) and
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     the full and prompt payment of all Deficiency Deposits;

          (c)  the  full  and  prompt  payment  of  any  Enforcement  Costs  (as
     hereinafter defined in Section 7 hereof).
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     All  obligations described in subsections (a) and (b) of this Section 1 are
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referred to herein as the "Obligations."
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     2.  In  the  event  of  any  default  by  Borrower  in  performance  of the
Obligations and the expiration of any applicable cure or grace period, Guarantor
agrees,  on demand by Lender or any holder of the Note (which demand may be made
concurrently  with  notice  to  Borrower  that  Borrower  is  in  default of its

<PAGE>

obligations),  to  perform  all  the Obligations. After and Event of Default and
expiration  of  applicable  cure  period,  Lender  shall  have the right, at its
option,  either  before,  during  or  after  commencing  foreclosure  or  sale
proceedings,  as the case may be, and before, during or after pursuing any other
right  or  remedy  against  Borrower or Guarantor, to perform any and all of the
Obligations  by  or  through  any  agent,  contractor  or  subcontractor  of its
selection,  all  as  Lender  in  its sole discretion deems proper, and Guarantor
shall  indemnify  and hold Lender free and harmless from and against any and all
loss,  damage, cost, expense, injury, or liability Lender may suffer or incur in
connection  with  the  exercise  of  its  rights  under  this  Guaranty  or  the
performance  of  the  Obligations.  Furthermore,  Lender  shall  not  have  any
obligation  to  protect  or insure any collateral for the Loan, nor shall Lender
have  any  obligation to perfect its security interest in any collateral for the
Loan.

     During  the  course  of  any construction undertaken by Lender or any other
party  on  behalf  of  Lender  in  accordance  with  the terms of this Guaranty,
Guarantor  shall  pay  on demand any amounts due to contractors, Subcontractors,
and  material  suppliers  and for permits and licenses necessary or desirable in
connection therewith. Guarantor's obligations in connection with such work shall
not be affected by any errors or omissions of the General Contractor, Architect,
Lender's  Consultant  or  any  Subcontractor  or agent or employee of any of the
foregoing  in  the  design,  supervision,  and performance of the work; it being
understood that such risk is assumed by Guarantor. Neither the completion of the
Construction  nor  failure  of  said  party  to  complete the Construction shall
relieve  Guarantor of any liabilities hereunder; rather, such liability shall be
continuing  and may be enforced by Lender to the end that the Construction shall
be timely completed, lien-free, without loss, cost, expense, injury or liability
of any kind to Lender.

     All of the remedies set forth herein and/or provided for in any of the Loan
Documents  or  at  law or equity shall be available to Lender, and the choice by
Lender  of one such alternative over another shall not be subject to question or
challenge  by  Guarantor  or  any  other  person,  nor  shall any such choice be
asserted  as  a  defense,  setoff, or failure to mitigate damages in any action,
proceeding,  or  counteraction  by Lender to recover or seeking any other remedy
under  this  Guaranty,  nor  shall such choice preclude Lender from subsequently
electing  to  exercise  a  different  remedy.  The  parties  have  agreed to the
alternative  remedies  hereinabove specified in part because they recognize that
the  choice  of remedies in the event of a failure hereunder will necessarily be
and  should  properly  be  a  matter  of good faith business judgment, which the
passage  of time and events may or may not prove to have been the best choice to
maximize  recovery by Lender at the lowest cost to Borrower and/or Guarantor. It
is  the  intention of the parties that such good faith choice by Lender be given
conclusive effect regardless of such subsequent developments.

     3. Guarantor does hereby (a) waive notice of acceptance of this Guaranty by
Lender  and  any and all notices and demands of every kind which may be required
to be given by Lender pursuant to any statute, rule or law, (b) agree to refrain
from asserting, until after repayment in full of the Loan, any defense, right of
set-off  or other claim which Guarantor may have against Borrower, (c) waive any
defense,  right  of  set-off or other claim which Guarantor or Borrower may have
against  Lender,  the holder of the Note, (d) waive any and all rights Guarantor
may  have  under  any  anti-deficiency statute or other similar protections, (e)
waive  presentment  for  payment,  demand  for  payment, notice of nonpayment or
dishonor, protest and notice of protest, diligence in collection and any and all
formalities  which  otherwise might be legally required to charge Guarantor with
liability,  and (f) waive any failure by Lender to inform Guarantor of any facts
Lender  may  now or hereafter know about Borrower, the