SILVERLEAF RESORTS INC
3, 1998-05-15
HOTELS & MOTELS
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<S>                                        <C>                           <C>                            <C>                 
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                                                                                                                OMB APPROVAL       
                                                                                                        ---------------------------
- --------                                                                                                OMB NUMBER:       3235-0104
 FORM 3                                                                                                 EXPIRES: SEPTEMBER 30, 1998
- --------                                                                                                ESTIMATED AVERAGE BURDEN   
                                                                                                        HOURS PER RESPONSE .... 0.5
                                                                                                        ---------------------------

                                                 U. S. SECURITIES AND EXCHANGE COMMISSION
                                                      WASHINGTON, D.C. 20549

                                     INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

           Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility
                        Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940

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 1. Name And Address of Reporting Person   2. Date of Event Requiring    4. Issuer Name and Ticker or Trading Symbol               
                                              Statement                                                                           
   Richie      Doug                           (Month/Day/Year)           Silverleaf Resorts, Inc.  SVR                            
- ----------------------------------------                                 ----------------------------------------------------------
     (Last)     (First)     (Middle)               4-23-98               5. Relationship of Reporting        6. If Amendment, Date
                                           ----------------------------     Person to Issuer                    of Original
   Rt. 209,   Rd. #6    P.O. Box 6187      3. I.R.S. or Social Sec-          (Check all applicable)              (Month/Day/Year)
- ----------------------------------------      urity Number of                                               
             (Street)                         Reporting Person                 Director       10% Owner                            
                                              (Voluntary)                -----           -----                                     
  Stroudsburg,      PA       18360                                         X   Officer        Other (specify                       
- --------------------------------------     ----------------------------  -----           -----      below)                         
      (City)      (State)      (Zip)                                     (give title below)                                        
                                                                         Vice President-Sales-Northeast                            
                                                                                              Division       
                                                                         ------------------------------                             
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                                                            TABLE I -- NON-DERIVATIVE SECURITIES BENEFICIALLY OWNED      
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 1. Title of Security                         2. Amount of Securities         3. Ownership Form:         4. Nature of Indirect     
    (Instr. 4)                                   Beneficially Owned              Direct (D) or              Beneficial    
                                                 (Instr. 4)                      Indirect (I)               Ownership (Instr. 5)
                                                                                 (Instr. 5)                 
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    None
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Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FORM 3 (CONTINUED)                    TABLE II -- DERIVATIVE SECURITIES BENEFICIALLY OWNED 
                                  (E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
 
<S>                              <C>                <C>                            <C>           <C>         <C>        
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1. Title of Derivative Security  2. Date            3. Title and Amount of         4. Conver-    5. Owner-   6. Nature of Indirect
   (Instr. 4)                       Exercisable and    Securities Underlying          sion or       ship        Beneficial Ownership
                                    Expiration Date    Derivative Security            Exercise      Form of     (Instr. 5)          
                                    (Month/Day/        (Instr. 4)                     Price of      Deriv-                         
                                    Year)                                             Deri-         ative                          
                                                                                      vative        Security:                      
                                                                                      Security      Direct                         
                                 -------------------------------------------------                  (D) or                         
                                 Date      Expira-                       Amount or                  Indirect (I)  
                                 Exercis-  tion             Title        Number                     (Instr. 5)             
                                 able      Date                          of Shares                                                 
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   Incentive Options               *      12-24-97     Common, $.01 par   15,000       $24.50           D
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Explanation of Responses:
                *from 12-24-98 to and including 12-23-99, 3,750 Shares
                 from 12-24-99 to and including 12-23-00, an additional 3,750 Shares
                 from 12-24-00 to and including 12-23-01, an additional 3,750 Shares
                 from 12-24-01, the remaining Shares

                                                                                     /s/ DOUG RICHIE                      5-15-98
**Intentional misstatements or omissions of facts constitute Federal Criminal        -------------------------------   -------------
  Violations.  See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).                             **Signature of Reporting Person        Date

Note: File three copies of this Form, one of which must be manually signed.
      If space is insufficient, See Instruction 6 for procedure.           

Potential persons who are to respond to the collection of information contained
in this form are not required to respond unless the form displays a currently
valid OMB Number.
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