Document:

Exhibit
10.48

 

QUORUM
FEDERAL CREDIT UNION

2500
Westchester Avenue

Suite
411

Purchase,
NY 10577

 

As
of June 30, 2016

 

Allan
J. Herz

President
and Assistant Treasurer

BRFC-Q
2010 LLC

4950
Communication Avenue, Suite 900

Boca
Raton, Florida 33431

 

		Re:	Commitment
                                         Purchase Period Terms Letter; Terms Governing Sale of Timeshare Loans by BRFC-Q 2010
                                         LLC (the “Seller”)
                                         to Quorum Federal Credit Union (the “Buyer”)
                                         dated July 1, 2015 (“Terms Letter”)

 

Dear
Mr. Herz:

 

This
confirms and memorializes our discussions with respect to the following matters relating to the Terms Letter:

 

1.          The
Buyer and the Seller have discussed the minimum volume of Timeshare Loans to be sold
by the Seller to the Buyer and the Program Fee Rate applicable on and after July 1, 2016, as required by the Terms Letter, and
have agreed to defer establishing these business terms until such time as the Seller and the Buyer wish to sell and buy additional
Timeshare Loans.

 

[Signatures
on Next Page]

 

     

     

    

 

Please
indicate your confirmation of the foregoing by signing below and returning a fully executed original copy.

 

	 	Very
    truly yours,
	 	 
	 	QUORUM
    FEDERAL CREDIT UNION, as Buyer

 

	 	By:	/s/
    Bruno Sementilli
	 	 	Name:
    Bruno Sementilli
	 	 	Title:
    President & CEO

 

	 	Address:	2500
    Westchester Avenue
	 	 	Suite
    411
	 	 	Purchase,
    NY 10577
	 	Attention:	President/CEO
	 	Telephone:	914-641-3739
	 	Facsimile:	914-641-3777

 

ACKNOWLEDGED
AND CONFIRMED BY:

  

BRFC-Q
2010 LLC, as Seller

 

	By:	/s/ Allan J. Herz	 
	 	Name:
    Allan J. Herz	 
	 	Title:
    President and Assistant Treasurer	 

 

	Address:	4950
    Communication Avenue
	 	Suite
    900
	 	Boca
    Raton, Florida 33431
	Attention:	Allan
    J. Herz
	Telephone:	561-912-8210
	Facsimile:	561-443-8743

 

    	 	2Exhibit 10.52

 

OMNIBUS AMENDMENT

 

THIS OMNIBUS AMENDMENT
(this “Amendment”), dated as of May 3, 2011, is entered into by and among the Transaction Parties (defined
below) and relates to the following transaction documents (the “Transaction Documents”): (1) the Purchase and
Contribution Agreement, dated as of December 22, 2010, by and between Bluegreen/Big Cedar Vacations, LLC (“BBCV”)
and BBCV Receivables-Q 2010 LLC (the “Seller”), (2) the Loan Sale and Servicing Agreement, dated as of December
22, 2010, by and among the Seller, Quorum Federal Credit Union (the “Buyer”), Bluegreen Corporation, as servicer
(“Servicer”), Vacation Trust, Inc. (“Club Trustee”), Concord Servicing Corporation, as backup
servicer (the “Backup Servicer”) and U.S. Bank National Association, as custodian and paying Agent (“Custodian,”
and together with BBCV, the Seller, the Buyer, the Servicer, the Club Trustee and the Backup Servicer, the “Transaction
Parties”), (3) the Custodial Agreement, dated as of December 22, 2010, by and among the Buyer, the Seller, the Custodian,
the Backup Servicer and the Servicer, as amended by that certain First Amendment to Custodial Agreement, dated as of the date hereof,
by and among the parties named therein, and (4) the Backup Servicing Agreement, dated as of December 22, 2010, by and among the
Backup Servicer, the Servicer, the Buyer and the Custodian.

 

RECITALS

 

WHEREAS, the
Transaction Parties desire to amend the Standard Definitions attached or incorporated into each of the Transaction Documents in
the manner set forth herein.

 

NOW, THEREFORE,
in consideration of the mutual covenants and agreements contained herein and other good and valuable consideration, the receipt
and adequacy of which are hereby acknowledged, the Transaction Parties, intending to be legally bound hereby, agree as follows:

 

1.       Amendment
of Standard Definitions. The following definition shall replace the corresponding definition in the Standard Definitions:

 

““Timeshare
Loan Files” shall mean, with respect to a Timeshare Loan, all documents related to such Timeshare Loan, including:

 

		1.	with respect to a Club Loan (other than an Aruba Club Loan), (i) the original Mortgage Note executed
by the Obligor, endorsed as “Pay to the order of _______________, without recourse, representation or warranty” (either
directly on the Mortgage Note or on an allonge placed with such Mortgage Note), by an Authorized Officer of the related Seller
(such Authorized Officer’s signature may be computer generated), together with a complete chain of endorsements from the
original payee to the related Seller, if applicable or (ii) a Lost Note Affidavit;

 

		2.	with respect to a Club Loan (other than an Aruba Club Loan), (i) an original Mortgage with evidence
that such Mortgage has been recorded in the appropriate recording office or (ii) if such Mortgage has not yet been returned to
the related Seller by such recording office, a photocopy of the unrecorded Mortgage that has been delivered to such recording office
(with evidence that such Mortgage has been delivered to the appropriate recording office for recording);

 

    	 	1	 

     

    

 

		3.	with respect to a Club Loan (other than an Aruba Club Loan), (i) original recorded Assignment(s)
of Mortgage (which may be a part of a blanket assignment of more than one Club Loan in which case, a copy thereof, with the original
blanket Assignments of Mortgage held by the Custodian in the related master pool header file), showing the assignment of such Club
Loan from the record mortgagee to the Buyer, or (ii) if such Assignments of Mortgage have not yet been returned by the related
recording office, a photocopy of the unrecorded Assignments of Mortgage that have been delivered to such recording office (which
may be a part of a blanket assignment of more than one Club Loan), showing the assignment of such Club Loan from the record mortgagee
to the Buyer (with evidence (a copy of (A) the Federal Express (or similar service) receipt and (B) the check made payable to the
applicable recording office, being sufficient evidence) that such Assignments of Mortgage have been delivered to the appropriate
recording office for recording), or (iii) if the related Mortgage has not yet been returned such that the related Assignment(s)
of Mortgage cannot yet be filed, (A) evidence that that such Mortgage has been delivered to the appropriate recording office for
recordation (the evidence in paragraph 2 above being sufficient) and (B) Assignments of Mortgage in recordable form (other than
the Mortgage recording information) duly executed by the last record holder of the Mortgage showing the assignment of such Club
Loan from the record mortgagee to the Buyer; provided, however, that with respect to clauses (ii) and (iii) of this paragraph 3,
photocopies held by the Custodian in the related investor file shall be sufficient.

 

		4.	with respect to a Club Loan (other than an Aruba Club Loan), the UCC financing statement, if any,
evidencing that the security interest granted under such Timeshare Loan, if any, has been perfected under applicable state law;

 

		5.	with respect to a Club Loan (other than an Aruba Club Loan), (i) a copy of any recorded warranty
deed transferring legal title to the related Timeshare Property to the Club Trustee, or (ii) if such recorded warranty deed has
not yet been returned to the related Seller, a copy of a warranty deed sent for recording;

 

		6.	with respect to a Club Loan (other than an Aruba Club Loan), either (i) a final original lender’s
title insurance policy (which may consist of one master policy referencing one or more Mortgages) showing no exceptions to coverage
(other than Permitted Liens) or (ii) a binding unconditional commitment to issue a title insurance policy showing no exceptions
to coverage (other than Permitted Liens) (which may be a master commitment referencing one or more Mortgages, the original master
commitment to be held by the Custodian in the related master pool header file), in all cases referencing such Timeshare Loan and
insuring the applicable Originator and its successors and/or assigns;

 

		7.	the original of any related assignment or guarantee or, if such original is unavailable, a copy
thereof certified by an Authorized Officer of the related Seller to be a true and correct copy, current and historical computerized
data files;

 

		8.	the original of any assumption agreement or any refinancing agreement;

 

    	 	2	 

     

    

 

		9.	all related Owner Beneficiary Agreements, finance applications, sale and escrow documents executed
and delivered by the related Obligor with respect to the purchase of a Timeshare Property;

 

		10.	all other papers and records of whatever kind or description, whether developed or originated by
an Originator or another Person, required to document, service or enforce a Timeshare Loan;

 

		11.	the original truth-in-lending disclosure statement (or a copy) that relates to each Timeshare Loan;

 

		12.	the Obligor’s truncated credit report;

 

		13.	an executed original Quorum Membership Application;

 

		14.	a copy of government-issued identification;

 

		15.	any other documents designated by the Buyer and approved by the Seller and the Custodian (such
approval not to be unreasonably withheld) in a notice to the Seller and the Custodian;

 

		16.	any additional amendments, supplements, extensions, modifications or waiver agreements required
to be added to the Timeshare Loan Files pursuant to the Agreement, the Credit Policy, the Collection Policy or the other Transaction
Documents, if any; and

 

		17.	a file folder complete with all documents, with a label affixed identifying the Obligor and the
Timeshare Loan number.

 

2.       Choice
of Law and Venue. This Amendment shall be construed in accordance with the internal laws of the State of New York.

 

3.       Binding
Effect. This Amendment shall inure to the benefit of and be binding upon the parties to this Amendment and their successors
and assigns.

 

4.       Counterpart
Execution. This Amendment may be executed in counterpart, and any number of copies of this Amendment which in the aggregate
have been executed by all parties to this Amendment shall constitute one original.

 

5.       Time
is of the Essence. Time is of the essence in the performance of the obligations in this Amendment.

 

6.       No
Third Party Beneficiary. No third party shall be a beneficiary hereof.

 

    	 	3	 

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed this Amendment as of the date set forth above.

 

	BBCV:	BLUEGREEN/BIG CEDAR VACATIONS, LLC
	 	 
	 	By:	/s/ Anthony M. Puleo
	 	 	Anthony M. Puleo,
	 	 	Vice President and Treasurer
	 	 	 
	THE BUYER:	QUORUM FEDERAL CREDIT UNION
	 	 	 
	 	By: 	/s/ Bruno Sementilli
	 	 	Bruno Sementilli,
	 	 	President and CEO
	 	 	 
	THE SELLER:	BBCV RECEIVABLES-Q 2010 LLC
	 	 	 
	 	By: 	/s/ Allan J. Herz
	 	 	
        Allan J. Herz 

	 	 	President and Assistant Treasurer
	 	 	 
	THE SERVICER:	BLUEGREEN CORPORATION
	 	 	 
	 	By: 	/s/ Anthony M. Puleo
	 	 	Anthony M. Puleo
	 	 	Senior Vice President, CFO & Treasurer
	 	 	 
	THE BACKUP SERVICER:	CONCORD SERVICING CORPORATION
	 	 	 
	 	By: 	/s/ Mary-Jeanne Fincher
	 	 	Mary-Jeanne Fincher
	 	 	Vice President and General Counsel
	 	 	 
	THE CUSTODIAN:	U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Custodian and Paying Agent hereunder

	 	 	 
	 	By:	/s/
	 	Printed Name:
	 	Title:
		 	 
	THE CLUB TRUSTEE:	VACATION TRUST, INC.,
	 	as Club Trustee
	 	 	 
	 	By: 	/s/ Tonya Wardak
	 	 	Tonya Wardak
	 	 	
        Vice President, Treasurer and Secretary 

 

[Signature Page to Omnibus Amendment]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00275-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00275-of-00352.parquet"}]]