Document:

Exhibit 10.137

                              EMPLOYMENT AGREEMENT

      This  Agreement  (the  "Agreement")  is  made  as of June  28,  2006  (the
"Effective  Date"),  by  and  between  Bluegreen  Corporation,  a  Massachusetts
corporation  with  its  headquarters   located  in  Boca  Raton,   Florida  (the
"Company"), and George F. Donovan (the "Executive").

                              W I T N E S S E T H :

      WHEREAS, the Company desires to employ Executive, and Executive desires to
accept such employment, upon the terms and conditions set forth herein;

      WHEREAS,  Executive has through his previous  employment with the Company,
and will continue to, develop and acquire  knowledge and information  pertaining
to the  Company's  business  and the business of its Related  Entities  (defined
below),  primarily  including,  but not  limited to, the  Company's  real estate
development,  finances,  management,  operations,  and sales and marketing,  and
Executive  acknowledges  that such  information  is valuable,  confidential  and
proprietary;

      NOW,  THEREFORE,  in  consideration  of the  premises  and other  good and
valuable consideration,  receipt of which is hereby acknowledged,  Executive and
the Company agree as follows:

1.    Employment of Executive.

      1.1.  Term.  Subject  to  the  terms  of  Section  3  below,   Executive's
            employment  under this  Agreement  will begin on the Effective  Date
            and, unless otherwise sooner terminated, will expire on December 31,
            2014 (the "Term").  The Term shall be divided into an "Initial Term"
            and a "Transition Term" (each as defined below).

      1.2.  Duties and Responsibilities. Executive's duties and responsibilities
            under this Employment Agreement shall be as follows:

            1.2.1. Initial  Term.  From  the  Effective  Date of this  Agreement
                   through  December 31, 2007 (the  "Initial  Term"),  Executive
                   shall be  employed  by the  Company  as the  Chief  Executive
                   Officer ("CEO") of the Company or such other senior executive
                   position as may be designated to Executive  from time to time
                   by the Board of Directors of the Company (the  "Board")  and,
                   subject to the  Articles of  Organization  and By-Laws of the
                   Company  and  his  re-election  from  time  to  time  by  the
                   Company's  stockholders,  Executive  shall  also  serve  as a
                   member of the Board.  In addition to  performing  the regular
                   and customary duties and  responsibilities  of a CEO, and the
                   specific duties and responsibilities assigned to Executive by
                   the Board or any Committee thereof,  Executive shall,  during
                   this Initial Term assist the Board in identifying, developing
                   and  mentoring  a  successor  to assume the  position  of CEO
                   following the Initial Term.

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            1.2.2. Transition  Term.  From January 1, 2008 through  December 31,
                   2014 (the "Transition  Term"),  Executive will be employed by
                   the  Company  as a  Strategic  Advisor  and,  subject  to the
                   Articles of  Organization  and By-Laws of the Company and his
                   re-election from time to time by the Company's  stockholders,
                   if  requested by the Board,  Executive  shall also serve as a
                   member of the Board.  During the Transition  Term,  Executive
                   will   cooperate   and  assist  in  the   transition  of  the
                   responsibilities  of the CEO to the new CEO  selected  by the
                   Board and shall mentor such new CEO and other  executives  of
                   the Company. During the Transition Term, Executive shall also
                   assist  the  Board  with   strategic   planning  and  product
                   planning, serve as a general advisor to senior management and
                   the Board, assist in opening new markets,  lead acquisitions,
                   and engage in such  other  activities  commensurate  with his
                   position  as may be  requested  by  the  Company's  executive
                   officers  or the Board.  It is  understood  that  Executive's
                   services  during the Transition  Term are expected to require
                   Executive's  entire business time unless  otherwise agreed to
                   by the Board. As the Company's  Strategic Advisor,  Executive
                   will no  longer  serve  in the  capacity  of  CEO;  provided,
                   however,  that if at any time during the Transition  Term the
                   Company  shall not have a CEO,  the Company may request  that
                   Executive  resume  the  position  of  CEO.   Executive  shall
                   determine  in his  sole  discretion  whether  to  resume  his
                   position  as CEO,  provided  that his  refusal to resume such
                   position  will not  affect  his right to  continued  payments
                   under this  Agreement nor will it constitute a breach of this
                   Agreement.

      1.3.  Best  Efforts.  During  the Term,  Executive  shall  devote his best
            efforts  and  all of his  business  time to the  performance  of his
            duties  under this  Agreement  and shall  perform  them  faithfully,
            diligently,  and  competently  and in a manner  consistent  with the
            policies of the Company and the  directions of the Board;  provided,
            however,  that  the  foregoing  shall  not  be  deemed  to  prohibit
            Executive  from:  (a)  subject  to the  terms of  Section  4 of this
            Agreement  and the policies of the Company as in effect from time to
            time, including the Company's Code of Business Conduct and Ethics as
            the same may exist  from time to time,  investing  his assets in any
            form or manner  that shall not require any  material  activities  on
            Executive's part in connection with the operations or affairs of the
            companies or other entities in which such  investments  are made; or
            (b)  engaging  in  religious,   charitable  or  other  community  or
            non-profit  activities  that do not  impair  Executive's  ability to
            fulfill   Executive's   duties  and   responsibilities   under  this
            Agreement.  At all times  Executive  shall  comply with any employee
            handbooks,  policies,  or  practices  that the Company may have with
            respect to its senior executive  employees from time to time. During
            the Term,  Executive shall not engage in any activities  outside the
            scope of his  employment  if such  activities  could  reasonably  be
            expected to detract from or interfere  with the  fulfillment  of his
            responsibilities  or duties  under this  Agreement.  Executive  may,
            however,  continue  his service on the boards on which he  currently
            serves;  provided the entities do not compete with the Company. Upon
            execution of this  Agreement,  Executive  will provide a list of all
            the boards on which he currently  serves.  Without the prior written
            consent  of the  Board,  Executive  shall not  serve as a  director,
            employee,  consultant or agent (or any  equivalent  position) of any
            company or other  business  entity and shall not receive any fees or
            other  remuneration for work performed for or on behalf of any other
            organization either within or outside the scope of his employment.

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2.    Compensation.  As full  compensation  for his  services  hereunder  and in
      consideration for Executive's  covenants contained in this Agreement,  the
      Company shall pay Executive the following compensation:

      2.1.  Initial  Term.  During  the  Initial  Term,  the  Company  shall pay
            Executive a salary (the  "Salary")  at the annual rate of  $500,000,
            subject to increase from time to time in the discretion of the Board
            or the  Compensation  Committee  of  the  Board  (the  "Compensation
            Committee"). The Salary shall be payable in periodic installments in
            accordance   with  the  Company's  usual  practice  for  its  senior
            executives.  If during  the Term the  Company  shall  have an annual
            incentive bonus plan for its senior executive  employees,  Executive
            shall be eligible  to  participate  in such plan and, if earned,  to
            receive a bonus thereunder (the "Bonus").

      2.2.  Transition Term. During the Transition Term,  Executive will be paid
            for his  services  to the  Company in the manner  described  in this
            paragraph.  During  the  period  commencing  on  January 1, 2008 and
            ending on December 31, 2012,  Executive will be paid a Salary at the
            annual rate of Five Hundred Thousand Dollars ($500,000),  and during
            the period  commencing on January 1, 2013 and ending on December 31,
            2014,  Executive  will be paid a Salary  at the  annual  rate of Two
            Hundred  Fifty  Thousand  Dollars  ($250,000).  The Salary  shall be
            payable in periodic  installments  in accordance  with the Company's
            usual  practice  for its senior  executives.  During the  Transition
            Term,  Executive will be provided with office space on the Company's
            premises or comparable office space off-premises, as the Company may
            determine in its sole discretion.

      2.3.  Benefits.  During  the Term,  Executive  shall also be  eligible  to
            participate in any employee benefit plans,  medical insurance plans,
            life insurance plans,  disability  income plans,  retirement  plans,
            vacation plans, expense  reimbursement plans, stock option and other
            benefit plans which the Company may from time to time have in effect
            for its senior executives.  Such  participation  shall be subject to
            the terms of the applicable  plan  documents,  generally  applicable
            policies of the Company,  applicable  law and the  discretion of the
            Board, the  Compensation  Committee or any  administrative  or other
            committee  provided for in or contemplated by any such plan. Nothing
            contained  in this  Agreement  shall  be  construed  to  create  any
            obligation  on the part of the Company to establish any such plan or
            to  maintain  the  effectiveness  of any such  plan  which may be in
            effect  from time to time or to grant any  bonuses or stock  options
            under such plans after the Initial Term.

      2.4.  Golf  Club.   During  the  Initial  Term,   the  Company  shall  pay
            Executive's  annual  membership  dues in a golf club of  Executive's
            choice.

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      2.5.  Taxation of Payments and Benefits.  The Company  shall  undertake to
            make  deductions,  withholdings  and tax  reports  with  respect  to
            payments  and  benefits  under this  Agreement to the extent that it
            reasonably  and in good faith  believes  that it is required to make
            such deductions,  withholdings and tax reports.  Payments under this
            Agreement  shall  be in  amounts  net  of  any  such  deductions  or
            withholdings.  Nothing  in this  Agreement  shall  be  construed  to
            require the Company to make any payments to compensate Executive for
            any adverse tax effect  associated  with any payments or benefits or
            for any deduction or withholding from any payment or benefit.

      2.6.  Indemnification.  The Company  shall  indemnify  Executive  for acts
            taken in good  faith in the  performance  of his  duties  under this
            Agreement  throughout  the Term  and to the  extent  available,  the
            Company  will  include  Executive in its  directors'  and  officers'
            liability  insurance.  Such  indemnification  shall be in accordance
            with the Company's Articles of Organization and shall be the same as
            the  indemnification  provided by the Company to its other directors
            and officers.

      2.7.  Expenses.  During the Term,  the Company  agrees to pay or reimburse
            Executive for all reasonable vouchered business expenses incurred by
            him in the  performance  of his  duties  hereunder,  which have been
            submitted in  accordance  with any expense  reimbursement  policy or
            practice of the Company

3.    Termination and Termination  Benefits.  Notwithstanding  the provisions of
      Section  1  above,   this  Section  3  shall  govern  the  termination  of
      Executive's  employment  with the Company under this Agreement  during the
      Term. Upon termination of the employment of Executive for any reason,  the
      Company  shall pay to  Executive  any  accrued  but unpaid  Salary and, if
      applicable,  any accrued but unpaid  Bonus.  Benefits  under any  employee
      benefit  plans of the Company  shall be as  described  in such plans.  Any
      stock options granted to Executive by the Company shall be governed by the
      terms of each individual  stock option  agreement and the plan under which
      each such grant was made,  except that for  purposes of the length of time
      to exercise options  following the termination of employment,  Executive's
      continued  service as a member of the Board shall be deemed to  constitute
      employment or the provision of services, as required;  provided,  however,
      that the  foregoing  shall not be construed as to provide for any right of
      Executive  to  continue  to serve as a member of the Board  following  the
      termination of his employment.

      3.1.  Termination  by the Company for Cause.  The  Executive's  employment
            under this  Agreement may be terminated for Cause (as defined below)
            after written notice to Executive as provided  herein.  In the event
            of a termination for Cause,  the Company shall be responsible  under
            this  Agreement  only  for  accrued  and  unpaid   compensation  and
            benefits.  For  purposes  of  this  Agreement  the  following  shall
            constitute  "Cause" for such termination:  (i) conviction of or plea
            of  nolo  contendere  by  Executive  for  (A) a  felony  or (B)  any
            misdemeanor involving moral turpitude,  deceit, dishonesty or fraud;
            (ii)  material  violation  of the  policies  and  procedures  of the
            Company,  including the Company's  policies on sexual harassment and
            transactions in the Company's securities,  as in effect from time to
            time;   (iii)   gross   negligence,   willful   misconduct,   fraud,
            misappropriation  of assets,  or  insubordination  of Executive with
            respect  to  the  Company  or  any  parent  or  direct  or  indirect
            subsidiary of the Company;  or (iv) material  breach by Executive of
            any of

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            Executive's  obligations under this Agreement.  Prior to terminating
            this Agreement for Cause pursuant to subsections (ii), (iii) or (iv)
            above,  the Company shall provide  Executive  written  notice of any
            violation  or breach.  Executive  will have 30 days from the date of
            receipt  of  written  notice to cure any such  violation  or breach,
            during  which  time  Executive's  compensation  and  benefits  shall
            continue.  In the event the Company  reasonably  determines that the
            nature of such  violation  or breach is such that it cannot be cured
            by Executive,  it shall so state in the notice to Executive and such
            termination  shall be  effective  immediately  upon  receipt of such
            notice.

      3.2.  Termination by the Company Without Cause.  Subject to the payment of
            Termination  Benefits (as hereinafter  defined)  pursuant to Section
            3.5  below,  Executive's  employment  under  this  Agreement  may be
            terminated by the Company without Cause at any time by a vote of the
            Board. Such termination without Cause shall be effective immediately
            upon written notice to Executive of such a vote by the Board.

      3.3.  Death. The employment of Executive shall terminate upon the death of
            Executive.  The Executive's  estate shall be entitled to receive any
            Salary  accrued  but unpaid as of the date of death and a payment in
            lieu of any Bonus, pro-rated for the period between the beginning of
            the applicable  Bonus period and the date of death and determined by
            substituting for any annual target described in the annual incentive
            program the target  established for the quarter in which the date of
            death  occurs,  as  determined  in good  faith  by the  Compensation
            Committee.  Any such  Bonus  payment  shall be made at such  time as
            Executive's   Bonus  would  normally  be  paid.  In  addition,   the
            Executive's estate shall be entitled to the Termination Benefits set
            forth in Section 3.5 below.

      3.4.  Disability.  If Executive shall become disabled and is substantially
            unable to  perform  the  essential  functions  of  Executive's  then
            existing position of employment under this Agreement, the Board may,
            upon 30 days written  notice to Executive  and in the  discretion of
            the Company,  remove Executive from any  responsibilities,  reassign
            Executive to another  position  with the Company or  terminate  this
            Agreement and Executive's  employment with the Company. In the event
            of  re-assignment,  the Company will continue to pay Executive under
            this  Agreement  as if there had been no change  in  duties.  In the
            event of Executive's removal, Executive shall be entitled to receive
            any  Salary  accrued  but unpaid as of the date of  disability,  any
            other amounts due, and a payment in lieu of any Bonus, pro-rated for
            the period between the beginning of the applicable  Bonus period and
            the date of disability and determined by substituting for any annual
            target  described  in  the  annual  incentive   program  the  target
            established for the quarter in which the date of disability  occurs,
            as  determined  in good  faith  by the  Compensation  Committee.  In
            addition,  the  Executive  shall  be  entitled  to  the  Termination
            Benefits set forth in Section 3.5 below.

            For  purposes  of this  Agreement,  Executive  shall be deemed to be
            "disabled" if, due to Executive's physical or mental disability,  he
            has been  substantially  unable  to  perform  his  duties  for three
            continuous and consecutive  months during the Term.  Executive shall
            be  considered  to have been  substantially  unable to  perform  his
            duties  hereunder  if he is  either  (i)  unable to  reasonably  and
            effectively  carry out his duties with reasonable  accommodations by
            the Company or (ii) unable to reasonably and  effectively  carry out
            his

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            duties  because any  reasonable  accommodation  that may be required
            would cause the Company undue hardship. If Executive's employment is
            terminated  because of a disability in accordance  with the terms of
            this Section 3.4,  the Company  will  continue to provide  Executive
            with any long-term disability  benefits,  if any, in accordance with
            the then-existing long-term disability plan of the Company, if any.

      3.5.  Certain Termination Benefits. Unless otherwise specifically provided
            in this  Agreement  or the terms of any  applicable  benefit plan or
            otherwise  required by law, all compensation and benefits payable to
            Executive  under  this  Agreement  shall  terminate  on the  date of
            termination  of  Executive's   employment   under  this   Agreement.
            Notwithstanding  the  foregoing,  in  the  event  Executive  (a)  is
            terminated  or removed by the Company  without  Cause in  accordance
            with  Section  3.2  hereof,  (b)  dies or (c) is  terminated  by the
            Company as a result of his  disability  in  accordance  with Section
            3.4,  the Company  shall  provide to  Executive  (collectively,  the
            "Termination  Benefits")  all  Salary  and  benefits  due  under the
            Agreement  for the  remainder  of the Term,  including  payment  for
            Executive's  and his  spouse's  health  insurance  premiums  whether
            through  COBRA  continuation  coverage  (to  be  provided  on  terms
            substantially  identical  to active  employee  coverage  provided to
            senior  executive  employees of the Company) or  replacement  health
            care insurance (the "Health Insurance  Benefits") of up to $1,000.00
            per month during the remainder of the Term; provided,  however, that
            in no event will the  Executive  be entitled to receive any Bonus or
            stock options after his termination. Unless Executive was terminated
            for cause (in which case such options will expire  pursuant to their
            terms),  the  Compensation  Committee of the Company shall take such
            actions as may be required to provide that any stock  option  issued
            to and  held  by  the  Executive  at  the  time  of  termination  of
            employment may be exercised by him for a period of the lesser of (i)
            twelve (12) months after the date of  termination  of  employment or
            (ii) ten (10)  years from the date such  stock  option was  granted.
            Executive acknowledges and agrees that in the event such options are
            not  exercised  within the ninety  (90) day period set forth in Code
            ss.422(a)(2),  such  options  will not  constitute  incentive  stock
            options.

            With respect to Termination  Benefits,  the Executive's Salary shall
            be paid in periodic  installments  in accordance  with the Company's
            usual practices for its senior executives,  provided,  however, that
            if Section  409A(a)(2)(B)  would apply to  Executive  at the date of
            termination of employment,  no such payments of Salary shall be made
            during  the  six  month  period  following  the  effective  date  of
            Executive's termination;  provided, further, that such payment which
            would have otherwise been made during such six month period shall be
            paid in one lump sum payment upon the  expiration  of such six month
            period.  Notwithstanding the foregoing sentence, in the event of the
            death of Executive any unpaid  Termination  Benefits  shall continue
            and be paid to the estate of  Executive  at the same time and in the
            same  manner as would have been paid to  Executive  if he were alive
            and the payment of Health  Insurance  Benefits  shall  continue  for
            Executive's spouse. The Termination  Benefits shall be offset by any
            amounts  owed  to  the  Company  by   Executive   ratably  over  the
            anticipated period during which Termination Benefits will be paid.

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      Notwithstanding  anything  to the  contrary in this  Agreement,  Executive
      shall not be entitled to any  Termination  Benefits  under this  Agreement
      unless first: (i) Executive and the Company enter into mutually acceptable
      general  releases  substantially in the form attached to this Agreement as
      Exhibit  A  and  (ii)  Executive  resigns  from  any  and  all  positions,
      including,  without implication of limitation, as a director, trustee, and
      officer,  that Executive then holds with the Company,  except that, at the
      request of the Board, Executive may continue to serve as a director of the
      Company.

4.    Non-Competition; Protection of Confidential Information; Etc.

      4.1.  Rationale  for  Restrictions.  Executive  agrees  that his  services
            hereunder are of a special,  unique,  extraordinary and intellectual
            character,  and  his  position  with  the  Company  places  him in a
            position  of  confidence  and  trust  with the  clients,  customers,
            suppliers,  vendors, contractors and employees of the Company and/or
            of any joint  venture,  partnership,  trust or other entity in which
            the Company has a direct or indirect interest (collectively "Related
            Entities").  Executive  further  acknowledges  that the rendering of
            services under this Agreement necessarily requires the disclosure to
            Executive of Confidential Information (defined below) of the Company
            and/or Related Entities. Executive and the Company agree that in the
            course of employment  hereunder,  Executive has and will continue to
            develop a personal  relationship with the Company's  clients,  and a
            knowledge  of these  clients'  affairs  and  requirements  which may
            constitute the Company's primary and only contact with such clients.
            Executive  acknowledges  that the Company's  relationships  with its
            established  clientele may therefore be placed in Executive's  hands
            in confidence and trust.  Executive  consequently  agrees that it is
            reasonable  and  necessary  for the  protection  of the goodwill and
            business of the Company and/or Related  Entities that Executive make
            the covenants  contained  herein,  that the covenants are a material
            inducement for the Company to employ or continue to employ Executive
            and to enter into this  Agreement,  and that the covenants are given
            as an integral part of and incident to this Agreement.

      4.2.  Non-Competition  In  Related  Business.  Provided  that the  Company
            performs in all material respects its obligations under the terms of
            this Agreement,  Executive shall not, directly or indirectly,  while
            employed by the Company or receiving  Termination  Benefits  and, in
            each  case,  for a  period  of two  years  thereafter,  directly  or
            indirectly  enter into the  employment  of,  render any services to,
            engage, manage, operate, join, or own, lend money or otherwise offer
            other  assistance to or participate  in or be connected  with, as an
            officer, director, employee, principal, agent, creditor, proprietor,
            representative,   stockholder,  partner,  associate,  consultant  or
            otherwise, any person or entity that, at any time during Executive's
            employment with the Company, directly or indirectly competes with or
            is in any similar  business to that of the  Company  and/or  Related
            Entities.  The  geographic  scope of this  covenant is limited those
            geographic  markets in which the Company and/or Related Entities had
            conducted  business  or  had  taken  steps  to  commence  conducting
            business while Executive was employed by the Company.

      4.3.  Solicitation  of Employees and Customers.  Provided that the Company
            performs in all material respects its obligations under the terms of
            this  Agreement,  Executive shall not,

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            while employed by the Company and at all times  thereafter,  whether
            for his own  account  or for the  account  of any  person or entity,
            attempt to  solicit,  endeavor  to entice  away from the  Company or
            Related  Entities,  or otherwise  interfere with any relationship of
            the Company or Related Entities with (i) any person (including,  but
            not limited to, any independent contractor or representative) who is
            or was employed by or otherwise  engaged to perform services for the
            Company and/or Related Entities,  while Executive is or was employed
            by the  Company,  or (ii) any  person  who is or was a  customer  or
            client of the Company and/or Related  Entities while Executive is or
            was employed by the Company.

            As used in this  Agreement,  "Confidential  Information"  shall mean
            financial  information,   reports  and  forecasts,  studies,  plans,
            reports, designs, surveys, and analyses,  sketches, drawings, notes,
            records,  memoranda,  computer-generated data, or documents, and all
            other nonpublic  information  relating to the business activities of
            the Company and/or Related Entities,  including, without limitation,
            all methods, processes,  formulas,  techniques,  equipment, research
            data,  experiments,   technical,  commercial,  marketing  and  sales
            information, personnel data, computer software, contracting systems,
            sources of supply, patentable or unpatentable inventions, methods of
            operation, customer lists, employee lists, supplier lists, financial
            data, trade secrets, and the like which presently or, in the future,
            are in the possession of the Company and/or Related  Entities.  Said
            Confidential Information may be in either human or computer readable
            form,  including,  but not limited to,  software,  source code,  hex
            code, or any other form.

      4.4.  Rights to  Intellectual  Property.  While  employed by the  Company,
            Executive  will  disclose to the Company any ideas,  inventions,  or
            business  plans  ("Intellectual  Property")  developed  by him which
            relate directly or indirectly to the business or a similar  business
            of the Company or Related Entities,  including  without  limitation,
            any  process,  operation,   product  or  improvement  which  may  be
            patentable or copyrightable.  Executive agrees that the Intellectual
            Property is or will be the property of the Company and that he will,
            at the  Company's  request and cost,  do whatever  is  necessary  to
            obtain the rights thereto,  by patent,  copyright or otherwise,  for
            the Company.  Executive further agrees that, whether or not he is in
            the employ of the  Company,  he will  cooperate in good faith to the
            extent and in the manner requested by the Company in the prosecution
            or defense of any patent or copyright  claims or any  litigation  or
            other proceedings involving any Intellectual  Property.  The Company
            will pay for all expenses  associated  with  Executive's  compliance
            with this provision.

      4.5.  Scope of Covenant.  If any  covenant  contained in this Section 4 is
            unenforceable  because of the duration or  geographic  scope of such
            provision,   the   parties   agree  that  the  court,   making  such
            determination,  shall have the power to reduce the  duration  and/or
            geographic  scope to the  maximum  enforceable  by law  and,  in its
            reduced form, such provision shall be enforceable.

      4.6.  Executive Representations.  Executive represents and warrants to the
            Company (i) that this  Agreement  constitutes  his valid and binding
            obligation,  enforceable  against him in accordance  with its terms;
            (ii) that neither the  execution  nor delivery of this  Agreement or

                                       8
<PAGE>

            the  performance  by him of any  of  his  covenants  hereunder  will
            constitute a default under any contract,  agreement or obligation to
            which  he is a party  or by  which  he or any of his  properties  is
            bound;  (iii) that  there are no  lawsuits,  arbitration  actions or
            other proceedings  (equitable,  legal,  administrative or otherwise)
            pending or (to the best of his  knowledge)  threatened  which  could
            adversely affect the validity or enforceability of this Agreement or
            his obligation or ability to perform his obligations hereunder;  and
            (iv) that no consent,  approval or authorization of, or notification
            to,  any  governmental  entity  or any  other  person  or  entity is
            required in connection  with the execution,  delivery or performance
            of this Agreement by him.

5.    Miscellaneous Provisions.

      5.1.  Litigation and Regulatory Cooperation.  During and after Executive's
            employment,  Executive shall cooperate fully with the Company in the
            defense or  prosecution of any claims or actions now in existence or
            which  may be  brought  in the  future  against  or on behalf of the
            Company which relate to events or occurrences that transpired while,
            or relate to periods  during  which,  Executive  was employed by the
            Company.  The Executive's  full  cooperation in connection with such
            claims or  actions  shall  include,  but not be  limited  to,  being
            available to meet with counsel to prepare for discovery or trial and
            to act as a witness on behalf of the Company at mutually  convenient
            times. During and after Executive's employment, Executive also shall
            cooperate   fully   with  the   Company  in   connection   with  any
            investigation  or review or any federal,  state or local  regulatory
            authority as any such  investigation  or review relates to events or
            occurrences  that  transpired  while  Executive  was employed by the
            Company.  The Company shall  reimburse  Executive for any reasonable
            out of pocket  expenses  incurred  in  connection  with  Executive's
            performance of obligations pursuant to this Section 5.1. However, in
            the event that  Executive  is  terminated  "for  cause"  pursuant to
            Section 3.1 of this  Agreement and Executive is no longer  receiving
            benefits hereunder, this Section shall no longer apply and continued
            cooperation with the Company shall no longer be required.

      5.2.  Integration,  Waiver and Severability. This Agreement sets forth the
            entire  agreement  between the parties  with  respect to the matters
            covered herein and supersedes all prior agreements,  whether oral or
            written,  including  without  limitation  the  Employment  Agreement
            between the Company and Executive dated December 19, 2001. No waiver
            or  modification  of this Agreement or of any part contained  herein
            shall be valid unless in writing and duly  executed by Executive and
            approved by the Board.  No  evidence  of any waiver or  modification
            shall  be  offered  or  received  in  evidence  of  any  proceeding,
            arbitration, or litigation between the parties hereto arising out of
            or affecting  this  Agreement,  or the rights or  obligations of the
            parties hereunder, unless such waiver or modification is in writing,
            duly executed as aforesaid.  The failure of either party at any time
            to require performance by the other party of any provision hereunder
            shall in no way affect the right of that party thereafter to enforce
            the  same,  or to  enforce  any  of the  other  provisions  in  this
            Agreement; nor shall the waiver by either party of the breach of any
            provision  hereof be taken or held to be a waiver of any  subsequent
            breach of such provision or as a waiver of the provision itself. All
            agreements and covenants  contained  herein are

                                       9
<PAGE>

            severable  and in the event any of them  shall be held to be invalid
            by a court  of  competent  jurisdiction,  this  Agreement  shall  be
            interpreted as if such invalid terms or covenants were not contained
            herein.

      5.3.  Benefit and  Assignability.  This Agreement shall bind Executive and
            the  Company  and their  respective  successors  and  assigns.  This
            Agreement  requires the personal services of Executive and cannot be
            assigned  by  Executive.  Executive  agrees to provide  his  written
            consent  to  the  assignment  of  this   Agreement,   including  the
            restrictive  covenants  herein,  to any  successor  or assign of the
            Company  provided that the transfer or assignment of this  Agreement
            shall  not  materially  expand or alter  the  restrictive  covenants
            contained   herein.   The  Executive  agrees  not  to  delegate  his
            obligations or duties  hereunder or any portion  thereof without the
            prior written consent of the Board.

      5.4.  Remedies for Breach of the Agreement.  Executive consents and agrees
            that if he violates any covenants  contained in this Agreement,  the
            Company and/or Related Entities would sustain  irreparable harm and,
            therefore,  in addition to any other remedies which may be available
            to it, the Company and/or  Related  Entities shall be entitled to an
            injunction  restraining  Executive from committing or continuing any
            such  violation  of  this  Agreement.   Executive  also  agrees  and
            acknowledges  that  his  use  of  trade  secrets,  client  lists  or
            Confidential  Information,  or the direct  solicitation  of existing
            clients of the Company and/or Related  Entities in a manner contrary
            to this  Agreement  will give rise to  irreparable  injury  that may
            specifically  be  enjoined.  Nothing  in  this  Agreement  shall  be
            construed as prohibiting  the Company  and/or Related  Entities from
            pursuing any other remedy or remedies including, without limitation,
            recovery of damages.  Executive  acknowledges  that Related Entities
            have rights  under this  Agreement  and that they may enforce  these
            rights as third party beneficiaries.

      5.5.  Survival.  The provisions of Section 4 shall survive the termination
            or  expiration   of  this   Agreement  or   Executive's   employment
            irrespective of the reason for such  termination or expiration.  The
            provisions  of  Section  4  shall  survive  after  the   Agreement's
            expiration or termination of the Initial or Transition Term, even if
            Executive  continues  to serve as a  member  of the  Board or in any
            capacity of employment with the Company after that point.

      5.6.  Notice.  Any notice  required  or  permitted  to be given under this
            Agreement  shall  be  sufficient  if in  writing,  and  if  sent  by
            certified mail,  return receipt  requested,  to his residence in the
            case of  Executive,  or to its  principal  office in the case of the
            Company.

      5.7.  Section  Headings;  Counterparts.  The  headings  contained  in this
            Agreement  are for  reference  purposes only and shall not affect in
            any way the  meaning  or  interpretation  of  this  Agreement.  This
            Agreement may be executed in one or more counterparts, each of which
            shall be deemed an original,  but all of which taken  together shall
            constitute one of the same instrument.

      5.8.  Applicable  Law.  This  Agreement  shall be construed in  accordance
            with,  the laws of the  State of  Florida,  whether  substantive  or
            procedural.  The sole  and  exclusive  venue  for any

                                       10
<PAGE>

            legal action arising out of this  Agreement  shall be in the Circuit
            Court in and for Palm Beach County,  Florida.  Executive  agrees and
            stipulates  that he waives  his right to trial by jury in any action
            arising under this Agreement  where trial by jury would otherwise be
            available.

      5.9.  Prevailing  Party.  The prevailing  party to an action to enforce or
            defend this Agreement is entitled to attorney's  fees and reasonable
            costs incurred in connection therewith,  including,  but not limited
            to, those  incurred at the  pre-litigation,  pre-trial,  trial,  and
            appellate levels.

                                       11
<PAGE>

      IN WITNESS  WHEREOF,  the parties hereto have duly executed this Agreement
as of the day and year first above written.

                                              Executive:

                                              /s/ George Donovan
                                              ----------------------------------
                                              GEORGE DONOVAN

                                              The Company:

                                              BLUEGREEN CORPORATION

                                              By: /s/ Alan B. Levan
                                                  ------------------------------
                                              Name:  Alan B. Levan
                                              Title: Chairman

                                       12
<PAGE>

                                   Exhibit A

Form of General Release.

      (a) In favor of the Company:  Executive  hereby  releases,  discharges and
acquits the Company and its subsidiaries, affiliates,  representatives,  agents,
employees,  officers, directors,  shareholders,  counsel, assigns and successors
(collectively referred to as "Releasees"), of and from all claims, demands, sums
of money, actions,  rights, causes of action,  obligations and liabilities which
Executive has against the Releasees relating to or arising out of the Employment
Agreement of Executive's employment by the Company,  including,  but not limited
to,  wrongful  discharge,  breach of contract,  tort,  the Civil Rights Act, Age
Discrimination in Employment Act, Employee Retirement Income Security Act or any
other federal,  state or local  legislation or common law relating to employment
or discrimination in employment or otherwise;  provided,  however,  that nothing
contained  herein shall  release the Company from its  obligations  to Executive
pursuant to that certain  Employment  Agreement  dated June 2006,  including any
right he may have to indemnification thereunder.

      (b) In favor of the Executive: The Company hereby releases, discharges and
acquits  Executive  of and from all  claims,  demands,  sums of money,  actions,
rights,  causes of action,  obligations and liabilities which the Company has or
which the Company or any  successor or assign of the Company  against  Executive
relating  to or  arising  out of by  Executive's  employment  with the  Company;
provided,  however,  that nothing  contained herein shall release Executive from
any willful or  intentional  misconduct or any loan or advance made to Executive
by the Company.

                                       13Exhibit 10.160

                    FIFTH AMENDED AND RESTATED LOAN AGREEMENT

Wachovia Bank, National Association
225 Water Street
Jacksonville, Florida 32202
(Hereinafter referred to as the "Bank")

Bluegreen Corporation, a Massachusetts corporation
4960 Conference Way North, Suite 100
Boca Raton, Florida 33341
(Hereinafter referred to as "Bluegreen Corporation")

Bluegreen Resorts Management, Inc., a Delaware corporation
f/k/a RDI Resort Services Corporation
4960 Conference Way North, Suite 100
Boca Raton, Florida 33431

Bluegreen Vacations Unlimited, Inc., a Florida corporation
4960 Conference Way North, Suite 100
Boca Raton, Florida 33431

Bluegreen Holding Corporation (Texas), a Delaware corporation
4960 Conference Way North, Suite 100
Boca Raton, Florida 33431

Bluegreen Southwest One, L.P., a Delaware limited partnership
4960 Conference Way North, Suite 100
Boca Raton, Florida 33431

Bluegreen Asset Management Corporation, a Delaware corporation
4960 Conference Way North, Suite 100
Boca Raton, Florida 33431

Bluegreen Carolina Lands, LLC, a Delaware limited liability company
4960 Conference Way North, Suite 100
Boca Raton, Florida 33431

Bluegreen Corporation of Tennessee, a Delaware corporation
4960 Conference Way North, Suite 100
Boca Raton, Florida 33431

Bluegreen Corporation of the Rockies, a Delaware corporation
4960 Conference Way North, Suite 100
Boca Raton, Florida 33431

Bluegreen Properties of Virginia, Inc., a Delaware corporation
4960 Conference Way North, Suite 100
Boca Raton, Florida 33431

Bluegreen Resorts International, Inc., a Delaware corporation
4960 Conference Way North, Suite 100
Boca Raton, Florida 33431

<PAGE>

Carolina National Golf Club, Inc., a North Carolina corporation
4960 Conference Way North, Suite 100
Boca Raton, Florida 33431

Leisure Capital Corporation, a Vermont corporation
4960 Conference Way North, Suite 100
Boca Raton, Florida 33431

Bluegreen West Corporation, a Delaware corporation
4960 Conference Way North, Suite 100
Boca Raton, Florida 33431

Bluegreen Golf Clubs, Inc., a Delaware corporation
4960 Conference Way North, Suite 100
Boca Raton, Florida 33431

Bluegreen Interiors, LLC, a Delaware limited liability company
4960 Conference Way North, Suite 100
Boca Raton, Florida 33431

Bluegreen Southwest Land, Inc., a Delaware corporation
4960 Conference Way North, Suite 100
Boca Raton, Florida 33431

New England Advertising Corporation, a Vermont corporation
4960 Conference Way North, Suite 100
Boca Raton, Florida 33431

Bluegreen Guaranty Corporation, a Florida corporation
f/k/a South Florida Aviation, Inc., a Florida corporation
4960 Conference Way North, Suite 100
Boca Raton, Florida 33431

Jordan Lake Preserve Corporation, a North Carolina corporation
4960 Conference Way North, Suite 100
Boca Raton, Florida 33431

Leisure Communication Network, Inc., a Delaware corporation
4960 Conference Way North, Suite 100
Boca Raton, Florida 33431

Managed Assets Corporation, a Delaware corporation
4960 Conference Way North, Suite 100
Boca Raton, Florida 33431

travelheads, inc., a Florida corporation
4960 Conference Way North, Suite 100
Boca Raton, Florida 33431

Encore Rewards, Inc., a Delaware corporation
4960 Conference Way North, Suite 100
Boca Raton, Florida 33431

Leisurepath, Inc., a Florida corporation
4960 Conference Way North, Suite 100
Boca Raton, Florida 33431

                                     Page 2
<PAGE>

BXG Realty, Inc., a Delaware corporation
4960 Conference Way North, Suite 100
Boca Raton, Florida 33431

Mystic Shores Realty, Inc., a Texas corporation
4960 Conference Way North, Suite 100
Boca Raton, Florida 33431

Brickshire Realty, Inc., a Virginia corporation
4960 Conference Way North, Suite 100
Boca Raton, Florida 33431

Catawba Falls, LLC, a North Carolina limited liability company
4960 Conference Way North, Suite 100
Boca Raton, Florida 33431

Preserve at Jordan Lake Realty, Inc., a North Carolina corporation
4960 Conference Way North, Suite 100
Boca Raton, Florida 33431

Bluegreen Purchasing & Design, Inc., a Florida corporation
4960 Conference Way North, Suite 100
Boca Raton, Florida 33431

Great Vacation Destinations, Inc., a Florida corporation
4960 Conference Way North, Suite 100
Boca Raton, Florida 33431

Lake Ridge Realty, Inc., a Texas corporation
4960 Conference Way North, Suite 100
Boca Raton, Florida 33431

Bluegreen Communities of Texas, L.P., a Delaware limited partnership
4960 Conference Way North, Suite 100
Boca Raton, Florida 33431

Pinnacle Vacations, Inc., a Delaware corporation
4960 Conference Way North, Suite 100
Boca Raton, Florida 33431

Bluegreen Communities of Georgia, LLC, a Georgia limited liability company
4960 Conference Way North, Suite 100
Boca Raton, Florida 33431

Bluegreen Communities of Georgia Realty, Inc., a Georgia corporation
4960 Conference Way North, Suite 100
Boca Raton, Florida 33431

BXG Realty Tenn, Inc., a Tennessee corporation
4960 Conference Way North, Suite 100
Boca Raton, Florida 33431

Mountain Lakes Realty, Inc., a Texas corporation
4960 Conference Way North, Suite 100
Boca Raton, Florida 33431

                                     Page 3
<PAGE>

(Individually and/or collectively, jointly and severally the "Borrower")

This Fifth Amended and Restated Loan Agreement  ("Agreement") is entered into as
of July 26, 2006.

Borrower  requested  and First Union  National  Bank  ("First  Union") made that
certain  $5,000,000.00  line of credit  available  to Borrower  (the  "Loan") as
evidenced by that  certain  Promissory  Note dated as of September  23, 1998 and
certain  other  documents  including  that  certain Loan  Agreement  dated as of
September 23, 1998. The Loan has been previously amended, increased and extended
pursuant to the terms and  conditions of certain  documents  including,  without
limitation,  that certain  $10,000,000.00  Renewal  Promissory  Note dated as of
December 31, 2000,  that certain  Modification  Number One to the Loan Agreement
dated as of  August  1,  1999,  that  certain  Modification  Number  Two to Loan
Agreement dated as of November 3, 1999, that certain  Modification  Number Three
to Loan Agreement dated as of December 31, 2000, and certain other documents.

Borrower  subsequently  requested and First Union agreed to amend,  increase and
extend the Loan as evidenced by (i) that certain Amended and Restated Promissory
Note executed by Borrower, jointly and severally, dated as of December 31, 2001,
and  made  payable  to  First  Union  in  the  original   principal   amount  of
$12,500,000.00;  (ii) that certain  Amended and Restated Loan Agreement dated as
of  December  31,  2001;  and (iii)  certain  other loan  documents  dated as of
December 31, 2001.

Borrower  subsequently  requested and Bank  (successor by merger to First Union)
agreed to amend and  extend the Loan as  evidenced  by (i) that  certain  Second
Amended  and  Restated  Promissory  Note  executed  by  Borrower,   jointly  and
severally,  dated as of  December  31,  2002,  and made  payable  to Bank in the
original  principal amount of  $12,500,000.00;  (ii) that certain Second Amended
and Restated  Loan  Agreement  dated as of December 31, 2002;  and (iii) certain
other loan documents dated as of December 31, 2002.

Borrower  subsequently  requested and Bank agreed to further amend, increase and
extend the Loan  pursuant  to the terms of (i) that  certain  Third  Amended and
Restated Promissory Note executed by Borrower,  jointly and severally,  dated as
of December 30, 2003, and made payable to Bank in the original  principal amount
of  $15,000,000.00,  and (ii) that  certain  Third  Amended  and  Restated  Loan
Agreement dated as of December 30, 2003.

Borrower subsequently  requested,  and Bank agreed to further amend the Loan, as
evidenced by that certain First  Amendment and  Ratification  of Loan  Agreement
dated as of March 31, 2004,  and as evidenced by that certain  Second  Amendment
and Ratification of Loan Agreement dated as of August 9, 2004.

Borrower subsequently requested and Bank has agreed to further modify and extend
the Loan pursuant to the terms of (i) that certain  Fourth  Amended and Restated
Promissory  Note  executed  by  Borrower,  jointly  and  severally,  dated as of
December 31, 2004, and made payable to the Bank in the original principal amount
of  $15,000,000.00,  and (ii) that  certain  Fourth  Amended and  Restated  Loan
Agreement dated as of December 31, 2004.

Borrower has now requested and Bank has agreed to further  modify and extend the
Loan  pursuant  to the terms of (i) that  certain  Fifth  Amended  and  Restated
Promissory Note executed by Borrower,  jointly and severally, dated of even date
herewith,  and made  payable  to the Bank in the  original  principal  amount of
$15,000,000.00  (the  "Note"),  and (ii)  this  Agreement.  The  Note,  and this
Agreement  and all other  documents  executed  in  connection  with the Loan are
hereinafter  collectively  referred to as the "Loan Documents".  All capitalized
terms used herein and not otherwise  defined shall have those meanings  ascribed
to them in the Loan Documents.

LINE OF CREDIT.  Borrower may borrow, repay, and reborrow, from time to time, so
long as the total  principal  indebtedness  outstanding  under the Loan plus the
amount of all unreimbursed drawings under

                                     Page 4
<PAGE>

all letters of credit issued by Bank for account of Borrower does not exceed the
face amount of the Note.  All payments  made by Bank under any letters of credit
issued for the  account of Borrower  and all fees,  commissions,  discounts  and
other  amounts  owed or to be owed to Bank in  connection  therewith,  shall  be
deemed to be  Advances  under the Note and shall be repaid on  demand.  The Loan
proceeds  are to be used by  Borrower  solely for  working  capital and to issue
letters of credit from time to time. The Borrower shall pay down the outstanding
balance under the Loan (excluding  letters of credit issued under the Note) to a
maximum of $100.00 for forty-five  (45)  consecutive  days  annually.  The total
amount of  letters  of credit to be issued  under the Note  shall not exceed the
face  amount  of the  Note at any  time nor  have  maturities  greater  than the
maturity date of the Loan. The maturity date of the Loan shall be June 30, 2007.

Letter of Credit Fees.  Borrower  shall pay to Bank, at such times as Bank shall
require, Bank's standard fees in connection with Letters of Credit, as in effect
from time to time, and with respect to standby Letters of Credit,  an additional
fee  equal to 1.50%  per  annum on the face  amount  of each  standby  Letter of
Credit,  payable annually,  in advance,  for so long as such Letter of Credit is
outstanding.

Representations.  Except as otherwise provided herein,  Borrower represents that
from  the  date  of  this  Agreement  and  until  final  payment  in full of the
Obligations:  Accurate Information.  All information now and hereafter furnished
to Bank is and will be true, correct and complete. Any such information relating
to Borrower's  financial condition will accurately reflect Borrower's  financial
condition as of the date(s)  thereof,  (including all contingent  liabilities of
every type),  and Borrower further  represents that its financial  condition has
not  changed  materially  or  adversely  since the  date(s)  of such  documents.
Authorization;  Non-Contravention.  The execution,  delivery and  performance by
Borrower of this  Agreement and other Loan  Documents to which it is a party are
within  its  power,  have  been  duly  authorized  as may be  required  and,  if
necessary,  by making appropriate  filings with any governmental  agency or unit
and are the legal, binding,  valid and enforceable  obligations of Borrower; and
do not (i)  contravene,  or constitute  (with or without the giving of notice or
lapse of time or  both) a  violation  of any  provision  of  applicable  law,  a
violation of the  organizational  documents of Borrower,  or a default under any
agreement,  judgment, injunction, order, decree or other instrument binding upon
or affecting  Borrower,  (ii) result in the creation or  imposition  of any lien
(other  than the lien(s)  created by the Loan  Documents)  on any of  Borrower's
assets,  or (iii) give cause for the acceleration of any obligations of Borrower
or any guarantor to any other creditor.  Asset Ownership. As of the date of this
Agreement,  Borrower has good and marketable  title to all of the properties and
assets reflected on the balance sheets and financial statements supplied Bank by
Borrower,  and all such  properties  and assets are free and clear of mortgages,
security deeds, pledges,  liens, charges, and all other encumbrances,  except as
otherwise  disclosed  in such  financial  statements  or on  Schedule 1 attached
hereto ("Permitted  Liens").  To Borrower's  knowledge,  no default has occurred
under any  Permitted  Liens and no claims or  interests  adverse  to  Borrower's
present rights in its properties and assets have arisen.  Discharge of Liens and
Taxes. Borrower has duly filed, paid and/or discharged all taxes or other claims
which may become a lien on any of its property or assets to the extent  required
to be paid as of this  date,  except to the  extent  that  such  items are being
appropriately  contested  in good faith and an adequate  reserve for the payment
thereof  is being  maintained  if  required  by  generally  accepted  accounting
principles.  Sufficiency of Capital.  Borrower is not, and after consummation of
this  Agreement and after giving effect to all  indebtedness  incurred and liens
created by Borrower in  connection  with the Note and any other Loan  Documents,
will not be, insolvent  within the meaning of 11 U.S.C. ss. 101(32).  Compliance
with Laws.  Borrower is in compliance in all material respects with all federal,
state and  local  laws,  rules and  regulations  applicable  to its  properties,
operations,  business, and finances,  including, without limitation, any federal
or state laws  relating to liquor  (including  18 U.S.C.  ss. 3617,  et seq.) or
narcotics  (including 21 U.S.C. ss. 801, et seq.) and/or any commercial  crimes;
all applicable federal, state and local laws and regulations intended to protect
the  environment;  and the Employee  Retirement  Income Security Act of 1974, as
amended ("ERISA"), if applicable.  Organization and Authority.  Each Borrower is
duly created,  validly existing and in good standing under the laws of the state
of its organization, and has all powers, governmental licenses,  authorizations,
consents and approvals  required to operate its business as now conducted.  Each
Borrower is duly qualified,  licensed and in good standing in each  jurisdiction
where  qualification  or  licensing is required by the nature of its business or
the character and location of its property,  business or customers, and in which
the failure to so qualify or be licensed, as the case may be, in the aggregate,

                                     Page 5
<PAGE>

could  have a  material  adverse  effect on the  business,  financial  position,
results  of  operations,  properties  or  prospects  of  Borrower  or  any  such
guarantor.  No Litigation.  There are no pending suits, claims or demands or any
threatened suits,  claims or demands (which threatened suits,  claims or demands
have a  reasonable  likelihood  of becoming a suit,  claim or  demand),  against
Borrower  or any  guarantor,  and which could  reasonably  be expected to have a
material  adverse  effect on Borrower's or guarantor's  business,  that have not
been disclosed in Borrower's  periodic  filings with the Securities and Exchange
Commission  ("SEC"),  or otherwise  disclosed to Bank in writing and approved by
Bank. ERISA. Each employee pension benefit plan, as defined in ERISA, maintained
by Borrower meets, as of the date hereof, the minimum funding standards of ERISA
and all applicable  regulations  thereto and  requirements  thereof,  and of the
Internal  Revenue  Code of 1954,  as amended.  No  "Prohibited  Transaction"  or
"Reportable  Event" (as both  terms are  defined  by ERISA)  has  occurred  with
respect to any such plan.

AFFIRMATIVE COVENANTS. Borrower agrees that from the date hereof and until final
payment  in full of the  Obligations,  unless  Bank shall  otherwise  consent in
writing,   Borrower  will:   Business   Continuity.   Conduct  its  business  in
substantially  the same manner as such business is now and has  previously  been
conducted. Maintain Properties. Maintain, preserve and keep its property in good
repair, working order and condition,  making all needed replacements,  additions
and  improvements  thereto,  to the extent allowed by this Agreement.  Access to
Books and Records.  Allow Bank, or its agents,  during normal business hours and
upon prior advance written notice,  access to the books,  records and such other
documents of Borrower as Bank shall reasonably  require,  and allow Bank to make
copies  thereof  at  Bank's  expense.  Insurance.  Maintain  adequate  insurance
coverage with respect to its properties  and business  against loss or damage of
the kinds  and in the  amounts  customarily  insured  against  by  companies  of
established  reputation  engaged  in the same or similar  businesses  including,
without limitation, commercial general liability insurance, workers compensation
insurance, and business interruption insurance; all acquired in such amounts and
from such companies as Bank may reasonably require.  Notice of Default and Other
Notices. (a) Notice of Default.  Furnish to Bank immediately upon becoming aware
of the  existence  of any  condition  or event which  constitutes  a Default (as
defined in the Loan Documents) or any event which,  upon the giving of notice or
lapse of time or both,  may  become a Default,  written  notice  specifying  the
nature and period of existence  thereof and the action which  Borrower is taking
or proposes to take with respect  thereto.  (b) Other Notices.  Promptly  notify
Bank in writing of (i) any material adverse change in its financial condition or
its business;  (ii) any default under any material agreement,  contract or other
instrument to which it is a party or by which any of its  properties  are bound,
or any acceleration of the maturity of any indebtedness owing by Borrower; (iii)
any material  adverse  claim  against or  affecting  Borrower or any part of its
properties  (Bank  acknowledges  that  disclosure  of such matters in Borrower's
periodic filings with the SEC shall constitute  prompt notice to Bank); (iv) the
commencement  of, and any material  determination  in, any  litigation  with any
third party or any proceeding  before any governmental  agency or unit affecting
Borrower  in a claimed  amount in excess of  $1,500,000.00;  and (v) at least 30
days prior  thereto,  any change in  Borrower's  name or address as shown above,
and/or  any  material  change in  Borrower's  structure.  Compliance  with Other
Agreements.  Comply with all terms and conditions  contained in this  Agreement,
and any other Loan Documents, and swap agreements,  if applicable, as defined in
the 11 U.S.C.  ss. 101. Payment of Debts. Pay and discharge when due, and before
subject to penalty or further charge,  and otherwise  satisfy before maturity or
delinquency,  all obligations,  debts, taxes, and liabilities of whatever nature
or amount,  except  those  which  Borrower in good faith  disputes.  Reports and
Proxies. Deliver to Bank, promptly, a copy of all financial statements, reports,
notices, and proxy statements, sent by Borrower to stockholders, and all regular
or  periodic  reports  required to be filed by  Borrower  with any  governmental
agency or authority,  excluding federal,  state and local tax returns,  business
license and registration  reports and SEC filings on Form 8-K, unless reasonably
requested in writing by Bank. Other Financial Information. Deliver promptly such
other  information  regarding the  operation,  business  affairs,  and financial
condition of Borrower which Bank may reasonably request. Non-Default Certificate
From Borrower. Deliver to Bank, with the Financial Statements required herein, a
certificate signed by Borrower, if Borrower is an individual,  or by a principal
financial  officer of Borrower  warranting  that no "Default as specified in the
Loan  Documents nor any event which,  upon the giving of notice or lapse of time
or both, would constitute such a Default,  has occurred.  Estoppel  Certificate.
Furnish,  within  15 days  after  request  by Bank,  a  written  statement  duly
acknowledged  of the amount due under the Loan and  whether  offsets or defenses
exist against the Obligations.

                                     Page 6
<PAGE>

Negative  Covenants.  Borrower  agrees that from the date of this  Agreement and
until final  payment in full of the  Obligations,  unless  Bank shall  otherwise
consent  in  writing,   Borrower  will  not:   Default  on  Other  Contracts  or
Obligations.  Default on any material  contract with or obligation when due to a
third party or default in the  performance  of any  obligation  to a third party
incurred  for money  borrowed  in an amount  in excess of  $2,500,000.00,  which
default  is not  cured  within  any cure  period  applicable  thereto.  Judgment
Entered.  Permit the entry of any monetary  judgment or the assessment  against,
the filing of any tax lien against,  or the issuance of any writ of  garnishment
or  attachment  against any property of or debts due  Borrower not  dismissed or
bonded within 30 days. Government  Intervention.  Permit the assertion or making
of any seizure,  vesting or intervention by or under authority of any government
by which the  management  of  Borrower  or any  guarantor  is  displaced  of its
authority  in the conduct of its  respective  business  or its such  business is
curtailed or materially impaired. Prepayment of Other Debt. Retire any long-term
debt  entered  into prior to the date of this  Agreement in advance of its legal
obligation  to do so  other  than in  connection  with  refinancing.  Retire  or
Repurchase Capital Stock.  Retire or otherwise acquire any of its capital stock,
except as permitted by waiver  letter from Bank to Borrower  dated as of May 13,
1999  authorizing  the  repurchase of up to two million  shares of capital stock
under Borrower's existing share repurchase program.

Financial Covenants.  Borrower, on a consolidated basis, agrees to the following
provisions from the date hereof until final payment in full of the  Obligations,
unless Bank shall  otherwise  consent in writing:  Adjusted  Tangible Net Worth.
Borrower  shall,  at all times,  on a consolidated  basis,  maintain an Adjusted
Tangible Net Worth of not less than $225,000,000.00, and shall annually increase
the  Adjusted  Tangible  Net  Worth by not less  than 50% of its  aggregate  net
income, as reflected on its year-end  financial  statements.  "Adjusted Tangible
Net Worth" shall mean total assets minus Total Liabilities. For purposes of this
computation,   the  aggregate  amount  of  any  intangible  assets  of  Borrower
including,  without  limitation,   goodwill,   franchises,   licenses,  patents,
trademarks,  trade names,  copyrights,  service marks, and brand names, shall be
subtracted from total assets.  "Total Liabilities" shall mean all liabilities of
Borrower,  including capitalized leases and all reserves for deferred taxes, and
other deferred sums appearing on the liabilities side of a balance sheet and all
obligations  as lessee under  off-balance  sheet  synthetic  leases of Borrower,
excluding debt fully subordinated to Bank on terms and conditions  acceptable to
Bank, all in accordance with generally accepted accounting principles applied on
a consistent  basis.  Adjusted Total  Liabilities to Adjusted Tangible Net Worth
Ratio.  Borrower shall, at all times, on a consolidated basis,  maintain a ratio
of Adjusted Total  Liabilities  to Adjusted  Tangible Net Worth of not more than
2.25 to 1.00. For the purposes of this computation, "Adjusted Total Liabilities"
shall mean the sum of all liabilities of the Borrower,  on a consolidated basis,
including  capitalized  leases and all  reserves  for  deferred  taxes and other
deferred  sums  appearing  on the  liabilities  side  of a  balance  sheet,  and
excluding  deferred  income,  any  non-recourse  obligations  backed by vacation
ownership  receivables,  and  debt  fully  subordinated  to  Bank on  terms  and
conditions  acceptable to Bank, in accordance with generally accepted accounting
principles applied on a consistent basis. Liquidity Requirement. Borrower shall,
at all times, maintain unrestricted cash and unencumbered  timeshare receivables
of  not  less  than  $50,000,000.00  in  the  aggregate.  Deposit  Relationship.
Bluegreen  Corporation shall maintain its primary  depository account with Bank.
Compliance  Certificate.  Borrower shall furnish Bank with a quarterly  covenant
compliance  certificate  demonstrating  Borrower's  compliance  with  the  above
Financial Covenants.

Annual Financial Statements. Bluegreen Corporation shall deliver to Bank, within
90 days  after the  close of each  fiscal  year,  audited  financial  statements
reflecting  its  operations   during  such  fiscal  year,   including,   without
limitation,  a balance  sheets,  profit and loss statement and statement of cash
flows, with supporting schedules;  all on a consolidated basis and in reasonable
detail,  prepared in conformity with generally accepted  accounting  principles,
applied  on a  basis  consistent  with  that of the  preceding  year.  All  such
statements  shall be  compiled by an  independent  certified  public  accountant
acceptable to Bank. The opinion of such independent  certified public accountant
shall not be  acceptable to Bank if qualified  due to any  limitations  in scope
imposed by Bluegreen Corporation.  Any other qualification of the opinion by the
accountant shall render the acceptability of the financial statements subject to
Bank's approval.  Notwithstanding the foregoing, any adverse, qualified or scope
limitation  with the  Borrower's  audit  opinion  relative to Section 404 of the
Sarbanes-Oxley Act of 2002 will not make an otherwise unqualified opinion

                                     Page 7
<PAGE>

on the financial  statement  audit  unacceptable  to Bank unless,  in the Bank's
opinion,  such  adverse,  qualified or scope  limitation,  is material in nature
including,  without  limitation,  calling into question the effectiveness of the
Borrower internal control under such Section 404.

Periodic  Financial  Statements.  Bluegreen  Corporation  shall  deliver to Bank
unaudited  management-prepared quarterly financial statements including, without
limitation,  a balance  Sheets,  profit and loss statement and statement of cash
flows, with supporting  schedules,  as soon as available and in any event within
45 days  after the close of each  such  period;  all in  reasonable  detail  and
prepared in conformity with generally accepted accounting principles, applied on
a basis  consistent with that of the preceding  year.  Such statements  shall be
certified as to their correctness by a principal  financial officer of Bluegreen
Corporation  and in each case, if audited  statements  are required,  subject to
audit and year-end adjustments.

Attorneys' Fees.  Borrower shall pay all of Bank's reasonable  expenses incurred
to  enforce or  collect  any of the  Advances,  including,  without  limitation,
reasonable  arbitration,  attorneys'  and experts'  fees and  expenses,  whether
incurred  without the  commencement  of a suit,  in any trial,  arbitration,  or
administrative proceeding, or in any appellate or bankruptcy proceeding.

Waivers.  Except as  otherwise  permitted  in the Note or other Loan  Documents,
Borrower  hereby waives  presentment,  protest,  notice of dishonor,  demand for
payment,  notice of intention to accelerate maturity,  notice of acceleration of
maturity,  notice  of sale and all other  notices  of any kind  whatsoever.  Any
failure by Bank to exercise  any right  hereunder  shall not be  construed  as a
waiver of the right to exercise the same or any other right at any time.

Amendment and  Severability.  No amendment to or  modification of this Agreement
shall be binding upon Bank unless in writing and signed by it. If any  provision
of this  Agreement  shall be prohibited or invalid  under  applicable  law, such
provision  shall be  ineffective  but only to the extent of such  prohibition or
invalidity,  without  invalidating  the  remainder  of  such  provision  or  the
remaining provisions of this Agreement.

Miscellaneous. This Agreement is fully assignable by Bank and all rights of Bank
thereunder  shall  inure to the  benefit of its  successors  and  assigns.  This
Agreement  shall be binding upon Borrower and its  successors  and assigns.  The
captions contained in this Agreement are inserted for convenience only and shall
not affect the meaning or interpretation of the Agreement.  This Agreement shall
be governed by and  interpreted  in accordance  with the laws of the state where
Bank's  office  as shown  herein is  located,  without  regard  to that  state's
conflict of laws principles.

Notices.  Any notices to Borrower shall be sufficiently given, if in writing and
mailed or delivered to the Borrower's address shown above (attention  Borrower's
Corporate General Counsel) or such other address as provided  hereunder,  and to
Bank, if in writing and mailed or delivered to Bank's office address shown above
or such other  address as Bank may specify in writing from time to time.  In the
event that Borrower changes Borrower's address at any time prior to the date the
Obligations are paid in full, Borrower agrees to promptly give written notice of
said  change  of  address  by  registered  or  certified  mail,  return  receipt
requested, all charges prepaid.

Conditions  Precedent.  All advances under the Note are subject to the following
conditions precedent: (a) Non-Default.  Borrower shall be in compliance with all
of the  terms  and  conditions  set  forth  herein  and an Event of  Default  as
specified  herein,  or an event which upon notice or lapse of time or both would
constitute such an Event of Default, shall not have occurred or be continuing at
the time of such Advance. (b) Borrowing Resolution. Bank shall have received all
certified resolutions  authorizing  borrowings by Borrower under this Agreement.
(c) Financial  Information  and  Documents.  Borrower shall deliver to Bank such
information  and  documents  as Bank may  request  from time to time,  including
without limitation,  financial statements,  information pertaining to Borrower's
financial    condition    and    additional    supporting     documents.     (d)
Purchase/Warehousing Facility. Borrower shall provide evidence to Bank regarding
availability under its then existing  purchase/warehousing facility in an amount
not less than that requested  advance plus the then  outstanding  balance of the
Loan. (e) Certificates of Good Standing.

                                     Page 8
<PAGE>

Borrower  shall have  delivered a Certificate of Good Standing for each Borrower
(all  dated  within  thirty  days of the date of this  Agreement)  issued by the
respective Secretary of State.

Fifth Amended and Restated Loan Agreement.  This Fifth Amended and Restated Loan
Agreement,  amends,  replaces and supersedes in its entirety that certain Fourth
Amended and Restated Loan Agreement  dated as of December 31, 2004,  executed by
Borrower in favor of Bank (the "Original Loan  Agreement").  Should there be any
conflict between any of the terms of the Original Loan Agreement,  and the terms
of this Agreement, the terms of this Agreement shall control.

ARBITRATION.  Upon  demand of any party  hereto,  whether  made  before or after
institution of any judicial proceeding,  any claim or controversy arising out of
or relating  to this  Agreement  or any other  document  executed in  connection
herewith  between  parties  hereto (a  "Dispute")  shall be  resolved by binding
arbitration  conducted under and governed by the Commercial  Financial  Disputes
Arbitration  Rules  (the  "Arbitration   Rules")  of  the  American  Arbitration
Association (the "AAA") and the Federal  Arbitration Act.  Disputes may include,
without limitation, tort claims, counterclaims, a dispute as to whether a matter
is subject to  arbitration,  claims brought as class actions,  or claims arising
from documents  executed in the future. A judgment upon the award may be entered
in  any  court  having   jurisdiction.   Notwithstanding  the  foregoing,   this
arbitration  provision  does not  apply to  disputes  under or  related  to swap
agreements.  Special Rules. All arbitration  hearings shall be conducted in Palm
Beach  County,  Florida.  A hearing  shall  begin  within 90 days of demand  for
arbitration  and all  hearings  shall  conclude  within  120 days of demand  for
arbitration.  These time  limitations  may not be extended  unless a party shows
cause for extension and then for no more than a total of 60 days.  The expedited
procedures  set  forth  in Rule 51 et seq.  of the  Arbitration  Rules  shall be
applicable to claims of less than  $1,000,000.00.  Arbitrators shall be licensed
attorneys  selected from the Commercial  Financial Dispute  Arbitration Panel of
the AAA. The parties do not waive  applicable  Federal or state  substantive law
except  as  provided   herein.   Preservation   and   Limitation   of  Remedies.
Notwithstanding the preceding binding arbitration provisions,  the parties agree
to preserve,  without  diminution,  certain remedies that any party may exercise
before or after an arbitration proceeding is brought. The parties shall have the
right to proceed in any court of proper jurisdiction or by self-help to exercise
or prosecute the following remedies, as applicable:  (i) all rights to foreclose
against any real or personal property or other security by exercising a power of
sale or under applicable law by judicial  foreclosure  including a proceeding to
confirm the sale; (ii) all rights of self-help  including peaceful occupation of
real  property and  collection  of rents,  set-off,  and peaceful  possession of
personal property;  (iii) obtaining  provisional or ancillary remedies including
injunctive  relief,  sequestration,   garnishment,  attachment,  appointment  of
receiver  and  filing  an  involuntary  bankruptcy  proceeding;  and  (iv)  when
applicable,  a judgment by confession of judgment. Any claim or controversy with
regard to any  party's  entitlement  to such  remedies  is a Dispute.  Waiver of
Exemplary  Damages.  The  parties  agree  that  they  shall not have a remedy of
punitive or exemplary  damages  against  other parties in any Dispute and hereby
waive any right or claim to punitive or exemplary damages they have now or which
may arise in the future in  connection  with any Dispute  whether the Dispute is
resolved  by  arbitration  or  judicially.  Waiver of Jury  Trial.  THE  PARTIES
ACKNOWLEDGE THAT BY AGREEING TO BINDING ARBITRATION THEY HAVE IRREVOCABLY WAIVED
ANY RIGHT THEY MAY HAVE TO JURY TRIAL WITH REGARD TO A DISPUTE.

                     [EXECUTIONS COMMENCE ON FOLLOWING PAGE]

                                     Page 9
<PAGE>

The parties  hereto have duly  executed  this  instrument  as of the date stated
above.

                        Wachovia Bank, National Association, successor
                        interest to First Union National Bank

                        By:
                            ----------------------------------------------------
                             Karen J. Leikert, Senior Vice President

                        Bluegreen Corporation, a Massachusetts corporation

CORPORATE               By:
SEAL                        ----------------------------------------------------
                             Anthony M. Puleo, Senior Vice President,
                             Chief Financial Officer and Treasurer
                             Taxpayer Identification Number: 03-0300793

                        Bluegreen Resorts Management, Inc., a Delaware
                        corporation f/k/a RDI Resort Services Corporation

CORPORATE               By:
SEAL                        ----------------------------------------------------
                             Anthony M. Puleo, Vice President and Treasurer
                             Taxpayer Identification Number: 65-0520217

                        Bluegreen Vacations Unlimited, Inc., a Florida
                        corporation

CORPORATE               By:
SEAL                        ----------------------------------------------------
                             Anthony M. Puleo, Vice President and Treasurer
                             Taxpayer Identification Number: 65-0433722

                        Bluegreen Holding Corporation (Texas), a Delaware
                        corporation

CORPORATE               By:
SEAL                        ----------------------------------------------------
                             Anthony M. Puleo, Vice President and Treasurer
                             Taxpayer Identification Number: 65-0796382

                        Bluegreen Southwest One, L.P., a Delaware limited
                        partnership

                        By:  Bluegreen Southwest Land, Inc., a Delaware
                        corporation, Its General Partner

CORPORATE                    By:
SEAL                             -----------------------------------------------
                                  Anthony M. Puleo, Vice President and Treasurer
                                  Taxpayer Identification Number: 65-0796380

                                    Page 10
<PAGE>

                        Bluegreen Asset Management Corporation, a Delaware
                        corporation

CORPORATE               By:
SEAL                        ----------------------------------------------------
                             Anthony M. Puleo, Vice President and Treasurer
                             Taxpayer Identification Number: 03-0325365

                        Bluegreen Carolina Lands, LLC, a Delaware limited
                        liability company

CORPORATE               By:
SEAL                        ----------------------------------------------------
                             Anthony M. Puleo, Vice President and Treasurer
                             Taxpayer Identification Number: 65-0941345

                        Bluegreen Corporation of Tennessee, a Delaware
                        corporation

CORPORATE               By:
SEAL                        ----------------------------------------------------
                             Anthony M. Puleo, Vice President and Treasurer
                             Taxpayer Identification Number: 03-0316460

                        Bluegreen Corporation of the Rockies, a Delaware
                        corporation

CORPORATE               By:
SEAL                        ----------------------------------------------------
                             Anthony M. Puleo, Vice President and Treasurer
                             Taxpayer Identification Number: 65-0349373

                        Bluegreen Properties of Virginia, Inc., a Delaware
                        corporation

CORPORATE               By:
SEAL                        ----------------------------------------------------
                             Anthony M. Puleo, Vice President and Treasurer
                             Taxpayer Identification Number: 52-1752664

                        Bluegreen Resorts International, Inc., a Delaware
                        corporation

CORPORATE               By:
SEAL                        ----------------------------------------------------
                             Anthony M. Puleo, Vice President and Treasurer
                             Taxpayer Identification Number: 65-0803615

                        Carolina National Golf Club, Inc., a North Carolina
                        corporation

CORPORATE               By:
SEAL                        ----------------------------------------------------
                             Anthony M. Puleo, Vice President and Treasurer
                             Taxpayer Identification Number: 62-1667685

                                    Page 11
<PAGE>

                        Leisure Capital Corporation, a Vermont corporation

CORPORATE               By:
SEAL                        ----------------------------------------------------
                             Anthony M. Puleo, Vice President and Treasurer
                             Taxpayer Identification Number: 03-0327285

                        Bluegreen West Corporation, a Delaware corporation

CORPORATE               By:
SEAL                        ----------------------------------------------------
                             Anthony M. Puleo, Vice President and Treasurer
                             Taxpayer Identification Number: 59-3300205

                        Bluegreen Golf Clubs, Inc., a Delaware corporation

CORPORATE               By:
SEAL                        ----------------------------------------------------
                             Anthony M. Puleo, Vice President and Treasurer
                             Taxpayer Identification Number: 65-0912659

                        Bluegreen Interiors, LLC, a Delaware limited
                        liability company

CORPORATE               By:
SEAL                        ----------------------------------------------------
                             Anthony M. Puleo, Vice President and Treasurer
                             Taxpayer Identification Number: 65-0929952

                        Bluegreen Southwest Land, Inc., a Delaware corporation

CORPORATE               By:
SEAL                        ----------------------------------------------------
                             Anthony M. Puleo, Vice President and Treasurer
                             Taxpayer Identification Number: 65-0912249

                        New England Advertising Corporation, a Vermont
                        corporation

CORPORATE               By:
SEAL                        ----------------------------------------------------
                             Anthony M. Puleo, Vice President and Treasurer
                             Taxpayer Identification Number: 03-0295158

                        Bluegreen Guaranty Corporation, a Florida corporation
                        f/k/a South Florida Aviation, Inc., a Florida
                        corporation

CORPORATE               By:
SEAL                        ----------------------------------------------------
                             Anthony M. Puleo, Vice President and Treasurer
                             Taxpayer Identification Number: 65-0341038

                                    Page 12
<PAGE>

                        Jordan Lake Preserve Corporation, a North Carolina
                        corporation

CORPORATE               By:
SEAL                        ----------------------------------------------------
                             Anthony M. Puleo, Vice President and Treasurer
                             Taxpayer Identification Number: 65-1038536

                        Leisure Communication Network, Inc., a Delaware
                        corporation

CORPORATE               By:
SEAL                        ----------------------------------------------------
                             Anthony M. Puleo, Vice President and Treasurer
                             Taxpayer Identification Number: 65-1049209

                        Managed Assets Corporation, a Delaware corporation

CORPORATE               By:
SEAL                        ----------------------------------------------------
                             Anthony M. Puleo, Vice President and Treasurer
                             Taxpayer Identification Number: 65-1079961

                        travelheads, inc., a Florida corporation

CORPORATE               By:
SEAL                        ----------------------------------------------------
                             Anthony M. Puleo, Vice President and Treasurer
                             Taxpayer Identification Number: 65-1129982

                        Encore Rewards, Inc., a Delaware corporation

CORPORATE               By:
SEAL                        ----------------------------------------------------
                             Anthony M. Puleo, Vice President and Treasurer
                             Taxpayer Identification Number: 65-1138973

                        Leisurepath, Inc., a Florida corporation

CORPORATE               By:
SEAL                        ----------------------------------------------------
                             Anthony M. Puleo, Vice President and Treasurer
                             Taxpayer Identification Number: 03-0407452

                        BXG Realty, Inc., a Delaware corporation

CORPORATE               By:
SEAL                        ----------------------------------------------------
                             Anthony M. Puleo, Vice President and Treasurer
                              Taxpayer Identification Number: 04-3693479

                                    Page 13
<PAGE>

                        Mystic Shores Realty, Inc., a Texas corporation

CORPORATE               By:
SEAL                        ----------------------------------------------------
                             Anthony M. Puleo, Vice President and Treasurer
                             Taxpayer Identification Number: 04-3678944

                        Brickshire Realty, Inc., a Virginia corporation

CORPORATE               By:
SEAL                        ----------------------------------------------------
                             Anthony M. Puleo, Vice President and Treasurer
                             Taxpayer Identification Number: 01-0706966

                        Catawba Falls, LLC, a North Carolina limited
                        liability company

CORPORATE               By:
SEAL                        ----------------------------------------------------
                             Anthony M. Puleo, Manager
                             Taxpayer Identification Number: 03-0466014

                        Preserve at Jordan Lake Realty, Inc., a
                        North Carolina corporation

CORPORATE               By:
SEAL                        ----------------------------------------------------
                             Anthony M. Puleo, Vice President and Treasurer
                              Taxpayer Identification Number: 06-1638828

                        Bluegreen Purchasing & Design, Inc., a Florida
                        corporation

CORPORATE               By:
SEAL                        ----------------------------------------------------
                             Anthony M. Puleo, Vice President and Treasurer
                             Taxpayer Identification Number: 54-2064090

                        Great Vacation Destinations, Inc., a Florida
                        corporation

CORPORATE               By:
SEAL                        ----------------------------------------------------
                             Anthony M. Puleo, Vice President and Treasurer
                             Taxpayer Identification Number: 51-0420655

                        Lake Ridge Realty, Inc., a Texas corporation

CORPORATE               By:
SEAL                        ----------------------------------------------------
                             Anthony M. Puleo, Vice President and Treasurer
                             Taxpayer Identification Number: 55-0794661

                                    Page 14
<PAGE>

                        Bluegreen Communities of Texas, L.P., a Delaware
                        limited partnership

                        By:  Bluegreen Southwest Land, Inc., a Delaware
                        corporation, its General Partner

CORPORATE                    By:
SEAL                             -----------------------------------------------
                                  Anthony M. Puleo, Vice President and Treasurer
                                  Taxpayer Identification Number:  20-3600096

                        Pinnacle Vacations, Inc., a Delaware corporation

CORPORATE               By:
SEAL                        ----------------------------------------------------
                             Anthony M. Puleo, Vice President and Treasurer
                             Taxpayer Identification Number: 20-3704976

                        Bluegreen Communities of Georgia, LLC, a Georgia
                        limited liability company

CORPORATE               By:
SEAL                        ----------------------------------------------------
                             Anthony M. Puleo, Manager
                             Taxpayer Identification Number: 51-0446159

                        Bluegreen Communities of Georgia Realty, Inc.,
                        a Georgia corporation

CORPORATE               By:
SEAL                        ----------------------------------------------------
                             Anthony M. Puleo, Vice President and Treasurer
                             Taxpayer Identification Number: 51-0446176

                        BXG Realty Tenn, Inc., a Tennessee corporation

CORPORATE               By:
SEAL                        ----------------------------------------------------
                             Anthony M. Puleo, Vice President and Treasurer
                             Taxpayer Identification Number: 62-1697300

                        Mountain Lakes Realty, Inc., a Texas corporation

CORPORATE               By:
SEAL                        ----------------------------------------------------
                             Anthony M. Puleo, Vice President and Treasurer
                             Taxpayer Identification Number: 55-0794661

                   [ACKNOWLEDGMENTS APPEAR ON FOLLOWING PAGE]

                                    Page 15
<PAGE>

State of Florida        )
                        ) SS:
County of Palm Beach    )

The foregoing  instrument was acknowledged before me this ___ day of July, 2006,
by Anthony M. Puleo,  as Vice  President  and  Treasurer of  Bluegreen  Carolina
Lands, LLC, a Delaware limited liability company,  on behalf of the company.  He
is  personally  known to me or has  produced a  driver's  license,  passport  or
military  identification,  or other form of  identification  and did not take an
oath.

                                 Print or Stamp Name: _______________________
                                 Notary Public, State of Florida at Large
                                 Commission No.: ____________________________

State of Florida        )
                        ) SS:
County of Palm Beach    )

The foregoing  instrument was acknowledged before me this ___ day of July, 2006,
by Anthony M. Puleo, as Manager of Catawba Falls,  LLC, a North Carolina limited
liability company, on behalf of the company. He is personally known to me or has
produced a driver's license, passport or military identification,  or other form
of identification and did not take an oath.

                                 Print or Stamp Name: _______________________
                                 Notary Public, State of Florida at Large
                                 Commission No.: ____________________________

State of Florida        )
                        ) SS:
County of Palm Beach    )

The foregoing  instrument was acknowledged before me this ___ day of July, 2006,
by Anthony M. Puleo,  as Vice  President and  Treasurer of Bluegreen  Interiors,
LLC, a Delaware  limited  liability  company,  on behalf of the  company.  He is
personally known to me or has produced a driver's license,  passport or military
identification, or other form of identification and did not take an oath.

                                 Print or Stamp Name: _______________________
                                 Notary Public, State of Florida at Large
                                 Commission No.: ____________________________

                                    Page 16
<PAGE>

State of Florida        )
                        ) SS:
County of Palm Beach    )

The foregoing  instrument was acknowledged before me this ___ day of July, 2006,
by Anthony M. Puleo,  as Manager of  Bluegreen  Communities  of Georgia,  LLC, a
Georgia limited liability  company,  on behalf of the company.  He is personally
known  to  me  or  has  produced  a  driver's  license,   passport  or  military
identification, or other form of identification and did not take an oath.

                                 Print or Stamp Name: _______________________
                                 Notary Public, State of Florida at Large
                                 Commission No.: ____________________________

State of Florida        )
                        ) SS:
County of Palm Beach    )

The foregoing  instrument was acknowledged before me this ___ day of July, 2006,
by Anthony M. Puleo,  as Vice  President  and  Treasurer of Bluegreen  Southwest
Land,  Inc.,  a Delaware  corporation,  the sole  general  partner of  Bluegreen
Communities of Texas,  L.P., a Delaware  limited  partnership,  on behalf of the
corporation and as an act of the  partnership.  He is personally  known to me or
has produced a driver's license,  passport or military identification,  or other
form of identification and did not take an oath.

                                 Print or Stamp Name: _______________________
                                 Notary Public, State of Florida at Large
                                 Commission No.: ____________________________

State of Florida        )
                        ) SS:
County of Palm Beach    )

The foregoing  instrument was acknowledged before me this ___ day of July, 2006,
by Anthony M. Puleo,  as Vice  President  and  Treasurer of Bluegreen  Southwest
Land,  Inc.,  a Delaware  corporation,  the sole  general  partner of  Bluegreen
Southwest  One,  L.P.,  a  Delaware  limited  partnership,   on  behalf  of  the
corporation and as an act of the  partnership.  He is personally  known to me or
has produced a driver's license,  passport or military identification,  or other
form of identification and did not take an oath.

                                 Print or Stamp Name: _______________________
                                 Notary Public, State of Florida at Large
                                 Commission No.: ____________________________

                                    Page 17
<PAGE>

State of Florida        )
                        ) SS:
County of Palm Beach    )

The foregoing  instrument was acknowledged before me this ___ day of July, 2006,
by Anthony M. Puleo,  as Vice  President  and  Treasurer  of  Bluegreen  Resorts
Management,  Inc., a Delaware  corporation,  as Vice  President and Treasurer of
Bluegreen Resorts International, Inc., a Delaware corporation, as Vice President
and Treasurer of travelheads, inc., a Florida corporation, as Vice President and
Treasurer of Encore Rewards, Inc., a Delaware corporation, as Vice President and
Treasurer of Leisurepath, Inc., a Florida corporation, as Senior Vice President,
Chief Financial Officer and Treasurer of Bluegreen Corporation,  a Massachusetts
corporation,  as Vice President and Treasurer of Bluegreen Vacations  Unlimited,
Inc.,  a Florida  corporation,  as Vice  President  and  Treasurer  of Bluegreen
Holding  Corporation  (Texas),  a Delaware  corporation,  as Vice  President and
Treasurer of Bluegreen Asset Management Corporation, a Delaware corporation,  as
Vice President and Treasurer of Bluegreen  Corporation of Tennessee,  a Delaware
corporation,  as Vice  President and Treasurer of Bluegreen  Corporation  of the
Rockies,  a Delaware  corporation,  as Vice  President and Treasurer of Carolina
National Golf Club,  Inc., a North Carolina  corporation,  as Vice President and
Treasurer  of  Leisure  Capital  Corporation,  a  Vermont  corporation,  as Vice
President and Treasurer of Bluegreen West Corporation,  a Delaware  corporation,
as Vice  President  and  Treasurer  of  Bluegreen  Golf Clubs,  Inc., a Delaware
corporation,  as Vice President and Treasurer of Bluegreen Southwest Land, Inc.,
a  Delaware  corporation,  as  Vice  President  and  Treasurer  of  New  England
Advertising Corporation, a Vermont corporation,  as Vice President and Treasurer
of Bluegreen  Guaranty  Corporation,  a Florida  corporation f/k/a South Florida
Aviation, Inc., a Florida corporation, as Vice President and Treasurer of Jordan
Lake Preserve Corporation,  a North Carolina corporation,  as Vice President and
Treasurer of Leisure Communication  Network,  Inc., a Delaware  corporation,  as
Vice  President  and  Treasurer  of  Managed  Assets  Corporation,   a  Delaware
corporation,  as Vice  President and  Treasurer of BXG Realty,  Inc., a Delaware
corporation, as Treasurer of Mystic Shores Realty, Inc., a Texas corporation, as
Vice President and Treasurer of Brickshire Realty, Inc., a Virginia corporation,
as Vice President and Treasurer of Preserve at Jordan Lake Realty, Inc., a North
Carolina corporation,  as Vice President and Treasurer of Bluegreen Purchasing &
Design,  Inc., a Florida  corporation,  as Vice President and Treasurer of Great
Vacation  Destinations,  Inc.,  a Florida  corporation,  as Vice  President  and
Treasurer  of  Lake  Ridge  Realty,  Inc.,  a  Texas  corporation,   a  Delaware
corporation,  as Vice  President  and Treasurer of Pinnacle  Vacations,  Inc., a
Delaware  corporation,  as Vice President and Treasurer of Bluegreen Communities
of Georgia Realty, Inc., a Georgia corporation,  as Vice President and Treasurer
of BXG Realty  Tenn,  Inc.,  a  Tennessee  corporation,  as Vice  President  and
Treasurer of Bluegreen Properties of Virginia, Inc., a Delaware corporation, and
as Vice  President  and  Treasurer  of  Mountain  Lakes  Realty,  Inc.,  a Texas
corporation,  on behalf of each corporation. He is personally known to me or has
produced a driver's license, passport or military identification,  or other form
of identification and did not take an oath.

                               Print or Stamp Name: _______________________
                               Notary Public, State of Florida at Large
                               Commission No.: ____________________________

                                    Page 18
<PAGE>

                                   SCHEDULE 1

      Bluegreen Corporation ("Bluegreen") has formed a statutory business trust,
Business  Statutory Trust V ("BST V") for the purpose of issuing trust preferred
securities and investing the proceeds thereof in junior subordinated debentures.

      On  July  21,  2006,  BST  V  issued  $15.0  million  of  trust  preferred
securities.  BST V used the proceeds from issuing the trust preferred securities
to  purchase  an  identical  amount  of  junior  subordinated   debentures  from
Bluegreen.  Interest on the junior subordinated  debentures and distributions on
the trust preferred  securities will be payable  quarterly in arrears at a fixed
rate of 10.28% through  September 30, 2011, and thereafter at a variable rate of
interest,  per annum,  reset  quarterly,  equal to the 3-month  LIBOR plus 4.85%
until the scheduled  maturity date of September 30, 2036.  Distributions  on the
trust  preferred  securities  will be cumulative and based upon the  liquidation
value of the trust preferred  security.  The trust preferred  securities will be
subject to  mandatory  redemption,  in whole or in part,  upon  repayment of the
junior  subordinated  debentures  at maturity or their earlier  redemption.  The
junior subordinated  debentures are redeemable five years from the issue date or
sooner following  certain  specified  events.  In addition,  Bluegreen  invested
$464,000 to BST V in exchange for 100% of its common securities.  Those proceeds
were also used to purchase an identical amount of junior subordinated debentures
from Bluegreen.  The terms of BST V's common  securities are nearly identical to
the trust preferred securities.

      The issuances of trust  preferred  securities  was part of a larger pooled
trust securities  offerings which was not registered under the Securities Act of
1933. Proceeds will be used for general corporate purposes.

                                    Page 19

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