Document:

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                                                                   EXHIBIT 10.12

                                 AMENDMENT NO. 3
                   TO AMENDED AND RESTATED MASTER CONSTRUCTION
                             AND TERM LOAN AGREEMENT

         THIS AMENDMENT NO. 3 TO AMENDED AND RESTATED MASTER CONSTRUCTION AND
TERM LOAN AGREEMENT, dated as of August 21, 2001 (the "Amendment"), among FCA
Real Estate Holdings, LLC, a Delaware limited liability company (the
"Borrower"), U.S. BANK NATIONAL ASSOCIATION, a national banking association, as
agent and administrative bank (in such capacity, the "Administrative Bank"), the
"Lender parties" to the Loan Agreement hereinafter described (each a "Lender"
and collectively the "Lenders") and U.S. BANK NATIONAL ASSOCIATION, a national
banking association, as collateral agent (in such capacity, the "Collateral
Agent").

                                    RECITALS:

         A.       The Borrower, the Administrative Bank, the Collateral Agent
and the Lenders are parties to that certain Amended and Restated Master
Construction and Term Loan Agreement dated as of July 17, 2000, as amended by an
Amendment No. 1 to Amended and Restated Master Construction and Term Loan
Agreement dated as of June 14, 2001, and as further amended by an Amendment No.
2 to Amended and Restated Master Construction and Term Loan Agreement dated as
of July 19, 2001 (as so amended, the "Original Agreement").

         B.       The Borrower has requested the Administrative Bank and the
Lenders to further amend certain provisions of the Original Agreement.

         C.       Subject to the terms and conditions of this Amendment, the
Administrative Bank and the Lenders have agreed to the Borrower's requests.

         NOW, THEREFORE, the parties agree as follows:

         1.       DEFINED TERMS. All capitalized terms used in this Amendment
shall, except where the context otherwise requires, have the meanings set forth
in the Original Agreement as amended hereby.

         2.       AMENDMENTS. The Original Agreement is hereby amended as
follows:

                  (a)      The definitions of "Adverse Event," "Contingency
         Reserve," "Loan Documents,"and "Maximum Loan Amount" appearing in the
         DEFINITIONS Section of the Original Agreement are respectively amended
         in their entireties to read as follows:

                           "Adverse Event: The occurrence of any event that
                  could reasonably be expected to have a material adverse effect
                  on: (a) the business, operations, property, assets or
                  condition (financial or otherwise) of Borrower; or (b) the
                  ability of Borrower to perform its

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                  obligations under the Loan Documents, including any amendments
                  thereof and supplements thereto.

                           Contingency Reserve: A funded reserve equal to the
                  sum (such sum being the `Required Contingency Reserve Amount')
                  of a base amount of $500,000.00 plus an additional amount of
                  $250,000.00 for each Series Loan made available to the
                  Borrower, commencing with the Series L Loan, up to an
                  aggregate additional amount of $500,000.00; provided, however,
                  that the Contingency Reserve may be non-funded so long as
                  Borrower's obligation to fund the Contingency Reserve is
                  supported by an irrevocable letter of credit (the "Contingency
                  Reserve LC") issued by a financial institution in favor of the
                  Collateral Agent in form satisfactory to the Super Majority
                  Lenders and the Administrative Bank, in their sole discretion.

                           Loan Documents: The documents described in Section
                  II.2. of this Agreement which evidence and secure a Series
                  Loan and/or are related to a Series Loan, including but not
                  limited to the Notes, the Mortgage, this Agreement, the
                  Assignment, the Indemnity, the Lease Subordination Agreement,
                  the Additional Project Collateral Documents and the Disbursing
                  Agreement for such Series Loan, and any loan document
                  described in Section II.9 of the Supplement for such Series
                  Loan, the Maintenance Agreement, the Rebatable Rent Reserve
                  Account Agreement, the Replacement Reserve Account Agreement,
                  the Cash Reserve Account Agreement and including any
                  amendments thereof and supplements thereto executed by the
                  respective parties thereto and approved by the parties
                  required by this Agreement.

                           Maximum Loan Amount: For any Project and its
                  Applicable Series Loan, the amount specified in the Supplement
                  for such Applicable Series Loan but in no event more than the
                  lesser of: (a) 75% of the fair market value of such Project as
                  a vacant health club upon its Completion; or (b) 55% of the
                  costs for each Project being financed by its Applicable Series
                  Loan, other than the Series A Loan and the Series F Loan;
                  provided, however, the Maximum Loan Amount for the Series J
                  Loan shall be $12,941,196.94."

                  (b)      The DEFINITIONS Section of the Original Agreement is
         further amended by adding the following new definitions of "Cash
         Reserve Account" and "Cash Reserve Account Agreement" in proper
         alphabetical order:

                           "Cash Reserve Account: The `Cash Reserve Account'
                  described in the Cash Reserve Account Agreement.

                           Cash Reserve Account Agreement: The Cash Reserve
                  Account Agreement dated as of August 21, 2001 made by the
                  Borrower in favor

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                  of the Collateral Agent for the benefit of itself, the
                  Administrative Bank and for the ratable benefit of the
                  Lenders, including any amendments thereof and supplements
                  thereto, executed by the Borrower and the Collateral Agent and
                  approved by the Administrative Bank and the Super Majority
                  Lenders."

                  (c)      Section II.2 of the Original Agreement is amended by
         re-lettering subsection "N" as "O" and by adding the following new
         subsection "N:"

                           "N.      The Cash Reserve Account Agreement.

                  (d)      The second grammatical paragraph of Section III.2 is
         amended in its entirety to read as follows:

                           "Notwithstanding any provision of this Agreement or
                  of the Disbursing Agreement for such Series Loan to the
                  contrary, in the event that such Primary Lenders and the
                  Administrative Bank, on the one hand, or Borrower, on the
                  other hand, determine that the unadvanced portion of such
                  Maximum Loan Amount is insufficient to cover any cost
                  allocation set forth on such Series Loan's Sworn Construction
                  Cost Statement, to complete such Project, including all tenant
                  improvements, to pay all costs and expenses of Completion and
                  pay interest on such Series Loan through the Conversion Date,
                  it shall notify the other party of such determination, and
                  Borrower shall, within three (3) Business Days following
                  demand, deposit with the Administrative Bank funds equal to
                  said insufficiency in order to bring such Series Loan back
                  into Balance."

                  (e)      Section III.5 of the Original Agreement is hereby
         amended in its entirety to read as follows:

                  "III.5. Contingency Reserve.

                           The Borrower, the Administrative Bank and each Lender
                  agrees that the funded portion of the Contingency Reserve
                  (including, without limitation, the proceeds from any draw on
                  the Contingency Reserve LC) shall be held, invested and
                  disbursed in accordance with the Contingency Reserve Account
                  Agreement."

                  (f)      Section IV.4 of the Original Agreement is amended in
         its entirety to read as follows:

                  "IV.4. No Litigation or Defaults.

                           There are no actions, suits or proceedings pending
                  or, to the knowledge of the Borrower, (i) threatened against
                  or affecting

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                  Borrower or any Project, at law or in equity, which if
                  determined adversely to Borrower would be an Adverse Event, or
                  (ii) involving the validity or enforceability of the Loan
                  Documents or the priority of the Lien thereof or Lender's
                  interest in the Loan Documents. Borrower is not in default
                  under any order, writ, injunction, decree or demand of any
                  court or any administrative body having jurisdiction over
                  Borrower."

                  (g)      Section IV.6 of the Original Agreement is hereby
         amended in its entirety to read as follows:

                  "Section IV.6.  No Defaults under Loan Documents or Other
         Agreements.

                           There is, and, until Lenders have been fully repaid
                  the entire indebtedness evidenced or to be evidenced by the
                  Notes, there will be, no Default or Event of Default on the
                  part of Borrower under the Loan Documents and no default or
                  event of default on the part of Borrower or Lessee under any
                  other document to which Borrower is a party and which relates
                  to the ownership, occupancy, use, development, construction or
                  management of the Project; and on the date hereof and after
                  giving effect hereto, Borrower is not, and will not be, in
                  default in the payment of the principal or interest on any of
                  its indebtedness for borrowed money, and is not, and will not
                  be, in default under any instrument or agreement under and
                  subject to which any indebtedness for borrowed money has been
                  issued or is secured; and no event has occurred, or will
                  occur, which, with the lapse of time or the giving of notice
                  or both, would constitute an Event of Default thereunder."

                  (h)      Section V.13 of the Original Agreement is amended by
         adding the following sentence to the end of the Section:

                  "Notwithstanding the foregoing or anything herein contained to
                  the contrary (including Section V.26), Borrower may sell,
                  transfer or convey its interest in any Project (the "Released
                  Project") on the following conditions: (x) no Default or Event
                  of Default has occurred and is continuing; and (y)
                  concurrently at the time of such sale, transfer or conveyance,
                  Borrower satisfies in full all Project Obligations relating to
                  the Released Project; and (z) in connection with the
                  satisfaction of the Project Obligations for the Released
                  Project, Borrower satisfies the terms and conditions of
                  Section I.3 (other than the requirement that there be a
                  contemporaneous prepayment of the outstanding principal
                  balance of each other Series Loan by the same Prepayment
                  Percentage) and Section I.8. In the event that the above
                  conditions are met, Collateral Agent shall execute any and all
                  documents necessary to release the Project Collateral and
                  Additional

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                  Project Collateral for the Released Project. Borrower shall,
                  immediately upon request, pay all such costs and expenses
                  incurred by Collateral Agent, Administrative Bank and each
                  Lender in connection with the preparation, execution and
                  filing of such release documents, including but not limited to
                  reasonable attorneys' fees. It is further understood that, in
                  the event that the above conditions are met, then,
                  notwithstanding anything herein contained to the contrary,
                  Borrower need not apply the proceeds from the sale, transfer
                  or conveyance of such Released Project in excess of the
                  obligations under the applicable Series Note, to any remaining
                  obligations of Borrower to Lenders, but rather, such excess
                  proceeds may be utilized by Borrower pursuant to the terms of
                  this Agreement."

                  (i)      Section V.29 of the Original Agreement is amended by
         adding the following sentence to the end of the Section:

                  "Notwithstanding the foregoing, in the event that Borrower
                  performs sale, transfer or conveyance of a Project permitted
                  by and in accordance with Section V.13, and in connection with
                  such sale, transfer or conveyance, the proceeds realized
                  therefrom exceed the amount of the Project Obligations for the
                  Released Project, the Borrower may distribute such excess
                  proceeds to its members as it sees fit."

                  (j)      Section V.30 of the Original Agreement is amended in
         its entirety to read as follows:

                  "V.30. Depositing Collections.

                           Borrower shall deposit all collections with respect
                  to the Project Leases in a collateral account maintained at
                  U.S. Bank and, if required by the Administrative Bank or the
                  Super Majority Lenders, in separate collateral accounts for
                  each Project Lease except that Rebatable Rent shall be
                  immediately transferred by U.S. Bank into the Rebatable Rent
                  Reserve Account and thereafter shall be disbursed in
                  accordance with the terms of the Rebatable Rent Reserve
                  Account Agreement. The Borrower shall not have any right to
                  withdraw any amount deposited in any collateral account except
                  to pay Obligations arising under this Agreement and the other
                  Loan Documents or to fund the Rebatable Reserve Account, the
                  Replacement Reserve Account and/or the Cash Reserve Account."

                  (k)      Section VI.1.J of the Original Agreement is amended
         in its entirety to read as follows:

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                  "J.      A judgment or judgments for the payment of money in
                           excess of the sum of $100,000.00 in the aggregate
                           shall be rendered against Borrower and Borrower shall
                           not discharge the same or provide for its discharge
                           in accordance with its terms, or procure a stay of
                           execution thereof, prior to any execution on such
                           judgments by such judgment creditor, within 30 days
                           from the date of entry thereof, and within said
                           period of 30 days, or such longer period during which
                           execution of such judgment shall be stayed, appeal
                           therefrom and cause the execution thereof to be
                           stayed during such appeal."

         3.       CONDITIONS TO EFFECTIVENESS. This Amendment shall become
effective on the date (the "Effective Date") when, and only when, the
Administrative Bank shall have received:

                  (a)      Counterparts of this Amendment executed by Borrower,
the Collateral Agent, the Administrative Bank, and all Lenders;

                  (b)      A Second Amended and Restated Contingency Reserve
Account Agreement in form and substance satisfactory to Administrative Bank and
Lenders duly executed by the Borrower, Administrative Bank, and Collateral
Agent;

                  (c)      An original amendment to the Contingency Reserve LC,
duly executed by the issuing bank, that amends the Contingency Reserve LC in
accordance with the Second Amended and Restated Contingency Reserve Account
Agreement, in form and substance satisfactory to Administrative Bank and
Lenders;

                  (d)      The Cash Reserve Account Agreement in form and
substance satisfactory to Administrative Bank and Lenders duly executed by the
Borrower and Collateral Agent together with the initial deposit, if any,
required by the Cash Reserve Account Agreement;

                  (e)      An Amendment No. 1 to Maintenance Agreement in form
and substance satisfactory to Administrative Bank and Lenders duly executed by
the Borrower and Collateral Agent;

                  (f)      An amendment fee, in immediately available funds, in
the amount separately agreed upon in writing by Borrower, the Administrative
Bank and the Lenders; and

                  (g)      Such other documents as the Administrative Bank or
any Lender may reasonably request.

         4.       REPRESENTATIONS AND WARRANTIES. To induce the Administrative
Bank, the Lenders and the Collateral Agent to enter into this Amendment,
Borrower represents and warrants to the Administrative Bank, the Lenders and the
Collateral Agent as follows:

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<PAGE>

                  (a)      The execution, delivery and performance by Borrower
         of the Original Agreement as amended by this Amendment and any other
         documents to be executed and/or delivered by Borrower in connection
         herewith have been duly authorized by all necessary company action, do
         not require any approval or consent of, or any registration,
         qualification or filing with, any government agency or authority or any
         approval or consent of any other person (including, without limitation,
         any member), do not and will not conflict with, result in any violation
         of or constitute any default under, any provision of Borrower's
         Articles of Organization, Member Control Agreement or Operating
         Agreement, any agreement binding on or applicable to Borrower or any of
         its property, or any law or governmental regulation or court decree or
         order, binding upon or applicable to Borrower or of any of its property
         and will not result in the creation or imposition of any security
         interest or other lien or encumbrance in or on any of its property
         pursuant to the provisions of any agreement applicable to Borrower or
         any of its property;

                  (b)      The representations and warranties contained in the
         Original Agreement are true and correct as of the date hereof as though
         made on that date except to the extent that such representations and
         warranties relate solely to an earlier date and except that the
         representations and warranties set forth in Section IV.5 of the
         Original Agreement with respect to the audited or unauditied financial
         statements of the Borrower or the Lessee, as the case may be, shall be
         deemed to be a reference to the most recent audited or unaudited
         financial statements of the relevant Person delivered to the Lenders
         pursuant to Section V.7 of the Original Agreement;

                  (c)      (i) No events have taken place and no circumstances
         exist at the date hereof which would give Borrower the right to assert
         a defense, offset or counterclaim to any claim by the Administrative
         Bank or any Lender for payment of any Note; and (ii) Borrower hereby
         releases and forever discharges the Administrative Bank, each Lender
         and their respective successors, assigns, directors, officers, agents,
         employees and participants from any and all actions, causes of action,
         suits, proceedings, debts, sums of money, covenants, contracts,
         controversies, claims and demands, at law or in equity, which Borrower
         ever had or now has against such Person by virtue of such Person's
         relationship to Borrower in connection with the Loan Documents and the
         transactions related thereto;

                  (d)      The Original Agreement, as amended by this Amendment,
         is the legal, valid and binding obligation of Borrower, remains in full
         force and effect and is enforceable in accordance with its terms,
         subject only to bankruptcy, insolvency, reorganization, moratorium or
         similar laws, rulings or decisions at the time in effect affecting the
         enforceability of rights of creditors generally and to general
         equitable principles which may limit the right to obtain equitable
         remedies; and

                  (e)      No Default or Event of Default exists prior to or
         after giving effect to this Amendment.

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         5.       REFERENCE TO AND EFFECT ON THE LOAN DOCUMENTS.

                  (a)      From and after the date of this Amendment, each
         reference in the Original Agreement to "this Agreement", "hereunder",
         "hereof", "herein" or words of like import referring to the Original
         Agreement, and each reference to the "Credit Agreement", "Loan
         Agreement", "thereunder", "thereof", "therein" or words of like import
         referring to the Original Agreement in any other Loan Document shall
         mean and be a reference to the Original Agreement as amended hereby;
         and

                  (b)      The execution, delivery and effectiveness of this
         Amendment shall not, except as expressly provided herein, operate as a
         waiver of any right, power or remedy of the Administrative Bank, any
         Lender or the Collateral Agent under the Original Agreement or any
         other Loan Document, nor constitute a waiver of any provision of the
         Original Agreement or any such other Loan Document.

         6.       COSTS, EXPENSES AND TAXES. Borrower agrees to pay on demand
all costs and expenses of the Administrative Bank and each Lender in connection
with the preparation, reproduction, execution and delivery of this Amendment and
the other documents to be delivered hereunder or thereunder, including their
reasonable attorneys' fees and legal expenses. In addition, Borrower shall pay
any and all stamp and other taxes and fees payable or determined to be payable
in connection with the execution and delivery, filing or recording of this
Amendment and the other instruments and documents to be delivered hereunder, and
agrees to save the Administrative Bank and each Lender harmless from and against
any and all liabilities with respect to, or resulting from, any delay in
Borrower's paying or omission to pay, such taxes or fees.

         7.       GOVERNING LAW. THE VALIDITY, CONSTRUCTION AND ENFORCEABILITY
OF THIS AMENDMENT SHALL BE GOVERNED BY THE INTERNAL LAWS OF THE STATE OF
MINNESOTA, WITHOUT GIVING EFFECT TO CONFLICT OF LAWS PRINCIPLES THEREOF, BUT
GIVING EFFECT TO FEDERAL LAWS APPLICABLE TO NATIONAL BANKS.

         8.       HEADINGS. Section headings in this Amendment are included
herein for convenience of reference only and shall not constitute a part of this
Amendment for any other purpose.

         9.       COUNTERPARTS. This Amendment may be executed in one or more
counterparts, each of which shall be deemed to be an original.

         [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

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<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed by their respective officers thereunto duly authorized as of the date
first written above.

                                     FCA REAL ESTATE HOLDINGS, LLC

                                     By:  LIFE TIME FITNESS, Inc.
                                     Its: Manager

                                     By: _______________________________________
                                     Its: Secretary and Chief Financial Officer

                                     U.S. BANK NATIONAL ASSOCIATION, as the
                                     Administrative Bank, the Collateral Agent,
                                     the sole Primary Lender for the Series
                                     A and the Series F Loan, and a Lender for
                                     all other Series Loans

                                     By: _______________________________________
                                     Its: Vice President

                                     BANK ONE, MICHIGAN, as a Lender for all
                                     Series Loans, other than the Series A Loan
                                     and the Series F Loan

                                     By: _______________________________________
                                     Its: First Vice President

                                       9<PAGE>

                                                                   EXHIBIT 10.13

                                 AMENDMENT NO. 4
                                       TO
                    AMENDED AND RESTATED MASTER CONSTRUCTION
                             AND TERM LOAN AGREEMENT

         THIS AMENDMENT NO. 4 TO AMENDED AND RESTATED MASTER CONSTRUCTION AND
TERM LOAN AGREEMENT, is entered into as of February 28, 2002 (the "AMENDMENT")
among FCA Real Estate Holdings, LLC, a Delaware limited liability company
("BORROWER"); U.S. BANK NATIONAL ASSOCIATION, a national banking association, as
agent and administrative bank (in such capacity, "ADMINISTRATIVE BANK"), and as
collateral agent (in such capacity, "COLLATERAL AGENT"); and the "Lender"
parties to the Original Agreement described in this Amendment (each a "LENDER"
and collectively "LENDERS").

                                    RECITALS:

         A.       Borrower, Administrative Bank, Collateral Agent, and Lenders
are parties to the Amended and Restated Master Construction and Term Loan
Agreement dated as of July 17, 2000, as amended by Amendment No. 1 to Amended
and Restated Master Construction and Term Loan Agreement dated as of June 14,
2001, by Amendment No. 2 to Amended and Restated Master Construction and Term
Loan Agreement dated as of July 19, 2001, and by Amendment No. 3 to Amended and
Restated Master Construction and Term Loan Agreement dated as of August 21, 2001
(as so amended, and as supplemented by the Supplements through the Series L Loan
Supplement, the "ORIGINAL AGREEMENT"). All capitalized terms used in this
Amendment shall, except where the context otherwise requires, have the meanings
set forth in the Original Agreement, as amended by this Amendment.

         B.       U.S. Bank National Association is the sole Primary Lender for
the Series F Loan. Borrower and U.S. Bank National Association, in its capacity
as the Primary Lender for the Series F Loan, and not in its capacity as
Collateral Agent or Administrative Bank, have requested that Administrative Bank
and the other Lenders release the Project Collateral securing the Series F Loan
from the Collateral securing the Loan. The Project Collateral for the Series F
Loan is Borrower's sports and heath club facility located in Bloomington,
Minnesota, as described in the Series F Loan Supplement.

         C.       Subject to the terms and conditions of this Amendment, the
Administrative Bank and the Lenders have agreed to Borrower's and U.S. Bank
National Association's request.

         NOW, THEREFORE, the parties agree as follows:

         1.       RELEASE OF SERIES F LOAN PROJECT COLLATERAL. Effective as of
the date of this Amendment, Lenders hereby (i) release the Series F Loan Project
Collateral from the Collateral, with the same effect, as among the Lenders (but
not as between U.S. Bank National Association and Borrower), as if the Series F
Loan had been repaid in full, and (ii) authorize Collateral Agent to execute and
deliver an assignment of all of the interest of

<PAGE>

Collateral Agent and Lenders in the Series F Loan Project Collateral to U.S.
Bank National Association, for its own benefit, and not as Collateral Agent,
Administrative Bank, or a Lender.

         2.       REPRESENTATIONS AND WARRANTIES. To induce Administrative Bank,
Collateral Agent and Lenders to enter into this Amendment, Borrower represents
and warrants to Administrative Bank, Collateral Agent and Lenders as follows:

                  (a)      The execution, delivery and performance by Borrower
         of the Original Agreement as amended by this Amendment and any other
         documents to be executed and/or delivered by Borrower in connection
         with this Amendment have been duly authorized by all necessary company
         action, do not require any approval or consent of, or any registration,
         qualification or filing with, any government agency or authority or any
         approval or consent of any other person (including, without limitation,
         any member), do not and will not conflict with, result in any violation
         of or constitute any default under, any provision of Borrower's
         Articles of Organization, Member Control Agreement or Operating
         Agreement, any agreement binding on or applicable to Borrower or any of
         its property, or any law or governmental regulation or court decree or
         order, binding upon or applicable to Borrower or of any of its property
         and will not result in the creation or imposition of any security
         interest or other lien or encumbrance in or on any of its property
         pursuant to the provisions of any agreement applicable to Borrower or
         any of its property;

                  (b)      The representations and warranties contained in the
         Original Agreement are true and correct as of the date of this
         Amendment as though made on that date except to the extent that such
         representations and warranties relate solely to an earlier date and
         except that the representations and warranties set forth in Section
         IV.5 of the Original Agreement with respect to the audited or unaudited
         financial statements of Borrower or Lessee, as the case may be, shall
         be deemed to be a reference to the most recent audited or unaudited
         financial statements of the relevant Person delivered to Lenders
         pursuant to Section V.7 of the Original Agreement;

                  (c)      (i) No events have taken place and no circumstances
         exist at the date of this Amendment that would give Borrower the right
         to assert a defense, offset or counterclaim to any claim by
         Administrative Bank or any Lender for payment of any Note; and (ii)
         Borrower hereby releases and forever discharges Administrative Bank,
         each Lender and their respective successors, assigns, directors,
         officers, agents, employees and participants from any and all actions,
         causes of action, suits, proceedings, debts, sums of money, covenants,
         contracts, controversies, claims and demands, at law or in equity, that
         Borrower ever had or now has against such Person by virtue of such
         Person's relationship to Borrower in connection with the Loan Documents
         and the transactions related to the Loan Documents;

                  (d)      The Original Agreement, as amended by this Amendment,
         is the legal, valid and binding obligation of Borrower, remains in full
         force and effect and is

<PAGE>

         enforceable in accordance with its terms, subject only to bankruptcy,
         insolvency, reorganization, moratorium or similar laws, rulings or
         decisions at the time in effect affecting the enforceability of rights
         of creditors generally and to general equitable principles that may
         limit the right to obtain equitable remedies; and

                  (e)      No Default or Event of Default exists before or after
         giving effect to this Amendment.

         3.       REFERENCE TO AND EFFECT ON THE LOAN DOCUMENTS.

                  (a)      From and after the date of this Amendment, each
         reference in the Original Agreement to "this Agreement", "hereunder",
         "hereof', "herein" or words of like import referring to the Original
         Agreement, and each reference to the "Credit Agreement", "Loan
         Agreement", "thereunder", "thereof', "therein" or words of like import
         referring to the Original Agreement in any other Loan Document shall
         mean and be a reference to the Original Agreement as amended by this
         Amendment; and

                  (b)      The execution, delivery and effectiveness of this
         Amendment shall not, except as expressly provided in this Amendment,
         operate as a waiver of any right, power or remedy of Administrative
         Bank, any Lender, or Collateral Agent under the Original Agreement or
         any other Loan Document, nor constitute a waiver of any provision of
         the Original Agreement or any such other Loan Document.

         4.       COSTS, EXPENSES AND TAXES. Borrower shall pay on demand all
costs and expenses of Administrative Bank and each Lender in connection with the
preparation, reproduction, execution and delivery of this Amendment and the
other documents to be delivered in connection with this Amendment, including
their reasonable attorneys' fees and legal expenses. In addition, Borrower shall
pay any and all stamp and other taxes and fees payable or determined to be
payable in connection with the execution and delivery, filing or recording of
this Amendment and the other instruments and documents to be delivered under
this Amendment, and agrees to save Administrative Bank and each Lender harmless
from and against any and all liabilities with respect to, or resulting from, any
delay in Borrower's paying or omission to pay, such taxes or fees.

         5.       GOVERNING LAW. THE VALIDITY, CONSTRUCTION AND ENFORCEABILITY
OF THIS AMENDMENT SHALL BE GOVERNED BY THE INTERNAL LAWS OF THE STATE OF
MINNESOTA, WITHOUT GIVING EFFECT TO CONFLICT OF LAWS PRINCIPLES THEREOF, BUT
GIVING EFFECT TO FEDERAL LAWS APPLICABLE TO NATIONAL BANKS.

         6.       HEADINGS. Section headings in this Amendment are included for
convenience of reference only and shall not constitute a part of this Amendment
for any other purpose.

<PAGE>

         7.       COUNTERPARTS. This Amendment may be executed in one or more
counterparts, each of which shall be deemed to be an original.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed by their respective officers thereunto duly authorized as of the date
first written above.

                           BORROWER:

                           FCA Real Estate Holdings, LLC

                           By:      LIFE TIME FITNESS, Inc., its Manager

                                    By:________________________________
                                    Its:_______________________________

                           ADMINISTRATIVE BANK, COLLATERAL AGENT, AND
                           LENDER:

                           U.S. Bank National Association

                           By:      ______________________________________
                                    Karen E. Weathers, its Vice President

                           LENDER:

                           Bank One, Michigan

                           By:      ____________________________________________
                                    Kathryn A. Pothier, its First Vice President

<PAGE>

                           LENDER:

                           MB Financial Bank, N.A. (successor to Manufacturers
                           Bank)

                           By:      ____________________________________________
                                    Joseph P. Valenti, its Senior Vice President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00063-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00063-of-00352.parquet"}]]