Document:

EXHIBIT 10.133

              AMENDMENT NUMBER FOUR TO LOAN AND SECURITY AGREEMENT

      This Amendment Number Four to Loan and Security Agreement ("Amendment") is
entered into as of March 26, 2003, by and between BLUEGREEN CORPORATION, f/k/a
Patten Corporation, a Massachusetts corporation ("Borrower"), and FOOTHILL
CAPITAL CORPORATION, a California corporation ("Foothill"), in light of the
following:

      FACT ONE: Borrower and Foothill have previously entered into that certain
Amended and Restated Loan and Security Agreement, dated as of September 23,
1997, as Amended by that certain Amendment Number One to Loan and Security
Agreement dated as of December 1, 2000, as further amended by that certain
Amendment Number Two to Loan and Security Agreement dated as of November 9, 2001
and that certain Amendment Number Three to Loan and Security Agreement dated as
of August 28, 2002 (as amended, the" Agreement").

      FACT TWO: Borrower and Foothill desire to amend the Agreement as provided
for and on the conditions herein.

      NOW, THEREFORE, Borrower and Foothill hereby amend and supplement the
Agreement as follows:

      1. DEFINITIONS. All initially capitalized terms used in this Amendment
shall have the meanings given to them in the Agreement unless specifically
defined herein.

      2. AMENDMENTS.

            (a) The following new definitions are added to Section 1.1 of the
Agreement:

            ""Bluegreen Communities" means BLUEGREEN COMMUNITIES OF GEORGIA,
            LLC, a Georgia limited liability company."

            ""Fourth Amendment" means that certain Amendment Number Four to Loan
            and Security Agreement dated as of March 26, 2003, executed by
            Borrower and Foothill."

            ""Land Inventory Borrowing Base" means an amount equal to the lesser
            of (a) Eight Million Five Hundred Thousand Dollars ($8,500,000.00),
            (b) seventy-five percent (75%) of the sum of acquisition costs of
            real property plus sixty-five percent (65%) of Borrower's actual
            costs of improvements to be erected thereon, or (c) Foothill's
            in-house appraisal of the Real Property. The foregoing provision of
            (b) notwithstanding, the computation of the Land Inventory Borrowing
            Base shall be further limited for each such subsection by a project
            to project limitation of seventy percent (70%) of the Orderly
            Liquidation Value of each project.."

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            ""Mulberry Deed to Secure Debt" means that certain Deed to Secure
            Debt, Assignment of Rents, Security Agreement and Fixture Filing
            executed by Bluegreen Communities dated contemporaneously to the
            date of the Fourth Amendment, which secures the Obligations of the
            Mulberry Note and the Agreement (excluding Advances made pursuant to
            sections 2.1, 2.3, 2.8, and 2.9 of the Loan Agreement), and which
            encumbers the Mulberry Property."

            ""Mulberry Note" means that certain "Land Inventory Advance Note
            (Secured) ($8,500,000.00) executed by Borrower and Bluegreen
            Communities dated contemporaneously to the date of the Fourth
            Amendment and Secured by the Mulberry Deed to Secure Debt."

            ""Mulberry Property" means the property commonly known as Meadows in
            Braselton, f/k/a Mulberry Plantation, situate in Jackson County,
            Georgia, as more particularly described in the Mulberry Deed to
            Secure Debt."

            (b) The definition of "Loan Documents" in Section 1.1 of the Loan
Agreement is deleted in its entirety and the following substituted in its place
and stead:

            ""Loan Documents" means this Agreement, the Pledge Agreement, the
            Lock Box Agreements, the Mortgages, the Term Note, the C- Term Note,
            the Mulberry Note, the Mulberry Deed to Secure Debt, any other note
            or notes executed by Borrower and payable to Foothill, and any other
            agreement entered into in connection with this Agreement."

            (c) The definition of "Mortgages" in Section 1.1 of the Loan
Agreement is deleted in its entirety and the following substituted in its place
and stead:

            ""Mortgages" means one (1) or more deeds of trust, mortgages or
            deeds to secure debt, executed by Borrower or any Affiliate of
            Borrower in favor of Foothill, the form and substance of which shall
            be satisfactory to Foothill, that encumber the Real Property and the
            related improvements thereto. The term "Mortgages" includes the
            Mulberry Deed to Secure Debt."

            (d) Section 2.1(a) of the Loan Agreement is deleted in its entirety
and the following substituted in its place and stead:

            "(a) In addition to the Land Inventory Advances set forth in Section
            2.2 hereof, the Term Loan and B Line Advances set forth in Section
            2.3 hereof, the Pledged T Note Advances set forth in Section 2.8
            hereof, and the C Line Advances set forth in Section 2.9, hereof,
            subject to the terms and conditions of this Agreement, and further
            for a period through and including December 31, 2005 only, and
            further provided Borrower is not in default hereunder (subject to
            grace periods, if any), including,

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            specifically, Section 6.13 hereof, Foothill agrees to make advances
            to Borrower upon the pledge to Foothill of the Pledged A Notes ("A
            Line Advances") in an amount not to exceed the A Line Borrowing
            Base."

            (e) Section 2.2(a) of the Loan Agreement is deleted in its entirety
and the following substituted in its place and stead:

            "(a) In addition to the A Line Advances set forth in Section 2.1
            hereof, the Term Loan and B Line Advances set forth in Section 2.3
            hereof, the Pledged T Note Advances set forth in Section 2.8 hereof,
            and the C Line Advances set forth in Section 2.9 hereof, subject to
            the terms and conditions of this Agreement, , and further for a
            period through and including December 31, 2005 only, and provided
            Borrower is not in default hereunder (subject to grace periods, if
            any), including, specifically, Section 6.13 hereof, Foothill agrees
            to make non-revolving advances to Borrower in an amount not to
            exceed the Land Inventory Borrowing Base ("Land Inventory Advances")
            to enable it to buy and develop Approved Land Projects for
            subsequent resale to the public. Land Inventory Advances shall be
            used for this and for no other purpose. All such acquired assets
            shall become Collateral. At Foothill's request, Borrower shall
            execute a Secured Promissory Note to evidence the borrowings under
            this Section 2.2. "

            (f) Section 2.3(a) of the Loan Agreement is deleted in its entirety
and the following substituted in its place and stead:

            "(a) In addition to the A Line Advances set forth in Section 2.1
            hereof, the Land Inventory Advances set forth in Section 2.2 hereof,
            the Pledged T Note Advances set forth in Section 2.8 hereof, and the
            C Line Advances set forth in Section 2.9 hereof, subject to the
            terms and conditions of this Agreement, and for a period through and
            including December 31, 2005 only, and further provided Borrower is
            not in default hereunder (subject to grace periods, if any),
            including, specifically, Section 6.13 hereof, Foothill agrees to
            make advances to Borrower upon the pledge to Foothill of the Pledged
            B Notes ("B Line Advances") in an amount not to exceed the lesser of
            (i) Five Million Dollars ($5,000,000); or (ii) the B Line Borrowing
            Base."

            (g) Section 2.4(a) of the Loan Agreement is deleted in its entirety
and the following substituted in its place and stead:

            "(a) Interest Rate. All Obligations (other than Obligations incurred
            pursuant to Section 2.2 above) shall bear interest, on the actual
            Daily Balance, computed as follows: (i) should the average monthly
            outstanding loan balance on advances made pursuant to Sections 2.1
            2.8, and 2.9 above equal or exceed $10,000,000 for any month, then
            the interest rate

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<PAGE>

            charged on all Obligations (other than Obligations incurred pursuant
            to Section 2.2 above) for such month shall be computed at a rate
            equal to three-quarters (3/4) percentage point above the Reference
            Rate; (ii) should the average monthly outstanding loan balance on
            advances made pursuant to Sections 2.1, 2.8 and 2.9 be less than
            $10,000,000 for any consecutive ten day period, then the interest
            rate charged on all Obligations (other than Obligations incurred
            pursuant to Section 2.2 above) for the period of time commencing
            with the first day of the calendar month preceding the date on which
            the Obligations dropped below $10,000,000 until the first day of the
            subsequent month when the Obligations have once again equaled or
            exceeded $10,000,000 shall be computed at a rate equal to the
            greater of: (i) seven percent (7%) per annum; or (ii) one (1)
            percentage point above the Reference Rate. The Obligations arising
            out of Land Inventory Advances set forth in Section 2.2 shall bear
            interest on the average Daily Balance, at a rate of one and
            one-quarter (1.25) percentage points above the Reference Rate."

            (h) Section 2.4(c) of the Loan Agreement is amended by deleting the
first sentence therein in its entirety.

            (i) Section 2. 7(b) of the Loan Agreement is amended by adding the
following sentence at the conclusion thereof:

            "Accordingly, with the funding of the Land Inventory Advance
            evidenced by the Mulberry Note, a one time funding fee of Eighty
            Five Thousand Dollars ($85,000.00) shall be owing, which such fee is
            fully earned and payable and which shall be added to the
            Obligations."

            (j) Section 2.7 of the Loan Agreement is amended by deleting
subsection (c) and (d) in their entirety and the following substituted in their
place and stead:

            "(c) Financial Examination, Documentation, and Appraisal Fees.
            Foothill's customary fee of Seven Hundred Fifty Dollars ($750) per
            day per examiner, plus out-of-pocket expenses for each financial
            analysis and examination of Borrower performed by Foothill or its
            agents; Foothill's customary appraisal fee of Seven Hundred Fifty
            Dollars ($750) per day per appraiser, plus out-of-pocket expenses
            for each appraisal of the Collateral performed by Foothill or its
            agents.

            "(d) Servicing Fee. On the first day of each month following the
            Effective Date during the term of this Agreement, and thereafter so
            long as any Obligations are outstanding, a servicing fee in an
            amount equal to Five Thousand Dollars ($5,000) per month.

            (k) Section 2.8(a) of the Loan Agreement is deleted in its entirety
and the following substituted in its place and stead:

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<PAGE>

            "(a) In addition to the Pledged A Note Advances set forth in Section
            2.1 hereof, the Land Inventory Advances set forth in Section 2.2
            hereof, the Term Loan and B Line Advances set forth in Section 2.3
            hereof, and the C Line Advances set forth in Section 2.9, subject to
            the terms and conditions of this Agreement, and further for a period
            through and including December 31, 2005 only, and further provided
            Borrower is not in default hereunder (subject to grace periods, if
            any), including, specifically, Section 6.13 hereof, Foothill agrees
            to make advances to Borrower upon the pledge to Foothill of the
            Pledged T Notes ("T Line Advances") in an amount not to exceed the T
            Line Borrowing Base."

            (1) Section 2.9(a) of the Loan Agreement is deleted in its entirety
and the following substituted in its place and stead:

            "(a) In addition to the Pledged A Note Advances set forth in Section
            2.1 hereof, the Land Inventory Advances set forth in Section 2.2
            hereof, the Term Loan and B Line Advances set forth in Section 2.3
            hereof, and the Pledged T Note Advances set forth in Section 2.8
            hereof, subject to the terms and conditions of this Agreement, and
            further for a period through and including December 31, 2005 only,
            and further provided Borrower is not in default hereunder (subject
            to grace periods, if any), including, specifically, Section 6.13
            hereof, Foothill agrees to make advances to Borrower upon the pledge
            to Foothill of the Pledged C Notes ("C Line Advances") in an amount
            not to exceed the C Line Borrowing Base. "

            (m) Section 3.5 of the Loan Agreement is deleted in its entirety and
the following substituted in its place and stead:

            "3.5 Term. This Agreement shall become effective upon the execution
            and delivery hereof by Borrower and Foothill and shall continue in
            full force and effect for a term ending on December 31, 2007. The
            foregoing notwithstanding: (i) that portion of the Obligations
            evidencing Land Inventory Advances borrowed pursuant to Section 2.2
            hereof shall be all due and payable on or before March 10, 2006; and
            (ii) Foothill shall have the right to terminate its obligations
            under this Agreement immediately and without notice upon the
            occurrence and during the continuation of an Event of Default."

            (n) Section 3.7 of the Loan Agreement is deleted in its entirety and
the following substituted in its place and stead:

            "3.7 Early Termination by Borrower. Borrower has the option, at any
            time upon ninety (90) days prior written notice to Foothill, to
            terminate this Agreement by paying to Foothill, in cash, the
            Obligations together with a premium ("Early Termination Fee") equal
            to the applicable percentage of

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<PAGE>

            the Maximum Amount as follows:

                           if the facility is so terminated on or before
                           December 31, 2003: 3%

                           if the facility is so terminated during
                           calendar year 2004: 2%

                           if the facility is so terminated during
                           calendar year 2005: 1%

                           if the facility is so terminated after
                           December 31, 2005: .5%.

            The foregoing notwithstanding, Borrower shall have the right upon
            thirty (30) days prior written notice to Foothill, to pay-off in
            full the Land Inventory Advances without the payment of an Early
            Termination Fee, unless all the Obligations are paid off
            contemporaneously therewith."

            (o) Section 4.8 of the Loan Agreement is deleted in its entirety and
the following substituted in its place and stead:

            "4.8 Release of Security Interests in the Pledged Notes: Release of
            Security when Advances are Equal to Zero.

                  "(a) Provided there shall not have occurred an Event of
                  Default, and provided further that Borrower shall pay in full
                  all interest and principal owing on the A Line Advances at the
                  time of release, Borrower shall have the right to cause to be
                  released from Foothill's lien all (but not part of) the
                  Pledged A Notes provided such release is to enable Borrower to
                  securitize the Pledged A Notes by the issuance of note backed
                  securities or commercial paper. The Early Termination Fee
                  provided for in Section 3.7 hereof, shall not be payable,
                  however the minimum interest payment shall still be payable in
                  accordance with the provisions contained herein.

                  "(b) Provided there shall not have occurred an Event of
                  Default, and provided further that Borrower shall pay in full
                  all interest and principal owing on the B Line Advances at the
                  time of release, Borrower shall have the right to cause to be
                  released from Foothill's lien all (but not part of) the
                  Pledged B Notes provided such release is to enable Borrower to
                  securitize the Pledged B Notes by the issuance of note backed
                  securities or commercial paper. The Early Termination Fee
                  provided for in Section 3.7 hereof, shall not be payable,
                  however the minimum interest

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<PAGE>

                  payment shall still be payable in accordance with the
                  provisions contained herein.

                  "(c) Provided there shall not have occurred an Event of
                  Default, and provided further that Borrower shall pay in full
                  all interest and principal owing on the C Line Advances at the
                  time of release, Borrower shall have the right to cause to be
                  released from Foothill's lien all (but not part of) the
                  Pledged C Notes provided such release is to enable Borrower to
                  securitize the Pledged C Notes by the issuance of note backed
                  securities or commercial paper. The Early Termination Fee
                  provided for in Section 3.7 hereof, shall not be payable,
                  however the minimum interest payment shall still be payable in
                  accordance with the provisions contained herein.

                  "(d) Provided there shall not have occurred an Event of
                  Default, and provided further that Borrower shall pay in full
                  all interest and principal owing on the T Line Advances at the
                  time of release, Borrower shall have the right to cause to be
                  released from Foothill's lien all (but not part of) the
                  Pledged T Notes provided such release is to enable Borrower to
                  securitize the Pledged T Notes by the issuance of note backed
                  securities or commercial paper. The Early Termination Fee
                  provided for in Section 3.7 hereof, shall not be payable,
                  however the minimum interest payment shall still be payable in
                  accordance with the provisions contained herein."

            (p) There is added a new Section 5.20 to the Loan Agreement as
follows:

            "5.20 Bluegreen Communities. Borrower is the sole owner of the
            equity interests in Bluegreen Communities."

              (q) There is added a new Section 7.19 to the Loan Agreement as
follows:

            "7.19 Execution of Mulberry Loan Documents. Execute a form of the
            Mulberry Note or Mulberry Deed to Secure Debt other than the final
            form provided to Borrower or its counsel, or fail to obtain a policy
            of title insurance insuring the lien of the same in accordance with
            the instructions of Foothill's counsel."

      3. REPRESENTATIONS AND WARRANTIES. Borrower hereby affirms to Foothill
that all of Borrower's representations and warranties set forth in the Agreement
are true, complete and accurate in all respects as of the date hereof.

      4. NO DEFAULTS. Borrower hereby affirms to Foothill that no Event of
Default has occurred and is continuing as of the date hereof.

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      5. CONDITION PRECEDENT. The effectiveness of this Amendment is expressly
conditioned upon receipt by Foothill of an executed copy of this Amendment.

      6. COSTS AND EXPENSES. Borrower shall pay to Foothill all of Foothill's
out-of-pocket costs and expenses (including, without limitation, title fees,
search fees, filing and recording fees, documentation fees, appraisal fees,
travel expenses, and other fees, and the reasonable fees and expenses of its
counsel) arising in connection with the preparation, execution, and delivery of
this Amendment and all related documents.

      7. LIMITED EFFECT. In the event of a conflict between the terms and
provisions of this Amendment and the terms and provisions of the Agreement, the
terms and provisions of this Amendment shall govern. In all other respects, the
Agreement, as amended and supplemented hereby, shall remain in full force and
effect.

      8. COUNTERPARTS: EFFECTIVENESS. This Amendment may be executed in any
number of counterparts and by different parties on separate counterparts, each
of which when so executed and delivered shall be deemed to be an original. All
such counterparts, taken together, shall constitute but one and the same
Amendment. This Amendment shall become effective upon the execution of a
counterpart of this Amendment by each of the parties hereto. This Agreement may
be executed and the signature pages telecopied between the parties. A
telefacsimile signature is deemed an original for all purposes.

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

                                        FOOTHILL CAPITAL CORPORATION,
                                        a California corporation

                                        By /S/ KEVIN BELANGER
                                           -------------------------------
                                        Print Name:  Kevin Belanger
                                        Print Title:  Vice President

                                        BLUE GREEN CORPORATION,
                                        a Massachusetts corporation

                                        By /S/ DANIEL C. KOSCHER
                                           -------------------------------
                                        Print Name:  Daniel C. Koscher
                                        Print Title:  Senior Vice President

                                       8EXHIBIT 10.134

                           LAND INVENTORY ADVANCE NOTE
                                    (SECURED)
                                  ($8,500,000)
                         THE MATURITY DATE OF THIS NOTE
                                IS MARCH 10, 2006

$8,500,000.00                                                     March 26, 2003

      FOR VALUE RECEIVED, the undersigned BLUEGREEN COMMUNITIES OF GEORGIA, LLC,
a Georgia limited liability company and BLUEGREEN CORPORATION, a Massachusetts
corporation (individually and collectively, jointly and severally, "Maker"),
hereby promise to pay to the order of Foothill Capital Corporation, a California
corporation ("Lender"), as hereinafter provided, in such coin or currency of the
United States which shall be legal tender in payment of all debts and dues,
public and private, at the time of payment, the principal sum of EIGHT MILLION
FIVE HUNDRED THOUSAND DOLLARS ($8,500,000.00) (the "principal sum") together
with interest thereon from the date hereof until paid. Capitalized terms used in
this Promissory Note (the "Note") and not otherwise defined herein shall have
the meanings set forth in that certain Amended and Restated Loan and Security
Agreement by and between Lender and Bluegreen Corporation dated as of September
23, 1997, as amended by four amendments, each dated December 1, 2000, November
9, 2001, August 28, 2002, and the fourth dated contemporaneously herewith,
(hereinafter, the "Loan Agreement") and the definitions of such capitalized
terms, as set forth in the Loan Agreement, are incorporated herein by this
reference. Likewise, to the extent terms and provisions of the Loan Agreement
are referred to in this Note, they are incorporated herein by each such
reference.

      (a) The unpaid principal balance of this Note shall bear interest at the
reate provided in the Loan Inventory Advances. Maker promises to pay interest
and principal on the unpaid principal balance of this Note on the dates and at
the rates and in the amounts provided in the Loan Agreement. for a Land
Inventory Advance. Interest chargeable hereunder shall be calculated as set
forth in the Loan Agreement for Land Inventory Advances, and may be prepaid at
any time without penalty. All payment sof this Note shall be made and credited a
s provided in the Loan Agreement for Land Inventory Advances.

      (b) The outstanding unpaid principal balance of the Loan evidenced hereby,
together with any and all accrued and unpaid interest hereunder, shall be due
and payable if not sooner because of an Event of Default, on March 10, 2006.

      (c) In no contingency or event whatsoever, whether by reason of
advancement of the proceeds hereof, or otherwise shall the amount paid or agreed
to be paid to Lender for the use, forbearance, or detention of the money
advanced or to be advanced hereunder exceed the highest lawful rate permissible
under any law which a Court of competent jurisdiction may deem applicable
hereto. If any amount is received in excess of such highest lawful rate, such
amount shall be applied by Lender in reduction of the principal

<PAGE>

sum. All unpaid principal and/or unpaid installments of principal or interest
shall bear interest after maturity or due date thereof, or after default, at the
"Default Rate", (as defined in Section 2.4 of the Loan Agreement), until paid.

      (d) Maker, for itself and its legal representatives, successors and
assigns, expressly waives presentment, demand, protest, notice of dishonor,
notice of non-payment, notice of maturity, notice of protest, presentment for
the purpose of accelerating maturity, diligence in collection, and the benefit
of any exemption under the homestead exemption laws, if any, or any other
exemption or insolvency laws, and consents that Lender may release or surrender,
exchange or substitute any real estate and/or personal property or other
collateral security now held or which may hereafter be held as security for the
payment of this Note, and may extend the time for payment or otherwise modify
the terms of the payment of any part or the whole of the debt evidenced hereby.

      (e) Maker agrees to pay all charges incident to, arising out of or in
connection with the preparation, execution, delivery and enforcement of this
Note, including, without limitation, all attorneys' fees and disbursements
incurred by Lender, whether incurred prior to litigation, or in litigation at
trial or on appeal and all expenses, including, without limitation, attorneys'
fees and disbursements incident to the enforcement of payment of this Note, by
any action or participation in, or in connection with, a case or proceeding
under Chapters 7, 11 or 13 of the Bankruptcy Code or any successor statute
thereto.

      (f) IT IS EXPRESSLY AGREED THAT, UPON THE OCCURRENCE OF AN EVENT OF
DEFAULT UNDER THE LOAN AGREEMENT, THE UNPAID PRINCIPAL BALANCE OF THIS NOTE,
TOGETHER WITH INTEREST ACCRUED HEREON, SHALL BE DUE AND PAYABLE AS PROVIDED IN
THE LOAN AGREEMENT, WITHOUT PRESENT, DEMAND, PROTEST, OR NOTICE OR PROTEST, OF
ANY KIND, ALL OF WHICH ARE HEREBY EXPRESSLY WAIVED. IT IS FURTHER UNDERSTOOD
THAT THIS NOTE IS SECURED BY, AMONG OTHER THINGS, THE LIENS GRANTED TO LENDER
UNDER OTHER LOAN DOCUMENTS, UNLESS EXPRESSLY PROVIDED FOR TO THE CONTRARY IN THE
LOAN AGREEMENT. ALL OF THE COVENANTS, CONDITIONS, WARRANTIES, REPRESENTATIONS
AND AGREEMENTS CONTAINED IN THE LOAN AGREEMENT OR IN THE LOAN DOCUMENTS, ARE
HEREBY INCORPORATED HEREIN AND MADE A PART HEREOF.

      (g) THE VALIDITY OF THIS NOTE, ITS CONSTRUCTION, INTERPRETATION, AND
ENFORCEMENT, AND THE RIGHTS OF THE PARTIES HERETO SHALL BE DETERMINED UNDER,
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF
CALIFORNIA, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. THE PARTIES AGREE
THAT ALL ACTIONS OR PROCEEDINGS ARISING IN CONNECTION WITH THIS NOTE SHALL BE
TRIED AND LITIGATED ONLY IN THE STATE AND FEDERAL COURTS LOCATED IN THE COUNTY
OF LOS ANGELES, STATE OF CALIFORNIA OR, AT THE SOLE OPTION OF FOOTHILL, IN ANY
OTHER COURT IN WHICH FOOTHILL SHALL INITIATE LEGAL OR EQUITABLE PROCEEDINGS AND
WHICH HAS SUBJECT MATTER

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<PAGE>

JURISDICTION OVER THE MATTER IN CONTROVERSY. EACH OF MAKER AND FOOTHILL WAIVES,
TO THE EXTENT PERMITTED UNDER APPLICABLE LAW, ANY RIGHT EACH MAY HAVE TO ASSERT
THE DOCTRINE OF FORUM NON CONVENIENS OR TO OBJECT TO VENUE TO THE EXTENT ANY
PROCEEDING IS BROUGHT IN ACCORDANCE WITH THIS NOTE. MAKER AND FOOTHILL HEREBY
WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION
BASED UPON OR ARISING OUT OF ANY OF THE LOAN DOCUMENTS OR ANY OF THE
TRANSACTIONS CONTEMPLATED THEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS,
BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS. MAKER AND
FOOTHILL REPRESENT THAT EACH HAS REVIEWED THIS WAIVER AND EACH KNOWINGLY AND
VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL
COUNSEL. IN THE EVENT OF LITIGATION, A COPY OF THIS NOTE MAY BE FILED AS A
WRITTEN CONSENT TO A TRIAL BY THE COURT.

      (h) Each of Makers is accepting joint and several liability hereunder in
consideration of the financial accommodations to be provided by Lender under
this Note, for the mutual benefit, directly and indirectly, of each of 4 LA
46486v1 2/20/2003 Makers and in consideration of the undertakings of the other
Makers to accept joint and several liability for the Obligations (as used
herein, the term Obligations shall have the meaning set forth in the Loan
Agreement, excluding from such definition Advances made pursuant to Sections
2.1, 2.3 & 2.8 of the Loan Agreement).

      (i) Each of Makers, jointly and severally, hereby irrevocably and
unconditionally accepts, not merely as a surety but also as a co-debtor, joint
and several liability with the other Makers, with respect to the payment and
performance of all of the Obligations (including, without limitation, any
Obligations arising under these paragraphs (h) through (r), it being the
intention of the parties hereto that all the Obligations shall be the joint and
several obligations of each Person composing Makers without preferences or
distinction among them.

      (j) If and to the extent that any of Makers shall fail to make any payment
with respect to any of the Obligations as and when due or to perform any of the
Obligations in accordance with the terms thereof, then in each such event the
other Persons composing Makers will make such payment with respect to, or
perform, such Obligation.

      (k) The Obligations of each Person composing Makers under this Note
constitute the absolute and unconditional, full recourse Obligations of each
Person composing Makers enforceable against each such Maker to the full extent
of its properties and assets, irrespective of the validity, regularity or
enforceability of this Note or any other circumstances whatsoever.

      (l) Except as otherwise expressly provided in this Note, each Person
composing Makers hereby waives notice of acceptance of its joint and several
liability, notice of the occurrence of any Default, Event of Default, or of any
demand for any payment under this Note, notice of any action at any time taken
or omitted by Lender

                                       3
<PAGE>

under or in respect of any of the Obligations, any requirement of diligence or
to mitigate damages and, generally, to the extent permitted by applicable law,
all demands, notices and other formalities of every kind in connection with this
Note (except as otherwise provided in this Note). Each Person composing Makers
hereby assents to, and waives notice of, any extension or postponement of the
time for 5 LA 46486v1 2/20/2003 the payment of any of the Obligations, the
acceptance of any payment of any of the Obligations, the acceptance of any
partial payment thereon, any waiver, consent or other action or acquiescence by
Lender at any time or times in respect of any default by any Person composing
Makers in the performance or satisfaction of any term, covenant, condition or
provision of this Note, any and all other indulgences whatsoever by Lender in
respect of any of the Obligations, and the taking, addition, substitution or
release, in whole or in part, at any time or times, of any security for any of
the Obligations or the addition, substitution or release, in whole or in part,
of any Person composing Makers. Without limiting the generality of the
foregoing, each of Makers assents to any other action or delay in acting or
failure to act on the part of Lender with respect to the failure by any Person
composing Makers to comply with any of its respective Obligations, including,
without limitation, any failure strictly or diligently to assert any right or to
pursue any remedy or to comply fully with applicable laws or regulations
thereunder, which might, but for the provisions of paragraphs (h) through (r) of
this Note afford grounds for terminating, discharging or relieving any Person
composing Makers, in whole or in part, from any of its Obligations under this
Note, it being the intention of each Person composing Makers that, so long as
any of the Obligations hereunder remain unsatisfied, the Obligations of such
Person composing Makers under this Note shall not be discharged except by
performance and then only to the extent of such performance. The Obligations of
each Person composing Makers under this Note shall not be diminished or rendered
unenforceable by any winding up, reorganization, arrangement, liquidation,
reconstruction or similar proceeding with respect to any Person composing Makers
or Lender. The joint and several liability of the Persons composing Makers
hereunder shall continue in full force and effect notwithstanding any
absorption, merger, amalgamation or any other change whatsoever in the name,
constitution or place of formation of any of the Persons composing Makers or
Lender.

      (m) Each Person composing Makers represents and warrants to Lender that
such Maker is currently informed of the financial condition of Makers and of all
other circumstances which a diligent inquiry would reveal and which bear upon
the risk of nonpayment of the Obligations. Each Person composing Makers further
represents and 6 LA 46486v1 2/20/2003 warrants to Lender that such Maker has
read and understands the terms and conditions of the Loan Documents. Each Person
composing Makers hereby covenants that such Maker will continue to keep informed
of Makers' financial condition, the financial condition of other guarantors, if
any, and of all other circumstances which bear upon the risk of nonpayment or
nonperformance of the Obligations.

      (n) Each of the Persons composing Makers waives all rights and defenses
arising out of an election of remedies by Lender, even though that election of
remedies, such as a nonjudicial foreclosure with respect to security for a
guaranteed obligation, has destroyed Lender's rights of subrogation and
reimbursement against such Maker by the operation of Section 580(d) of the
California Code of Civil Procedure or otherwise:

                                       4
<PAGE>

      (o) Each of the Persons composing Makers waives all rights and defenses
that such Maker may have because the Obligations are secured by Real Property.
This means, among other things:

            (i) Lender may collect from such Maker without first foreclosing on
            any Real or Personal Property Collateral pledged by Makers.

            (ii) If Lender forecloses on any Real Property Collateral pledged by
            Makers:

                  (A) The amount of the Obligations may be reduced only by the
                  price for which that collateral is sold at the foreclosure
                  sale, even if the collateral is worth more than the sale
                  price.

                  (B) Lender may collect from such Maker even if Lender, by
                  foreclosing on the Real Property Collateral, has destroyed any
                  right such Maker may have to collect from the other Makers.

            This is an unconditional and irrevocable waiver of any rights and
defenses such Maker may have because the Obligations are secured by Real
Property. These rights and defenses include, but are not limited to, any rights
or defenses based upon Section 580a, 580b, 580d or 726 of the California Code of
Civil Procedure.

      (p) The provisions of these paragraphs (h) through (r) are made for the
benefit of Lender and its respective successors and assigns, and may be enforced
by it or them from time to time against any or all of the Persons composing
Makers as often as occasion therefor may arise and without requirement on the
part of Lender, successor, or assign first to marshal any of its or their claims
or to exercise any of its or their rights against any of the other Persons
composing Makers or to exhaust any remedies available to it or them against any
of the other Persons composing Makers or to resort to any other source or means
of obtaining payment of any of the Obligations hereunder or to elect any other
remedy. The provisions of these paragraphs (h) through (r) shall remain in
effect until all of the Obligations shall have been paid in full or otherwise
fully satisfied. If at any time, any payment, or any part thereof, made in
respect of any of the Obligations, is rescinded or must otherwise be restored or
returned by Lender upon the insolvency, bankruptcy or reorganization of any of
the Persons composing Makers, or otherwise, the provisions of th these
paragraphs (h) through (r) will forthwith be reinstated in effect, as though
such payment had not been made.

      (q) Each of the Persons composing Makers hereby agrees that it will not
enforce any of its rights of contribution or subrogation against the other
Persons composing Makers with respect to any liability incurred by it hereunder
or under any of the other Loan Documents, any payments made by it to Lender with
respect to any of the Obligations or any collateral security therefor until such
time as all of the Obligations have been paid in full in cash. Any claim which
any Maker may have against any other Maker with respect to any payments to
Lender hereunder or under any other Loan Documents are hereby expressly made
subordinate and junior in right of payment, without limitation as to any
increases in the Obligations arising hereunder or thereunder,

                                       5
<PAGE>

to the prior payment in full in cash of the Obligations and, in the event of any
insolvency, bankruptcy, receivership, liquidation, reorganization or other
similar proceeding under the laws of any jurisdiction relating to any Maker, its
debts or its assets, whether voluntary or involuntary, all such Obligations
shall be paid in full in cash before any payment or distribution of any
character, whether in cash, securities or other property, shall be made to any
other Maker therefor.

      (r) Each of the Persons composing Makers hereby agrees that, after the
occurrence and during the continuance of any Default or Event of Default, the
payment of any amounts due with respect to the indebtedness owing by any Maker
to any other Maker is hereby subordinated to the prior payment in full in cash
of the Obligations. Each Maker hereby agrees that after the occurrence and
during the continuance of any Default or Event of Default, such Maker will not
demand, sue for or otherwise attempt to collect any indebtedness of any other
Maker owing to such Maker until the Obligations shall have been paid in full in
cash. If, notwithstanding the foregoing sentence, such Maker shall collect,
enforce or receive any amounts in respect of such indebtedness, such amounts
shall be collected, enforced and received by such Maker as trustee for the
Lender, and such Maker shall deliver any such amounts to Lender for application
to the Obligations.

      (s) Each of Makers agrees that Lender may deal exclusively with Bluegreen
Corporation with respect to the Obligations under this Note and the Obligations,
as defined in the Loan Agreement, arising under the Loan Agreement and that
Bluegreen Corporation has full power and authority to act on behalf of all
Makers and to bind them accordingly. Further, notice to Bluegreen Corporation
alone shall be conclusively deemed to have been given to all Makers.

      IN WITNESS WHEREOF, Maker has caused this Note to beduly created on the
day and year first above written.

                                    "MAKER"

                                    BLUEGREEN COMMUNITIES OF GEORGIA, LLC,
                                    a Georgia limited liability company

                                    By /S/ DANIEL C. KOSCHER
                                       ----------------------------------------
                                    Print Name:  Daniel C. Koscher
                                    Print Title:  Manager

                                    BLUEGREEN CORPORATION,
                                    a Massachusetts corporation

                                    By /S/ DANIEL C. KOSCHER
                                       ----------------------------------------
                                    Print Name:  Daniel C. Koscher
                                    Print Title:  Senior Vice President

                                       6

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