Document:

EXHIBIT 10.136

                                 PROMISSORY NOTE

U.S. 4,756,354.00                                               January 21, 2003

            FOR VALUE RECEIVED, the undersigned BLUEGREEN VACATIONS UNLIMITED,
INC., a Florida corporation ("Maker"), promises to pay to FINOVA CAPITAL
CORPORATION, a Delaware corporation ("Lender"), or order, at its principal
offices in 4800 North Scottsdale Road, Scottsdale, Arizona 85251, or at such
other place as the holder of this Note ("Holder") may from time to time
designate in writing, in lawfully money of the United States of America, the
principal sum of Four Million Seven Hundred Fifty Six Thousand Three Hundred
Fifty Four Dollars ($4,756,354.00) or so much thereof as has been disbursed and
not repaid, together with interest on the unpaid principal balance from time to
time outstanding from the date of disbursement thereof until paid, as more fully
provided for below. All payments hereunder shall be made in immediately
available funds in lawful monies of the United States of America.

            This Note is executed pursuant to that Second Amended and Restated
Credit Facility Agreement dated as of September 14, 1999, between Bluegreen
Corporation, a Massachusetts corporation, and Lender (as from time to time
renewed, amended, restated or replaced, the "Credit Agreement") as supplemented
by that Certificate and Agreement of Subsidiary Borrower (Basic) dated as of
January 21, 2003 from Maker in favor of Lender (the "Certificate" and together
with the Credit Agreement, collectively the "Credit Facility Agreement").
Capitalized terms not otherwise defined herein shall have the meaning given them
in the Credit Facility Agreement. This Note evidences a loan in a principal
amount not to exceed the face amount of this Note and made to Maker pursuant to
the Credit Facility Agreement ("Loan").

            Except as otherwise provided herein, interest ("Basic Interest")
shall accrue on the unpaid principal balance of this Note from time to time
outstanding at a variable interest rate per annum ("Basic Interest Rate") equal
to the greater of (i) seven percent (7%) or (ii) the Reference Rate (as
hereinafter defined) on the date of the initial advance of the Loan plus two
percent (2%), which rate shall be adjusted once each month on each Interest Rate
Change Date (as hereinafter defined) based upon the Reference Rate in effect on
such Interest Rate Change Date. The term "Reference Rate" means the per annum
rate of interest publicly announced, from time to time, by Citibank, N.A., New
York, New York ("Citibank"), as the base (or equivalent) rate of interest
charged by Citibank to its largest and most creditworthy commercial borrowers
notwithstanding the fact that some borrowers of Citibank may

<PAGE>

borrow from Citibank at rates less than the announced base rate, or if Citibank
ceases to publish its base rate, then such other published rate as Holder shall
deem comparable. The term "Interest Rate Change Date" means the first business
day of the publisher of the Reference Rate during each calendar month following
the date of the initial advance of the Loan. Basic Interest shall be calculated
on the basis of the actual number of days elapsed during the period for which
interest is being charged predicated on a year consisting of three hundred sixty
(360) days.

            Payments of principal, interest and any other amounts due and
payable hereunder shall, at the option of Holder, earn interest after they are
due at a rate ("Default Rate") equal to (a) two percent (2%) above the Basic
Interest Rate or (b) the maximum contract rate permitted under the Applicable
Usury Law (as hereinafter defined), whichever of (a) or (b) is lesser. At the
option of Holder, while an Event of Default [as defined in the Security Document
(hereinafter defined)] exists, and in all events after an acceleration of this
Note by Holder, Basic Interest shall accrue on the entire outstanding principal
balance of this Note at the Default Rate.

            The contracted for rate of interest of the Loan contemplated hereby,
without limitation, shall consist of the following (unless such item is not
required to be included in calculating whether the rate of interest contracted
for, charged or received exceeded the maximum rate of interest permissible under
the Applicable Usury Law): (i) the Basic Interest Rate, calculated and applied
to the principal balance of this Note in accordance with the provisions hereof;
(ii) the Default Rate, calculated and applied to the principal balance of this
Note in accordance with the provisions hereof; (iii) the late charge calculated
and applied to an overdue payment in accordance with the provisions hereof; (iv)
the fees payable pursuant to the Credit Facility Agreement in connection with
the Loan; and (v) all Additional Sums (as hereinafter defined), if any. Maker
agrees to pay an effective contracted for rate of interest which is the sum of
the above-referenced elements but in no event to exceed the maximum contract
rate permitted under the Applicable Usury Law (as defined below). All fees,
charges, goods, things in action or any other sums or things of value, other
than amounts described in (i), (ii), (iii) and (iv) of the first sentence of
this paragraph, to be paid by or on behalf of Maker or received by Holder
pursuant to the Credit Facility Agreement, this Note, the other Loan Documents
(as defined in the Credit Facility Agreement) or any other documents or
instruments in any way pertaining to the Loan transaction, or otherwise with
respect to the Loan transaction, that under any applicable law may be deemed to
be interest with respect to the Loan transaction, for the purpose of any
applicable law that may limit the maximum amount of interest to be charged with
respect to the Loan transaction ("Additional Sums"), shall be payable by Maker
as, and shall be deemed to be, additional interest, and for such purposes only,
the agreed upon and "contracted for rate of interest" of the Loan transaction
shall be deemed to be increased by the rate of interest resulting from the
charging, payment and/or receipt of the Additional Sums.
<PAGE>

            Commencing on January 31, 2003, and on the last Business Day (as
hereinafter defined) of each succeeding month thereafter ("Installment Date")
until January 31, 2005 ("Maturity Date") or the date all principal and interest
on this Note are paid in full, whichever date first occurs, Maker will pay to
Holder all accrued and unpaid interest on the Note. As used in this Note,
"Business Day" means a day other than a Saturday, a Sunday, a national holiday
or a day on which banks in Phoenix, Arizona, are required to be closed.

            Upon the Partial Release (as defined in the Credit Facility
Agreement) of a Release Parcel (as defined in the Credit Facility Agreement),
Maker will pay to Holder a principal payment in an amount equal to the Partial
Release Payment (as defined in the Credit Facility Agreement) payable with
respect to such Release Parcel.

            In addition, on each Principal Payment Date, as set forth in the
table below, a principal payment shall be due and payable in an amount equal to
the positive amount obtained when the unpaid principal balance of this Note, on
the Measuring Date, is reduced by the Threshold Amount applicable to that
Measuring Date, as set forth in the table below. If the Threshold Amount
applicable to a Measuring Date, as set forth in the table below, is equal to or
greater than the unpaid principal balance of this Note on that Measuring Date,
no principal payment shall be due.

<PAGE>

Measuring Date               Principal Payment Date            Threshold Amount
--------------               ----------------------            ----------------
June 30, 2003                July 15, 2003                     US $4,283,854
September 30, 2003           October 15, 2003                  US $3,708,854
December 31, 2003            January 15, 2004                  US $3,133,854
March 31, 2004               April 15, 2004                    US $2,558,854
June 30, 2004                July 15, 2004                     US $1,983,854
September 30, 2004           October 15, 2004                  US $1,408,854

            All payments under this Note shall be applied first to any late
charges, costs, fees and expenses due hereunder or under the other documents
executed in connection with the Loan, then to accrued but unpaid Basic Interest,
and the balance, if any, to outstanding principal. However, if an Event of
Default exists, Holder may apply the proceeds of the security for this Note in
such order and manner as Holder may determine.

            On the Due Date (as hereinafter defined), the entire unpaid
principal balance of this Note, all accrued and unpaid Basic Interest, and all
other charges or amounts owing in connection with the Loan shall be due and
payable in full. The Due Date shall mean the earlier of (i) the Maturity Date;
(ii) the date of satisfaction of this Note; or (iii) the date on which Lender or
Holder accelerates payment of the this Note due to an Event of Default.

<PAGE>

            All payments under this Note shall be applied in accordance with the
terms and conditions of the Credit Facility Agreement. However, if an Event of
Default exists, Holder may apply the proceeds of the Loan Collateral (as defined
in the Credit Facility Agreement) in such order and manner as Holder may
determine.

            If any installment of principal, interest or any other payment
required to be made in connection with the Loan is not paid when due and, except
in the case of the final installment for which no grace period is allowed, such
breach continues for five (5) Business Days, or if any other Event of Default
exists, Holder may at its option, without notice of any type whatsoever
(including, without limitation, notice of acceleration or intention to
accelerate) or demand, declare immediately due and payable the entire unpaid
principal balance hereof, all accrued and unpaid Basic Interest thereon, and all
other obligations owing in connection with the Loan.

            If any installment of principal and/or interest shall not be paid
within ten (10) Business Days of the date when due, a "late charge" of two
percent (2%) of the late payment may be charged by Holder for the purposes of
defraying the expense incident to handling such delinquent payments. Such late
charge represents the reasonable estimate of Maker and Lender of a fair average
compensation for the loss which may be sustained by Holder due to the failure of
the Maker to make timely payments. All late charges may be assessed without
notice to Maker, shall be due and payable monthly or the next Installment Date
after the scheduled Installment Date of the delinquent payment, and shall be in
addition to all other rights and remedies available to Holder.

            Prepayment of this Note will be permitted in whole or in part at any
time without penalty.

            No delay or omission on the part of Holder in exercising any power,
right or remedy hereunder shall operate as a waiver of any such power, right or
remedy; and no single or partial exercise of any such power, right or remedy
shall preclude any other or further exercise thereof or the exercise of any
other power, right or remedy of Holder under this Note or which may be provided
by law. Any extension or indulgence at any time allowed by Holder to Maker shall
be in reliance upon the understanding that such shall not affect or prejudice
the rights, powers, and remedies of Holder except to the extent specifically set
forth at the time in writing by Holder; and no waiver shall be construed as a
waiver of any breach or default thereafter occurring. All remedies conferred
upon Holder by this Note or any other Loan Document shall be cumulative and none
is exclusive, and such remedies may be exercised concurrently or consecutively
at Holder's option.

            If Holder undertakes to collect this Note following an Event of
Default, Maker will pay to Holder in addition to any indebtedness due and
unpaid, all costs and expenses of collection, including, without limitation,
attorneys' fees and expert witnesses' fees, whether or not legal proceedings
shall be instituted. If Holder

<PAGE>

institutes legal proceedings to enforce this Note, the award of costs of
collection, including attorneys' fees, shall be made by the court (and not by a
jury).

            Maker and every person or entity at any time liable for the payment
of the indebtedness evidenced by this Note hereby absolutely and unconditionally
waive: presentment for payment, protest or demand; notice of dishonor, protest,
demand and nonpayment of this Note; and each and every other notice of any kind
(including, without limitation, notice of acceleration or intention to
accelerate) except for notices expressly provided in this Note or in any of the
other documents securing payment of, or otherwise related to, this Note. Maker
and every such person or entity further consent to renewals or extensions of the
payment of any sums to be paid under this Note at any time and from time to
time, without limit as to the number or aggregate period of such renewals or
extensions, at the request of any other person or entity liable for them. Any
such renewals or extensions may be made without notice to any person or entity
liable for the payment of the indebtedness evidenced by this Note.

            This Note is given and accepted as evidence of indebtedness only and
not in payment or satisfaction of any indebtedness or obligation.

            Time is of the essence with respect to all of Maker's obligations
and agreements under this Note.

            This Note and all its provisions, conditions, promises and covenants
shall be binding upon Maker, and its successors and assigns, provided nothing
herein shall be deemed Holder's consent to any assignment restricted or
prohibited by the terms of the Loan Documents. If more than one person or entity
has executed this Note as Maker, the obligations of such persons and entities
shall be joint and several.

            If any provision of this Note shall be held invalid, illegal or
unenforceable under present or future laws (all of which laws are waived to the
fullest extent possible), the validity, legality and enforceability of the
remaining provisions shall not in any way be affected thereby. In lieu of each
such illegal, invalid or unenforceable provision, there shall be added
automatically a provision that is legal, valid and enforceable and as similar in
terms to such illegal, invalid and unenforceable provision as may be possible.

            THIS NOTE HAS BEEN DELIVERED AND MAY BE SERVICED AND RETAINED IN
PHOENIX, ARIZONA. THIS NOTE AND THE RIGHTS, DUTIES AND OBLIGATIONS OF MAKER AND
HOLDER SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS
OF THE STATE OF ARIZONA (INCLUDING, WITHOUT LIMITATION, THE RIGHT TO SEEK ANY
DEFICIENCY AFTER RESORT TO ANY COLLATERAL AND WITHOUT REGARD TO PRINCIPLES OF
CONFLICTS OF LAWS) AND TO THE EXTENT THEY PREEMPT THE LAWS OF SUCH STATE, THE
LAWS OF THE UNITED STATES.

<PAGE>

            EACH OF MAKER AND (BY ACCEPTANCE HEREOF) HOLDER: (A) HEREBY
IRREVOCABLY SUBMITS ITSELF TO THE PROCESS, JURISDICTION AND VENUE OF THE COURTS
OF THE STATE OF ARIZONA, MARICOPA COUNTY, AND TO THE PROCESS, JURISDICTION, AND
VENUE OF THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF ARIZONA, FOR THE
PURPOSES OF SUIT, ACTION OR OTHER PROCEEDINGS ARISING OUT OF OR RELATING TO THIS
NOTE OR THE SUBJECT MATTER HEREOF, OR, IF HOLDER INITIATES SUCH ACTION, ANY
COURT IN WHICH HOLDER SHALL INITIATE SUCH ACTION AND THE CHOICE OF SUCH VENUE
SHALL IN ALL INSTANCES BE AT HOLDER'S ELECTION; AND (B) WITHOUT LIMITING THE
GENERALITY OF THE FOREGOING, HEREBY WAIVES AND AGREES NOT TO ASSERT BY WAY OF
MOTION, DEFENSE OR OTHERWISE IN ANY SUCH SUIT, ACTION OR PROCEEDING ANY CLAIM
THAT SUCH PERSON IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF THE
ABOVE-NAMED COURTS, THAT SUCH SUIT, ACTION OR PROCEEDING IS BROUGHT IN AN
INCONVENIENT FORUM OR THAT THE VENUE OF SUCH SUIT, ACTION OR PROCEEDING IS
IMPROPER. EACH OF MAKER AND (BY ACCEPTANCE HEREOF) HOLDER HEREBY WAIVES THE
RIGHT TO COLLATERALLY ATTACK ANY JUDGMENT OR ACTION IN ANY OTHER FORUM.

            MAKER AND (BY ACCEPTANCE HEREOF) HOLDER ACKNOWLEDGE AND AGREE THAT
ANY CONTROVERSY WHICH MAY ARISE UNDER THIS NOTE OR ANY OF THE OTHER LOAN
DOCUMENTS WOULD BE BASED UPON DIFFICULT AND COMPLEX ISSUES; AND THEREFORE, THEY
AGREE THAT ANY LAWSUIT ARISING OUT OF ANY SUCH CONTROVERSY SHALL BE TRIED BY A
JUDGE SITTING WITHOUT A JURY, AND KNOWINGLY AND VOLUNTARILY WAIVE TRIAL BY JURY
IN ANY SUCH PROCEEDING.

            MAKER HAS NO RIGHT TO EXTEND OR RENEW THIS NOTE OR THE LOAN.

            ALL OF THE PROVISIONS SET FORTH ABOVE ARE A MATERIAL INDUCEMENT FOR
LENDER'S MAKING THE LOAN TO MAKER.

[MAKER'S INITIALS (_________)]

<PAGE>

            It is the intent of the parties to comply with the applicable usury
law ("Applicable Usury Law") chosen by Maker and Lender in the preceding
paragraphs, or any other usury law applicable. Accordingly, it is agreed that
notwithstanding any provisions to the contrary in the Credit Facility Agreement
or any of the Loan Documents, in no event shall any Loan Document require the
payment or permit the collection of interest in excess of the maximum contract
rate permitted by the Applicable Usury Law. If (a) any such excess of interest
otherwise would be contracted for, charged or received from Maker or otherwise
in connection with the Loan, or (b) the maturity of the indebtedness evidenced
by this Note is accelerated in whole or in part, or (c) all or part of the
principal or interest of this Note shall be prepaid, so that under any of such
circumstances the amount of interest contracted for, charged or received in
connection with the Loan would exceed the maximum contract rate permitted by the
Applicable Usury Law, then in any such event: (1) the provisions of this
paragraph shall govern and control; (2) neither Maker nor any other person or
entity now or hereafter liable for the payment hereof will be obligated to pay
the amount of such interest to the extent that it is in excess of the maximum
contract rate permitted by the Applicable Usury Law; (3) any such excess which
may have been collected shall be either applied as a credit against the then
unpaid principal amount hereof or refunded to Maker, at the Holder's option; and
(4) the effective rate of interest will be automatically reduced to such rate as
will enable Holder to receive the maximum amount of interest permitted by the
Applicable Usury Law. It is further agreed, without limiting the generality of
the foregoing, that to the extent permitted by the Applicable Usury Law: (x) all
calculations of the rate of interest which are made for the purpose of
determining whether such rate would exceed the maximum contract rate permitted
by the Applicable Usury Law shall be made by amortizing, prorating, allocating
and spreading during the period of the full stated term of the Loan, all
interest at any time contracted for, charged or received from Maker or otherwise
in connection with the Loan; and (y) if the effective rate of interest on the
Loan should at any time exceed the maximum contract rate allowed under the
Applicable Usury Law, such excess interest that would otherwise have been
collected had there been no ceiling imposed by the Applicable Usury Law shall be
paid to Holder from time to time, if and when the effective interest rate on the
Loan otherwise falls below the maximum amount permitted by the Applicable Usury
Law, to the extent that interest paid to the date of calculation does not exceed
the maximum contract rate permitted by the Applicable Usury Law, until the
entire amount of interest which would have otherwise been collected had there
been no ceiling imposed by the Applicable Usury Law has been paid in full. Maker
further agrees that should the maximum contract rate permitted by the Applicable
Usury Law be increased at any time hereafter because of a change in the law,
then to the extent not prohibited by the Applicable Usury Law, such increases
shall apply to all indebtedness evidenced hereby regardless of when incurred;
but, again to the extent not prohibited by the Applicable Usury Law, should the
maximum contract rate permitted by the Applicable Usury Law be decreased because
of a change in the law, such decreases shall not apply to the indebtedness
evidenced hereby regardless of when incurred.

<PAGE>

            Maker warrants and represents that the Loan is for business or
investment purposes.

            This Note is secured by, among other things, a Mortgage and
Financing Statement (with Security Agreement and Assignment of Leases, Rents,
Sales Documents, Sales Proceeds and Developer's Rights) encumbering real and
personal property owned by Maker and located in Volusia County, Florida
("Security Document").

                            [Signature page follows]

<PAGE>

            All notices, demands, documents, or other writings required or
permitted to be given by Maker or Holder hereunder shall be given and deemed
delivered in accordance with the provisions of the Security Document.

                                    BORROWER:

                                    BLUEGREEN VACATIONS
                                    UNLIMITED, INC., a Florida corporation

                                    By: /S/ JOHN MALONEY
                                        -------------------------------------
                                    Type/Print Name: JOHN MALONEY
                                                     ------------------------
                                    Title: VICE PRESIDENT
                                           ----------------------------------

                                    |X| Check here to verify that Borrower has
                                    initialed previous paragraph requiring
                                    initials.

STATE OF  Florida   )
                     ss.
County of Palm Beach)

            The foregoing instrument was acknowledged before me this 21st day of
January 2003, by John Maloney , the Vice President of Bluegreen Vacations
Unlimited, Inc., a Florida Corporation, on behalf of such corporation.

            IN WITNESS WHEREOF, I hereunto set my hand and official seal.

                                                     /s/ Lisa Fiedorowitz
                                              ----------------------------------
                                              Notary Public in and for the State
                                              and County aforesaid

My commission expires:

      July 26, 2004EXHIBIT 10.143

              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

                                       1
<PAGE>

                  such subsection by a project to project limitation of seventy
                  percent (70%) of the Orderly Liquidation Value of each
                  project.."

                                       2
<PAGE>

                  ""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,

                                       3
<PAGE>

                  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

                                       4
<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:

                                       5
<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

                                       6
<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

                                       7
<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.

                                       8
<PAGE>

      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

                                       9

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"}]]