Document:

EXHIBIT 10.168

                             MODIFICATION AGREEMENT

                    (Receivables Loan and Security Agreement)

      THIS MODIFICATION AGREEMENT (Receivables Loan and Security Agreement)
("Modification Agreement"), dated effective as of the 10th day of September,
2003 ("Effective Date"), is entered into by and between BLUEGREEN CORPORATION, a
Massachusetts corporation ("Bluegreen"), BLUEGREEN VACATIONS UNLIMITED, INC., a
Florida corporation ("BVI") and BLUEGREEN/BIG CEDAR VACATIONS, LLC, a Delaware
limited liability company ("Big Cedar") and RESIDENTIAL FUNDING CORPORATION, a
Delaware corporation ("Lender") with respect to the Loan Documents defined
below.

                                R E C I T A L S:

      A. Bluegreen, BVI and Big Cedar (collectively, "Borrower") and Lender are
parties to that certain Loan and Security Agreement dated as of February 10,
2003 ("Loan Agreement"), pursuant to which Lender agreed to make a revolving
receivables loan to Borrower on the terms and conditions set forth therein in a
maximum principal amount of $50,000,000 ("Loan"). The documents executed in
connection with the Loan are collectively referred to as the "Loan Documents."

      B. The total outstanding balance of the Loan presently owed by Borrower to
Lender as of September 3, 2003 is $14,988,856.24 ("Loan Balance"), plus any and
all accrued and unpaid interest thereon and certain costs and expenses of Lender
to the extent due and owing under the Loan Documents.

      C. Borrower has requested that Lender modify the Loan and the other Loan
Documents to, among other things: (i) extend the Advance Period for the making
of Advances under the Loan Agreement and thereby concurrently extend the
Maturity Date, and (ii) increase the Loan Amount under the Loan Agreement from
$50,000,000 to $75,000,000. Lender is willing to so modify the Loan, the Loan
Agreement and the other Loan Documents, subject to the terms and conditions
herein.

      D. All of the documents executed in connection with this Modification
Agreement, inclusive of the Modification Agreement, shall be referred to herein
as the "Modification Documents."

                               A G R E E M E N T:

      NOW THEREFORE, in consideration of the foregoing premises and the mutual
covenants hereinafter stated, and for good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties agree as
follows:

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1.    Acknowledgement of Existing Indebtedness.

      1.1 Borrower acknowledges that it is truly and justly indebted to Lender
in the amount of the Loan Balance, plus all accrued and unpaid interest on the
Loan and all other costs, fees and expenses that are, under the Loan Agreement
or the other Loan Documents, properly chargeable to Borrower.

      1.2 Borrower acknowledges that, as of the date hereof, it has (i) no
defense, counterclaim, offsets, cross-complaint, claim or demand of any nature
whatsoever which can be asserted as a basis to seek affirmative relief or
damages from Lender or to reduce or eliminate all or any part of its liability
to repay the Loan, and (ii) no other claim against Lender with respect to any
aspect of the transactions in respect of which the Loan was made.

2.    Modification to Loan Documents.

      2.1 Modification of Loan Agreement: As material inducements to Lender to
enter into this Modification Agreement, and acknowledging Lender's reliance upon
such inducements, the parties agree that the Loan Agreement is amended in the
following respects:

            (a)   Modification of Definitions within Loan Agreement:

                  (i) The definition of the term "A&D Loan" is hereby amended by
      deleting such definition in its entirety and replacing and substituting in
      lieu thereof the following:

                  "A&D Loan" means the revolving acquisition, development and
                  construction loan made by Lender to Borrower's Affiliates in
                  the maximum principal amount of $45,000,000 pursuant to the
                  terms and conditions of the A&D Loan Agreement.

                  (ii) The definition of the term "Advance Period" is hereby
      amended by deleting such definition in its entirety and replacing and
      substituting in lieu thereof the following:

                  "Advance Period" means the period commencing on the Effective
                  Date of this Modification Agreement and ending on the close of
                  the Business Day (or if not a Business Day, the first Business
                  Day thereafter) on the date following 24 months from the
                  Effective Date of this Modification Agreement.

                  (iii) The definition of the term "Loan Amount" is hereby
      amended to mean $75,000,000 (with the understanding that all references in
      the Loan Agreement stating the prior receivables loan amount of
      $50,000,000 is concurrently amended to read $75,000,000).

                  (iv) The definition of the term "Loan Fee" is hereby amended
      by deleting such definition in its entirety and replacing and substituting
      in lieu thereof

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      the following:

                  "Loan Fee" means a one-time fee equal to 3/4 of 1% of the Loan
                  Amount, i.e. $562,500, which is required to be paid by
                  Borrowers on the dates set forth in Section 2.14.

                  (v) The definition of the term "Non-Utilization Fee" is hereby
      amended by deleting such definition in its entirety and replacing and
      substituting in lieu thereof the following:

                  "Non-Utilization Fee" means a fee equal to .5% of the excess
                  of (a) (i) $35,000,000 for the testing date of March 31, 2004
                  or (ii) $50,000,000 for the testing date of March 31, 2005
                  over (b) the average calendar month-end aggregate outstanding
                  balance of the Loan and the A&D Loan, which average shall be
                  determined on the dates set forth in Section 2.11(c) and
                  calculated over the period of time set forth in that section.

            (b)   Modification of Loan Agreement Terms:

                  (i) Section 2.11(c) of the Loan Agreement is hereby amended by
      deleting the existing Section 2.11(c) in its entirety and replacing and
      substituting in lieu thereof the following Section 2.11(c).

                  (c) Non-Utilization. Borrower shall pay to Lender a
                  Non-Utilization Fee in the event that the average calendar
                  month-end aggregate outstanding balance of the Loan and the
                  A&D Loan (i) as of March 31, 2004 does not exceed $35,000,000
                  and (ii) as of March 31, 2005 does not exceed $50,000,000. The
                  test measured as of March 31, 2004 shall cover the prior 6
                  calendar months and the test measured as of March 31, 2005
                  shall cover the prior 12 calendar months. Borrower shall not
                  be required to pay a Non-Utilization Fee with respect to any
                  other time periods during the term of the Loan. Lender shall
                  calculate the Non-Utilization Fee (if any) which is due with
                  respect to such anniversary and shall send to Borrower an
                  invoice setting forth (x) the amount of the Non-Utilization
                  Fee, (xi) the underlying calculations of such fee and (xii)
                  whether Lender intends to add such due and payable fee to the
                  principal balance of the Loan, which shall be at Lender's sole
                  and absolute discretion. If Lender decides to not add the
                  Non-Utilization Fee to the principal balance of the Loan, then
                  Borrower will pay such fee within 10 Business Days of
                  Borrower's receipt of such invoice.

                  (ii) Section 2.14 of the Loan Agreement is hereby amended by
      deleting the existing Section 2.14 in its entirety and replacing and
      substituting in lieu thereof the following Section 2.14:

                  Section 2.14 Loan Fee

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<PAGE>

                  Lender acknowledges receipt of $375,000 of the Loan Fee as of
                  June 30, 2003. Borrower will pay to Lender the remaining
                  amount of the Loan Fee on the following dates: (i) a good
                  faith deposit of $10,000 was paid by Borrower to Lender on the
                  date that Borrower accepted the term sheet for the
                  modification of the Loan; and (ii) the remaining amount of the
                  Loan Fee in the amount of $177,500 shall be paid to Lender
                  within 90 days of the Effective Date of this Modification
                  Agreement.

                  (iii) Section 6.2(a) of the Loan Agreement is hereby amended
      by deleting the existing Section 6.2(a) in its entirety and replacing and
      substituting in lieu thereof the following Section 6.2(a):

                  Section 6.2(a) Quarterly Financial Reports.

                        (1) As soon as possible after each fiscal quarter of
                  Bluegreen Corporation (other than the last quarter of any
                  fiscal year) and in any event within 5 days after submission
                  to the Securities and Exchange Commission, the following: (i)
                  a copy of Bluegreen Corporation's 10Q filing certified by the
                  Chief Financial Officer of Bluegreen Corporation to fairly
                  present the financial condition of said entity on a fully
                  consolidated basis as at the end of such fiscal quarter and
                  the results of the operations of Bluegreen Corporation on a
                  fully consolidated basis for the period ending on such date;
                  (ii) copies of any and all other financial reports and
                  corrections thereto and to the 10Q filings required of
                  Bluegreen Corporation under federal laws and regulations.

                        (2) As soon as possible and in any event within 45 days
                  after the end of each fiscal quarter of Bluegreen/Big Cedar
                  (other than the last quarter of any fiscal year), the
                  following: (i) unaudited financial statements of Bluegreen/Big
                  Cedar on a fully consolidated basis, which financial
                  statements must include (A) a balance sheet as at the end of
                  such fiscal quarter and (B) statements of income for the
                  period from the beginning of the then current fiscal year to
                  the end of such fiscal quarter and setting forth in
                  comparative form figures for the corresponding period of the
                  preceding fiscal year, all in reasonable detail and in
                  accordance with GAAP consistently applied; and (ii) if
                  requested by Lender, a summary report of accounts payable
                  aging.

                  (iv) Section 6.2(i)(2) of the Loan Agreement is hereby amended
      by deleting the existing Section 6.2(i)(2) in its entirety and replacing
      and substituting in lieu thereof the following Section 6.2(i)(2):

                  Section 6.2(i)(2) Sales Reports. If requested by Lender,
                  Borrower will cause to be furnished to Lender on or before the
                  20th day after each calendar month end: (i) a sales report
                  showing the number of sales and

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                  closings of Time-Share Interests and the aggregate dollar
                  amount thereof and (ii) a report showing the number of tours
                  during such month together with the net closing percentage and
                  volume per tour data.

      2.2 Modification of Other Loan Documents. Without limiting Lender's right
to require that all other Loan Documents be expressly amended by a separate
instrument in order to effect the intent of this Modification Agreement, all of
the Loan Documents are hereby deemed to be amended to include this Modification
Agreement and the other Modification Documents with the additional understanding
and agreement that any reference to the Loan Amount shall be equal to
$75,000,000 and that any reference to the AD&C Loan shall be equal to
$45,000,000.

3.    Fees, Costs and Expenses.

      Borrower agrees to pay to Lender all reasonable costs and expenses
incurred by Lender in connection with this Modification Agreement and the other
modification of the Loan Documents, including, without limitation, attorneys'
fees and expenses incurred. Such legal fees and expenses shall include, without
limitation, the costs associated with this Modification Agreement. Borrower
agrees to pay such costs and expenses to Lender immediately upon the execution
of this Modification Agreement.

4.    Reaffirmation of Existing Security Interests.

      Borrower hereby confirms and agrees that Lender's security interest in all
of the collateral previously pledged to Lender pursuant to the Loan Documents
shall continue to secure the payment and performance of all of Borrower's
Obligations to Lender, as modified by this Modification Agreement.

5.    Representations, Warranties And Agreements Of Borrower.

      As material inducements to Lender to enter into this Modification
Agreement, and acknowledging Lender's reliance upon the truth and accuracy
thereof, Borrower represents, warrants, acknowledges and agrees that:

      5.1 The recitals set forth above are true and correct.

      5.2 All financial statements and other information delivered to Lender by
or on behalf of any Borrower in connection with this Modification Agreement were
true and correct as of the respective dates thereof, and that Borrower's
financial condition has not adversely and materially altered as of the date of
this Modification Agreement from that presented by the latest such financial
statements and other information provided to Lender.

      5.3 As of the date hereof, no Event of Default or Incipient Default exists
with respect to the Loan Documents.

      5.4 As of the date hereof, no Borrower is the subject of a pending
bankruptcy proceeding and no Borrower is aware of any threatened bankruptcy
proceeding against any Borrower.

      5.5 There are no proceedings pending or threatened against or affecting
any Borrower in any court, before any governmental authority, or arbitration
board or tribunal which may now

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or in the future materially adversely affect any Borrower.

      5.6 All of the representations and warranties contained in the Loan
Agreement and the other Loan Documents are true and correct as of the date
hereof and are hereby reaffirmed and ratified.

      5.7 This Modification Agreement and any documents and instruments executed
in connection herewith have been authorized by all necessary action and when
executed will be the legal, valid and binding obligations of each Borrower.

      5.8 Each Borrower's execution, delivery and performance of this
Modification Agreement does not and will not (i) violate any law, rule,
regulation or court order to which such Borrower is subject, (ii) conflict with
or result in a breach of the articles of formation, bylaws, operating agreement,
partnership agreement or other formation document of such Borrower or any
agreement or instrument to which such Borrower is a party or by which its
properties are bound, or (iii) result in the creation or imposition of any lien,
security interest or encumbrance on any property of such Borrower, whether now
owned or hereafter acquired, other than liens in favor of Lender.

      5.9 Each Borrower acknowledges that such Borrower has consulted with
counsel and with such other experts and advisors as it has deemed necessary in
connection with the negotiation, execution and delivery of this Modification
Agreement. This Modification Agreement shall be construed without regard to any
presumption or rule requiring that it be construed against the party causing
this Modification Agreement or any part hereof to be drafted.

      5.10 All terms, conditions and provisions of the Loan Agreement, the
applicable promissory note and the other Loan Documents are hereby reaffirmed,
ratified and continued in full force and effect and shall remain unaffected and
unchanged except as specifically amended hereby.

6.    Conditions Precedent To Effectiveness.

      The effectiveness of this Modification Agreement is subject to the full
and complete satisfaction of each and every one of the following conditions
precedent:

      6.1 Lender shall have received the following documents duly executed and
in form and substance acceptable to Lender:

            (a)   this Modification Agreement;

            (b)   an Amendment No. 1 to the Note;

            (c)   amendments applicable to the A&D Loan Documents;

            (d)   Resolutions of each Borrower authorizing the execution of the
                  Modification Documents;

            (e)   an opinion from counsel to Borrower as to such matters as
                  Lender may

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<PAGE>

                  require, which counsel shall be reasonably satisfactory to
                  Lender; and

            (f)   such other documents that Lender in its discretion may
                  require.

      6.2 Borrower shall provide to Lender a summary of all material pending or
threatened actions, suits or proceedings affecting any Borrower or any
Time-Share Project, which summary shall be satisfactory to Lender.

      6.3 Borrower shall provide to Lender, for Lender's review and approval,
the loan documents evidencing the 10.5% senior secured notes payable in the
amount of $110,000,000 due in 2008, which documents (and the applicable remedies
of the holders of such notes) shall be satisfactory to Lender.

      6.4 Lender shall have received from Borrower any amounts due to Lender
pursuant to Section 3 of this Modification Agreement.

      6.5 Borrower's Affiliate shall have satisfied the conditions precedent to
closing that certain Modification Agreement (AD&C Loan Agreement) dated as of
even date herewith.

7.    Miscellaneous Terms.

      7.1 Complete Agreement. Notwithstanding anything to the contrary contained
herein or in any other instrument executed by the parties and notwithstanding
any other action or conduct undertaken by the parties on or before the date
hereof, the agreements, covenants and provisions contained herein shall
constitute the only evidence of Lender's agreement to modify the Loan Agreement
and the other Loan Documents. Accordingly, no express or implied consent to any
further modifications shall be inferred or implied by Lender's execution of this
Modification Agreement. The Loan Agreement and this Modification Agreement,
together with the other Loan Documents, constitute the entire agreement and
understanding among the parties relating to the subject matter hereof, and
supersedes all prior proposals, negotiations, agreements and understandings
relating to such subject matter. In entering into this Modification Agreement,
each Borrower acknowledges that it is relying on no statement, representation,
warranty, covenant or agreement of any kind made by the Lender or any employee
or agent of the Lender, except for the agreements of Lender set forth herein.

      7.2 No Waiver. Lender's execution of this Modification Agreement shall not
constitute a waiver (either express or implied) of the requirement that any
further modification of the Loan Agreement or of any other Loan Document shall
require the express written approval of Lender. No such approval (either express
or implied) has been given as of the date hereof.

      7.3 Full Force and Effect; Conflict. Other than as specifically set forth
herein, the remaining terms of the Loan Agreement and the other Loan Documents
shall remain in full force and effect. Notwithstanding anything to the contrary
contained in the Loan Agreement or the other Loan Documents, in the event of a
conflict between the terms of this Modification Agreement (on the one hand) and
the Loan Agreement or other Loan Documents (on the other hand), the terms of
this Modification Agreement shall control. Nothing contained in this
Modification Agreement is intended to or shall be construed as relieving any
person or entity,

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whether a party to this Modification Agreement or not, of any of such person's
or entity's obligations to Lender.

      7.4 Successors and Assigns. The Loan Documents as modified herein shall be
binding upon and shall inure to the benefit of each Borrower and Lender and
their successors and assigns and the executors, legal administrators, personal
representatives, heirs, devisees, and beneficiaries of each Borrower, provided,
however, no Borrower may assign any of its rights or delegate any of its
obligations under the Loan Documents and any purported assignment or delegation
shall be void.

      7.5 Severability. If any one or more of the provisions of a Modification
Document is held to be invalid, illegal or unenforceable in any respect or for
any reason (all of which invalidating laws are waived to the fullest extent
possible), the validity, legality and enforceability of any remaining portions
of such provision(s) in every other respect and of the remaining provision(s) of
such Modification Document shall not be in any respect impaired. In lieu of each
such unenforceable provision, there shall be added automatically as a part of
such Modification Document a provision that is legal, valid and enforceable and
is as similar in terms to such unenforceable provisions as may be possible.

      7.6 Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original and all of which
together shall constitute one and the same document. Signature pages may be
detached from the counterparts and attached to a single copy of this
Modification Agreement to physically form one document.

                         [Signatures on Following Page]

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<PAGE>

DATED as of the date first above stated.

                                     BORROWER:

                                     BLUEGREEN CORPORATION, a
                                     Massachusetts corporation

                                     By: /S/ JOHN F. CHISTE
                                         ---------------------------------------
                                     Printed Name: JOHN F. CHISTE
                                     Title: TREASURER & CFO & SENIOR V.P.

                                     BLUEGREEN VACATIONS UNLIMITED, INC.
                                     a Florida corporation

                                     By: /S/ JOHN F. CHISTE
                                         ---------------------------------------
                                     Printed Name: JOHN F. CHISTE
                                     Title: TREASURER

                                     BLUEGREEN/BIG CEDAR VACATIONS, LLC.
                                     a Delaware limited liability company

                                     By: /S/ JOHN F. CHISTE
                                         ---------------------------------------
                                     Printed Name: JOHN F. CHISTE
                                     Title: VICE PRESIDENT

                                     LENDER

                                     RESIDENTIAL FUNDING CORPORATION,
                                     a Delaware corporation

                                     By /S/ JEFF OWINGS
                                        ----------------------------------------
                                     Print Name: Jeff Owings
                                     Its: Managing DirectorEXHIBIT 10.169

                               PROJECT COMMITMENT
                  (Big Cedar Wilderness Club October 10, 2003)

      THIS PROJECT COMMITMENT (Big Cedar Wilderness Club) ("Project Commitment")
is entered into as of October 10, 2003 by and between BLUEGREEN VACATIONS
UNLIMITED, INC., a Florida corporation ("BVU") and BLUEGREEN/BIG CEDAR
VACATIONS, LLC, a Delaware limited liability company ("Big Cedar", and jointly
and severally with BVU, "Borrower") and RESIDENTIAL FUNDING CORPORATION, a
Delaware corporation ("Lender") and shall become part of and supplement the
terms of the Loan Agreement between BVU and Lender dated February 10, 2003, as
amended by that certain Modification Agreement (AD&C Loan Agreement) dated as of
September 10, 2003 between BVU and Lender (collectively, the "Loan Agreement").
Under the terms of the Loan Agreement, Lender has agreed to make a revolving
loan in the maximum principal amount of $45,000,000 (the "Loan") to Borrower to
finance various time-share acquisition, development and construction projects to
be approved pursuant to a Project Commitment. Lender is pleased to confirm that
upon the execution of this Project Commitment, Lender shall be deemed to approve
the project described herein as a "Project" and that proceeds of the Loan may be
disbursed with respect to such Project all in accordance with the terms and
conditions of the Loan Agreement, inclusive of this Project Commitment.

      Section 1. It is the intent of the parties that this Project Commitment
become a part of and supplement the terms of the Loan Agreement with respect to
the Project described herein. Capitalized terms used and not otherwise defined
herein shall have the meanings set forth in the Loan Agreement.

      Section 2. The following Project terms are hereby approved and agreed to
by the parties:

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GENERAL
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PROJECT                 BIG CEDAR WILDERNESS CLUB, located at 612 Devil's Pool
                        Road, Ridgedale, Missouri and consisting of the
                        following: (i) 69 completed two-bedroom Units (13 of
                        which are stand-alone cabins); (ii) real property
                        planned for the construction of 80 additional
                        two-bedroom Units (16 of which are planned stand-alone
                        cabins); and (iii) the sales center building, the resort
                        check-in facility, the applicable resort amenities and
                        the other common areas applicable to the project. The
                        real property corresponding to the above is legally
                        described on Exhibit A attached hereto and incorporated
                        herein by reference. As a matter of clarification, the
--------------------------------------------------------------------------------

<PAGE>

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                        two-bedroom Units described above and herein that are
                        not within the stand-alone cabins may consist of a
                        one-bedroom Unit combined with a studio Unit.
--------------------------------------------------------------------------------
TERMS OF THE LOAN APPLICABLE TO THIS PROJECT
--------------------------------------------------------------------------------
PROJECT LOAN AMOUNT     Means an amount not to exceed the principal amount of
                        $24,289,379. The Project Loan Amount shall consist of
                        two tranches: (i) the "Timeshare Unit Tranche," which
                        shall not exceed the principal amount of $20,842,957 and
                        (ii) the "Common Areas Tranche," which shall not exceed
                        the principal amount of $3,446,422. Notwithstanding the
                        above, at no time shall the outstanding principal
                        balance of the Project Loan at any one time exceed
                        $15,000,000.
--------------------------------------------------------------------------------
PROJECT LOAN ADVANCE    Means the period of time commencing on the date of this
PERIOD                  Project Commitment and expiring on October 10, 2005.
--------------------------------------------------------------------------------
PROJECT LOAN            Means for the Timeshare Unit Tranche: the first to occur
REPAYMENT DATE          of (i) October 10, 2007 or (ii) the date on which the
                        Loan must be repaid pursuant to Section 8.2.

                        Means for the Common Areas Tranche: the first to occur
                        of (i) October 10, 2007 or (ii) the date on which the
                        Loan must be repaid pursuant to Section 8.2.
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MINIMUM REQUIRED        With respect to the Time-Share Unit Tranche: Borrower is
PRINCIPAL PAYMENTS      required to make the following minimum cumulative
                        principal payments towards the repayment of the
                        Time-Share Unit Tranche during the following loan years
                        (with each loan year ending on the anniversary of the
                        Effective Date)

                        Loan Year         Minimum Cumulative
                        ---------         ------------------
                                          Principal Reduction
                                          -------------------

                        Year 1            $  4,000,000
                        Year 2            $  9,000,000
                        Year 3            $ 15,000,000
                        Year 4            Entire balance
--------------------------------------------------------------------------------

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                        With respect to the Common Areas Tranche: Borrower is
                        required to make the following minimum cumulative
                        principal payments towards the repayment of the Project
                        Loan during the following loan years (with each loan
                        year ending on the anniversary of the Effective Date)

                        Loan Year         Minimum Cumulative
                        ---------         ------------------
                                          Principal Reduction
                                          -------------------

                        Year 1            $   800,000
                        Year 2            $ 1,600,000
                        Year 3            $ 2,400,000
                        Year 4            Entire balance
--------------------------------------------------------------------------------
LENDER'S RELEASE        The Lender's Release Price will consist of two payments:
PRICE                   (i) (a) $4,560 for each Time-Share Interest involving a
                        two-bedroom interval within a stand-alone cabin ("Cabin
                        Interval"), (b) $3,192 for each Time-Share Interest
                        involving a one-bedroom interval within a time-share
                        building ("One-Bedroom Interval"), or (c) $1,368 for
                        each Time-Share Interest involving a studio interval
                        within a time-share building ("Studio Interval"), which
                        payment(s) shall be applied to the Time-Share Unit
                        Tranche until paid in full and (ii) (a) $750 for each
                        Cabin Interval, (b) $525 for each One-Bedroom Interval,
                        or (c) $225 for each Studio Interval, which payment(s)
                        shall be applied to the Common Areas Tranche until paid
                        in full, all of which are based upon the construction of
                        149 two-bedroom Units at the Project.
--------------------------------------------------------------------------------
PROJECT INFORMATION
--------------------------------------------------------------------------------
USE OF PROCEEDS         The proceeds of the Time-Share Units Tranche will be
                        used to reimburse Borrower for (i) the construction of
                        inventory corresponding to the completed but unsold
                        timeshare inventory within the 69 two-bedroom Units
                        (which Units are within Buildings 2300 and 2500 and the
                        13 stand-alone cabins) at the Project (the "Reimbursed
                        Unsold Inventory Advance") and (ii) 85% of the
                        construction expenses incurred for the construction of
                        the 80
--------------------------------------------------------------------------------

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                        additional two-bedroom Units (inclusive of 16
                        stand-alone cabins) to be built at the Project to the
                        extent incurred by Borrower, consistent with the Budget
                        and otherwise approved by Lender, subject to the maximum
                        amount of such tranche. The actual amount of the
                        Reimbursed Unsold Inventory Advance shall be equal to
                        the sum of (A) the number of unsold Cabin Intervals,
                        which are identified on Exhibit A-1 attached hereto,
                        times $3,648.00, plus (B) the number of unsold
                        One-Bedroom Intervals, which are identified on Exhibit
                        A-3 attached hereto, times $2,553.60, plus (C) the
                        number of unsold Studio Intervals, which are identified
                        on Exhibit A-2 attached hereto, times $1,094.40.

                        The proceeds of the Common Areas Tranche will be used to
                        reimburse Borrower for 85% of the construction expenses
                        for the construction of the of the check-in facility,
                        resort amenities and the sales building to the extent
                        incurred by Borrower and approved by Lender, subject to
                        the maximum amount of such tranche.
--------------------------------------------------------------------------------
DEVELOPMENT WORK        With respect to the Project, the work of development to
                        be performed on or with respect to the Land and existing
                        Improvements, which shall include the construction of
                        the 80 additional two-bedroom Units (inclusive of the 16
                        stand-alone cabins) referenced in this Project
                        Commitment, all of which work will be completed by or on
                        behalf of the Borrower in accordance with the Plans and
                        Specifications in all material respects.
--------------------------------------------------------------------------------
BUDGET FOR              The Budget for the construction of the Project as
ACQUISITION,            provided for in this Project Commitment is attached
DEVELOPMENT AND         hereto as Schedule 1.
CONSTRUCTION
--------------------------------------------------------------------------------
CONSTRUCTION PROGRESS   Schedule 2 attached hereto sets forth the Construction
SCHEDULE AND STAGED     Progress Schedule for the Project and Schedule 3
DRAW SCHEDULE           attached hereto sets forth the Staged Draw Schedule for
                        the Project.
--------------------------------------------------------------------------------
INSPECTOR               FAS Construction Management, Inc., or such
--------------------------------------------------------------------------------

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<PAGE>

                        other inspector(s) engaged by the Lender, at Borrower's
                        expense, to provide to the Lender consultation services
                        with regard to the Project.
--------------------------------------------------------------------------------
RETAINAGE               10% of the amount of each approved disbursement under a
                        construction contract.
--------------------------------------------------------------------------------
PROJECT DOCUMENTS
--------------------------------------------------------------------------------
PROJECT DOCUMENTS       Project Commitment
                        Deed of Trust/Mortgage
                        CLPI Assignment
                        UCC Financing Statements
                        Assignment of Construction Items
                        Plans and Specifications
                        Addendum to Note
                        Title Policy
--------------------------------------------------------------------------------

      Section 3. As the approved Project is owned by Bluegreen/Big Cedar
Vacations, LLC (the "Project Owner"), Project Owner, subject to Section 4 of
this Project Commitment, hereby expressly, and without any reservations or
exceptions, agrees hereby to become a party to the Loan Agreement, assumes,
jointly and severally with Borrower, all of the obligations of Borrower
presently, or at any time in the future, contained in the Loan Agreement and
agrees to be bound by and comply with all the terms thereof. Project Owner
agrees to execute and deliver to Lender the Addendum to the Note whereby Project
Owner, jointly and severally with Borrower, assumes all of the obligations of
Borrower presently, or at any time in the future, contained in the Note to the
extent provided for in this Project Commitment. Subject to Section 4 of this
Project Commitment, Project Owner and Borrower acknowledge that they are each
jointly and severally liable, as primary co-obligors and not as sureties or
guarantors, for all of the amounts disbursed under the Note for this Project and
for all other obligations of "Borrower" pursuant to such Loan Agreement. To the
extent Project Owner or Borrower is deemed a surety or guarantor, each hereby
waive any and all surety and guarantor defenses to the extent waivable under
applicable laws. Whenever used herein or in the other Loan Documents, the term
"Borrower" shall include Project Owner.

      Section 4. Notwithstanding anything to the contrary in Section 3 above, or
any other provision of the Loan Agreement or the Loan Documents, at no time
shall the Project Owner's monetary obligations and liability under the Loan,
including but not limited to the Note dated February 10, 2003, as amended by an
Amendment No. 1 to Revolving Promissory Note (AD&C Loan) dated as of September
10, 2003 and as amended by the Addendum to Note dated as of even date with this
Project Commitment, exceed the aggregate amount of the unpaid balance, plus all
accrued and unpaid interest, of the Project Loan granted pursuant to this
Project Commitment. After an Event of Default has occurred and while it is still
continuing and after Lender has declared the Note and all other sums owing by
Borrower to Lender in connection with the Loan to be due and payable, Lender
agrees that it shall, upon tender of full payment by Big Cedar, L.L.C. to Lender
of the aggregate amount of the unpaid balance, plus all accrued and unpaid
interest of the Project Loan Amount, assign, endorse and deliver to Big Cedar,
L.L.C.,

                                       5
<PAGE>

immediately and concurrently with tender of full payment, the Project Security
Instruments executed by Project Owner in connection with this Project Commitment
and Lender shall unconditionally release and forever relinquish entirely any and
all rights, title and interest that Lender has with respect to the collateral
assigned by Project Owner to Lender pursuant to such Project Security
Instruments. The rights of Big Cedar, L.L.C. to purchase the Project Security
Instruments pursuant to the above terms shall expire automatically on the date
that is 60 days after Big Cedar, L.L.C. receives written notice (the
"Commencement Notice") from Lender of Lender's determination, which
determination shall be in Lender's sole and absolute discretion, to commence a
foreclosure action or to otherwise take action to realize upon the collateral
that is subject to the Project Security Instruments executed in connection with
this Project Commitment. The Commencement Notice shall be delivered to Big
Cedar, L.L.C. by any of the means described in Section 9.2 of the Loan Agreement
at the following address:

Big Cedar, L.L.C.
2500 East Kearney Street
Springfield, MO 65898
Attn: Anthony G. Shill

      Section 5. Except as otherwise disclosed on Exhibit B to this Project
Commitment, BVU reaffirms and Project Owner makes as of the date of this Project
Commitment all of the covenants, representations and warranties as to themselves
and as to the Project. Borrower hereby ratifies all of the provisions of the
Loan Documents and confirms that all of such provisions remain in full force and
effect. Borrower acknowledges and agrees that there are no defenses,
counterclaims, setoffs, recoupments or other adverse claims or causes of action
of any kind existing with respect to the Loan and the Loan Documents, including
without limitation, claims regarding the validity, perfection, priority and
enforceability of the lien interests held by Lender pursuant to the Loan
Documents except for mechanic's liens disclosed to Lender and affirmatively
insured over by the Title Insurance Company.

      Section 6. Borrower declares and certifies, under penalty of perjury,
that: (i) the U.S. Taxpayer I.D. Number of BVU and Big Cedar are 65-0433722 and
65-1016052 respectively; (ii) the business addresses of BVU and Big Cedar are
4960 Conference Way North, Suite 100, Boca Raton, Florida 33431; (iii) Borrower
is not a "foreign person" within the meaning of Sections 1445 and 7701 of the
Internal Revenue Code of 1986, as amended; and (iv) Borrower understands that
the information and certification contained in this paragraph may be disclosed
to the Internal Revenue Service and that any false statement contained herein
could be punished by fine, imprisonment or both. The Borrower agrees to provide
the Lender with a new certification containing the provisions of this paragraph
immediately upon any change in such information.

      Section 7. SECTIONS 9.17 AND 9.18 OF THE LOAN AGREEMENT ARE INCORPORATED
HEREIN BY THIS REFERENCE. BORROWER SPECIFICALLY ACKNOWLEDGES, REAFFIRMS AND
RESTATES THE AGREEMENTS AND WAIVERS CONTAINED IN THOSE SECTIONS AS IF SET FORTH
IN FULL IN THIS PROJECT COMMITMENT.

      Initials:

      Lender: /S/ JO

                                       6
<PAGE>

      Borrower: /S/ JC

      Section 8. The Project Documents shall be prepared by counsel to the
Lender and shall be satisfactory to the Lender. Borrower shall be obligated to
pay all costs and expenses incurred to satisfy all conditions precedent, whether
or not any funds of the Loan are advanced with respect to the Project. Lender
shall not be responsible or liable for consequential damages which may be
alleged as a result of the issuance of this Project Commitment.

      Section 9. Borrower agrees to indemnify and hold harmless Lender from
liabilities (including costs of settlement) arising out of or resulting from the
transactions contemplated by this Project Commitment, other than liabilities
resulting from the gross negligence or willful misconduct of Lender, and to
reimburse Lender for reasonable legal or other expenses incurred in connection
with the defense or preparation of the defense of any such liability.

      Section 10. The provisions of the immediately preceding two paragraphs
shall survive any termination of this Project Commitment.

      Section 11. Borrower represents, warrants and certifies that as of the
date of this Project Commitment (i) there has been no Material Adverse Change
since the date of the most recent financial statements delivered to Lender, (ii)
there has been no Material Adverse Change in the financial condition or
projected operations of the Project since the date of the most recent
information delivered to the Lender with respect to the Project, (iii) except as
disclosed in a written title commitment issued to Lender or Bluegreen
Corporation's SEC filings, there has been no material action, suit or proceeding
(including, without limitation, any inquiry or investigation) pending or
threatened with respect to Borrower or the Project that could have a Material
Adverse Change on Borrower or the Project and (iv) no Event of Default or
Potential Default exists under the Loan Agreement.

                                       7
<PAGE>

                                        LENDER:

                                        RESIDENTIAL FUNDING CORPORATION,
                                        a Delaware corporation

                                        By: /S/ JEFF OWINGS
                                            -----------------------------------
                                        Printed Name: Jeff Owings
                                        Title:  Managing Director

                                        BORROWER:

                                        BLUEGREEN VACATIONS UNLIMITED, INC.,
                                        a Florida corporation

                                        By: /S/ JOHN F. CHISTE
                                            -----------------------------------
                                        Print Name: JOHN F. CHISTE
                                        Its: TREASURER

                                        BY SIGNING BELOW, PROJECT OWNER
                                        ACKNOWLEDGES THAT IT HAS RECEIVED A COPY
                                        OF THE LOAN AGREEMENT AND THAT PROJECT
                                        OWNER AGREES TO BECOME A BORROWER UNDER
                                        AND BOUND BY SUCH LOAN AGREEMENT,
                                        JOINTLY AND SEVERALLY LIABLE, ALL
                                        CONSISTENT WITH THE PROVISIONS OF THIS
                                        PROJECT COMMITMENT

                                        BLUEGREEN/BIG CEDAR VACATIONS, LLC, a
                                        Delaware limited liability company

                                        By: /S/ JOHN F. CHISTE
                                            -----------------------------------
                                        Print Name: JOHN F. CHISTE
                                        Title: AUTHORIZED AGENT

                                       8
<PAGE>

                         EXHIBIT A TO PROJECT COMMITMENT

                            Real Property Description

                    (Inclusive of Exhibits A-1, A-2, and A-3)

<PAGE>

                         EXHIBIT B TO PROJECT COMMITMENT

     Disclosed Non-Compliance with Covenants, Representations and Warranties

                        None, unless otherwise completed.

<PAGE>

                        SCHEDULE 1 TO PROJECT COMMITMENT

                             DEVELOPMENT WORK BUDGET

 [To be supplied subsequent to the Effective Date of this Project Commitment at
                             the request of Lender]

<PAGE>

                        SCHEDULE 2 TO PROJECT COMMITMENT

                         CONSTRUCTION PROGRESS SCHEDULE

<PAGE>

                        SCHEDULE 3 TO PROJECT COMMITMENT

                              STAGED DRAW SCHEDULE

 [To be supplied subsequent to the Effective Date of this Project Commitment at
                             the request of Lender]

<PAGE>

                                   EXHIBIT A

                       FORM OF DRAW REQUEST CERTIFICATION

                           DRAW REQUEST CERTIFICATION

================================================================================
DRAW REQUEST NUMBER __

DATE:

LENDER:   RESIDENTIAL FUNDING CORPORATION,
          a Delaware corporation

BORROWER: BLUEGREEN VACATIONS UNLIMITED, INC.,
          a Florida corporation and
          BLUEGREEN/BIG CEDAR VACATIONS, LLC, a
          Delaware limited liability company

PROJECT:  Big Cedar Wilderness Club
================================================================================

      Reference is made to that certain Loan Agreement dated as of February 10,
2003 between Lender and Borrower relating to the above referenced Project (as
amended or otherwise modified from time to time, the "Loan Agreement").
Capitalized terms used herein without definition shall have the meanings set
forth in the Loan Agreement, unless the context shall require otherwise.

      Borrower requests Lender to disburse to Borrower the proceeds of the Loan
in the amounts and for the purposes stated in the attached Schedule 1.

      In connection with such requested disbursement, Borrower hereby
represents, warrants and certifies to Lender as follows:

            (1) No Event of Default or Potential Default presently exists under
      the Loan Agreement or any other Loan Document.

            (2) All of the representations and warranties of Borrower and
      Guarantor, if any, under the Loan Agreement and the other Loan Documents
      are hereby remade and restated.

            (3) With respect to the Loan:

                  (A) Borrower has satisfied all conditions precedent to the
            funding of the Project as set forth in the Loan Documents;

                  (B) the Loan Documents are in full force and effect;

<PAGE>

                  (C) the Loan is secured by a first-priority lien on the
            Project and the other collateral described in the Loan Documents;

                  (D) the sum of all amounts expended in respect of the
            acquisition of the Land, the Improvements and the Development Work
            does not exceed the Budget, or if such amounts do exceed the Budget,
            attached hereto is a listing of the amounts over budget and an
            explanation of such budget overrun(s); and

                  (E) all contractors, subcontractors, vendors, materialmen and
            other Persons entitled to payment with respect to the Development
            Work have been paid or will be paid, subject to retainage, with the
            proceeds of the requested disbursement except for payments in
            dispute ("Disputed Payments") pursuant to filed mechanic's liens
            disclosed to Lender and affirmatively insured over by the Title
            Insurance Company, provided however, that the requested disbursement
            is not seeking reimbursement for any portion of the Disputed
            Payments.

            (4) All insurance required to be maintained by Borrower remains in
      full force in effect, of the types, in the amounts and issued by insurers
      as previously approved by Lender.

            (5) All Development Work covered by this Draw Request has been
      completed in accordance with the applicable contracts and should now be
      paid, and all costs incurred in connection with the Development Work
      either have been paid or will be paid out of the proceeds of this
      disbursement.

                                      BORROWER:

                                      BLUEGREEN VACATIONS UNLIMITED, INC.,
                                      a Florida corporation

                                      By: __________________________________

                                      Name: ________________________________

                                      Title: _______________________________

                                      BLUEGREEN/BIG CEDAR VACATIONS, LLC, a
                                      Delaware limited liability company

                                      By:___________________________________

                                      Name: ________________________________

                                      Title: _______________________________

<PAGE>

                            BIG CEDAR WILDERNESS CLUB

                        SCHEDULE 1 TO DRAW REQUEST NUMBER

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