Document:

BUSINESS PLAN AGREEMENT

THIS  BUSINESS  PLAN AGREEMENT ("AGREEMENT") IS DATED FOR REFERENCE THIS 1ST DAY
OF  FEBRUARY  2003

BETWEEN:                MS.  HYE  KYONG  JO  of 108-601 Ssangyong Apt.
                        Sungsu 1 ga, 2-dong, Sungdong-gu,  Seoul,  Korea  ("JO")

AND:                    MERIDIAN  CO.,  LTD.,  of  4F, Heungseong Bldg., 197-3,
                        Jamsilbon-dong, Songpa-gu  Seoul,  Republic  of  Korea
                       ("MERIDIAN")

BACKGROUND  FACTS:

A.   JO  has  extensive  experience  in  the  corporate document preparation and
     marketing  research.

B.   MERIDIAN  seeks to benefit from JO's expertise by retaining JO to prepare a
     Business  Plan,  Marketing  Plan  and  Company  Information  Materials.

IN  CONSIDERATION  OF  THE  COVENANTS AND AGREEMENTS HEREIN CONTAINED, AND OTHER
GOOD AND VALUABLE CONSIDERATION, THE RECEIPT AND SUFFICIENCY OF WHICH ARE HEREBY
ACKNOWLEDGED  BY  THE  PARTIES,  THE  PARTIES  HEREBY  AGREE  AS  FOLLOWS:

1.     SERVICES
       --------

     a.   JO  shall  make best efforts to provide business planning services for
          MERIDIAN.  JO  will:
     b.   Develop  a  Business Plan and Marketing Plan according to the concepts
          and  information  provided  by  MERIDIAN.
     c.   Conduct  marketing  research  in  Korea,  North  America, Europe, Asia
     d.   Provide  one  Draft  Versions  for  review  by  MERIDIAN
     e.   Incorporate  the  revisions  of  the draft review into the final plans
     f.   Provide  complete versions of Business Plan, Marketing Plan, Corporate
          Information  Materials.

2.     CONSIDERATION
       -------------

3.1  In  consideration  for  the  Services, MERIDIAN shall pay JO $ 78,500 US or
     461,765  of  the  MERIDIAN's  common  shares  ($0.17  US  per  share).

3.2  All  expenses  and  costs  are  included.

3.     TERM
       ----

     JO   will  prepare  a  business plan and present the first draft version to
     MERIDIAN  within  two  months  from  the  date  first  written  above.

4.     CONFIDENTIALITY
       ---------------

4.1  All  reports,  documents,  concepts and products together with any business
     contracts  or  any  business opportunities prepared, produced, developed or
     acquired  by  JO,  directly or indirectly, in connection with JO performing
     the  Services (collectively, the "Work Product") will belong exclusively to
     MERIDIAN  which  will  be  entitled  to  all  rights,  interest, profits or
     benefits  in  respect  thereof.

4.2  No  copies,  summaries  or other reproductions of any Work Product shall be
     made  by JO without the express permission of MERIDIAN, provided that JO is
     given  permission to maintain one copy of the Work Product for its own use.

4.3  JO  will  not  disclose any information, documents or Work Product which is
     developed by JO or to which JO may have access by virtue of its performance
     of the Services to any person not expressly authorized by MERIDIAN for that
     purpose. JO will comply with such directions as MERIDIAN may make to ensure
     the  safeguarding or confidentiality of all such information, documents and
     Work  Product.

4.4  JO  may not disseminate nor distribute to the media, members of the public,
     shareholders  of MERIDIAN, prospective investors, members of the investment
     or  brokerage community, securities regulators or any other third party any
     of  the  Work  Product  or  any  other written or printed information about
     MERIDIAN  or  its  business, without MERIDIAN first reviewing and approving
     the  Work  Product  or  other  information  prior  to  dissemination  or
     distribution.

5.     LAW
       ---

5.1  This  agreement  shall  be governed by and construed in accordance with the
     laws  of the Republic of Korea and the parties hereby irrevocably attorn to
     the  courts  of  such  country.

IN  WITNESS  THEREOF,  the  parties  above have caused this Agreement to be duly
executed,  as  of  the  day  and  year  set  out  below.

By:  /s/ HYE  KYUNG  JO                              Date:  February,  01,  2003
     --------------------                                    -------------------

MERIDIAN  CO.,  LTD.,

By:  /s/ Hyeon  Seong  Myeong,                       Date:  February,  01,  2003
     ----------------------------------------                -------------------
       Hyeon  Seong  Myeong,  CEO/PresidentExhibit 10.u

                                SECOND AMENDMENT
                           TO THE OPERATING AGREEMENT
                            OF LOUISVILLE HOTEL, LLC

      THIS SECOND AMENDMENT ("Second Amendment") to the Operating Agreement of
Louisville Hotel, LLC, is entered into between Ridgewood Hotels, Inc., a
Delaware corporation ("Ridgewood") and Louisville Hotel, L.P., a Delaware
limited partnership ("Louisville") effective as of February 12, 2003.

      WHEREAS, the parties hereto are parties to that certain Operating
Agreement effective May 1998 between Ridgewood and Louisville as amended by that
certain First Amendment to the Operating Agreement of Louisville Hotel, LLC
between Ridgewood and Louisville dated as of September 30, 1999 (the Operating
Agreement, as amended, is referred to herein as the "Operating Agreement"); and

      WHEREAS, Ridgewood and Louisville desire to amend certain of the terms of
the Operating Agreement.

      NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties hereto agree as
follows:

      1. Section 7.3 of the Operating Agreement shall be amended to include the
following sentence at the end of the Section:

            "Notwithstanding the foregoing, the Manager in connection with the
            exercise of its rights, powers and authority under the Operating
            Agreement, shall not knowingly take (or knowingly omit to take) any
            action, or suffer or permit the Company to take (or knowingly omit
            to take) any action that is detrimental to the Company in any
            material way without the prior written consent of Louisville;
            provided, however, that the foregoing limitation shall not apply to
            the failure to exercise the Option."

      2. Section 14.2 of the Operating Agreement is deleted in its entirety and
replaced with the following:

            "14.2 Obligation to Purchase Louisville Membership Interest.

                  As provided in Section 14.1 above, in connection with the
            execution of the Purchase Agreement, Ridgewood executed certain
            Promissory Notes in favor of Louisville in the total original
            cumulative principal amount of One Million Nine Hundred Thirty-Three
            Thousand Dollars ($1,933,000). The promissory notes consisted of (i)
            a note in the amount of $300,000 secured by property in Florida (the
            "Florida Note"), (ii) a note in the amount of $300,000 secured by
            property in Arizona (the "Arizona Note") and (iii) a note in the
            amount of $1,333,000 secured by Ridgewood's membership interests in
            the Company (the "Louisville

<PAGE>

            Note"). Contemporaneously with the execution of this Second
            Amendment, (i) Ridgewood has been released from any and all
            obligations under the Arizona Note, (ii) the cumulative principal
            amount remaining due from Ridgewood under the Louisville Note has
            been reduced to Nine Hundred Thirty-Three Thousand Dollars
            ($933,000), the interest rate has been reduced to ten percent (10%)
            per annum and the maturity date has been extended until February 12,
            2006 and (iii) the Florida Note has been amended and restated. The
            amended terms of the Louisville Note are set forth in the Renewed,
            Amended and Restated Promissory Note of even date herewith with
            Ridgewood as Maker and Louisville as Holder (the "Amended Promissory
            Note"). The amended terms of the Florida Promissory Note are set
            forth in the Renewed, Amended and Restated Promissory Note (Florida)
            of even date herewith with Ridgewood as Maker and Louisville as
            Holder (the "Amended Florida Note"). In the event that on or before
            February 12, 2006 Ridgewood has not exercised the Purchase Right set
            forth in Section 14.1 and fully paid the Purchase Right Price
            pursuant to the provisions of Section 14.1, then Ridgewood shall be
            obligated to purchase (and Louisville shall sell) Louisville's
            membership interest and to pay the full amount of the Purchase Right
            Price on February 12, 2006 (the "Purchase Date"). Notwithstanding
            the foregoing, Ridgewood shall have the right and option to extend
            the Purchase Date until February 12, 2007; provided that, on or
            before the time of such extension, Ridgewood shall have made or
            cause to have been made a partial payment of no less than One
            Million Dollars ($1,000,000) of the Purchase Right Price (the
            "Partial Payment"). Ridgewood may exercise the option to extend the
            Payment Date by providing written notice to Louisville of its
            exercise of such option to extend the Purchase Date together with
            the Partial Payment on or before February 12, 2006. Any Partial
            Payment made by Ridgewood shall be credited against Louisville's
            Capital Contribution at the time such Partial Payment is made and
            shall, accordingly, reduce the total amount of the Purchase Right
            Price to be paid at the time the purchase is completed. In the event
            of a default by Ridgewood hereunder, the provisions of Section 14.3
            below shall apply. The extension of the Purchase Date to February
            12, 2006 shall not extend the due date of the Amended Promissory
            Note which shall continue to be February 12, 2006 and shall not
            extend or otherwise modify the principal payment schedule in the
            Amended Florida Note."

      3. Section 14.3 shall be amended to change the references therein from
"Promissory Notes" to "Amended Promissory Note."

      4. Section 14.4 of the Operating Agreement shall be amended to include the
following after the last sentence:

            "Upon any default set forth in subsections 14.3(i), 14.3(ii) or
            14.3(iii) hereof, or any event of default under the terms of the
            Amended Promissory Note, then in any such event, Louisville, without
            limiting the right of

                                       2
<PAGE>

            Louisville to exercise any other remedies to which it is entitled,
            may, at its option, replace Ridgewood as Manager of the Company
            under the Operating Agreement and as Property Manager under the
            Property Management Agreement. In the event that Louisville elects
            to replace Ridgewood as Manager of the Company, Louisville shall
            become the Manager of the Company. In the event that Louisville
            elects to replace Ridgewood as the Property Manager, Louisville
            shall become the Property Manager under the Property Management
            Agreement and shall be entitled to receive all management fees
            payable to the Property Manager. In addition, at any time after such
            default, all amounts due and payable to Ridgewood under the
            Operating Agreement shall be paid over to Louisville and applied on
            account of and set off against any amounts owed by Ridgewood to
            Louisville under the Amended Promissory Note or the Operating
            Agreement.

            If Louisville shall elect not to replace Ridgewood as Property
            Manager under the Property Management Agreement, then 100% of the
            management fees payable to Ridgewood under the Property Management
            Agreement will be subordinated to all amounts owed by Ridgewood to
            Louisville under the Amended Promissory Note or the Operating
            Agreement and all such amounts shall be paid to Louisville and
            applied on account of and setoff against such amounts owed by
            Ridgewood to Louisville. Notwithstanding the foregoing, with respect
            to any period during which Ridgewood is the Property Manager,
            Ridgewood shall be entitled to reimbursement of expenses in
            accordance with the Property Management Agreement and shall have all
            other rights under the Property Management Agreement."

      5. The Definition of Preferred Return is deleted in its entirety and
replaced with the following:

                  "Preferred Return" shall mean for each fiscal year or portion
            thereof, an amount equal to the Agreed Percent (cumulative, but not
            compounded and prorated for any partial fiscal year) return on the
            average Net Capital Contribution of a Member during such year or
            portion thereof. For purposes hereof, Agreed Percentage shall mean
            thirteen percent (13%) for the period prior to February 12, 2003 and
            ten percent (10%) for the period on or after February 12, 2003.

      6. Any reference to Promissory Notes in the Operating Agreement shall be
deemed to be a reference to the Amended Promissory Note. Any reference to Loan
Documents in the Operating Agreement shall be deemed to be a reference to the
Amended Membership Interest Security Agreement between Ridgewood and Louisville
of even date herewith.

                                       3
<PAGE>

      7. Section 19.5 is hereby amended to provide as follows:

            "19.5 Manager's Address. The name and address of the Manager is as
            follows:

                  Ridgewood Hotels, Inc.
                  100 Rue Charlemagne
                  Braselton, GA 30517
                  Attn: Mr. Henk Evers"

      8. Section 4.3(a) is hereby amended to delete the phrase "Except as
provided in Section 4.3(b)" and to replace it with the phrase "Except as
provided in Section 4.3(c)."

      9. Section 14.1 is hereby amended to delete the phrase "In addition to all
other rights as set forth in this Amendment" with the phrase "In addition to all
other rights as set forth in the Operating Agreement (as amended)".

      10. Louisville shall be entitled to receive, and Ridgewood shall provide
within 30 days after the end of each month, copies of monthly financial
statements of the Hotel including (i) a statement of the determination of the
asset management fee payable to Louisville and (ii) a statement showing cash
flow participation of the Members.

      11. Notwithstanding anything in the Operating Agreement to the contrary,
no amount will be distributed to the Members at any time that the Hotel has a
payment default under the terms of the Hotel's senior indebtedness that is
secured by a mortgage on the Hotel's property.

      12. Section 10.1 is amended by adding a new subsection 10.1.5 as follows:

          "10.5.1 Notwithstanding anything herein to the contrary, no
                  assignment or transfer of membership interests shall be
                  allowed to the extent that it is prohibited by or would
                  cause a default in the Loan."

      13. A new Section 7.9 shall be added to the Operating Agreement as
follows:

           "7.9   Obligations of Company. The Company shall:

                  7.9.1   Maintain books and records separate from any other
                          person or entity;

                  7.9.2   Maintain its bank account separate from any other
                          person or entity;

                  7.9.3   Not commingle its assets with those of any other
                          person or entity and hold all of its assets in its own
                          name;

                  7.9.4   Conduct its own business in its own name;

                                       4
<PAGE>

                  7.9.5   Maintain separate financial statements, showing its
                          assets and liabilities separate and apart from those
                          of any other person or entity;

                  7.9.6   File its tax returns separate from those of any other
                          entity;

                  7.9.7   Pay its own liabilities out of its own funds;

                  7.9.8   Observe all limited liability company and other
                          organizational formalities;

                  7.9.9   Maintain an arm's length relationship with its
                          Affiliates and enter into a transaction with
                          Affiliates only on commercially reasonable terms
                          (provided that it is agreed that the Loan and the
                          Property Management Agreement are on commercially
                          reasonable terms;

                  7.9.10  Pay the salaries of its own employees, if any, from
                          its own funds;

                  7.9.11  Not guaranty or become obligated for the debts of any
                          other entity;

                  7.9.12  Not hold out its credit as being available to satisfy
                          the obligations of any other person or entity;

                  7.9.13  Not acquire the obligations or securities of its
                          Affiliates or owners, including partners, members or
                          shareholders as appropriate, except for the Loan;

                  7.9.14  Not make loans to any other person or entity or buy or
                          hold evidences of indebtedness issued by any other
                          person or entity (other than cash and investment grade
                          securities), except for the Loan;

                  7.9.15  Allocate fairly and reasonably any overhead expenses
                          that are shared with an Affiliate, including paying
                          for office space and services performed by any
                          employee of an Affiliate;

                  7.9.16  Use separate stationery, invoices and checks bearing
                          its own name;

                  7.9.17  Not pledge its assets for the benefit of any other
                          person or entity;

                  7.9.18  Hold itself out as a separate entity;

                                       5
<PAGE>

                  7.9.19  Correct any known misunderstandings regarding its
                          separate identity;

                  7.9.20  Not identify itself as a division of any other person
                          or entity; and

                  7.9.21  Maintain adequate capital in light of its contemplated
                          business operations."

      14. A new Section 7.10 shall be added to the Operating Agreement as
follows:

            "7.10 Limitation on Company's and Manager's Authority.
                  Notwithstanding anything herein to the contrary, until such
                  time as Ridgewood purchases Louisville's membership interest
                  pursuant to Section 14.2, neither the Company nor the Manager,
                  nor any Affiliate shall have any authority or power to take
                  any of the following actions without the consent of all
                  Members.

                  7.10.1  The Company shall not incur indebtedness other than
                          the Loan except for liabilities incurred in the
                          ordinary course of its business;

                  7.10.2  The Company shall not engage in any dissolution,
                          liquidation, consolidation, merger or sale of all or
                          substantially all of its assets; and

                  7.10.3  The Company shall not enter into a transaction with
                          Affiliates except for transactions on commercially
                          reasonable terms (provided that it is agreed that the
                          Loan and the Property Management Agreement are on
                          commercially reasonable terms)."

      15. Any notice which a party is required or may desire to give the other
shall be in writing and may be sent by personal delivery or by mail (either (i)
by United States registered or certified mail, return receipt requested, postage
prepaid, or (ii) by Federal Express or similar generally recognized overnight
carrier regularly providing proof of delivery), addressed as follows (subject to
the right of a party to designate a different address for itself by notice
similarly given):

      To Maker:   Ridgewood Hotels, Inc.
                  100 Rue Charlemagne
                  Braselton, GA 30517
                  Attn: Mr. Henk Evers
                  Telephone: (678) 425-9000
                  Facsimile: (678) 425-6913

                                       6
<PAGE>

      To Holder:  Louisville Hotel, L.P.
                  c/o Sterling Centrecorp, Inc.
                  One North Clematis Street - Suite 305
                  West Palm Beach, FL 33401
                  Attn: David Kosoy
                  Telephone: (561) 835-1810
                  Facsimile: (561) 835-4118

Any notice so given by mail shall be deemed to have been given as of delivery
(whether accepted or refused) established by U.S. Post Office return receipt or
the overnight carrier's proof of delivery, as the case may be. Any such notice
not so give shall be deemed given upon receipt of the same by the party to whom
the same is to be given.

      16. Except as modified by the terms hereof, the provisions of the
Operating Agreement shall remain in full force and effect.

      17. This Second Amendment shall be governed by Delaware law.

      18. The terms and provisions of this Second Amendment shall be binding
upon and inure to the benefit of the successors and assigns of the respective
Members.

      19. This Second Amendment may be executed by facsimile and in one or more
counterparts and each such counterpart shall constitute one agreement.

                            [Signature Page Follows]

                                       7
<PAGE>

      IN WITNESS WHEREOF, this Second Amendment is executed and effective as of
the date first set forth above.

                            RIDGEWOOD HOTELS, INC.                   (Seal)

                            By:_____________________________
                               Henk Evers
                               President

                            LOUISVILLE HOTEL, L.P.,
                            a Delaware limited partnership

                            By: Louisville Hotel, Inc., a            (Seal)
                                a Delaware corporation

                                By:  _______________________
                                Its: _______________________

                                       8

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