Document:

Exhibit 10.33

 

LEASE WITH OPTION TO PURCHASE

 

THIS LEASE WITH OPTION
TO PURCHASE (this “Lease”) is made and entered into this 9 day of May, 2017 (the “Effective Date”)
by and between Bluegreen/Big Cedar Vacations, LLC, a Delaware limited liability company (“Landlord”) and Big Cedar,
LLC, a Missouri limited liability company (“Tenant”).

 

In consideration of
the mutual covenants contained herein. Landlord hereby leases to Tenant the real property legally described on Exhibit A
attached hereto and incorporated herein, together with all improvements located thereon (including, without limitation, an approximate
55,000 square foot building) and all easements, rights and privileges appurtenant thereto (collectively, the “Leased
Premises”).

 

THIS LEASE is made upon the following terms and conditions:

 

1.          Term.
The term of this Lease (the “Term”) shall be a period of twenty (20) years commencing on the date that Tenant
opens the Leased Premises for business (the “Commencement Date”) and expiring at 11:59 p.m. local time on the
day prior to the twentieth (20th) anniversary of the Commencement Date.

 

2.          Rent.
From and after the Commencement Date and continuing throughout the Term. Tenant shall pay Landlord rent for the Leased Premises
(“Rent”) in the amount of One Dollar ($1.00) per year plus an amount equal to the “Real Estate Taxes”
(as defined in Section 8 hereof) payable during each year of the Term.

 

3.          Delivery
of Possession. Tenant acknowledges and agrees that prior to the Effective Date, Landlord delivered possession of the Leased
Premises to Tenant in a finished “white box” condition, and Landlord warrants that upon such delivery all systems thereof
were in good mechanical and operational order and that the Leased Premises was compliance with all applicable laws and building
codes.

 

4.          
Tenant’s Work.

 

(a)          Tenant
shall, at its sole cost and expense and in accordance with the terms of this Lease, perform and with due diligence complete its
infill and tenant improvements to the Leased Premises (“Tenant’s Work”). Tenant shall obtain all permits and approvals
necessary with respect to Tenant’s Work and shall comply with all legal requirements related thereto. All items of Tenant’s Work
(including infill and improvements) shall become the property of Landlord upon the expiration or earlier termination of this Lease,
subject to the provisions of Sections 14 and 27 hereof.

 

(b)          Tenant’s
Work shall be performed (i) in a good and workmanlike manner using quality materials; (ii) by duly qualified, licensed and bondable
persons; (iii) in accordance with all applicable laws, ordinances, codes and insurance company requirements; and (iv) in accordance
with the provisions of this Lease. Tenant’s Work shall be subject to Landlord’s inspection and approval during and after completion
to determine whether the same complies with the foregoing requirements.

 

     

     

    

  

(c)          Tenant
shall not open its business operations on the Leased Premises until all of Tenant’s Work has been substantially completed and a
certificate of occupancy for the Leased Premises has been issued. Upon issuance of the certificate of occupancy, a copy thereof
shall be promptly delivered to Landlord.

 

(d)          During
the performance of Tenant’s Work, Tenant shall, at its expense, carry or cause its contractor to carry “Builder’s Risk”
insurance in customary reasonable amounts acceptable to Landlord covering the performance of the same and, to the extent customary
in the jurisdiction in which the Leased Premises is located, naming Landlord as an additional insured. A copy of such Builder’s
Risk policy shall be delivered to Landlord upon request.

 

(e)          Tenant
shall indemnify, defend and hold Landlord harmless from and against any and all liabilities, losses, damages, costs, expenses (including,
without limitation, reasonable attorney fees), causes of action, suits, liens, claims, demands and/or judgments of any nature arising
with respect to the performance of Tenant’s Work.

 

5.          Repair
and Maintenance. Subject to Landlord’s warranty contained in Section 3 hereof, throughout the Term, Tenant shall, at its expense,
repair and maintain in good order and condition all aspects of the Leased Premises and the improvements located thereon including,
without limitation, structural, roof, plumbing, parking lot, sidewalks, electric and HVAC. In addition, throughout the Term, Tenant
shall, at its expense, be responsible for (a) snow and ice removal from the parking lot and sidewalks located within the Leased
Premises, (b) all custodial functions and trash service related to the Leased Premises, (c) Tenant’s signage, (d) any interior
routine maintenance, (e) all landscaping and grass cutting, and (f) repairing any damage to the Leased Premises unless caused by
the intentional acts or negligence of Landlord. On the Commencement Date, Landlord shall assign to Tenant all warranties respecting
the Leased Premises, the improvements located thereon and the systems located therein.

 

6.          Use.
The Leased Premises shall be used and occupied by Tenant as an activities center and for any other lawful use acceptable to Landlord
in its reasonable discretion. Tenant shall comply with all applicable laws, ordinances and regulations respecting Tenant’s business
operations conducted upon the Leased Premises.

 

7.          Mechanics’
Liens. Tenant will not create or permit to be created or to remain, and will discharge or fully bond against within thirty
(30) days of the filing thereof, at its expense, any lien, encumbrance or charge upon the Leased Premises which arises by reason
of any labor or materials furnished or claimed to have been furnished to Tenant by reason of Tenant’s Work or any construction,
addition or alteration of any part of the Leased Premises by Tenant.

 

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8.           Real
Estate Taxes. From and after the Commencement Date and throughout the Term, Tenant shall, at its expense, pay prior to delinquency
all ad valorem property taxes assessed or levied upon or with respect to the Leased Premises by any applicable governmental authority
(“Real Estate Taxes”). Tenant shall have the right to contest or appeal any Real Estate Taxes and Landlord agrees
to execute all documents and take all actions necessary for Tenant to have standing to pursue any such contest or appeal of Real
Estate Taxes which shall be at Tenant’s sole cost and expense. After the Commencement Date, Landlord and Tenant shall use commercially
reasonable efforts to cause the Leased Premises to be a separate tax parcel.

 

9.           Utilities.
Throughout the Term, Tenant shall, at its expense, pay for all utility services required for the operation of or furnished to or
consumed on the Leased Premises, including, without limitation, electricity, gas, water, sewer, heat, telephone, garbage collection.

 

10.         Insurance.

 

(a)          Throughout
the Term, Tenant shall, at its expense, maintain a commercial general liability policy in an amount not less than Five Million
Dollars ($5,000,000), combined single limit, insuring claims for damages as a result of personal injury, death or property damage
in or upon the Leased Premises or as a result of the use of the Leased Premises by Tenant. Landlord acknowledges and agrees that
the foregoing insurance requirements of Tenant may be satisfied in whole or in part through one or more self-insurance plans and/or
commercial policies, including, without limitation, “umbrella” or excess policies.

 

(b)          Tenant,
at its expense, shall keep the improvements at the Leased Premises insured at replacement value against loss by fire and all of
the risks and perils covered by an extended coverage endorsement to a policy of fire and casualty insurance, including vandalism
and malicious mischief endorsements. Tenant, at its expense, shall also be responsible for insuring Tenant’s inventory, equipment
and other property located on the Leased Premises.

 

(c)          Tenant,
at its expense, shall obtain and maintain workers’ compensation insurance as required by applicable law.

 

(d)          All
insurance policies herein to be procured by Tenant shall (i) insure and name Landlord and any parties in interest designated by
Landlord as additional insureds, as their respective interests may appear (except with respect to workers compensation):
(ii) provide that Landlord shall be notified in writing at least thirty (30) days before cancellation, any material change in,
or renewal thereof: and (iii) be placed with insurance companies reasonably acceptable to Landlord. Neither the issuance of any
insurance policy required hereunder, nor the minimum limits specified herein with respect to Landlord’s or Tenant’s insurance coverage,
shall be deemed to expand, limit or restrict in any way Landlord’s or Tenant’s liability arising under or out of this Lease. With
respect to each of the insurance policies herein required to be procured by Tenant, Tenant shall deliver to Landlord upon Landlord’s
written request a certificate of insurance, certifying that such policy has been issued, providing the coverage required by this
Lease and containing the provisions specified herein. The term “insurance policy” as used herein shall be deemed to include
any extensions or renewals of such insurance policy.

 

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(e)          Landlord
acknowledges and agrees that the foregoing insurance requirements of Tenant may be satisfied in whole or in part through one or
more self-insurance plans and/or commercial policies, including, without limitation, “umbrella” or excess policies.

 

(f)          Notwithstanding
any provision of this Lease to the contrary. Landlord and Tenant each hereby waive any rights they may have against the other,
including, but not limited to, a direct action for damages on account of any loss or damage occasioned by Landlord or Tenant, as
the case may be (whether or not such loss or damage is caused by the fault, negligence or other tortious conduct, acts or omissions
of Landlord or Tenant or their respective officers, directors, employees, agents or invitees), to the improvements on the Leased
Premises and any personal property located therein or thereon to the extent such property is insured or is required to have been
insured by the provisions of this Lease (including, without limitation, any deductible and/or self-insured amounts). The parties
hereto each, on behalf of their respective insurers, grant to one another a waiver of any right of subrogation any such insurer
may have against the other party or their respective officers, directors, members, managers, employees, agents or invitees by virtue
of payment of any loss under any such insurance and all rights of their respective insurance companies based upon an assignment
from its insured. Each party to this Lease agrees to give to each such insurance company written notification of the terms of the
mutual waivers contained in this section and to have such insurance policies properly endorsed, if necessary, to prevent the invalidation
of such insurance coverage by reason of said waivers. The foregoing waiver shall be effective whether or not the parties maintain
the required insurance.

 

11.         Condemnation
and Casualty.

 

(a)          In
the event of damage to, or destruction of. the Leased Premises and/or the improvements located thereon, by fire or other casualty,
except as provided in Section 11(b) hereof, this Lease shall remain in full force and effect and, subject to Section 11(d) hereof.
Tenant shall use commercially reasonable and diligent efforts, to restore and rebuild the Leased Premises and the improvements
located thereon to at least their former condition. Rent shall not be reduced or abated during the period of such repair, restoration
or rebuilding even if the improvements are not tenantable.

 

(b)          If
the Leased Premises and/or the improvements located thereon are damaged or destroyed by fire or other casualty to the extent of
twenty-five percent (25%) or more of the square footage of the improvements, Tenant shall have the right to terminate this Lease
as of the date of such damage or destruction by giving notice to Landlord (the “Termination Notice”) within
thirty (30) days following such damage or destruction. In the event that Tenant delivers a Termination Notice to Landlord, then
all insurance proceeds shall be payable to Landlord and Tenant, as their interests appear in such improvements.

 

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(c)          In
the event of such damage and if Tenant fails to deliver a Termination Notice, all insurance proceeds received will be used by Tenant
to restore the Leased Premises and the improvements located thereon to at least the condition existing prior to damage as provided
in Section 11(d) hereof and Landlord shall have no right to or any interest in any insurance proceeds relating to the loss of Tenant’s
inventory, merchandise, trade fixtures, supplies, furniture, fixtures, equipment or other property or relating to any business
interruption coverages purchased by Tenant.

 

(d)          If,
at any time during the Term, the Leased Premises and/or the improvements located thereon are damaged by fire or other casualty
and this Lease is not terminated in accordance with Section 11(b) hereof, then all insurance proceeds from policies carried pursuant
to Section 10(b) hereof, however recovered, shall be paid to and utilized by Tenant for payment of the costs of repairing, replacing
and rebuilding the Leased Premises and the improvements located thereon and the damage thereto shall be promptly repaired to at
least the condition existing prior to the damage. Subject to Tenant’s receipt of all necessary governmental approvals, Tenant shall
diligently pursue the completion of such reconstruction work and shall cause the same to be completed as soon thereafter as possible
under the attendant circumstances and shall comply with all laws, ordinances and governmental rules or regulations in connection
therewith. Any costs in connection with such reconstruction work which exceed the insurance proceeds received in an amount equal
to the full replacement value of the improvements located at the Leased Premises as of the date of such casualty shall be the sole
obligation of Tenant,

 

(e)          If
all of the Leased Premises shall be taken in a condemnation proceeding, or if a portion thereof shall be taken which materially
interferes with Tenant’s use of and/or operations at the Leased Premises, this Lease shall terminate as of the date of such taking.
The proceeds from any such condemnation shall be divided between Landlord and Tenant as their respective interests appear in order
to compensate each for the damage to their respective interests, and Tenant shall have the right to maintain a separate action
to recover the value of its leasehold interest and moving expenses.

 

12.         Assignment
and Subletting. Except for an assignment to an affiliated entity of Tenant (which shall not require the consent of Landlord),
Tenant shall have no right to assign Tenant’s interest in this Lease without having obtained Landlord’s prior written consent,
which consent shall not be unreasonably withheld, delayed or conditioned. In addition. Tenant shall have the right, without Landlord’s
consent, to sublet certain aspects of its operations within the Leased Premises.

 

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13.         Defaults/Remedies.

 

(a)          If
one or more of the following events (“Tenant Defaults”) shall happen and be continuing: (i) Tenant fails to
make payments of the Rent or any other sums to be paid hereunder by Tenant, and such failure continues for ten (10) business days
after written notice thereof from Landlord (subject, however, to Tenant’s right to contest Real Estate Taxes); or (ii) other
than for reasons beyond the reasonable control of Tenant or matters of force majeure. Tenant fails to obtain a certificate
of occupancy and open for business from the Leased Premises by December 31, 2017, or, if after opening, Tenant closes its business
operations from the Leased Premises for a period of sixty (60) consecutive days (other than for reasons beyond the reasonable
control of Tenant, matters of force majeure, temporary closures for repair, restoration or remodeling, or
unless closed due to Tenant’s compliance with applicable laws): or (iii) Tenant is in default under the Use Agreement (as
hereinafter defined in Section 28 hereof) beyond the expiration of any cure or grace period therein provided; or (iv) Tenant fails
to perform or observe any other covenant or condition to be performed or complied with by Tenant under this Lease, and such failure
continues for thirty (30) days after written notice thereof by Landlord to Tenant or such longer period as is reasonably necessary
to cure such default, provided Tenant is diligently proceeding with such cure; then, and in either of such events, Landlord shall
have the right, at its option, then or at any time thereafter while such Tenant Default shall continue, to terminate this Lease
by written notice to Tenant.

 

(b)          If
any such Tenant Default shall have occurred and be continuing beyond any applicable cure period, and if Landlord shall have terminated
this Lease, Landlord may re-enter and take possession of the Leased Premises. In such event Tenant shall peacefully surrender the
Leased Premises to Landlord.

 

(c)          In
the event of any such uncured Tenant Default and recovery of possession of the Leased Premises by Landlord, Landlord shall be entitled
to recover all unpaid Rent for the periods prior to the date of such recovery of possession. Thereafter, and until the date when
the Term would have expired, Landlord shall be entitled to recover the Rent from Tenant (and the actual costs and expenses of collecting
such Rent, if any, including reasonable attorneys’ fees), less any amount received by Landlord from reletting the Leased Premises.
Landlord agrees to use reasonable efforts to mitigate its damages by reletting the Leased Premises in the event of a Tenant Default.
In addition, in the event of any uncured Tenant Default, Landlord shall be entitled to pursue all remedies available at law or
in equity.

 

(d)          If
Landlord fails to perform any covenant or condition to be performed or complied with by Landlord under this Lease, and such failure
continues for thirty (30) days after written notice thereof by Tenant to Landlord or such longer period as is reasonably necessary
to cure such default, provided Landlord is diligently proceeding with such cure: then, in addition to and not in limitation of
any other rights and remedies available to Tenant, at law or in equity, including, without limitation, the withholding of Rent
and the exercise of self-help. Tenant shall, at its option and discretion, have the right to terminate this Lease and/or to recover
from the Landlord any and all losses (including reasonable attorney fees) sustained by Tenant as a result of such default by Landlord.

 

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(e)          Without
limiting any other provision of this Lease, in the event either party (“Defaulting Party”) shall fail or neglect
to perform or cause to be performed any act or thing herein provided to be performed by it or shall fail to pay to any third party
any sum of money required to be paid by it hereunder and such failure shall continue for a period of thirty (30) days after Defaulting
Party’s receipt of written notice thereof from the other (“Non-Defaulting Party”), then, without limiting
any of Non-Defaulting Party’s rights herein provided, Non-Defaulting Party may (but shall not be required to) perform or
pay the same and Defaulting Party, on demand, shall reimburse Non-Defaulting Party for its out-of-pocket costs in connection therewith
which, if Tenant is the Defaulting Party, shall be considered additional Rent due from Tenant under this Lease. Notwithstanding
the foregoing, if Non-Defaulting Party in good faith shall deem that an emergency is occurring or has occurred so that a default
requires immediate curing, in which event no such notice shall be required to be given by Non-Defaulting Party, then Non-Defaulting
Party may take such action as is necessary to cure the default and Defaulting Party, on demand, shall reimburse Non-Defaulting
Party for the cost thereof which, if Tenant is the Defaulting Party, shall be considered additional Rent due from Tenant under
this Lease. Except for the intentional acts or negligence of Non-Defaulting Party, its agents, employees or contractors. Non-Defaulting
Party shall not be liable or in any way responsible for any loss, inconvenience, annoyance or demand resulting to Defaulting Party
or anyone holding under Defaulting Party for any action taken pursuant to this Section 13(e).

 

14.         Surrender.
Unless Tenant exercises the “Option” (as defined in Section 27 hereof), at the expiration or earlier termination of this
Lease, Tenant shall (a) yield the Leased Premises to Landlord in good condition and repair (ordinary wear and tear excepted), free
of trash and refuse, and (b) remove any of Tenant’s personal property, trade fixtures, furniture, equipment, inventory, merchandise,
taxidermy, mounts, aquariums, displays, and other such specialty items from the Leased Premises and repair, at its expense, any
damage which may result to the Leased Premises from such removal. In addition, any alterations, additions, improvements, trade
fixtures, furniture and equipment which are installed by Tenant as part of Tenant’s Work or during the Term by Tenant, at Tenant’s
sole cost and expense, shall remain the property of Tenant, and may be removed by Tenant and. if so removed. Tenant shall repair
any damage to the Leased Premises caused by such removal.

 

15.         Quiet
Enjoyment. So long as Tenant pays the Rent and performs Tenant’s covenants. Tenant shall peacefully and quietly hold the Leased
Premises throughout the Term free from hindrance or molestation by Landlord and others claiming by. through, or under Landlord.

 

16.         Notices.
Any notice required or permitted to be given to a party under the provisions of this Lease shall be in writing and shall be delivered
as follows: (a) personally served upon the party receiving notice, (b) mailed by certified or registered United States mail, postage
prepaid, return receipt requested, or (c) sent via other receipted courier service, addressed as follows:

 

	Landlord:	Bluegreen/Big Cedar Vacations, LLC
	 	Bluegreen Corporation 
	 	4960 Conference Way North, Suite 100 
	 	Boca Raton. Florida 33431 
	 	Attention: General Counsel

 

	Tenant:	Big Cedar, LLC
	 	2500 East Kearney
	 	Springfield, Missouri 65898 
	 	Attention: General Counsel

 

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Either party may, from
time to time, change its notice address by written notice to the other party at its then-current mailing address, in accordance
with the provisions of this Section.

 

17.         Waiver.
No waiver by the parties hereto of any default or breach of any term, condition or covenant herein contained shall be effective
unless in writing signed by the party waiving and no waiver shall be deemed to be a further waiver of the same or any other term,
condition or covenant contained herein.

 

18.         Brokers.
Each party warrants and represents to the other that it has not authorized any broker or finder or other persons to act on its
behalf in connection with this Lease and that it has not dealt with any broker or finder purporting to act for any other party.
Landlord and Tenant each agree to indemnify and hold the other party harmless against any claims for brokerage or other commissions
arising by reason of a breach by Landlord or Tenant, as applicable, of this representation and warranty.

 

19.         Binding
Effect. This Lease and the covenants and agreements of the parties hereunder shall be binding upon and inure to the benefit
of Landlord and Tenant and their respective successors and permitted assigns.

 

20.         Partial
Invalidity. In the event any clause, term or condition of this Lease shall be determined to be illegal or unenforceable under
any applicable governmental laws, orders, rules or regulations, this Lease shall remain in full force and effect as to all other
terms, conditions and provisions.

 

21.         Headings/Entire
Agreement. The headings used in this Lease are inserted for convenience and are not to be considered in the construction of
the provisions of this Lease. This Lease constitutes the entire agreement of the parties and may be amended or modified only in
writing signed by both parties, and all prior agreements or understandings between the parties, either oral or written, are superseded
by this Lease.

 

22.         Jurisdiction.
This Lease shall be governed by the laws of the State of Missouri.

 

23.         Attorney
fees. In the event it becomes necessary to commence litigation to enforce or otherwise give effect to the terms of this Lease,
the prevailing party, as determined by a court of competent jurisdiction in the litigation, shall be entitled to recover from the
other party reasonable attorney fees and expenses actually incurred in connection with the litigation.

 

24.         Environmental
Matters. Tenant agrees and warrants that it will not during the Term allow, or cause the presence, disposal, release or threatened
release of any Hazardous Materials on, from or under the Leased Premises in such a way so as to be in violation of any federal,
state and local laws regulating the creation, maintenance, storage, transportation and disposal of Hazardous Materials. “Hazardous
Materials” shall include, but shall not be limited to, polychlorinated byphenyls (PCBs), petroleum (including oil. motor
oil and gasoline), natural gas (and synthetic gas usable for fuel), asbestos and asbestos containing materials (ACMs), underground
storage tanks (USTs), above-ground storage tanks (ASTs) as well as substances defined as “hazardous substances”, “pollutants”
or “contaminants” in the Comprehensive Environmental Response Compensation and Liability Act (42 U.S.C. Sections 9601
et seq.): the Hazardous Materials Transportation Act (49 U.S.C. Sections 1801 et seq.); the Resource Conservation
and Recovery Act (42 U.S.C. Sections 6901 et seq.) and in the regulations adopted pursuant to said laws. Tenant agrees
to indemnify and hold Landlord harmless with respect thereto.

 

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25.         Signage.
Subject to the terms and conditions of this Section. Tenant shall have the right, at its expense, to place such signage upon the
Leased Premises as Tenant may desire. All such signage must comply with all applicable codes and ordinances and be installed in
a good and workmanlike manner and in compliance with applicable codes and ordinances.

 

26.         Counterparts.
This Lease may be executed in one or more counterparts, each of which shall be a duplicate original, but all of which shall be
one and the same instrument. Signatures transmitted by facsimile and/or other electronic transmission (i.e., by e-mail) shall be
legally binding and enforceable against the party so signing and transmitting; provided, however, that if requested each party
shall delivery original executed signatures in due course.

 

27.         Option
to Purchase. For good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, Landlord hereby
grants to Tenant the exclusive right and option to purchase the Leased Premises and all improvements located thereon at any time
during the Term (the “Option”) upon the following terms and conditions:

 

(a)          In
order to exercise the Option, Tenant shall deliver written notice to that effect to Landlord prior to the expiration of the Term.

 

(b)          The
purchase price of the Leased Premises and all improvements located thereon upon exercise of the Option shall be Nine Million Two
Hundred Forty-Five Thousand Dollars ($9,245,000.00), payable in cash at the closing of the Option.

 

(c)          At
the closing of the Option, Landlord shall deliver to Tenant a general warranty deed, duly executed by Landlord and conveying to
Tenant good, fee simple and indefeasible title to the Leased Premises, subject only to matters which are acceptable to Tenant.

 

(d)          The
closing of the Option shall take place within thirty (30) days of the date of Tenant’s notice exercising the Option.

 

(e)          During
the Term and pending the closing of the Option, Tenant shall have the right, at its expense, to perform such due diligence and
other investigations of the Leased Premises as Tenant deems prudent, including, without limitation, a survey, review of title documents
and a title insurance commitment, and environmental inspections.

 

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(f)          If
Tenant exercises the Option, Tenant shall have no obligation to close on the purchase of the Leased Premises unless Tenant shall
have been satisfied with its due diligence and shall have been able to secure a title insurance policy satisfactory to Tenant.

 

(g)          The
Option shall run with the land and concurrently with the execution of this Lease, Landlord and Tenant shall execute a Memorandum
of Option to Purchase Real Estate for the purpose of recording with the Taney County, Missouri Recorder of Deeds to provide the
public with notice of the Option. The form of said Memorandum is attached hereto as Exhibit B.

 

28.         Club
Members. Concurrently with the execution and delivery of this Lease. Tenant is entering into a certain Recreational Facilities
Use Agreement (“Use Agreement”), subject to the terms of which Tenant agrees that at all times that the Leased
Premises is open for business to the guests of Tenant’s “Big Cedar Lodge” resort (“Lodge Guests”), the
owners of timeshare interests or occupants in Landlord’s “Big Cedar Wilderness Club”, “Paradise Point” and
“Bluegreen Wilderness Club at Long Creek Ranch” developments (collectively. “Club Members”) will also
be entitled to non-exclusive access to and the use of the facilities located at the Leased Premises and the activities offered
therein in a manner substantially similar as available to Lodge Guests, and that the Leased Premises and the activities offered
therein and thereon will not be operated to the exclusion of Club Members. In the event the Leased Premises is open to the general
public, then any admission fee charged to the general public for entry into the Leased Premises shall be waived for the Club Members
(if the same is waived for Lodge Guests). The Owner Associations (as defined in the Use Agreement) paid a Recreational Facilities
Fee to Landlord in the total amount of Two Million ($2,000,000.00) Dollars which amount has been used to pay for a portion of the
cost to construct the Leased Premises. If Tenant exercises the Option within the first five (5) years of the Term, then Landlord
and Tenant agree a prorated portion of the Recreational Facility Fee shall be paid by Tenant to the Owner Associations unless Tenant
continues to provide access to the Leased Premises to Club Members in a manner substantially similar as under the Use Agreement
for a period from the closing of the Option through the date which coincides with the last day of the fifth (5th) year of the Lease
Term had the Option not been exercised. The amount to be paid by Tenant to the Owner Associations shall be the total Recreational
Facilities Fee reduced by Four Hundred Thousand Dollars ($400,000.00) for every year during the first five (5) years of the Term
of the Use Agreement prior to termination, prorated for any partial year. This Section 28 shall survive termination of the Lease
and closing of the Option. In the event of any conflict or inconsistency between the foregoing and the terms of the Use Agreement,
the terms of the Use Agreement shall govern and control.

 

29.         Ambiguities.
Landlord and Tenant and their respective counsel has participated in the drafting of this Lease and neither Landlord nor Tenant
shall be considered the “drafter” for the purpose of any statute, case, or rule of construction that might cause any
provision to be construed against the drafter of this Lease.

 

[Text Ends –
Signature Page Follows]

 

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IN WITNESS WHEREOF, the parties have executed
and delivered this Lease effective as of the Effective Date.

 

	 	BLUEGREEN/BIG CEDAR VACATIONS, LLC	 
	 	 	 	 
	 	By:	/s/ David
L. Pontius	 
	 	Name: 	David
L. Pontius	 
	 	Title: 	President	 
	 	 	 	 
	 	BIG CEDAR, LLC 	 
	 	 	 	 
	 	By:	/s/ James A. Hagale	 
	 	 	James A. Hagale, President	 

 

    	 	11Exhibit 10.37

 

OMNIBUS AMENDMENT

 

THIS OMNIBUS AMENDMENT
(this “Amendment”), dated as of May 3, 2011, is entered into by and among the Transaction Parties (defined
below) and relates to the following transaction documents (the “Transaction Documents”): (1) the Purchase and
Contribution Agreement, dated as of December 22, 2010, by and between Bluegreen Corporation (“Bluegreen”) and
BRFC-Q 2010 LLC (the “Seller”), (2) the Loan Sale and Servicing Agreement, dated as of December 22, 2010, by
and among the Seller, Quorum Federal Credit Union (the “Buyer”), Bluegreen, as servicer (“Servicer”),
Vacation Trust, Inc. (“Club Trustee”), Concord Servicing Corporation, as backup servicer (the “Backup
Servicer”) and U.S. Bank National Association, as custodian and paying Agent (“Custodian,” and together
with Bluegreen, the Seller, the Buyer, the Servicer, the Club Trustee and the Backup Servicer, the “Transaction Parties”),
(3) the Custodial Agreement, dated as of December 22, 2010, by and among the Buyer, the Seller, the Custodian, the Backup Servicer
and the Servicer, as amended by that certain First Amendment to Custodial Agreement, dated as of the date hereof, by and among
the parties named therein, and (4) the Backup Servicing Agreement, dated as of December 22, 2010, by and among the Backup Servicer,
the Servicer, the Buyer and the Custodian.

 

RECITALS

 

WHEREAS, the
Transaction Parties desire to amend the Standard Definitions attached or incorporated into each of the Transaction Documents in
the manner set forth herein.

 

NOW, THEREFORE,
in consideration of the mutual covenants and agreements contained herein and other good and valuable consideration, the receipt
and adequacy of which are hereby acknowledged, the Transaction Parties, intending to be legally bound hereby, agree as follows:

 

1.          Amendment
of Standard Definitions. The following definition shall replace the corresponding definition in the Standard Definitions:

 

““Timeshare
Loan Files” shall mean, with respect to a Timeshare Loan, all documents related to such Timeshare Loan, including:

 

		1.	with respect to a Club Loan (other than an Aruba Club Loan), (i) the original Mortgage Note executed
by the Obligor, endorsed as “Pay to the order of _______________, without recourse, representation or warranty” (either
directly on the Mortgage Note or on an allonge placed with such Mortgage Note), by an Authorized Officer of the related Seller
(such Authorized Officer’s signature may be computer generated), together with a complete chain of endorsements from the
original payee to the related Seller, if applicable or (ii) a Lost Note Affidavit;

 

		2.	with respect to a Club Loan (other than an Aruba Club Loan), (i) an original Mortgage with evidence
that such Mortgage has been recorded in the appropriate recording office or (ii) if such Mortgage has not yet been returned to
the related Seller by such recording office, a photocopy of the unrecorded Mortgage that has been delivered to such recording office
(with evidence that such Mortgage has been delivered to the appropriate recording office for recording);

 

    	 	1	 

     

    

 

		3.	with respect to a Club Loan (other than an Aruba Club Loan), (i) original recorded Assignment(s)
of Mortgage (which may be a part of a blanket assignment of more than one Club Loan in which case, a copy thereof, with the original
blanket Assignments of Mortgage held by the Custodian in the related master pool header file), showing the assignment of such Club
Loan from the record mortgagee to the Buyer, or (ii) if such Assignments of Mortgage have not yet been returned by the related
recording office, a photocopy of the unrecorded Assignments of Mortgage that have been delivered to such recording office (which
may be a part of a blanket assignment of more than one Club Loan), showing the assignment of such Club Loan from the record mortgagee
to the Buyer (with evidence (a copy of (A) the Federal Express (or similar service) receipt and (B) the check made payable to the
applicable recording office, being sufficient evidence) that such Assignments of Mortgage have been delivered to the appropriate
recording office for recording), or (iii) if the related Mortgage has not yet been returned such that the related Assignment(s)
of Mortgage cannot yet be filed, (A) evidence that that such Mortgage has been delivered to the appropriate recording office for
recordation (the evidence in paragraph 2 above being sufficient) and (B) Assignments of Mortgage in recordable form (other than
the Mortgage recording information) duly executed by the last record holder of the Mortgage showing the assignment of such Club
Loan from the record mortgagee to the Buyer; provided, however, that with respect to clauses (ii) and (iii) of this paragraph 3,
photocopies held by the Custodian in the related investor file shall be sufficient.

 

		4.	with respect to a Club Loan (other than an Aruba Club Loan), the UCC financing statement, if any,
evidencing that the security interest granted under such Timeshare Loan, if any, has been perfected under applicable state law;

 

		5.	with respect to a Club Loan (other than an Aruba Club Loan), (i) a copy of any recorded warranty
deed transferring legal title to the related Timeshare Property to the Club Trustee, or (ii) if such recorded warranty deed has
not yet been returned to the related Seller, a copy of a warranty deed sent for recording;

 

		6.	with respect to a Club Loan (other than an Aruba Club Loan), either (i) a final original lender’s
title insurance policy (which may consist of one master policy referencing one or more Mortgages) showing no exceptions to coverage
(other than Permitted Liens) or (ii) a binding unconditional commitment to issue a title insurance policy showing no exceptions
to coverage (other than Permitted Liens) (which may be a master commitment referencing one or more Mortgages, the original master
commitment to be held by the Custodian in the related master pool header file), in all cases referencing such Timeshare Loan and
insuring the applicable Originator and its successors and/or assigns;

 

		7.	the original of any related assignment or guarantee or, if such original is unavailable, a copy
thereof certified by an Authorized Officer of the related Seller to be a true and correct copy, current and historical computerized
data files;

 

		8.	the original of any assumption agreement or any refinancing agreement;

 

    	 	2	 

     

    

 

		9.	all related Owner Beneficiary Agreements, finance applications, sale and escrow documents executed
and delivered by the related Obligor with respect to the purchase of a Timeshare Property;

 

		10.	all other papers and records of whatever kind or description, whether developed or originated by
an Originator or another Person, required to document, service or enforce a Timeshare Loan;

 

		11.	the original truth-in-lending disclosure statement (or a copy) that relates to each Timeshare Loan;

 

		12.	the Obligor’s truncated credit report;

 

		13.	an executed original Quorum Membership Application;

 

		14.	a copy of government-issued identification;

 

		15.	any other documents designated by the Buyer and approved by the Seller and the Custodian (such
approval not to be unreasonably withheld) in a notice to the Seller and the Custodian;

 

		16.	any additional amendments, supplements, extensions, modifications or waiver agreements required
to be added to the Timeshare Loan Files pursuant to the Agreement, the Credit Policy, the Collection Policy or the other Transaction
Documents, if any; and

 

		17.	a file folder complete with all documents, with a label affixed identifying the Obligor and the
Timeshare Loan number.

 

2.          Choice
of Law and Venue. This Amendment shall be construed in accordance with the internal laws of the State of New York.

 

3.          Binding
Effect. This Amendment shall inure to the benefit of and be binding upon the parties to this Amendment and their successors
and assigns.

 

4.          Counterpart
Execution. This Amendment may be executed in counterpart, and any number of copies of this Amendment which in the aggregate
have been executed by all parties to this Amendment shall constitute one original.

 

5.          Time
is of the Essence. Time is of the essence in the performance of the obligations in this Amendment.

 

6.          No
Third Party Beneficiary. No third party shall be a beneficiary hereof.

 

    	 	3	 

     

    

 

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

 

	THE BUYER:	QUORUM FEDERAL CREDIT UNION
	 	 
	 	By:	/s/ Bruno Sementilli
	 	 	Bruno Sementilli,
	 	 	President and CEO
	 	 
	THE SELLER:	BRFC-Q 2010 LLC
	 	 
	 	By:	/s/ Allan J. Herz
	 	 	Allan J. Herz
	 	 	President and Assistant Treasurer
	 	 
	THE SERVICER:	BLUEGREEN CORPORATION
	 	 
	 	By:	/s/ Anthony M. Puleo
	 	 	Anthony M. Puleo
	 	 	Senior Vice President, CFO &    Treasurer
	 	 
	THE BACKUP SERVICER:	CONCORD SERVICING CORPORATION
	 	 
	 	By:	/s/ Mary-Jeanne Fincher
	 	 	Mary-Jeanne Fincher
	 	 	Vice President and General Counsel

 

	THE CUSTODIAN:	U.S.
    BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Custodian and Paying Agent hereunder
	 	 
	 	By:	/s/
	 	Printed
    Name: 	 
	 	Title:	 

 

	THE CLUB TRUSTEE:	VACATION TRUST, INC.,
	 	as Club Trustee
	 	 
	 	By:	/s/ Tonya Wardak
	 	 	Tonya Wardak
	 	 	Vice President, Treasurer and Secretary

 

[Signature Page to Omnibus Amendment]

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