Document:

EXHIBIT 10.129

                               AMENDMENT NO. 1 TO
                           SECOND AMENDED AND RESTATED
                            CREDIT FACILITY AGREEMENT

            THIS AMENDMENT NO. 1 TO SECOND AMENDED AND RESTATED CREDIT FACILITY
AGREEMENT is made and entered into as of this 21st day of January, 2003 by and
among FINOVA Capital Corporation, a Delaware corporation ("Lender"), Bluegreen
Corporation, a Massachusetts corporation ("Parent"), Bluegreen Southwest One,
L.P., a Delaware limited partnership ("Bluegreen One") and Bluegreen Southwest
Land, Inc., a Delaware corporation ("Bluegreen Land"). (Parent, Bluegreen One
and Bluegreen Land are sometimes collectively referred to as the "Obligors" and
individually as an "Obligor").

                                    RECITALS

            A. Lender and Parent are parties to a Second Amended and Restated
Credit Facility Agreement dated as of September 14, 1999 (the "Credit Facility
Agreement").

            B. Bluegreen One obtained various loans from the Lender pursuant to
the Credit Facility Agreement and such loans were guaranteed by Parent and
Bluegreen Land. One or more of the loans (hereinafter the "BSO Loans") made to
Bluegreen One are presently outstanding.

            C. The Credit Facility Agreement contemplates that the proceeds of
the Loan may be available for use by a Subsidiary of Parent. Bluegreen Vacations
Unlimited, Inc., a Florida corporation ("BVU") is a Subsidiary of Bluegreen and
desires to use a portion of the proceeds of the Loan for the purposes of
enabling BVU to purchase certain timeshare inventory from Casa del Mar Joint
Venture (the "CDM Acquisition"). As a result thereof, the Credit Facility
Agreement must be amended in certain respects.

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

            1. Definitions. Unless otherwise defined herein, all capitalized
terms used herein shall have the same meaning as set forth in the Credit
Facility Agreement, the specific provisions of which are incorporated herein by
reference as if fully set forth herein. However, notwithstanding the foregoing,
the following term shall have meaning set forth below and notwithstanding any
contrary definition contained in the Credit Facility Agreement:

                  1.1 "Loan Collateral": With respect to a Loan, the Real
      Property which is the subject of such Loan, the Personal Property related
      thereto,

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      and the other property now or hereafter as security for the Performance of
      the Loan Obligations.

                  1.2 "Maximum Credit Facility Amount": Thirty Five Million
      Dollars ($35,000,000).

            2. Amendments.

                  2.1 Borrowing Term. Although the Borrowing Term expired on
      March 31, 2002, the Borrowing Term shall be opened up through January 28,
      2003 for the limited purpose of permitting BVU to obtain one advance of
      the Loan for the purposes of financing the CDM Acquisition. For all other
      purposes, the Borrowing Term expired on March 31, 2002.

                  2.2 Notices: Section 8.5 of the Credit Facility Agreement
      shall be amended to provide that all notices sent to Lender shall be sent
      to Lender at the following address:

                              FINOVA Capital Corporation
                              4800 North Scottsdale Road
                              Scottsdale, Arizona  85251
                              Attention: Vice President Resort Finance
                              Telecopy: 480-636-6418

         Section 8.5 of the Credit Facility Agreement shall be further amended
         to provide that all notices sent to Parent for any Borrower shall be
         sent to such at the following address:

                              Bluegreen Corporation
                              4960 Conference Way North
                              Suite 100
                              Boca Raton, Florida 33431
                              Attention: Randi S. Tompkins, Esq.
                              Director, Corporate Legal Affairs
                              Telecopy: 561-912-8299
                              (provided that notice to any Borrower which is a
                              subsidiary shall be addressed to it c/o Parent)

                  2.3 Effect as an Amendment. Other than as specifically set
      forth in this Amendment No. 1, the remaining terms of the Credit Facility
      Agreement and the other Loan Documents shall remain in full force and
      effect and shall remain unaffected and unchanged except as specifically
      amended hereby. In the event of any conflict between the terms and
      conditions of this Amendment No. 1 and any of the other Loan Documents,
      the provisions of this Amendment No. 1 shall control. Each reference in
      the Credit Facility Agreement to "this Agreement" shall be deemed to refer
      to the Credit Facility Agreement as

<PAGE>

      amended through and including this Amendment No. 1, and each reference in
      any other Loan Document to the Credit Facility Agreement shall mean the
      Credit Facility Agreement as amended through and including this Amendment
      No. 1.

            3. Miscellaneous.

                  3.1 No Waiver. This Amendment No. 1 in no way acts as a waiver
      by Lender of any breach, default, Event of Default or Incipient Default
      (whether known or unknown to Lender) or as a release or relinquishment of
      any of the liens, security interests, rights or remedies securing payment
      and performance of the Loan Obligations or the enforcement thereof.
      Nothing contained in this Amendment No. 1 is intended to or shall be
      construed as relieving any person or entity, whether a party to this
      Amendment No. 1 or not, of any of such person's or entity's obligations to
      Lender.

                  3.2 Confirmation of Security Interests. Obligors hereby
      confirm and agree that Lender's security interest in all the Loan
      Collateral owned by Obligors or otherwise previously pledged to Lender
      shall continue to secure the payment of any and all amounts due Lender and
      the Performance of any and all of Loan Obligations owed to Lender pursuant
      to the Credit Facility Agreement and any of the Loan Documents, as the
      same have been or may be amended from time to time.

                  3.3 Representations, Acknowledgments, and Agreements of
      Obligors. As material inducements to Lender to enter into this First
      Amendment, and acknowledging Lender's reliance upon the truth and accuracy
      thereof, Obligors warrant and represent that:

                        3.3.1 The recitals set forth above are true and correct.

                        3.3.2 The BSO Loan is just and owing.

                        3.3.3 The obligation of Bluegreen One to repay the BSO
            Loan, together the obligations of Parent and Bluegreen Land to
            guaranty the BSO Loan, is absolute and unconditional, and there
            exists no right of set-off or recoupment, counterclaim or defense of
            any nature whatsoever to payment and Performance of the Loan
            Obligations arising out of the BSO Loan.

                        3.3.4 As of the date hereof, no Obligor is the subject
            of a pending bankruptcy proceeding, and Obligors are not aware of
            any threatened bankruptcy proceeding against them, nor are they
            presently contemplating filing such a proceeding.

                        3.3.5 There are no proceedings pending, threatened
            against, or affecting any Obligor in any court, before any
            governmental

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            authority, or arbitration board or tribunal which may now or in the
            future materially adversely affect any Obligor, except as have
            previously been disclosed to Lender in writing in accordance with
            the Loan Documents.

                        3.3.6 All of the representations and warranties of the
            Obligors contained in the Credit Facility Agreement and the other
            Loan Documents (as the same may have been modified or supplemented
            by, and giving effect to, the reports and disclosures provided to
            Lender by Obligors subsequent to the date of the Credit Facility
            Agreement), are true and correct, in all material respects, as of
            the date hereof and, as so modified or supplemented, are hereby
            reaffirmed and ratified.

                        3.3.7 This Amendment No. 1 and the 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 the Obligors, enforceable against the
            Obligors in accordance their respective terms.

                        3.3.8 Obligor's execution, delivery and performance of
            this Amendment No. 1 do not and will not (i) violate any law, rule,
            regulation or court order to which any Obligor is subject; (ii)
            conflict with or result in a breach of any Obligor's organizational
            documents or any agreement or instrument to which any Obligor is
            party or by which it or its properties are bound, or (iii) result in
            the creation or imposition of any lien, security interest or
            encumbrance on any property of an Obligor, whether now owned or
            hereafter acquired, other than liens in favor of Lender.

                        3.3.9 Obligors acknowledge that they have 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 First Amendment. This Amendment No. 1 shall be construed
            without regard to any presumption or rule requiring that it be
            construed against the party causing this Amendment No. 1 or any part
            hereof to be drafted.

            4. Release of all Claims. Obligors hereby release, remise, acquit
and forever discharge Lender and Lender's employees, agents, representatives,
consultants, attorneys, fiduciaries, servants, officers, directors, partners,
predecessors, successors and assigns, subsidiary corporations, parent
corporations, and related corporate divisions (all of the foregoing hereinafter
called the "Released Parties"), from any and all actions and causes of action,
judgments, executions, suits, debts, claims, demands, liabilities, obligations,
damages and expenses of any and every character, known or unknown, direct and/or
indirect, at law or in equity, of whatsoever kind or nature, whether heretofore
or hereafter arising, for or because of any matter or things done, omitted or
suffered to be done by any of the Released Parties prior to and including the
date and execution hereof, and in any way directly or indirectly arising out of
or in any way connected to this Amendment No. 1, the Credit Facility Agreement
and the other Loan Documents (all of the foregoing hereinafter called the
"Released Matters"); provided, however, that the foregoing release shall not
apply to discharge Lender from any obligations which are expressly imposed upon
Lender pursuant to the terms of this

<PAGE>

Amendment No. 1, the Credit Facility Agreement, or any of the other Loan
Documents, as modified through the date hereof. Obligors acknowledge that the
agreements in this paragraph are intended to be in full satisfaction of all or
any alleged injuries or damages arising in connection with the Released Matters.
Obligors represent and warrant to Lender that they have not purported to
transfer, assign or otherwise convey any right, title or interest of Obligors in
any Released Matter to any other person or entity and that the foregoing
constitutes a full and complete release of all Released Matters.

            5. Payment of Costs and Expenses. Obligors agree to pay to Lender at
closing all costs and expenses, including but not limited to reasonable
attorneys' fees and recording costs, incurred by Lender in connection with the
preparation and execution of this Amendment No. 1, the agreements pertaining to
the Loan to be made to BVU and the documents prepared or executed in connection
herewith or thereafter.

            6. CHOICE OF LAW. THIS AMENDMENT NO. 1 AND ANY DOCUMENTS EXECUTED
PURSUANT HERETO, SHALL BE PERFORMED AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF
THE STATE OF ARIZONA.

            7. Entire Agreement. The Loan Documents as modified by this
Amendment No. 1 and the documents executed pursuant hereto embody the entire
agreement and understanding between Obligors and Lender, and supersede all prior
agreements and understandings between said parties relating to the subject
matter thereof. The parties each warrant to the other that no promise,
inducement, representation, or agreement that has not been expressed herein or
is not otherwise set forth in the Loan Documents has been made to them in
connection with the deliberations or negotiations leading up to the execution of
this Amendment No. 1.

            8. Headings. The headings used in this Amendment No. 1 are used
solely for convenience of reference, and do not constitute substantive
provisions to be considered in construing the terms hereof.

            9. Counterparts; Telecopy Execution. This Amendment No. 1 may be
executed in any number of separate counterparts, each of which, when taken
together, shall constitute one and the same agreement, admissible into evidence,
notwithstanding the fact that all parties have not signed the same counterpart.
Delivery of an executed counterpart of this Amendment No. 1 by telefacsimile
shall be equally as effective as delivery of a manually executed counterpart of
this Amendment No. 1. Any party delivering an executed counterpart of this
Amendment No. 1 by telefacsimile shall also deliver a manually executed
counterpart of this Amendment No. 1, but the failure to deliver a manually
executed counterpart shall not affect the validity, enforceability, and binding
effect of this Amendment No. 1.

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                            [SIGNATURE PAGE FOLLOWS]

<PAGE>

            IN WITNESS WHEREOF, these presents are executed as of the date first
indicated above.

                                    FINOVA Capital Corporation, a Delaware
                                    corporation

                                    By: /s/ Gayle R. Mckenzie
                                        ----------------------------------------
                                    Name: Gayle R. Mckenzie
                                         ---------------------------------------
                                    Title: Vice President
                                          --------------------------------------

                                    Bluegreen Corporation, a Massachusetts
                                    corporation

                                    By: /s/ John F. Chiste
                                        ----------------------------------------
                                    Name: John F. Chiste
                                          --------------------------------------
                                    Title: Treasurer
                                          --------------------------------------

                                    Bluegreen Southwest One, L.P., a Delaware
                                    limited partnership

                                    By: Bluegreen Southwest Land, Inc., a
                                        Delaware corporation, its general
                                        partner

                                        By: /s/ John F. Chiste
                                           -------------------------------------
                                        Name: John F. Chiste
                                             -----------------------------------
                                        Title: Treasurer
                                              ----------------------------------

                                    Bluegreen Southwest Land, Inc., a Delaware
                                    corporation

                                    By: /s/ John F. Chiste
                                        ----------------------------------------
                                    Name: John F. Chiste
                                          --------------------------------------
                                    Title: Treasurer
                                          --------------------------------------EXHIBIT 10.130

                                 Promissory Note

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

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

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

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

<PAGE>

the publisher of the Reference Rate during each calendar month following the
date of the initial advance of the Loan. Basic Interest shall be calculated on
the basis of the actual number of days elapsed during the period for which
interest is being charged predicated on a year consisting of three hundred sixty
(360) days.

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

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

            Commencing on January 31, 2003, and on the last Business Day (as
hereinafter defined) of each succeeding month thereafter ("Installment Date")
until January 31, 2005 ("Maturity Date") or the date all principal and interest
on this Note are paid in full, whichever date first occurs, Maker will pay to
Holder all accrued and

<PAGE>

unpaid interest on the Note. As used in this Note, "Business Day" means a day
other than a Saturday, a Sunday, a national holiday or a day on which banks in
Phoenix, Arizona, are required to be closed.

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

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

Measuring Date                 Principal Payment Date           Threshold Amount
--------------                 ----------------------           ----------------

June 30, 2003                  July 15, 2003                    US $4,283,854
September 30, 2003             October 15, 2003                 US $3,708,854
December 31, 2003              January 15, 2004                 US $3,133,854
March 31, 2004                 April 15, 2004                   US $2,558,854
June 30, 2004                  July 15, 2004                    US $1,983,854
September 30, 2004             October 15, 2004                 US $1,408,854

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

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

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

<PAGE>

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

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

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

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

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

<PAGE>

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

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

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

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

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

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

            EACH OF MAKER AND (BY ACCEPTANCE HEREOF) HOLDER: (A) HEREBY
IRREVOCABLY SUBMITS ITSELF TO THE PROCESS, JURISDICTION AND VENUE OF THE COURTS
OF THE STATE OF ARIZONA, MARICOPA COUNTY, AND TO THE PROCESS,

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

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

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

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

[MAKER'S INITIALS (_________)]

<PAGE>

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

<PAGE>

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

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

                            [Signature page follows]

<PAGE>

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

                                          BORROWER:

                                          BLUEGREEN VACATIONS
                                          UNLIMITED, INC., a Florida corporation

                                          By: /s/ John Maloney
                                             -----------------------------------
                                          Type/Print Name: John Maloney
                                                          ----------------------
                                          Title: Vice President
                                                --------------------------------

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

STATE OF Florida        )
                         ss.
County of Palm Beach    )

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

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

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

My commission expires:

      July 26, 2004
------------------------------

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