Document:

SEVENTH AMENDED AND RESTATED PROMISSORY NOTE

	
 

	
 

	
$15,700,000.00

	
As of July 30, 2009

	
 

	
Bluegreen
 Corporation, a Massachusetts corporation 

	
4960
 Conference Way North, Suite 100

	
Boca Raton,
 Florida 33341

	
(Hereinafter
 referred to as “Bluegreen Corporation”)

	
 

	
Bluegreen
 Resorts Management, Inc., a Delaware corporation 

	
4960
 Conference Way North, Suite 100 

	
Boca Raton,
 Florida 33431

	
 

	
Bluegreen
 Vacations Unlimited, Inc., a Florida corporation 

	
4960
 Conference Way North, Suite 100 

	
Boca Raton,
 Florida 33431

	
 

	
Bluegreen
 Holding Corporation (Texas), a Delaware corporation

	
4960
 Conference Way North, Suite 100 

	
Boca Raton,
 Florida 33431

	
 

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

	
4960
 Conference Way North, Suite 100 

	
Boca Raton,
 Florida 33431

	
 

	
Bluegreen
 Asset Management Corporation, a Delaware corporation 

	
4960
 Conference Way North, Suite 100 

	
Boca Raton,
 Florida 33431

	
 

	
Bluegreen
 Carolina Lands, LLC, a Delaware limited liability company

	
4960
 Conference Way North, Suite 100 

	
Boca Raton,
 Florida 33431

	
 

	
Bluegreen
 Corporation of Tennessee, a Delaware corporation

	
4960
 Conference Way North, Suite 100 

	
Boca Raton,
 Florida 33431

	
 

	
Bluegreen
 Corporation of the Rockies, a Delaware corporation 

	
4960
 Conference Way North, Suite 100 

	
Boca Raton,
 Florida 33431

	
 

	
Bluegreen
 Properties of Virginia, Inc., a Delaware corporation 

	
4960
 Conference Way North, Suite 100 

	
Boca Raton,
 Florida 33431

	
 

	
Bluegreen
 Resorts International, Inc., a Delaware corporation 

	
4960
 Conference Way North, Suite 100 

	
Boca Raton,
 Florida 33431

	
 

	
Carolina
 National Golf Club, Inc., a North Carolina corporation 

	
4960
 Conference Way North, Suite 100 

	
Boca Raton,
 Florida 33431

	
 

	
Leisure
 Capital Corporation, a Vermont corporation 

	
4960
 Conference Way North, Suite 100 

	
Boca Raton,
 Florida 33431

	
 

	
Bluegreen
 West Corporation, a Delaware corporation 

	
4960
 Conference Way North, Suite 100 

	
Boca Raton, Florida 33431

	
 

	
Bluegreen
 Golf Clubs, Inc., a Delaware corporation 

	
4960
 Conference Way North, Suite 100 

	
Boca Raton,
 Florida 33431

	
 

	
Bluegreen
 Interiors, LLC, a Delaware limited liability company

	
4960
 Conference Way North, Suite 100 

	
Boca Raton,
 Florida 33431

	
 

	
Bluegreen
 Southwest Land, Inc., a Delaware corporation

	
4960
 Conference Way North, Suite 100 

	
Boca Raton,
 Florida 33431

	
 

	
New England
 Advertising Corporation, a Vermont corporation 

	
4960
 Conference Way North, Suite 100 

	
Boca Raton,
 Florida 33431

	
 

	
Bluegreen
 Guaranty Corporation, a Florida corporation 

	
4960
 Conference Way North, Suite 100 

	
Boca Raton,
 Florida 33431

	
 

	
Jordan Lake
 Preserve Corporation, a North Carolina corporation

	
4960
 Conference Way North, Suite 100 

	
Boca Raton,
 Florida 33431

	
 

	
Leisure
 Communication Network, Inc., a Delaware corporation

	
4960
 Conference Way North, Suite 100 

	
Boca Raton,
 Florida 33431

	
 

	
Managed
 Assets Corporation, a Delaware corporation

	
4960
 Conference Way North, Suite 100 

	
Boca Raton,
 Florida 33431

	
 

	
travelheads,
 inc., a Florida corporation

	
4960
 Conference Way North, Suite 100 

	
Boca Raton,
 Florida 33431

	
 

	
Encore
 Rewards, Inc., a Delaware corporation

	
4960
 Conference Way North, Suite 100 

	
Boca Raton,
 Florida 33431

	
 

	
Leisurepath,
 Inc., a Florida corporation

	
4960
 Conference Way North, Suite 100 

	
Boca Raton,
 Florida 33431

	
 

	
BXG Realty,
 Inc., a Delaware corporation

	
4960
 Conference Way North, Suite 100 

	
Boca Raton,
 Florida 33431

2

	
 

	
Texas
 Homesite Realty, Inc., a Texas corporation 

	
f/k/a Mystic
 Shores Realty, Inc.

	
4960
 Conference Way North, Suite 100 

	
Boca Raton,
 Florida 33431

	
 

	
Brickshire
 Realty, Inc., a Virginia corporation

	
4960
 Conference Way North, Suite 100 

	
Boca Raton,
 Florida 33431

	
 

	
Catawba
 Falls, LLC, a North Carolina limited liability company 

	
4960
 Conference Way North, Suite 100 

	
Boca Raton,
 Florida 33431

	
 

	
Preserve at
 Jordan Lake Realty, Inc., a North Carolina corporation

	
4960
 Conference Way North, Suite 100 

	
Boca Raton,
 Florida 33431

	
 

	
Bluegreen
 Purchasing & Design, Inc., a Florida corporation

	
4960
 Conference Way North, Suite 100 

	
Boca Raton,
 Florida 33431

	
 

	
Great
 Vacation Destinations, Inc., a Florida corporation

	
4960
 Conference Way North, Suite 100 

	
Boca Raton,
 Florida 33431

	
 

	
Lake Ridge
 Realty, Inc., a Texas corporation 

	
4960
 Conference Way North, Suite 100 

	
Boca Raton,
 Florida 33431

	
 

	
Bluegreen
 Communities of Texas, L.P., a Delaware limited partnership

	
4960
 Conference Way North, Suite 100 

	
Boca Raton,
 Florida 33431

	
 

	
Pinnacle
 Vacations, Inc., a Delaware corporation

	
4960
 Conference Way North, Suite 100 

	
Boca Raton,
 Florida 33431

	
 

	
Bluegreen
 Communities of Georgia, LLC, a Georgia limited liability company

	
4960
 Conference Way North, Suite 100 

	
Boca Raton,
 Florida 33431

	
 

	
Bluegreen
 Communities of Georgia Realty, Inc., a Georgia corporation

	
4960
 Conference Way North, Suite 100 

	
Boca Raton,
 Florida 33431

	
 

	
BXG Realty
 Tenn, Inc., a Tennessee corporation

	
4960
 Conference Way North, Suite 100 

	
Boca Raton,
 Florida 33431

3

	
 

	
Bentwater
 Realty, Inc., a Texas corporation

	
f/k/a
 Mountain Lakes Realty, Inc.

	
4960
 Conference Way North, Suite 100 

	
Boca Raton,
 Florida 33431

	
 

	
Bluegreen
 Nevada, LLC, a Delaware limited liability company

	
4960
 Conference Way North, Suite 100 

	
Boca Raton,
 Florida 33431

	
 

	
Family Fun
 Company, LLC, a Delaware limited liability company

	
4960
 Conference Way North, Suite 100 

	
Boca Raton,
 Florida 33431

	
 

	
BXG Mineral
 Holdings, LLC, a Delaware limited liability company

	
4960
 Conference Way North, Suite 100 

	
Boca Raton,
 Florida 33431

	
 

	
Texas Hill
 Country Realty, Inc., a Texas corporation

	
4960
 Conference Way North, Suite 100 

	
Boca Raton,
 Florida 33431

	
 

	
BXG
 Construction, LLC, a Delaware limited liability company

	
4960
 Conference Way North, Suite 100 

	
Boca Raton,
 Florida 33431

	
 

	
Bluegreen
 Communities of Houston – I, LLC, a Delaware limited liability company

	
4960
 Conference Way North, Suite 100 

	
Boca Raton,
 Florida 33431

	
 

	
BXG
 Acquisition Corp., a Delaware corporation

	
4960
 Conference Way North, Suite 100 

	
Boca Raton,
 Florida 33431

	
(Individually and/or collectively, jointly and severally the
 “Borrower”)

	
 

	
Wachovia
 Bank, National Association

	
225 Water
 Street

	
Jacksonville,
 Florida 32202

	
(Hereinafter referred to as “Bank”)

Borrower promises to pay to the order of
Bank, in lawful money of the United States of America, at its office indicated
above or wherever else Bank may specify, the sum of FIFTEEN MILLION SEVEN
HUNDRED THOUSAND AND NO/100 DOLLARS ($15,700,000.00) or such sum as may be advanced and outstanding
from time to time, with interest on the unpaid principal balance at the rate
and on the terms provided in this Seventh Amended and Restated Promissory Note
(including all renewals, extensions or modifications hereof, (“Note”).

RENEWAL/MODIFICATION. This Note amends, restates, extends and
supersedes in its entirety that certain Sixth Amended and Restated Promissory
Note dated August 8, 2007 (the “Original Promissory Note”), evidencing a
principal amount of $20,000,000.00 of which $15,700,000.00 is currently
outstanding, the original of which is attached to this Note. Should there be
any conflict between any of the terms of the Original Promissory Note and the
terms of this Note, the terms of this Note shall control. This Note is not a
novation.

LOAN
AGREEMENT. This Note is subject to the provisions of
that certain Sixth Amended and Restated Loan Agreement between Bank and
Borrower dated August 8, 2007, as modified by that certain Amendment and
Ratification of Sixth Amended and Restated Loan Agreement and Other Loan 

4

Documents
dated of even date herewith (as the same may be further amended or modified
from time to time, the “Loan Agreement”).

INTEREST RATE. Interest shall accrue on the unpaid principal
balance of this Note from the date hereof at the LIBOR Market Index Rate plus
1.75%, as that rate may change from day to day in accordance with changes in
the LIBOR Market Index Rate (“Interest Rate”). “LIBOR Market Index Rate”, for
any day, is the rate for 1 month U.S. dollar deposits as reported on Telerate
Successor Page 3750 as of 11:00 a.m., London time, on such day, or if such day
is not a London business day, then the immediately preceding London business
day (or if not so reported, then as determined by Bank from another recognized
source or interbank quotation).

DEFAULT RATE. In addition to all other rights contained in
this Note, if a Default (as defined herein) occurs and as long as a Default
continues, all outstanding Obligations shall bear interest at the Interest Rate
plus 3% (“Default Rate”). The Default Rate shall also apply from acceleration
until the Obligations or any judgment thereon is paid in full.

INTEREST AND FEE(S) COMPUTATION (ACTUAL/360). Interest and fees, if any,
shall be computed on the basis of a 360-day year for the actual number of days
in the applicable period (“Actual/360 Computation”). The Actual/360 Computation
determines the annual effective interest yield by taking the stated (nominal)
rate for a year’s period and then dividing said rate by 360 to determine the
daily periodic rate to be applied for each day in the applicable period.
Application of the Actual/360 Computation produces an annualized effective rate
exceeding the nominal rate.

REPAYMENT TERMS/MATURITY. This Note shall be due and payable in consecutive monthly payments of
accrued interest only, commencing on
August 31, 2009, and continuing on
the last day of each month thereafter until fully paid. In any event, all
principal and accrued interest shall be due and payable on October 30, 2009
(the “Maturity Date”).

APPLICATION OF PAYMENTS. Monies received by Bank from any source for
application toward payment of the Obligations shall be applied to accrued
interest and then to principal. If a Default occurs, monies may be applied to the Obligations in any manner
or order deemed appropriate by Bank.

If any payment received by Bank under this
Note or other Loan Documents is rescinded, avoided or for any reason returned
by Bank because of any adverse claim or threatened action, the returned payment
shall remain payable as an obligation of all persons liable under this Note or
other Loan Documents as though such payment had not been made.

DEFINITIONS. Loan Documents. The term “Loan Documents” used in this Note and
the other Loan Documents refers to all documents executed in connection with or
related to the loan evidenced by this Note and any prior notes which evidence
all or any portion of the loan evidenced by this Note, and any letters of
credit issued pursuant to any loan agreement to which this Note is subject, any
applications for such letters of credit and any other documents executed in
connection therewith or related thereto,and may include, without limitation, the
Loan Agreement, this Note, guaranty agreements, security agreements, security
instruments, financing statements, mortgage instruments, any renewals or
modifications, whenever any of the foregoing are executed, but does not include
swap agreements (as defined in 11 U.S.C. § 101). Obligations. The term
“Obligations” used in this Note refers to any and all indebtedness and other
obligations under this Note, all other obligations under any other Loan
Document(s), and all obligations under any swap agreements (as defined in 11
U.S.C. § 101) between Borrower and Bank whenever executed. Certain
Other Terms. All terms that are used but not otherwise defined in
any of the Loan Documents shall have the definitions provided in the Uniform
Commercial Code.

LATE CHARGE. If any payments are not timely made, Borrower
shall also pay to Bank a late charge equal to 5% of each payment past
due for 10 or more days.

5

Acceptance by Bank of any late payment
without an accompanying late charge shall not be deemed a waiver of Bank’s
right to collect such late charge or to collect a late charge for any
subsequent late payment received.

ATTORNEYS’ FEES AND OTHER COLLECTION COSTS. Borrower shall pay all of Bank’s reasonable
expenses incurred to enforce or collect any of the Obligations including,
without limitation, reasonable arbitration, attorneys’ and experts’ fees and
expenses, whether incurred without the commencement of a suit, in any trial,
arbitration, or administrative proceeding, or in any appellate or bankruptcy
proceeding.

USURY. If at any time the effective interest rate under
this Note would, but for this paragraph, exceed the maximum lawful rate, the
effective interest rate under this Note shall be the maximum lawful rate, and
any amount received by Bank in excess of such rate shall be applied to
principal and then to fees and expenses, or, if no such amounts are owing,
returned to Borrower.

DEFAULT. If any of the following occurs, a default
(“Default”) under this Note shall exist: Nonpayment; Nonperformance. The failure of
timely payment or performance of the Obligations or Default under this Note not
paid within five (5) days of the applicable due date or the failure of timely
performance of any other Obligations under any other Loan Document, not cured
within fifteen (15) days after written notice from Bank to Borrower. Borrower’s right to cure shall be applicable
only to curable defaults and shall not apply, without limitation, to Defaults
based upon False Warranty or Cessation; Bankruptcy or any financial covenant. False Warranty. A warranty or
representation made or deemed made in the Loan Documents or furnished Bank in
connection with the loan evidenced by this Note proves materially false, or if
of a continuing nature, becomes materially false. Cross Default. At Bank’s
option, any default in payment or performance of any obligation under any other
loans, contracts or agreements of Borrower, any Subsidiary or Affiliate of
Borrower, any general partner of or the holder(s) of the majority ownership
interests of Borrower with Bank or its affiliates, (“Affiliate” shall have the
meaning as defined in 11 U.S.C. § 101, except that the term “Borrower” shall be
substituted for the term “Debtor” therein; “Subsidiary” shall mean any business
in which Borrower holds, directly or indirectly, a controlling interest), which
is not cured within the applicable cure period. Cessation. The dissolution
of, termination of existence of, loss of good standing status by, Borrower, its
Subsidiaries or Affiliates, if any (excluding any shareholder of Bluegreen
Corporation), or any party to the Loan Documents. Notwithstanding the
foregoing, it shall not be a Default if any Borrower (other than Bluegreen
Corporation) (i) voluntarily dissolves or merges into, or consolidates with, another
Borrower, (ii) converts into another form of entity, so long as it is
ultimately controlled by Bluegreen Corporation, or (iii) is administratively
dissolved by the jurisdiction of its formation so long as, upon learning of
such dissolution, its existence and good standing in such jurisdiction are
promptly reinstated. Bankruptcy. The dissolution of, termination
of existence of, loss of good standing status by, appointment of a receiver
for, assignment for the benefit of creditors of, or commencement of any
bankruptcy or insolvency proceeding by or against Borrower, its Subsidiaries or
Affiliates, if any (excluding any shareholder of Bluegreen Corporation), or any
party to the Loan Documents. Material Capital Structure or Business Alteration.
Without prior written consent of Bank, (i) the sale of substantially all of the
business or assets of Borrower or a material portion (25% or more) of such
business or assets if such a sale is outside the ordinary course of business of
Borrower or more than 50% of the outstanding stock or voting power of or in any
such entity in a single transaction or a series of transactions, unless such
stock sale is to any existing shareholder owning more than 26% of the stock of
Bluegreen Corporation; or (ii) should any Borrower enter into any merger or
consolidation other than with another Borrower or any of Borrower’s
Subsidiaries or Affiliates or with any existing shareholder owning more than
26% of the stock of Bluegreen Corporation. Material Capital Structure or Business Alteration of
Borrower’s Subsidiaries or Affiliates. Borrower’s failure to provide
Bank with an annual report detailing (in such detail as required by bank) any
of the following transactions: (i) a material alteration in the kind or type of
Borrower’s Subsidiaries’ or Affiliates’ business; (ii) the sale of
substantially all of the business or assets of any of Borrower’s Subsidiaries
or Affiliates, or a material portion (10% or more) of such business or assets
if such a sale is outside the ordinary course of business of Borrower’s
Subsidiaries or Affiliates or any guarantor, or more than 50% of the
outstanding stock or voting power of or in any such entity in a single
transaction or a series of transactions (excluding sales to another Borrower or
any of Borrower’s Subsidiaries or Affiliates or with any existing shareholder
owning more than 26% of the stock of Bluegreen Corporation); (iii) Borrower’s
Subsidiaries’ or Affiliates’ acquisition of 

6

substantially all of the business or assets
or more than 50% of the outstanding
stock or voting power of any other entity (excluding sales to another Borrower
or any of Borrower’s Subsidiaries or Affiliates); or (iv) should any of
Borrower’s Subsidiaries or Affiliates or any guarantor enter into any merger or
consolidation other than with another one of Borrower’s Subsidiaries or
Affiliates or with any existing shareholder owning more than 26% of the stock
of Bluegreen Corporation.

REMEDIES
UPON DEFAULT. If a Default occurs under this Note or
any Loan Documents, not cured within the applicable cure period, Bank may at
any time thereafter, take the following actions: Bank Lien. Foreclose its
security interest or lien against Borrower’s accounts without notice. Acceleration
Upon Default. Accelerate the maturity of this Note and, at Bank’s
option, any or all other Obligations, whereupon this Note and the accelerated
Obligations shall be immediately due and payable. Cumulative. Exercise any
rights and remedies as provided under the Note and other Loan Documents, or as
provided by law or equity.

FINANCIAL AND OTHER INFORMATION. Borrower shall deliver to Bank such information
as Bank may reasonably request from time to time, including without limitation,
financial statements and information pertaining to Borrower’s financial
condition. Such information shall be true, complete, and accurate. 

LINE OF CREDIT ADVANCES. Borrower may borrow, repay and reborrow, and
Bank may advance and readvance under this Note respectively from time to time
until the maturity hereof (each an “Advance” and together the “Advances”), so
long as the total principal balance outstanding under this Note
at any one time does not exceed the principal amount stated on the face of this Note,
subject to the limitations described in the Loan Agreement to which this Note
is subject. Bank’s obligation to make Advances under this Note shall terminate during
any period Borrower is in Default. As of the date of each proposed Advance,
Borrower shall be deemed to represent that each representation made in the Loan
Documents is true as of such date. 

If Borrower subscribes to Bank’s cash
management services and such services are applicable to this line of credit,
the terms of such service shall control the manner in which funds are
transferred between the applicable demand deposit account and the line of
credit for credit or debit to the line of credit.

WAIVERS AND AMENDMENTS. No waivers, amendments or modifications of this
Note and other Loan Documents shall be valid unless in writing and signed by an
officer of Bank and Borrower. No waiver by Bank of any Default shall operate as a waiver of any other Default or
the same Default on a future occasion. Neither the failure nor any delay on the
part of Bank in exercising any right, power, or remedy under this Note and
other Loan Documents shall operate as a waiver thereof, nor shall a single or
partial exercise thereof preclude any other or further exercise thereof or the
exercise of any other right, power or remedy.

Except as otherwise provided, each Borrower
liable under this Note waives presentment, protest, notice of dishonor, demand
for payment, notice of intention to
accelerate maturity, notice of acceleration of maturity, notice of sale and all
other notices of any kind. Further, each agrees that Bank may extend, or renew
this Note for any period, and grant any releases, compromises or indulgences
with respect to any collateral securing this Note, or with respect to any other
Borrower or any other person liable under this Note or other Loan Documents,
all without notice to or consent of each Borrower or each person who may be
liable under this Note or any other Loan Document and without affecting the
liability of Borrower or any person who may be liable under this Note or any
other Loan Document.

MISCELLANEOUS PROVISIONS. Assignment. This Note and the other Loan Documents shall
inure to the benefit of and be binding upon the parties and their respective
heirs, legal representatives, successors and assigns. Bank’s interests in and
rights under this Note and the other Loan Documents are freely assignable, in
whole or in part, by Bank. In addition, nothing in this Note or any of the
other Loan Documents shall prohibit Bank from pledging or assigning this Note
or any of the other Loan Documents or any interest therein to any Federal Reserve
Bank. Borrower shall not assign its rights and interest hereunder without the
prior written consent of Bank, and any attempt by Borrower to assign without
Bank’s prior written consent is null and void. Any assignment shall not release
Borrower from the 

7

Obligations. Applicable Law; Conflict Between
Documents. This Note and, unless otherwise provided in any other
Loan Document, the other Loan Documents shall be governed by and construed
under the laws of the state named in Bank’s address shown above without regard
to that state’s conflict of laws principles. If the terms of this Note should
conflict with the terms of any loan agreement or any commitment letter that
survives closing, the terms of this Note shall control. Borrower’s Accounts. Except
as prohibited by law, Borrower grants Bank a security interest in all of
Borrower’s accounts with Bank and any of its affiliates. Jurisdiction. Borrower
irrevocably agrees to non-exclusive personal jurisdiction in the state named in
Bank’s address shown above. Severability. If any provision of this Note
or of the other Loan Documents shall be prohibited or invalid under applicable
law, such provision shall be ineffective but only to the extent of such
prohibition or invalidity, without invalidating the remainder of such provision
or the remaining provisions of this Note or other such document. Notices.
Any notices to Borrower shall be sufficiently given, if in writing and mailed
or delivered to the Borrower’s address shown above (attention Borrower’s
Corporate General Counsel) or such other address as provided hereunder, and to
Bank, if in writing and mailed or delivered to Bank’s office address shown
above or such other address as Bank may specify in writing from time to time.
In the event that Borrower changes Borrower’s address at any time prior to the
date the Obligations are paid in full, Borrower agrees to promptly give written
notice of said change of address by registered or certified mail, return
receipt requested, all charges prepaid. Plural; Captions. All references in the
Loan Documents to Borrower, guarantor, person, document or other nouns of
reference mean both the singular and plural form, as the case may be, and the
term “person” shall mean any individual, person or entity. The captions
contained in the Loan Documents are inserted for convenience only and shall not
affect the meaning or interpretation of the Loan Documents. Binding
Contract. Borrower by executions of and Bank by acceptance of this
Note agree that each party is bound to all terms and provisions of this Note. Advances.
Bank may, in its sole discretion, make other advances which shall be deemed to
be advances under this Note, even though the stated principal amount of this
Note may be exceeded as a result thereof. Joint and Several Obligations. Each entity
who signs this Note as a Borrower is jointly and severally obligated. Fees and
Taxes. Borrower shall promptly pay all documentary, intangible
recordation and/or similar taxes on this transaction whether assessed at
closing or arising from time to time.

JOINT AND SEVERAL LIABILITY. (a)   As
used in this Section, the term “Borrower” shall mean Bluegreen
Corporation, a Massachusetts corporation, Bluegreen Resorts Management, Inc., a
Delaware corporation, Bluegreen Vacations Unlimited, Inc., a Florida
corporation, Bluegreen Holding Corporation (Texas), a Delaware corporation,
Bluegreen Southwest One, L.P., a Delaware limited partnership, Bluegreen Asset
Management Corporation, a Delaware corporation, Bluegreen Carolina Lands, LLC,
a Delaware limited liability company, Bluegreen Corporation of Tennessee, a
Delaware corporation, Bluegreen Corporation of the Rockies, a Delaware
corporation, Bluegreen Properties of Virginia, Inc., a Delaware corporation,
Bluegreen Resorts International, Inc., a Delaware corporation, Carolina
National Golf Club, Inc., a North Carolina corporation. Leisure Capital
Corporation, a Vermont corporation, Bluegreen West Corporation, a Delaware
corporation, Bluegreen Golf Clubs, Inc., a Delaware corporation, Bluegreen Interiors,
LLC, a Delaware limited liability company, Bluegreen Southwest Land, Inc., a
Delaware corporation, New England Advertising Corporation, a Vermont
corporation, Bluegreen Guaranty Corporation, a Florida corporation, Jordan Lake
Preserve Corporation, a North Carolina corporation, Leisure Communication
Network, Inc., a Delaware corporation, Managed Assets Corporation, a Delaware
corporation, travelheads, inc., a Florida corporation, Encore Rewards, Inc., a
Delaware corporation, Leisurepath, Inc., a Florida corporation, BXG Realty,
Inc., a Delaware corporation, Texas Homesite Realty, Inc., a Texas corporation
f/k/a Mystic Shores Realty, Inc., Brickshire Realty, Inc., a Virginia
corporation, Catawba Falls, LLC, a North Carolina limited liability company, Preserve
at Jordan Lake Realty, Inc., a North Carolina corporation, Bluegreen Purchasing
& Design, Inc., a Florida corporation, Great Vacation Destinations, Inc., a
Florida corporation, Lake Ridge Realty, Inc., a Texas corporation, Bluegreen
Communities of Texas, L.P., a Delaware limited partnership, Pinnacle Vacations,
Inc., a Delaware corporation, Bluegreen Communities of Georgia, LLC, a Georgia
limited liability company, Bluegreen Communities of Georgia Realty, Inc., a
Georgia corporation, BXG Realty Tenn, Inc., a Tennessee corporation, Bentwater
Lakes Realty, Inc., a Texas corporation f/k/a Mountain Lakes Realty, Inc.,
Bluegreen Nevada, LLC, a Delaware limited liability company, Family Fun
Company, LLC, a Delaware limited liability company, BXG Mineral Holdings, LLC,
a Delaware limited liability company, 

8

Texas Hill Country Realty, Inc., a Texas corporation, BXG Construction,
LLC, a Delaware limited liability company, Bluegreen Communities of Houston –
I, LLC, a Delaware limited liability company, BXG Acquisition Corp., a Delaware
corporation, and
the term “Borrowers” shall mean any two or more of such Borrowers,
collectively.

          (b)          Each
Borrower agrees that it is jointly and severally liable to Bank for the payment
of all obligations arising under this Note, and that such liability is
independent of the obligations of the other Borrowers. Bank may bring an action
against any Borrower, whether an action is brought against the other Borrowers.

          (c)          Each
Borrower agrees that any release which may be given by Bank to the other
Borrowers or any guarantor will not release such Borrower from its obligations
under this Note.

          (d)          Each
Borrower waives any right to assert against Bank any defense, setoff, counterclaim,
or claim which such Borrower may have against the other Borrowers or any other
party liable to Bank for the obligations of the Borrowers under this Note.

          (e)          Each
Borrower agrees that it is solely responsible for keeping itself informed as to
the financial condition of the other Borrowers and of all circumstances which
bear upon the risk of nonpayment. Each Borrower waives any right it may have to
require Bank to disclose to such Borrower any information which Bank may now or
hereafter acquire concerning the financial condition of the other Borrowers. 

          (f)          Each
Borrower waives all rights to notices of default or nonperformance by any other
Borrower under this Note. Each Borrower further waives all rights to notices of
the existence or the creation of new indebtedness by any other Borrower. 

          (g)          Borrowers
represent and warrant to Bank that each will derive benefit, directly and
indirectly, from the collective administration and availability of the Loan
under this Note. Borrowers agree that Bank will not be required to inquire as
to the disposition by any Borrower of funds disbursed in accordance with the
terms of this Note. 

          (h)          Until
all obligations of Borrowers to Bank under this Note have been paid in full,
each Borrower waives any right of subrogation, reimbursement, indemnification
and contribution (contractual, statutory or otherwise), including without
limitation, any claim or right of subrogation under the Bankruptcy Code (Title
11, United States Code) or any successor statute, which such Borrower may now
or hereafter have against any other Borrower with respect to the indebtedness
incurred under this Note. Each Borrower waives any right to enforce any remedy
which Bank now has or may hereafter have against any other Borrower, and waives
any benefit of, and any right to participate in, any security now or hereafter
held by Bank. 

WAIVER OF JURY TRIAL. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH
OF BORROWERBY
EXECUTION HEREOF AND BANK BY ACCEPTANCE HEREOF, KNOWINGLY, VOLUNTARILY AND
INTENTIONALLY WAIVES ANY RIGHT EACH MAY HAVE TO A TRIAL BY JURY IN RESPECT OF
ANY LITIGATION BASED ON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS
NOTE, THE LOAN DOCUMENTS OR ANY AGREEMENT CONTEMPLATED TO BE EXECUTED IN
CONNECTION WITH THIS NOTE, OR ANY COURSE OF CONDUCT, COURSE OF
DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY WITH
RESPECT HERETO. THIS PROVISION IS A MATERIAL INDUCEMENT TO BANK TO ACCEPT THIS NOTE. EACH OF THE PARTIES AGREES THAT THE TERMS
HEREOF SHALL SUPERSEDE AND
REPLACE ANY PRIOR AGREEMENT RELATED TO ARBITRATION OF DISPUTES BETWEEN THE
PARTIES CONTAINED IN ANY LOAN DOCUMENT OR ANY OTHER DOCUMENT OR AGREEMENT
HERETOFORE EXECUTED IN CONNECTION WITH, RELATED TO OR BEING REPLACED,
SUPPLEMENTED, EXTENDED OR MODIFIED BY, THIS NOTE.

[EXECUTIONS AND ACKNOWLEDGMENTS ON THE FOLLOWING
PAGE]

9

          IN WITNESS
WHEREOF, Borrower, jointly and severally, has caused this Note to be executed
under seal on July 30, 2009.

	
 

	
 

	
 

	
 

	
Bluegreen
 Corporation, a Massachusetts corporation

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Anthony M.
 Puleo, Senior Vice President, 

	
 

	
 

	
Chief
 Financial Officer and Treasurer 

	
 

	
 

	
Taxpayer
 Identification Number: 03-0300793

	
 

	
 

	
 

	
 

	
Bluegreen
 Resorts Management, Inc., a Delaware corporation

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Anthony M.
 Puleo, Vice President and Treasurer

	
 

	
 

	
Taxpayer
 Identification Number: 65-0520217

	
 

	
 

	
 

	
 

	
Bluegreen
 Vacations Unlimited, Inc., a Florida corporation 

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Anthony M.
 Puleo, Vice President and Treasurer

	
 

	
 

	
Taxpayer
 Identification Number: 65-0433722

	
 

	
 

	
 

	
 

	
Bluegreen
 Holding Corporation (Texas), a Delaware corporation

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Anthony M.
 Puleo, Vice President and Treasurer

	
 

	
 

	
Taxpayer
 Identification Number: 65-0796382

[CONTINUES ON FOLLOWING PAGE]

10

	
 

	
 

	
 

	
 

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

	
 

	
 

	
 

	
 

	
By:

	
Bluegreen
 Southwest Land, Inc., a Delaware corporation, Its General Partner 

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Anthony M.
 Puleo, Vice President and Treasurer

	
 

	
 

	
Taxpayer
 Identification Number: 65-0914561

	
 

	
 

	
 

	
 

	
Bluegreen
 Asset Management Corporation, a Delaware corporation

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Anthony M.
 Puleo, Vice President and Treasurer 

	
 

	
 

	
Taxpayer
 Identification Number: 03-0325365

	
 

	
 

	
 

	
 

	
Bluegreen
 Carolina Lands, LLC, a Delaware limited liability company

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Anthony M.
 Puleo, Vice President and Treasurer 

	
 

	
 

	
Taxpayer
 Identification Number: 65-0941345

	
 

	
 

	
 

	
 

	
Bluegreen
 Corporation of Tennessee, a Delaware corporation

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Anthony M.
 Puleo, Vice President and Treasurer 

	
 

	
 

	
Taxpayer
 Identification Number: 03-0316460

	
 

	
 

	
 

	
 

	
Bluegreen
 Corporation of the Rockies, a Delaware corporation

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Anthony M.
 Puleo, Vice President and Treasurer 

	
 

	
 

	
Taxpayer
 Identification Number: 65-0349373

	
 

	
 

	
 

	
 

	
Bluegreen
 Properties of Virginia, Inc., a Delaware corporation 

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Anthony M.
 Puleo, Vice President and Treasurer 

	
 

	
 

	
Taxpayer
 Identification Number: 52-1752664

[CONTINUES ON FOLLOWING PAGE]

11

	
 

	
 

	
 

	
 

	
Bluegreen
 Resorts International, Inc., a Delaware corporation 

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Anthony M.
 Puleo, Vice President and Treasurer

	
 

	
 

	
Taxpayer
 Identification Number: 65-0803615

	
 

	
 

	
 

	
 

	
Carolina
 National Golf Club, Inc., a North Carolina corporation

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Anthony M.
 Puleo, Vice President and Treasurer 

	
 

	
 

	
Taxpayer
 Identification Number: 62-1667685

	
 

	
 

	
 

	
 

	
Leisure
 Capital Corporation, a Vermont corporation

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Anthony M.
 Puleo, Vice President and Treasurer

	
 

	
 

	
Taxpayer
 Identification Number: 03-0327285

	
 

	
 

	
 

	
 

	
Bluegreen
 West Corporation, a Delaware corporation

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Anthony M.
 Puleo, Vice President and Treasurer

	
 

	
 

	
Taxpayer
 Identification Number: 59-3300205

	
 

	
 

	
 

	
 

	
Bluegreen
 Golf Clubs, Inc., a Delaware corporation

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Anthony M.
 Puleo, Vice President and Treasurer

	
 

	
 

	
Taxpayer
 Identification Number: 65-0912659

	
 

	
 

	
 

	
 

	
Bluegreen
 Interiors, LLC, a Delaware limited liability company

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Anthony M.
 Puleo, Vice President and Treasurer 

	
 

	
 

	
Taxpayer
 Identification Number: 65-0929952

[CONTINUES ON FOLLOWING PAGE]

12

	
 

	
 

	
 

	
 

	
Bluegreen
 Southwest Land, Inc., a Delaware corporation

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Anthony M.
 Puleo, Vice President and Treasurer

	
 

	
 

	
Taxpayer
 Identification Number: 65-0910609

	
 

	
 

	
 

	
 

	
New England
 Advertising Corporation, a Vermont corporation

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Anthony M.
 Puleo, Vice President and Treasurer 

	
 

	
 

	
Taxpayer
 Identification Number: 03-0295158

	
 

	
 

	
 

	
 

	
Bluegreen
 Guaranty Corporation, a Florida corporation 

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Anthony M.
 Puleo, Vice President and Treasurer 

	
 

	
 

	
Taxpayer
 Identification Number: 65-0341038

	
 

	
 

	
 

	
 

	
Jordan Lake
 Preserve Corporation, a North Carolina corporation

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Anthony M.
 Puleo, Vice President and Treasurer

	
 

	
 

	
Taxpayer
 Identification Number: 65-1038536

	
 

	
 

	
 

	
 

	
Leisure
 Communication Network, Inc., a Delaware corporation

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Anthony M.
 Puleo, Vice President and Treasurer

	
 

	
 

	
Taxpayer
 Identification Number: 65-1049209

	
 

	
 

	
 

	
 

	
Managed
 Assets Corporation, a Delaware corporation

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Anthony M.
 Puleo, Vice President and Treasurer

	
 

	
 

	
Taxpayer
 Identification Number: 65-1079961

	
 

	
 

	
 

	
 

	
travelheads,
 inc., a Florida corporation

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Anthony M.
 Puleo, Vice President and Treasurer

	
 

	
 

	
Taxpayer
 Identification Number: 65-1129982

[CONTINUES ON FOLLOWING PAGE]

13

	
 

	
 

	
 

	
 

	
Encore
 Rewards, Inc., a Delaware corporation

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Anthony M.
 Puleo, Vice President and Treasurer

	
 

	
 

	
Taxpayer
 Identification Number: 65-1138973

	
 

	
 

	
 

	
 

	
Leisurepath,
 Inc., a Florida corporation

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Anthony M.
 Puleo, Vice President and Treasurer

	
 

	
 

	
Taxpayer
 Identification Number: 03-0407452

	
 

	
 

	
 

	
 

	
BXG Realty,
 Inc., a Delaware corporation

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Anthony M.
 Puleo, Vice President and Treasurer

	
 

	
 

	
Taxpayer
 Identification Number: 04-3693479

	
 

	
 

	
 

	
 

	
Texas
 Homesite Realty, a Texas corporation f/k/a Mystic Shores Realty, Inc., a
 Texas corporation

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Anthony M.
 Puleo, Vice President and Treasurer

	
 

	
 

	
Taxpayer
 Identification Number: 04-3678944

	
 

	
 

	
 

	
 

	
Brickshire
 Realty, Inc., a Virginia corporation

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Anthony M.
 Puleo, Vice President and Treasurer

	
 

	
 

	
Taxpayer
 Identification Number: 01-0706966

	
 

	
 

	
 

	
 

	
Catawba
 Falls, LLC, a North Carolina limited liability company

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Anthony M.
 Puleo, Manager

	
 

	
 

	
Taxpayer
 Identification Number: 03-0466014

[CONTINUES ON FOLLOWING PAGE]

14

	
 

	
 

	
 

	
 

	
Preserve at
 Jordan Lake Realty, Inc., a North Carolina corporation

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Anthony M.
 Puleo, Vice President and Treasurer

	
 

	
 

	
Taxpayer
 Identification Number: 06-1638828

	
 

	
 

	
 

	
 

	
Bluegreen
 Purchasing & Design, Inc., a Florida corporation

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Anthony M.
 Puleo, Vice President and Treasurer

	
 

	
 

	
Taxpayer
 Identification Number: 54-2064090

	
 

	
 

	
 

	
 

	
Great
 Vacation Destinations, Inc., a Florida corporation

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Anthony M.
 Puleo, Vice President and Treasurer

	
 

	
 

	
Taxpayer
 Identification Number: 51-0420655

	
 

	
 

	
 

	
 

	
Lake Ridge
 Realty, Inc., a Texas corporation

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Anthony M.
 Puleo, Vice President and Treasurer

	
 

	
 

	
Taxpayer
 Identification Number: 55-0794661

	
 

	
 

	
 

	
 

	
Bluegreen
 Communities of Texas, L.P., a Delaware limited partnership

	
 

	
 

	
 

	
 

	
By:  Bluegreen
 Southwest Land, Inc., a Delaware corporation, its General Partner

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Anthony M.
 Puleo, Vice President and Treasurer

	
 

	
 

	
Taxpayer
 Identification Number: 20-3600096

	
 

	
 

	
 

	
 

	
Pinnacle
 Vacations, Inc., a Delaware corporation

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Anthony M.
 Puleo, Vice President and Treasurer

	
 

	
 

	
Taxpayer
 Identification Number: 20-3704976

[CONTINUES ON FOLLOWING PAGE]

15

	
 

	
 

	
 

	
 

	
Bluegreen
 Communities of Georgia, LLC, a Georgia limited liability company

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Anthony M.
 Puleo, Manager

	
 

	
 

	
Taxpayer
 Identification Number: 51-0446159

	
 

	
 

	
 

	
 

	
Bluegreen
 Communities of Georgia Realty, Inc., a Georgia corporation

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Anthony M.
 Puleo, Vice President and Treasurer

	
 

	
 

	
Taxpayer
 Identification Number: 51-0446176

	
 

	
 

	
 

	
 

	
BXG Realty
 Tenn, Inc., a Tennessee corporation

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Anthony M.
 Puleo, Vice President and Treasurer

	
 

	
 

	
Taxpayer
 Identification Number: 62-1697300

	
 

	
 

	
 

	
 

	
Bentwater
 Realty, Inc., a Texas corporation f/k/a 

	
 

	
Mountain Lakes
 Realty, Inc. 

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Anthony M.
 Puleo, Vice President and Treasurer

	
 

	
 

	
Taxpayer
 Identification Number: 55-0794661

	
 

	
 

	
 

	
 

	
Bluegreen
 Nevada, LLC, a Delaware limited liability company

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Anthony M.
 Puleo, Vice President and Treasurer

	
 

	
 

	
Taxpayer
 Identification Number: 20-8208202

	
 

	
 

	
 

	
 

	
Family Fun
 Company, LLC, a Delaware limited liability company

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Anthony M.
 Puleo, Vice President and Treasurer

	
 

	
 

	
Taxpayer
 Identification Number: 20-3326331

[CONTINUES ON FOLLOWING PAGE]

16

	
 

	
 

	
 

	
 

	
BXG Mineral
 Holdings, LLC, a Delaware limited liability company

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Anthony M.
 Puleo, Vice President and Treasurer

	
 

	
 

	
Taxpayer
 Identification Number: 20-5935329

	
 

	
 

	
 

	
 

	
Texas Hill
 Country Realty, Inc., a Texas corporation

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Anthony M.
 Puleo, Vice President and Treasurer

	
 

	
 

	
Taxpayer
 Identification Number: 20-8879252

	
 

	
 

	
 

	
 

	
BXG
 Construction, LLC, a Delaware limited liability company

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Anthony M.
 Puleo, Vice President and Treasurer

	
 

	
 

	
Taxpayer Identification
 Number: 26-0316058

	
 

	
 

	
 

	
 

	
Bluegreen
 Communities of Houston – I, LLC, a Delaware limited liability company

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Anthony M.
 Puleo, Vice President and Treasurer

	
 

	
 

	
Taxpayer
 Identification Number: 26-0589691

	
 

	
 

	
 

	
 

	
BXG
 Acquisition Corp., a Delaware corporation

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
 

	
Anthony M.
 Puleo, Vice President and Treasurer

	
 

	
 

	
Taxpayer
 Identification Number: _____________

[ACKNOWLEDGMENTS APPEAR ON FOLLOWING PAGE]

17

	
 

	
 

	
State of Florida

	
)

	
 

	
) SS:

	
County of Palm Beach

	
)

The foregoing instrument was acknowledged
before me this ___ day of July, 2009, by Anthony M. Puleo, as Senior Vice
President, Chief Financial Officer and Treasurer of Bluegreen Corporation, a
Massachusetts corporation, on behalf of the corporation. He is personally known
to me or has produced a driver’s license, passport or military identification,
or other form of identification and did not take an oath. 

	
 

	
 

	
 

	
__________________________________________

	
 

	
Print or Stamp Name: _________________________

	
 

	
Notary Public, State of Florida at Large

	
 

	
Commission No.: ____________________________

	
 

	
 

	
State of Florida

	
)

	
 

	
) SS:

	
County of Palm Beach

	
)

The foregoing instrument was acknowledged
before me this ___ day of July, 2009, by Anthony M. Puleo, as Vice President
and Treasurer of Bluegreen Southwest Land, Inc., a Delaware corporation, the
sole general partner of Bluegreen Communities of Texas, L.P., a Delaware
limited partnership, on behalf of the corporation and as an act of the
partnership. He is personally known to me or has produced a driver’s license,
passport or military identification, or other form of identification and did
not take an oath. 

	
 

	
 

	
 

	
Print or Stamp Name: _________________________

	
 

	
Notary Public, State of Florida at Large

	
 

	
Commission No.: ____________________________

	
 

	
 

	
State of Florida

	
)

	
 

	
) SS:

	
County of Palm Beach

	
)

The foregoing instrument was acknowledged before me this ___ day of
July, 2009, by Anthony M. Puleo, as Vice President and Treasurer of Bluegreen
Southwest Land, Inc., a Delaware corporation, the sole general partner of
Bluegreen Southwest One, L.P., a Delaware limited partnership, on behalf of the
corporation and as an act of the partnership. He is personally known to me or
has produced a driver’s license, passport or military identification, or other
form of identification and did not take an oath. 

	
 

	
 

	
 

	
Print or Stamp Name: _________________________

	
 

	
Notary Public, State of Florida at Large

	
 

	
Commission No.: ____________________________

[CONTINUES ON FOLLOWING PAGE]

18

	
 

	
 

	
State of Florida

	
)

	
 

	
) SS:

	
County of Palm Beach

	
)

The foregoing instrument was acknowledged
before me this ___ day of July, 2009, by Anthony M. Puleo, as Vice President,
Treasurer and/or Manager of the following entities: Bluegreen Resorts
Management, Inc., a Delaware corporation; Bluegreen Vacations Unlimited, Inc.,
a Florida corporation; Bluegreen Holding Corporation (Texas), a Delaware
corporation; Bluegreen Asset Management Corporation, a Delaware corporation;
Bluegreen Carolina Lands, LLC, a Delaware limited liability company; Bluegreen
Corporation of Tennessee, a Delaware corporation; Bluegreen Corporation of the
Rockies, a Delaware corporation; Bluegreen Properties of Virginia, Inc., a
Delaware corporation; Bluegreen Resorts International, Inc., a Delaware
corporation; Carolina National Golf Club, Inc., a North Carolina corporation;
Leisure Capital Corporation, a Vermont corporation; Bluegreen West Corporation,
a Delaware corporation; Bluegreen Golf Clubs, Inc., a Delaware corporation;
Bluegreen Interiors, LLC, a Delaware limited liability company; Bluegreen
Southwest Land, Inc., a Delaware corporation; New England Advertising
Corporation, a Vermont corporation; Bluegreen Guaranty Corporation, a Florida
corporation; Jordan Lake Preserve Corporation, a North Carolina corporation;
Leisure Communication Network, Inc., a Delaware corporation; Managed Assets
Corporation, a Delaware corporation; travelheads, inc., a Florida corporation;
Encore Rewards, Inc., a Delaware corporation; Leisurepath, Inc., a Florida
corporation; BXG Realty, Inc., a Delaware corporation; Texas Homesite Realty,
Inc., a Texas corporation f/k/a Mystic Shores Realty, Inc.; Brickshire Realty,
Inc., a Virginia corporation; Catawba Falls, LLC, a North Carolina limited
liability company; Preserve at Jordan Lake Realty, Inc., a North Carolina
corporation; Bluegreen Purchasing & Design, Inc., a Florida corporation;
Great Vacation Destinations, Inc., a Florida corporation; Lake Ridge Realty,
Inc., a Texas corporation; Pinnacle Vacations, Inc., a Delaware corporation;
Bluegreen Communities of Georgia, LLC, a Georgia limited liability company;
Bluegreen Communities of Georgia Realty, Inc., a Georgia corporation; BXG
Realty Tenn, Inc., a Tennessee corporation; Bentwater Realty, Inc., a Texas
corporation; Bluegreen Nevada, LLC, a Delaware limited liability company,
Family Fun Company, LLC, a Delaware limited liability company; BXG Mineral
Holdings, LLC, a Delaware limited liability company, Texas Hill Country Realty,
Inc., a Texas Corporation; BXG Construction, LLC, a Delaware limited liability
company; Bluegreen Communities of Houston – I, LLC, a Delaware limited
liability company; BXG Acquisition Corp., a Delaware corporation, on behalf of
each such entity. He is personally known to me or has produced a driver’s
license, passport or military identification, or other form of identification
and did not take an oath.

	
 

	
 

	
 

	
__________________________________________

	
 

	
Print or Stamp Name: _________________________

	
 

	
Notary Public, State of Florida at Large

	
 

	
Commission No.: ____________________________

19June 24, 2008

 

 

July 22, 2009

 

Mr. Alan H. Benjamin

[address omitted]

Dear Alan:

This letter will serve as an agreement between you and Pulse Engineering, Inc. ("Pulse") regarding what constitutes a termination of your employment at Pulse and setting forth the rights and obligations of each of us upon the occurrence of such a termination.  We intend that this letter constitutes a legal and binding agreement between us, and we acknowledge good and valuable consideration for our joint promises in this letter.  The Board of Directors of Technitrol, Inc. ("TNL") (the "Board of Directors" or "Board") approved this Agreement at a meeting on July 22, 2009, and it shall have a term which expires three years from that date.

1.  Definitions.

"Agreement" means this letter between Pulse and Alan H. Benjamin dated July 22, 2009.

"Cause" means any of the following: (a) gross negligence or willful misconduct which is materially injurious to Pulse or TNL and which, if susceptible of cure, is not cured within thirty (30) days after notice to you which cites with reasonable particularity the  actions or omissions believed to constitute such gross negligence or willful misconduct; (b) conviction of or the entry of a pleading of guilty or nolo contendere to any felony, unless the Board of Directors of TNL concludes in good faith that such event does not render you unable to effectively perform your duties as President of Pulse or materially and adversely affect Pulse's or TNL's reputation or ongoing business activities; or (c) misappropriation of TNL's funds or other dishonesty which in the good faith opinion of the Board of Directors of TNL, renders you unable to effectively manage Pulse or materially and adversely affects Pulse's or TNL's reputation or ongoing business activities.

"Disability" or "complete disability" or "total disability" shall mean that you are unable to engage in any gainful activity substantially similar to your employment at Pulse by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period not less than 12 months. 

"Good Reason" means:

a)  a material change in your authority, duties or responsibilities; provided, however, that a reorganization as envisioned by the organizational  matrix provided to you by the CEO of TNL wherein the manufacturing function will no longer report to you or an organizational change similar in scope and substance to that shall not constitute a material change in your duties;

b)  the failure of Pulse or TNL or the Board to act in good faith with respect to this Agreement or the failure to perform its material obligations under this Agreement which have not been cured within twenty (20) days after written notice from you setting forth the acts or omissions alleged to constitute such a failure with reasonable particularity; or

c)  any actual reduction in your annual base salary (for purposes of this Agreement a failure to raise your base salary in any period shall not be considered to be a reduction in your base salary); or

d)  Pulse requires you to be based at any office or location which is located more than 25 miles from Pulse's current headquarter office in San Diego, CA; or

e)  failure to be included in any benefit plan in which all other senior similarly situated executives of Pulse participate.

"Sec. 409A" means Section 409A of the Internal Revenue Code of 1986, as amended, and the rules and regulations promulgated thereunder.

2.  Employment Termination.

Your employment with Pulse shall terminate upon the earlier occurrence of any of the following events to be effective from and after the date of such event:

A.   your death or retirement;

B.   you become totally disabled;

C.   Pulse terminates your employment for Cause;

D.   Pulse terminates your employment for any reason other than Cause;

E.   You terminate your employment for Good Reason; or

F.   You terminate your employment for any reason other than Good Reason

3.  Effect of Employment Termination.

(i)  Death or Retirement:  Upon termination of your employment due to your death, or your voluntary retirement after the age of 62, then, Pulse will pay you or your estate a sum equal to:

a.  The unpaid portion of your base salary through the end of the month in which termination occurs;

b.  any bonus (commensurate with those paid to other executives) for the bonus period in which termination occurs,  pro-rated to the date of termination; and

c.  any other ordinary course benefits to which you were entitled as an employee of Pulse and/or pursuant to any cash or stock-based incentive or bonus plan, or other benefit, retirement or other plan, program or arrangement which were then due but unpaid at the date of your death, including reimbursement for expenses not yet paid and incurred in accordance with Pulse's policy.

d.  All of the benefits referred to in this Section 3(i) will be paid no later than thirty (30) days after the date of your death or retirement.

(ii)  Total Disability:  Upon termination of your employment due to your complete disability, then (in addition to providing to you the benefits due under any disability, retirement or other benefit plan), Pulse will pay you a sum equal to:

a.  the unpaid portion of your base salary through the end of the month in which termination is determined to have occurred;

b.  any bonus (commensurate with those paid to other executives) for the bonus period in which termination is determined to have occurred, pro rated to the date of termination; and

c.  any other ordinary course benefits to which you were entitled as an employee of Pulse and/or pursuant to any cash or stock-based incentive or bonus plan, or other benefit, retirement or other plan, program or arrangement which were then due but unpaid at the date of your disability, including reimbursement for expenses not yet paid and incurred in accordance with Pulse's policy.

d.  The benefits set forth in subsection (ii) above will be paid no later than thirty (30) days after the date on which your complete disability is deemed to commence. 

(iii)  By Pulse for Cause or by You Without Good Reason: 

Upon employment termination by Pulse for Cause or by you without Good Reason, Pulse will pay you, within thirty (30) days after the date of your termination, a sum equal to:

a.  The unpaid portion of your base salary through the effective date of termination; and

b.  any other ordinary course benefits to which you were entitled as an employee of Pulse and/or pursuant to any cash or stock-based incentive or bonus plan, or other benefit, retirement or other plan, program or arrangement which were then due but unpaid at the date of  termination, including reimbursement for expenses not yet paid and incurred in accordance with Pulse's policy.

(iv)  By Pulse Without Cause or by You for Good Reason:

Upon termination of your employment by Pulse without Cause or by you for Good Reason, Pulse will:

a.  pay you the unpaid portion of your base salary through the end of the month in which termination occurs;

b.  pay you an amount equal to 2.625 times your annual salary in effect at the date of termination;

c.  pay you any other ordinary course benefits to which you were entitled as an employee of Pulse and/or pursuant to any cash or stock-based incentive or bonus plan, or other benefit, retirement or other plan, program or arrangement which were then due but unpaid at the date of termination, including reimbursement for expenses not yet paid which were incurred in accordance with Pulse's policy; 

d.  immediately vest any shares of restricted stock which are held by you on the date of such termination and which have not yet vested and pay you any related cash or tax gross-up payments due as a result of such vesting as provided for by any applicable plan (provided you have not earlier made an election under Section 83(b) of the Internal Revenue Code of 1986, as amended, to be taxed when such shares were received);

e.  provide you with health and life insurance benefits as you were receiving on the date of termination along with your health club membership, in each case for 18 months following the date of termination.  Pulse will continue to pay these expenses on your behalf when due for the period indicated in the preceding sentence.   Thereafter, you will be entitled to such COBRA benefits as are required to be made available to you by applicable law.  However, if it is necessary, in the opinion of counsel, to ensure that this Agreement is in compliance with Section 409A, you may pay any or all of these expenses when due until the date that is six months after the date of your termination of employment and Pulse will reimburse you for such expenses that you have paid on the date which is six months after your termination date;

f.  provide you with outplacement services from an agency of your choice reasonably satisfactory to Pulse; Pulse will pay the reasonable expenses of such a service for a period not to exceed 12 months from commencement of such services; and

g.  in the event that any compensation or remuneration paid or payable to you by Pulse is deemed to be "excess parachute payments" within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended, and as a result you are subject to excess tax with respect to such payments, Pulse will pay you, in addition to any other payments or benefits to which you are otherwise entitled, an amount that, taking into account any income or excess taxes payable with respect to such payment, would result in you receiving the amount you would have received initially if excess taxes were not imposed on such payment deemed to be excess parachute payments.

All of the benefits referred to in this section (iv) above will be paid no later than thirty (30) days after the date of your  termination, or, if necessary, in the opinion of counsel, to ensure that this agreement is in compliance with Sec. 409A, on the date that is six months after your termination of employment.

4.  Capacity and Duties; Development.

You shall devote your full working time, energy, skill and best efforts to the performance of your duties set forth in this Agreement, in a manner which will faithfully and diligently further the business and interests of Pulse and its subsidiaries, and shall not be employed by, or participate or engage in, or be a part of in any manner, including as an employee, consultant, director (except for Mushroom Networks, Inc., of which you are and may remain a director), trustee or similar function, the management or operation of any other enterprise without the prior written consent of the Board, which consent may be granted or withheld in its sole discretion.

During the course of your employment, you will participate in various development activities designed by the principal human resource officer of TNL, the goal of which will be to make you more familiar with managing in a public company environment and interacting with constituencies in such an environment.

5.  Confidentiality.

You acknowledge a duty of confidentiality owed to Pulse and TNL and shall not, at any time during your employment by Pulse or thereafter, use, divulge, furnish, or make accessible to anyone, without the express authorization of the Board, any trade secret, private or confidential information of Pulse or TNL or any of their respective subsidiaries obtained or acquired while so employed.  All computer software, customer lists, price lists, catalogs, records, and proprietary know-how acquired while an employee of Pulse or TNL, are acknowledged to be the property of Pulse or TNL and shall not be duplicated, removed from Pulse or TNL's possession, or made use of other than in pursuit of Pulse or TNL's businesses; and, upon termination of employment for any reason, you shall promptly deliver to Pulse, without further demand, all copies thereof which are then in your possession or control.

6.  Inventions and Improvements.

During the term of your employment, you shall promptly communicate to Pulse all ideas, discoveries and inventions which are or may be useful to Pulse or its business.   You acknowledge that all ideas, discoveries, inventions, and improvements which are made, conceived, or reduced to practice by you and every item of knowledge relating to Pulse's business interests (including potential business interests) gained by you during your employment are the property of Pulse, and you irrevocably assign all such ideas, discoveries, inventions, improvements, and knowledge to Pulse for its sole use and benefit, without additional compensation. The provisions of this Section shall apply whether such ideas, discoveries, inventions, improvements or knowledge are conceived, made or gained by you alone or with others, whether during or after usual working hours, whether on or off the job, whether applicable to matters directly or indirectly related to Pulse's business interests (including potential business interests), and whether or not within the specific realm of your duties. You shall, upon the request of Pulse, at any time during or after your employment with Pulse, sign all instruments and documents requested by Pulse and otherwise cooperate with Pulse to protect its right to such ideas, discoveries, inventions, improvements, and knowledge, including applying for, obtaining, and enforcing patents and copyrights thereon.

7.  Noncompetition.

During the term of your employment and for 18 months after any termination of employment, you shall not directly or indirectly:

a.  engage, directly or indirectly, anywhere in the world on behalf of the following entities:  Tyco Electronics, Bel Fuse, Inc., Amphenol, Inc., Molex, Inc., Delta, Foxconn, Halo (proper names), in the manufacture, assembly, design, distribution or marketing of any product or equipment substantially similar to or in competition with any product or equipment which at any time during the term of such employment or the immediately preceding twelve month period has been manufactured, sold or distributed by Pulse or any subsidiary or any product or equipment which Pulse or any subsidiary was developing during such period for future manufacture, sale or distribution; 

b.  solicit, or contact with a view to the engagement or employment by, any person or entity of any person who is an employee of Pulse or TNL; or

c.  engage in or participate in any effort or act to induce any of the customers, associates, consultants, or employees of Pulse or TNL or any of their affiliates to take any action which might be materially disadvantageous to Pulse or TNL or any of their affiliates.

The duration of your covenants set forth in this Section shall be extended by a period of time equal to the number of days, if any, during which you are in violation of the provisions contained in this Section.

8.  Injunctive and Other Relief.

You acknowledge that the covenants contained in this Agreement are fair and reasonable in light of the consideration paid under this Agreement, and that damages alone shall not be an adequate remedy for any breach by you of such covenants, and accordingly expressly agree that, in addition to any other remedies which TNL may have, TNL shall be entitled to injunctive relief in any court of competent jurisdiction for any breach of any such covenants by you.  Nothing contained in this Agreement shall prevent or delay TNL from seeking, in any court of competent jurisdiction, specific performance or other equitable remedies in the event of any breach by you of any of your obligations under this Agreement.

Monetary claims against you under this Agreement will in no event exceed the amount actually paid to you under this Agreement.

9.  Mitigation

You shall not be required to mitigate damages or the amount of any payment provided for under this Agreement by seeking other employment or otherwise, and compensation earned from such employment or otherwise shall not reduce the amounts otherwise payable under this Agreement.  No amounts payable under this Agreement shall be subject to reduction or offset in respect of any claims which Pulse or TNL (or any other person or entity) may have against you.

10.  Employment Status

You and TNL acknowledge and agree that your employment is "at will" and may be terminated at any time, by Pulse with or without Cause or by you with or without Good Reason, subject to applicable law.

11.  Miscellaneous Provisions

A.  Neither you, TNL nor Pulse will assign this Agreement without the prior written consent of the other.  This Agreement will bind any successors to Pulse and/or TNL.

B.  Each notice, request, demand, approval or other communication which may be or is required to be given under this Agreement shall be in writing and shall be deemed to have been properly given when delivered personally at the address set forth below for the intended party during normal business hours at such address, when sent by facsimile or other electronic transmission to the respective facsimile transmission numbers of the parties set forth below with telephone confirmation of receipt, or when sent by recognized overnight courier or by the United States registered or certified mail, return receipt requested, postage prepaid, addressed as follows:

If to Pulse:

Technitrol, Inc.

1210 Northbrook Drive

Suite 470

Trevose, PA  19053

Attn:  General Counsel

If to you:

Alan H. Benjamin

[address omitted]

C.  This Agreement is the entire agreement between us regarding the subject matter to which it relates and supersedes all prior agreements and understandings, oral or written.  The Agreement cannot be amended, changed or modified except in a writing signed by both parties.

D.  The Agreement will be governed and construed in accordance with Pennsylvania law.

E.  The invalidity or unenforceability of any particular provision or part of any provision of the Agreement shall not affect the other provisions or parts of the Agreement.  If any provision of the Agreement is determined to be invalid or unenforceable by a court of competent jurisdiction, such provision shall be interpreted to provide protection as nearly equivalent to that found to be invalid or unenforceable and if any such provision shall be so determined to be invalid or unenforceable by reason of the duration or geographical scope of the covenants contained in this Agreement, such duration or geographical scope, or both, shall be considered to be reduced to a duration or geographical scope to the extent necessary to cure such invalidity.

F.  Any indemnification obligations to which you are entitled as a director, officer and employee of Pulse whether by contract or pursuant to Pulse's or TNL's charter or by-laws, relating to the period prior to termination, shall survive such termination and shall thereafter be paid to you as and when due in accordance with applicable law and the constituent documents of Pulse and/or TNL.

G.  The obligations of Pulse or TNL under this Agreement (together with Pulse's or TNL's obligations to you under any cash or stock-based incentive or bonus plan or other benefit, retirement or other plan, program or arrangement), shall be in lieu of any other damages, compensation or benefits to which you might be entitled, directly or indirectly, in connection with this Agreement.

H.  The payments due to you under this Agreement are conditioned upon the execution and delivery by you, and/or your personal representatives, of a general release, pursuant to which you shall release Pulse and TNL from all claims relating to your employment or otherwise, except Pulse and TNL's continuing obligations under this Agreement; provided that such release shall not obligate you to perform any services for Pulse and TNL during any period after your employment nor correlate any benefits to which you are entitled on "transition period" cooperation.

If the foregoing meets with your approval, please sign where indicated below and return a signed copy to me.

Sincerely,

TECHNITROL, INC.

/s/ James M. Papada, III

By:  James M. Papada, III

Chief Executive Officer

PULSE ENGINEERING, INC.

/s/ Pulse Engineering, Inc.

ACCEPTED AND AGREED

/s/ Alan H. Benjamin

Alan H. Benjamin

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