Document:

EXHIBIT 10.160

                   THIRD AMENDED AND RESTATED PROMISSORY NOTE

$15,000,000.00

                                                              December ___, 2003

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
f/k/a RDI Resort Services 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

Properties of the Southwest One, Inc., 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

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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

BG/RDI Acquisition Corp., a Delaware corporation
4960 Conference Way North, Suite 100
Boca Raton, Florida 33431

Bluegreen Corporation Great Lakes (WI), a Wisconsin corporation
4960 Conference Way North, Suite 100
Boca Raton, Florida 33431

Bluegreen Corporation of Canada, 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 Corp., a Vermont corporation
4960 Conference Way North, Suite 100
Boca Raton, Florida 33431

South Florida Aviation, Inc., a Florida corporation
4960 Conference Way North, Suite 100
Boca Raton, Florida 33431

Winding River Realty, Inc., a North Carolina 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

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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

Mystic Shores Realty, Inc., a Texas corporation
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 corporation
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

(Individually and collectively, jointly and severally the "Borrower")

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Wachovia Bank, National Association
214 North Hogan Street - FL0070
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 AND NO/100 DOLLARS ($15,000,000.00) 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 Third
Amended and Restated Promissory Note (including all renewals, extensions or
modifications hereof, ("Note").

RENEWAL/MODIFICATION. This Note amends, restates renews, extends, increases and
modifies in its entirety that certain Second Amended and Restated Promissory
Note dated December 31, 2002 (the "Original Promissory Note"), evidencing an
original principal amount of $12,500,000.00 of which $0.00 is currently
outstanding, the original of which is attached to this Note. This Note is not a
novation.

LOAN AGREEMENT. This Note is subject to the provisions of that certain Third
Amended and Restated Loan Agreement between Bank and Borrower dated of even date
herewith, as 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 2.00%, 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 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. This Note shall be due and payable in consecutive monthly
payments of accrued interest only, commencing on January 31, 2004, 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 December
31, 2004 (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

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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. ss.
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. ss. 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.

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, including without limitation that certain loan from Bank to
Bluegreen Corporation, a Massachusetts corporation, and Bluegreen Communities of
Georgia, LLC, a Georgia limited liability company dated November 13, 2003, in
the original principal amount of $7,910,000.00 (as same may be increased,
amended or modified in the future) ("Affiliate" shall have the meaning as
defined in 11 U.S.C. ss. 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; 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, or any general partner of or the
holder(s) of the majority ownership interests of Borrower, 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; or (ii)

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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 35% 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; (iii) Borrower's
Subsidiaries' or Affiliates' acquisition of substantially all of the business or
assets or more than 50% of the outstanding stock or voting power of any other
entity; 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.

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 that certain Amended and Restated 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.

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<PAGE>

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 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.

THIRD AMENDED AND RESTATED PROMISSORY NOTE. This Note, amends, replaces and
supercedes in its entirety that certain Second Amended and Restated Promissory
Note dated December 31, 2002 executed by Borrower in favor of Bank (the
"Original Renewal Note"). Should there be any conflict between any of the terms
of the Original Renewal Note, and the terms of this Note, the terms of this Note
shall control.

ARBITRATION. Upon demand of any party hereto, whether made before or after
institution of any judicial proceeding, any claim or controversy arising out of
or relating to the Loan Documents between parties hereto (a "Dispute") shall be
resolved by binding arbitration conducted under and governed by the Commercial
Financial Disputes Arbitration Rules (the "Arbitration Rules") of the American
Arbitration Association (the "AAA") and the Federal Arbitration Act. Disputes
may include, without limitation, tort claims, counterclaims, a dispute as to
whether a matter is subject to arbitration, claims brought as class actions, or
claims arising from documents executed in the future. A judgment upon the award
may be entered in any court having jurisdiction. Notwithstanding the foregoing,
this arbitration provision does not apply to disputes under or related to swap
agreements. Special Rules. All arbitration hearings shall be conducted in
Broward County, Florida. A hearing shall begin within 90 days of demand for
arbitration and all hearings shall conclude within 120 days of demand for
arbitration. These time limitations may not be extended unless a party shows
cause for extension and then for no more than a total of 60 days. The

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expedited procedures set forth in Rule 51 et seq. of the Arbitration Rules shall
be applicable to claims of less than $1,000,000.00. Arbitrators shall be
licensed attorneys selected from the Commercial Financial Dispute Arbitration
Panel of the AAA. The parties do not waive applicable Federal or state
substantive law except as provided herein. Preservation and Limitation of
Remedies. Notwithstanding the proceeding binding arbitration provisions, the
parties agree to preserve, without diminution, certain remedies that any party
may exercise before or after an arbitration proceeding is brought. The parties
shall have the right to proceed in any court of proper jurisdiction or by
self-help to exercise or prosecute the following remedies, as applicable: (i)
all rights to foreclose against any real or personal property or other security
by exercising a power of sale or under applicable law by judicial foreclosure
including a proceeding to confirm the sale; (ii) all rights of self-help
including peaceful occupation of real property and collection of rents, set-off,
and peaceful possession of personal property; (iii) obtaining provisional or
ancillary remedies including injunctive relief, sequestration, garnishment,
attachment, appointment of receiver and filing an involuntary bankruptcy
proceeding; and (iv) when applicable, a judgment by confession of judgment. Any
claim or controversy with regard to any party's entitlement to such remedies is
a Dispute. Waiver of Exemplary Damages. The parties agree that they shall not
have a remedy of punitive or exemplary damages against other parties in any
Dispute and hereby waive any right or claim to punitive or exemplary damages
they have now or which may arise in the future in connection with any Dispute
whether the Dispute is resolved by arbitration or judicially. Waiver of Jury
Trial. THE PARTIES ACKNOWLEDGE THAT BY AGREEING TO BINDING ARBITRATION THEY HAVE
IRREVOCABLY WAIVED ANY RIGHT THEY MAY HAVE TO JURY TRIAL WITH REGARD TO A
DISPUTE.

                     [EXECUTIONS COMMENCE ON FOLLOWING PAGE]

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            IN WITNESS WHEREOF, Borrower, jointly and severally, on the day and
year first above written, has caused this Note to be executed under seal.

                             Bluegreen Corporation, a Massachusetts corporation

CORPORATE                    By: /S/ JOHN F. CHISTE
SEAL                             ------------------
                                 John Chiste, Treasurer
                                 Taxpayer Identification Number: 03-0300793

State of Florida    )
                    ) SS:
County of PALM BEACH)

The foregoing instrument was acknowledged before me this 30 day of December,
2003, by John Chiste, as 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: Jeffrey C. Lorenz
                             Notary Public, State of Florida at Large
                             Commission No.: DD 063697
                             My Commission Expires: November 11, 2005

                     [EXECUTIONS CONTINUE ON FOLLOWING PAGE]

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<PAGE>

                             Bluegreen Resorts Management, Inc., a Delaware
                             corporation f/k/a  RDI Resort Services Corporation

CORPORATE                    By: /S/ JOHN F. CHISTE
SEAL                             John Chiste, Vice President
                                 Taxpayer Identification Number: 65-0520217

State of Florida    )
                    ) SS:
County of PALM BEACH)

The foregoing instrument was acknowledged before me this 30 day of December,
2003, by John Chiste, as Vice President of Bluegreen Resorts Management, Inc., a
Delaware 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: Jeffrey C. Lorenz
                             Notary Public, State of Florida at Large
                             Commission No.: ____________________________
                             My Commission Expires: _____________________

                     [EXECUTIONS CONTINUE ON FOLLOWING PAGE]

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<PAGE>

                             Bluegreen Vacations Unlimited, Inc., a Florida
                             corporation

CORPORATE                    By: /S/ JOHN F. CHISTE
SEAL                             ------------------
                                 John Chiste, Treasurer
                                 Taxpayer Identification Number: 65-0433722

State of Florida    )
                    ) SS:
County of PALM BEACH)

The foregoing instrument was acknowledged before me this 30 day of December,
2003, by John Chiste, as Treasurer of Bluegreen Vacations Unlimited, Inc., a
Florida 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: Jeffrey C. Lorenz
                             Notary Public, State of Florida at Large
                             Commission No.: ____________________________
                             My Commission Expires: _____________________

                     [EXECUTIONS CONTINUE ON FOLLOWING PAGE]

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                             Bluegreen Holding Corporation  (Texas), a Delaware
                             corporation

CORPORATE                    By: /S/ JOHN F. CHISTE
SEAL                             ------------------
                                 John Chiste, Treasurer
                                 Taxpayer Identification Number: 65-0796382

State of Florida     )
                     ) SS:
County of PALM BEACH )

The foregoing instrument was acknowledged before me this 30 day of December,
2003, by John Chiste, as Treasurer of Bluegreen Holding Corporation (Texas), a
Delaware 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: Jeffrey C. Lorenz
                             Notary Public, State of Florida at Large
                             Commission No.: ____________________________
                             My Commission Expires: _____________________

                     [EXECUTIONS CONTINUE ON FOLLOWING PAGE]

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<PAGE>

                             Properties of the Southwest One, Inc., a Delaware
                             corporation

CORPORATE                    By: /S/ JOHN F. CHISTE
SEAL                             ------------------
                                 John Chiste, Treasurer
                                 Taxpayer Identification Number: 03-0315835

State of Florida    )
                    ) SS:
County of PALM BEACH)

The foregoing instrument was acknowledged before me this 30 day of December,
2003, by John Chiste, as Treasurer of Properties of the Southwest One, Inc., a
Delaware 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.: ____________________________
                             My Commission Expires: _____________________

                     [EXECUTIONS CONTINUE ON FOLLOWING PAGE]

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<PAGE>

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

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

CORPORATE                    By: /S/ JOHN F. CHISTE
SEAL                             ------------------
                                 John Chiste, Treasurer
                                 Taxpayer Identification Number: 65-0796380

State of Florida    )
                    ) SS:
County of PALM BEACH)

The foregoing instrument was acknowledged before me this 30 day of December,
2003, by John Chiste, as Treasurer of Bluegreen Southwest Land, Inc. a Delaware
corporation, the General Partner of Bluegreen Southwest One, L.P., a Delaware
limited partnership, on behalf of the limited 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: Jeffrey C. Lorenz
                             Notary Public, State of Florida at Large
                             Commission No.: ____________________________
                             My Commission Expires: _____________________

                     [EXECUTIONS CONTINUE ON FOLLOWING PAGE]

                                       14
<PAGE>

                             Bluegreen Asset Management Corporation, a Delaware
                             corporation, successor by merger to Bluegreen
                             Corporation of Montana

CORPORATE                    By: /S/ JOHN F. CHISTE
SEAL                             ------------------
                                 John Chiste, Treasurer
                                 Taxpayer Identification Number: 03-0325365

State of Florida    )
                    ) SS:
County of PALM BEACH)

The foregoing instrument was acknowledged before me this 30 day of December,
2003, by John Chiste, as Treasurer of Bluegreen Asset Management Corporation, a
Delaware 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: Jeffrey C. Lorenz
                             Notary Public, State of Florida at Large
                             Commission No.: ____________________________
                             My Commission Expires: _____________________

                     [EXECUTIONS CONTINUE ON FOLLOWING PAGE]

                                       15
<PAGE>

                             Bluegreen Carolina Lands, LLC, a Delaware limited
                             liability company

                             By: Bluegreen Corporation, a Massachusetts
                                 corporation, its Managing Member

CORPORATE                         By: /S/ JOHN F. CHISTE
SEAL                                  ------------------
                                      John Chiste, Treasurer
                                      Taxpayer Identification Number: 65-0941345

State of Florida    )
                    ) SS:
County of PALM BEACH)

The foregoing instrument was acknowledged before me this 30 day of December,
2003, by John Chiste, as Treasurer of Bluegreen Corporation, a Massachusetts
corporation, the Managing Member of Bluegreen Carolina Lands, LLC, a Delaware
limited liability company, on behalf of the limited liability company and
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: Jeffrey C. Lorenz
                             Notary Public, State of Florida at Large
                             Commission No.: ____________________________
                             My Commission Expires: _____________________

                     [EXECUTIONS CONTINUE ON FOLLOWING PAGE]

                                       16
<PAGE>

                             Bluegreen Corporation of Tennessee, a Delaware
                             corporation

CORPORATE                    By: /S/ JOHN F. CHISTE
SEAL                             ------------------
                                 John Chiste, Treasurer
                                 Taxpayer Identification Number: 03-0316460

State of Florida    )
                    ) SS:
County of PALM BEACH)

The foregoing instrument was acknowledged before me this 30 day of December,
2003, by John Chiste, as Treasurer of Bluegreen Corporation of Tennessee, a
Delaware 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: Jeffrey C. Lorenz
                             Notary Public, State of Florida at Large
                             Commission No.: ____________________________
                             My Commission Expires: _____________________

                     [EXECUTIONS CONTINUE ON FOLLOWING PAGE]

                                       17
<PAGE>

                             Bluegreen Corporation of the Rockies, a Delaware
                             corporation

CORPORATE                    By: /S/ JOHN F. CHISTE
SEAL                             ------------------
                                 John Chiste, Treasurer
                                 Taxpayer Identification Number: 65-0349373

State of Florida    )
                    ) SS:
County of PALM BEACH)

The foregoing instrument was acknowledged before me this 30 day of December,
2003, by John Chiste, as Treasurer of Bluegreen Corporation of the Rockies, a
Delaware 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: Jeffrey C. Lorenz
                             Notary Public, State of Florida at Large
                             Commission No.: ____________________________
                             My Commission Expires: _____________________

                     [EXECUTIONS CONTINUE ON FOLLOWING PAGE]

                                       18
<PAGE>

                             Bluegreen Properties of Virginia, Inc., a Delaware
                             corporation

CORPORATE                    By: /S/ JOHN F. CHISTE
SEAL                             ------------------
                                 John Chiste, Treasurer
                                 Taxpayer Identification Number: 52-1752664

State of Florida     )
                     ) SS:
County of PALM BEACH )

The foregoing instrument was acknowledged before me this 30 day of December,
2003, by John Chiste, as Treasurer of Bluegreen Properties of Virginia, Inc., a
Delaware 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: Jeffrey C. Lorenz
                             Notary Public, State of Florida at Large
                             Commission No.: ____________________________
                             My Commission Expires: _____________________

                     [EXECUTIONS CONTINUE ON FOLLOWING PAGE]

                                       19
<PAGE>

                             Bluegreen Resorts International, Inc., a Delaware
                             corporation

CORPORATE                    By: /S/ JOHN F. CHISTE
SEAL                             ------------------
                                 John Chiste, Vice President
                                 Taxpayer Identification Number: 65-0803615

State of Florida    )
                    ) SS:
County of PALM BEACH)

The foregoing instrument was acknowledged before me this 30 day of December,
2003, by John Chiste, as Vice President of Bluegreen Resorts International,
Inc., a Delaware 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: Jeffrey C. Lorenz
                             Notary Public, State of Florida at Large
                             Commission No.: ____________________________
                             My Commission Expires: _____________________

                     [EXECUTIONS CONTINUE ON FOLLOWING PAGE]

                                       20
<PAGE>

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

CORPORATE                    By: /S/ JOHN F. CHISTE
SEAL                             ------------------
                                 John Chiste, Treasurer
                                 Taxpayer Identification Number: 62-1667685

State of Florida    )
                    ) SS:
County of PALM BEACH)

The foregoing instrument was acknowledged before me this 30 day of December,
2003, by John Chiste, as Treasurer of Carolina National Golf Club, Inc., a North
Carolina 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: Jeffrey C. Lorenz
                             Notary Public, State of Florida at Large
                             Commission No.: ____________________________
                             My Commission Expires: _____________________

                     [EXECUTIONS CONTINUE ON FOLLOWING PAGE]

                                       21
<PAGE>

                             Leisure Capital Corporation, a Vermont corporation

CORPORATE                    By: /S/ JOHN F. CHISTE
SEAL                             ------------------
                                 John Chiste, Treasurer
                                 Taxpayer Identification Number: 03-0327285

State of Florida    )
                    ) SS:
County of PALM BEACH)

The foregoing instrument was acknowledged before me this 30 day of December,
2003, by John Chiste, as Treasurer of Leisure Capital Corporation, a Vermont
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: Jeffrey C. Lorenz
                             Notary Public, State of Florida at Large
                             Commission No.: ____________________________
                             My Commission Expires: _____________________

                     [EXECUTIONS CONTINUE ON FOLLOWING PAGE]

                                       22
<PAGE>

                             Bluegreen West Corporation, a Delaware corporation

CORPORATE                    By: /S/ JOHN F. CHISTE
SEAL                             ------------------
                                 John Chiste, Treasurer
                                 Taxpayer Identification Number: 59-3300205

State of Florida    )
                    ) SS:
County of PALM BEACH)

The foregoing instrument was acknowledged before me this 30 day of December,
2003, by John Chiste, as Treasurer of Bluegreen West Corporation, a Delaware
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: Jeffrey C. Lorenz
                             Notary Public, State of Florida at Large
                             Commission No.: ____________________________
                             My Commission Expires: _____________________

                     [EXECUTIONS CONTINUE ON FOLLOWING PAGE]

                                       23
<PAGE>

                             BG/RDI Acquisition Corp., a Delaware corporation

CORPORATE                    By: /S/ JOHN F. CHISTE
SEAL                             ------------------
                                 John Chiste, Treasurer
                                 Taxpayer Identification Number: 65-0776572

State of Florida    )
                    ) SS:
County of PALM BEACH)

The foregoing instrument was acknowledged before me this 30 day of December,
2003, by John Chiste, as Treasurer of BG/RDI Acquisition Corp., a Delaware
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: Jeffrey C. Lorenz
                             Notary Public, State of Florida at Large
                             Commission No.: ____________________________
                             My Commission Expires: _____________________

                     [EXECUTIONS CONTINUE ON FOLLOWING PAGE]

                                       24
<PAGE>

                             Bluegreen Corporation Great Lakes (WI), a Wisconsin
                             corporation

CORPORATE                    By: /S/ JOHN F. CHISTE
SEAL                             ------------------
                                 John Chiste, Treasurer
                                 Taxpayer Identification Number: 36-3520208

State of Florida    )
                    ) SS:
County of PALM BEACH)

The foregoing instrument was acknowledged before me this 30 day of December,
2003, by John Chiste, as Treasurer of Bluegreen Corporation Great Lakes (WI), a
Wisconsin 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: Jeffrey C. Lorenz
                             Notary Public, State of Florida at Large
                             Commission No.: ____________________________
                             My Commission Expires: _____________________

                     [EXECUTIONS CONTINUE ON FOLLOWING PAGE]

                                       25
<PAGE>

                             Bluegreen Corporation of Canada, a Delaware
                             corporation

CORPORATE                    By: /S/ JOHN F. CHISTE
SEAL                             ------------------
                                 John Chiste, Treasurer
                                 Taxpayer Identification Number: 03- 0311034

State of Florida    )
                    ) SS:
County of PALM BEACH)

The foregoing instrument was acknowledged before me this 30 day of December,
2003, by John Chiste, as Treasurer of Bluegreen Corporation of Canada, a
Delaware 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: Jeffrey C. Lorenz
                             Notary Public, State of Florida at Large
                             Commission No.: ____________________________
                             My Commission Expires: _____________________

                     [EXECUTIONS CONTINUE ON FOLLOWING PAGE]

                                       26
<PAGE>

                             Bluegreen Golf Clubs, Inc., a Delaware corporation

CORPORATE                    By: /S/ JOHN F. CHISTE
SEAL                             ------------------
                                 John Chiste, Treasurer
                                 Taxpayer Identification Number: 65-0912659

State of Florida    )
                    ) SS:
County of PALM BEACH)

The foregoing instrument was acknowledged before me this 30 day of December,
2003, by John Chiste, as Treasurer of Bluegreen Golf Clubs, Inc., a Delaware
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: Jeffrey C. Lorenz
                             Notary Public, State of Florida at Large
                             Commission No.: ____________________________
                             My Commission Expires: _____________________

                     [EXECUTIONS CONTINUE ON FOLLOWING PAGE]

                                       27
<PAGE>

                             Bluegreen Interiors, LLC, a Delaware limited
                             liability company

                             By: Bluegreen Vacations Unlimited, Inc., a Florida
                                 corporation, its Managing Member

CORPORATE                         By: /S/ JOHN F. CHISTE
SEAL                                  ------------------
                                      John Chiste, Treasurer
                                      Taxpayer Identification Number: 65-0929952

State of Florida    )
                    ) SS:
County of PALM BEACH)

The foregoing instrument was acknowledged before me this 30 day of December,
2003, by John Chiste, as Treasurer of Bluegreen Vacations Unlimited, Inc., a
Florida corporation, the Managing Member of Bluegreen Interiors, LLC, a Delaware
limited liability company, on behalf of the limited liability company and
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: Jeffrey C. Lorenz
                             Notary Public, State of Florida at Large
                             Commission No.: ____________________________
                             My Commission Expires: _____________________

                     [EXECUTIONS CONTINUE ON FOLLOWING PAGE]

                                       28
<PAGE>

                             Bluegreen Southwest Land, Inc., a Delaware
                             corporation

CORPORATE                    By: /S/ JOHN F. CHISTE
SEAL                             ------------------
                                 John Chiste, Treasurer
                                 Taxpayer Identification Number: 65-0912249

State of Florida    )
                    ) SS:
County of PALM BEACH)

The foregoing instrument was acknowledged before me this 30 day of December,
2003, by John Chiste, as Treasurer of Bluegreen Southwest Land, Inc., a Delaware
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: Jeffrey C. Lorenz
                             Notary Public, State of Florida at Large
                             Commission No.: ____________________________
                             My Commission Expires: _____________________

                     [EXECUTIONS CONTINUE ON FOLLOWING PAGE]

                                       29
<PAGE>

                             New England Advertising Corp., a Vermont
                             corporation

CORPORATE                    By: /S/ JOHN F. CHISTE
SEAL                             ------------------
                                 John Chiste, Treasurer
                                 Taxpayer Identification Number: 03-0295158

State of Florida    )
                    ) SS:
County of PALM BEACH)

The foregoing instrument was acknowledged before me this 30 day of December,
2003, by John Chiste, as Treasurer of New England Advertising Corp., a Vermont
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: Jeffrey C. Lorenz
                             Notary Public, State of Florida at Large
                             Commission No.: ____________________________
                             My Commission Expires: _____________________

                     [EXECUTIONS CONTINUE ON FOLLOWING PAGE]

                                       30
<PAGE>

                             South Florida Aviation, Inc., a Florida corporation

CORPORATE                    By: /S/ JOHN F. CHISTE
SEAL                             ------------------
                                 John Chiste, Treasurer
                                 Taxpayer Identification Number: 65-0341038

State of Florida    )
                    ) SS:
County of PALM BEACH)

The foregoing instrument was acknowledged before me this 30 day of December,
2003, by John Chiste, as Treasurer of South Florida Aviation, Inc., a Florida
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: Jeffrey C. Lorenz
                             Notary Public, State of Florida at Large
                             Commission No.: ____________________________
                             My Commission Expires: _____________________

                     [EXECUTIONS CONTINUE ON FOLLOWING PAGE]

                                       31
<PAGE>

                             Winding River Realty, Inc., a North Carolina
                             corporation

CORPORATE                    By: /S/ JOHN F. CHISTE
SEAL                             ------------------
                                 John Chiste, Treasurer
                                 Taxpayer Identification Number: 56-20955309

State of Florida    )
                    ) SS:
County of PALM BEACH)

The foregoing instrument was acknowledged before me this 30 day of December,
2003, by John Chiste, as Treasurer of Winding River Realty, Inc., a North
Carolina 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: Jeffrey C. Lorenz
                             Notary Public, State of Florida at Large
                             Commission No.: ____________________________
                             My Commission Expires: _____________________

                     [EXECUTIONS CONTINUE ON FOLLOWING PAGE]

                                       32
<PAGE>

                             Jordan Lake Preserve Corporation, a North Carolina
                             corporation

CORPORATE                    By: /S/ JOHN F. CHISTE
SEAL                             ------------------
                                 John Chiste, Treasurer
                                 Taxpayer Identification Number: 65-1038536

State of Florida    )
                    ) SS:
County of PALM BEACH)

The foregoing instrument was acknowledged before me this 30 day of December,
2003, by John Chiste, as Treasurer of Jordan Lake Preserve Corporation, a North
Carolina 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: Jeffrey C. Lorenz
                             Notary Public, State of Florida at Large
                             Commission No.: ____________________________
                             My Commission Expires: _____________________

                     [EXECUTIONS CONTINUE ON FOLLOWING PAGE]

                                       33
<PAGE>

                             Leisure Communication Network, Inc., a Delaware
                             corporation

CORPORATE                    By: /S/ JOHN F. CHISTE
SEAL                             ------------------
                                 John Chiste, Treasurer
                                 Taxpayer Identification Number: 65-1049209

State of Florida    )
                    ) SS:
County of PALM BEACH)

The foregoing instrument was acknowledged before me this 30 day of December,
2003, by John Chiste, as Treasurer of Leisure Communication Network, Inc., a
Delaware 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: Jeffrey C. Lorenz
                             Notary Public, State of Florida at Large
                             Commission No.: ____________________________
                             My Commission Expires: _____________________

                     [EXECUTIONS CONTINUE ON FOLLOWING PAGE]

                                       34
<PAGE>

                             Managed Assets Corporation, a Delaware corporation

CORPORATE                    By: /S/ JOHN F. CHISTE
SEAL                             ------------------
                                 John Chiste, Treasurer
                                 Taxpayer Identification Number: 65-1079961

State of Florida    )
                    ) SS:
County of PALM BEACH)

The foregoing instrument was acknowledged before me this 30 day of December,
2003, by John Chiste, as Treasurer of Managed Assets Corporation, a Delaware
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: Jeffrey C. Lorenz
                             Notary Public, State of Florida at Large
                             Commission No.: ____________________________

                     [EXECUTIONS CONTINUE ON FOLLOWING PAGE]

                                       35
<PAGE>

                             travelheads, inc., a Florida corporation

CORPORATE                    By: /S/ JOHN F. CHISTE
SEAL                             ------------------
                                 John Chiste, Vice President
                                 Taxpayer Identification Number: 65-1129982

State of Florida    )
                    ) SS:
County of PALM BEACH)

The foregoing instrument was acknowledged before me this 30 day of December,
2003, by John Chiste, as Vice President of travelheads, inc., a Florida
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: Jeffrey C. Lorenz
                             Notary Public, State of Florida at Large
                             Commission No.: ____________________________

                     [EXECUTIONS CONTINUE ON FOLLOWING PAGE]

                                       36
<PAGE>

                             Encore Rewards, Inc., a Delaware corporation

CORPORATE                    By: /S/ JOHN F. CHISTE
SEAL                             ------------------
                                 John Chiste, Vice President
                                 Taxpayer Identification Number: 65-1138973

State of Florida    )
                    ) SS:
County of PALM BEACH)

The foregoing instrument was acknowledged before me this 30 day of December,
2003, by John Chiste, as Vice President of Encore Rewards, Inc., a Delaware
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: Jeffrey C. Lorenz
                             Notary Public, State of Florida at Large
                             Commission No.: ____________________________

                     [EXECUTIONS CONTINUE ON FOLLOWING PAGE]

                                       37
<PAGE>

                             Leisurepath, Inc., a Florida corporation

CORPORATE                    By: /S/ JOHN F. CHISTE
SEAL                             -------------------
                                 John Chiste, Vice President
                                 Taxpayer Identification Number: 03-0407452

State of Florida    )
                    ) SS:
County of PALM BEACH)

The foregoing instrument was acknowledged before me this 30 day of December,
2003, by John Chiste, as Vice President of Leisurepath, Inc., a Florida
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: Jeffrey C. Lorenz
                             Notary Public, State of Florida at Large
                             Commission No.: ____________________________

                     [EXECUTIONS CONTINUE ON FOLLOWING PAGE]

                                       38
<PAGE>

                             BXG Realty, Inc., a Delaware corporation

CORPORATE                    By: /S/ JOHN F. CHISTE
SEAL                             ------------------
                                 John Chiste, Treasurer
                                 Taxpayer Identification Number: 04-3693479

State of Florida    )
                    ) SS:
County of PALM BEACH)

The foregoing instrument was acknowledged before me this 30 day of December,
2003, by John Chiste, as Treasurer of BXG Realty, Inc., a Delaware 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: Jeffrey C. Lorenz
                             Notary Public, State of Florida at Large
                             Commission No.: ____________________________

                     [EXECUTIONS CONTINUE ON FOLLOWING PAGE]

                                       39
<PAGE>

                             Mystic Shores Realty, Inc., a Texas corporation

CORPORATE                    By: /S/ JOHN F. CHISTE
SEAL                             ------------------
                                 John Chiste, Treasurer
                                 Taxpayer Identification Number: 04-3678944

State of Florida    )
                    ) SS:
County of PALM BEACH)

The foregoing instrument was acknowledged before me this 30 day of December,
2003, by John Chiste, as Treasurer of Mystic Shores Realty, Inc., a Texas
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: Jeffrey C. Lorenz
                             Notary Public, State of Florida at Large
                             Commission No.: ____________________________

                     [EXECUTIONS CONTINUE ON FOLLOWING PAGE]

                                       40
<PAGE>

                             Brickshire Realty, Inc., a Virginia corporation

CORPORATE                    By: /S/ JOHN F. CHISTE
SEAL                             ------------------
                                 John Chiste, Treasurer
                                 Taxpayer Identification Number: 01-0706966

State of Florida    )
                    ) SS:
County of PALM BEACH)

The foregoing instrument was acknowledged before me this 30 day of December,
2003, by John Chiste, as Treasurer of Brickshire Realty, Inc., a Virginia
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: Jeffrey C. Lorenz
                             Notary Public, State of Florida at Large
                             Commission No.: ____________________________

                     [EXECUTIONS CONTINUE ON FOLLOWING PAGE]

                                       41
<PAGE>

                             Catawba Falls, LLC, a North Carolina limited
                             liability company

                             By: Bluegreen Corporation, a Massachusetts
                                 corporation, its Managing Member

CORPORATE                         By: /S/ JOHN F. CHISTE
SEAL                                  ------------------
                                      John Chiste, Treasurer
                                      Taxpayer Identification Number: 03-0466014

State of Florida     )
                     ) SS:
County of PALM BEACH )

The foregoing instrument was acknowledged before me this 30 day of December,
2003, by John Chiste, as Treasurer of Bluegreen Corporation, a Massachusetts
corporation, the Managing Member of Catawba Falls, LLC, a North Carolina limited
liability company, on behalf of the company and 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: Jeffrey C. Lorenz
                             Notary Public, State of Florida at Large
                             Commission No.: ____________________________

                     [EXECUTIONS CONTINUE ON FOLLOWING PAGE]

                                       42
<PAGE>

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

CORPORATE                    By: /S/ JOHN F. CHISTE
SEAL                             ------------------
                                 John Chiste, Treasurer
                                 Taxpayer Identification Number: 06-1638828

State of Florida    )
                    ) SS:
County of PALM BEACH)

The foregoing instrument was acknowledged before me this 30 day of December,
2003, by John Chiste, as Treasurer of Preserve at Jordan Lake Realty, Inc., a
North Carolina 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: Jeffrey C. Lorenz
                             Notary Public, State of Florida at Large
                             Commission No.: ____________________________

                     [EXECUTIONS CONTINUE ON FOLLOWING PAGE]

                                       43
<PAGE>

                             Bluegreen Purchasing & Design, Inc., a Florida
                             corporation

CORPORATE                    By: /S/ JOHN F. CHISTE
SEAL                             -------------------
                                 John Chiste, Treasurer
                                 Taxpayer Identification Number: 54-2064090

State of Florida    )
                    ) SS:
County of PALM BEACH)

The foregoing instrument was acknowledged before me this 30 day of December,
2003, by John Chiste, as Treasurer of Bluegreen Purchasing & Design, Inc., a
Florida 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: Jeffrey C. Lorenz
                             Notary Public, State of Florida at Large
                             Commission No.: ____________________________

                     [EXECUTIONS CONTINUE ON FOLLOWING PAGE]

                                       44
<PAGE>

                             Great Vacation Destinations, Inc., a Florida
                             corporation

CORPORATE                    By: /S/ JOHN F. CHISTE
SEAL                             ------------------
                                 John Chiste, Treasurer
                                 Taxpayer Identification Number: 51-0420655

State of Florida    )
                    ) SS:
County of PALM BEACH)

The foregoing instrument was acknowledged before me this 30 day of December,
2003, by John Chiste, as Treasurer of Great Vacation Destinations, Inc., a
Florida 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: Jeffrey C. Lorenz
                             Notary Public, State of Florida at Large
                             Commission No.: ____________________________

                     [EXECUTIONS CONTINUE ON FOLLOWING PAGE]

                                       45
<PAGE>

                             Lake Ridge Realty, Inc., a Texas corporation

CORPORATE                    By: /S/ JOHN F. CHISTE
SEAL                             ------------------
                                 John Chiste, Treasurer
                                 Taxpayer Identification Number: 55-0794661

State of Florida    )
                    ) SS:
County of PALM BEACH)

The foregoing instrument was acknowledged before me this 30 day of December,
2003, by John Chiste, as Treasurer of Lake Ridge Realty, Inc., a Texas
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: Jeffrey C. Lorenz
                             Notary Public, State of Florida at Large
                             Commission No.: ____________________________

                                       46EXHIBIT 10.161

                                 LOAN AGREEMENT

Wachovia Bank, National Association
214 North Hogan Street - FL0070
Jacksonville, Florida 32202
(Hereinafter referred to as the "Bank")

Bluegreen Corporation, a Massachusetts corporation
4960 Conference Way North
Suite 100
Boca Raton, Florida 33431

and

Bluegreen Communities of Georgia, LLC,
a Georgia limited liability company
4960 Conference Way North
Boca Raton, Florida 33431
(Individually and collectively "Borrower")

This Loan Agreement ("Agreement") is entered into November 12, 2003, by and
between Bank and Borrower.

This Agreement applies to the loan (the "Loan") evidenced by that certain
Promissory Note dated of even date herewith, as modified from time to time (the
"Note") and all Loan Documents. The terms "Loan Documents" and "Obligations," as
used in this Agreement, are defined in the Note.

Relying upon the covenants, agreements, representations and warranties contained
in this Agreement, Bank is willing to extend credit to Borrower upon the terms
and subject to the conditions set forth herein, and Bank and Borrower agree as
follows:

REPRESENTATIONS. Borrower represents that from the date of this Agreement and
until final payment in full of the Obligations: Accurate Information. All
information now and hereafter furnished to Bank is and will be true, correct and
complete. Any such information relating to Borrower's financial condition will
accurately reflect Borrower's financial condition as of the date(s) thereof,
(including all contingent liabilities of every type), and Borrower further
represents that its financial condition has not changed materially or adversely
since the date(s) of such documents. Authorization; Non-Contravention. The
execution, delivery and performance by Borrower and any guarantor, as
applicable, of this Agreement and other Loan Documents to which it is a party
are within its power, have been duly authorized as may be required and, if
necessary, by making appropriate filings with any governmental agency or unit
and are the legal, binding, valid and enforceable obligations of Borrower and
any guarantors; and do not (i) contravene, or constitute (with or without the
giving of notice or lapse of time or both) a violation of any provision of
applicable law, a violation of the organizational documents of Borrower or any
guarantor, or a default under any agreement, judgment, injunction, order, decree
or other instrument binding upon or affecting Borrower or any guarantor, (ii)
result in the creation or imposition of any lien (other than the lien(s) created
by the Loan Documents) on any of Borrower's or any guarantor's assets, or (iii)
give cause for the acceleration of any obligations of Borrower or any guarantor
to any other creditor. Asset Ownership. Borrower and each of its Subsidiaries
have good and marketable title to all of the properties and assets reflected on
the balance sheets and financial statements supplied Bank by Borrower, and with
respect to the Borrower, all such properties, assets and stock are free and
clear of mortgages, security deeds, pledges, liens, charges, and all other
encumbrances, except as otherwise disclosed to Bank by Borrower

<PAGE>

in writing and approved by Bank ("Permitted Liens"). In addition, all of the
stock of Borrower's Subsidiaries is free and clear of liens, pledges and
encumbrances. To Borrower's knowledge, no default has occurred under any
Permitted Liens and no claims or interests adverse to Borrower's present rights
in its properties and assets have arisen. Discharge of Liens and Taxes. Borrower
has duly filed, paid and/or discharged all taxes or other claims that may become
a lien on any of its property or assets, except to the extent that such items
are being appropriately contested in good faith and an adequate reserve for the
payment thereof is being maintained. Sufficiency of Capital. Borrower is not,
and after consummation of this Agreement and after giving effect to all
indebtedness incurred and liens created by Borrower in connection with the Note
and any other Loan Documents, will not be, insolvent within the meaning of 11
U.S.C. ss. 101(32). Compliance with Laws. Borrower is in compliance in all
respects with all federal, state and local laws, rules and regulations
applicable to its properties, operations, business, and finances, including,
without limitation, any federal or state laws relating to liquor (including 18
U.S.C. ss. 3617, et seq.) or narcotics (including 21 U.S.C. ss. 801, et seq.)
and/or any commercial crimes; all applicable federal, state and local laws and
regulations intended to protect the environment; and the Employee Retirement
Income Security Act of 1974, as amended ("ERISA"), if applicable. Organization
and Authority. Each Borrower is duly created, validly existing and in good
standing under the laws of the state of its organization, and has all powers,
governmental licenses, authorizations, consents and approvals required to
operate its business as now conducted. Each Borrower is duly qualified, licensed
and in good standing in each jurisdiction where qualification or licensing is
required by the nature of its business or the character and location of its
property, business or customers, and in which the failure to so qualify or be
licensed, as the case may be, in the aggregate, could have a material adverse
effect on the business, financial position, results of operations, properties or
prospects of Borrower or any such guarantor. No Litigation. There are no pending
or threatened suits, claims or demands against Borrower or any guarantor that
have not been disclosed to Bank by Borrower in writing, and approved by Bank.

AFFIRMATIVE COVENANTS. Borrower agrees that from the date hereof and until final
payment in full of the Obligations, unless Bank shall otherwise consent in
writing, Borrower will: Access to Books and Records. Allow Bank, or its agents,
during normal business hours, access to the books, records and such other
documents of Borrower as Bank shall reasonably require, and allow Bank, at
Borrower's expense, to inspect, audit and examine the same and to make extracts
therefrom and to make copies thereof. Business Continuity. Conduct its business
in substantially the same manner and locations as such business is now and has
previously been conducted. Certificate of Full Compliance From Accountant.
Deliver to Bank, with the financial statements required herein, a certification
by Bluegreen's independent certified public accountant that Borrower is in full
compliance with the Loan Documents. Compliance with Other Agreements. Comply
with all terms and conditions contained in this Agreement, and any other Loan
Documents, and swap agreements, if applicable, as defined in the 11 U.S.C. ss.
101. Estoppel Certificate. Furnish, within 15 days after request by Bank, a
written statement duly acknowledged of the amount due under the Loan and, to
Borrower's knowledge, whether offsets or defenses exist against the Obligations.
Insurance. Maintain adequate insurance coverage with respect to its properties
and business against loss or damage of the kinds and in the amounts customarily
insured against by companies of established reputation engaged in the same or
similar businesses including, without limitation, commercial general liability
insurance, workers compensation insurance, and business interruption insurance;
all acquired in such amounts and from such companies as Bank may reasonably
require. Maintain Properties. Maintain, preserve and keep its property secured
by the Loan Documents in good repair, working order and condition, making all
needed replacements, additions and improvements thereto, to the extent allowed
by this Agreement. Notice of Default and Other Notices. (a) Notice of Default.
Furnish to Bank immediately upon becoming aware of the existence of any
condition or event which constitutes a Default (as defined in the Loan
Documents) or any event which, upon the giving of notice or lapse of time or
both, may become a Default, written notice specifying the nature and period of
existence thereof and the action which Borrower is taking or proposes to take
with respect thereto. (b) Other Notices. Promptly notify Bank in writing of (i)
any material adverse change in its financial condition or its business; (ii) any
default under any material agreement, contract or other instrument to which it
is a party or by which any of its properties are bound, or any acceleration of
the maturity of any indebtedness owing by Borrower; (iii) any material adverse
claim against or affecting Borrower or any part of its properties; (iv) the
commencement of, and any material determination in, any

                                     Page 2
<PAGE>

litigation with any third party or any proceeding before any governmental agency
or unit affecting Borrower; and (v) at least 30 days prior thereto, any change
in Borrower's name or address as shown above, and/or any change in Borrower's
structure. Other Financial Information. Deliver promptly such other information
regarding the operation, business affairs, and financial condition of Borrower
which Bank may reasonably request. Payment of Debts. Pay and discharge when due,
and before subject to penalty or further charge, and otherwise satisfy before
maturity or delinquency, all obligations, debts, taxes, and liabilities of
whatever nature or amount, except those which Borrower in good faith disputes.
Reports and Proxies. Deliver to Bank, promptly, a copy of all financial
statements, reports, notices, and proxy statements, sent by Borrower to
stockholders, and all regular or periodic reports required to be filed by
Borrower with any governmental agency or authority.

Partial Releases of Property. Provided Borrower is not then in Default hereunder
or under any other Loan Document, Bank will provide partial releases of
residential lots (individually a "Lot" and collectively the "Lots") in respect
of its lien under that certain Deed to Secure Debt, Assignment of Rents and
Security Agreement (the "Deed to Secure Debt") from Borrower to Bank dated of
even date herewith and the other Loan Documents, as required for the purpose of
transferring clear title to purchasers of Lots, provided that the Borrower pays
to the Bank a release price equal to 55% of the gross sales price for such Lot,
but in no event less than $25,000.00 per Lot, together with a satisfaction of
all other non-monetary conditions imposed by Bank in connection therewith.
Borrower's request for a partial release shall be accompanied a by copy of the
applicable fully executed sales contract for said residential lot and the fully
executed settlement statement, a legal description and a survey of the Lot in
question, and any other documents requested by Bank.

Payments made for releases shall be applied by Bank against the next due
outstanding principal of the Loan. The acceptance by Bank of any payments of
release prices during the pendency of a Default hereunder shall not constitute a
waiver by Bank of any of its rights or remedies with respect to any such
Default. Borrower agrees to reimburse Bank for all out-of-pocket fees and costs,
including, without limitation, reasonable legal fees, in connection with the
granting of such partial releases and shall comply with all other non-monetary
conditions imposed by Bank with respect to that portion of the property to be
released.

Notwithstanding the foregoing, Bank will provide partial releases in connection
with dedication of roads, easements and joinders, upon the written request of
Borrower, which consent shall not be unreasonably withheld. In addition,
provided Borrower obtains all necessary environmental permits for that portion
of real property more particularly designated on EXHIBIT "B" attached hereto as
the "Removed Property" on or before December __, 2004, Bank will, upon receipt
and approval of all conditions for conveyance of the property described on
EXHIBIT "C" as provided in that certain Amended and Restated Agreement of
Purchase and Sale dated October __, 2003 (the "Purchase Agreement"), upon
spreading the lien of that certain Deed to Secure Debt, Assignment of Rents and
Security Agreement dated of even date herewith (the "Deed to Secure Debt") to
the Removed Property, and upon the endorsement to the Bank's title policy to
insure such Removed Property, release its lien with respect to that portion of
real property more particularly described on EXHIBIT "C" attached hereto, and
spread its lien to include the Removed Property.

NEGATIVE COVENANTS. Borrower agrees that from the date of this Agreement and
until final payment in full of the Obligations, unless Bank shall otherwise
consent in writing, Borrower will not: Default on Other Contracts or
Obligations. Default on any material contract with or obligation when due to a
third party or default in the performance of any obligation to a third party
incurred for money borrowed. Government Intervention. Permit the assertion or
making of any seizure, vesting or intervention by or under authority of any
governmental entity, as a result of which the management of Borrower or any
guarantor is displaced of its authority in the conduct of its respective
business or such business is curtailed or materially impaired. Pledge of Assets.
Make or permit to exist, against Bluegreen Communities of Georgia, LLC, a
Georiga limited liability company ("Bluegreen Communities") any mortgages,
security deeds, pledges, liens, charges, and all other encumbrances, on the
property more particularly described on EXHIBIT A attached hereto or any
substitute property or make or permit to exist any pledge on any of the stock of
Borrower or its Subsidiaries, except as otherwise disclosed to Bank by

                                     Page 3
<PAGE>

Borrower in writing and approved by Bank. Judgment Entered. Permit the entry of
any monetary judgment or the assessment against, the filing of any tax lien
against, or the issuance of any writ of garnishment or attachment against the
land or other property secured by the Loan Documents.

ANNUAL FINANCIAL STATEMENTS. Bluegreen Corporation, a Massachusetts corporation
("Bluegreen") shall deliver to Bank, within 90 days after the close of each
fiscal year, audited financial statements reflecting its operations during such
fiscal year, including, without limitation, a balance sheet, profit and loss
statement and statement of cash flows, with supporting schedules; all on a
consolidated and consolidating basis with respect to Bluegreen and its
subsidiaries, affiliates and parent or holding company, as applicable, and in
reasonable detail, prepared in conformity with generally accepted accounting
principles, applied on a basis consistent with that of the preceding year. All
such statements shall be examined by an independent certified public accountant
acceptable to Bank. The opinion of such independent certified public accountant
shall not be acceptable to Bank if qualified due to any limitations in scope
imposed by Bluegreen or any other person or entity. Any other qualification of
the opinion by the accountant shall render the acceptability of the financial
statements subject to Bank's approval.

Periodic Financial Statements. Bluegreen shall deliver to Bank, within 45 days
after the end of each fiscal quarter, audited quarterly financial statements
including, without limitation, a balance sheet, profit and loss statement and
statement of cash flows, with supporting schedules; all on a consolidated and
consolidating basis with respect to Bluegreen and its subsidiaries, affiliates
and parent or holding company, as applicable, all in reasonable detail and
prepared in conformity with generally accepted accounting principles, applied on
a basis consistent with that of the preceding year. Such statements shall be
certified as to their correctness by a principal financial officer of Bluegreen
and in each case, if audited statements are required, subject to audit and
year-end adjustments.

TAX RETURNS. Bluegreen shall deliver to Bank, within 30 days of filing, complete
copies of federal and state tax returns, as applicable, together with all
schedules thereto, each of which shall be signed and certified by an officer of
Bluegreen to be true and complete copies of such returns. In the event an
extension is filed, Bluegreen shall deliver a copy of the extension within 30
days of filing.

INVENTORY AND WORK IN PROGRESS REPORTS. Borrower shall deliver to Bank, within
10 days of each month end, an Inventory and Work in Progress Report which shall
include, without limitation, capital expenditures to date, Lots in progress to
date, Lots completed to date, Lots under sales agreement, and Lots sold to date.

FINANCIAL COVENANTS. Borrower agrees to the following provisions from the date
hereof until final payment in full of the Obligations, unless Bank shall
otherwise consent in writing, using the financial information for Borrower, its
subsidiaries, affiliates and its holding or parent company, as applicable:
Adjusted Tangible Net Worth. Bluegreen shall, at all times, on a consolidated
basis, maintain an Adjusted Tangible Net Worth of not less than $165,000,000.00.
"Adjusted Tangible Net Worth" shall mean total assets minus Adjusted Total
Liabilities. For purposes of this computation, the aggregate amount of any
intangible assets of Bluegreen including, without limitation, goodwill,
franchises, licenses, patents, trademarks, trade names, copyrights, service
marks, and brand names, shall be subtracted from total assets. "Adjusted Total
Liabilities" shall mean all liabilities of Bluegreen, including capitalized
leases and all reserves for deferred taxes, and other deferred sums appearing on
the liabilities side of a balance sheet and all obligations as lessee under
off-balance sheet synthetic leases of Bluegreen, excluding debt fully
subordinated to Bank on terms and conditions acceptable to Bank, all in
accordance with generally accepted accounting principles applied on a consistent
basis. Adjusted Total Liabilities to Adjusted Tangible Net Worth Ratio.
Bluegreen shall, at all times, on a consolidated basis, maintain a ratio of
Adjusted Total Liabilities to Adjusted Tangible Net Worth of not more than 2.50
to 1.00. Funds Flow Coverage Ratio. Bluegreen shall, at all times, on a
consolidated basis, maintain a Funds Flow Coverage Ratio of not less than 2.00
to 1.00, to be calculated quarterly, on a rolling four quarters basis. "Funds
Flow Coverage Ratio" shall mean the sum of earnings before interest, taxes,
depreciation and amortization plus non-cash expenses minus dividends,
withdrawals and non-cash income divided by Interest Expense for the same period.
"Interest Expense" shall mean the total interest expense of Bluegreen on a

                                     Page 4
<PAGE>

consolidated basis including capitalized interest, amortization of debt
discount, non-cash interest expense less interest income earned and less
amortization of capitalized interest.

CONDITIONS PRECEDENT. The obligations of Bank to make the loan and any advances
pursuant to this Agreement are subject to the following conditions precedent:
Additional Documents. Receipt by Bank of such additional supporting documents as
Bank or its counsel may reasonably request. Opinion of Counsel. On or prior to
the date of any extension of credit hereunder, Bank shall have received a
written opinion of the counsel of Borrower acceptable to Bank that includes
confirmation of the following: (a) The accuracy of the representations set forth
in this Agreement in the Representations Subparagraphs entitled "Authorization;
Non-Contravention"; "Compliance with Laws", and "Organization and Authority".
(b) This Agreement and other Loan Documents have been duly executed and
delivered by Borrower and constitute the legal, valid and binding obligations of
Borrower, enforceable in accordance with their terms. (c) No registration with,
consent of, approval of, or other action by, any federal, state or other
governmental authority or regulatory body is required by law in connection with
the execution and delivery of this Agreement and the other Loan Documents, or
the extension of credit under this Agreement or the other Loan Documents, or, if
so required, such registration has been made, and such consent or approval given
or such other appropriate action taken. (d) The loan is not usurious. (e) The
Loan Documents create the priority of lien on or security interest in the
Collateral (as defined in the Loan Documents) that is contemplated by the Loan
Documents.

DEFAULTS AND REMEDIES. If the following event occurs, a default ("Default")
under this Agreement shall exist: failure to timely pay or perform any of the
terms, covenants or obligations under this Agreement or a default under any
other Loan Document, in any case not cured within the applicable cure period set
forth in the Note, if any.

Upon the occurrence of a Default, Bank shall have the right to declare
immediately due and payable the outstanding principal balance of the Note, all
accrued and unpaid interest thereon and all other sums due in connection
therewith, and Bank may exercise any right, power or remedy permitted by law or
as set forth in any of the Loan Documents.

FEE. Borrower shall pay Bank a fee of $39,550.00 at the closing of this
Agreement.

IN WITNESS WHEREOF, Borrower and Bank, on the day and year first written above,
have caused this Agreement to be executed under seal.

                            Bluegreen Corporation, a Massachusetts corporation

                            By: /S/ DANIEL C. KOSCHER                     (SEAL)
                                ------------------------------------------
                                Daniel C. Koscher, Senior Vice President

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

                            By: /S/ DANIEL C. KOSCHER                     (SEAL)
                                ------------------------------------------
                                 Daniel C. Koscher, Manager

                                     Page 5
<PAGE>

                            Wachovia Bank, National Association

                            By: /S/ KAREN LEIKERT                         (SEAL)
                                ------------------------------------------
                                Karen Leikert, Vice President

                                     Page 6

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