Document:

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Exhibit 10.27

                          CLUB AFFILIATION AGREEMENT

AGREEMENT made and entered into the 17th day of September, 1997, by and between
INTERVAL INTERNATIONAL, INC., a Florida corporation ("INTERVAL"), with its
principal place of business at 6262 Sunset Drive, Penthouse One, Miami, Florida
33143, USA; and Peppertree Resorts Vacation Club, Inc., a North Carolina
corporation ("AFFILIATE"), with its principal place of business at 1 Vance Gap
Road, Asheville, North Carolina 28806, for the multi-site vacation club
membership program known as PEPPERTREE VACATION CLUB (the "CLUB"). INTERVAL and
AFFILIATE are sometimes referred to as a "Party" or jointly referred to as the
"Parties."

WHEREAS, INTERVAL is engaged in the business of providing and operating an
exchange service to facilitate the exchange of accommodations between owners of
Vacation Interests (as defined herein) at participating resorts (the "INTERVAL
NETWORK");

WHEREAS, AFFILIATE is in the business of developing, managing and/or marketing
the CLUB which is a multi-site vacation club membership program which allows
owners of Vacation Interests in the CLUB to reserve accommodations at one of
several locations included within the CLUB's operations;

WHEREAS,  AFFILIATE desires to include all Club Resorts (as defined below) as participants
in the INTERVAL NETWORK; and

WHEREAS, AFFILIATE and INTERVAL contemplate that the operation of the CLUB will
extend to additional locations in the future and they both wish to provide for
the terms and conditions pursuant to which these additional locations will
participate in the INTERVAL NETWORK.

NOW, THEREFORE, in consideration of the premises and the mutual covenants and
agreements set forth herein and for other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the Parties hereto
agree as follows:

A.    DEFINITIONS.

      For purposes of this Agreement, the following are defined terms:

       1.   "Approved Club Resorts" means: (a) those resorts (or Units therein)
            set forth on Exhibit "A" hereto; and (b) such other resorts (or
            Units therein) which are developed, acquired or leased in the future
            by AFFILIATE, or otherwise assigned to AFFILIATE, for use in
            connection with the CLUB and which are accepted by INTERVAL in
            accordance with Section E, Paragraph 1 hereof.

       2.   "Club Resort" means all resorts (or Units therein) developed,
            acquired, leased or assigned for use in connection with the CLUB.
       3.   "Confirmation" or "Confirmed Exchange" means a written or oral
            acknowledgment that an exchange request has been fulfilled by
            INTERVAL.

       4.   "Effective Date" means  April 11, 1997.

       5.   "Exchange Guest" means the individual or individuals who have been
            issued a Confirmed Exchange to an Approved Club Resort by INTERVAL.

       6.   "Individual  Member" means any  purchaser/owner  of a Vacation Interest in the
            CLUB  properly  enrolled  in  the  INTERVAL  NETWORK  (whether  by  AFFILIATE,
            transfer of membership,  acceptance of a membership  offer from  INTERVAL,  or
            otherwise).   Such  individuals  shall  be  described  as  holding  Individual
            Membership  in INTERVAL.  An  Individual  Member who is current in the payment
            of membership  fees  prescribed by INTERVAL and who is in compliance  with all
            terms and conditions then in effect is referred to as an Individual  Member in
            good standing.

       7.   "Individual Membership Application" means the form or agreement
            prescribed by INTERVAL, from time to time, for the enrollment of
            Individual Members.

       8.   "Interval Marks" mean the following, registered or unregistered,
            trademarks, service marks or trade names: "Five Star Logo,"
            "Flexchange," "GoldCard," "interval," "Interval International,"
            "Interval International and Logo," "Interval International Five Star
            Award Program," "Interval International Traveler," "Worldex,"
            "WorldCard," "WorldCard Preferred" and such other trademarks,
            service marks and/or trade names as may at any time be owned or
            claimed by INTERVAL, or its associated or related companies.

       9.   "Member Resort" means any resort which has entered into a written
            agreement with INTERVAL to participate in the INTERVAL NETWORK.

      10.   "Resort Membership Application" means the form or forms completed by
            AFFILIATE, or on behalf of AFFILIATE, for application to the
            INTERVAL NETWORK, and includes all documents and exhibits and any
            and all representations or undertakings, whether written or oral,
            given or provided by AFFILIATE, or on AFFILIATE's behalf, to
            INTERVAL in connection with this Club Affiliation Agreement, whether
            before or after the Effective Date.

      11.   "Unit" means each hotel room, apartment, villa, suite, or other unit
            of accommodation designed for occupancy.

      12.   "Unit Week" means the use and occupancy of a Unit for a one-week
            period. Each Unit, therefore, has available for use and occupancy up
            to fifty-two (52) unit weeks per year.
      13.   "Vacation Interest" means the ownership of or the right to use a
            Unit and the amenities and facilities of a Vacation Ownership Resort
            for a period of time equivalent to at least one week during any
            given year, but not necessarily consecutive years, and which
            ownership or right to use extends for a period of at least three
            years.

      14.   "Vacation Ownership Resort" means one or more Units subject to the
            same time share or other vacation ownership plan, together with any
            other property, or rights to property, appurtenant to those Units.

B.    TERM AND RENEWALS.

      This Agreement commences upon execution by INTERVAL and continues
      thereafter for a period of six (6) years from the Effective Date.
      Thereafter, this Agreement will renew for additional periods of six (6)
      years each only if each Party gives the other written notice, at least
      ninety (90) days prior to the expiration of the initial term or any
      subsequent six (6) year renewal term, of its intent to renew.

C.    AFFILIATION FEE.

      INTERVAL agrees that AFFILIATE shall not be obligated to pay an
      affiliation fee to INTERVAL for any Approved Club Resorts.

D.    INTERVAL NETWORK.

       1.   INTERVAL'S DUTIES

            INTERVAL will provide:

            (a)   resort membership in the INTERVAL NETWORK, upon such terms and
                  conditions as are set forth in this Agreement, for the CLUB
                  and all Approved Club Resorts;

            (b)   an exchange program for use by Individual Members in
                  accordance with the Terms and Conditions of Individual
                  Membership and Exchange, as amended from time to time by
                  INTERVAL;

            (c)   promotional materials for use by AFFILIATE in accordance with
                  this Agreement, and thereafter, such additional materials as
                  INTERVAL may make available from time to time at such rates as
                  INTERVAL may establish for such materials; and

            (d)   such other benefits, privileges and/or discounts as INTERVAL
                  may have available from time to time to Individual Members in
                  good standing.
             2.   INDIVIDUAL MEMBERSHIP

(a)   For all sales of Vacation  Interests  in the CLUB after the  Effective  Date of this
                  Agreement,  AFFILIATE agrees to enroll all such purchasers of a Vacation
                  Interest  in the  CLUB as  Individual  Members  during  the term of this
                  Agreement.  In  connection  with such  enrollment,  AFFILIATE  agrees to
                  provide  INTERVAL  with a completed  Individual  Membership  Application
                  executed by each  purchaser of a Vacation  Interest in the CLUB, and the
                  applicable  individual  membership  fee in the  amount  and manner as is
                  mutually  agreed upon by the Parties  from time to time,  subject to the
                  terms  of   subparagraph   (b)   below.   Said   Individual   Membership
                  Application  and  individual   membership  fee  shall  be  forwarded  to
                  INTERVAL  no later  than  thirty  (30)  days  after the  execution  of a
                  purchase  agreement by said purchaser,  regardless of the actual date of
                  closing or escrow requirements for said purchase.

            (b)         (i) AFFILIATE agrees to provide INTERVAL with written
                        notice, on at least a monthly basis, of all purchasers
                        of Vacation Interests in the CLUB enrolled by AFFILIATE
                        as Individual Members, pursuant to subparagraph (a)
                        above, who subsequently rescind their purchase of
                        Vacation Interests in the CLUB ("Rescinding Members").

                  (ii)  For so long as AFFILIATE is not in breach of this
                        Agreement, INTERVAL agrees to provide AFFILIATE with a
                        credit equal to the membership fee paid to INTERVAL less
                        a ten dollar ($10.00US) processing fee for those
                        Rescinding Members:

                        (A) enrolled by AFFILIATE as Individual Members of the
                        INTERVAL NETWORK within thirty (30) days of their
                        execution of a purchase agreement for a Vacation
                        Interest at the Project; and

                        (B) for whom AFFILATE notified INTERVAL of said
                        cancellation within sixty (60) days of such Individual
                        Member's enrollment in the INTERVAL NETWORK.

                  (iii) Any credit issued by INTERVAL pursuant to this Section
                        D, Paragraph 2, may be used by AFFILIATE to offset
                        future individual membership fees owed to INTERVAL with
                        respect to purchasers of Vacation Interests in the CLUB.
                        Such credit must be utilized by AFFILIATE within sixty
                        (60) days of issuance of such credit. Any credit not
                        utilized within said time period will be forfeited by
                        AFFILIATE and AFFILIATE acknowledges that in no event
                        will INTERVAL provide AFFILIATE with a cash refund for
                        any credit not utilized.

                  (c) AFFILIATE agrees to provide each purchaser of a Vacation
                  Interest in the CLUB with a then current version of the
                  INTERVAL Resort Directory. Such Resort Directory shall be
                  provided to the purchaser at the time of execution of a
                  purchase agreement. AFFILIATE agrees to purchase such Resort
                  Directories from INTERVAL, in minimum quantities of fifty (50)
                  directories per order, at the price prescribed by INTERVAL,
                  plus applicable postage charges. Such Resort Directories shall
                  be shipped to AFFILIATE C.O.D., unless otherwise agreed to by
                  INTERVAL. Additionally, AFFILIATE shall be entitled to deduct
                  from the fee payable to INTERVAL pursuant to subparagraph (a)
                  above the per unit cost paid by AFFILIATE (excluding any
                  applicable shipping or tax) of a Resort Directory.

       3.   PRECONSTRUCTION OR RENOVATION

            (a)   In the event the  accommodations  or  facilities  of any  Approved  Club
                  Resort are  unavailable for occupancy due to construction or renovation,
                  AFFILIATE will advise each purchaser of a Vacation  Interest in the CLUB
                  prior  to  enrollment  with  INTERVAL,  that the  purchaser  will not be
                  entitled to utilize the  INTERVAL  NETWORK  until  his/her Unit Week and
                  the Approved  Club Resort are  available  for  occupancy  as  reasonably
                  determined  by  INTERVAL.  An  Approved  Club  Resort  shall  be  deemed
                  "unavailable  for occupancy"  until such time as INTERVAL  determines in
                  its good faith judgment that such resort is sufficiently  complete to be
                  desirable  for  exchange  (e.g.,  Units  complete  and fully  furnished,
                  amenities   available  for  use,  any  ongoing   construction  does  not
                  interfere with the use and enjoyment of completed  Units,  amenities and
                  facilities).  An  Individual  Member in good  standing  who is unable to
                  use the exchange  privilege due to construction  and/or renovation at an
                  Approved  Club  Resort  shall be  entitled  to use such other  benefits,
                  privileges  and discounts as may be afforded to Individual  Members from
                  time to time.

            (b)   In the event a portion of any Approved Club Resort is under
                  construction or renovation, AFFILIATE agrees that Exchange
                  Guests will be accommodated only in completely constructed or
                  renovated and fully furnished Units, and in Units where use
                  and enjoyment by the Exchange Guest will not be impaired by
                  the ongoing construction or renovation at the Approved Club
                  Resort.

            (c)   Notwithstanding an Approved Club Resort being unavailable for
                  occupancy due to construction or renovation, AFFILIATE'S
                  obligation to enroll all purchasers pursuant to Section D,
                  Paragraph 2(a) hereof shall not be waived.

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       4.   TERMS AND CONDITIONS

            (a)   The terms and conditions of the INTERVAL NETWORK, including
                  but not limited to, the Terms and Conditions of Individual
                  Membership and Exchange, may be changed by INTERVAL from time
                  to time in its sole discretion.

            (b)   AFFILIATE agrees to comply with all procedures reasonably
                  established by INTERVAL, from time to time, for the operation
                  of the INTERVAL NETWORK.

       5.   EXCHANGE ACTIVITY

            (a)   AFFILIATE agrees to honor all Confirmations  made by INTERVAL  utilizing
                  Unit Weeks provided by AFFILIATE or Individual  Members to INTERVAL from
                  time to time.  If an Exchange  Guest  arrives at an Approved Club Resort
                  and the Unit  confirmed by INTERVAL is not  available  when the Exchange
                  Guest  arrives,  AFFILIATE  agrees to  provide  at  AFFILIATE's  expense
                  substitute  accommodations (of the same or superior size and quality) at
                  the Approved Club Resort,  or AFFILIATE  shall  provide such  substitute
                  accommodations(  of the same or superior  size and quality) at a similar
                  location of comparable  quality with amenities and facilities similar to
                  that available at the Approved Club Resort,  for the same time period as
                  that   originally   confirmed.   Additionally,    AFFILIATE   shall   be
                  responsible  for all  expenses  incurred by the  Exchange  Guest  and/or
                  INTERVAL as a result of the  confirmed  Unit not being  available at the
                  Approved  Club  Resort,   including,   without  limitation,   relocation
                  expenses.   The   provisions  of  this   Paragraph   shall  survive  the
                  expiration or termination of this Agreement.

            (b)   In the event it is necessary for AFFILIATE to change the
                  particular Unit into which an Exchange Guest has been
                  Confirmed, AFFILIATE agrees that the replacement Unit shall be
                  comparable or superior in all respects (including, without
                  limitation, the size of Unit, view from the Unit and amenities
                  available in the Unit) to the Unit into which INTERVAL issued
                  the Confirmation.

            (c)   AFFILIATE agrees not to require an Exchange Guest to attend a
                  sales presentation regarding the CLUB or any Club Resort.

            (d)   The Parties  agree that certain  Units at Approved Club Resorts may have
                  the  ability  to be divided  into  separate  portions,  capable of being
                  utilized  as  separate  units  (the  "Lock-Off  Units").  In order to be
                  considered  as a separate  unit  capable of  exchange  by an  Individual
                  Member,  each  portion  of a Lock-Off  Unit must have the prior  written
                  approval   of   INTERVAL   as  meeting   its   quality   standards   and
                  requirements.  To  obtain  such  written  approval,  each  portion  of a
                  Lock-Off Unit must include at a minimum the following:

                  (i)      Capability  of being  locked off  privately  with a  soundproof
                           door (solid core) from the other portion;

                  (ii)     Separate entrance and separate heating and cooling control;

                  (iii)    One bedroom (minimum) and full bath;

                  (iv)     Separate telephone lines;

                  (v)      Microwave,  mini-refrigerator,  coffee pot, cookery and cooking
                           utensils;

                  (vi)     Television;

                  (vii)    Sink (wet bar); and

                  (viii)   Dinnerware and Glassware for the number of
                           individuals the portion of the Lock-Off Unit will
                           accommodate.

                  A portion of a Lock-Off Unit which includes the above items
                  and which has been approved in writing by INTERVAL shall be
                  referred to as an "Acceptable Lock-Off Portion." An Individual
                  Member who secures a written reservation for a Lock-Off Unit
                  may exchange either the entire Lock-Off Unit or one or both
                  Acceptable Lock-Off Portions, depending on what the Individual
                  Members wishes to request in exchange. AFFILIATE acknowledges
                  and agrees that a Lock-Off Unit may in some instances contain
                  only one Acceptable Lock-Off Portion (i.e., only one portion
                  of the Lock-Off Unit meets the prescribed standards).
                  AFFILIATE further agrees that INTERVAL shall be entitled to
                  use a Lock-Off Unit as an entire unit or as separate
                  Acceptable Lock-Off Portions, at INTERVAL's sole discretion,
                  for exchange purposes.

            (e)            (i) INTERVAL agrees to accept exchange requests from
                           Individual Members without such Individual Members
                           actually relinquishing a Unit Week from an Approved
                           Club Resort at the time of request.

                  (ii)     When  INTERVAL  receives  an  exchange  request  from  such  an
                           Individual  Member,  INTERVAL,  acting  through its  affiliated
                           company,  Interval Resort & Financial Services,  Inc. ("IRFS"),
                           shall use  reasonable  efforts to verify,  based on information
                           made available to INTERVAL  and/or IRFS by the CLUB,  that such
                           Individual  Member  is in  good  standing  with  the  CLUB  and
                           otherwise  entitled to utilize the  INTERVAL  NETWORK  prior to
                           issuing a Confirmation to such Individual Member.

                  (iii)    AFFILIATE  agrees to  provide  INTERVAL  with  comparable  Unit
                           Weeks (in  accordance  with mutually  agreed upon  criteria) at
                           Approved  Club  Resorts in return for the Unit Weeks  confirmed
                           to Individual  Members through the INTERVAL  EXCHANGE  NETWORK.
                           Such Unit Weeks  provided  by  AFFILIATE  shall be during  such
                           time periods and in such locations as may be reasonably  agreed
                           upon by  INTERVAL.  It is  further  agreed  that the  number of
                           Unit  Weeks  owed by one  party to the other  pursuant  to this
                           subparagraph  should not exceed one  hundred  (100) Unit Weeks,
                           without the prior  written  consent of the party owed such Unit
                           Weeks.

E.    AFFILIATE'S PROGRAM.

       1.   PHASING AND AMENITIES

            AFFILIATE agrees that this Agreement encompasses all of the Units,
            Unit Weeks, buildings, phases or resorts/hotels now or hereafter
            constructed, acquired or leased for use in connection with the CLUB,
            including, without limitation, any additional Units or Unit Weeks at
            any Vacation Ownership Resorts set forth on Exhibit "A" as of the
            Effective Date, which Units or Unit Weeks are acquired or leased by
            AFFILIATE or the Club after the Effective Date; provided, however,
            that the inclusion of all such Units, Unit Weeks, buildings, phases
            or resorts/hotels shall be subject to: (a) AFFILIATE's submission of
            all documentation reasonably required by INTERVAL; (b) adherence to
            INTERVAL's affiliation standards and criteria in effect at time of
            inclusion; and (c) ultimate approval by INTERVAL, which approval
            will not be unreasonably withheld. In that connection, AFFILIATE
            agrees to submit in a timely manner all such documentation
            reasonably required by INTERVAL (including, but not by way of
            limitation, a Resort Membership Application and Opinion Letter) for
            the CLUB, and each Club Resort (as applicable). The initial Approved
            Club Resorts are set forth on Exhibit "A" attached hereto. Exhibit
            "A" shall be amended as new Club Resorts are accepted by INTERVAL as
            Approved Club Resorts, or as Approved Club Resorts are suspended or
            terminated by either Party.

       2.   REPRESENTATIONS AND WARRANTIES

            (a)   AFFILIATE  represents  and  warrants  that it or the CLUB  owns the real
                  estate and  improvements  constituting the Approved Club Resorts or that
                  it  has  the  right  to  convey  use   rights  to  the   accommodations,
                  facilities  and  amenities  comprising  the CLUB and each  Approved Club
                  Resort  for the  term  specified  in the  sales  documents  provided  to
                  prospective  purchasers  of  Vacation  Interests  in the CLUB;  that the
                  legal  structure of the CLUB is in compliance  with all applicable  laws
                  and that the marketing of the CLUB is in compliance  with all applicable
                  laws;  that all  monies  paid by an  individual  to  purchase a Vacation
                  Interest  in  the  CLUB  are  placed  in  escrow  or  guaranteed  by  an
                  independent  third party of standing until such time as the purchaser is
                  granted actual  occupancy  rights;  that the legal structure of the CLUB
                  guarantees  the purchaser the  undisturbed  use of the Units,  amenities
                  and  facilities  comprising  the CLUB for the  duration of the  Vacation
                  Interest purchased;  that there are no proceedings pending or threatened
                  against or affecting AFFILIATE,  the CLUB, the Approved Club Resorts, or
                  individuals  or  entities  related  thereto  in any court or before  any
                  governmental  authority  which  involves  the  possibility  of adversely
                  affecting the business or financial condition of AFFILIATE,  the CLUB or
                  the  Approved  Club  Resorts;  that  execution  of this  Agreement  with
                  INTERVAL and its  performance  hereunder is binding upon  AFFILIATE  and
                  will not  conflict  with or result in a breach of any  provision  of any
                  other   agreement,   charter,   by-law  or  other  instrument  to  which
                  AFFILIATE,  the CLUB or the Approved Club Resorts may be bound; and that
                  AFFILIATE,  the CLUB and all  Approved  Club  Resorts are in  compliance
                  with,  and  will  continue  to  comply  with,  all  applicable  laws and
                  regulations of any jurisdiction where compliance is required.

            (b)   AFFILIATE  further  agrees to provide  INTERVAL,  upon execution of this
                  Agreement  by  AFFILIATE,   with  an  opinion  letter  from  a  licensed
                  independent  attorney  covering  those  items set forth in  Exhibit  "B"
                  attached  hereto and made a part  hereof  for the CLUB and all  existing
                  Club Resorts (as applicable).  AFFILIATE  understands and agrees that it
                  will not be  entitled  to  represent  the  CLUB's  participation  in the
                  INTERVAL  NETWORK  until  INTERVAL has received a  satisfactory  opinion
                  letter  from  such  licensed   independent  attorney  and  has  notified
                  AFFILIATE of same.  Additionally,  AFFILIATE  agrees to provide INTERVAL
                  with an opinion  letter from a licensed  independent  attorney  covering
                  those  items  set  forth in  Exhibit  "B"  hereto  for any  Club  Resort
                  constructed  or acquired  after the  Effective  Date of this  Agreement.
                  Failure   to   provide   such   opinion    letters   or   any   material
                  misrepresentation  of the warranties set forth above or any  information
                  set  forth  in any  Resort  Membership  Application  or  any  supporting
                  documents  provided in connection  with this Agreement  shall be grounds
                  for immediate termination of this Agreement by INTERVAL.

            (c)   AFFILIATE agrees that it will fully and accurately represent
                  and describe the use of the INTERVAL NETWORK to all
                  prospective purchasers of Vacation Interests in the CLUB.
                  AFFILIATE further acknowledges that full and accurate
                  representation is directly related to consumer satisfaction
                  with the exchange program.

            (d)   The Parties represent and warrant that the individuals
                  executing this Agreement on behalf of INTERVAL and AFFILIATE,
                  are officers of their respective organizations and duly
                  authorized to execute this Agreement on behalf of INTERVAL or
                  AFFILIATE, as the case may be.

       3.   DISCLOSURE

            (a)   AFFILIATE  agrees to provide either  INTERVAL's  most recent  disclosure
                  statement   and/or  the  INTERVAL  Resort   Directory,   or  such  other
                  publication  which  contains the  complete  and then  current  Terms and
                  Conditions of Individual  Membership  and Exchange,  to all  prospective
                  purchasers  of Vacation  Interests in the CLUB prior to their  execution
                  of  any   contract  for   purchase.   Notwithstanding   the   foregoing,
                  AFFILIATE shall provide  INTERVAL's most recent disclosure  statement if
                  required by law to do so.

            (b)   AFFILIATE further agrees to conspicuously include the
                  following statement, or a statement substantially similar to
                  the following, in its sales documents:

                  "This Club has an agreement with Interval International, Inc.
                  ("Interval") of Miami, Florida, wherein Interval has agreed to
                  provide its Exchange Program to owners of vacation interests
                  in this Club. Interval is an independently owned and operated
                  service company. The developer/marketer of this Club is not an
                  agent for Interval and no representations or promises made by
                  such developer/marketer, or their agents, are binding on
                  Interval. Interval's responsibility for representations
                  regarding Interval's Exchange Program, as well as Interval's
                  current or future services, is limited to those made in
                  written materials furnished by Interval."

       4.   MAINTENANCE OF STANDARDS

            (a)   AFFILIATE  acknowledges  the  necessity  for and  agrees to  maintain  a
                  program in order to assure the  continued  high  standards  of  service,
                  appearance,  cleanliness,  quality and  management  as  evidenced by the
                  Approved  Club  Resorts at time of execution  of this  Agreement  and/or
                  acceptance  of such Club Resort as an Approved  Club  Resort.  AFFILIATE
                  further  agrees to establish a program for the major  renovations of the
                  Units,  amenities,  common  elements and  exteriors of the Approved Club
                  Resorts.

            (b)   If it should be deemed necessary by INTERVAL, as a result of
                  consumer complaints regarding the quality of an Approved Club
                  Resort, to inspect any Approved Club Resort, AFFILIATE shall
                  provide, without charge, suitable accommodations at the
                  Approved Club Resort for such INTERVAL representative, subject
                  to availability.

            (c)   It shall be considered prima facie evidence of failure to
                  maintain standards if INTERVAL receives resort evaluations
                  from Exchange Guests which rate an Approved Club Resort,
                  and/or the Units, facilities and/or amenities therein, below
                  the minimum level acceptable for participation in the INTERVAL
                  NETWORK, as reasonably determined by INTERVAL. INTERVAL will
                  advise AFFILIATE in writing of the contents of such
                  evaluations.

       5.   SALES REPRESENTATIONS

            (a)   AFFILIATE agrees to incorporate promotional materials
                  furnished by INTERVAL into its sales program regarding the
                  CLUB. Additionally, AFFILIATE agrees to fully and accurately
                  describe the use of the INTERVAL NETWORK to all prospective
                  purchasers in the CLUB. AFFILIATE further agrees not to make
                  any representations regarding the services of INTERVAL which
                  are not included in written materials either provided by
                  INTERVAL or which have not been approved by INTERVAL in
                  writing.

            (b)   AFFILIATE acknowledges and agrees that it will not rely upon
                  the INTERVAL NETWORK as the primary motivation for its sales.
                  Individual Membership in INTERVAL shall be represented as an
                  adjunct service to purchasers of Vacation Interests in the
                  CLUB.

            (c)   AFFILIATE further acknowledges and agrees that membership in
                  INTERVAL will not be offered as an investment interest or in
                  conjunction with the sale of a security.

            (d)   AFFILIATE agrees that all sales and marketing  related to the CLUB shall
                  be the  responsibility  of AFFILIATE.  AFFILIATE shall provide  INTERVAL
                  with thirty (30) days prior written  notice if any  individual or entity
                  other  than  AFFILIATE  is  marketing  the CLUB.  INTERVAL  may,  in the
                  exercise  of   reasonable   business   judgment,   prohibit  such  other
                  individual  or  entity  from  representing  membership  in  INTERVAL  in
                  conjunction  with its  marketing  of the  CLUB.  Additionally,  INTERVAL
                  reserves the right to suspend,  indefinitely,  AFFILIATE's  authority to
                  represent the INTERVAL  NETWORK to  prospective  purchasers in the event
                  that repeated  complaints arise regarding sales practices related to the
                  CLUB.

            (e)   AFFILIATE agrees to immediately indemnify and hold INTERVAL
                  harmless against all actions, suits, demands, losses,
                  expenses, costs and fees, including attorneys' fees, and
                  liabilities of whatever kind and nature incurred by INTERVAL
                  arising out of or in connection with the sale or marketing of
                  Vacation Interests in the CLUB. The provisions of this
                  subparagraph (e) shall survive the expiration or termination
                  of this Agreement.

       6.   COLLATERAL MATERIALS

            (a)   The  Resort  Membership  Applications,  plans,  renderings,  blueprints,
                  models, designs,  addenda,  documents or other exhibits submitted by, or
                  on behalf of,  AFFILIATE  to  INTERVAL  contain  representations  of the
                  current or future design,  configuration,  legal structure and marketing
                  of the CLUB and/or Club Resorts.  Such  representations are specifically
                  incorporated  into  and  made a part  of this  Agreement.  Additionally,
                  AFFILIATE  agrees to provide  INTERVAL with plans,  renderings,  models,
                  designs,  addenda or other  documents  reasonably  requested by INTERVAL
                  with respect to a Club Resort.

            (b)   AFFILIATE  agrees  to  provide  INTERVAL  with  immediate  notice of any
                  change  in  the   information   set  forth  in  the  Resort   Membership
                  Applications,   plans,   renderings,    blueprints,   models,   designs,
                  documents,  addenda or such other  exhibits  submitted to INTERVAL  with
                  respect to an Approved  Club  Resort.  INTERVAL  shall have the right to
                  terminate  this  Agreement upon thirty (30) days prior written notice if
                  there is any  material  change  in such  information  and such  material
                  change is not cured or resolved to INTERVAL's  satisfaction  within such
                  thirty  (30)  day  period.  Additionally,   AFFILIATE  acknowledges  and
                  agrees  that it shall be  required  to  submit  a legal  opinion  from a
                  licensed independent  attorney,  in a form satisfactory to INTERVAL,  in
                  the event the CLUB will be marketed in areas not specifically  addressed
                  in the legal opinion  letter  provided  pursuant to Section E, Paragraph
                  2(b).

       7.   AUDIT INFORMATION

            (a)   AFFILIATE  shall provide  INTERVAL with the names,  permanent  addresses
                  and telephone numbers,  the type of  accommodations,  Unit Week and unit
                  number  purchased,  if  applicable,  including the date of sale, for all
                  owners  of  Vacation  Interests  in the  CLUB on an  annual  basis as of
                  December  31 of  each  year  or as  requested  by  INTERVAL  in  writing
                  throughout  the  term of  this  Agreement.  Such  information  shall  be
                  provided within twenty (20) days of the above-referenced  date or within
                  twenty (20) days of  INTERVAL's  written  request for said  information.
                  AFFILIATE  further  agrees  to  provide,  within  twenty  (20)  days  of
                  INTERVAL's  written request, a list of all Unit numbers in each Approved
                  Club Resort,  as well as the sleeping  capacity for each such Unit and a
                  yearly calendar for such resort,  and such other  information  about the
                  resort as may be reasonably requested by INTERVAL.

            (b)   AFFILIATE further agrees to provide INTERVAL with written
                  notice of any resale, foreclosure or other transfer of
                  ownership of any Vacation Interest in the CLUB upon AFFILIATE,
                  or it agents, becoming aware of same. Additionally, AFFILIATE
                  agrees to provide INTERVAL with prompt written notice in the
                  event any Individual Member rescinds his/her purchase of a
                  Vacation Interest in the CLUB.

            (c)   INTERVAL shall have the right to inspect the CLUB's sales and
                  ownership records, upon reasonable notice during normal
                  business hours, where such records may be kept.

       8.   CHARGES

            (a)   AFFILIATE agrees to impose the responsibility to pay any bed
                  tax, transient occupancy tax, VAT or similar tax levied by any
                  governmental body on the Individual Member who relinquishes a
                  Unit Week from an Approved Club Resort which is to be occupied
                  by an Exchange Guest.

            (b)   AFFILIATE  acknowledges  and agrees that the  Exchange  Guests  shall be
                  responsible for all personal charges (e.g.,  telephone calls and meals),
                  as well as for  any  damage  to the  accommodations  or a Club  Resort's
                  amenities or facilities  that they or their guests cause.  Consequently,
                  AFFILIATE  agrees  that  INTERVAL  shall not be  liable,  and  AFFILIATE
                  hereby  releases  INTERVAL  from  liability,  for any loss  incurred  or
                  damage to the  accommodations,  facilities or amenities at a Club Resort
                  caused by an Exchange Guest or his invitees.

            (c)   AFFILIATE  agrees to provide  all  Exchange  Guests with the same rights
                  and privileges as those afforded to owners of Vacation  Interests in the
                  CLUB.  Additionally,  AFFILIATE  agrees  that  there  shall  be no  fees
                  charged  to  Exchange  Guests  for  use  of  any  of  the  amenities  or
                  facilities of the Approved Club Resorts or for any services  relating to
                  the use and  occupancy of the Unit Week  including,  but not limited to,
                  surcharges for  electricity or  air-conditioning  or fees for the weekly
                  cleaning of the Unit or for gratuities,  other than as specifically  set
                  forth herein or in a Resort Membership  Application for an Approved Club
                  Resort or as otherwise approved in writing by INTERVAL.

<PAGE>

       9.   INSURANCE

            AFFILIATE shall procure and maintain throughout the term of this
            Agreement and any renewals hereof, at its sole cost and expense, a
            protection and indemnity liability policy or policies, including
            coverage for bodily injury, property damage, personal and
            advertising injury occurring in connection with the CLUB, AFFILIATE
            or any Club Resort, including all Approved Club Resorts. The policy
            or policies shall have a standard thirty (30) day cancellation
            clause and be in the minimum amount of One Million Dollars
            ($1,000,000.00) combined single limit for each occurrence. AFFILIATE
            shall cause AFFILIATE, the CLUB, each Club Resort, including
            Approved Club Resorts, INTERVAL, and its officers, directors,
            employees, representatives and agents to be named insureds under the
            policy or policies. AFFILIATE further represents that coverage shall
            extend to INTERVAL's Exchange Guests and their invitees. AFFILIATE
            shall deliver to INTERVAL a certificate of insurance evidencing the
            aforesaid within thirty (30) days of AFFILIATE's execution of this
            Agreement and annually upon renewal of the policy or policies. The
            certificate and policy or policies shall further provide that no
            less than thirty (30) days prior written notice will be given to
            INTERVAL in the event of cancellation, material change, alteration
            or amendment of the policy or policies.

F.    USE OF NAME, LOGOS, SERVICE MARKS AND MATERIALS.

       1.   USE IN PROMOTIONAL MATERIALS

            (a)   INTERVAL  agrees that AFFILIATE  shall have the right to indicate in its
                  promotional  materials  that the CLUB and all Approved  Club Resorts are
                  Member Resorts of INTERVAL.  Additionally,  AFFILIATE  shall be entitled
                  to use in its  promotional  materials  the Interval  name and logo,  and
                  such other  Interval  Marks  that  INTERVAL  has  advised  AFFILIATE  in
                  writing that it may use.  INTERVAL,  however,  expressly  prohibits  the
                  use of any  material  describing  or offering  the  services of INTERVAL
                  without first  obtaining its prior written  approval.  INTERVAL  further
                  reserves the right to prohibit the making of  representations or the use
                  of material  which,  in the  judgment  of  INTERVAL,  do not  accurately
                  reflect INTERVAL and the INTERVAL NETWORK.

            (b)   AFFILIATE acknowledges and agrees that INTERVAL is the owner
                  or licensee of the Interval Marks and agrees to observe such
                  reasonable requirements with respect to service mark and
                  trademark registrations as INTERVAL may require from time to
                  time, including without limitation, affixing an "(R)" adjacent
                  to all such registered marks in any and all uses thereof.

            (c)   Any use of the INTERVAL name and logo or any other Interval
                  Marks which INTERVAL has authorized AFFILIATE to use in
                  writing must fully and prominently disclose that AFFILIATE is
                  an independent organization and not affiliated with INTERVAL,
                  except as provided by this Agreement. AFFILIATE further
                  acknowledges and agrees that any goodwill associated with the
                  use of the INTERVAL name and logo or any other Interval Marks
                  shall inure directly and exclusively to INTERVAL.

       2.   RESTRICTIONS ON USE

            (a)   The rights  arising  under this  Agreement  are  exclusive  to the CLUB.
                  AFFILIATE  shall  not use  the  INTERVAL  name  and  logo  or any  other
                  Interval Mark or otherwise  make any reference to its  participation  in
                  the INTERVAL  NETWORK in its  promotional  material in conjunction  with
                  any  other  resort  other  than the  Approved  Club  Resorts.  AFFILIATE
                  further  agrees  not to use the names or  photographs  of other  resorts
                  participating  in  the  INTERVAL  NETWORK  in  AFFILIATE's   promotional
                  material  without  obtaining the prior  written  consent of INTERVAL and
                  such other resort.  Notwithstanding  the  foregoing,  this  subparagraph
                  shall not be  construed  to prohibit  AFFILIATE  from using the names or
                  photographs  of the  Approved  Club  Resorts  without  INTERVAL's  prior
                  written consent.

            (b)   AFFILIATE agrees that it will not, directly or indirectly,
                  register or attempt to register any of the Interval Marks or
                  any name or mark which is similar or likely to be confused
                  with the Interval Marks.

G.    SALE, LEASE OR ASSIGNMENT.

       1.   AFFILIATE agrees to provide INTERVAL with sixty (60) days prior
            written notice of its intent to sell or lease the CLUB (or a portion
            thereof in bulk) or an Approved Club Resort (or a portion thereof in
            bulk), or to assign this Agreement, to any third party.

       2.   Within thirty (30) days after receipt by INTERVAL of such written
            notice from AFFILIATE, INTERVAL shall have the option to either:

                  (a) Consent to the assignment of this Agreement to such third
                  party if such sale or lease is in fact consummated. Concurrent
                  with the consummation of such sale or lease, AFFILIATE shall
                  cause such third party to agree in writing, in form and
                  substance satisfactory to INTERVAL, to perform under this
                  Agreement. An executed copy of such assumption agreement shall
                  be promptly delivered to INTERVAL. Notwithstanding the
                  foregoing, the sale or lease of the CLUB, or an Approved Club
                  Resort, or the assignment of this Agreement, and the agreement
                  of such third party to perform under the terms of this
                  Agreement, shall not relieve AFFILIATE of its obligation to
                  perform under the terms of this Agreement as it relates to the
                  CLUB and such Approved Club Resorts not subject to the sale,
                  lease or assignment; or

            (b)   Notify  AFFILIATE  of its  intent to  terminate  this  Agreement,  which
                  notice of termination  shall  establish the date of  termination  ninety
                  (90) days after the date of receipt by INTERVAL of AFFILIATE's  original
                  notice.  If AFFILIATE  shall not have  consummated  such sale,  lease or
                  assignment by the established  termination date to the third party named
                  in the original notice to INTERVAL,  then the termination notice sent to
                  AFFILIATE  shall be null and void, and this Agreement  shall continue in
                  full force and effect.

       3.   The voluntary or involuntary sale, assignment, transfer or other
            disposition of a controlling interest in AFFILIATE, the CLUB or an
            Approved Club Resort (i.e., the possession, directly or indirectly,
            of the power to direct the management and sales of the CLUB, whether
            through ownership of stock, by contract or otherwise) shall be
            deemed a sale or lease and shall be subject to the provisions set
            forth in Paragraphs 1 and 2 of this Section G.

       4.   Subject to the foregoing paragraphs of this Section G, this
            Agreement shall inure to the benefit of and be binding upon the
            Parties hereto and their respective successors and assigns.

H.    COVENANTS.

      1.    AFFILIATE agrees that it will at all times refrain from interfering
            with or otherwise impairing the relationship between INTERVAL and
            its members, including, but not limited to Individual Members and
            Member Resorts.

      2.    (a)   So  long  as  INTERVAL   continues  to  provide  exchange   services  to
                  Individual  Members,  AFFILIATE  agrees  not  to  solicit,  directly  or
                  indirectly,  nor to assist any third party,  directly or indirectly,  in
                  the solicitation of, Individual  Members for membership or participation
                  in any  exchange  program or system of exchange  other than the INTERVAL
                  NETWORK.  Notwithstanding  the foregoing,  this  paragraph  shall not be
                  construed to allow AFFILIATE to solicit  Individual Members or to assist
                  in  the   solicitation   of   Individual   Members  for   membership  or
                  participation  in any other  exchange  program or system of  exchange in
                  the event  INTERVAL is required to suspend  exchange  privileges  due to
                  AFFILIATE's  failure  to  comply  with  the  provisions  of  Section  D,
                  Paragraph 5(a) of this Agreement.

             (b)  AFFILIATE has represented that it has an existing contractual
                  relationship with Resort Condominiums International, Inc.
                  ("RCI"), pursuant to which AFFILIATE has agreed to solicit
                  purchasers of fixed-week intervals for membership or
                  participation in RCI's exchange program. AFFILIATE has also
                  represented, however, that it will not be actively offering or
                  marketing fixed-week and Club-based intervals at the same Club
                  Resort. Based on such representations, INTERVAL agrees that
                  AFFILIATE's solicitation of purchasers of fixed-week intervals
                  for membership or participation in RCI's exchange program
                  shall not be construed as a breach of this Section H,
                  Paragraph 2.

      3.          (a) AFFILIATE agrees that during the term of this Agreement
                  and for a period of one (1) year after this Agreement expires
                  or is terminated for any reason, AFFILIATE shall not, directly
                  or indirectly, without INTERVAL's prior written consent, hire,
                  employ or pay any person who was employed or paid by INTERVAL
                  during the term of this Agreement; or directly or indirectly
                  induce any such person to terminate or alter his/her
                  relationship with INTERVAL.

            (b)   INTERVAL agrees that during the term of this Agreement and for
                  a period of one (1) year after this Agreement expires or is
                  terminated for any reason, INTERVAL shall not, directly or
                  indirectly, without AFFILIATE's prior written consent, hire,
                  employ or pay any person who was employed or paid by AFFILIATE
                  during the term of this Agreement; or directly or indirectly
                  induce any such person to terminate or alter his/her
                  relationship with INTERVAL.

      4.    The  provisions of this Section H shall survive the  expiration or termination
            of this Agreement.

I.    SUSPENSION AND TERMINATION.

       1.   SUSPENSION

            (a)   In the event that  AFFILIATE is in  violation  of any  provision of this
                  Agreement,  INTERVAL  shall have the  right,  without  prejudice  to its
                  right  to  terminate  this  Agreement,   to:  (i)  immediately   suspend
                  processing  of new  memberships,  Individual  Membership  renewals,  the
                  exchange  use of the INTERVAL  NETWORK by  Individual  Members,  and the
                  right of  AFFILIATE to represent  the  INTERVAL  NETWORK to  prospective
                  purchasers  of Vacation  Interests in the CLUB;  and/or (ii) impose such
                  other conditions as INTERVAL deems reasonably necessary.

            (b)   If INTERVAL determines, in the exercise of its reasonable
                  business judgment, that the continued operation of AFFILIATE,
                  the CLUB and/or an Approved Club Resort are in jeopardy,
                  INTERVAL shall have the right to suspend further performance
                  under this Agreement until such time as INTERVAL receives
                  satisfactory written assurances that the continued operation
                  of the CLUB, the Approved Club Resort and/or AFFILIATE are not
                  in jeopardy.

            (c)   If  bankruptcy  proceedings  are  filed  by or  against  a  Party,  then
                  AFFILIATE (in the case  bankruptcy  proceedings  are filed by or against
                  NTERVAL) or INTERVAL (in the case  bankruptcy  proceedings  are filed by
                  or against  AFFILIATE)  may  suspend  all  further  performance  of this
                  Agreement  until such bankrupt  Party assumes or rejects this  Agreement
                  and adequate  assurance of future  performance  by the bankrupt Party is
                  provided  to the  non-bankrupt  Party.  Any such  suspension  of further
                  performance  by the  non-bankrupt  Party  pending the  bankrupt  Party's
                  assumption or rejection  will not be a breach of this Agreement and will
                  not affect the  non-bankrupt  Party's rights to pursue or enforce any of
                  its rights under this Agreement or otherwise.

            (d)   Notwithstanding the foregoing, in the event AFFILIATE and the
                  CLUB regain active status in the INTERVAL NETWORK, AFFILIATE
                  shall be obligated to enroll, as members of INTERVAL, all
                  purchasers of Vacation Interests in the CLUB while it was in a
                  suspended status.

       2.   TERMINATION

            (a)   This Agreement may be terminated by a Party  immediately  upon notice in
                  writing if:

                  (i)      the other Party shall become insolvent; or

                  (ii)     the other  Party  shall make an  assignment  for the benefit of
                           creditors.

            (b)   In the event that either Party defaults in the performance of
                  any of the provisions of this Agreement and fails to rectify
                  such default within thirty (30) days after receipt of written
                  notice specifying such default, or such additional period of
                  time as may be reasonably required to cure such default, this
                  Agreement may be terminated upon written notice to the
                  defaulting Party.

(c)               INTERVAL shall have the right to terminate this Agreement upon
                  thirty (30) days prior written notice to AFFILIATE, in the
                  event that less than one hundred twenty-five (125) Individual
                  Members are enrolled within one year of the Effective Date, or
                  less than two hundred fifty (250) Individual Members are
                  enrolled within two years of the Effective Date.

            (d)   A pending merger between INTERVAL's parent company, CUC
                  International, Inc., and a third party has been announced and
                  it is acknowledged that said merger may result in the same
                  corporate entity owning both INTERVAL and RCI. In the event
                  that the ownership of both INTERVAL and RCI is vested in the
                  same corporate entity as a result of such merger, then
                  AFFILIATE may terminate its affiliation with INTERVAL upon
                  sixty (60) days' written notice to INTERVAL.

       3.   EFFECT OF TERMINATION

            (a)   In the event that this Agreement is terminated due to
                  AFFILIATE's failure to maintain the INTERVAL standards as
                  required by Section E, Paragraph 4 of this Agreement, INTERVAL
                  may suspend the exchange privileges of Individual Members, but
                  shall not be responsible for the reimbursement of any
                  Individual Membership fees previously paid to INTERVAL by
                  AFFILIATE.

            (b)   In the  event  this  Agreement  is  terminated  for any  cause  which in
                  INTERVAL's  judgment will not impair the desirability or availability of
                  the  Approved  Club  Resorts,  INTERVAL  may  continue  to  provide  its
                  exchange  services to  Individual  Members  until the  expiration of the
                  current year of each such  membership.  All such  Individual  Members in
                  good  standing   shall  be  entitled  to  full  benefits  of  Individual
                  Membership  during that year. At the  expiration of said year,  INTERVAL
                  shall have the option of whether to allow  renewals  of said  Individual
                  Memberships.

            (c)   AFFILIATE  and INTERVAL  agree to continue  honoring  all  Confirmations
                  into  the  Approved  Club  Resorts  made  prior to  termination  of this
                  Agreement,  as well as all  Confirmations  issued to Individual  Members
                  prior to  termination.  Additionally,  AFFILIATE  agrees  to  honor  all
                  Confirmations   into   Approved   Club   Resorts   (even   though   such
                  Confirmations  are  issued  after  termination  of  this  Agreement)  in
                  accordance  with  Section  D,  Paragraph  5 for so  long  as  Individual
                  Members  elect to renew their  membership  with  INTERVAL  and  INTERVAL
                  continues to provide exchange services to same.

            (d)   AFFILIATE expressly waives any claim or demand it may have for
                  refund of any affiliation fee or Individual Membership fees
                  (including any renewal fees) paid to INTERVAL prior to
                  termination of this Agreement.

            (e)   Upon termination or expiration of this Agreement, AFFILIATE
                  shall immediately discontinue: (i) representing the INTERVAL
                  NETWORK to purchasers; (ii) utilizing all INTERVAL materials
                  and equipment and shall return same to INTERVAL within thirty
                  (30) days thereafter; and (iii) utilizing all advertising
                  materials which contain the INTERVAL name, logos or any other
                  INTERVAL Marks or otherwise associate the CLUB and Approved
                  Club Resorts with INTERVAL.

            (f)   The provisions of this Paragraph 3 shall survive the
                  expiration or termination of this Agreement and shall continue
                  to govern the relationship between the Parties.

J.    REMEDIES.

      1.    A Party shall be entitled to damages  which it has incurred and  injunctive or
            other equitable  relief for any violation by any other Party of the provisions
            of this Agreement.  In no event, however,  shall either party be liable to the
            other party for incidental,  special or  consequential  damages.  In addition,
            the prevailing Party may recover all costs,  including  reasonable  attorneys'
            fees,  incurred in such action or any appeal thereto or in otherwise obtaining
            compliance  with  the  terms of this  Agreement,  whether  or not such  matter
            proceeds  to the filing of a  complaint.  The Parties  further  agree that the
            time of  entitlement  as to such  fees and  costs  shall be the point at which
            breach or  default  by the other  occurs.  The  provisions  of this  Paragraph
            shall survive the  expiration or termination  of this  Agreement,  and nothing
            herein shall be construed  to restrict the right to institute  proceedings  at
            law or equity to obtain  injunctive  or other relief on account of any default
            hereunder,  whether or not a Party has exercised its rights to terminate  this
            Agreement.

      2.    The remedies set forth in this Agreement are not exclusive, and the
            election of one remedy shall not prohibit the pursuit of other
            available remedies.

K.    INDEMNIFICATION.

      1.    INTERVAL  agrees that it will  protect,  save,  keep  harmless  and  indemnify
            AFFILIATE against and from any and all claims,  demands,  judgments,  damages,
            suits,  losses,  penalties,  expenses,  costs and  liabilities  of any kind or
            nature whatsoever,  including, but not limited to, reasonable attorneys' fees,
            arising  directly or indirectly out of a breach of this Agreement by INTERVAL,
            its affiliates,  officers,  directors,  employees, agents and representatives,
            or the  failure of  INTERVAL to provide  its  exchange  program to  Individual
            Members   in   accordance   with   its   published   terms   and   conditions.
            Notwithstanding  the  foregoing,   AFFILIATE   acknowledges  and  agrees  that
            INTERVAL's total liability  pursuant to this Paragraph shall be limited to the
            fees paid to INTERVAL by AFFILIATE pursuant to this Agreement.

      2.    AFFILIATE  agrees that it will  protect,  save,  keep  harmless and  indemnify
            INTERVAL  against and from any and all claims,  demands,  judgments,  damages,
            suits,  losses,  penalties,  expenses,  costs and  liabilities  of any kind or
            nature whatsoever,  including, but not limited to, reasonable attorneys' fees,
            arising  directly or indirectly out of or in connection  with: (a) a breach of
            this  Agreement by  AFFILIATE,  or its officers,  directors,  representatives,
            agents, brokers, salespersons,  associates or employees; (b) the negligence or
            intentional   misconduct   of   AFFILIATE,   or   its   officers,   directors,
            representatives,  agents, brokers,  salespersons,  associates or employees; or
            (c) the  operation/management of the CLUB and/or Club Resorts,  including, but
            not  limited  to, any claims  made  against  INTERVAL  for  personal or bodily
            injury occurring at any Club Resort.

      3.    The  provisions of this Section K shall survive the  expiration or termination
            of this Agreement.

L.    MISCELLANEOUS.

       1.   All notices provided for by this Agreement shall be deemed given if
            in writing and delivered by hand, air express, or by registered or
            certified mail, return receipt requested, to the addresses set forth
            on page one of this Agreement or to such other address as may be
            specified in accordance with this procedure.

       2.   Time shall be of the essence as to all provisions of this Agreement.

       3.   Should any part of this Agreement be declared invalid or
            unenforceable for any reason, it shall be adjusted rather than
            voided, if possible, to achieve the intent of the Parties. Any
            invalidity resulting from the length of a period of time shall be
            considered reduced to a period of time which would cure such
            invalidity. In any event, the invalidity of any provision of this
            Agreement, shall not affect any other provision of this Agreement
            which shall be deemed valid and enforceable to the greatest extent
            possible.

       4.   This Agreement shall be construed under the laws of the State of
            Florida. The Parties acknowledge and agree that the Courts of Dade
            County, Florida have proper and exclusive jurisdiction over the
            Parties and the subject matter hereof in any legal action brought by
            AFFILIATE against INTERVAL and, likewise, the Courts of Buncombe
            County, North Carolina shall have proper and exclusive jurisdiction
            over the Parties and the subject matter hereof in any legal action
            brought by INTERVAL against AFFILIATE.

       5.   This Agreement is exclusively between and for the benefit of
            INTERVAL and AFFILIATE. Nothing herein shall be construed to make
            any purchaser, Exchange Guest, Individual Member, participating
            resort or other individual or entity, a third party beneficiary to
            this Agreement.

       6.   The failure of either  Party to exercise  any power given it  hereunder  or to
            insist  upon  strict  compliance  with the terms of this  Agreement  shall not
            constitute a waiver of that Party's right to demand exact  compliance with the
            terms hereof.  Waiver by a Party of any particular  default by the other shall
            not affect or impair its rights  with  respect to any  subsequent  defaults of
            the same or of a  different  kind;  nor shall any delay or omission by a Party
            to exercise any rights  arising from any default affect or impair its right as
            to such  default  or any  future  default.  Further,  no  custom  or course of
            dealings of the parties at variance  with the terms hereof shall  constitute a
            waiver of that Party's right to demand later compliance.

       7.   The Parties hereby acknowledge and agree that their relationship is
            that of independent contractor, nothing in this Agreement nor the
            relationship between the Parties hereto shall be construed to create
            a partnership, joint venture or agency relationship. Neither Party
            shall have the power or authority to bind or obligate the other or
            to incur liability for the other.

       8.   This Agreement shall be construed without regard to any presumption
            or other rule requiring construction against the Party causing this
            Agreement to be drafted.

       9.   The headings  and  captions in this  Agreement  are for  convenience  only and
            shall not be referred to in the interpretation of this Agreement.

      10.   This Agreement may be executed in counterparts, each of which shall
            be deemed an original but all of which taken together shall
            constitute one and the same Agreement.

      11.   In the event of doubt or discrepancy between the English text of
            this Agreement and the text of this Agreement in other languages,
            the English text shall prevail. AFFILIATE, by signing below, hereby
            acknowledges receipt of a copy of this Agreement in the English
            language.

      12.   This Agreement contains the entire agreement of the Parties with
            respect to the subject matter hereof, and supersedes any oral or
            written representation, inducement or promise not contained herein
            and may not be modified, except in writing signed by the Party
            against whom enforcement is sought.

<PAGE>

IN WITNESS WHEREOF, the Parties have hereunto set their hands and seals.

PEPPERTREE RESORTS VACATION CLUB, INC.

By:__/s/____________________________
        Authorized Officer

Name: John McFarland
Title:  Senior Vice President

Accepted in Miami, Florida this 17th day of September, 1997.

INTERVAL INTERNATIONAL, INC.

By:__/s/____________________________
   Craig M. Nash
   President and
   Chief Executive Officer

g:\legal\wpfiles\pepptree\caa5.doc

<PAGE>

                                  EXHIBIT "A"

                             APPROVED CLUB RESORTS

                                                             Unit
Resort Name                Address                          Configuration

Peppertree Maggie Valley   Moody Farm Road                  2 Bedroom
                           Maggie Valley, N.C.

Peppertree Atlantic Beach  715 W. Ft. Macon Road            1-, 2-, and 3-Bedroom
                           Atlantic Beach, N.C.

Blue Ridge Village            Route 1, Box 264, Hwy. 184          1-,2-, and 3-Bedroom
                           Banner Elk, N.C.

Peppertree By The Sea         305 South Ocean Blvd.               1- and 2-Bedroom
N.    Myrtle Beach, S.C.

Peppertree Outer Banks     9 Post Rd., P.O. Box 1190              1-, 2-, and 3-Bedroom
Beach Club                 Kill Devil Hills, N.C.

Peppertree Laurel Point    805 Ski Mountain Rd.             2-Bedroom
                           Gatlinburg, TN.

Peppertree Asheville          One Holiday Inn Dr.           Effy, 1-Bedroom
Vacation Club                 Asheville, NC

Peppertree Fontana            Hwy. NC 28                    2-Bedroom
Village                       Fontana Dam, NC

Peppertree Ocean Club      1908 N. Ocean Blvd.              Effy, 1-, 2-, and 3-
N. Myrtle Beach, SC        Bedroom

Peppertree Sandpebble         215 Atlantic Ave.             1- and 2-Bedroom
Beach Club                 Garden City, SC

<PAGE>

                            EXHIBIT "A" (CONTINUED)

                       APPROVED CLUB RESORTS (CONTINUED)

                                                             Unit
Resort Name                Address                          Configuration
-----------                -------                          -------------
Peppertree Sands           300 South Ocean Blvd.            1- and 2-Bedroom
                           N. Myrtle Beach, SC

Peppertree Sea                215 Atlantic Avenue           2-Bedroom
Mystique                   Garden City, SC

Peppertree Tamarack           E10037 Xanadu Rd.             1- and 2-Bedroom
                           Wisconsin Dells, WI

<PAGE>

                           EXHIBIT "B"

                          OPINION LETTER REQUIREMENTS

The following must be addressed in an Opinion Letter from an independent
licensed attorney (qualified to render an opinion with respect to the laws and
regulations of the relevant jurisdictions) pursuant to Section E, Paragraph 2(b)
of the Club Affiliation Agreement:

1.    The name of the entity (or entities) that owns title to the property which
      is the subject of the Club Affiliation Agreement, including what entity
      owns the underlying land, the units and the amenities and facilities of
      each of the Club Resorts, and the relationship of such entity (or
      entities) to AFFILIATE (if other than AFFILIATE).

2.    A complete  description of AFFILIATE's interest in the real estate (and improvements
      thereon)  which is the subject of the Club  Affiliation  Agreement  (e.g.  leasehold
      interest) if AFFILIATE does not hold fee title.

3.    A complete description of the type of vacation ownership interests that
      will be conveyed to purchasers (e.g., fee title or contractual occupancy
      rights for a term of years), and the name of the entity conveying fee
      title, or, as the case may be, contractual occupancy rights, to purchasers
      in the CLUB and the relationship of such entity to AFFILIATE (if other
      than AFFILIATE).

4.    Confirmation that the legal structure of the CLUB is in compliance with
      all applicable local, state, and federal laws and regulations where Club
      Resorts are located.

5.    Confirmation that the marketing of the CLUB is in compliance with all
      applicable local, state, and federal laws and regulations, where the CLUB
      will be marketed, as well as a statement of where the CLUB will be
      marketed.

6.    Whether or not purchase  monies are escrowed or guaranteed by an  independent  third
      party of standing  (e.g., a bank,  trust company,  or attorney)  until the purchaser
      receives occupancy rights.  If so, by whom and when are such monies released.

7.    A description of how the legal structure of the CLUB provides purchasers
      with the undisturbed use of the units, amenities and facilities comprising
      the CLUB for the duration of the vacation ownership interest purchased.
      The Opinion Letter should describe, at a minimum, the legal protection
      afforded a purchaser in the event of:

      (a)   AFFILIATE's  failure to complete  Club Resorts or otherwise  perform under its
            agreement with a purchaser;

      (b)   bankruptcy or insolvency of AFFILIATE or the CLUB;

      (c)   a default under any existing encumbrance on Club Resorts;

      (d)   recordation  of mortgages or liens  against  Club  Resorts  subsequent  to the
            conveyance or transfer of the vacation ownership interest to a purchaser; and

      (e)   sale of the underlying fee of Club Resorts.

8.    Confirmation that the person (including the person's name and title)
      executing the Club Affiliation Agreement has the authority to bind
      AFFILIATE.

</TABLE><TABLE>
<S>  <C>

Exhibit 10.28
                               SUBLEASE AGREEMENT

                  Agreement made this 21st day of December, A.D., 1999, by
            and between EQUIVEST FINANCE, INC.,  a Delaware corporation with
            a principal office at 100 Northfield Street, Greenwich,
            Connecticut and Richard C. Breeden & Co., with an address at 23
            Meadow Lane, Greenwich, Connecticut, hereinafter referred to as
            Lessee.  The term Parties shall mean Lessee and Sublessee.

                  WHEREAS, by Lease Agreement, effective April 1, 1997, (the
            "Lease") Barrington Properties, LLC, a Connecticut limited liability
            company, demised unto Lessee certain real property situated at 100
            Northfield Street in Greenwich, Connecticut consisting of
            approximately 2,500 rentable square feet of space (the "Premises");
            and

                  WHEREAS, Richard C. Breeden is the President, Chairman &
            CEO of Sublessee and Lessee is also affiliated with Sublessee and
            a related entity thereto; and

                  WHEREAS, Lessee and Sublessee are desirous of entering into a
            Lease Agreement whereby Sublessee shall rent the Premises from
            Lessee subject to the terms and conditions set forth in the Lease.

                  NOW, THEREFORE, in consideration of the mutual covenants
            contained herein, the Parties heretofore agree as follows:

                  1. Lessor does hereby lease unto Sublessee and Sublessee does
            hereby hire the Premises subject to all of the terms and conditions
            set forth in the Lease, a copy of which is attached hereto as
            Exhibit "A". To the extent the context permits, the term "Tenant"
            under the Lease shall mean and include Sublessee.

                  2. Sublessee shall perform all the covenants and conditions
            contained in the Lease to be performed by Lessee, and Sublessee
            shall be and is bound by each and every covenant and condition
            contained in the Lease.

                  3. This Agreement is subject to the terms and conditions of
            the Lease and shall automatically terminate on the cancellation or
            expiration of the Lease. Sublessee shall be liable to Lessee for any
            holding over after expiration of the term hereof.

                  4. Should Sublessee default in the payment to Lessee of any
            sums due and owing under the Lease, Lessee shall be entitled to
            institute a cause of action against Sublessee and to pursue all
            other available to the "Landlord" under Section 17 of the Lease.

                  5. Sublessee acknowledges and agrees that all options and
            purchase rights under the Lease, specifically including the Right of
            First Refusal to Purchase as set forth in Section 24 thereof, shall
            remain personal to Lessee and are not assigned or granted to
            Sublessee under this Agreement.

                       IN WITNESS WHEREOF, the Parties have executed this
            Sublease Agreement, consisting of two pages, on the date and year
            first above-written.

                                             Sublessee
                                                      Equivest Finance, Inc.

                                                By:   /s/
                                                      ---
                                                      Richard G. Winkler,
                                                      Vice President

                                                      Lessee
                                                      Richard C. Breeden & Co.

                                                By:   /s/
                                                      ---
                                                      Richard C. Breeden,
President

<PAGE>

                  FIRST ADDENDUM TO CLUB AFFILIATION AGREEMENT

      THIS ADDENDUM ("Addendum") is attached to and made a part of the Club
Affiliation Agreement (the "Agreement') dated September 17, 1997, by and between
INTERVAL INTERNATIONAL, INC ("INTERVAL"), a Florida corporation, and PEPPERTREE
RESORTS VACATION CLUB, INC., (`AFFILIATE"), a North Carolina corporation, for
the multi-site vacation club membership program known as PEPPERTREE VACATION
CLUB (the "CLUB"), as amended from time to time (the Agreement and any addenda
thereto are sometimes hereinafter referred to, collectively , as the "CAA").
INTERVAL and AFFILIATE are sometime referred to as a "Party" or jointly referred
to as the "Parties."

NOW THEREFORE, in consideration of the premises and mutual covenants and
agreements set forth herein and for other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the Parties agree as
follows:

1. All of the above recitals are true and correct and are incorporated herein by
   reference. Except as expressly indicated to the contrary herein, all
   capitalized terms used herein shall have the same meanings ascribed to them
   in the CAA.

2. Each of the parties acknowledges that PEPPERTREE RESORTS, LTD. , a North
   Carolina corporation ("PRL"); and PEPPERTREE VACATION CLUB INC., a North
   Carolina non-profit corporation ("PVC") shall each be a contracting party to
   the CAA and shall be collectively referred to as "AFFILIATE", together with
   PEPPERTREE RESORTS VACATION CLUB, INC. on the CAA and on the Resort
   Membership Application in connection with the CLUB. By signature of their
   respective officers or agents hereof, PRL and PVC each acknowledge that it
   agrees to the terms and conditions, representations and warranties of the CAA
   in all respects and without limitation. PEPPERTREE RESORTS VACATION CLUB,
   INC. PRL, and PVC each acknowledge that each shall be jointly and severally
   liable for each and every obligation of AFFILIATE under the CAA.

3. Section B of the Agreement shall be amended by deleting the second sentence
   of said Section and inserting the following language:

      Thereafter this Agreement will renew for an additional period of six (6)
      years, unless INTERVAL provides AFFILIATE with written notice, not less
      than six (6) months prior to the expiration of the initial term of its
      intent not to renew ("First Renewal Term")

4.    Section E,  Paragraph 1 of the  Agreement  shall be amended by adding the  following
   new subparagraph:

      AFFILIATE agrees that this Agreement encompasses any Vacation Ownership
      Resort, as well as all of the Units, buildings, phases or resorts/hotels
      now or hereafter owned, constructed, acquired or leased for use in
      connection with any vacation ownership program (other than the CLUB)
      offered by AFFILIATE, excluding the vacation ownership resorts Peppertree
      at Tamarack and Peppertree at Tamarack II; provided, however, that the
      inclusion of all such Units, buildings, phases or resorts/hotels shall be
      subject to: (a) the submission of all documentation reasonably required by
      INTERVAL; (b) adherence to INTERVAL's affiliation standards and criteria
      in effect at time of inclusion; and (c) ultimate approval by INTERVAL. In
      that connection, AFFILIATE agrees to submit and agrees to cause its
      Affiliates, where applicable, to submit, in a timely manner all such
      documentation reasonably required by INTERVAL (including, but not by way
      of limitation, a Resort Membership Application). It is further expressly
      agreed that this Agreement encompasses any vacation club that may be
      acquired, operated, marketed or managed by AFFILIATE or its Affiliates,
      during the term of this Agreement. Notwithstanding the foregoing, nothing
      herein shall require AFFILIATE to affiliate Units at Vacation Ownership
      Resorts in which Vacation Interests are not being sold by AFFILIATE.

5.    Section G o f the Agreement shall be amended by adding a new Paragraph 5 as follows:

      5. AFFILIATE agrees to assist INTERVAL, as may be requested by INTERVAL,
      to effect the recordation of such documents, as may be requested by
      INTERVAL's counsel, so as to ensure adequate notice to potential
      transferees of a controlling interest in AFFILIATE, or any Club Resort of
      the exclusive affiliation of AFFILIATE and the Club Resorts with the
      INTERVAL NETWORK.

6. The Agreement and all addenda thereto shall be construed without regard to
   any presumption or other rule requiring construction against the part causing
   the Agreement to be drafted.

7. Unless expressly modified herein, all terms and conditions of the Agreement
   and any previous addenda thereto shall remain in full force and effect. Where
   there is a conflict between the terms and conditions of the CAA and this
   Addendum, the terms and conditions of the Addendum shall prevail.

IN WITNESS WHEREOF, the Parties have hereunto set their hands and seals.

PEPPERTREE RESORTS VACATION CLUB, INC.

[S] Herbert H. Patrick, Jr.
----------------------
By:  Herbert H. Patrick, Jr.
Vice President

Date:  7-15-99

PEPPERTREE RESORTS, LTD.

[S] Herbert H. Patrick, Jr.
----------------------
By:  Herbert H. Patrick, Jr.
Vice President

Date:  7-15-99

PEPPERTREE VACATION CLUB, INC.

[S] Herbert H. Patrick, Jr.
----------------------
By:  Herbert H. Patrick, Jr.
Vice President

Accepted this 15 day of July 1999.

INTERVAL INTERNATIONAL, INC.

[S] Craig M. Nash
----------------------
Craig M. Nash
Chief Executive Officer

<PAGE>

                    EQUIVEST FINANCE INC. AFFILIATES and SUBSIDIARIES

DELAWARE
--------
Equivest Finance Inc.
Resort Funding Inc.
Eastern Resorts Corporation
EFI D.C. Acquisition Inc.
EFI Louisiana Acquisition Inc.
EFI Florida Acquisition Inc.
EFI Maryland Acquisition Inc.
BFICP Corporation
EFI Development Funding, Inc.
EFI Funding Company, Inc.
Mirror Lake Development Inc.
Resort Marketing Services, Inc.
Equivest Administrative Services, Inc.
Equivest Management Services, Inc.
Equivest Entertainment Services, Inc.
Resolution Credit Corporation

RHODE ISLAND
Eastern Resorts Company LLC
Long Wharf Marina Restaurant Inc.

MARYLAND
Ocean City Coconut Malorie Inc.

FLORIDA
St. Augustine Resort Development Inc.

LOUISIANA
Avenue Plaza LLC

NORTH CAROLINA
--------------
Peppertree Resorts Ltd.
Peppertree Resort Villas Inc.
Peppertree Resorts Vacation Club Inc.
Peppertree Resorts Management Inc.
Peppertree Vacation Club Inc.
Peppertree Realty Inc.
Peppertree Acquisition II Corp.

ST. THOMAS VIRGIN ISLANDS
-------------------------
Bluebeard's Castle Inc.
Castle Acquisition Inc.
EFI St. Thomas Acquisition Inc.

<PAGE>

</TABLE>

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