Document:

<PAGE>
                                                                   EXHIBIT 10.4

                       SECOND AMENDMENT TO LOAN AGREEMENT

                  THIS SECOND AMENDMENT TO LOAN AGREEMENT (the "Amendment") is
made and entered into as of the 15 day of May, 2003, by and between LEVITT AND
SONS, LLC, a Florida limited liability company (the "Borrower") and OHIO
SAVINGS BANK, a federal savings bank (the "Bank").

                                    RECITALS

                  A.       Borrower and Bank have previously entered into that
certain Amended and Restated Loan Agreement (the "Loan Agreement") dated as
of March 22, 2002.

                  B.       Borrower and Bank thereafter amended the Loan
Agreement pursuant to that certain First Amendment to Loan Agreement (the
"First Amendment") dated as of December 12, 2002.

                  C.       Borrower has requested that Bank make further
modifications to the Loan Agreement (as amended by the First Amendment,
the "Amended Loan Agreement"), and Bank is willing to do so provided that
Borrower gives Bank the representations, assurances and other agreements
hereinafter set forth.

                                   AGREEMENT

                  NOW, THEREFORE, in consideration of the premises and of the
mutual covenants and agreements hereinafter set forth, the parties hereto do
hereby agree as follows:

                  1.       The Recitals hereinabove contained are true and
correct and are made a part hereof.

                  2.       The definition of "Debt", contained in Article 1.1
of the Amended Loan Agreement is hereby restated in its entirety, as
follows:

                           Debt - shall mean the sum of (i) indebtedness for
                           borrowed money or for the deferred purchase price of
                           property or services, (ii) capitalized lease
                           obligations, (iii) all other items which in
                           accordance with GAAP would be included in
                           determining total liabilities as shown on a balance
                           sheet of a Person as at the date as of which Debt is
                           to be determined less (i) all amounts due Affiliates
                           of Guarantor subordinated to the Loan and (ii) the
                           sum of earnest money deposits received from (and not
                           returned to) vendees under residential real estate
                           sales contracts which have not closed or been
                           terminated.

                  3.       Section 6.17(b) of the Amended Loan Agreement is
deleted in its entirety and the following is inserted in lieu thereof:

                                      -1-
<PAGE>
                           "(b) a ratio of total Debt to Tangible Net Worth, as
                           tested annually and quarter-annually, as of the
                           last day of each March, June, September and
                           December of each year (in arrears), of not more than
                           3.00 to 1;"

                  4.       Article 7.16 as set forth in the Amended Loan
Agreement, is hereby deleted in its entirety, arid the following is inserted in
lieu thereof:

                  "Notwithstanding the foregoing, unless and until there occurs
an Event of Default (which shall not have been waived, in writing, by Bank),
the Borrower may pay dividends in such amounts as it may reasonably deem
prudent."

                  5.       Borrower acknowledges, represents and confirms to
Bank that (i) the Amended Loan Agreement is valid and binding upon Borrower
and enforceable in accordance with the respective terms thereof; (ii) after
giving effect to the modifications contained herein, there are no
defenses, setoffs, counterclaims, cross-actions or equities in favor of
Borrower to or against the enforecement of the Amended Loan Agreement,
and (iii) Bank is under no obligation to further amend or modify the
Amended Loan Agreement.

                  6.       The Amended Loan Agreement, as further amended
hereby, is hereby ratified, confirmed and approved in all respects
including, but not limited to, the representations and warranties contained
therein, and Borrower does hereby represent and warrant that no Event of
Default now exists as defined in the Amended Loan Agreement.

                  7.       Except as amended by this Amendment, no term or
condition of the Amended Loan Agreement shall be modified and the same
shall remain in full force and effect; provided, however, if any provision
of this Amendment is in conflict with, or inconsistent with, any provision in
the Amended Loan Agreement, then the provision contained in this
Amendment shall govern and control.

                  8.       This Amendment shall be binding upon, and shall
inure to the benefit of, the respective successors and assigns of the parties
hereto.

                  9.       AS A MATERIAL INDUCEMENT FOR BANK TO EXECUTE THIS
AMENDMENT, BORROWER DOES HEREBY RELEASE, WAIVE, DISCHARGE, COVENANT NOT TO SUE,
ACQUIT, SATISFY AND FOREVER DISCHARGE BANK, ITS OFFICERS, DIRECTORS, EMPLOYEES,
AND AGENTS AND ITS AFFILIATES AND ASSIGNS FROM ANY AND ALL LIABILITY, CLAIMS,
COUNTERCLAIMS, DEFENSES, ACTIONS, CAUSES OF ACTION, SUITS, CONTROVERSIES,
AGREEMENTS, PROMISES AND DEMANDS WIHATSOEVER IN LAW OR IN EQUITY WHICH THE
BORROWER EVER HAD, NOW HAS, OR WHICH ANY PERSONAL REPRESENTATIVE, SUCCESSOR,
HEIR OR ASSIGN OF BORROWER HEREAFTER CAN, SHALL OR MAY HAVE AGAINST BANK, ITS
OFFICERS, DIRECTORS, EMPLOYEES, AND AGENTS, AND ITS AFFILIATES AND ASSIGNS,
FOR, UPON OR BY REASON OF ANY MATTER, CAUSE OR THING WHATSOEVER THROUGH THE
DATE HEREOF. BORROWER FURTHER EXPRESSLY

                                      -2-
<PAGE>
AGREES THAT THE FOREGOING RELEASE AND WAIVER AGREEMENT IS INTENDED TO BE AS
BROAD AND INCLUSIVE AS PERMITTED BY THE LAWS OF THE STATE OF FLORIDA. IN
ADDITION TO, AND WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, AND IN
CONSIDERATION OF BANK'S EXECUTION OF THIS AMENDMENT, BORROWER COVENANTS WITH
AND WARRANTS UNTO BANK, AND ITS AFFILIATES AND ASSIGNS, THAT THERE EXIST NO
CLAIMS, COUNTERCLAIMS, DEFENSES, OBJECTIONS, OFFSETS OR CLAIMS OF OFFSETS
AGAINST BANK OR THE OBLIGATION OF BORROWER TO PAY ITS OBLIGATIONS UNDER THE
AMENDED LOAN AGREEMENT TO BANK WHEN AND AS THE SAME BECOMES DUE AND PAYABLE.

                  10.      BORROWER AND BANK HEREBY KNOWINGLY, IRREVOCABLY,
VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHT TO A TRIAL BY JURY IN RESPECT
OF ANY ACTION, PROCEEDING, DEFENSE OR COUNTERCLAIM BASED ON THIS AMENDMENT, OR
ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AMENDMENT, THE AMENDED LOAN
AGREEMENT, OR ANY DOCUMENT EXECUTED IN CONNECTION THEREWITH, OR ANY COURSE OF
CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS
OF ANY PARTY HERETO. THIS PROVISION IS A MATERIAL INDUCEMENT FOR BORROWER AND
BANK ENTERING INTO THIS AMENDMENT.

                  IN WITNESS WHEREOF the parties hereto have executed this
Amendment as of the day and year first above written.

                                        BORROWER:

                                        LEVITT AND SONS, LLC, a Florida limited
                                        liability company

                                        By: /s/ Jeffery Hoyos
                                            -----------------------------------
                                        Name: Jeffery Hoyos
                                        Title: Senior Vice President

                                        BANK:

                                        OHIO SAVING BANK, a federal savings
                                        bank

                                        By: /s/ David B. Smith
                                            -----------------------------------
                                        Name: David B. Smith
                                        Title: Vice President

STATE OF FLORIDA                )

                                      -3-
<PAGE>
                               ) SS:
COUNTY OF MIAMI-DADE           )

         The foregoing instrument was acknowledged before me this 15th day of
May, 2003 by Jeffery Hoyos, as Senior Vice President of LEVITT AND SONS, LLC, a
Florida limited liability company, on behalf of the company.

Personally Known [X]             OR Produced Identification [ ]

Type of Identification Produced

                                        /s/ Chava E. Genet
                                        ---------------------------------------
                                        Print or Stamp Name:
                                        Notary Public, State of Florida at
                                        Large
                                        Commission No.:
                                        My Commission Expires:

                                        (NOTARY SEAL)

STATE OF FLORIDA               )
                               ) SS:
COUNTY OF PALM BEACH           )

         The foregoing instrument was acknowledged before me this 17th day of
May, 2003 by David B. Smith, as Vice President of OHIO SAVINGS BANK, a federal
savings bank, on behalf of the Bank.

Personally Known [X]             OR Produced Identification [ ]

Type of Identification Produced [NA]

                                        /s/ James Sadock, Jr.
                                        ---------------------------------------
                                        Print or Stamp Name: JAMES SADOCK, JR.
                                        Notary Public, State of Florida at
                                        Large
                                        Commission No.:
                                        My Commission Expires:

                                        (NOTARY SEAL)

                                      -4-<PAGE>
                                                             EXHIBIT 10.5

                        THIRD AMENDMENT TO LOAN DOCUMENTS

         This Third Amendment to Loan Documents (the "Amendment") is executed as
of July 31st, 2003 by and between LEVITT AND SONS, LLC, a Florida limited
liability company ("Borrower"), and OHIO SAVINGS BANK, a federal savings bank
("Bank").

                                   BACKGROUND

         Borrower executed an Amended and Restated Promissory Note dated March
22, 2002 in the principal amount of $7,500,000.00 in favor of Bank (the "Prior
Note"). In connection therewith,

         (i)      Borrower executed and delivered the following documents in
favor of Bank, each dated March 22, 2002 (the "Borrower Documents"):

                  (a)      Amended and Restated Loan Agreement ("Loan
                           Agreement")

                  (b)      LOC Promissory Note ("LOC Note")

         (ii}     Levitt Companies, LLC, a Florida limited liability company
("Guarantor") executed and delivered to Bank the following documents to secure
repayment of the Prior Note and the obligations under the Loan Documents
("Guarantor Documents"):

                  (a)      Loan Agreement

                  (b)      Amended and Restated Pledge Agreement

                  (c)      Amended and Restated Limited Guaranty

         On December 12, 2002, the Borrower and Bank executed a First Amendment
to Loan Agreement (the "First Amendment"), and on May 15, 2003, the Borrower and
Bank executed a Second Amendment to Loan Agreement (the "Second Amendment") (the
Borrower Documents, the Guarantor Documents, the First Amendment, and the Second
Amendment are collectively referred to herein as the "Loan Documents"). In
connection with the execution of this Amendment, Borrower has delivered a Second
Amended and Restated Promissory Note of even date herewith (the "Note") which
modifies and renews the Prior Note and does not constitute new indebtedness
except to the extent that the principal amount of the Note exceeds the principal
mount of the Prior Note.

                                   AGREEMENTS

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

         1.       Recitals. The above recitals are true and correct and are
incorporated into this Agreement.

<PAGE>

         2. Conflict and Definitions. To the extent the terms and conditions of
this Amendment conflict with the terms and conditions of the Loan Documents, the
provisions hereof shall govern and control. Any capitalized term not defined in
this Amendment shall have the meaning contained in the Note or the Loan
Documents, as applicable.

         3.       Amendment to Terms. Pursuant to the terms of the Loan
Agreement, specifically including Section 2.10 thereof, Borrower has requested,
and Bank has approved, a renewal of the loans made pursuant to the Loan
Agreement. In connection therewith, the following modifications are hereby made
to the Loan Documents:

                  (a)      The definition of "Maturity Date" contained in
Section 1.1 of the Loan Agreement is hereby deleted and the following is
substituted in its place:

                  "Maturity Date - September 15, 2005, as may be extended
                  pursuant to this Agreement."

                  (b)      All references to the Maturity Date contained in the
Loan Agreement and the other Loan Documents, or any other document executed in
connection with the Loan Documents, shall be deemed to refer to a maturity date
of September 15, 2005.

                  (c)      The definition of "Maximum Revolving Principal
Amount" contained in Section 1.1 of the Loan Agreement is hereby deleted and the
following is substituted in its place:

                  "Maximum Revolving Principal Amount - either (i) Ten Million
                  Dollars ($10,000,000.00), or, (ii) if Overadvances have been
                  made by the Bank to or on behalf of the Borrower which have
                  not yet been repaid, Ten Million Dollars ($10,000,000.00) plus
                  the amount of such Overadvances which have not yet been
                  repaid."

                  (d)      The definition of "Revolving Loan" contained in
Section 1.1 of the Loan Agreement is hereby deleted and the following is
substituted in its place:

                  "Revolving Loan - the line of credit established for the
                  benefit of Borrower in a principal amount up to Ten Million
                  Dollars ($10,000,000.00) as described in Section
                  2.1(a)(i) of this Agreement."

                  (e)      Section 2.1(a)(i) of the Loan Agreement is hereby
deleted and the following is substituted in its place:

                  "(i) to loan to Borrower, when requested by Borrower,
                  principal mounts with the outstanding principal balance not to
                  exceed Ten Million Dollars ($10,000,000.00) (the "Revolving
                  Loan"). Within the aforesaid limit, the Borrower may borrow,
                  make payments, and reborrow under this Agreement, subject to
                  the provisions hereof."

                  (f)      All references to the Maximum Revolving Principal
Amount or the Revolving Loan contained in the Loan Agreement and the other Loan
Documents, or any other document executed in connection with the Loan Documents,
shall be deemed to refer to such terms as amended hereby.

                                       2
<PAGE>

         4.       References. The Loan Documents are hereby modified to provide
that wherever the Loan Documents refer to any other of the Note, the Loan
Documents, or any other document executed in connection therewith, such
reference shall be deemed to refer to the applicable Note, Loan Document or
other document, each as modified by this Amendment or amended in connection
herewith.

         5.       Waiver. Borrower hereby acknowledges that, as of the date
hereof, it has no defense, claim, counterclaim or right of set off, legal or
equitable, arising out of or in connection with the Note or the Loan Documents,
as modified hereby, or the transactions contemplated thereby. Borrower waives
and releases, acquits, satisfies and forever discharges Bank and its affiliates,
assigns, officers, directors, agents and employees from any and all claims,
counterclaims, defenses, actions, causes of action, suits, controversies,
agreements, promises and demands whatsoever in law or in equity which it ever
had, now has or which any heir, personal representative, successor or permitted
assign hereafter can, shall or may have against Bank and its affiliates,
assigns, officers, directors, agents and employees for, upon or by reason of any
manner, cause or thing whatsoever through the date hereof.

         6.       Costs and Fees. Borrower agrees to pay all costs and expenses,
including documentary stamp taxes, intangible taxes, recording costs and
attorneys fees incurred by Bank in connection with this Amendment and the
transactions contemplated hereby.

         7.       Miscellaneous. This Amendment shall bind and benefit Borrower,
Bank and their respective successors and assigns.

         8.       WAIVER OF TRIAL BY JURY. BORROWER AND BANK HEREBY KNOWINGLY,
IRREVOCABLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHT EITHER MAY HAVE TO
A TRIAL BY JURY IN RESPECT OF ANY ACTION, PROCEEDING OR COUNTERCLAIM BASED ON
THIS AMENDMENT, THE NOTE AND THE LOAN DOCUMENTS OR ARISING OUT OF, UNDER OR IN
CONNECTION WITH THIS AMENDMENT, THE NOTE, OR ANY OF THE OTHER LOAN DOCUMENTS, OR
ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN)
OR ACTIONS OF ANY PARTY HERETO, TO THE NOTE OR TO ANY LOAN DOCUMENT. THIS
PROVISION IS A MATERIAL INDUCEMENT FOR BORROWER AND BANK EXECUTING THIS
AMENDMENT.

         9.       Ratification. Except as modified hereby, the terms of the Loan
Documents shall remain modified and in full force and effect, and are hereby
ratified and confirmed by Borrower.

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

         THIS AMENDMENT REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES WITH
         RESPECT TO THE SUBJECT MATTER HEREOF AND MAY NOT BE CONTRADICTED BY
         EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT AGREEMENTS OF THE
         PARTIES. THERE ARE NO UNWRITTEN AGREEMENTS BETWEEN THE PARTIES.

                                       3
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have executed this Amendment
effective as of the day and year first above written.

                                    LEVITT AND SONS, LLC, a Florida limited
                                    liability company

                                    By: /s/ Jeffery Hoyos
                                        --------------------------------------
                                    Name: Jeffery Hoyos
                                         ------------------------------------
                                    Title: Senior Vice President
                                          ------------------------------------

                                    OHIO SAVINGS BANK, a federal savings bank

                                    By: /s/ Ralph C. Kirk
                                        --------------------------------------
                                    Name: Ralph C. Kirk
                                         ------------------------------------
                                    Title:  Vice President
                                          ------------------------------------

                        REAFFIRMATION OF LOAN AGREEMENT
                            AND GUARANTOR DOCUMENTS

         The undersigned, LEVITT COMPANIES, LLC, a Florida limited liability
company, having executed the Loan Agreement and the Guarantor Documents in favor
of Bank to further secure Borrower's obligations under the prior Note and the
Loan Documents hereby (1) consent to and join in the execution of the Amendment,
(2) confirm that their obligations under the Loan Agreement and the Guarantor
Documents remain unimpaired, unaffected and in full force and effect and apply
to the Note and the Loan Documents, as amended by the Amendment, (3) acknowledge
that they have no defenses, claims, counterclaims or rights of set off, legal or
equitable, in connection with the Note or the Loan Documents or the transactions
contemplated by the Note and the Loan Documents, as mended by the Amendment, (4)
waive and release, acquit, satisfy and forever discharge Bank and its
affiliates, assigns, officers, agents and employees from any and all claims,
counterclaims, defenses, actions, causes of action, suits, controversies,
agreements, promises and demands whatsoever in law or in equity which it ever
had, now has or which any personal representative, successor, assign or heir
hereafter can, shall or may have against Bank and its affiliates, assigns,
officers, agents and employees for, upon or by reason of any manner or cause or
thing whatsoever with respect to the Note, the Loan Documents, or any other
document executed in connection therewith, from the beginning of the world
through the date hereof, and (5) confirm that they are solvent and will not be
rendered insolvent by the execution and delivery of this Reaffirmation of the
Loan Agreement and Guarantor Documents.

                                    GUARANTOR:

                                    LEVITT CORPORATION, a Florida corporation

                                    By: /s/ Glenn R. Gilbert
                                        --------------------------------------
                                    Name: Glenn R. Gilbert
                                         ------------------------------------
                                    Title: Executive Vice President
                                          ------------------------------------

                                       4

<PAGE>
STATE OF FLORIDA       )
                       ) SS:
COUNTY OF PALM BEACH   )

         The foregoing instrument was acknowledged before me this 14th day of
July, 2003 by Jeffery Hoyos, as Senior Vice President of Levitt and Sons, LLC, a
Florida limited liability company, on behalf of the company. He (X) is
personally known to me or ( ) has produced his Florida driver's license as
identification.

                                                /s/ Nancy J. Peffer
                                                --------------------------------
                                                 Notary Public

                                                Name: Nancy J. Peffer
                                                     --------------------------

                                                [NOTARY STAMP]

My Commission Expires:

STATE OF FLORIDA        )
                        ) SS:
COUNTY OF PALM BEACH    )

         The foregoing instrument was acknowledged before me this 17th day of
July, 2003 by Glen R. Gilbert, as Executive Vice President of Levitt
Corporation, a Florida corporation, on behalf of the corporation, who [X] is
personally known to me or ( ) has produced his Florida driver's license as
identification.

My Commission EXPIRES:

                                                /s/ Nancy J. Peffer
                                                --------------------------------
                                                 Notary Public

                                                Name: Nancy J. Peffer
                                                     --------------------------

                                                [NOTARY STAMP]

                                       5
<PAGE>

STATE OF OHIO           )
                        ) SS:
COUNTY OF CUYAHOGA      )

The foregoing instrument was acknowledged before me this 31st day of July, 2003,
by Ralph Clark as Vice President of Ohio Savings Bank, a federal savings bank,
on its behalf. He/she (__) is (personally known to me) or (__) has produced
his/her Ohio driver's license as identification.

                                                /s/ Shannon D. Bohley
                                                --------------------------------
                                                 Notary Public

                                                Name:
                                                     --------------------------

My Commission Expires:

                                        SHANNON D. BOHLEY
                                    Notary PubLic, State of Ohio, Cuy, Cty,
                                    MY Commission Expires Aug 7, 2005

                                       6

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