Document:

EXHIBIT 10.144

              AMENDMENT NUMBER FIVE TO LOAN AND SECURITY AGREEMENT

      This Amendment Number Five to Loan and Security Agreement ("Amendment") is
entered into as of September 1, 2003, by and between BLUEGREEN CORPORATION,
f/k/a Patten Corporation, a Massachusetts corporation ("Borrower"), and WELLS
FARGO FOOTHILL, INC., a California corporation, f/k/a/ Foothill Capital
Corporation ("Foothill"), in light of the following:

      FACT ONE: Borrower and Foothill have previously entered into that certain
Amended and Restated Loan and Security Agreement, dated as of September 23,
1997, as Amended by that certain Amendment Number One to Loan and Security
Agreement dated as of December 1, 2000, as further amended by that certain
Amendment Number Two to Loan and Security Agreement dated as of November 9,
2001, that certain Amendment Number Three to Loan and Security Agreement dated
as of August 28, 2002, and that certain Amendment Number Four to Loan and
Security Agreement dated as of March 26, 2003 (as amended, the "Agreement").

      FACT TWO: Borrower and Foothill desire to amend the Agreement as provided
for and on the conditions herein.

      NOW, THEREFORE, Borrower and Foothill hereby amend and supplement the
Agreement as follows:

      1. DEFINITIONS. All initially capitalized terms used in this Amendment
shall have the meanings given to them in the Agreement unless specifically
defined herein.

      2. AMENDMENTS.

            (a) The following new definitions are added to Section 1.1 of the
Agreement:

                  ""Base Libor Rate" means the rate per annum, determined by
                  Foothill in accordance with its customary procedures, and
                  utilizing such electronic or other quotation sources as it
                  considers appropriate (rounded upwards, if necessary, to the
                  next 1/100%), to be the rate at which Dollar deposits (for
                  delivery on the first day of the requested Interest Period)
                  are offered to major banks in the London interbank market 2
                  Business Days prior to the commencement of the requested
                  Interest Period, for a term and in an amount comparable to the
                  Interest Period and the amount of the LIBOR Rate Loan
                  requested (whether as an initial LIBOR Rate Loan or as a
                  continuation of an extant LIBOR Rate Loan or as a conversion
                  of a Reference Rate Loan to a LIBOR Rate Loan) by Borrower in
                  accordance

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                  with this Agreement, which determination shall be conclusive
                  in the absence of manifest error."

                  ""Funding Losses" has the meaning set forth in Section
                  2.10(b)(ii)."

                  ""Interest Period" means, with respect to each LIBOR Rate
                  Loan, a period commencing on the date of the making of such
                  LIBOR Rate Loan (or the continuation of a LIBOR Rate Loan or
                  the conversion of a Reference Rate Loan to a LIBOR Rate Loan)
                  and ending 1, 2, or 3 months thereafter; provided, however,
                  that (a) if any Interest Period would end on a day that is not
                  a Business Day, such Interest Period shall be extended
                  (subject to clauses (c)-(e) below) to the next succeeding
                  Business Day, (b) interest shall accrue at the applicable rate
                  based upon the LIBOR Rate from and including the first day of
                  each Interest Period to, but excluding, the day on which any
                  Interest Period expires, (c) any Interest Period that would
                  end on a day that is not a Business Day shall be extended to
                  the next succeeding Business Day unless such Business Day
                  falls in another calendar month, in which case such Interest
                  Period shall end on the next preceding Business Day, (d) with
                  respect to an Interest Period that begins on the last Business
                  Day of a calendar month (or on a day for which there is no
                  numerically corresponding day in the calendar month at the end
                  of such Interest Period), the Interest Period shall end on the
                  last Business Day of the calendar month that is 1, 2, or 3
                  months after the date on which the Interest Period began, as
                  applicable, and (e) Borrower may not elect an Interest Period
                  which will end after the Maturity Date."

                  ""LIBOR Deadline" has the meaning set forth in Section
                  2.10(b)(i)."

                  ""LIBOR Notice" means a written notice set in accordance with
                  the provisions of Section 2.10(b)(i)."

                  ""LIBOR Option" has the meaning set forth in Section 2.10(a)."

                  ""LIBOR Rate" means, for each Interest Period for each LIBOR
                  Rate Loan, the rate per annum determined by Foothill (rounded
                  upwards, if necessary, to the next 1/100%) by dividing (a) the
                  Base LIBOR Rate for such Interest Period, by (b) 100% minus
                  the Reserve Percentage. The LIBOR Rate shall be adjusted on
                  and as of the effective day of any change in the Reserve
                  Percentage."

                  ""LIBOR Rate Loan" means each portion of an Obligation (other
                  than Obligations incurred pursuant to Section 2.2 above) that
                  bears interest at a rate determined by reference to the LIBOR
                  Rate."

                  ""LIBOR Rate Margin" means three and one-half (3 1/2)
                  percentage points."

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<PAGE>

                  ""Reference Rate Loan" means the portion of the Advances that
                  bears interest at a rate determined by reference to the
                  Reference Rate."

                  ""Reserve Percentage" means, on any day, for Foothill, the
                  maximum percentage prescribed by the Board of Governors of the
                  Federal Reserve System (or any successor Governmental
                  Authority) for determining the reserve requirements (including
                  any basic, supplemental, marginal, or emergency reserves) that
                  are in effect on such date with respect to eurocurrency
                  funding (currently referred to as "eurocurrency liabilities")
                  of Foothill, but so long as Foothill is not required or
                  directed under applicable regulations to maintain such
                  reserves, the Reserve Percentage shall be zero."

            (b) Section 2.1(a) of the Loan Agreement is deleted in its entirety
and the following substituted in its place and stead:

                  "(a) In addition to the Land Inventory Advances set forth in
                  Section 2.2 hereof, the Term Loan and B Line Advances set
                  forth in Section 2.3 hereof, the Pledged T Note Advances set
                  forth in Section 2.8 hereof, and the C Line Advances set forth
                  in Section 2.9, hereof, subject to the terms and conditions of
                  this Agreement, and further for a period through and including
                  December 31, 2006 only, and further provided Borrower is not
                  in default hereunder (subject to grace periods, if any),
                  including, specifically, Section 6.13 hereof, Foothill agrees
                  to make advances to Borrower upon the pledge to Foothill of
                  the Pledged A Notes ("A Line Advances") in an amount not to
                  exceed the A Line Borrowing Base."

            (c) Section 2.2(a) of the Loan Agreement is deleted in its entirety
and the following substituted in its place and stead:

                  "(a) In addition to the A Line Advances set forth in Section
                  2.1 hereof, the Term Loan and B Line Advances set forth in
                  Section 2.3 hereof, the Pledged T Note Advances set forth in
                  Section 2.8 hereof, and the C Line Advances set forth in
                  Section 2.9 hereof, subject to the terms and conditions of
                  this Agreement, and further for a period through and including
                  December 31, 2006 only, and provided Borrower is not in
                  default hereunder (subject to grace periods, if any),
                  including, specifically, Section 6.13 hereof, Foothill agrees
                  to make non-revolving advances to Borrower in an amount not to
                  exceed the Land Inventory Borrowing Base ("Land Inventory
                  Advances") to enable it to buy and develop Approved Land
                  Projects for subsequent resale to the public. Land Inventory
                  Advances shall be used for this and for no other purpose. All
                  such acquired assets shall become Collateral. At Foothill's
                  request, Borrower shall execute a Secured Promissory Note to
                  evidence the borrowings under this Section 2.2. "

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<PAGE>

            (d) Section 2.3(a) of the Loan Agreement is deleted in its entirety
and the following substituted in its place and stead:

                  "(a) In addition to the A Line Advances set forth in Section
                  2.1 hereof, the Land Inventory Advances set forth in Section
                  2.2 hereof, the Pledged T Note Advances set forth in Section
                  2.8 hereof, and the C Line Advances set forth in Section 2.9
                  hereof, subject to the terms and conditions of this Agreement,
                  and for a period through and including December 31, 2006 only,
                  and further provided Borrower is not in default hereunder
                  (subject to grace periods, if any), including, specifically,
                  Section 6.13 hereof, Foothill agrees to make advances to
                  Borrower upon the pledge to Foothill of the Pledged B Notes
                  ("B Line Advances") in an amount not to exceed the lesser of
                  (i) Five Million Dollars ($5,000,000); or (ii) the B Line
                  Borrowing Base."

            (e) Section 2.4(a) of the Loan Agreement is deleted in its entirety
and the following substituted in its place and stead:

                  "(a) Interest Rate. All Obligations (other than Obligations
                  incurred pursuant to Section 2.2 above) shall bear interest,
                  on the actual Daily Balance, computed as follows: (i) should
                  the average monthly outstanding loan balance on advances made
                  pursuant to Sections 2.1 2.3, 2.8, and 2.9 above equal or
                  exceed $15,000,000 for any consecutive ninety day (or longer)
                  period, then the interest rate charged on all Obligations
                  (other than Obligations incurred pursuant to Section 2.2
                  above) for such ninety day (or longer) period shall be
                  computed at a rate equal to one-quarter (1/4) of one
                  percentage point above the Reference Rate; (ii) should the
                  average monthly outstanding loan balance on advances made
                  pursuant to Sections 2.1, 2.3, 2.8 and 2.9 be less than
                  $15,000,000 for any consecutive ninety (90) day period, then
                  the interest rate charged on all Obligations (other than
                  Obligations incurred pursuant to Section 2.2 above) for the
                  period of time commencing with the first day of the calendar
                  month preceding the date on which the Obligations dropped
                  below $15,000,000 until the first day of the next subsequent
                  ninety (90) day (or longer) period (applied retroactive to
                  said first day) when the Obligations have once again equaled
                  or exceeded $15,000,000 for a consecutive ninety (90) day (or
                  longer) period shall be computed at a rate equal to the
                  greater of: (i) four percent (4%) per annum; or (ii) one-half
                  (1/2) of one percentage point above the Reference Rate. The
                  Obligations arising out of Land Inventory Advances set forth
                  in Section 2.2 shall bear interest on the average Daily
                  Balance, at a rate of one and one-quarter (1.25) percentage
                  points above the Reference Rate."

            (f) Section 2.8(a) of the Loan Agreement is deleted in its entirety
and the following substituted in its place and stead:

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<PAGE>

                  "(a) In addition to the Pledged A Note Advances set forth in
                  Section 2.1 hereof, the Land Inventory Advances set forth in
                  Section 2.2 hereof, the Term Loan and B Line Advances set
                  forth in Section 2.3 hereof, and the C Line Advances set forth
                  in Section 2.9, subject to the terms and conditions of this
                  Agreement, and further for a period through and including
                  December 31, 2006 only, and further provided Borrower is not
                  in default hereunder (subject to grace periods, if any),
                  including, specifically, Section 6.13 hereof, Foothill agrees
                  to make advances to Borrower upon the pledge to Foothill of
                  the Pledged T Notes ("T Line Advances") in an amount not to
                  exceed the T Line Borrowing Base."

            (g) Section 2.9(a) of the Loan Agreement is deleted in its entirety
and the following substituted in its place and stead:

                  "(a) In addition to the Pledged A Note Advances set forth in
                  Section 2.1 hereof, the Land Inventory Advances set forth in
                  Section 2.2 hereof, the Term Loan and B Line Advances set
                  forth in Section 2.3 hereof, and the Pledged T Note Advances
                  set forth in Section 2.8 hereof, subject to the terms and
                  conditions of this Agreement, and further for a period through
                  and including December 31, 2006 only, and further provided
                  Borrower is not in default hereunder (subject to grace
                  periods, if any), including, specifically, Section 6.13
                  hereof, Foothill agrees to make advances to Borrower upon the
                  pledge to Foothill of the Pledged C Notes ("C Line Advances")
                  in an amount not to exceed the C Line Borrowing Base."

            (h) There is added a new Section 2.10 of the Loan Agreement as
follows:

                  "2.10 LIBOR Option.

                        "(a) Interest and Interest Payment Dates. In lieu of
                  having interest charged at the rate based upon the Reference
                  Rate, Borrower shall have the option (the "LIBOR Option") to
                  have interest on all or a portion of the Obligations (other
                  than Obligations incurred pursuant to Section 2.2 above) to be
                  charged at a rate of interest based upon the LIBOR Rate.
                  Interest on LIBOR Rate Loans shall be payable on the earliest
                  of (i) the last day of the Interest Period applicable thereto,
                  (ii) the occurrence of an Event of Default in consequence of
                  which Foothill has elected to accelerate the maturity of all
                  or any portion of the Obligations, or (iii) termination of
                  this Agreement pursuant to the terms hereof. On the last day
                  of each applicable Interest Period, unless Borrower properly
                  has exercised the LIBOR Option with respect thereto, the
                  interest rate applicable to such LIBOR Rate Loan automatically
                  shall convert to the rate of interest then applicable to
                  Reference Rate Loans of the same type hereunder. At any time
                  that an Event of Default has occurred and is continuing,
                  Borrower no longer shall have the option to request that
                  Obligations bear interest at the LIBOR Rate and Foothill shall
                  have the

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                  right to convert the interest rate on all outstanding LIBOR
                  Rate Loans to the rate then applicable to Reference Rate Loans
                  as more fully set forth in Section 2.4(b) hereunder.

                        "(b) LIBOR Election

                                (i) Borrower may, at any time and from time to
                  time, so long as no Event of Default has occurred and is
                  continuing, elect to exercise the LIBOR Option by notifying
                  Foothill prior to 11:00 a.m. (California time) at least 3
                  Business Days prior to the commencement of the proposed
                  Interest Period (the "LIBOR Deadline"). Notice of Borrower's
                  election of the LIBOR Option for a permitted portion of the
                  Advances or the Term Loan and an Interest Period pursuant to
                  this Section shall be made by delivery to Foothill of a LIBOR
                  Notice received by Foothill before the LIBOR Deadline, or by
                  telephonic notice received by Foothill before the LIBOR
                  Deadline (to be confirmed by delivery to Foothill of a LIBOR
                  Notice received by Foothill prior to 5:00 p.m. (California
                  time) on the same day.

                                (ii) Each LIBOR Notice shall be irrevocable and
                  binding on Borrower. In connection with each LIBOR Rate Loan,
                  Borrower shall indemnify, defend, and hold Foothill harmless
                  against any loss, cost, or expense incurred by Foothill as a
                  result of (a) the payment of any principal of any LIBOR Rate
                  Loan other than on the last day of an Interest Period
                  applicable thereto (including as a result of an Event of
                  Default), (b) the conversion of any LIBOR Rate Loan other than
                  on the last day of the Interest Period applicable thereto, or
                  (c) the failure to borrow, convert, continue or prepay any
                  LIBOR Rate Loan on the date specified in any LIBOR Notice
                  delivered pursuant hereto (such losses, costs, and expenses,
                  collectively, "Funding Losses"). Funding Losses shall be
                  deemed to equal the amount determined by Foothill to be the
                  excess, if any, of (i) the amount of interest that would have
                  accrued on the principal amount of such LIBOR Rate Loan had
                  such event not occurred, at the LIBOR Rate that would have
                  been applicable thereto, for the period from the date of such
                  event to the last day of the then current Interest Period
                  therefor (or, in the case of a failure to borrow, convert, or
                  continue, for the period that would have been the Interest
                  Period therefor), minus (ii) the amount of interest that would
                  accrue on such principal amount for such period at the
                  interest rate which Foothill would be offered were it to be
                  offered, at the commencement of such period, Dollar deposits
                  of a comparable amount and period in the London interbank
                  market. A certificate of Foothill delivered to Borrower
                  setting forth any amount or amounts that Foothill is entitled
                  to receive pursuant to this Section shall be conclusive absent
                  manifest error.

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<PAGE>

                                (iii) Borrower shall have not more than 5 LIBOR
                  Rate Loans in effect at any given time. Borrower only may
                  exercise the LIBOR Option for LIBOR Rate Loans of at least
                  $1,000,000 and integral multiples of $100,000 in excess
                  thereof.

                        "(c) Prepayments. Borrower may prepay LIBOR Rate Loans
                  at any time; provided, however, that in the event that LIBOR
                  Rate Loans are prepaid on any date that is not the last day of
                  the Interest Period applicable thereto, including as a result
                  of any automatic prepayment through the required application
                  by Foothill of proceeds of Collateral or for any other reason,
                  including early termination of the term of this Agreement or
                  acceleration of all or any portion of the Obligations pursuant
                  to the terms hereof, Borrower shall indemnify, defend, and
                  hold Foothill and its Participants harmless against any and
                  all Funding Losses in accordance with clause (b)(ii) above.

                        "(d) Special Provisions Applicable to LIBOR Rate.

                                (i) The LIBOR Rate may be adjusted by Foothill
                  on a prospective basis to take into account any additional or
                  increased costs to Foothill of maintaining or obtaining any
                  eurodollar deposits or increased costs due to changes in
                  applicable law occurring subsequent to the commencement of the
                  then applicable Interest Period, including changes in tax laws
                  (except changes of general applicability in corporate income
                  tax laws) and changes in the reserve requirements imposed by
                  the Board of Governors of the Federal Reserve System (or any
                  successor), excluding the Reserve Percentage, which additional
                  or increased costs would increase the cost of funding loans
                  bearing interest at the LIBOR Rate. In any such event,
                  Foothill shall give Borrower notice of such a determination
                  and adjustment and, upon its receipt of the notice from
                  Foothill, Borrower may, by notice to Foothill (y) require
                  Foothill to furnish to Borrower a statement setting forth the
                  basis for adjusting such LIBOR Rate and the method for
                  determining the amount of such adjustment, or (z) repay the
                  LIBOR Rate Loans with respect to which such adjustment is made
                  (together with any amounts due under clause (b)(ii) above).

                                (ii) In the event that any change in market
                  conditions or any law, regulation, treaty, or directive, or
                  any change therein or in the interpretation of application
                  thereof, shall at any time after the date hereof, in the
                  reasonable opinion of Foothill, make it unlawful or
                  impractical for Foothill to fund or maintain LIBOR Rate Loans
                  or to continue such funding or maintaining, or to determine or
                  charge interest rates at the LIBOR Rate, Foothill shall give
                  notice of such changed circumstances to Borrower and (y) in
                  the case of any LIBOR Rate Loans that are outstanding, the
                  date specified in Foothill's notice shall be deemed to be

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                  the last day of the Interest Period of such LIBOR Rate Loans,
                  and interest upon the LIBOR Rate Loans thereafter shall accrue
                  interest at the rate then applicable to Reference Rate Loans,
                  and (z) Borrower shall not be entitled to elect the LIBOR
                  Option until Foothill determines that it would no longer be
                  unlawful or impractical to do so.

                        "(e) No Requirement of Matched Funding. Anything to the
                  contrary contained herein notwithstanding, neither Foothill,
                  nor any of its participants, if any, is required actually to
                  acquire eurodollar deposits to fund or otherwise match fund
                  any Obligation as to which interest accrues at the LIBOR Rate.
                  The provisions of this Section shall apply as if Foothill or
                  its participants, if any, had match funded any Obligation as
                  to which interest is accruing at the LIBOR Rate by acquiring
                  eurodollar deposits for each Interest Period in the amount of
                  the LIBOR Rate Loans."

            (i) Section 3.5 of the Loan Agreement is deleted in its entirety and
the following substituted in its place and stead:

                  "3.5 Term. This Agreement shall become effective upon the
                  execution and delivery hereof by Borrower and Foothill and
                  shall continue in full force and effect for a term ending on
                  December 31, 2008. The foregoing notwithstanding: (i) that
                  portion of the Obligations evidencing Land Inventory Advances
                  borrowed pursuant to Section 2.2 hereof shall be all due and
                  payable on or before December 31, 2006; and (ii) Foothill
                  shall have the right to terminate its obligations under this
                  Agreement immediately and without notice upon the occurrence
                  and during the continuation of an Event of Default."

            (j) Section 3.7 of the Loan Agreement is deleted in its entirety and
the following substituted in its place and stead:

                  "3.7 Early Termination by Borrower. Borrower has the option,
                  at any time upon ninety (90) days prior written notice to
                  Foothill, to terminate this Agreement by paying to Foothill,
                  in cash, the Obligations together with a premium ("Early
                  Termination Fee") equal to the applicable percentage of the
                  Maximum Amount as follows:

                      if the facility is so terminated on or before
                      December 31, 2003:        3%

                      if the facility is so terminated during
                      calendar year 2004:       2%

                      if the facility is so terminated after
                      calendar year 2004:       1%

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                  The foregoing notwithstanding, Borrower shall have the right
                  upon thirty (30) days prior written notice to Foothill, to
                  pay-off in full the Land Inventory Advances without the
                  payment of an Early Termination Fee, unless all the
                  Obligations are paid off contemporaneously therewith."

      3. REPRESENTATIONS AND WARRANTIES. Borrower hereby affirms to Foothill
that all of Borrower's representations and warranties set forth in the Agreement
are true, complete and accurate in all respects as of the date hereof.

      4. NO DEFAULTS. Borrower hereby affirms to Foothill that no Event of
Default has occurred and is continuing as of the date hereof.

      5. CONDITION PRECEDENT. The effectiveness of this Amendment is expressly
conditioned upon receipt by Foothill of an executed copy of this Amendment.

      6. COSTS AND EXPENSES. Borrower shall pay to Foothill all of Foothill's
out-of-pocket costs and expenses (including, without limitation, title fees,
search fees, filing and recording fees, documentation fees, appraisal fees,
travel expenses, and other fees, and the reasonable fees and expenses of its
counsel) arising in connection with the preparation, execution, and delivery of
this Amendment and all related documents.

      7. LIMITED EFFECT. In the event of a conflict between the terms and
provisions of this Amendment and the terms and provisions of the Agreement, the
terms and provisions of this Amendment shall govern. In all other respects, the
Agreement, as amended and supplemented hereby, shall remain in full force and
effect.

      8. COUNTERPARTS; EFFECTIVENESS. This Amendment may be executed in any
number of counterparts and by different parties on separate counterparts, each
of which when so executed and delivered shall be deemed to be an original. All
such counterparts, taken together, shall constitute but one and the same
Amendment. This Amendment shall become effective upon the execution of a
counterpart of this Amendment by each of the parties hereto. This Agreement may
be executed and the signature pages telecopied between the parties. A
telefacsimile signature is deemed an original for all purposes.

      IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of
the date first set forth above.

                                      WELLS FARGO FOOTHILL, INC.,
                                      a California corporation, f/k/a
                                      FOOTHILL CAPITAL CORPORATION

                                      By: /S/ KEVIN BELANGER
                                          ------------------------------------
                                      Title: VICE PRESIDENT

                                       9
<PAGE>

                                      BLUEGREEN CORPORATION,
                                      a Massachusetts corporation

                                      By: /S/ DANIEL C. KOSCHER
                                          ------------------------------------
                                      Title: SENIOR VICE PRESIDENT

                                       10EXHIBIT 10.159

                    THIRD AMENDED AND RESTATED LOAN AGREEMENT

Wachovia Bank, National Association
214 North Hogan Street - FL007
Jacksonville, Florida 32202
(Hereinafter referred to as the "Bank")

Bluegreen Corporation, a Massachusetts corporation
4960 Conference Way North, Suite 100
Boca Raton, Florida 33341
(Hereinafter referred to as "Bluegreen Corporation")

Bluegreen Resorts Management, Inc., a Delaware corporation
f/k/a RDI Resort Services Corporation
4960 Conference Way North, Suite 100
Boca Raton, Florida 33431

Bluegreen Vacations Unlimited, Inc., a Florida corporation
4960 Conference Way North, Suite 100
Boca Raton, Florida 33431

Bluegreen Holding Corporation (Texas), a Delaware corporation
4960 Conference Way North, Suite 100
Boca Raton, Florida 33431

Properties of the Southwest One, Inc., a Delaware corporation
4960 Conference Way North, Suite 100
Boca Raton, Florida 33431

Bluegreen Southwest One, L.P., a Delaware limited partnership
4960 Conference Way North, Suite 100
Boca Raton, Florida 33431

Bluegreen Asset Management Corporation, a Delaware corporation
4960 Conference Way North, Suite 100
Boca Raton, Florida 33431

Bluegreen Carolina Lands, LLC, a Delaware limited liability company
4960 Conference Way North, Suite 100
Boca Raton, Florida 33431

Bluegreen Corporation of Tennessee, a Delaware corporation
4960 Conference Way North, Suite 100
Boca Raton, Florida 33431

Bluegreen Corporation of the Rockies, a Delaware corporation
4960 Conference Way North, Suite 100
Boca Raton, Florida 33431

Bluegreen Properties of Virginia, Inc., a Delaware corporation
4960 Conference Way North, Suite 100

<PAGE>

Boca Raton, Florida 33431

                                     Page 2
<PAGE>

Bluegreen Resorts International, Inc., a Delaware corporation
4960 Conference Way North, Suite 100
Boca Raton, Florida 33431

Carolina National Golf Club, Inc., a North Carolina corporation
4960 Conference Way North, Suite 100
Boca Raton, Florida 33431

Leisure Capital Corporation, a Vermont corporation
4960 Conference Way North, Suite 100
Boca Raton, Florida 33431

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

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

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

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

Bluegreen Golf Clubs, Inc., a Delaware corporation
4960 Conference Way North, Suite 100
Boca Raton, Florida 33431

Bluegreen Interiors, LLC, a Delaware limited liability company
4960 Conference Way North, Suite 100
Boca Raton, Florida 33431

Bluegreen Southwest Land, Inc., a Delaware corporation
4960 Conference Way North, Suite 100
Boca Raton, Florida 33431

New England Advertising Corp., a Vermont corporation
4960 Conference Way North, Suite 100
Boca Raton, Florida 33431

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

Winding River Realty, Inc., a North Carolina corporation
4960 Conference Way North, Suite 100
Boca Raton, Florida 33431

Jordan Lake Preserve Corporation, a North Carolina corporation
4960 Conference Way North, Suite 100
Boca Raton, Florida 33431

                                     Page 3
<PAGE>

Leisure Communication Network, Inc., a Delaware corporation
4960 Conference Way North, Suite 100
Boca Raton, Florida 33431

Managed Assets Corporation, a Delaware corporation
4960 Conference Way North, Suite 100
Boca Raton, Florida 33431

travelheads, inc., a Florida corporation
4960 Conference Way North, Suite 100
Boca Raton, Florida 33431

Encore Rewards, Inc., a Delaware corporation
4960 Conference Way North, Suite 100
Boca Raton, Florida 33431

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

BXG Realty, Inc., a Delaware corporation
4960 Conference Way North, Suite 100
Boca Raton, Florida 33431

Mystic Shores Realty, Inc., a Texas corporation
4960 Conference Way North, Suite 100
Boca Raton, Florida 33431

Brickshire Realty, Inc., a Virginia corporation
4960 Conference Way North, Suite 100
Boca Raton, Florida 33431

Catawba Falls, LLC, a North Carolina limited liability company
4960 Conference Way North, Suite 100
Boca Raton, Florida 33431

Preserve at Jordan Lake Realty, Inc., a North Carolina corporation
4960 Conference Way North, Suite 100
Boca Raton, Florida 33431

Bluegreen Purchasing & Design, Inc., a Florida corporation
4960 Conference Way North, Suite 100
Boca Raton, Florida 33431

Great Vacation Destinations, Inc., a Florida corporation
4960 Conference Way North, Suite 100
Boca Raton, Florida 33431

Lake Ridge Realty, Inc., a Texas corporation
4960 Conference Way North, Suite 100
Boca Raton, Florida 33431

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

                                     Page 4
<PAGE>

This Third Amended and Restated Loan Agreement ("Agreement") is entered into as
of December __, 2003.

Borrower requested and First Union National Bank ("First Union") made that
certain $5,000,000.00 line of credit available to Borrower (the "Loan") as
evidenced by that certain Promissory Note dated as of September 23, 1998 and
certain other documents including that certain Loan Agreement dated as of
September 23, 1998. The Loan has been previously amended, increased and extended
pursuant to the terms and conditions of certain documents including, without
limitation, that certain $10,000,000.00 Renewal Promissory Note dated as of
December 31, 2000, that certain Modification Number One to the Loan Agreement
dated as of August 1, 1999, that certain Modification Number Two to Loan
Agreement dated as of November 3, 1999, that certain Modification Number Three
to Loan Agreement dated as of December 31, 2000, and certain other documents.

Borrower subsequently requested and First Union agreed to amend, increase and
extend the Loan as evidenced by (i) that certain Amended and Restated Promissory
Note executed by Borrower, jointly and severally, dated as of December 31, 2001,
and made payable to First Union in the original principal amount of
$12,500,000.00; (ii) that certain Amended and Restated Loan Agreement dated as
of December 31, 2001; and (iii) certain other loan documents dated as of
December 31, 2001.

Borrower subsequently requested and Bank (successor by merger to First Union)
agreed to amend and extend the Loan as evidenced by (i) that certain Second
Amended and Restated Promissory Note executed by Borrower, jointly and
severally, dated as of December 31, 2002, and made payable to Bank in the
original principal amount of $12,500,000.00; (ii) that certain Second Amended
and Restated Loan Agreement dated as of December 31, 2002; and (iii) certain
other loan documents dated as of December 31, 2002.

Borrower has requested and Bank has agreed to further amend, increase and extend
the Loan pursuant to the terms of (i) that certain Third Amended and Restated
Promissory Note executed by Borrower, jointly and severally, of even date
herewith and made payable to Bank in the original principal amount of
$15,000,000.00 (the "Note") and (ii) this Agreement. The Note, this Agreement
and all other documents executed in connection with the Loan are hereinafter
collectively referred to as the "Loan Documents". All capitalized terms used
herein and not otherwise defined shall have those meanings ascribed to them in
the Loan Documents.

Line of Credit. Borrower may borrow, repay, and reborrow, from time to time, so
long as the total indebtedness outstanding under the Loan at one time does not
exceed the principal amount minus the sum of (i) the amount available to be
drawn plus (ii) the amount of unreimbursed drawings under all letters of credit
issued by Bank for account of Borrower. The Loan proceeds are to be used by
Borrower solely for working capital and to issue letters of credit from time to
time. The Borrower shall deliver a Borrowing Certificate attached as Exhibit "A"
to Bank with each borrowing under the Loan. Each borrowing request shall be in
compliance with the eligibility formula of the Borrowing Certificate. Advances
under the Loan shall be repaid within ninety (90) days of such advance and the
Borrower shall pay down the outstanding balance under the Loan to a maximum of
$100.00 for forty-five (45) consecutive days annually. The total amount of
letters of credit to be issued under the Note shall not exceed $500,000.00 at
any time nor have maturities greater than the maturity date of the Loan. The
maturity date of the Loan shall be December 31, 2004.

Representations. Borrower represents that from the date of this Agreement and
until final payment in full of the Obligations: Accurate Information. All
information now and hereafter furnished to Bank is and will be true, correct and
complete. Any such information relating to Borrower's financial condition will
accurately reflect Borrower's financial condition as of the date(s) thereof,
(including all contingent liabilities of every type), and Borrower further
represents that its financial condition has not changed materially or adversely
since the date(s) of such documents. Authorization; Non-Contravention. The
execution, delivery and performance by Borrower of this Agreement and other Loan
Documents to which it is a party are within its power, have been duly authorized
as may be required and, if necessary, by making appropriate filings with any
governmental agency or unit and are the legal, binding, valid and enforceable

                                     Page 5
<PAGE>

obligations of Borrower; and do not (i) contravene, or constitute (with or
without the giving of notice or lapse of time or both) a violation of any
provision of applicable law, a violation of the organizational documents of
Borrower, or a default under any agreement, judgment, injunction, order, decree
or other instrument binding upon or affecting Borrower, (ii) result in the
creation or imposition of any lien (other than the lien(s) created by the Loan
Documents) on any of Borrower's assets, or (iii) give cause for the acceleration
of any obligations of Borrower or any guarantor to any other creditor. Asset
Ownership. Borrower has good and marketable title to all of the properties and
assets reflected on the balance sheets and financial statements supplied Bank by
Borrower, and all such properties and assets are free and clear of mortgages,
security deeds, pledges, liens, charges, and all other encumbrances, except as
otherwise disclosed to Bank by Borrower in writing and approved by Bank
("Permitted Liens"). To Borrower's knowledge, no default has occurred under any
Permitted Liens and no claims or interests adverse to Borrower's present rights
in its properties and assets have arisen. Discharge of Liens and Taxes. Borrower
has duly filed, paid and/or discharged all taxes or other claims which may
become a lien on any of its property or assets to the extent required to be paid
as of this date, except to the extent that such items are being appropriately
contested in good faith and an adequate reserve for the payment thereof is being
maintained. Sufficiency of Capital. Borrower is not, and after consummation of
this Agreement and after giving effect to all indebtedness incurred and liens
created by Borrower in connection with the Note and any other Loan Documents,
will not be, insolvent within the meaning of 11 U.S.C. ss. 101(32). Compliance
with Laws. Borrower is in compliance in all material respects with all federal,
state and local laws, rules and regulations applicable to its properties,
operations, business, and finances, including, without limitation, any federal
or state laws relating to liquor (including 18 U.S.C. ss. 3617, et seq.) or
narcotics (including 21 U.S.C. ss. 801, et seq.) and/or any commercial crimes;
all applicable federal, state and local laws and regulations intended to protect
the environment; and the Employee Retirement Income Security Act of 1974, as
amended ("ERISA"), if applicable. Organization and Authority. Each Borrower is
duly created, validly existing and in good standing under the laws of the state
of its organization, and has all powers, governmental licenses, authorizations,
consents and approvals required to operate its business as now conducted. Each
Borrower is duly qualified, licensed and in good standing in each jurisdiction
where qualification or licensing is required by the nature of its business or
the character and location of its property, business or customers, and in which
the failure to so qualify or be licensed, as the case may be, in the aggregate,
could have a material adverse effect on the business, financial position,
results of operations, properties or prospects of Borrower or any such
guarantor. No Litigation. There are no pending or threatened suits, claims or
demands against Borrower or any guarantor that have not been disclosed to Bank
by Borrower in writing, and approved by Bank. ERISA. Each employee pension
benefit plan, as defined in ERISA, maintained by Borrower meets, as of the date
hereof, the minimum funding standards of ERISA and all applicable regulations
thereto and requirements thereof, and of the Internal Revenue Code of 1954, as
amended. No "Prohibited Transaction" or "Reportable Event" (as both terms are
defined by ERISA) has occurred with respect to any such plan.

AFFIRMATIVE COVENANTS. Borrower agrees that from the date hereof and until final
payment in full of the Obligations, unless Bank shall otherwise consent in
writing, Borrower will: Business Continuity. Conduct its business in
substantially the same manner and locations as such business is now and has
previously been conducted. Maintain Properties. Maintain, preserve and keep its
property in good repair, working order and condition, making all needed
replacements, additions and improvements thereto, to the extent allowed by this
Agreement. Access to Books and Records. Allow Bank, or its agents, during normal
business hours and upon prior advance written notice, access to the books,
records and such other documents of Borrower as Bank shall reasonably require,
and allow Bank to make copies thereof at Bank's expense. Insurance. Maintain
adequate insurance coverage with respect to its properties and business against
loss or damage of the kinds and in the amounts customarily insured against by
companies of establiHed reputation engaged in the same or similar businesses
including, without limitation, commercial general liability insurance, workers
compensation insurance, and business interruption insurance; all acquired in
such amounts and from such companies as Bank may reasonably require. Notice of
Default and Other Notices. (a) Notice of Default. Furnish to Bank immediately
upon becoming aware of the existence of any condition or event which constitutes
a Default (as defined in the Loan Documents) or any event which, upon the giving
of notice or lapse of time or both, may become a Default, written notice
specifying the nature and period of existence thereof and the action which

                                     Page 6
<PAGE>

Borrower is taking or proposes to take with respect thereto. (b) Other Notices.
Promptly notify Bank in writing of (i) any material adverse change in its
financial condition or its business; (ii) any default under any material
agreement, contract or other instrument to which it is a party or by which any
of its properties are bound, or any acceleration of the maturity of any
indebtedness owing by Borrower; (iii) any material adverse claim against or
affecting Borrower or any part of its properties; (iv) the commencement of, and
any material determination in, any litigation with any third party or any
proceeding before any governmental agency or unit affecting Borrower in a
claimed amount in excess of $1,500,000.00; and (v) at least 30 days prior
thereto, any change in Borrower's name or address as shown above, and/or any
material change in Borrower's structure. Compliance with Other Agreements.
Comply with all terms and conditions contained in this Agreement, and any other
Loan Documents, and swap agreements, if applicable, as defined in the 11 U.S.C.
ss. 101. Payment of Debts. Pay and discharge when due, and before subject to
penalty or further charge, and otherwise satisfy before maturity or delinquency,
all obligations, debts, taxes, and liabilities of whatever nature or amount,
except those which Borrower in good faith disputes. Reports and Proxies. Deliver
to Bank, promptly, a copy of all financial statements, reports, notices, and
proxy statements, sent by Borrower to stockholders, and all regular or periodic
reports required to be filed by Borrower with any governmental agency or
authority. Other Financial Information. Deliver promptly such other information
regarding the operation, business affairs, and financial condition of Borrower
which Bank may reasonably request. Non-Default Certificate From Borrower.
Deliver to Bank, with the Financial Statements required herein, a certificate
signed by Borrower, if Borrower is an individual, or by a principal financial
officer of Borrower warranting that no "Default as specified in the Loan
Documents nor any event which, upon the giving of notice or lapse of time or
both, would constitute such a Default, has occurred. Estoppel Certificate.
Furnish, within 15 days after request by Bank, a written statement duly
acknowledged of the amount due under the Loan and whether offsets or defenses
exist against the Obligations.

Negative Covenants. Borrower agrees that from the date of this Agreement and
until final payment in full of the Obligations, unless Bank shall otherwise
consent in writing, Borrower will not: Default on Other Contracts or
Obligations. Default on any material contract with or obligation when due to a
third party or default in the performance of any obligation to a third party
incurred for money borrowed. Judgment Entered. Permit the entry of any monetary
judgment or the assessment against, the filing of any tax lien against, or the
issuance of any writ of garnishment or attachment against any property of or
debts due Borrower not dismissed or bonded within 30 days. Government
Intervention. Permit the assertion or making of any seizure, vesting or
intervention by or under authority of any government by which the management of
Borrower or any guarantor is displaced of its authority in the conduct of its
respective business or its such business is curtailed or materially impaired.
Prepayment of Other Debt. Retire any long-term debt entered into prior to the
date of this Agreement in advance of its legal obligation to do so other than in
connection with refinancing. Retire or Repurchase Capital Stock. Retire or
otherwise acquire any of its capital stock, except as permitted by waiver letter
from Bank to Borrower dated as of May 13, 1999 authorizing the repurchase of up
to two million shares of capital stock under Borrower's existing share
repurchase program.

Financial Covenants. Borrower, on a consolidated Basis, agrees to the following
provisions from the date hereof until final payment in full of the Obligations,
unless Bank shall otherwise consent in writing: Adjusted Tangible Net Worth.
Borrower shall, at all times, on a consolidated basis, maintain an Adjusted
Tangible Net Worth of not less than $165,000,000.00. "Adjusted Tangible Net
Worth" shall mean total assets minus Adjusted Total Liabilities. For purposes of
this computation, the aggregate amount of any intangible assets of Borrower
including, without limitation, goodwill, affiliated receivables or loans,
related receivables or loans, franchises, licenses, patents, trademarks, trade
names, copyrights, service marks, and brand names, shall be subtracted from
total assets. "Adjusted Total Liabilities" shall mean all liabilities of
Borrower, including capitalized leases and all reserves for deferred taxes, and
other deferred sums appearing on the liabilities side of a balance sheet and all
obligations as lessee under off-balance sheet synthetic leases of Borrower,
excluding debt fully subordinated to Bank on terms and conditions acceptable to
Bank, all in accordance with generally accepted accounting principles applied on
a consistent basis. Adjusted Total Liabilities to Adjusted Tangible Net Worth
Ratio. Borrower shall, at all times, on a consolidated basis, maintain a ratio
of Adjusted Total Liabilities to Adjusted Tangible Net Worth of not more than
2.50 to 1.00. Liquidity Requirement. Borrower shall, at all times, maintain

                                     Page 7
<PAGE>

unrestricted cash and unencumbered timeshare receivables of not less than
$20,000,000.00 in the aggregate. Deposit Relationship. Bluegreen Corporation
shall maintain its primary depository account with Bank. Compliance Certificate.
Borrower shall furnish Bank with a quarterly covenant compliance certificate
demonstrating Borrower's compliance with the above Financial Covenants.

Annual Financial Statements. Bluegreen Corporation shall deliver to Bank, within
90 days after the close of each fiscal year, audited financial statements
reflecting its operations during such fiscal year, including, without
limitation, a balance Sheets, profit and loss statement and statement of cash
flows, with supporting schedules; all on a consolidated and consolidating basis
and in reasonable detail, prepared in conformity with generally accepted
accounting principles, applied on a basis consistent with that of the preceding
year. All such statements shall be compiled by an independent certified public
accountant acceptable to Bank. The opinion of such independent certified public
accountant shall not be acceptable to Bank if qualified due to any limitations
in scope imposed by Bluegreen Corporation. Any other qualification of the
opinion by the accountant shall render the acceptability of the financial
statements subject to Bank's approval.

Periodic Financial Statements. Bluegreen Corporation shall deliver to Bank
unaudited management-prepared quarterly financial statements including, without
limitation, a balance Sheets, profit and loss statement and statement of cash
flows, with supporting schedules, as soon as available and in any event within
45 days after the close of each such period; all in reasonable detail and
prepared in conformity with generally accepted accounting principles, applied on
a basis consistent with that of the preceding year. Such statements shall be
certified as to their correctness by a principal financial officer of Bluegreen
Corporation and in each case, if audited statements are required, subject to
audit and year-end adjustments.

Attorneys' Fees. Borrower shall pay all of Bank's reasonable expenses incurred
to enforce or collect any of the Advances, including, without limitation,
reasonable arbitration, attorneys' and experts' fees and expenses, whether
incurred without the commencement of a suit, in any trial, arbitration, or
administrative proceeding, or in any appellate or bankruptcy proceeding.

Waivers. Except as otherwise permitted in the Note or other Loan Documents,
Borrower hereby waives presentment, protest, notice of dishonor, demand for
payment, notice of intention to accelerate maturity, notice of acceleration of
maturity, notice of sale and all other notices of any kind whatsoever. Any
failure by Bank to exercise any right hereunder shall not be construed as a
waiver of the right to exercise the same or any other right at any time.

Amendment and Severability. No amendment to or modification of this Agreement
shall be binding upon Bank unless in writing and signed by it. If any provision
of this Agreement shall be prohibited or invalid under applicable law, such
provision shall be ineffective but only to the extent of such prohibition or
invalidity, without invalidating the remainder of such provision or the
remaining provisions of this Agreement.

Miscellaneous. This Agreement is fully assignable by Bank and all rights of Bank
thereunder shall inure to the benefit of its successors and assigns. This
Agreement shall be binding upon Borrower and its successors and assigns. The
captions contained in this Agreement are inserted for convenience only and shall
not affect the meaning or interpretation of the Agreement. This Agreement shall
be governed by and interpreted in accordance with the laws of the state where
Bank's office as shown herein is located, without regard to that state's
conflict of laws principles.

Notices. Any notices to Borrower shall be sufficiently given, if in writing and
mailed or delivered to the Borrower's address shown above (attention Borrower's
Corporate General Counsel) or such other address as provided hereunder, and to
Bank, if in writing and mailed or delivered to Bank's office address shown above
or such other address as Bank may specify in writing from time to time. In the
event that Borrower changes Borrower's address at any time prior to the date the
Obligations are paid in full, Borrower agrees to promptly give written notice of
said change of address by registered or certified mail, return receipt
requested, all charges prepaid.

                                     Page 8
<PAGE>

Conditions Precedent. All advances under the Note are subject to the following
conditions precedent: (a) Non-Default. Borrower shall be in compliance with all
of the terms and conditions set forth herein and an Event of Default as
specified herein, or an event which upon notice or lapse of time or both would
constitute such an Event of Default, shall not have occurred or be continuing at
the time of such Advance. (b) Borrowing Resolution. Bank shall have received all
certified resolutions authorizing borrowings by Borrower under this Agreement.
(c) Financial Information and Documents. Borrower shall deliver to Bank such
information and documents as Bank may request from time to time, including
without limitation, financial statements, information pertaining to Borrower's
financial condition and additional supporting documents. (d)
Purchase/Warehousing Facility. Borrower shall provide evidence to Bank regarding
availability under its then existing purchase/warehousing facility in an amount
not less than that requested advance plus the then outstanding balance of the
Loan. (e) Certificates of Good Standing. Borrower shall have delivered a
Certificate of Good Standing for each Borrower (all dated within thirty days of
the date of this Agreement) issued by the respective Secretary of State.

Third Amended and Restated Loan Agreement. This Third Amended and Restated Loan
Agreement, amends, replaces and supercedes in its entirety that certain Second
Amended and Restated Loan Agreement dated as of December 31, 2002, executed by
Borrower in favor of Bank (the "Original Loan Agreement"). Should there be any
conflict between any of the terms of the Original Loan Agreement, and the terms
of this Agreement, the terms of this Agreement shall control.

ARBITRATION. Upon demand of any party hereto, whether made before or after
institution of any judicial proceeding, any claim or controversy arising out of
or relating to this Agreement or any other document executed in connection
herewith between parties hereto (a "Dispute") shall be resolved by binding
arbitration conducted under and governed by the Commercial Financial Disputes
Arbitration Rules (the "Arbitration Rules") of the American Arbitration
Association (the "AAA") and the Federal Arbitration Act. Disputes may include,
without limitation, tort claims, counterclaims, a dispute as to whether a matter
is subject to arbitration, claims brought as class actions, or claims arising
from documents executed in the future. A judgment upon the award may be entered
in any court having jurisdiction. Notwithstanding the foregoing, this
arbitration provision does not apply to disputes under or related to swap
agreements. Special Rules. All arbitration hearings shall be conducted in
Broward County, Florida. A hearing shall begin within 90 days of demand for
arbitration and all hearings shall conclude within 120 days of demand for
arbitration. These time limitations may not be extended unless a party shows
cause for extension and then for no more than a total of 60 days. The expedited
procedures set forth in Rule 51 et seq. of the Arbitration Rules shall be
applicable to claims of less than $1,000,000.00. Arbitrators shall be licensed
attorneys selected from the Commercial Financial Dispute Arbitration Panel of
the AAA. The parties do not waive applicable Federal or state substantive law
except as provided herein. Preservation and Limitation of Remedies.
Notwithstanding the preceding binding arbitration provisions, the parties agree
to preserve, without diminution, certain remedies that any party may exercise
before or after an arbitration proceeding is brought. The parties shall have the
right to proceed in any court of proper jurisdiction or by self-help to exercise
or prosecute the following remedies, as applicable: (i) all rights to foreclose
against any real or personal property or other security by exercising a power of
sale or under applicable law by judicial foreclosure including a proceeding to
confirm the sale; (ii) all rights of self-help including peaceful occupation of
real property and collection of rents, set-off, and peaceful possession of
personal property; (iii) obtaining provisional or ancillary remedies including
injunctive relief, sequestration, garnishment, attachment, appointment of
receiver and filing an involuntary bankruptcy proceeding; and (iv) when
applicable, a judgment by confession of judgment. Any claim or controversy with
regard to any party's entitlement to such remedies is a Dispute. Waiver of
Exemplary Damages. The parties agree that they shall not have a remedy of
punitive or exemplary damages against other parties in any Dispute and hereby
waive any right or claim to punitive or exemplary damages they have now or which
may arise in the future in connection with any Dispute whether the Dispute is
resolved by arbitration or judicially. Waiver of Jury Trial. THE PARTIES
ACKNOWLEDGE THAT BY AGREEING TO BINDING ARBITRATION THEY HAVE IRREVOCABLY WAIVED
ANY RIGHT THEY MAY HAVE TO JURY TRIAL WITH REGARD TO A DISPUTE.

                     [EXECUTIONS COMMENCE ON FOLLOWING PAGE]

                                     Page 9
<PAGE>

The parties hereto have duly executed this instrument as of the date stated
above.

                                Wachovia Bank, National Association, successor
                                interest to First Union National Bank

                                By: /S/ KAREN J. LEIKERT
                                    --------------------
                                    Karen J. Leikert, Vice President

                                Bluegreen Corporation, a Massachusetts
                                corporation

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

State of Florida    )
                    ) SS:
County of __________)

The foregoing instrument was acknowledged before me this 30 day of December,
2003, by Karen J. Leikert, as Vice President of Wachovia Bank, National
Association, on behalf of the bank. She is personally known to me or has
produced a driver's license, passport or military identification, or other form
of identification and did not take an oath.

                                    Print or Stamp Name: Lisa Fiedorowitz
                                    Notary Public, State of Florida at Large
                                    Commission No.: ____________________________
                                    My Commission Expires: 7/26/04

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

The foregoing instrument was acknowledged before me this 30 day of December,
2003, by John Chiste, as Treasurer of Bluegreen Corporation, a Massachusetts
corporation, on behalf of the corporation. He is personally known to me or has
produced a driver's license, passport or military identification, or other form
of identification and did not take an oath.

                                    Print or Stamp Name: Lisa Fiedorowitz
                                    Notary Public, State of Florida at Large
                                    Commission No.: ____________________________
                                    My Commission Expires: 7/26/04

                     [EXECUTIONS CONTINUE ON FOLLOWING PAGE]

                                    Page 10
<PAGE>

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

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

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

The foregoing instrument was acknowledged before me this 30 day of December,
2003, by John Chiste, as Vice President of Bluegreen Resorts Management, Inc., a
Delaware corporation, on behalf of the corporation. He is personally known to me
or has produced a driver's license, passport or military identification, or
other form of identification and did not take an oath.

                                    Print or Stamp Name: Lisa Fiedorowitz
                                    Notary Public, State of Florida at Large
                                    Commission No.: ____________________________
                                    My Commission Expires: _____________________

                     [EXECUTIONS CONTINUE ON FOLLOWING PAGE]

                                    Page 11
<PAGE>

                                  Bluegreen Vacations Unlimited, Inc., a Florida
                                  corporation

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

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

The foregoing instrument was acknowledged before me this 30 day of December,
2003, by John Chiste, as Treasurer of Bluegreen Vacations Unlimited, Inc., a
Florida corporation, on behalf of the corporation. He is personally known to me
or has produced a driver's license, passport or military identification, or
other form of identification and did not take an oath.

                                    Print or Stamp Name: Lisa Fiedorowiitz
                                    Notary Public, State of Florida at Large
                                    Commission No.: ____________________________
                                    My Commission Expires: _____________________

                     [EXECUTIONS CONTINUE ON FOLLOWING PAGE]

                                    Page 12
<PAGE>

                                 Bluegreen Holding Corporation  (Texas), a
                                 Delaware corporation

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

State of Florida    )
                    ) SS:
County of PALM BEACH

The foregoing instrument was acknowledged before me this 30 day of December,
2003, by John Chiste, as Treasurer of Bluegreen Holding Corporation (Texas), a
Delaware corporation, on behalf of the corporation. He is personally known to me
or has produced a driver's license, passport or military identification, or
other form of identification and did not take an oath.

                                    Print or Stamp Name: Lisa Fiedorowitz
                                    Notary Public, State of Florida at Large
                                    Commission No.: ____________________________
                                    My Commission Expires: _____________________

                     [EXECUTIONS CONTINUE ON FOLLOWING PAGE]

                                    Page 13
<PAGE>

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

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

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

The foregoing instrument was acknowledged before me this 30 day of December,
2003, by John Chiste, as Treasurer of Properties of the Southwest One, Inc., a
Delaware corporation , on behalf of the corporation. He is personally known to
me or has produced a driver's license, passport or military identification, or
other form of identification and did not take an oath.

                                    Print or Stamp Name: Lisa Fiedorowitz
                                    Notary Public, State of Florida at Large
                                    Commission No.: ____________________________
                                    My Commission Expires: _____________________

                     [EXECUTIONS CONTINUE ON FOLLOWING PAGE]

                                    Page 14
<PAGE>

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

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

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

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

The foregoing instrument was acknowledged before me this 30 day of December,
2003, by John Chiste, as Treasurer of Bluegreen Southwest Land, Inc. a Delaware
corporation, the General Partner of Bluegreen Southwest One, L.P., a Delaware
limited partnership, on behalf of the limited partnership. He is personally
known to me or has produced a driver's license, passport or military
identification, or other form of identification and did not take an oath.

                                Print or Stamp Name:Lisa Fiedorowitz
                                Notary Public, State of Florida at Large
                                Commission No.: ____________________________
                                My Commission Expires: _____________________

                     [EXECUTIONS CONTINUE ON FOLLOWING PAGE]

                                    Page 15
<PAGE>

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

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

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

The foregoing instrument was acknowledged before me this 30 day of December,
2003, by John Chiste, as Treasurer of Bluegreen Asset Management Corporation, a
Delaware corporation, on behalf of the corporation. He is personally known to me
or has produced a driver's license, passport or military identification, or
other form of identification and did not take an oath.

                                Print or Stamp Name: Lisa Fiedorowitz
                                Notary Public, State of Florida at Large
                                Commission No.: ____________________________
                                My Commission Expires: ______________________

                     [EXECUTIONS CONTINUE ON FOLLOWING PAGE]

                                    Page 16
<PAGE>

                                Bluegreen Carolina Lands, LLC, a Delaware
                                limited liability company

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

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

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

The foregoing instrument was acknowledged before me this 30 day of December ,
2003, by John Chiste, as Treasurer of Bluegreen Corporation, a Massachusetts
corporation, the Managing Member of Bluegreen Carolina Lands, LLC, a Delaware
limited liability company, on behalf of the limited liability company and
corporation. He is personally known to me or has produced a driver's license,
passport or military identification, or other form of identification and did not
take an oath.

                                Print or Stamp Name: Lisa Fiedorowitz
                                Notary Public, State of Florida at Large
                                Commission No.: ____________________________
                                My Commission Expires: _____________________

                     [EXECUTIONS CONTINUE ON FOLLOWING PAGE]

                                    Page 17
<PAGE>

                                Bluegreen Corporation of Tennessee, a Delaware
                                corporation

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

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

The foregoing instrument was acknowledged before me this 30 day of December,
2003, by John Chiste, as Treasurer of Bluegreen Corporation of Tennessee, a
Delaware corporation, on behalf of the corporation. He is personally known to me
or has produced a driver's license, passport or military identification, or
other form of identification and did not take an oath.

                                Print or Stamp Name: Lisa Fiedorowitz
                                Notary Public, State of Florida at Large
                                Commission No.: ____________________________
                                My Commission Expires: _____________________

                     [EXECUTIONS CONTINUE ON FOLLOWING PAGE]

                                    Page 18
<PAGE>

                                Bluegreen Corporation of the Rockies, a Delaware
                                corporation

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

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

The foregoing instrument was acknowledged before me this 30 day of December,
2003, by John Chiste, as Treasurer of Bluegreen Corporation of the Rockies, a
Delaware corporation, on behalf of the corporation. He is personally known to me
or has produced a driver's license, passport or military identification, or
other form of identification and did not take an oath.

                                Print or Stamp Name: Lisa Fiedorowitz
                                Notary Public, State of Florida at Large
                                Commission No.: ____________________________
                                My Commission Expires: _____________________

                     [EXECUTIONS CONTINUE ON FOLLOWING PAGE]

                                    Page 19
<PAGE>

                              Bluegreen Properties of Virginia, Inc., a Delaware
                              corporation

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

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

The foregoing instrument was acknowledged before me this 30 day of December,
2003, by John Chiste, as Treasurer of Bluegreen Properties of Virginia, Inc., a
Delaware corporation, on behalf of the corporation. He is personally known to me
or has produced a driver's license, passport or military identification, or
other form of identification and did not take an oath.

                                    Print or Stamp Name: Lisa Fiedorowitz
                                    Notary Public, State of Florida at Large
                                    Commission No.: ____________________________
                                    My Commission Expires: _____________________

                     [EXECUTIONS CONTINUE ON FOLLOWING PAGE]

                                    page 20
<PAGE>

                               Bluegreen Resorts International, Inc., a Delaware
                               corporation

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

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

The foregoing instrument was acknowledged before me this 30 day of December,
2003, by John Chiste, as Vice President of Bluegreen Resorts International,
Inc., a Delaware corporation, on behalf of the corporation. He is personally
known to me or has produced a driver's license, passport or military
identification, or other form of identification and did not take an oath.

                                    Print or Stamp Name: Lisa Fiedorowitz
                                    Notary Public, State of Florida at Large
                                    Commission No.: ____________________________
                                    My Commission Expires: _____________________

                     [EXECUTIONS CONTINUE ON FOLLOWING PAGE]

                                    Page 21
<PAGE>

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

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

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

The foregoing instrument was acknowledged before me this 30 day of December,
2003, by John Chiste, as Treasurer of Carolina National Golf Club, Inc., a North
Carolina corporation, on behalf of the corporation. He is personally known to me
or has produced a driver's license, passport or military identification, or
other form of identification and did not take an oath.

                                Print or Stamp Name: Lisa Fiedorowitz
                                Notary Public, State of Florida at Large
                                Commission No.: ____________________________
                                My Commission Expires: ______________________

                     [EXECUTIONS CONTINUE ON FOLLOWING PAGE]

                                    Page 22
<PAGE>

                                Leisure Capital Corporation, a Vermont
                                corporation

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

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

The foregoing instrument was acknowledged before me this 30 day of December,
2003, by John Chiste, as Treasurer of Leisure Capital Corporation, a Vermont
corporation, on behalf of the corporation. He is personally known to me or has
produced a driver's license, passport or military identification, or other form
of identification and did not take an oath.

                                Print or Stamp Name: Lisa Fiedorowitz
                                Notary Public, State of Florida at Large
                                Commission No.: ____________________________
                                My Commission Expires: _____________________

                     [EXECUTIONS CONTINUE ON FOLLOWING PAGE]

                                    Page 23
<PAGE>

                                Bluegreen West Corporation, a Delaware
                                corporation

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

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

The foregoing instrument was acknowledged before me this 30 day of December,
2003, by John Chiste, as Treasurer of Bluegreen West Corporation, a Delaware
corporation, on behalf of the corporation. He is personally known to me or has
produced a driver's license, passport or military identification, or other form
of identification and did not take an oath.

                                Print or Stamp Name: Lisa Fiedorowitz
                                Notary Public, State of Florida at Large
                                Commission No.: ____________________________
                                My Commission Expires: _____________________

                     [EXECUTIONS CONTINUE ON FOLLOWING PAGE]

                                    Page 24
<PAGE>

                                BG/RDI Acquisition Corp., a Delaware corporation

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

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

The foregoing instrument was acknowledged before me this 30 day of December ,
2003, by John Chiste, as Treasurer of BG/RDI Acquisition Corp., a Delaware
corporation, on behalf of the corporation. He is personally known to me or has
produced a driver's license, passport or military identification, or other form
of identification and did not take an oath.

                                Print or Stamp Name:  Lisa Fiedorowitz
                                Notary Public, State of Florida at Large
                                Commission No.: ____________________________
                                My Commission Expires: _____________________

                     [EXECUTIONS CONTINUE ON FOLLOWING PAGE]

                                    Page 25
<PAGE>

                                Bluegreen Corporation Great Lakes (WI), a
                                Wisconsin corporation

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

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

The foregoing instrument was acknowledged before me this 30 day of December,
2003, by John Chiste, as Treasurer of Bluegreen Corporation Great Lakes (WI), a
Wisconsin corporation, on behalf of the corporation. He is personally known to
me or has produced a driver's license, passport or military identification, or
other form of identification and did not take an oath.

                                Print or Stamp Name: Lisa Fiedorowitz
                                Notary Public, State of Florida at Large
                                Commission No.: ____________________________
                                My Commission Expires: _____________________

                     [EXECUTIONS CONTINUE ON FOLLOWING PAGE]

                                    Page 26
<PAGE>

                                Bluegreen Corporation of Canada, a Delaware
                                corporation

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

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

The foregoing instrument was acknowledged before me this 30 day of December,
2003, by John Chiste, as Treasurer of Bluegreen Corporation of Canada, a
Delaware corporation, on behalf of the corporation. He is personally known to me
or has produced a driver's license, passport or military identification, or
other form of identification and did not take an oath.

                                Print or Stamp Name: Lisa Fiedorowitz
                                Notary Public, State of Florida at Large
                                Commission No.: ____________________________
                                My Commission Expires: _____________________

                     [EXECUTIONS CONTINUE ON FOLLOWING PAGE]

                                    Page 27
<PAGE>

                                Bluegreen Golf Clubs, Inc., a Delaware
                                corporation

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

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

The foregoing instrument was acknowledged before me this 30 day of December,
2003, by John Chiste, as Treasurer of Bluegreen Golf Clubs, Inc., a Delaware
corporation, on behalf of the corporation. He is personally known to me or has
produced a driver's license, passport or military identification, or other form
of identification and did not take an oath.

                                Print or Stamp Name: Lisa Fiedorowitz
                                Notary Public, State of Florida at Large
                                Commission No.: ____________________________
                                My Commission Expires: ______________________

                     [EXECUTIONS CONTINUE ON FOLLOWING PAGE]

                                    Page 28
<PAGE>

                            Bluegreen Interiors, LLC, a Delaware limited
                            liability company

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

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

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

The foregoing instrument was acknowledged before me this 30 day of December,
2003, by John Chiste, as Treasurer of Bluegreen Vacations Unlimited, Inc., a
Florida corporation, the Managing Member of Bluegreen Interiors, LLC, a Delaware
limited liability company, on behalf of the limited liability company and
corporation. He is personally known to me or has produced a driver's license,
passport or military identification, or other form of identification and did not
take an oath.

                                Print or Stamp Name: Lisa Fiedorowitz
                                Notary Public, State of Florida at Large
                                Commission No.: ____________________________
                                My Commission Expires: _____________________

                     [EXECUTIONS CONTINUE ON FOLLOWING PAGE]

                                    Page 29
<PAGE>

                                Bluegreen Southwest Land, Inc., a Delaware
                                corporation

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

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

The foregoing instrument was acknowledged before me this 30 day of December,
2003, by John Chiste, as Treasurer of Bluegreen Southwest Land, Inc., a Delaware
corporation, on behalf of the corporation. He is personally known to me or has
produced a driver's license, passport or military identification, or other form
of identification and did not take an oath.

                                Print or Stamp Name: Lisa Fiedorowitz
                                Notary Public, State of Florida at Large
                                Commission No.: ____________________________
                                My Commission Expires: _____________________

                     [EXECUTIONS CONTINUE ON FOLLOWING PAGE]

                                    Page 30
<PAGE>

                                New England Advertising Corp., a Vermont
                                corporation

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

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

The foregoing instrument was acknowledged before me this 30 day of December,
2003, by John Chiste, as Treasurer of New England Advertising Corp., a Vermont
corporation, on behalf of the corporation. He is personally known to me or has
produced a driver's license, passport or military identification, or other form
of identification and did not take an oath.

                                Print or Stamp Name: Lisa Fiedorowitz
                                Notary Public, State of Florida at Large
                                Commission No.: ____________________________
                                My Commission Expires: _____________________

                     [EXECUTIONS CONTINUE ON FOLLOWING PAGE]

                                    Page 31
<PAGE>

                                South Florida Aviation, Inc., a Florida
                                corporation

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

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

The foregoing instrument was acknowledged before me this 30 day of December,
2003, by John Chiste, as Treasurer of South Florida Aviation, Inc., a Florida
corporation, on behalf of the corporation. He is personally known to me or has
produced a driver's license, passport or military identification, or other form
of identification and did not take an oath.

                                Print or Stamp Name: Lisa Fiedorowitz
                                Notary Public, State of Florida at Large
                                Commission No.: ____________________________
                                My Commission Expires: _____________________

                     [EXECUTIONS CONTINUE ON FOLLOWING PAGE]

                                    Page 32
<PAGE>

                                Winding River Realty, Inc., a North Carolina
                                corporation

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

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

The foregoing instrument was acknowledged before me this 30 day of December,
2003, by John Chiste, as Treasurer of Winding River Realty, Inc., a North
Carolina corporation, on behalf of the corporation. He is personally known to me
or has produced a driver's license, passport or military identification, or
other form of identification and did not take an oath.

                                Print or Stamp Name: Lisa Fiedorowitz
                                Notary Public, State of Florida at Large
                                Commission No.: ____________________________
                                My Commission Expires: _____________________

                     [EXECUTIONS CONTINUE ON FOLLOWING PAGE]

                                    Page 33
<PAGE>

                                Jordan Lake Preserve Corporation, a North
                                Carolina corporation

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

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

The foregoing instrument was acknowledged before me this 30 day of December,
2003, by John Chiste, as Treasurer of Jordan Lake Preserve Corporation, a North
Carolina corporation, on behalf of the corporation. He is personally known to me
or has produced a driver's license, passport or military identification, or
other form of identification and did not take an oath.

                                Print or Stamp Name: Lisa Fiedorowitz
                                Notary Public, State of Florida at Large
                                Commission No.: ____________________________
                                My Commission Expires: _____________________

                     [EXECUTIONS CONTINUE ON FOLLOWING PAGE]

                                    Page 34
<PAGE>

                                Leisure Communication Network, Inc., a Delaware
                                corporation

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

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

The foregoing instrument was acknowledged before me this 30 day of December,
2003, by John Chiste, as Treasurer of Leisure Communication Network, Inc., a
Delaware corporation, on behalf of the corporation. He is personally known to me
or has produced a driver's license, passport or military identification, or
other form of identification and did not take an oath.

                                Print or Stamp Name: Lisa Fiedorowitz
                                Notary Public, State of Florida at Large
                                Commission No.: ____________________________
                                My Commission Expires: _____________________

                     [EXECUTIONS CONTINUE ON FOLLOWING PAGE]

                                    Page 35
<PAGE>

                                Managed Assets Corporation, a Delaware
                                corporation

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

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

The foregoing instrument was acknowledged before me this 30 day of December,
2003, by John Chiste, as Treasurer of Managed Assets Corporation, a Delaware
corporation, on behalf of the corporation. He is personally known to me or has
produced a driver's license, passport or military identification, or other form
of identification and did not take an oath.

                                Print or Stamp Name: Lisa Fiedorowitz
                                Notary Public, State of Florida at Large
                                Commission No.: ____________________________

                     [EXECUTIONS CONTINUE ON FOLLOWING PAGE]

                                    Page 36
<PAGE>

                                travelheads, inc., a Florida corporation

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

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

The foregoing instrument was acknowledged before me this 30 day of December,
2003, by John Chiste, as Vice President of travelheads, inc., a Florida
corporation, on behalf of the corporation. He is personally known to me or has
produced a driver's license, passport or military identification, or other form
of identification and did not take an oath.

                                Print or Stamp Name: Lisa Fiedorowitz
                                Notary Public, State of Florida at Large
                                Commission No.: ____________________________

                     [EXECUTIONS CONTINUE ON FOLLOWING PAGE]

                                    Page 37
<PAGE>

                                Encore Rewards, Inc., a Delaware corporation

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

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

The foregoing instrument was acknowledged before me this 30 day of December,
2003, by John Chiste, as Vice President of Encore Rewards, Inc., a Delaware
corporation, on behalf of the corporation. He is personally known to me or has
produced a driver's license, passport or military identification, or other form
of identification and did not take an oath.

                                Print or Stamp Name: Lisa Fiedorowitz
                                Notary Public, State of Florida at Large
                                Commission No.: ____________________________

                     [EXECUTIONS CONTINUE ON FOLLOWING PAGE]

                                    Page 38
<PAGE>

                                Leisurepath, Inc., a Florida corporation

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

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

The foregoing instrument was acknowledged before me this 30 day of December,
2003, by John Chiste, as Vice President of Leisurepath, Inc., a Florida
corporation, on behalf of the corporation. He is personally known to me or has
produced a driver's license, passport or military identification, or other form
of identification and did not take an oath.

                                Print or Stamp Name: Lisa Fiedorowitz
                                Notary Public, State of Florida at Large
                                Commission No.: ____________________________

                     [EXECUTIONS CONTINUE ON FOLLOWING PAGE]

                                    Page 39
<PAGE>

                                BXG Realty, Inc., a Delaware corporation

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

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

The foregoing instrument was acknowledged before me this 30 day of December,
2003, by John Chiste, as Treasurer of BXG Realty, Inc., a Delaware corporation,
on behalf of the corporation. He is personally known to me or has produced a
driver's license, passport or military identification, or other form of
identification and did not take an oath.

                                Print or Stamp Name: Lisa Fiedorowitz
                                Notary Public, State of Florida at Large
                                Commission No.: ____________________________

                     [EXECUTIONS CONTINUE ON FOLLOWING PAGE]

                                    Page 40
<PAGE>

                                Mystic Shores Realty, Inc., a Texas corporation

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

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

The foregoing instrument was acknowledged before me this 30 day of December,
2003, by John Chiste, as Treasurer of Mystic Shores Realty, Inc., a Texas
corporation, on behalf of the corporation. He is personally known to me or has
produced a driver's license, passport or military identification, or other form
of identification and did not take an oath.

                                Print or Stamp Name: Lisa Fiedorowitz
                                Notary Public, State of Florida at Large
                                Commission No.: ____________________________

                     [EXECUTIONS CONTINUE ON FOLLOWING PAGE]

                                    Page 41
<PAGE>

                                Brickshire Realty, Inc., a Virginia corporation

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

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

The foregoing instrument was acknowledged before me this 30 day of December,
2003, by John Chiste, as Treasurer of Brickshire Realty, Inc., a Virginia
corporation, on behalf of the corporation. He is personally known to me or has
produced a driver's license, passport or military identification, or other form
of identification and did not take an oath.

                                Print or Stamp Name: Lisa Fiedorowitz
                                Notary Public, State of Florida at Large
                                Commission No.: ____________________________

                     [EXECUTIONS CONTINUE ON FOLLOWING PAGE]

                                    Page 42
<PAGE>

                             Catawba Falls, LLC, a North Carolina limited
                             liability company

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

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

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

The foregoing instrument was acknowledged before me this 30 day of December,
2003, by John Chiste, as Treasurer of Bluegreen Corporation, a Massachusetts
corporation, the Managing Member of Catawba Falls, LLC, a North Carolina limited
liability company, on behalf of the company and corporation. He is personally
known to me or has produced a driver's license, passport or military
identification, or other form of identification and did not take an oath.

                                Print or Stamp Name: Lisa Fiedorowitz
                                Notary Public, State of Florida at Large
                                Commission No.: ____________________________

                     [EXECUTIONS CONTINUE ON FOLLOWING PAGE]

                                    Page 43
<PAGE>

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

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

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

The foregoing instrument was acknowledged before me this 30 day of December,
2003, by John Chiste, as Treasurer of Preserve at Jordan Lake Realty, Inc., a
North Carolina corporation, on behalf of the corporation. He is personally known
to me or has produced a driver's license, passport or military identification,
or other form of identification and did not take an oath.

                                Print or Stamp Name: Lisa Fiedorowitz
                                Notary Public, State of Florida at Large
                                Commission No.: ____________________________

                     [EXECUTIONS CONTINUE ON FOLLOWING PAGE]

                                    Page 44
<PAGE>

                                Bluegreen Purchasing & Design, Inc., a Florida
                                corporation

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

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

The foregoing instrument was acknowledged before me this 30 day of December,
2003, by John Chiste, as Treasurer of Bluegreen Purchasing & Design, Inc., a
Florida corporation, on behalf of the corporation. He is personally known to me
or has produced a driver's license, passport or military identification, or
other form of identification and did not take an oath.

                                Print or Stamp Name: Lisa Fiedorowitz
                                Notary Public, State of Florida at Large
                                Commission No.: ____________________________

                     [EXECUTIONS CONTINUE ON FOLLOWING PAGE]

                                    Page 45
<PAGE>

                                Great Vacation Destinations, Inc., a Florida
                                corporation

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

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

The foregoing instrument was acknowledged before me this 30 day of December,
2003, by John Chiste, as Treasurer of Great Vacation Destinations, Inc., a
Florida corporation, on behalf of the corporation. He is personally known to me
or has produced a driver's license, passport or military identification, or
other form of identification and did not take an oath.

                                Print or Stamp Name: Lisa Fiedorowitz
                                Notary Public, State of Florida at Large
                                Commission No.: ____________________________

                     [EXECUTIONS CONTINUE ON FOLLOWING PAGE]

                                    Page 46
<PAGE>

                                Lake Ridge Realty, Inc., a Texas corporation

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

State of Florida     )
                     ) SS:
County of __________ )

The foregoing instrument was acknowledged before me this 30 day of December,
2003, by John Chiste, as Treasurer of Lake Ridge Realty, Inc., a Texas
corporation, on behalf of the corporation. He is personally known to me or has
produced a driver's license, passport or military identification, or other form
of identification and did not take an oath.

                                Print or Stamp Name: Lisa Fiedorowitz
                                Notary Public, State of Florida at Large
                                Commission No.: ____________________________

                                    Page 47

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