Document:

Exhibit 4.15

                             BLUEGREEN CORPORATION,
                                   as Issuer,

                  CERTAIN OF ITS SUBSIDIARIES SPECIFIED HEREIN,
                            as Subsidiary Guarantors

                                       and

                     SUNTRUST BANK (formerly SUNTRUST BANK,
                     CENTRAL FLORIDA, NATIONAL ASSOCIATION),
                                as Notes Trustee

--------------------------------------------------------------------------------

                          EIGHTH SUPPLEMENTAL INDENTURE

                           Dated as of March 31, 2006

--------------------------------------------------------------------------------

                                       To

                     The Indenture Dated as of April 1, 1998
                          Among Bluegreen Corporation,
     Certain of its Subsidiaries and SunTrust Bank (formerly SunTrust Bank,
            Central Florida, National Association), as Notes Trustee,
             Relating to $110 Million Aggregate Principal Amount of
                      10 1/2% Senior Secured Notes due 2008

<PAGE>

                          EIGHTH SUPPLEMENTAL INDENTURE

      THIS SEVENTH SUPPLEMENTAL INDENTURE (the "Supplemental Indenture") is made
as of the 31st day of March, 2006, among Bluegreen Corporation, a Massachusetts
corporation (the "Company"), the Subsidiary Guarantors (as defined in the
Indenture defined below), and SunTrust Bank (formerly SunTrust Bank, Central
Florida, National Association), in its capacity as trustee (the "Notes
Trustee").

      WHEREAS, the Company, the Subsidiary Guarantors and the Notes Trustee
heretofore executed and delivered an Indenture, dated as of April 1, 1998, as
amended and supplemented by a First Supplemental Indenture thereto dated as of
March 15, 1999, as further amended and supplemented by a Second Supplemental
Indenture thereto dated as of December 31, 2000, as further amended and
supplemented by a Third Supplemental Indenture thereto dated as of October 31,
2001, as further amended and supplemented by a Fourth Supplemental Indenture
thereto dated as of December 31, 2001, as further amended and supplemented by a
Fifth Supplemental Indenture thereto dated as of July 31, 2002, as further
amended and supplemented by a Sixth Supplemental Indenture thereto dated as of
April 30, 2003, and as further amended and supplemented by a Seventh
Supplemental Indenture thereto dated as of February 29, 2004 (as so amended and
supplemented, the "Indenture"); and

      WHEREAS, pursuant to the Indenture, the Company issued and the Notes
Trustee authenticated and delivered $110 million aggregate principal amount of
the Issuer's 10 1/2% Senior Secured Notes due 2008 (the "Initial Notes"); and

      WHEREAS, pursuant to an exchange offer registered with the Securities and
Exchange Commission on a Registration Statement No. 333-51717 on Form S-4, the
Company offered to, and did, exchange $110 million in aggregate principal amount
of its 10 1/2% Senior Secured Notes due 2008 (the "Exchange Notes" and, together
with the Initial Notes, the "Notes") for $110 million in aggregate principal
amount of the Initial Notes; and

      WHEREAS, the Initial Notes were, and the Exchange Notes are,
unconditionally guaranteed on a senior basis by the Subsidiary Guarantors; and

      WHEREAS, Section 9.01 of the Indenture provides that the Company and the
Subsidiary Guarantors, when authorized by Board Resolutions of their respective
Boards of Directors, and the Notes Trustee may amend or supplement the Indenture
without the consent of any Noteholder, among other reasons, to add further
guarantees with respect to the Notes and to cure any ambiguity, omission, defect
or inconsistency, provided that such amendment or supplement does not adversely
affect the rights of any Noteholder in any respect; and

      WHEREAS, the Company has heretofore delivered or is delivering
contemporaneously herewith to the Notes Trustee (i) a copy of Board Resolutions
authorizing the execution, delivery and performance of this Supplemental
Indenture, (ii) an Officers' Certificate in compliance with and to the effect
set forth in Sections 1.01, 7.02, 9.01, 9.06 and 12.04 of the Indenture, and
(iii) an Opinion of Counsel in compliance with and to the effect set forth in
Sections 1.01, 7.02, 9.01, 9.06 and 12.04 of the Indenture; and

<PAGE>

      WHEREAS, all conditions necessary to authorize the execution and delivery
of this Supplemental Indenture and to make this Supplemental Indenture valid and
binding have been complied with or have been done or performed;

      NOW, THEREFORE, in consideration of the foregoing and notwithstanding
any provision of the Indenture which, absent this Supplemental Indenture, might
operate to limit such action, the Company, the Subsidiary Guarantors and the
Notes Trustee agree as follows for the equal and ratable benefit of the
Noteholders.

                                    ARTICLE 1
                                   DEFINITIONS

      SECTION 1.01. General. For all purposes of the Indenture and this
Supplemental Indenture, except as otherwise expressly provided or unless the
context otherwise requires:

      (a) the words "herein", "hereof" and "hereunder" and other words of
similar import refer to the Indenture and this Supplemental Indenture as a whole
and not to any particular Article, Section or subdivision; and

      (b) capitalized terms used but not defined herein shall have the meaning
assigned to them in the Indenture.

                                    ARTICLE 2
                              ADDITIONAL GUARANTORS

      SECTION 2.01. Additional Guarantors. Pursuant to Section 10.07 of the
Indenture, each of the Additional Guarantors hereby expressly assumes the
obligations of, and otherwise agrees to perform all of the duties of, a
Subsidiary Guarantor under the Indenture, subject to the terms and conditions
thereof, as of the date set forth opposite the name of such Additional Guarantor
on Schedule A hereto.

                                    ARTICLE 3
                                  MISCELLANEOUS

      SECTION 3.01. Effectiveness. This Supplemental Indenture shall become
effective, as of its effective date, upon its execution and delivery by the
Company, the Subsidiary Guarantors and the Notes Trustee. Upon the execution and
delivery of this Supplemental Indenture by the Company, the Subsidiary
Guarantors and the Notes Trustee, the Indenture shall be supplemented in
accordance herewith, and this Supplemental Indenture shall form a part of the
Indenture for all purposes, and every Note heretofore or hereafter authenticated
and delivered under the Indenture shall be bound thereby.

      SECTION 3.02. Indenture Remains in Full Force and Effect. All provisions
in the Indenture shall remain in full force and effect, and, except as expressly
supplemented and amended hereby, shall remain unchanged.

      SECTION 3.03. Indenture and Supplemental Indenture Construed Together.
This Supplemental Indenture is an indenture supplemental to and in
implementation of the Indenture

                                       2
<PAGE>

and the Indenture and this Supplemental Indenture shall henceforth be read and
construed together.

      SECTION 3.04. Confirmation and Preservation of Indenture. The Indenture,
as supplemented by this Supplemental Indenture, is in all respects confirmed and
preserved.

      SECTION 3.05. Conflict with Trust Indenture Act. If any provision of this
Supplemental Indenture limits, qualifies or conflicts with any provision of the
Trust Indenture Act of 1939, as amended (the "Trust Indenture Act"), that is
required under the Trust Indenture Act to be part of and govern any provision of
this Supplemental Indenture, the provision of the Trust Indenture Act shall
control. If any provision of this Supplemental Indenture modifies or excludes
any provision of the Trust Indenture Act that may be so modified or excluded,
the provision of the Trust Indenture Act shall be deemed to apply to the
Indenture as so modified or to be excluded by this Supplemental Indenture, as
the case may be.

      SECTION 3.06. Severability. In case any provision in this Supplemental
Indenture shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or
impaired thereby.

      SECTION 3.07. Headings. The Article and Section headings of this
Supplemental Indenture have been inserted for convenience of reference only, are
not to be considered a part of this Supplemental Indenture and shall in no way
modify or restrict any of the terms or provisions hereof.

      SECTION 3.08. Benefits of Supplemental Indenture, etc. Nothing in this
Supplemental Indenture or the Notes, express or implied, shall give to any
Person, other than the parties hereto and thereto and their successors hereunder
and thereunder and the Noteholders, any benefit of any legal or equitable right,
remedy or claim under the Indenture, this Supplemental Indenture or the Notes.

      SECTION 3.09. Successors. All agreements of the Company and the Subsidiary
Guarantors in this Supplemental Indenture shall bind their respective
successors. All agreements of the Notes Trustee in this Supplemental Indenture
shall bind its successors.

      SECTION 3.10. Trustee Not Responsible for Recitals. The recitals contained
herein shall be taken as the statements of the Company and the Subsidiary
Guarantors, and the Notes Trustee assumes no responsibility for their
correctness. The Notes Trustee shall not be liable or responsible for the
validity or sufficiency of this Supplemental Indenture.

      SECTION 3.11. Certain Duties and Responsibilities of the Notes Trustee. In
entering into this Supplemental Indenture, the Notes Trustee shall be entitled
to the benefit of every provision of the Indenture relating to the conduct or
affecting the liability or affording protection to the Notes Trustee, whether or
not elsewhere herein so provided.

      SECTION 3.12. Governing Law. The internal law of the State of New York
shall govern and be used to construe this Supplemental Indenture.

                                       3
<PAGE>

      SECTION 3.13. Counterpart Originals. The parties may sign any number of
copies of this Supplemental Indenture. Each signed copy shall be original, but
all of them together represent the same agreement.

                                       4
<PAGE>

      IN WITNESS WHEREOF, the parties hereto have caused this Supplemental
Indenture to be duly executed and attested, all as of the date and year first
written above.

                              SIGNATURES

                              BLUEGREEN CORPORATION

                              By:
                                 -----------------------------------------------
                              Name:
                              Title:

                              BLUEGREEN HOLDING CORPORATION
                              (TEXAS)

                              By:
                                 -----------------------------------------------
                              Name:
                              Title:

                              BLUEGREEN SOUTHWEST ONE, L.P.

                              By:
                                 -----------------------------------------------
                              Name:
                              Title:

                              BLUEGREEN ASSET MANAGEMENT
                              CORPORATION

                              By:
                                 -----------------------------------------------
                              Name:
                              Title:

                                       5
<PAGE>

                              BLUEGREEN CORPORATION OF TENNESSEE

                              By:
                                 -----------------------------------------------
                              Name:
                              Title:

                              BLUEGREEN CORPORATION OF THE
                              ROCKIES

                              By:
                                 -----------------------------------------------
                              Name:
                              Title:

                              BLUEGREEN PROPERTIES OF VIRGINIA, INC.

                              By:
                                 -----------------------------------------------
                              Name:
                              Title:

                              BLUEGREEN RESORTS INTERNATIONAL,
                              INC.

                              By:
                                 -----------------------------------------------
                              Name:
                              Title:

                              CAROLINA NATIONAL GOLF CLUB, INC.

                              By:
                                 -----------------------------------------------
                              Name:
                              Title:

                                       6
<PAGE>

                              LEISURE CAPITAL CORPORATION

                              By:
                                 -----------------------------------------------
                              Name:
                              Title:

                              BLUEGREEN WEST CORPORATION

                              By:
                                 -----------------------------------------------
                              Name:
                              Title:

                              BLUEGREEN VACATIONS UNLIMITED, INC.

                              By:
                                 -----------------------------------------------
                              Name:
                              Title:

                              BLUEGREEN SOUTHWEST LAND, INC.

                              By:
                                 -----------------------------------------------
                              Name:
                              Title:

                              BLUEGREEN CAROLINA LANDS, LLC

                              By:
                                 -----------------------------------------------
                              Name:
                              Title:

                              BLUEGREEN RESORTS MANAGEMENT, INC.

                              By:
                                 -----------------------------------------------
                              Name:
                              Title:

                                       7
<PAGE>

                              JORDAN LAKE PRESERVE CORPORATION

                              By:
                                 -----------------------------------------------
                              Name:
                              Title:

                              LEISURE COMMUNICATION NETWORK, INC.

                              By:
                                 -----------------------------------------------
                              Name:
                              Title:

                              MANAGED ASSETS CORPORATION

                              By:
                                 -----------------------------------------------
                              Name:
                              Title:

                              TRAVELHEADS, INC.

                              By:
                                 -----------------------------------------------
                              Name:
                              Title:

                              ENCORE REWARDS, INC.

                              By:
                                 -----------------------------------------------
                              Name:
                              Title:

                              LEISUREPATH, INC.

                              By:
                                 -----------------------------------------------
                              Name:
                              Title:

                                       8
<PAGE>

                              CATAWBA FALLS, LLC

                              By:
                                 -----------------------------------------------
                              Name:
                              Title:

                              BLUEGREEN COMMUNITIES OF GEORGIA,
                              LLC

                              By:
                                 -----------------------------------------------
                              Name:
                              Title:

                              BLUEGREEN PURCHASING & DESIGN, INC.

                              By:
                                 -----------------------------------------------
                              Name:
                              Title:

                              GREAT VACATION DESTINATIONS, INC.

                              By:
                                 -----------------------------------------------
                              Name:
                              Title:

                              BLUEGREEN GOLF CLUBS, INC.

                              By:
                                 -----------------------------------------------
                              Name:
                              Title:

                                       9
<PAGE>

                              PINNACLE VACATIONS, INC.

                              By:
                                 -----------------------------------------------
                              Name:
                              Title

                              SUNTRUST BANK, As Trustee

                              By:
                                 -----------------------------------------------
                              Name:
                              Title:

<PAGE>

                                   SCHEDULE A

                              ADDITIONAL GUARANTOR

     Name                                                            Date
     ----                                                            ----

Pinnacle Vacations, Inc.                                        March 31, 2006

                                       11Exhibit 10.135

                                    AGREEMENT

      This  Agreement  (the  "Agreement")  is made as of December  31, 2006 (the
"Effective  Date"),  by  and  between  Bluegreen  Corporation,  a  Massachusetts
corporation  with  its  headquarters   located  in  Boca  Raton,   Florida  (the
"Company"), and George F. Donovan ("Donovan").

                               W I T N E S S E T H

      WHEREAS,  Donovan has received numerous awards  recognizing his leadership
in and contribution to the real estate/timeshare industry;

      WHEREAS,  Donovan  is  recognized  as a  preeminent  leader  in  the  real
estate/timeshare industry;

      WHEREAS,  Donovan  has through his  previous  employment  with the Company
developed  and acquired  knowledge and  information  pertaining to the Company's
business and the business of its Related  Entities  (defined  below),  primarily
including, but not limited to, the Company's real estate development,  finances,
management,  operations,  and sales and marketing, and Donovan acknowledges that
such information is valuable, confidential and proprietary;

      WHEREAS,  Donovan  has  resigned  from his  employment  with  the  Company
effective December 31, 2006; and

      WHEREAS,  the Company  desires to retain  Donovan to provide the  services
described  herein and Donovan  desires to provide such services and both parties
desire that Donovan provide such services as an independent  contractor,  rather
than an employee, effective January 1, 2007.

      NOW,  THEREFORE,  in  consideration  of the  promises set forth herein and
other good and valuable consideration,  receipt of which is hereby acknowledged,
Donovan and the Company agree as follows:

1.  Termination  of Previous  Agreement.  The Company and Donovan agree that all
contractual  agreements  entered into between the Company and Donovan before the
Effective Date, including,  without limitation, the Employment Agreement entered
into by and between the Company and Donovan on June 28,  2006,  are  terminated.
Donovan agrees and acknowledges that the only obligations,  whether  contractual
or  otherwise,  that the Company has with  Donovan and that Donovan has with the
Company are those described in this Agreement.

2.  Employment  of  Donovan  and  Service  on  the  Board.  Donovan  agrees  and
acknowledges  that employment  with the Company as its Chief  Executive  Officer
("CEO")  terminated on December 31, 2006 (the "Employment  Term").  By execution
hereof,  unless his resignation is earlier submitted,  Donovan  acknowledges his
resignation  from the  Company's  Board of  Directors  (the  "Board")  and as an
officer and director of any subsidiary or affiliate of the Company  effective as
of December 31, 2006.

                                       1
<PAGE>

3. Independent Contractor.

      3.1 Independent  Contractor Term.  Subject to the terms and conditions set
forth herein,  from January 1, 2007 through December 31, 2013 (the "Term"),  the
Company shall engage Donovan as an independent  contractor to personally provide
services to the Company as set forth herein.  During the Term: (a) Donovan shall
serve as a strategic  advisor to the Company;  (b) Donovan  shall  cooperate and
assist  in the  transition  of the  responsibilities  of the  CEO to the new CEO
selected by the Board and shall mentor such new CEO and other  executives of the
Company as requested  by the Board or the new CEO; and (c) Donovan  shall assist
the Board with  strategic  planning  and  product  planning,  serve as a general
advisor to senior  management  and the Board,  assist in  opening  new  markets,
assist in identifying and  consummating  acquisitions,  and engage in such other
services  as may be  requested  from  time to time  by the  Company's  executive
officers or the Board.

      3.2 Independent  Contractor Status.  The Company and Donovan  specifically
agree that after December 31, 2006,  Donovan shall be an independent  contractor
and not an employee of the  Company.  As such,  the Company will not withhold or
pay on behalf of Donovan,  income tax,  employment tax,  workers'  compensation,
unemployment  compensation or other similar taxes or benefits. In the event that
a court of competent jurisdiction shall decide,  notwithstanding this Section 3,
that such sums are due, or should  Donovan be deemed to be an employee,  Donovan
shall be personally liable for all such taxes, sums,  interest or penalties that
may be due thereby. This provision shall be binding upon the successors,  heirs,
executors and administrators of the parties.  During the Term, Donovan shall not
have any authority,  and shall not hold himself out as having the authority,  to
bind the Company or otherwise use the Company's name in any way not specifically
authorized by the Company.  During the Term, Donovan shall not represent that he
is an employee of the Company.

      4. Best Efforts.  During the Term of this Agreement,  Donovan shall devote
his best efforts to the performance of his duties under this Agreement and shall
perform them faithfully,  diligently, and competently and in a manner consistent
with all policies of the Company.  Donovan  recognizes  that the Company  places
significant  importance  on its  policies  and  practices  regarding  the way it
operates its business and how it treats its  employees,  customers  and vendors,
including its business ethics, anti-discrimination,  anti-harassment,  and other
related  policies.  Donovan agrees that in doing  business with the Company,  he
will comport himself  consistent with the Company's policies and will not engage
in any conduct that would  conflict with the Company's  policies or practices in
those areas. Donovan agrees to make himself available to the Company at any time
to provide the services reasonably requested hereunder. Donovan shall not engage
in any activities  outside the scope of this Agreement for any other individuals
or entities if such activities  could  reasonably be expected to detract from or
interfere  with the  fulfillment  of his  responsibilities  or duties under this
Agreement. Notwithstanding anything to the contrary contained herein, if Donovan
breaches his obligations hereunder, Donovan shall forfeit his entitlement to any
further  compensation  due under this  Agreement  and shall only be  entitled to
accrued and unpaid compensation.

                                       2
<PAGE>

5.  Compensation.  As  full  compensation  for  his  services  hereunder  and in
consideration for Donovan's covenants  contained in this Agreement,  the Company
shall pay Donovan the following compensation:

      5.1 Term.  During the period  commencing  on January 1, 2007 and ending on
December  31,  2011,  Donovan  will be paid at an  annual  rate of Five  Hundred
Thousand Dollars ($500,000), and during the period commencing on January 1, 2012
and ending on December 31,  2013,  Donovan will be paid at an annual rate of Two
Hundred Fifty Thousand Dollars ($250,000). This compensation shall be payable in
periodic  installments  in accordance  with the Company's usual practice for its
senior executives.

      5.2  Benefits.  Subsequent  to  December  31,  2006,  Donovan  will not be
eligible  to  participate  in  any  employee  benefit  plans,  medical  (health)
insurance  plans,  life insurance  plans,  disability  income plans,  retirement
plans,  expense  reimbursement  plans,  stock option plans or any other employee
benefit;  provided, however that following the cessation of Donovan's employment
as an employee of the Company,  Donovan  will have the right to continue  health
insurance  coverage under the Company's  medical insurance plan for himself and,
to the extent available under the Consolidated Omnibus Budget Reconciliation Act
("COBRA"), his dependents,  if any, at his own expense in accordance with COBRA,
if Donovan takes all actions necessary to elect to continue such coverage.

      5.3 Golf Club.  The  Company  shall pay (or  reimburse)  Donovan's  annual
membership  dues in a golf club of Donovan's  choice through  December 31, 2006,
provided  however  that the  payment of dues shall not be made by the Company to
cover any period of membership  subsequent  to December 31, 2006.  Subsequent to
December 31, 2006, the Company shall not pay for Donovan's  membership in a golf
club.

      5.4 Expenses. The Company will pay or reimburse Donovan for all reasonable
vouchered  business expenses incurred by him in the performance of his duties as
an employee of the Company through  December 31, 2006, which have been submitted
in accordance with any expense  reimbursement policy of the Company.  During the
Term,  the  Company  agrees  to pay or  reimburse  Donovan  only for  reasonable
vouchered  business expenses incurred by him in the performance of his duties as
a strategic  advisor which have been  pre-approved by the Company and thereafter
are submitted in accordance with any expense reimbursement policy or practice of
the Company.

6. Indemnification.

      6.1 Company's  Indemnification  of Donovan.  Except as otherwise  provided
herein,  the Company shall indemnify Donovan for acts taken in good faith in the
performance  of his  duties as Chief  Executive  Officer  and  pursuant  to this
Agreement.  Such  indemnification  shall be in  accordance  with  the  Company's
Articles of Organization, By-Laws and the laws of Massachusetts.

                                       3
<PAGE>

      6.2  Donovan  shall  indemnify  the  Company  and  each  of its  officers,
directors and employees and hold each of them harmless against and in respect of
any  and  all  damage,  loss,  liability,   obligation,   assessment,  judgment,
proceeding, claim, cost or expense, including without limitation amounts payable
in  connection  with the  investigation  or  settlement  of claims and including
attorneys' fees,  relating to or arising out of the following:  (i) any criminal
conduct  by  Donovan;  (ii)  Donovan's  violation  of any of  the  policies  and
procedures of the Company,  including without  limitation the Company's policies
on sexual  harassment and  transactions  in the Company's  securities;  or (iii)
Donovan's gross negligence,  willful  misconduct,  fraud or  misappropriation of
assets;  provided,  however,  that in no event shall Donovan have any obligation
hereunder to indemnify the Company or any of the above  indemnified  persons for
amounts in excess of $3 million. The Company shall have the right to set-off any
such amounts against amounts due and payable by the Company to Donovan.

7.  Termination.  Notwithstanding  anything to the  contrary  contained  in this
Agreement, this Agreement may be terminated at any time as follows:

      7.1  Termination by the Company for Cause.  The Company may terminate this
Agreement for Cause (as defined  below),  as provided  below.  In the event of a
termination  for Cause,  the Company shall be  responsible  under this Agreement
only for  accrued  and unpaid  compensation  and  benefits  through  the date of
termination.  For purposes of this  Agreement  the  following  shall  constitute
"Cause" for such  termination:  (i) conviction of or plea of nolo  contendere by
Donovan for (A) felony or (B) any misdemeanor involving moral turpitude, deceit,
dishonesty or fraud; (ii) Donovan's  violation of the policies and procedures of
the Company,  including,  without  limitation,  the Company's policies on sexual
harassment,  discrimination and transactions in the Company's securities,  as in
effect from time to time; (iii) Donovan's gross negligence,  willful misconduct,
fraud or  misappropriation  of assets; (iv) material breach by Donovan of any of
Donovan's  obligations under this Agreement;  or (v) any negative or disparaging
statements   by  Donovan  about  the  Company,   its   management  or  principal
shareholders.  Prior to  termination  of this  Agreement  for Cause  pursuant to
subsections  (ii), (iii), (iv) or (v), the Company shall provide Donovan written
notice of any violation breach or failure and, if possible of cure, Donovan will
have 10 business days after receipt of written notice to cure any such violation
or breach.  If terminated  pursuant to subsection (i) or if no cure is possible,
the termination shall be effective upon the date of written notice to Donovan.

      7.2  Termination by the Company  Without Cause.  The Company may terminate
this Agreement  without Cause by a vote of the Board.  Such termination  without
Cause shall be effective  immediately  upon written  notice to Donovan of such a
vote by the Board. If this Agreement is terminated by the Company without Cause,
then Donovan shall be entitled to receive  payments due under this Agreement for
the remainder of the Term in accordance with Section 9.2.

      7.3  Death.  If  Donovan  dies at any time  during  the  Term,  then  this
Agreement  shall  terminate  and  Donovan's  estate shall be entitled to receive
payments due under this  Agreement  for the  remainder of the Term in accordance
with Section 9.2.

                                       4
<PAGE>

      7.4  Disability.  If Donovan shall become  disabled at any time during the
Term and is substantially unable to perform under this Agreement, the Board may,
upon 30 days written notice to Donovan and in the sole discretion of the Company
terminate this  Agreement.  In the event of such  termination,  Donovan shall be
entitled to receive  payments due under this  Agreement for the remainder of the
Term in  accordance  with Section 9.2. For purposes of this  Agreement,  Donovan
shall be  deemed  to be  "disabled"  if,  due to  Donovan's  physical  or mental
disability,  he has been  substantially  unable to perform his duties for ninety
(90)  continuous  and  consecutive  days at any  time  during  the  Term of this
Agreement.  Donovan  shall be considered  to have been  substantially  unable to
perform  his  duties  hereunder  if he is either (i)  unable to  reasonably  and
effectively  carry out his duties with reasonable  accommodations by the Company
or (ii) unable to reasonably  and  effectively  carry out his duties because any
reasonable  accommodation  that may be required  would  cause the Company  undue
hardship.

8. Termination Benefits.

      8.1 Termination of Benefits.  Upon termination of Donovan's services as an
employee,  benefits  under  any  employee  benefit  plans of the  Company  shall
terminate  as  provided  in the terms of the  applicable  plans.  Subject to the
approval of the Board's  Compensation  Committee  and to the extent  permissible
under the  Company's  relevant  Option  Plan,  84,538 of the  140,896  Donovan's
unvested  options,  which would otherwise have vested  February 19, 2008,  shall
vest as of December 31, 2006. All other unvested  options shall remain  unvested
and shall,  based on termination of his  employment,  be cancelled.  Donovan may
exercise  any  vested  options  within  the  periods  following  termination  of
employment  set forth in the  relevant  plans  and  agreements  under  which the
options were granted.

      8.2 Payment of  Termination  Benefits.  With respect to payments due under
Section 7.2, 7.3 or 7.4 that are unpaid as of the date of termination,  death or
disability,  such payments shall be paid in periodic  installments in accordance
with the Company's usual practices for its senior executives; provided, however,
that if Section  409A(a)(2)(B) would apply to Donovan at the date of termination
of  employment,  no such  payments of Salary  shall be made during the six month
period following the effective date of Donovan's termination; provided, further,
that such  payment  which would have  otherwise  been made during such six month
period  shall be paid in one lump sum payment  upon the  expiration  of such six
month period.  Notwithstanding the foregoing sentence, in the event of the death
of Donovan, any unpaid payments under Section 7.2, 7.3 or 7.4 shall continue and
be paid to the estate of Donovan for the same duration and in the same manner as
would have been paid to Donovan if he were alive.  The  payments  under  Section
7.2,  7.3 or 7.4 shall be offset by any  amounts  owed to the Company by Donovan
ratably over the anticipated period during which such payments will be paid.

      8.3  Insurance.  The  Company  currently  maintains  an  insurance  policy
insuring  Donovan's  life. If requested by Donovan prior to March 15, 2007,  the
Company shall take such steps  necessary to transfer such policy to Donovan upon
payment  by  Donovan in  immediately  available  funds of the cash value of such
policy on the date of transfer  together with any amounts  payable in connection
with such transfer.

                                       5
<PAGE>

9. Non-Competition; Protection of Confidential Information; Etc.

      9.1 Rationale for Restrictions. Donovan agrees that his services hereunder
are of a special,  unique,  extraordinary  and intellectual  character,  and his
position with the Company  places him in a position of confidence and trust with
the clients,  customers,  suppliers,  vendors,  contractors and employees of the
Company and/or of any joint venture, partnership, trust or other entity in which
the  Company  has  a  direct  or  indirect  interest   (collectively,   "Related
Entities").  Donovan further  acknowledges  that the rendering of services under
this Agreement  necessarily  requires the disclosure to Donovan of  Confidential
Information (defined below) of the Company and/or Related Entities.  Donovan and
the Company  agree that in the course of his duties  hereunder,  Donovan has and
will continue to develop a personal relationship with the Company's clients, and
a knowledge of these clients,  affairs and requirements which may constitute the
Company's primary and only contact with such clients.  Donovan acknowledges that
the  Company's  relationships  with its  established  clientele may therefore be
placed in Donovan's hands in confidence and trust.  Donovan  consequently agrees
that it is  reasonable  and  necessary  for the  protection  of the goodwill and
business of the Company and/or Related  Entities that Donovan make the covenants
contained herein,  that the covenants are a material  inducement for the Company
to engage  Donovan's  services  and to enter into this  Agreement,  and that the
covenants are given as an integral part of and incident to this Agreement.

      9.2  Non-Competition  In  Related  Business.  Provided  that  the  Company
performs  in all  material  respects  its  obligations  under  the terms of this
Agreement,  Donovan shall not,  directly or indirectly,  during the Term of this
Agreement  and for a period of two years  thereafter,  directly  or  indirectly,
enter into the employment of, render any services to, engage,  manage,  operate,
join, or own, lend money or otherwise  offer other  assistance to or participate
in or be connected with, as an officer, director,  employee,  principal,  agent,
creditor,   proprietor,   representative,   stockholder,   partner,   associate,
consultant  or  otherwise,  any person or entity  that  directly  or  indirectly
competes  with or is in any  similar  business  to that  of the  Company  and/or
Related  Entities.  The  geographic  scope of this  covenant is limited to those
geographic  markets in which the Company and/or  Related  Entities had conducted
business or had taken steps to commence  conducting  business during the Term of
this Agreement.

      9.3  Solicitation  of Employees and  Customers.  Provided that the Company
performs  in all  material  respects  its  obligations  under  the terms of this
Agreement,  Donovan shall not, at any time during the Term of this Agreement and
for a period of two years  thereafter,  whether  for his own  account or for the
account of any person or entity,  attempt to  solicit,  endeavor  to entice away
from  the  Company  or  Related  Entities,   or  otherwise  interfere  with  any
relationship of the Company or Related Entities with (i) any person  (including,
but not limited to, any independent  contractor or representative) who is or was
employed by or  otherwise  engaged to perform  services  for the Company  and/or
Related Entities,  during the Term of this Agreement,  or (ii) any person who is
or was a customer or client of the Company  and/or Related  Entities  during the
Term of this Agreement.

      9.4  Confidential  Information.  Donovan  agrees  that he will not use any
Confidential  Information  for  Donovan's own purposes or for the benefit of any
other person or entity or

                                       6
<PAGE>

disclose any  Confidential  Information  to any other person or entity except as
may be required by law. As used in this  Agreement,  "Confidential  Information"
shall  mean  financial  information,  reports  and  forecasts,  studies,  plans,
reports,  designs,  surveys, and analyses,  sketches,  drawings, notes, records,
memoranda,  computer-generated  data,  or  documents,  and all  other  nonpublic
information  relating to the business  activities of the Company  and/or Related
Entities,  including,  without  limitation,  all methods,  processes,  formulas,
techniques,  equipment,  research  data,  experiments,   technical,  commercial,
marketing and sales information,  personnel data, computer software, contracting
systems, sources of supply,  patentable or unpatentable  inventions,  methods of
operation, customer lists, employee lists, supplier lists, financial data, trade
secrets,  and the like which presently or, in the future,  are in the possession
of the Company and/or Related Entities. Said Confidential  Information may be in
either human or computer readable form, including, but not limited to, software,
source code, hex code, or any other form.

      9.5 Scope of  Covenant.  If any  covenant  contained  in this Section 9 is
unenforceable because of the scope of business,  duration or geographic scope of
such  provision,  the parties agree that the court,  making such  determination,
shall have the power to reduce the scope of business, duration and/or geographic
scope to the maximum enforceable by law and, in its reduced form, such provision
shall be enforceable.

10. Miscellaneous Provisions.

      10.1  Donovan  Representations.  Donovan  represents  and  warrants to the
Company (i) that this Agreement  constitutes  his valid and binding  obligation,
enforceable  against him in  accordance  with its terms;  (ii) that  neither the
execution nor delivery of this Agreement or the performance by him of any of his
covenants  hereunder will constitute a default under any contract,  agreement or
obligation  to which he is a party  or by which he or any of his  properties  is
bound;  (iii)  that  there  are  no  lawsuits,   arbitration  actions  or  other
proceedings (equitable,  legal,  administrative or otherwise) pending or (to the
best of his knowledge)  threatened  which could adversely affect the validity or
enforceability  of this  Agreement or his  obligation  or ability to perform his
obligations hereunder;  and (iv) that no consent,  approval or authorization of,
or notification to any other person or entity is required in connection with the
execution, delivery or performance of this Agreement by him.

      10.2  Litigation and Regulatory  Cooperation.  Donovan agrees to cooperate
fully with the  Company in the defense or  prosecution  of any claims or actions
now in existence  or which may be brought in the future  against or on behalf of
the Company which relate to events or  occurrences  that  transpired  while,  or
relate  to  periods  during  which,  Donovan  was  employed  or  serving  as  an
independent  contractor.  Donovan's  full  cooperation  in connection  with such
claims or actions shall include,  but not be limited to, being available to meet
with counsel to prepare for discovery or trial and to act as a witness on behalf
of the Company at mutually convenient times. During the Term, Donovan also shall
cooperate fully with the Company in connection with any  investigation or review
by any federal, state or local regulatory authority as any such investigation or
review  relates to events or  occurrences  that  transpired  while  Donovan  was
employed or serving as an independent  contractor.  The Company shall  reimburse
Donovan for any reasonable out of pocket  expenses  incurred in connection  with
Donovan's performance of

                                       7
<PAGE>

obligations pursuant to this Section 10.2. However, in the event that Donovan is
terminated for Cause pursuant to Section 7.1 and Donovan is no longer  receiving
payments  hereunder,  this  Section  10.2  shall no longer  apply and  continued
cooperation with the Company shall no longer be required.

      10.3 Integration,  Waiver and Severability.  This Agreement sets forth the
entire agreement  between the parties with respect to the matters covered herein
and supersedes all prior agreements,  whether oral or written, including without
limitation  the  Employment  Agreements  between the  Company and Donovan  dated
December 19, 2001 and June 28, 2006. No waiver or modification of this Agreement
or of any part  contained  herein  shall be valid  unless  in  writing  and duly
executed  by Donovan  and  approved  by the Board.  No evidence of any waiver or
modification  shall be  offered  or  received  in  evidence  of any  proceeding,
arbitration,  or  litigation  between  the  parties  hereto  arising  out  of or
affecting this Agreement, or the rights or obligations of the parties hereunder,
unless such waiver or  modification  is in writing,  duly executed as aforesaid.
The  failure  of either  party at any time to require  performance  by the other
party of any provision  hereunder shall in no way affect the right of that party
thereafter  to enforce the same,  or to enforce any of the other  provisions  in
this  Agreement;  nor shall the  waiver  by  either  party of the  breach of any
provision  hereof  be taken or held to be a waiver of any  subsequent  breach of
such  provision  or as a waiver of the  provision  itself.  All  agreements  and
covenants  contained  herein are severable and in the event any of them shall be
held to be invalid by a court of competent jurisdiction, this Agreement shall be
interpreted as if such invalid terms or covenants were not contained herein.

      10.4 Benefit and Assignability.  This Agreement shall bind Donovan and the
Company and their respective  successors and permitted  assigns.  This Agreement
requires  the  personal  services  of Donovan and cannot be assigned by Donovan.
Donovan  agrees  to  provide  his  written  consent  to the  assignment  of this
Agreement,  including,  without limitation, the restrictive covenants herein, to
any successor or assign of the Company  provided that the transfer or assignment
of this Agreement shall not materially expand or alter the restrictive covenants
contained  herein.  Donovan  agrees not to delegate  his  obligations  or duties
hereunder or any portion thereof.

      10.5  Remedies for Breach of the  Agreement.  Donovan  consents and agrees
that if he violates any covenant contained in this Agreement, the Company and/or
Related Entities would sustain irreparable harm and,  therefore,  in addition to
any other  remedies  which may be  available to it, the Company  and/or  Related
Entities shall be entitled to an injunction  restraining Donovan from committing
or  continuing  any such  violation of this  Agreement.  Donovan also agrees and
acknowledges  that  his use of  trade  secrets,  client  lists  or  Confidential
Information,  or the direct  solicitation  of  existing  clients of the  Company
and/or Related Entities in a manner contrary to this Agreement will give rise to
irreparable injury that may specifically be enjoined.  Nothing in this Agreement
shall be construed as  prohibiting  the Company  and/or  Related  Entities  from
pursuing any other remedy or remedies including, without limitation, recovery of
damages.  Donovan  acknowledges  that  Related  Entities  have rights under this
Agreement and that they may enforce these rights as third party beneficiaries.

                                       8
<PAGE>

      10.6 Survival.  The provisions of Section 9 shall survive the  termination
or  expiration  of  this   Agreement  or  Donovan's   employment  or  engagement
irrespective of the reason for such termination or expiration.

      10.7  Notice.  Any notice  required  or  permitted  to be given under this
Agreement  shall  be  sufficient  if in  writing,  and  if  sent  by  nationally
recognized   overnight   courier  service  or  certified  mail,  return  receipt
requested,  to his residence in the case of Donovan,  or to its principal office
in the case of the Company.

      10.8  Section  Headings;  Counterparts.  The  headings  contained  in this
Agreement  are for  reference  purposes only and shall not affect in any way the
meaning or interpretation  of this Agreement.  This Agreement may be executed in
one or more counterparts,  each of which shall be deemed an original, but all of
which taken together shall constitute one of the same instrument.

      10.9 Applicable Law. This Agreement shall be construed in accordance with,
the laws of the State of Florida,  whether  substantive or procedural.  The sole
and exclusive  venue for any legal action arising out of this Agreement shall be
in the Circuit Court in and for Palm Beach County,  Florida.  Donovan agrees and
stipulates that he waives his right to trial by jury in any action arising under
this Agreement where trial by jury would otherwise be available.

      10.10  Prevailing  Party.  The prevailing party to an action to enforce or
defend this  Agreement  is  entitled to  attorney's  fees and  reasonable  costs
incurred in connection therewith,  including, but not limited to, those incurred
at the pre-litigation, pre-trial, trial, and appellate levels.

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

                                         -------------------------------------

                                         GEORGE F. DONOVAN

                                         The Company:

                                         BLUEGREEN CORPORATION

                                         By:

                                         -------------------------------------
                                         Name: Alan B. Levan
                                         Title: Chairman

                                       9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00119-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00119-of-00352.parquet"}]]