Document:

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                                                                   EXHIBIT 10.10

                                 AMENDMENT NO. 1
                   TO AMENDED AND RESTATED MASTER CONSTRUCTION
                             AND TERM LOAN AGREEMENT

         THIS AMENDMENT NO. 1 TO AMENDED AND RESTATED MASTER CONSTRUCTION AND
TERM LOAN AGREEMENT, dated as of June 14, 2001 (the "Amendment"), among FCA Real
Estate Holdings, LLC, a Delaware limited liability company (the "Borrower"),
U.S. BANK NATIONAL ASSOCIATION, a national banking association, as agent and
administrative bank (in such capacity, the "Administrative Bank"), the "Lender
parties" to the Loan Agreement hereinafter described (each a "Lender" and
collectively the "Lenders") and U.S. BANK NATIONAL ASSOCIATION, a national
banking association, as collateral agent (in such capacity, the "Collateral
Agent").

                                    RECITALS:

         A.       The Borrower, the Administrative Bank and the Lenders are
parties to that certain Amended and Restated Master Construction and Term Loan
Agreement dated as of July 17, 2000 (the "Original Agreement").

         B.       The Borrower has re-financed certain of the Series Loans made
by one or more of the Lenders to the Borrower pursuant to the Original
Agreement.

         C.       he Borrower has requested the Administrative Bank and the
Lenders to amend certain provisions of the Original Agreement with respect to
the remaining Series Loans and to future Series Loans.

         D.       Subject to the terms and conditions of this Amendment, the
Administrative Bank and the Lenders have agreed to the Borrower's requests.

         NOW, THEREFORE, the parties agree as follows:

         1.       DEFINED TERMS. All capitalized terms used in this Amendment
shall, except where the context otherwise requires, have the meanings set forth
in the Original Agreement as amended hereby.

         2.       AMENDMENTS. The Original Agreement is hereby amended as
follows:

                  (a)      The definitions of "Approved Projects," "Aggregate
         Indemnification Percentage," "Commitment Letter," "Commitment Fees,
         "Fixed Rate," "Fixed Rate Conversion Date," "Fixed Rate Period,"
         "Individual Commitment," "Interest Rate," "Maturity Date", "Maximum
         Loan Amount," "Percentage," "Prepayment Percentage," "Reference Rate,"
         "Series Loans," "Super Majority Lenders," "US Bank," "Variable Rate,"
         and "Variable Rate Period" appearing in the DEFINITION Section of the
         Original Agreement are respectively amended in their entireties to read
         as follows:

                  "Approved Projects: Borrower's sports and health club
         facilities respectively located in Bloomington, MN, and Columbus, OH,
         and up to five (5) additional projects approved by the Administrative
         Bank which will be the Projects to be respectively

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         located in Orland Park, IL, Algonquin, IL, Rochester Hills, MI, Burr
         Ridge, IL and Skokie, IL; provided that the Administrative Bank, in its
         reasonable business judgment, may substitute Projects in two (2)
         different locations for any of the above-described five (5) additional
         Projects not then being financed by a Series Loan and any other of the
         Borrower's sports and health club facilities approved by the Lenders.

                  Aggregate Indemnification Percentage: If the Administrative
         Bank, in its reasonable business judgment, has allocated its claim for
         any indemnification described in Section VII. 8. to more than one
         Series Loan, then the Aggregate Indemnification Percentage for each of
         the Primary Lenders for such Series Loans shall be the ratio (expressed
         as a percentage) which such Primary Lender's Aggregate Individual
         Commitments for such Series Loans bears to the aggregate Commitments
         for such Series Loans.

                  Commitment Letter: With respect to: (a) the Series A Loan and
         the Series F Loan, the Commitment Letter as described in the Supplement
         relating to such Series Loan; or (b) any other Series Loan, this
         Agreement.

                  Commitment Fees: With respect to any Series Loan, other than
         the Series A Loan and the Series F Loan: (a) $109,585.98 payable on the
         "Effective Date" of that certain Amendment No. 1 to Amended and
         Restated Master Loan Agreement dated as of June 14, 2001(the "First
         Amendment") among the Borrower, the Administrative Bank, the Lenders
         and the Collateral Agent for the ratable benefit of the Lenders in
         accordance with their respective Percentages of the Available
         Commitment on such Effective Date; and (b) 0.50% of the Commitment for
         a Series Loan (the 'Loan Fees') payable on the Closing Date for such
         Series Loan for the ratable benefit of the Lenders in accordance with
         their respective Percentages of the Commitment for such Series Loan;
         which Commitment Fees, in either case, are earned on the date of
         payment and are not refundable under any circumstances.

                  Fixed Rate: The Fixed Rate is 10.02% per annum with respect to
         the Series A Loan and 8.96% with respect to the Series F Loan and shall
         not apply to any other Series Loan.

                  Fixed Rate Conversion Date: The Fixed Rate Conversion Date was
         March 10, 2000 with respect to the Series A Loan and July 31, 1997 with
         respect to the Series F Loan and shall not apply to any other Series
         Loan.

                  Fixed Rate Period: With respect to the Series Loan A Loan and
         the Series F Loan, the five (5) year period commencing on and including
         such Series Loan's Fixed Rate Conversion Date.

                  Individual Commitment: With respect to any Primary Lender for
         a Series Loan, such Primary Lender's Percentage of the Commitment for
         such Series Loan.

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                  Interest Rate: The Variable Rate during the Variable Rate
         Period or, with respect to the Series A Loan and the Series F Loan
         only, the Fixed Rate for the relevant Series Loan during its Fixed Rate
         Period.

                  Maturity Date: With respect to any Series Loan, the "Maturity
         Date" described in the Supplement relating to such Series Loan;
         provided, however, that the Maturity Date for any Series Loan, other
         than the Series A Loan or the Series F Loan, shall not be: (a) earlier
         than the tenth day of the thirty-sixth (36th) month following the
         Conversion Date for the Project being constructed with the proceeds of
         such Series Loan; or (b) later than the tenth day of the forty-eighth
         (48th) month from the signing of the Supplement for such Series Loan.

                  Maximum Loan Amount: For any Project and its Applicable Series
         Loan, the lesser of: (a) 75% of the fair market value of such Project
         as a vacant health club upon its Completion; or (b) 60% of the costs
         for each Project being financed by its Applicable Series Loan, other
         than the Series A Loan and the Series F Loan; provided, however, the
         Maximum Loan Amount for the Series J Loan shall be $12,941,196.94.

                  Percentage: With respect to: (a) US Bank for the Series A Loan
         and the Series F Loan, 100%; and (b) any Primary Lender for its pro
         rata share of the Commitment for any other Series Loan, such Primary
         Lender's "Percentage" as set forth in the relevant Supplement for such
         Series Loan, which shall be calculated as follows: (i) first, multiply
         the Aggregate Outstanding Committed Amount by such Lender's Aggregate
         Individual Percentage; (ii) then, from such product, subtract such
         Lender's Aggregate Outstanding Individual Committed Amount (such
         remainder being such Lender's 'Numerator'); and (iii) finally,
         determine the ratio (expressed as a percentage) which such Lender's
         Numerator bears to the proposed Commitment.

                  Prepayment Percentage: With respect to any prepayment of any
         Series Loan, the ratio (expressed as a percentage) which the amount of
         such prepayment bears to the outstanding principal balance of such
         Series Loan, immediately prior to the making of such prepayment.

                  Primary Lenders: With respect to: (a) the Projects
         respectively located in Columbus, OH and Bloomington, MN and the
         Applicable Series Loan for such Projects, US Bank; or (b) any other
         Project and the Applicable Series Loan for such Project, all Lenders
         parties to this Agreement on the date on which the Supplement for such
         Applicable Series Loan is executed.

                  Reference Rate:  The Prime Rate.

                  Series Loan: The separate loans to be made under this
         Agreement in accordance with the applicable Supplement for such loans;
         provided, however, on and after the `Effective Date' of the First
         Amendment, the Series Loans shall not include the Series B Loan, the
         Series C Loan, the Series D Loan, the Series E Loan, the portion of the
         Series F Loan relating to the Refinance Projects respectively located
         in Eagan, MN and Woodbury, MN, the Series G Loan, the Series H Loan and
         the Series I Loan. In order to

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         distinguish one Series Loan from another, the Series Loans may
         sometimes be respectively alphabetically denominated as the "Series A
         Loan," the "Series B Loan," and so on in accordance with the applicable
         Supplement for such Series Loan.

                  Super Majority Lenders: At any time, those Lenders (which term
         shall include US Bank) at such time having Aggregate Individual
         Commitments aggregating more than 66 2/3% of the Aggregate Commitment.

                  US Bank: U.S. Bank National Association, acting in its
         separate capacity as a Lender.

                  Variable Rate: A per annum rate equal to the sum of: (a)
         one-half of one percent (0.50%); plus (b) the Prime Rate, as the same
         may fluctuate from time to time, as more fully described in the Notes.

                  Variable Rate Period: With respect to any Series Loan, other
         than the Series A Loan and the Series F Loan, the term of such Series
         Loan."

         (b)      The DEFINITIONS Section of the Original Agreement is further
amended by adding the following new definitions of "Accrual Period," "Aggregate
Commitment," "Aggregate Individual Commitment," "Aggregate Individual
Percentage," "Available Commitment," "Aggregate Outstanding Committed Amount,"
"Aggregate Outstanding Individual Committed Amount," "Collateral Account,"
"Fixed Rate Note," "Numerator," "Prime Rate" and "Termination Date" in proper
alphabetical order:

                  "Accrual Period: For any Series Loan following (and including)
         its Conversion Date, the period commencing on, and including, the 10th
         day of a month and ending on, and including, the 9th day of the
         immediately following month, except that, with respect to any Series
         Loan whose Conversion Date is not the 10th day of a month, the first
         Accrual Period for such Series Loan shall begin on, and include, such
         Conversion Date.

                  Aggregate Commitment: At any date for all Series Loans,
         $50,000,000.00.

                  Aggregate Individual Commitment: At any date for all Series
         Loans for any Primary Lender, the amount set forth opposite such
         Primary Lender's name on Schedule A to the First Amendment.

                  Aggregate Individual Percentage: At any date for all Series
         Loans for any Primary Lender, the amount set forth opposite such
         Primary Lender's name on Schedule A to the First Amendment.

                  Aggregate Outstanding Committed Amount: At any date, the sum
         of all Commitments for the Series Loans except that, after the
         Conversion Date of a Series Loan, only the aggregate outstanding
         principal balance of such Series Loan shall be included in the
         Aggregate Outstanding Committed Amount.

                  Aggregate Outstanding Individual Committed Amount: At any date
         for any Lender, the sum of such Lender's Individual Commitments for the
         Series Loans except

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         that, after the Conversion Date of a Series Loan, only the outstanding
         principal balance of such Series Loan held by such Lender shall be
         included in its Aggregate Outstanding Individual Committed Amount.

                  Available Commitment: At any date, the difference between: (a)
         the Aggregate Commitment; minus (b) the Aggregate Outstanding Committed
         Amount.

                  Collateral Account: As described in Section V.28.

                  Fixed Rate Note: The respective Notes for the Series A Loan
         and the Series F Loan.

                  Loan Fees: As defined in the definition of `Commitment Fees'.

                  Numerator: As defined in the definition of `Percentage'.

                  Prime Rate: The prime rate announced by the Administrative
         Bank. The interest rate on the Series Loan hereunder, other than the
         Series A Loan and the Series F Loan, will be adjusted each time that
         the prime rate changes.

                  Termination Date: The earlier of: (a) May 31, 2002; or (b) the
         date on which the Administrative Bank and the Super Majority Lenders
         terminate the Aggregate Commitment and the Commitments in accordance
         with Section VI.2."

                  (c)      The first sentence of Section I.1. of the Original
         Agreement is amended in its entirety to read as follows:

                           "Subject to the terms and conditions hereof, the
                  Primary Lenders for a Series Loan severally agree to lend to
                  Borrower and Borrower agrees to borrow from such Primary
                  Lenders, the proceeds of such Series Loan, from time to time
                  in accordance with the terms hereof until the Maturity Date of
                  such Series Loan, for the purpose of developing the relevant
                  Project; provided, however, that no such Primary Lender shall
                  be obligated to make any Advance if, after giving effect to
                  such Advance: (a) the aggregate amount of Advances for such
                  Series Loan made by such Primary Lender would exceed its
                  Individual Commitment for such Series Loan or such Series Loan
                  would exceed the lesser of the Commitment or the Maximum Loan
                  Amount; (b) the aggregate amount of Advances for all Series
                  Loans made by such Primary Lender would exceed its Aggregate
                  Individual Commitment; or (c) the aggregate amount of Advances
                  for all Series Loans made by all Primary Lenders would exceed
                  the Aggregate Commitment."

                  (d)      Section I.1. of the Original Agreement is further
         amended by adding the following as the last sentence thereof:

                           "The Available Commitment shall terminate on the
                  Termination Date."

                  (e)      The third sentence of Section I.2. of the Original
         Agreement is amended in its entirety to read as follows:

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                           "Interest accruing on a Series Loan shall be payable
                  as follows: (a) prior to the Conversion Date for such Series
                  Loan, interest accruing on such Series Loan through the end of
                  a calendar month shall be payable, as accrued, on the first
                  day of the following calendar month, commencing on the first
                  such day following the making of the initial Advance on such
                  Series Loan and continuing through, to and including the first
                  day of the month in which such Conversion Date occurs; (b) on
                  the Conversion Date for such Series Loan, interest accruing on
                  and after the first day of the month in which such Conversion
                  Date occurs through to, but excluding, such Conversion Date
                  shall be payable on such Conversion Date; (c) after such
                  Conversion Date, interest accruing on such Series Loan during
                  each Accrual Period shall be payable on the 10th day of each
                  month, commencing on the first such day following such
                  Conversion Date; and (d) all unpaid, accrued interest shall be
                  paid in full at the time all Advances are paid in full."

                  (f)      Section I.3. of the Original Agreement is amended in
         its entirety to read as follows:

                  "I.3     Prepayment.

                           In consideration of Borrower's agreement to pay the
                  prepayment indemnity required by Section I.8. and the
                  prepayment fee required by this Section, Borrower may prepay
                  the Notes for any Series Loan, in whole or in part, at any
                  time without premium or penalty; provided, however, that: (a)
                  each prepayment of a Fixed Rate Note shall be accompanied by
                  the amount of the Prepayment Fee, if any, required by Section
                  I.8.; and (b) no prepayment may be made on any Series Loan
                  unless Borrower contemporaneously prepays the outstanding
                  principal balance of each other Series Loan by the same
                  Prepayment Percentage. Borrower shall give the Administrative
                  Bank at least three (3) Business Days' prior written notice of
                  the date of any prepayment and the Administrative Bank shall
                  give prompt notice to the Primary Lenders for such Series Loan
                  of any notice received by the Administrative Bank pursuant to
                  this Section I.3. Any prepayment must be accompanied by
                  accrued and unpaid interest on the amount prepaid. Each
                  partial prepayment on any Series Loan shall be in the amount
                  of $100,000.00 or an integral multiple thereof (or, if the
                  outstanding principal amount of a Series Loan is less than
                  $100,000.00, the entire outstanding principal amount of such
                  Series Loan) and shall be applied against installments due on
                  the Notes for such Series Loan in the inverse order of their
                  maturities. Amounts paid or prepaid under this Section I.3.
                  may be reborrowed pursuant to Commitments entered into after
                  the date of such payment but prior to the Termination Date but
                  may not be re-borrowed under any then existing Commitment."

                  (g)      Section I.4. of the Original Agreement is amended in
         its entirety to read as follows:

                  "I.4     Fixed Rate.

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                  If any Regulatory Change:

                                    (a)      shall subject US Bank to any tax,
                           duty or other charge with respect to its Series A
                           Loan or Series F Loan or its Note evidencing such
                           Series Loan or shall change the basis of taxation of
                           payment to such Primary Lender of principal, interest
                           or any other amounts due under this Agreement, such
                           Note or any other Loan Document (except for changes
                           in the rate of tax on the overall net income of US
                           Bank imposed by the jurisdiction in which US Bank's
                           principal office is located); or

                                    (b)      shall impose, modify or deem
                           applicable any reserve, special deposit, capital
                           requirement or similar requirement (including,
                           without limitation, any such requirement imposed by
                           the Board, but excluding any such requirement to the
                           extent included in calculating the applicable Fixed
                           Rate for the Series A Loan and the Series F Loan)
                           against assets of, deposits with or for the account
                           of, or credit extended by, US Bank or shall impose on
                           US Bank or on the United States market for
                           certificates of deposit any other condition affecting
                           the Series A Loan or the Series F Loan or its Note
                           evidencing any such Loan;

                  and the result of any of the foregoing is to increase the cost
                  to US Bank of making or maintaining the Series A Loan or the
                  Series F Loan, or to reduce the amount of any sum received or
                  receivable by US Bank under this Agreement with respect to
                  such Series Loan, its Notes respectively evidencing such
                  Series Loans or any other Loan Document, then, within thirty
                  (30) days after demand by US Bank, Borrower shall pay to US
                  Bank such additional amount or amounts as will compensate US
                  Bank for such increased cost or reduction. US Bank will
                  promptly notify Borrower and the Administrative Bank of any
                  event of which it has knowledge, occurring after the date
                  hereof, which will entitle US Bank to compensation pursuant to
                  this Section. A certificate of US Bank claiming compensation
                  under this Section, setting forth the additional amount or
                  amounts to be paid to it hereunder and stating in reasonable
                  detail the basis for the charge and the method of computation,
                  shall be determinative in the absence of manifest error. In
                  determining such amount, US Bank may use any reasonable
                  averaging and attribution methods. Failure on the part of US
                  Bank to demand compensation for any increased costs or
                  reduction in amounts received or receivable with respect to
                  any period shall not constitute a waiver of US Bank's rights
                  to demand compensation for any increased costs or reduction in
                  amounts received or receivable in any subsequent period.

                  (h)      Section I.6. of the Original Agreement is amended by
         increasing the percentage of the Non-Usage Fee from "one-quarter of one
         percent per annum" to "three-eighths of one percent per annum" and is
         further amended by adding the following at the end thereof.

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                  "The Administrative Bank shall promptly pay over to each
         Lender its ratable share of the Non-Usage Fee in accordance with such
         Lender's Percentage of the Commitment for such Series Loan."

                  (i)      Section I.7. of the Original Agreement is amended in
         its entirety to read as follows:

                  "I.7.    Unallocated Commitment Fee.

                           In addition to the interest and other consideration
                  to Lenders herein, Borrower agrees to pay to the
                  Administrative Bank for the ratable benefit of each Primary
                  Lender for any Series Loan a non-allocation fee (the
                  "Non-Allocation Fee") on the average daily amount of the
                  Available Commitment during the most recently ended month
                  (including, without limitation, any portion thereof when such
                  Primary Lenders' obligations to lend shall be suspended by
                  reason of Borrower's inability to fulfill the applicable
                  conditions set forth herein) at the rate of three-eighths of
                  one percent per annum. The Non-Allocation Fee shall be paid
                  monthly in arrears, commencing at the end of the first month
                  following the `Effective Date' of the First Amendment. The
                  Administrative Bank shall promptly pay over to each Lender its
                  ratable share of the Non-Allocation Fee in accordance with the
                  ratio (expressed as a percentage) which such Lender's average
                  daily Numerator in the relevant month bears to the average
                  daily Available Commitment during such month."

                  (j)      Section I.8. of the Original Agreement is amended in
         its entirety to read as follows:

                  "I.8     Prepayment Fees:

                           There shall be no prepayments of any Fixed Rate Note,
                  provided that US Bank may consider requests for its consent
                  with respect to prepayment of a Fixed Rate Note, without
                  incurring an obligation to do so, and the Borrower
                  acknowledges that in the event that such consent is granted,
                  the Borrower shall be required to pay US Bank, upon prepayment
                  of all or part of the principal amount before final maturity,
                  a Prepayment Fee equal to the maximum of: (a) zero, or (b)
                  that amount, calculated on any prepayment date, which is
                  derived by subtracting: (a) the principal amount of such Fixed
                  Rate Note or portion of such Fixed Rate Note to be prepaid
                  from (b) the Net Present Value of such Fixed Rate Note or
                  portion of such Fixed Rate Note to be prepaid on such date of
                  prepayment.

                           "Net Present Value" shall mean the amount which is
                           derived by summing the present values of each
                           prospective payment of principal and interest which,
                           without such full or partial prepayment, could
                           otherwise have been received by US Bank over the
                           shorter of the remaining contractual life of the Note
                           or next repricing "date if US Bank had instead
                           initially invested such Fixed Rate Note proceeds at
                           the Initial Money Market Rate. The

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                           individual discount rate used to present value each
                           prospective payment of interest and/or principal
                           shall be the Money Market Rate at Prepayment for the
                           maturity matching that of each specific payment of
                           principal and/or interest.

                           "Initial Money Market Rate" shall mean the rate per
                           annum, determined solely by US Bank, on the first day
                           of the term of such Fixed Rate Note or the most
                           recent repricing date or as mutually agreed upon by
                           the Borrower and US Bank, as the rate at which US
                           Bank would be able to borrow funds in Money Markets
                           for the amount of such Fixed Rate Note and with an
                           interest payment frequency and principal repayment
                           schedule equal to such Fixed Rate Note and for a term
                           as may be arranged and agreed upon by the Borrower
                           and US Bank. Such a rate shall include FDIC
                           insurance, reserve requirements and other explicit or
                           implicit costs levied by any regulatory agency.
                           Borrower acknowledges that US Bank is under no
                           obligation to actually purchase and/or match funds
                           for the Initial Money Market Rate of this Note.

                           "Money Market Rate At Prepayment" shall mean that
                           zero-coupon rate, calculated on the date of
                           prepayment, and determined solely by US Bank, as the
                           rate in which US Bank would be able to borrow funds
                           in Money Markets for the prepayment amount matching
                           the maturity of a specific prospective Fixed Rate
                           Note payment or repricing date. Such a rate shall
                           include FDIC insurance, reserve requirements and
                           other explicit or implicit costs levied by any
                           regulatory agency. A separate Money Market Rate at
                           Prepayment will be calculated for each prospective
                           interest and/or principal payment date.

                           "Money Markets" shall mean one or more wholesale
                           funding mechanisms available to US Bank, including
                           negotiable certificates of deposit, eurodollar
                           deposits, bank notes, fed funds, interest rate swaps,
                           or others.

                  In calculating the amount of such a prepayment fee, US Bank is
                  hereby authorized by the Borrower to make such assumptions
                  regarding the source of funding, redeployment of funds and
                  other related matters, as US Bank may deem appropriate. If the
                  Borrower fails to pay any Prepayment Fee when due, the amount
                  of such Prepayment Fee shall thereafter bear interest until
                  paid at the Default Rate specified in the relevant Fixed Rate
                  Note (computed on the basis of a 360-day year, actual days
                  elapsed). Any prepayment of principal shall be accompanied by
                  a payment of interest accrued to date thereon; and said
                  prepayment shall be applied to the principal installments in
                  the inverse order of their maturities. All prepayments of a
                  Series Loan shall be in an amount of at least $100,000 or if
                  less, the remaining entire principal balance of such Series
                  Loan."

                  (k)      Section II.6. of the Original Agreement is amended in
         its entirety to read as follows:

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                  "II.6.   Primary Lenders' Loan Fee.

                           The Administrative Bank shall have received, in
                  immediately available funds, for the ratable benefit of such
                  Primary Lenders, the Loan Fees for such Series Loan which is
                  payable at Closing. The Loan Fees are earned on the date of
                  payment and are not refundable under any circumstances."

                  (1)      The first sentence of Section III.1. of the Original
         Agreement is amended in its entirety to read as follows:

                           "The proceeds of each Series Loan shall be advanced
                  by its Primary Lenders, for the benefit of Borrower, in
                  accordance with the terms and conditions set forth in this
                  ARTICLE III, and in accordance with the Disbursing Agreement;
                  provided, however, that no such Primary Lender shall be
                  obligated to make any Advance if, after giving effect to such
                  Advance: (a) the aggregate amount of Advances for such Series
                  Loan made by such Primary Lender would exceed its Individual
                  Commitment for such Series Loan or such Series Loan would
                  exceed the lesser of the Commitment or the Maximum Loan
                  Amount; (b) the aggregate amount of Advances for all Series
                  Loans made by such Primary Lender would exceed its Aggregate
                  Individual Commitment; or (c) the aggregate amount of Advances
                  for all Series Loans made by all Primary Lenders would exceed
                  the Aggregate Commitment."

                  (m)      Section V.28. is amended by adding the following at
         the end thereof:

                           "Until such Rebatable Rent is re-paid to the Lessee
                  in accordance with this Section, such Rebatable Rent shall be
                  held in one or more special cash collateral account(s) (the
                  `Collateral Account(s)') maintained in favor of the Collateral
                  Agent at US Bank. In addition to the other provisions of this
                  Agreement or any other Loan Document, upon an occurrence of
                  any Event of Default, the Collateral Agent may apply amounts
                  on deposit in the Collateral Accounts to the payment of the
                  Obligations in accordance with Sections I.10.,I.11. and I.12.
                  The Borrower hereby pledges and grants to the Collateral Agent
                  for itself and for the benefit of the Administrative Bank and
                  the ratable benefit of the Lenders a security interest in all
                  funds held in the Collateral Accounts as security for the
                  payment and performance of all Obligations."

                  (n)      Section V.30. of the Original Agreement is amended in
         its entirety to read as follows:

                  "V.30.   Depositing Collections.

                           Borrower shall deposit all collections with respect
                  to the Project Leases in a Collateral Account maintained at US
                  Bank and, if required by the Administrative Bank or the Super
                  Majority Lenders, in separate Collateral Accounts for each
                  Project Lease. The Borrower shall not have any right to
                  withdraw any deposited amount except to pay Obligations
                  arising under this

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                  Agreement and the other Loan Documents and to pay Rebatable
                  Rent in accordance with Section V.28."

                  (o)      Article V, of the Original Agreement is further
         amended by adding the following new Section V.33. to read as follows:

                  "V.33    Revised Article 9.

                           Promptly upon the Collateral Agent's, the
                  Administrative Bank's or any Lender's request, the Borrower
                  will execute and deliver amended and restated Loan Documents
                  in form and substance reasonable acceptable to the Collateral
                  Agent in order to conform such Loan Documents to the revision
                  of Minn. Stat. ss.ss.336.9-101 et. seq. being effected by
                  Minn. Laws 2000, Chapter 399's adoption of Revised Article 9
                  of the Uniform Commercial Code as approved by the National
                  Conference of Commissioners on Uniform State Law Laws in July,
                  1998."

                  (p)      Section VI.2.B. of the Original Agreement is amended
         in its entirety to read as follows:

                  "B.      Terminate the Aggregate Commitment and/or any
                  Commitment without notice to Borrower, whereupon Aggregate
                  Commitment or such Commitment shall terminate."

                  (q)      Subsection VIII. 10.(a) is amended in its entirety to
         read as follows:

                  "(a)     the Administrative Bank's and all of the Lenders'
         consent shall be required if the amendment, modification, supplement,
         waiver or consent: (i) changes the amount of, or extends the maturity
         of, any principal or any installment of principal payable under any
         Note; (ii) changes the amount of, or extends the payment date for,
         fees, interest or other non-principal payment due and payable under
         this Agreement or any other Loan Document; (iii) releases any Project
         or any material part hereof, if any, except as otherwise expressly
         required by the terms of the Loan Documents; (iv) waives any Event of
         Default of the nature described in Section VI.1.A. or B; (v) changes
         the definition of "Maximum Loan Amount;"(vi) adds any of the Borrower's
         sports and health club facilities as an Approved Project which is not
         included within the definition of, or permitted by, the definition of,
         "Approved Project"; (vii) changes this Section or the definition of
         "Super Majority Lenders"; (viii) changes Section I.10., I.11. or I.12.
         or any provision of any other Loan Document which allocates payments on
         the Obligations among the Administrative Bank, the Collateral Agent and
         the Lenders; or (ix) causes any Approved Project, other than the
         Columbus Project, not to constitute Collateral or Additional Project
         Collateral for all of the Series Loans;

                  (r)      The Original Agreement is further amended by attached
         Schedule A thereto in the form of Schedule A attached to this
         Amendment.

         3.       CONDITIONS TO EFFECTIVENESS. This Amendment shall become
effective on the date (the "Effective Date") when, and only when, the
Administrative Bank shall have received:

                                       11
<PAGE>

                  (a)      Counterparts of this Amendment executed by Borrower,
         all Lenders and the Collateral Agent;

                  (b)      Payment in full, in immediately available funds, of
         the principal of, and unpaid accrued interest on, all Series Loans
         other than the Series A Loan and the portion of the Series F Loan
         relating to the Refinance Project located in Bloomington, MN;

                  (c)      Payment in full, in immediately available funds, of
         the amount described in Section I.8., of the Original Agreement with
         respect to all Series Loans required to be prepaid pursuant to
         subsection (b) above;

                  (d)      Manufacturers Bank shall have terminated its status
         as a Lender under the Original Agreement; and

                  (e)      Such other documents as the Administrative Bank or
         any Lender may reasonably request.

         4.       REPRESENTATIONS AND WARRANTIES. To induce the Administrative
Bank, the Lenders and the Collateral Agent to enter into this Amendment,
Borrower represents and warrants to the Administrative Bank, the Lenders and the
Collateral Agent as follows:

                  (a)      The execution, delivery and performance by Borrower
         of the Original Agreement as amended by this Amendment and any other
         documents to be executed and/or delivered by Borrower in connection
         herewith have been duly authorized by all necessary company action, do
         not require any approval or consent of, or any registration,
         qualification or filing with, any government agency or authority or any
         approval or consent of any other person (including, without limitation,
         any member), do not and will not conflict with, result in any violation
         of or constitute any default under, any provision of Borrower's
         Articles of Organization, Member Control Agreement or Operating
         Agreement, any agreement binding on or applicable to Borrower or any of
         its property, or any law or governmental regulation or court decree or
         order, binding upon or applicable to Borrower or of any of its property
         and will not result in the creation or imposition of any security
         interest or other lien or encumbrance in or on any of its property
         pursuant to the provisions of any agreement applicable to Borrower or
         any of its property;

                  (b)      The representations and warranties contained in the
         Original Agreement are true and correct as of the date hereof as though
         made on that date except to the extent that such representations and
         warranties relate solely to an earlier date and except that the
         representations and warranties set forth in Section IV.5 of the
         Original Agreement with respect to the audited or unauditied financial
         statements of the Borrower or the Lessee, as the case may be, shall be
         deemed to be a reference to the most recent audited or unaudited
         financial statements of the relevant Person delivered to the Lenders
         pursuant to Section V.7 of the Original Agreement

                  (c)      (i) No events have taken place and no circumstances
         exist at the date hereof which would give Borrower the right to assert
         a defense, offset or counterclaim to any claim by the Administrative
         Bank or any Lender for payment of any Note; and (ii) Borrower hereby
         releases and forever discharges the Administrative Bank, each

                                       12
<PAGE>

         Lender and their respective successors, assigns, directors, officers,
         agents, employees and participants from any and all actions, causes of
         action, suits, proceedings, debts, sums of money, covenants, contracts,
         controversies, claims and demands, at law or in equity, which Borrower
         ever had or now has against such Person by virtue of such Person's
         relationship to Borrower in connection with the Loan Documents and the
         transactions related thereto;

                  (d)      The Original Agreement, as amended by this Amendment,
         is the legal, valid and binding obligation of Borrower, remains in full
         force and effect and is enforceable in accordance with its terms,
         subject only to bankruptcy, insolvency, reorganization, moratorium or
         similar laws, rulings or decisions at the time in effect affecting the
         enforceability of rights of creditors generally and to general
         equitable principles which may limit the right to obtain equitable
         remedies;

                  (e)      No Default or Event of Default exists prior to or
         after giving effect to this Amendment.

         5.       REFERENCE TO AND EFFECT ON THE LOAN DOCUMENTS.

                  (a)      From and after the date of this Amendment, each
         reference in the Original Agreement to "this Agreement", "hereunder",
         "hereof', "herein" or words of like import referring to the Original
         Agreement, and each reference to the "Agreement", "thereunder",
         "thereof', "therein" or words of like import referring to the Original
         Agreement in any other Loan Document shall mean and be a reference to
         the Original Agreement as amended hereby; and

                  (b)      The execution, delivery and effectiveness of this
         Amendment shall not, except as expressly provided herein, operate as a
         waiver of any right, power or remedy of Lender under the Original
         Agreement or any other Loan Document, nor constitute a waiver of any
         provision of the Original Agreement or any such other Loan Document.

         6.       COSTS, EXPENSES AND TAXES. Borrower agrees to pay on demand
all costs and .expenses of the Administrative Bank and each Lender in connection
with the preparation, reproduction, execution and delivery of this Amendment and
the other documents to be delivered hereunder or thereunder, including their
reasonable attorneys' fees and legal expenses. In addition, Borrower shall pay
any and all stamp and other taxes and fees payable or determined to be payable
in connection with the execution and delivery, filing or recording of this
Amendment and the other instruments and documents to be delivered hereunder, and
agrees to save the Administrative Bank and each Lender harmless from and against
any and all liabilities with respect to, or resulting from, any delay in
Borrower's paying or omission to pay, such taxes or fees.

         7.       GOVERNING LAW. THE VALIDITY, CONSTRUCTION AND ENFORCEABILITY
OF THIS AMENDMENT SHALL BE GOVERNED BY THE INTERNAL LAWS OF THE STATE OF
MINNESOTA, WITHOUT GIVING EFFECT TO CONFLICT OF LAWS PRINCIPLES THEREOF, BUT
GIVING EFFECT TO FEDERAL LAWS APPLICABLE TO NATIONAL BANKS.

                                       13
<PAGE>

         8.       HEADINGS. Section headings in this Amendment are included
herein for convenience of reference only and shall not constitute a part of this
Amendment for any other purpose.

         9.       COUNTERPARTS. This Amendment may be executed in one or more
counterparts, each of which shall be deemed to be an original.

         IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed by their respective officers thereunto duly authorized as of the date
first written above.

                                    BORROWER:

                                    FCA REAL ESTATE HOLDINGS, LLC

                                    By: LIFE TIME FITNESS, Inc.
                                    Its:  Manager

                                    By:_________________________________________
                                    Its: Secretary and Chief Financial Officer

                                    ADMINISTRATIVE BANK:

                                    U.S. BANK NATIONAL ASSOCIATION, as the
                                    Administrative Bank, the Collateral Agent
                                    and the sole Primary Lender for the Series A
                                    and the Series F Loan and a Lender for all
                                    other Series Loans

                                    By:_________________________________________
                                    Its: Vice President

                                    BANK ONE, MICHIGAN, as a Lender for all
                                    Series Loans, other than the Series A Loan
                                    and the Series F Loan

                                    By:_________________________________________
                                    Its: First Vice President

                                       14
<PAGE>

                                   SCHEDULE A

                             LENDERS AND PERCENTAGES

<TABLE>
<CAPTION>
                                                             AGGREGATE                          AGGREGATE
                                                            INDIVIDUAL                          INDIVIDUAL
            LENDER                                          COMMITMENT                          PERCENTAGE
----------------------------------------------------------------------------------------------------------
<S>                                                       <C>                                   <C>
U. S. Bank National Association                           $25,000,000.00                           50%
U. S. Bank Place
620 Second Avenue South
Minneapolis, MN 55402
Attention:  Ms. Karen Weathers
Fax No. (612) 973-0832
----------------------------------------------------------------------------------------------------------
Bank One Michigan                                         $25,000,000.00                           50%
28660 Northwestern Highway
Southfield, MI 48034
Attention:  Ms. Kathryn A. Pothier
Fax No. (248) 799-5826
----------------------------------------------------------------------------------------------------------
</TABLE><PAGE>

                                                                   EXHIBIT 10.11

                                 AMENDMENT NO. 2
                   TO AMENDED AND RESTATED MASTER CONSTRUCTION
                             AND TERM LOAN AGREEMENT

         THIS AMENDMENT NO. 2 TO AMENDED AND RESTATED MASTER CONSTRUCTION AND
TERM LOAN AGREEMENT, dated as of July 19, 2001 (the "Amendment"), among FCA Real
Estate Holdings, LLC, a Delaware limited liability company (the "Borrower"),
U.S. BANK NATIONAL ASSOCIATION, a national banking association, as agent and
administrative bank (in such capacity, the "Administrative Bank"), the "Lender
parties" to the Loan Agreement hereinafter described (each a "Lender" and
collectively the "Lenders") and U.S. BANK NATIONAL ASSOCIATION, a national
banking association, as collateral agent (in such capacity, the "Collateral
Agent").

                                    RECITALS:

         A.       The Borrower, the Administrative Bank and the Lenders are
parties to that certain Amended and Restated Master Construction and Term Loan
Agreement dated as of July 17, 2000, as amended by an Amendment No. 1 to Amended
and Restated Master Construction and Term Loan Agreement dated as of June 14,
2001 (as so amended, the "Original Agreement").

         B.       The Borrower has requested the Administrative Bank and the
Lenders to further .amend certain provisions of the Original Agreement.

         C.       Subject to the terms and conditions of this Amendment, the
Administrative Bank and the Lenders have agreed to the Borrower's requests.

         NOW, THEREFORE, the parties agree as follows:

         1.       DEFINED TERMS. All capitalized terms used in this Amendment
shall, except where the context otherwise requires, have the meanings set forth
in the Original Agreement as amended hereby.

         2.       AMENDMENTS. The Original Agreement is hereby amended as
follows:

                           (a)      The definitions of "Affiliate," "Contingency
         Reserve," "Indebtedness," "Loan Documents" "Maximum Loan Amount," and
         "Rebatable Rent" appearing in the DEFINITIONS Section of the Original
         Agreement are respectively amended in their entireties to read as
         follows:

                           "Affiliate: With respect to any party and/or LTF, any
                  Person which directly or indirectly controls, is controlled
                  by, or is under common control with such party or LTF, as the
                  case may be and, in addition, in the case of Borrower, each
                  officer, director, shareholder, joint venturer and partner of
                  Borrower. A Person shall be deemed to control another Person
                  if the controlling Person: (a) owns 10% or more of (i) the
                  combined voting power of all classes of stock having general
                  voting power under ordinary circumstances to elect a majority
                  of the board of directors of such Person, if it is a
                  corporation, (ii) the capital interest or profit interest of
                  such Person, if it is a partnership, joint venture or similar

<PAGE>

                  entity, or (iii) the beneficial interest of such Person, if it
                  is a trust, association or other unincorporated organization;
                  or (b) possesses, directly or indirectly, the power to direct
                  or cause the direction of the management and policies of the
                  controlled Person, whether through ownership of stock, by
                  contract or otherwise.

                           Contingency Reserve: A funded reserve equal to the
                  sum (such sum being the `Required Contingency Reserve Amount')
                  of a base amount of $500,000.00 plus an additional amount of
                  $250,000.00 for each Series Loan made available to the
                  Borrower, commencing with the Series K Loan, up to an
                  aggregate additional amount of $500,000.00; provided, however,
                  that the Contingency Reserve may be non-funded so long as
                  Borrower's obligation to fund the Contingency Reserve is
                  supported by an irrevocable letter of credit (the "Contingency
                  Reserve LC") issued by a financial institution in favor of the
                  Collateral Agent in form satisfactory to the Super Majority
                  Lenders and the Administrative Bank, in their sole discretion.

                           Indebtedness: Without duplication, all obligations,
                  contingent or otherwise, which in accordance with GAAP should
                  be classified upon the described Person's balance sheet as
                  liabilities, but in any event including the following (whether
                  or not they should be classified as liabilities upon such
                  balance sheet): (a) obligations secured by any mortgage,
                  pledge, security interest, lien, charge or other encumbrance
                  existing on property owned or acquired subject thereto,
                  whether or not the obligation secured thereby shall have been
                  assumed and whether or not the obligation secured is the
                  obligation of the owner or another party; (b) any obligation
                  on account of deposits or advances; (c) any obligation for the
                  deferred purchase price of any property or services, except
                  trade accounts payable; (d) any obligation as lessee under any
                  Capitalized Lease; (e) all guaranties, endorsements and other
                  contingent obligations in respect to Indebtedness of others;
                  and (f) undertakings or agreements to reimburse or indemnify
                  issuers of letters of credit. For all purposes of this
                  Agreement, the Indebtedness of any Person shall include the
                  Indebtedness of any partnership or joint venture in which such
                  Person is a general partner or a joint venturer unless such
                  Indebtedness is non-recourse to such Person.

                           Loan Documents The documents described in Section
                  II.2. of this Agreement which evidence and secure a Series
                  Loan and/or are related to a Series Loan, including but not
                  limited to the Notes, the Mortgage, this Agreement, the
                  Assignment, the Indemnity, the Lease Subordination Agreement,
                  the Additional Project Collateral Documents and the Disbursing
                  Agreement for such Series Loan, and any loan document
                  described in Section II.9 of the Supplement for such Series
                  Loan, the Maintenance Agreement, the Rebatable Rent Reserve
                  Account Agreement, and the Replacement Reserve Account
                  Agreement and including any amendments thereof and supplements
                  thereto executed by the respective parties thereto and
                  approved by the parties required by this Agreement.

                           Maximum Loan Amount: For any Project and its
                  Applicable Series Loan, the amount specified in the Supplement
                  for such Applicable Series Loan but in no

                                       2
<PAGE>

                  event more than the lesser of: (a) 75% of the fair market
                  value of such Project as a vacant health club upon its
                  Completion; or (b) 60% of the costs for each Project being
                  financed by its Applicable Series Loan, other than the Series
                  A Loan and the Series F Loan; provided, however, the Maximum
                  Loan Amount for the Series J Loan shall be $12,941,196.94.

                           Rebatable Rent: For any of Borrower's calendar years
                  with respect to any Project, the `Rebatable Rent' described in
                  the Project Lease for such Project."

                  (b)      The DEFINITIONS Section of the Original Agreement is
         further amended by adding the following new definitions of "Maintenance
         Agreement," "Rebatable Rent Reserve Account," "Rebatable Rent Reserve
         Account Agreement," "Replacement Reserve Account," "Replacement Reserve
         Account Agreement," and "Required Contingency Reserve Amount" in proper
         alphabetical order:

                           "Maintenance Agreement: The Maintenance Agreement
                  dated as of July 19, 2001 made by LTF in favor of the
                  Administrative Bank for the benefit of itself and for the
                  ratable benefit of the Lenders, including any amendments
                  thereof and supplements thereto, executed by LTF and the
                  Administrative Bank and approved by the Super Majority
                  Lenders.

                           Rebatable Rent Reserve Account: The `Rebatable Rent
                  Reserve Account' described in the Rebatable Rent Reserve
                  Account Agreement.

                           Rebatable Rent Reserve Account Agreement: The
                  Rebatable Rent Reserve Account Agreement dated as of July 19,
                  2001 made by the Borrower in favor of the Collateral Agent for
                  the benefit of itself, the Administrative Bank and for the
                  ratable benefit of the Lenders, including any amendments
                  thereof and supplements thereto, executed by the Borrower and
                  the Collateral Agent and approved by the Administrative Bank
                  and the Super Majority Lenders.

                           Replacement Reserve Account: The `Replacement Reserve
                  Account' described in the Replacement Reserve Account
                  Agreement.

                           Replacement Reserve Account Agreement: The
                  Replacement Reserve Account Agreement dated as of July 19,
                  2001 made by the Borrower in favor of the Collateral Agent for
                  the benefit of itself, the Administrative Bank and for the
                  ratable benefit of the Lenders, including any amendments
                  thereof and supplements thereto, executed by the Borrower and
                  the Collateral Agent and approved by the Administrative Bank
                  and the Super Majority Lenders

                           Required Contingency Reserve Amount: As defined in
                  the definition of `Contingency Reserve."'

                  (c)      Section I.1. of the Original Agreement is amended by
         adding the following sentence as the last paragraph thereof:

                                       3
<PAGE>

                           "Notwithstanding anything to the contrary in this
                  Agreement or any other Loan Document, the Borrower shall not
                  be able to obtain any Series Loan if, after giving effect to
                  the such Series Loan, the number of Applicable Series Loans
                  for Projects for which Completion has not occurred would
                  exceed four (4)."

                  (d)      Section II.2. of the Original Agreement is amended by
         re-lettering subsection "L" as "N" and by adding the following new
         subsections "K," "L" and "M:"

                                    "K.      The Maintenance Agreement.

                                    L.       The Rebatable Rent Reserve Account
                           Agreement.

                                    M.       The Replacement Reserve Account
                           Agreement."

                  (e)      ARTICLE II of the Original Agreement is further
         amended by adding the following new Section II.10:

                                    "II.10. LTF Indebtedness. The obligation of
                           any Lender to make any Advance on any Series Loan
                           shall be expressly conditioned upon the absence of
                           the acceleration of the maturity of any Indebtedness
                           of LTF or any of its Subsidiaries (other than the
                           Borrower) in the aggregate amount of more than
                           $500,000.00 for any such Person or the absence of any
                           failure by LTF or any such Subsidiary to have paid
                           any such Indebtedness when due or, in the case of
                           such Indebtedness payable on demand, when demanded."

                  (f)      Section III.1. of the Original Agreement is amended
         by adding the following sentence as the last paragraph thereof:

                                    "Notwithstanding anything to the contrary in
                           this Agreement or any other Loan Document, the
                           Borrower shall not be able to obtain any Series Loan
                           if, after giving effect to the such Series Loan, the
                           number of Applicable Series Loans for Projects for
                           which Completion has not occurred would exceed four
                           (4)."

                  (g)      The second sentence of the second paragraph of
         Section III.2. of the Original Agreement is amended by changing the
         amount "$500,000.00" to the words "the Required Contingency Reserve
         Amount."

                  (h)      Section IV.4. of the Original Agreement is amended in
         its entirety to read as follows:

                                    "IV.4    No Litigation or Defaults.

                                    There are no actions, suits or proceedings
                           pending or, to the knowledge of the Borrower,
                           threatened against or affecting Borrower or any
                           Project, or involving the validity or enforceability
                           of the Loan Documents or the priority of the Lien
                           thereof, at law or in equity; and

                                       4
<PAGE>

                           Borrower is not in default under any order, writ,
                           injunction, decree or demand of any court or any
                           administrative body having jurisdiction over
                           Borrower."

                  (i)      Section V.7.F. of the Original Agreement is amended
         in its entirety to read as follows:

                           "F.      With each of LTF's financial statements
                           required to be delivered pursuant to Sections V.7.B.
                           and/or G., a copy of each compliance certificate
                           delivered by LTF or any of its Subsidiaries (other
                           than the Borrower) to the holders of any of such
                           Person's Indebtedness demonstrating compliance or
                           non-compliance, as the case may be, with the terms of
                           such Indebtedness."

                  (j)      Section V.7.H. of the Original Agreement is amended
         in its entirety to read as follows:

                           "H.      Together with the financial statements
                           required under Section V.7.E. coinciding with the end
                           of a quarter of the Borrower's fiscal year, a
                           compliance certificate in the form of Exhibit A
                           attached hereto covering all Projects that have been
                           completed, signed by a Designated Officer."

                  (k)      Section V.7. of the Original Agreement is further
         amended by adding the following new Section V.7.O.:

                                    "O.      (1) Immediately upon receipt by LTF
                           or any of its Subsidiaries (other than the Borrower),
                           a copy of any notice of default on, or acceleration
                           of, any of such Person's Indebtedness or waiver of
                           such Person's non-compliance with the terms of such
                           Indebtedness; or (2) immediately upon Borrower, LTF
                           or any of LTF's other Subsidiaries becoming aware of
                           the occurrence of any event of default (howsoever
                           defined) on any of LTF's or any of such other
                           Subsidiaries' Indebtedness or of any event which
                           could, with the giving of notice and/or lapse of
                           time, constitute any such event of default, a notice
                           describing the nature thereof and what action such
                           Person proposes to take with respect thereto.

                  (1)      Section V.28. of the Original Agreement is amended in
         its entirety to read as follows:

                  "V.28.   Debt Service Coverage.

                           Borrower shall receive in cash each month, commencing
                  on the "Rent Commencement Date" (as defined in the Project
                  Lease for the Applicable Series Loan), the required payments
                  of Base Rent for that month under such Project Lease;
                  provided, however, that the minimum required monthly cash
                  payments of Base Rent under such Project Lease shall not be
                  less than 125% of the scheduled monthly installment payments
                  of principal and interest on such Applicable Series

                                       5
<PAGE>

                  Loan that are established for the period following such Series
                  Loan's Conversion Date."

                  (m)      Section V.30 of the Original Agreement is amended in
         its entirety to read as follows:

                  "V.30.   Depositing Collections.

                           Borrower shall deposit all collections with respect
                  to the Project Leases in a collateral account maintained at US
                  Bank and, if required by the Administrative Bank or the Super
                  Majority Lenders, in separate collateral accounts for each
                  Project Lease except that Rebatable Rent shall be immediately
                  transferred by US Bank into the Rebatable Rent Reserve Account
                  and thereafter shall be disbursed in accordance with the terms
                  of the Rebatable Rent Reserve Account Agreement. The Borrower
                  shall not have any right to withdraw any amount deposited in
                  any collateral account except to pay Obligations arising under
                  this Agreement and the other Loan Documents or to fund the
                  Rebatable Reserve Account and/or the Replacement Reserve
                  Account."

                  (n)      Section VI. 1. K. of the Original Agreement is
         amended in its entirety to read as follows:

                           "K.      The maturity of any Indebtedness of Borrower
                                    (other than Indebtedness under this
                                    Agreement or the other Loan Documents) shall
                                    be accelerated, or Borrower shall fail to
                                    pay any such Indebtedness when due or, in
                                    the case of such Indebtedness payable on
                                    demand, when demanded, or any event shall
                                    occur or condition shall exist and shall
                                    continue for more than the period of grace,
                                    if any, applicable thereto and shall have
                                    the effect of causing, or permitting (any
                                    required notice having been given and grace
                                    period having expired) the holder of any
                                    such Indebtedness or any trustee or other
                                    Person acting on behalf of such holder to
                                    cause such Indebtedness to become due prior
                                    to its stated maturity or to realize upon
                                    any collateral given as security therefor."

                  (o)      Sections VI.1.O. and VI.1.P of the Original Agreement
         are respectively amended in their entireties to read as follows:

                           "O.      LTF shall default in the performance or
                                    observance of any agreement, covenant or
                                    condition required to be performed or
                                    observed by LTF under the terms of the
                                    Maintenance Agreement.

                           P.       Borrower shall default in the performance or
                                    observance of any agreement, covenant or
                                    condition required to be performed or
                                    observed by Borrower under the terms of the
                                    Rebatable Rent Reserve Account Agreement or
                                    the Replacement Reserve Account Agreement."

                                       6
<PAGE>

                  (p)      Section VI.2. of the Original Agreement is amended to
         add the following new Section VI.2.F.:

                           "F.      Disburse the un-disbursed portion of any
                                    Series Loan to pay the unpaid accrued
                                    interest on such Series Loan or to pay other
                                    Obligations in such order of application as
                                    may be directed by the Super Majority
                                    Lenders."

         3.       CONDITIONS TO EFFECTIVENESS. This Amendment shall become
effective on the date (the "Effective Date") when, and only when, the
Administrative Bank shall have received:

                  (a)      Counterparts of this Amendment executed by Borrower
         and all Lenders;

                  (b)      The Rebatable Rent Reserve Account Agreement and the
         Replacement Reserve Account Agreement in form and substance
         satisfactory to the Administrative Bank and the Lenders appropriately
         completed and duly executed by the Borrower;

                  (c)      The Maintenance Agreement in form and substance
         satisfactory to the Administrative Bank and the Lenders appropriately
         completed and duly executed by LTF;

                  (d)      Evidence satisfactory to the Administrative Bank and
         the Lenders that the occurrence of the Effective Date of this Amendment
         is the only remaining condition precedent to the amendment of the
         Lessee's credit facility agented by Antares providing for a minimum
         credit facility of $35,000,000.00 terminating no earlier than January
         2, 2003 and that, upon the occurrence of such Effective Date, such
         amendment will be binding upon all parties thereto without further
         action on any such parties' part;

                  (e)      An amendment fee, in immediately available funds, in
         the amount separately agreed upon in writing by Borrower, US Bank and
         Bank One, Michigan; and

                  (f)      Such other documents as the Administrative Bank or
         any Lender may reasonably request.

         4.       REPRESENTATIONS AND WARRANTIES. To induce the Administrative
Bank, the Lenders and the Collateral Agent to enter into this Amendment,
Borrower represents and warrants to the Administrative Bank, the Lenders and the
Collateral Agent as follows:

                  (a)      The execution, delivery and performance by Borrower
         of the Original Agreement as amended by this Amendment and any other
         documents to be executed and/or delivered by Borrower in connection
         herewith have been duly authorized by all necessary company action, do
         not require any approval or consent of, or any registration,
         qualification or filing with, any government agency or authority or any
         approval or consent of any other person (including, without limitation,
         any member), do not and will not conflict with, result in any violation
         of or constitute any default under, any provision of Borrower's
         Articles of Organization, Member Control Agreement or Operating
         Agreement, any agreement binding on or applicable to Borrower or any of
         its property, or any law or governmental regulation or court decree or
         order, binding upon or applicable

                                       7
<PAGE>

         to Borrower or of any of its property and will not result in the
         creation or imposition of any security interest or other lien or
         encumbrance in or on any of its property pursuant to the provisions of
         any agreement applicable to Borrower or any of its property;

                  (b)      The representations and warranties contained in the
         Original Agreement are true and correct as of the date hereof as though
         made on that date except to the extent that such representations and
         warranties relate solely to an earlier date and except that the
         representations and warranties set forth in Section IV.5. of the
         Original Agreement with respect to the audited or unauditied financial
         statements of the Borrower or the Lessee, as the case may be, shall be
         deemed to be a reference to the most recent audited or unaudited
         financial statements of the relevant Person delivered to the Lenders
         pursuant to Section V.7 of the Original Agreement

                  (c)      (i) No events have taken place and no circumstances
         exist at the date hereof which would give Borrower the right to assert
         a defense, offset or counterclaim to any claim by the Administrative
         Bank or any Lender for payment of any Note; and (ii) Borrower hereby
         releases and forever discharges the Administrative Bank, each Lender
         and their respective successors, assigns, directors, officers, agents,
         employees and participants from any and all actions, causes of action,
         suits, proceedings, debts, sums of money, covenants, contracts,
         controversies, claims and demands, at law or in equity, which Borrower
         ever had or now has against such Person by virtue of such Person's
         relationship to Borrower in connection with the Loan Documents and the
         transactions related thereto;

                  (d)      The Original Agreement, as amended by this Amendment,
         is the legal, valid and binding obligation of Borrower, remains in full
         force and effect and is enforceable in accordance with its terms,
         subject only to bankruptcy, insolvency, reorganization, moratorium or
         similar laws, rulings or decisions at the time in effect affecting the
         enforceability of rights of creditors generally and to general
         equitable principles which may limit the right to obtain equitable
         remedies;

                  (e)      No Default or Event of Default exists prior to or
         after giving effect to this Amendment.

         5.       REFERENCE TO AND EFFECT ON THE LOAN DOCUMENTS.

                  (a)      From and after the date of this Amendment, each
         reference in the Original Agreement to "this Agreement", "hereunder",
         "hereof', "herein" or words of like import referring to the Original
         Agreement, and each reference to the "Agreement", "thereunder",
         "thereof", "therein" or words of like import referring to the Original
         Agreement in any other Loan Document shall mean and be a reference to
         the Original Agreement as amended hereby; and

                  (b)      The execution, delivery and effectiveness of this
         Amendment shall not, except as expressly provided herein, operate as a
         waiver of any right, power or remedy of Lender under the Original
         Agreement or any other Loan Document, nor constitute a waiver of any
         provision of the Original Agreement or any such other Loan Document.

                                       8
<PAGE>

         6.       COSTS, EXPENSES AND TAXES. Borrower agrees to pay on demand
all costs and expenses of the Administrative Bank and each Lender in connection
with the preparation, reproduction, execution and delivery of this Amendment and
the other documents to be delivered hereunder or thereunder, including their
reasonable attorneys' fees and legal expenses. In addition, Borrower shall pay
any and all stamp and other taxes and fees payable or determined to be payable
in connection with the execution and delivery, filing or recording of this
Amendment and the other instruments and documents to be delivered hereunder, and
agrees to save the Administrative Bank and each Lender harmless from and against
any and all liabilities with respect to, or resulting from, any delay in
Borrower's paying or omission to pay, such taxes or fees.

         7.       GOVERNING LAW. THE VALIDITY, CONSTRUCTION AND ENFORCEABILITY
OF THIS AMENDMENT SHALL BE GOVERNED BY THE INTERNAL LAWS OF THE STATE OF
MINNESOTA, WITHOUT GIVING EFFECT TO CONFLICT OF LAWS PRINCIPLES THEREOF, BUT
GIVING EFFECT TO FEDERAL LAWS APPLICABLE TO NATIONAL BANKS.

         8.       HEADINGS. Section headings in this Amendment are included
herein for convenience of reference only and shall not constitute a part of this
Amendment for any other purpose.

         9.       COUNTERPARTS. This Amendment may be executed in one or more
counterparts, each of which shall be deemed to be an original.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       9
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed by their respective officers thereunto duly authorized as of the date
first written above.

                                    BORROWER:

                                    FCA REAL ESTATE HOLDINGS, LLC

                                    By: LIFE TIME FITNESS, Inc.
                                    Its: Manager

                                    By:_________________________________________
                                    Its: Secretary and Chief Financial Officer

                                    ADMINISTRATIVE BANK:

                                    U.S. BANK NATIONAL ASSOCIATION, as the
                                    Administrative Bank, the Collateral Agent
                                    and the sole Primary Lender for the Series A
                                    and the Series F Loan and a Lender for all
                                    other Series Loans

                                    By:_________________________________________
                                    Its: Vice President

                                    BANK ONE, MICHIGAN, as a Lender for all
                                    Series Loans, other than the Series A Loan
                                    and the Series F Loan

                                    By:_________________________________________
                                    Its: First Vice President

                                       10

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