Document:

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Exhibit 10(f)

            SECOND AMENDED AND RESTATED SEASONAL LINE OF CREDIT NOTE

$4,500,000.00                                          Hilton Head Island, S. C.

                                                                October 31, 2002

         FOR VALUE RECEIVED, the undersigned SEA PINES ASSOCIATES, INC. and SEA
PINES COMPANY, INC., both South Carolina corporations (hereinafter referred to
collectively as the "Maker") jointly and severally promise to pay to the order
of WACHOVIA BANK, N.A., a national banking association (which, together with any
subsequent holder(s) of this Note, from time to time hereinafter referred to as
the "Holder") at Charleston, South Carolina, or at such other place or to such
other party or parties as the Holder of this Note may from time to time
designate, the principal sum of FOUR MILLION, FIVE HUNDRED THOUSAND NO/100
DOLLARS ($4,500,000.00) or so much thereof as may be advanced or re-advanced
from time to time and remains unpaid, with interest thereon computed on the
basis of a 360-day year for the actual number of days in each Interest Period
(as hereinafter defined).

         This Note shall bear interest from the date hereof at a rate per annum
equal to the Adjusted LIBOR Index for the applicable one month Interest Period
plus the Applicable Margin, all as defined in that certain Amended and Restated
Master Credit Agreement dated the same date hereof by and between Maker and the
initial Holder (the "Amended and Restated Master Credit Agreement").

         Interest only on the principal amount outstanding shall be due and
payable on the first (1st ) day of each month. All outstanding principal and
accrued but unpaid interest shall be due and payable on or before the Seasonal
Line of Credit Note Maturity Date, as defined in the Amended and Restated Master
Credit Agreement.

         Monthly payments of interest shall be applied first to any late charges
or other charges due and then to interest due. Upon the occurrence of an Event
of Default under this Note, all payments of principal and/or interest may be
applied in such order as the Holder of this Note may in its sole discretion
determine. All payments of principal and/or interest are payable in lawful money
of the United States of America, which shall be legal tender in payment of all
debts and dues, public and private, at the time of payment.

         In the event ("Event(s) of Default") (a) Maker fails to make a payment
of any interest or any installment of principal or any other sums payable
pursuant to the terms of this Note on or before the date on which it is due, (b)
Maker fails to pay in full the entire amount outstanding under this Note on the
Seasonal Line of Credit Note Maturity Date, (c) of the occurrence of an Event of
Default under the Amended and Restated Master Credit Agreement or any other
document or instrument which secures or evidences this Note , or (d) of an event
of default by Maker on any of the "Obligations" as defined in the Amended and
Restated Master Credit Agreement ; and if such default or failure is not cured
within the time, if any, provided in the Amended and Restated Master Credit
Agreement or other document or instrument, then or at any time thereafter, at
the option of the Holder of this Note, the whole of the principal sum then
remaining unpaid hereunder together with all interest accrued thereon, shall
immediately become due and payable without notice, and the liens given to secure
the payment of this Note may be foreclosed. In order to compensate the Holder
for the increased risk of collection after an Event of Default, from and after
the maturity of this Note either according to its terms or as the result of a
lawful declaration of maturity, the entire principal remaining unpaid hereunder
shall bear interest at a rate equal to Default Rate, as defined in the Amended
and Restated Master Credit Agreement. Failure to exercise such option or any
other rights to which the Holder may in the event of any such default be
entitled shall not constitute a waiver of the right to
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exercise such option or any other rights in the event of any subsequent default,
whether of the same or different nature.

         This Note is secured by, among other security, certain Mortgages,
Assignments and other Collateral, all as defined and more fully described in the
Amended and Restated Master Credit Agreement. The terms and conditions of the
Amended and Restated Master Credit Agreement and the other Documents as defined
in the Amended and Restated Master Credit Agreement shall be considered a part
hereof to the same extent as if written herein, including any amendments
thereto.

         If this Note is placed in the hands of an attorney for collection or is
collected through any legal proceedings, the Maker of this Note promises to pay
a reasonable attorney's fee.

         In the event the interest provisions hereof or any exactions provided
for herein or any other instruments securing this Note shall result for any
reason in an effective rate of interest which, for any period of time,
transcends the limit of the usury or any other law applicable to the loan
evidenced hereby, all sums in excess of those lawfully collectible as interest
for the period in question shall, without further agreement or notice between or
by any party hereto, be applied to principal immediately upon receipt of such
monies by the Holder.

         The Maker and all endorsers, and all persons liable or to become liable
on this Note waive presentment, protest and demand, notice of protest, demand
and dishonor and nonpayment of this Note (except for notice expressly required
by this Note), and consent to any and all renewals and extensions of the time of
payment hereof, and agree, further, that at any time and from time to time
without notice, the terms of payment herein may be modified or the security
described in the lien document securing this Note released in whole or in part,
or increased, changed or exchanged by agreement between the Holder hereof and in
the case of payments, the Maker, and in the case of liens, any owner of premises
affected by said lien document securing this Note without in any way affecting
the liability of any party to this instrument or any person liable with respect
to any indebtedness evidenced hereby.

         The Holder is not required to rely on the Collateral, as defined in the
Amended and Restated Master Credit Agreement, for the payment of the Note in the
event of default by the Maker, but may proceed directly against the Maker,
endorsers, or guarantors, if any, in such manner as it deems desirable. None of
the rights and remedies of the Holder hereunder are to be waived or affected by
failure or delay to exercise them. All remedies conferred on a Holder by this
Note or any other instrument or agreement shall be cumulative, and none is
exclusive. Such remedies may be exercised concurrently or consecutively at the
Holder's option.

         This Note may be prepaid in whole or in part without penalty upon the
maturity of the then current Interest Period. If the Holder allows the Maker to
prepay the Loan prior to the maturity of the then current Interest Period, the
Maker shall pay a prepayment premium determined by the Holder, in its
commercially reasonable discretion, at the time of the prepayment to compensate
the Holder for any loss.

         The Holder may collect a late charge not to exceed an amount equal to
four (4%) per cent of any installment of principal which is not paid within
fifteen (15) days of the due date thereof to cover the extra expenses involved
in handling delinquent payments. The collection of the late charge shall not be
deemed a waiver by the Holder of any of its other rights under this Note,
including the right, upon the expiration of any applicable cure period, to
accelerate this Note due to Maker's default for nonpayment.
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NOTWITHSTANDING ANYTHING HEREIN TO THE CONTRARY, the Holder may, at its sole
option, upon at least one hundred twenty (120) calendar days' prior written
notice to the Maker, declare the outstanding principal of this Note and any
accrued and unpaid interest due hereunder due and payable in full as of the 1st
day of July in any year, beginning with the 1st day of July, 2003 (each such
July 1, a "Call Date"). A failure to call this Note on any one Call Date shall
not adversely affect the right of the Lender to call this Note on any subsequent
Call Date. If Holder gives said notice, Holder shall not have any further
obligation to make any Advance under the Seasonal Line of Credit Note, and all
sums outstanding shall be paid by said July 1 date.

         This Note shall be governed as to validity, interpretation,
construction, effect, and in all other respects by the laws and decisions of the
State of South Carolina.

         Wherever possible each provision of this Note shall be interpreted in
such manner as to be effective and valid under applicable law, but if any
provision of this Note or portion thereof shall be prohibited by or invalid
under such law, such provision shall be ineffective to the extent of such
prohibition or invalidity, without invalidating the remainder of such provision
or the remaining provisions of this Note.

         This Note amends and restates that certain promissory note of Maker
dated October 31, 1998, as amended from time to time.

         IN WITNESS WHEREOF, this Second Amended and Restated Seasonal Line of
Credit Note is executed and delivered by the Maker to be legally binding and
effective as of the date first above written.

(CORPORATE SEAL)                    MAKER:

                                    SEA PINES ASSOCIATES, INC.

                                    By: /s/ Michael E. Lawrence
                                        ---------------------------------
                                            Its:  Chief Executive Officer
                                                  -----------------------
(CORPORATE SEAL)                    SEA PINES COMPANY, INC.

                                    By: /s/ Michael E. Lawrence
                                        ---------------------------------
                                            Its:  President
                                                  -----------------------<PAGE>

Exhibit 10(g)

                             [WACHOVIA LETTERHEAD]

This instrument was prepared by and is to be returned to Benton D. Williamson,
whose address is Haynsworth Sinkler Boyd, P.A., P.O. Box 11889, Columbia, South
Carolina 29211-1889.

             SECOND MORTGAGE MODIFICATION AND RE-STATEMENT AGREEMENT

                                  ("AGREEMENT")

                              (BOOK 659, PAGE 1683)

STATE OF SOUTH CAROLINA )
                        )
COUNTY OF BEAUFORT      )

         THIS SECOND MORTGAGE MODIFICATION AND RE-STATEMENT AGREEMENT, made as
of the 31st day of October, 2002 by and among WACHOVIA BANK, N.A. (formerly
known as WACHOVIA BANK OF SOUTH CAROLINA, N.A. and formerly known as THE SOUTH
CAROLINA NATIONAL BANK) (the "Mortgagee"), whose address is P.O. Box 700,
Charleston, South Carolina 29401, Attention: Real Estate Lending, and SEA PINES
ASSOCIATES, INC. and SEA PINES COMPANY, INC. (collectively, the "Mortgagor").

                                   WITNESSETH:

         WHEREAS, the Mortgagor has made and issued certain notes as follows:

         1.       That certain Second Amended and Restated Term Note of the date
hereof evidencing an indebtedness of FIFTEEN MILLION, NINE HUNDRED THIRTY-NINE
THOUSAND, SEVEN HUNDRED FIFTY-EIGHT and NO/100 DOLLARS ($15,939,758.00); and

         2.       That certain Second Amended and Restated Seasonal Line of
Credit Note of the date hereof evidencing an indebtedness of FOUR MILLION, FIVE
HUNDRED THOUSAND and NO/100 DOLLARS ($4,500,000.00); and

         3.       That certain Second Amended and Restated Revolving Line of
Credit Note of the date hereof evidencing an indebtedness of EIGHTEEN MILLION,
THREE HUNDRED THOUSAND and NO/100 DOLLARS ($18,300,000.00);

which notes, as amended and restated, are collectively referred to herein as the
"Notes" and are made a part hereof by reference as if fully set out herein
verbatim; and

         WHEREAS, the Mortgagor to partially secure the indebtedness evidenced
by the Notes executed and delivered a Mortgage, Security Agreement and Financing
Statement dated October 15, 1993, as amended from time to time, and recorded in
the RMC Office or Clerk of Court, as appropriate (the "Registry") for Beaufort
County in Book 659, Page 1683, made a part hereof by this reference as fully as
if set out herein verbatim (such document, as heretofore amended, being herein
referred to as the "Mortgage"); and

         WHEREAS, the Mortgagor and Mortgagee have entered into that certain
Amended and Restated Master Credit Agreement dated the same date hereof pursuant
to which the Mortgagor and Mortgagee have established uniform

                                      -1-
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agreements, obligations, covenants and other matters governing the Obligations,
as defined in said Agreement, whether now existing or hereinafter arising, owed
to the Mortgagee (the "Amended and Restated Master Credit Agreement"); and

         WHEREAS, the Mortgagor and Mortgagee desire to re-establish, re-state
and modify the Facilities as defined in the Amended and Restated Master Credit
Agreement; and

         WHEREAS, the Mortgagor and Mortgagee have agreed to make certain
modifications to the Mortgage in order to secure, collateralize and
cross-default all Obligations, as defined in the Amended and Restated Master
Credit Agreement; and

         WHEREAS, the Mortgagor has consented to waive Mortgagor's appraisal
rights as set forth in S.C. Code Ann. Section 29-3-680; and

         WHEREAS, the Mortgagor has been informed in writing of the requirement
of the waiver of appraisal rights before this loan modification transaction
closed and has consented thereto as part of the Mortgagor's inducement of
Mortgagee to enter into the loan modification transaction described herein; and

         WHEREAS, the Mortgagee, as holder and owner of the Mortgage, and the
Mortgagor mutually desire to modify and amend the provisions of the same in the
manner hereinafter set out, it being specifically understood that except as
herein modified and amended, the terms and provisions of the Mortgage shall
remain unchanged and continue in full force and effect as therein written.

         NOW, THEREFORE, the Mortgagee and the Mortgagor, in consideration of
the sum of One Dollar ($1.00) and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged and the mutual
covenants herein contained do hereby agree that the Mortgage should be, and the
same hereby is modified and amended as follows:

         1.       The provisions of the Notes and the Amended and Restated
Master Credit Agreement, are incorporated in the Mortgage as fully as if set out
therein verbatim.

         2.       Notwithstanding anything to the contrary contained in the
Notes and Mortgage, and any amendments thereto, the Mortgage is hereby amended
to include as additional Events of Default the following:

                  a.       the occurrence of an Event of Default under the
Amended and Restated Master Credit Agreement, or

                  b.       a default by the Mortgagor on any of the Obligations,
as defined in the Amended and Restated Master Credit Agreement.

         3.       Any reference contained in the Mortgage, as amended herein, to
the "Credit Agreement," the "Revolving Credit Agreement," the "1987 Credit
Agreement" or any other loan or credit agreement shall hereinafter be deemed to
be a reference to the Amended and Restated Master Credit Agreement.

         4.       The final payment of the Notes shall be the maturity dates as
respectively set out in the Amended and Restated Master Credit Agreement for
each of the Notes, but no later than November 1, 2008.

         5.       Any reference contained in the Notes or the Mortgage, as
amended herein, to the Mortgage shall hereinafter be deemed to be a reference to
such document as amended hereby. In amplification thereof, the Mortgage, as
amended hereby, shall secure the Obligations including, without limitation, the
Notes, and any further modifications, renewals or extensions thereof.

                                      -2-
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         IT IS MUTUALLY AGREED by and between the parties hereto that this
Agreement shall become a part of the Mortgage by reference and that nothing
herein contained shall (i) impair the security now held for the indebtedness
represented by the Notes, (ii) waive, annul, vary or affect any provision,
condition, covenant or agreement contained in the Notes and the Mortgage except
as herein amended, or (iii) affect or impair any rights, powers or remedies
under the Notes and the Mortgage as hereby amended. Furthermore, the Mortgagee
does hereby reserve all rights and remedies it may have as against all parties
who may be or may hereafter become primarily or secondarily liable for the
repayment of the indebtedness evidenced by the Notes.

         The execution and delivery hereof shall not constitute a novation or
modification of the lien, encumbrance or security title of the Mortgage, which
Mortgage shall retain its priority as originally filed for record. Mortgagor
expressly agrees that the Mortgage remains in full force and effect and that
Mortgagor has no right to setoff, counterclaim or defense to the lien granted
thereby.

         This Agreement shall be governed by and construed in accordance with
the laws of the State of South Carolina without regard to principles of conflict
of laws.

         This Agreement shall be binding upon and inure to the benefit of any
assignee or the respective successors and assigns of the parties hereto.

         This Agreement may be executed in any number of counterparts, each of
which shall be an original but all of which taken together shall constitute one
and the same instrument, and any of the parties hereto may execute any of such
counterparts.

                                      -3-
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         The laws of South Carolina provide that in any real estate foreclosure
proceeding a defendant against whom a personal judgment is taken or asked may
within thirty days after the sale of the mortgaged property apply to the court
for an order of appraisal. The statutory appraisal value as approved by the
court would be substituted for the high bid and may decrease the amount of any
deficiency owing in connection with the transaction. THE UNDERSIGNED HEREBY
WAIVE AND RELINQUISH THE STATUTORY APPRAISAL RIGHTS WHICH MEANS THE HIGH BID AT
THE JUDICIAL FORECLOSURE SALE WILL BE APPLIED TO THE DEBT REGARDLESS OF ANY
APPRAISED VALUE OF THE MORTGAGED PROPERTY.

         IN WITNESS WHEREOF, this instrument has been executed under seal by the
parties hereto and delivered on the date and year first above written.

SIGNED, SEALED AND DELIVERED             MORTGAGEE:
IN THE PRESENCE OF:

/s/ Donna M. Bucci                    WACHOVIA BANK, N.A.
----------------------
(Witness)
                                        By: /s/ R. Ross Campbell, Jr.
                                            -------------------------
/s/ Elisabeth Peavy                             Its:  Vice President
----------------------                                ---------------

(Witness)

                                         MORTGAGOR:

/s/ Steven P. Birdwell                SEA PINES ASSOCIATES, INC.
----------------------
(Witness)
                                        By: /s/ Michael E. Lawrence
                                            ---------------------------------
/s/ Marion L. Dennis                             Its: Chief Executive Officer
----------------------                                -----------------------
(Witness)
                                                           (CORPORATE SEAL)

/s/ Steven P. Birdwell                SEA PINES COMPANY, INC.
----------------------
(Witness)
                                        By: /s/ Michael E. Lawrence
                                            -------------------------------
/s/ Marion L. Dennis                            Its: President
----------------------                               ---------------------
(Witness)
                                                           (CORPORATE SEAL)

                                       -4-
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STATE OF SOUTH CAROLINA   )
                          )
COUNTY OF BEAUFORT        )

         The foregoing instrument was acknowledged before me this 20th day of
November, 2002 by Michael E. Lawrence, a Chief Executive Officer of SEA PINES
ASSOCIATES, INC., a South Carolina corporation, on behalf of said entity.

                                           /s/ Marion Dennis

                                           Notary Public for South Carolina
                                           My Commission Expires:  March 9, 2004

STATE OF SOUTH CAROLINA   )
                          )
COUNTY OF CHARLESTON      )

         The foregoing instrument was acknowledged before me this 25th day of
November, 2002 by R. Ross Campbell, a Vice President of WACHOVIA BANK, N.A., on
behalf of said entity.

                                           /s/ Elisabeth Peavy

                                           Notary Public for South Carolina
                                           My Commission Expires:  June 24, 2006

STATE OF SOUTH CAROLINA   )
                          )
COUNTY OF BEAUFORT        )

         The foregoing instrument was acknowledged before me this 20th day of
November, 2002 by Michael E. Lawrence, a President of SEA PINES COMPANY, INC., a
South Carolina corporation, on behalf of said entity.

                                           /s/ Marion Dennis

                                           Notary Public for South Carolina
                                           My Commission Expires:  March 9, 2004

                                      -5-

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