Document:

Exhibit 10.159

                   FOURTH AMENDED AND RESTATED PROMISSORY NOTE

$15,000,000.00
                                                               December 31, 2004

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

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

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

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

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

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

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

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

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

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

Bluegreen Properties of Virginia, Inc., a Delaware corporation
4960 Conference Way North, Suite 100
Boca Raton, Florida 33431

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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Wachovia Bank, National Association
225 Water Street
Jacksonville, Florida 32202
(Hereinafter referred to as "Bank")

Borrower  promises  to pay to the order of Bank,  in lawful  money of the United
States of  America,  at its office  indicated  above or  wherever  else Bank may
specify, the sum of FIFTEEN MILLION AND NO/100 DOLLARS  ($15,000,000.00) or such
sum as may be advanced and  outstanding  from time to time, with interest on the
unpaid  principal  balance at the rate and on the terms  provided in this Fourth
Amended and Restated  Promissory  Note  (including  all renewals,  extensions or
modifications hereof, ("Note").

RENEWAL/MODIFICATION.  This Note amends, restates,  extends, and modifies in its
entirety that certain Third Amended and Restated  Promissory Note dated December
30, 2003 (the  "Original  Promissory  Note"),  evidencing an original  principal
amount of $15,000,000.00 of which  $3,890,464.00 is currently  outstanding,  the
original of which is attached to this Note. Should there be any conflict between
any of the terms of the Original Promissory Note and the terms of this Note, the
terms of this Note shall control. This Note is not a novation.

LOAN  AGREEMENT.  This Note is subject to the  provisions of that certain Fourth
Amended and Restated Loan Agreement between Bank and Borrower dated of even date
herewith, as modified from time to time (the "Loan Agreement").

INTEREST  RATE.  Interest shall accrue on the unpaid  principal  balance of this
Note from the date hereof at the LIBOR  Market  Index Rate plus  2.00%,  as that
rate may change from day to day in  accordance  with changes in the LIBOR Market
Index Rate  ("Interest  Rate").  "LIBOR Market Index Rate",  for any day, is the
rate for 1 month U.S.  dollar  deposits as reported on Telerate  page 3750 as of
11:00 a.m.,  London time,  on such day, or if such day is not a London  business
day, then the immediately  preceding London business day (or if not so reported,
then  as  determined  by  Bank  from  another  recognized  source  or  interbank
quotation).

DEFAULT  RATE.  In addition to all other  rights  contained  in this Note,  if a
Default  (as  defined  herein)  occurs and as long as a Default  continues,  all
outstanding  Obligations  shall  bear  interest  at the  Interest  Rate  plus 3%
("Default Rate").  The Default Rate shall also apply from acceleration until the
Obligations or any judgment thereon is paid in full.

INTEREST AND FEE(S) COMPUTATION  (ACTUAL/360).  Interest and fees, if any, shall
be computed on the basis of a 360-day year for the actual  number of days in the
applicable  period  ("Actual/360   Computation").   The  Actual/360  Computation
determines the annual  effective  interest yield by taking the stated  (nominal)
rate for a year's  period and then  dividing  said rate by 360 to determine  the
daily  periodic  rate to be  applied  for  each  day in the  applicable  period.
Application of the Actual/360  Computation produces an annualized effective rate
exceeding the nominal rate.

REPAYMENT  TERMS.  This Note  shall be due and  payable in  consecutive  monthly
payments  of  accrued  interest  only,  commencing  on  January  31,  2005,  and
continuing  on the last day of each month  thereafter  until fully paid.  In any
event,  all principal and accrued  interest shall be due and payable on June 30,
2006 (the "Maturity Date").

APPLICATION OF PAYMENTS. Monies received by Bank from any source for application
toward payment of the Obligations  shall be applied to accrued interest and then
to principal.  If a Default occurs,  monies may be applied to the Obligations in
any manner or order deemed appropriate by Bank.

If any  payment  received  by Bank under this Note or other  Loan  Documents  is
rescinded,  avoided or for any reason  returned  by Bank  because of any adverse
claim or threatened  action,  the returned  payment  shall remain  payable as an
obligation  of all persons  liable  under this Note or other Loan  Documents  as
though such payment had not been made.

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DEFINITIONS. Loan Documents. The term "Loan Documents" used in this Note and the
other Loan  Documents  refers to all documents  executed in  connection  with or
related to the loan  evidenced  by this Note and any prior notes which  evidence
all or any portion of the loan evidenced by this Note, and any letters of credit
issued  pursuant  to any loan  agreement  to which  this  Note is  subject,  any
applications  for such  letters of credit and any other  documents  executed  in
connection  therewith or related thereto,  and may include,  without limitation,
the  Loan  Agreement,  this  Note,  guaranty  agreements,  security  agreements,
security instruments,  financing statements,  mortgage instruments, any renewals
or  modifications,  whenever any of the  foregoing  are  executed,  but does not
include swap agreements (as defined in 11 U.S.C. ss. 101). Obligations. The term
"Obligations"  used in this Note  refers to any and all  indebtedness  and other
obligations  under  this  Note,  all other  obligations  under  any  other  Loan
Document(s),  and all  obligations  under any swap  agreements (as defined in 11
U.S.C.  ss. 101) between  Borrower and Bank  whenever  executed.  Certain  Other
Terms.  All terms  that are used but not  otherwise  defined  in any of the Loan
Documents shall have the definitions provided in the Uniform Commercial Code.

LATE CHARGE.  If any payments  are not timely made,  Borrower  shall also pay to
Bank a late charge equal to 5% of each payment past due for 10 or more days.

Acceptance by Bank of any late payment without an accompanying late charge shall
not be deemed a waiver of Bank's right to collect such late charge or to collect
a late charge for any subsequent late payment received.

ATTORNEYS'  FEES AND OTHER  COLLECTION  COSTS.  Borrower shall pay all of Bank's
reasonable  expenses  incurred  to  enforce or  collect  any of the  Obligations
including, without limitation,  reasonable arbitration,  attorneys' and experts'
fees and expenses,  whether  incurred without the commencement of a suit, in any
trial,  arbitration,  or  administrative  proceeding,  or in  any  appellate  or
bankruptcy proceeding.

USURY. If at any time the effective interest rate under this Note would, but for
this  paragraph,  exceed the maximum  lawful rate,  the effective  interest rate
under this Note shall be the maximum  lawful  rate,  and any amount  received by
Bank in excess of such rate shall be applied to  principal  and then to fees and
expenses, or, if no such amounts are owing, returned to Borrower.

DEFAULT.  If any of the following occurs, a default  ("Default") under this Note
shall  exist:  Nonpayment;  Nonperformance.  The  failure  of timely  payment or
performance  of the  Obligations or Default under this Note not paid within five
(5) days of the applicable due date or the failure of timely  performance of any
other Obligations  under any other Loan Document,  not cured within fifteen (15)
days after written notice from Bank to Borrower.  Borrower's right to cure shall
be applicable only to curable defaults and shall not apply,  without limitation,
to Defaults based upon False Warranty or Cessation;  Bankruptcy or any financial
covenant.  False Warranty.  A warranty or representation  made or deemed made in
the Loan  Documents or furnished  Bank in connection  with the loan evidenced by
this  Note  proves  materially  false,  or if of a  continuing  nature,  becomes
materially  false.  Cross Default.  At Bank's option,  any default in payment or
performance of any obligation under any other loans,  contracts or agreements of
Borrower, any Subsidiary or Affiliate of Borrower, any general partner of or the
holder(s)  of the  majority  ownership  interests  of Borrower  with Bank or its
affiliates,  including  without  limitation  that  certain  loan  from  Bank  to
Bluegreen Corporation, a Massachusetts corporation, and Bluegreen Communities of
Georgia,  LLC, a Georgia limited liability company dated August 12, 2004, in the
original principal amount of $9,600,000.00 (as same may be increased, amended or
modified  in the  future)  ("Affiliate"  shall have the meaning as defined in 11
U.S.C.  ss. 101,  except that the term  "Borrower"  shall be substituted for the
term "Debtor"  therein;  "Subsidiary"  shall mean any business in which Borrower
holds,  directly or  indirectly,  a  controlling  interest),  which is not cured
within the applicable cure period.  Cessation;  Bankruptcy.  The dissolution of,
termination of existence of, loss of good standing  status by,  appointment of a
receiver for, assignment for the benefit of creditors of, or commencement of any
bankruptcy or insolvency proceeding by or against Borrower,  its Subsidiaries or
Affiliates,  if any, or any general  partner of or the holder(s) of the majority
ownership  interests of Borrower,  or any party to the Loan Documents.  Material
Capital Structure or Business Alteration. Without prior written consent of Bank,
(i) the sale of  substantially  all of the  business  or assets of Borrower or a
material  portion  (25% or more) of such  business  or  assets if

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such a sale is outside the ordinary  course of business of Borrower or more than
50% of the  outstanding  stock or  voting  power of or in any such  entity  in a
single  transaction  or a series of  transactions;  or (ii) should any  Borrower
enter into any merger or  consolidation  other than with another Borrower or any
of Borrower's Subsidiaries or Affiliates or with any existing shareholder owning
more than 35% of the stock of Bluegreen Corporation.  Material Capital Structure
or Business  Alteration of Borrower's  Subsidiaries  or  Affiliates.  Borrower's
failure to  provide  Bank with an annual  report  detailing  (in such  detail as
required by bank) any of the following  transactions:  (i) a material alteration
in the kind or type of Borrower's  Subsidiaries' or Affiliates'  business;  (ii)
the sale of  substantially  all of the  business or assets of any of  Borrower's
Subsidiaries or Affiliates, or a material portion (10% or more) of such business
or  assets  if such a sale  is  outside  the  ordinary  course  of  business  of
Borrower's  Subsidiaries or Affiliates or any guarantor, or more than 50% of the
outstanding  stock  or  voting  power  of or in  any  such  entity  in a  single
transaction  or a series of  transactions;  (iii)  Borrower's  Subsidiaries'  or
Affiliates'  acquisition of substantially  all of the business or assets or more
than 50% of the outstanding  stock or voting power of any other entity;  or (iv)
should any of Borrower's  Subsidiaries or Affiliates or any guarantor enter into
any  merger  or  consolidation   other  than  with  another  one  of  Borrower's
Subsidiaries or Affiliates.

REMEDIES  UPON  DEFAULT.  If a  Default  occurs  under  this  Note  or any  Loan
Documents,  not cured within the  applicable  cure period,  Bank may at any time
thereafter,  take the  following  actions:  Bank Lien.  Foreclose  its  security
interest or lien against Borrower's  accounts without notice.  Acceleration Upon
Default.  Accelerate the maturity of this Note and, at Bank's option, any or all
other Obligations,  whereupon this Note and the accelerated Obligations shall be
immediately  due and  payable.  Cumulative.  Exercise any rights and remedies as
provided  under the Note and other  Loan  Documents,  or as  provided  by law or
equity.

FINANCIAL AND OTHER INFORMATION. Borrower shall deliver to Bank such information
as Bank may reasonably request from time to time,  including without limitation,
financial   statements  and  information   pertaining  to  Borrower's  financial
condition. Such information shall be true, complete, and accurate.

LINE OF CREDIT ADVANCES.  Borrower may borrow, repay and reborrow,  and Bank may
advance and readvance under this Note  respectively  from time to time until the
maturity hereof (each an "Advance" and together the "Advances"),  so long as the
total  principal  balance  outstanding  under this Note at any one time does not
exceed the  principal  amount  stated on the face of this  Note,  subject to the
limitations  described  in the Loan  Agreement  to which  this Note is  subject.
Bank's  obligation to make Advances under this Note shall  terminate  during any
period Borrower is in Default. As of the date of each proposed Advance, Borrower
shall be deemed to represent that each representation made in the Loan Documents
is true as of such date.

If Borrower  subscribes to Bank's cash management services and such services are
applicable  to this line of credit,  the terms of such service shall control the
manner in which funds are  transferred  between the  applicable  demand  deposit
account and the line of credit for credit or debit to the line of credit.

WAIVERS AND AMENDMENTS. No waivers, amendments or modifications of this Note and
other Loan  Documents  shall be valid unless in writing and signed by an officer
of Bank and Borrower. No waiver by Bank of any Default shall operate as a waiver
of any other  Default or the same  Default  on a future  occasion.  Neither  the
failure nor any delay on the part of Bank in  exercising  any right,  power,  or
remedy  under  this Note and other  Loan  Documents  shall  operate  as a waiver
thereof,  nor shall a single or partial  exercise  thereof preclude any other or
further exercise thereof or the exercise of any other right, power or remedy.

Except as  otherwise  provided,  each  Borrower  liable  under this Note  waives
presentment,  protest,  notice  of  dishonor,  demand  for  payment,  notice  of
intention to accelerate maturity,  notice of acceleration of maturity, notice of
sale and all other  notices  of any kind.  Further,  each  agrees  that Bank may
extend, or renew this Note for any period,  and grant any releases,  compromises
or  indulgences  with  respect to any  collateral  securing  this Note,  or with
respect to any other  Borrower  or any other  person  liable  under this Note or
other Loan Documents,  all without notice to or consent of each Borrower or each
person who

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may be liable under this Note or any other Loan  Document and without  affecting
the liability of Borrower or any person who may be liable under this Note or any
other Loan Document.

MISCELLANEOUS  PROVISIONS.  Assignment.  This Note and the other Loan  Documents
shall  inure to the  benefit  of and be  binding  upon  the  parties  and  their
respective  heirs,  legal  representatives,   successors  and  assigns.   Bank's
interests in and rights under this Note and the other Loan  Documents are freely
assignable,  in whole or in part, by Bank. In addition,  nothing in this Note or
any of the other Loan  Documents  shall prohibit Bank from pledging or assigning
this Note or any of the other  Loan  Documents  or any  interest  therein to any
Federal  Reserve  Bank.  Borrower  shall not  assign  its  rights  and  interest
hereunder without the prior written consent of Bank, and any attempt by Borrower
to assign without Bank's prior written  consent is null and void. Any assignment
shall not  release  Borrower  from the  Obligations.  Applicable  Law;  Conflict
Between  Documents.  This Note and, unless otherwise  provided in any other Loan
Document,  the other Loan Documents shall be governed by and construed under the
laws of the state named in Bank's  address  shown above  without  regard to that
state's conflict of laws  principles.  If the terms of this Note should conflict
with the terms of any loan  agreement  or any  commitment  letter that  survives
closing, the terms of this Note shall control.  Borrower's  Accounts.  Except as
prohibited by law, Borrower grants Bank a security interest in all of Borrower's
accounts with Bank and any of its affiliates. Jurisdiction. Borrower irrevocably
agrees to  non-exclusive  personal  jurisdiction  in the  state  named in Bank's
address shown above. Severability. If any provision of this Note or of the other
Loan  Documents  shall be  prohibited  or invalid  under  applicable  law,  such
provision  shall be  ineffective  but only to the extent of such  prohibition or
invalidity,  without  invalidating  the  remainder  of  such  provision  or  the
remaining  provisions of this Note or other such document.  Notices. Any notices
to Borrower shall be  sufficiently  given, if in writing and mailed or delivered
to the Borrower's  address shown above (attention  Borrower's  Corporate General
Counsel) or such other address as provided hereunder, and to Bank, if in writing
and mailed or  delivered  to Bank's  office  address  shown  above or such other
address  as Bank may  specify in  writing  from time to time.  In the event that
Borrower  changes  Borrower's  address  at  any  time  prior  to  the  date  the
Obligations are paid in full, Borrower agrees to promptly give written notice of
said  change  of  address  by  registered  or  certified  mail,  return  receipt
requested,  all charges prepaid.  Plural;  Captions.  All references in the Loan
Documents to Borrower,  guarantor,  person, document or other nouns of reference
mean  both the  singular  and  plural  form,  as the  case may be,  and the term
"person" shall mean any individual,  person or entity. The captions contained in
the Loan  Documents are inserted for  convenience  only and shall not affect the
meaning or interpretation of the Loan Documents.  Binding Contract.  Borrower by
executions of and Bank by acceptance of this Note agree that each party is bound
to all  terms and  provisions  of this  Note.  Advances.  Bank may,  in its sole
discretion,  make other advances which shall be deemed to be advances under this
Note, even though the stated  principal amount of this Note may be exceeded as a
result thereof.  Joint and Several Obligations.  Each entity who signs this Note
as a Borrower is jointly and severally obligated. Fees and Taxes. Borrower shall
promptly pay all  documentary,  intangible  recordation  and/or similar taxes on
this transaction whether assessed at closing or arising from time to time.

ARBITRATION.  Upon  demand of any party  hereto,  whether  made  before or after
institution of any judicial proceeding,  any claim or controversy arising out of
or relating to the Loan Documents  between parties hereto (a "Dispute") shall be
resolved by binding  arbitration  conducted under and governed by the Commercial
Financial Disputes  Arbitration Rules (the "Arbitration  Rules") of the American
Arbitration  Association (the "AAA") and the Federal  Arbitration Act.  Disputes
may include,  without limitation,  tort claims,  counterclaims,  a dispute as to
whether a matter is subject to arbitration,  claims brought as class actions, or
claims arising from documents  executed in the future. A judgment upon the award
may be entered in any court having jurisdiction.  Notwithstanding the foregoing,
this  arbitration  provision does not apply to disputes under or related to swap
agreements.  Special  Rules.  All  arbitration  hearings  shall be  conducted in
Broward  County,  Florida.  A hearing  shall begin  within 90 days of demand for
arbitration  and all  hearings  shall  conclude  within  120 days of demand  for
arbitration.  These time  limitations  may not be extended  unless a party shows
cause for extension and then for no more than a total of 60 days.  The expedited
procedures  set  forth  in Rule 51 et seq.  of the  Arbitration  Rules  shall be
applicable to claims of less than  $1,000,000.00.  Arbitrators shall be licensed
attorneys  selected from the Commercial  Financial Dispute  Arbitration Panel of
the AAA. The parties do not waive  applicable  Federal or state  substantive

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law  except  as  provided  herein.  Preservation  and  Limitation  of  Remedies.
Notwithstanding the proceeding binding arbitration provisions, the parties agree
to preserve,  without  diminution,  certain remedies that any party may exercise
before or after an arbitration proceeding is brought. The parties shall have the
right to proceed in any court of proper jurisdiction or by self-help to exercise
or prosecute the following remedies, as applicable:  (i) all rights to foreclose
against any real or personal property or other security by exercising a power of
sale or under applicable law by judicial  foreclosure  including a proceeding to
confirm the sale; (ii) all rights of self-help  including peaceful occupation of
real  property and  collection  of rents,  set-off,  and peaceful  possession of
personal property;  (iii) obtaining  provisional or ancillary remedies including
injunctive  relief,  sequestration,   garnishment,  attachment,  appointment  of
receiver  and  filing  an  involuntary  bankruptcy  proceeding;  and  (iv)  when
applicable,  a judgment by confession of judgment. Any claim or controversy with
regard to any  party's  entitlement  to such  remedies  is a Dispute.  Waiver of
Exemplary  Damages.  The  parties  agree  that  they  shall not have a remedy of
punitive or exemplary  damages  against  other parties in any Dispute and hereby
waive any right or claim to punitive or exemplary damages they have now or which
may arise in the future in  connection  with any Dispute  whether the Dispute is
resolved  by  arbitration  or  judicially.  Waiver of Jury  Trial.  THE  PARTIES
ACKNOWLEDGE THAT BY AGREEING TO BINDING ARBITRATION THEY HAVE IRREVOCABLY WAIVED
ANY RIGHT THEY MAY HAVE TO JURY TRIAL WITH REGARD TO A DISPUTE.

                     [EXECUTIONS COMMENCE ON FOLLOWING PAGE]

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            IN WITNESS WHEREOF,  Borrower, jointly and severally, on the day and
year first above written, has caused this Note to be executed under seal.

                   Bluegreen Corporation, a Massachusetts corporation

CORPORATE          By: _________________________________________________________
SEAL                   John Chiste, Treasurer
                       Taxpayer Identification Number: 03-0300793

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

CORPORATE          By: _________________________________________________________
SEAL                   John Chiste, Vice President
                       Taxpayer Identification Number: 65-0520217

                   Bluegreen Vacations Unlimited, Inc., a Florida corporation

CORPORATE          By: _________________________________________________________
SEAL                   John Chiste, Treasurer
                       Taxpayer Identification Number: 65-0433722

                   Bluegreen Holding Corporation (Texas), a Delaware corporation

CORPORATE          By: _________________________________________________________
SEAL                   John Chiste, Treasurer
                       Taxpayer Identification Number: 65-0796382

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

CORPORATE          By: _________________________________________________________
SEAL                   John Chiste, Treasurer
                       Taxpayer Identification Number: 03-0315835

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

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

CORPORATE                    By: _______________________________________________
SEAL                                  John Chiste, Treasurer

                          Taxpayer Identification Number: 65-0796380

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

CORPORATE          By: _________________________________________________________
SEAL                   John Chiste, Treasurer
                       Taxpayer Identification Number: 03-0325365

                   Bluegreen Carolina Lands, LLC, a Delaware limited liability
                   company

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

CORPORATE                    By: _______________________________________________
SEAL                                   John Chiste, Treasurer
                                    Taxpayer Identification Number: 65-0941345

                   Bluegreen Corporation of Tennessee, a Delaware corporation

CORPORATE          By: _________________________________________________________
SEAL                   John Chiste, Treasurer
                       Taxpayer Identification Number: 03-0316460

                   Bluegreen Corporation of the Rockies, a Delaware corporation

CORPORATE          By: _________________________________________________________
SEAL                   John Chiste, Treasurer
                       Taxpayer Identification Number: 65-0349373

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                   Bluegreen Properties of Virginia, Inc., a Delaware
                   corporation

CORPORATE          By: _________________________________________________
SEAL                   John Chiste, Treasurer
                       Taxpayer Identification Number: 52-1752664

                   Bluegreen Resorts International, Inc., a Delaware
                   corporation

CORPORATE          By: _________________________________________________
SEAL                   John Chiste, Vice President
                       Taxpayer Identification Number: 65-0803615

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

CORPORATE          By: _________________________________________________
SEAL                   John Chiste, Treasurer
                       Taxpayer Identification Number: 62-1667685

                   Leisure Capital Corporation, a Vermont corporation

CORPORATE          By: _________________________________________________
SEAL                   John Chiste, Treasurer
                       Taxpayer Identification Number: 03-0327285

                   Bluegreen West Corporation, a Delaware corporation

CORPORATE          By: _________________________________________________
SEAL                   John Chiste, Treasurer
                       Taxpayer Identification Number: 59-3300205

                   BG/RDI Acquisition Corp., a Delaware corporation

CORPORATE          By: _________________________________________________
SEAL                   John Chiste, Treasurer
                       Taxpayer Identification Number: 65-0776572

                                       11
<PAGE>

                   Bluegreen Corporation Great Lakes (WI), a Wisconsin
                   corporation

CORPORATE          By: _____________________________________________________
SEAL                   John Chiste, Treasurer
                       axpayer Identification Number: 36-3520208

                   Bluegreen Corporation of Canada, a Delaware corporation

CORPORATE          By: _____________________________________________________
SEAL                   John Chiste, Treasurer
                       Taxpayer Identification Number: 03- 0311034

                   Bluegreen Golf Clubs, Inc., a Delaware corporation

CORPORATE          By: _____________________________________________________
SEAL                   John Chiste, Treasurer
                       Taxpayer Identification Number: 65-0912659

                   Bluegreen Interiors, LLC, a Delaware limited liability
                   company

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

CORPORATE               By: ________________________________________________
SEAL                            John Chiste, Treasurer
                                Taxpayer Identification Number: 65-0929952

                   Bluegreen Southwest Land, Inc., a Delaware corporation

CORPORATE          By: _____________________________________________________
SEAL                   John Chiste, Treasurer
                       Taxpayer Identification Number: 65-0912249

                   New England Advertising Corp., a Vermont corporation

CORPORATE          By: _____________________________________________________
SEAL                   John Chiste, Treasurer
                       Taxpayer Identification Number: 03-0295158

                   South Florida Aviation, Inc., a Florida corporation

CORPORATE          By: _____________________________________________________
SEAL                   John Chiste, Treasurer
                       Taxpayer Identification Number: 65-0341038

                                       12
<PAGE>

                  Winding River Realty, Inc., a North Carolina corporation

CORPORATE         By: __________________________________________________________
SEAL                  John Chiste, Treasurer
                      Taxpayer Identification Number: 56-20955309

                  Jordan Lake Preserve Corporation, a North Carolina corporation

CORPORATE         By: __________________________________________________________
SEAL                  John Chiste, Treasurer
                      Taxpayer Identification Number: 65-1038536

                  Leisure Communication Network, Inc., a Delaware corporation

CORPORATE         By: __________________________________________________________
SEAL                  John Chiste, Treasurer
                      Taxpayer Identification Number: 65-1049209

                  Managed Assets Corporation, a Delaware corporation

CORPORATE         By: __________________________________________________________
SEAL                  John Chiste, Treasurer
                      Taxpayer Identification Number: 65-1079961

                  travelheads, inc., a Florida corporation

CORPORATE         By: __________________________________________________________
SEAL                  John Chiste, Vice President
                      Taxpayer Identification Number: 65-1129982

                  Encore Rewards, Inc., a Delaware corporation

CORPORATE         By: __________________________________________________________
SEAL                  John Chiste, Vice President
                      Taxpayer Identification Number: 65-1138973

                                       13
<PAGE>

                   Leisurepath, Inc., a Florida corporation

CORPORATE          By: ________________________________________________
SEAL                   John Chiste, Vice President
                       Taxpayer Identification Number: 03-0407452

                   BXG Realty, Inc., a Delaware corporation

CORPORATE          By: ________________________________________________
SEAL                   John Chiste, Treasurer
                       Taxpayer Identification Number: 04-3693479

                   Mystic Shores Realty, Inc., a Texas corporation

CORPORATE          By: ________________________________________________
SEAL                   John Chiste, Treasurer
                       Taxpayer Identification Number: 04-3678944

                   Brickshire Realty, Inc., a Virginia corporation

CORPORATE          By: ________________________________________________
SEAL                   John Chiste, Treasurer
                       Taxpayer Identification Number: 01-0706966

                   Catawba Falls, LLC, a North Carolina limited liability
                   company

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

CORPORATE          By: ________________________________________________
SEAL                   John Chiste, Treasurer
                       Taxpayer Identification Number: 03-0466014

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

CORPORATE          By: _____________________________________________
SEAL                   John Chiste, Treasurer
                       Taxpayer Identification Number: 06-1638828

                                       14
<PAGE>

                   Bluegreen Purchasing & Design, Inc., a Florida corporation

CORPORATE          By: ______________________________________________________
SEAL                   John Chiste, Treasurer
                       Taxpayer Identification Number: 54-2064090

                   Great Vacation Destinations, Inc., a Florida corporation

CORPORATE          By: ______________________________________________________
SEAL                   John Chiste, Treasurer
                       Taxpayer Identification Number: 51-0420655

                   Lake Ridge Realty, Inc., a Texas corporation

CORPORATE          By: ______________________________________________________
SEAL                   John Chiste, Treasurer
                       Taxpayer Identification Number: 55-0794661

                   [ACKNOWLEDGMENTS APPEAR ON FOLLOWING PAGE]

                                       15
<PAGE>

State of Florida        )
                        ) SS:
County of __________    )

The foregoing  instrument was  acknowledged  before me this ___ day of December,
2004, by John Chiste,  as Treasurer of Bluegreen  Corporation,  a  Massachusetts
corporation,  the sole  managing  member of  Bluegreen  Carolina  Lands,  LLC, a
Delaware  limited  liability  company,  on  behalf  of the  corporation  and the
company.  He is  personally  known to me or has  produced  a  driver's  license,
passport or military identification, or other form of identification and did not
take an oath.

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

State of Florida        )
                        ) SS:
County of __________    )

The foregoing  instrument was  acknowledged  before me this ___ day of December,
2004, by John Chiste,  as Treasurer of Bluegreen  Corporation,  a  Massachusetts
corporation,  the sole managing  member of Catawba Falls,  LLC, a North Carolina
limited liability company,  on behalf of the corporation and the company.  He is
personally known to me or has produced a driver's license,  passport or military
identification, or other form of identification and did not take an oath.

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

State of Florida        )
                        ) SS:
County of __________    )

The foregoing  instrument was  acknowledged  before me this ___ day of December,
2004, by John Chiste,  as Treasurer of Bluegreen  Vacations  Unlimited,  Inc., a
Florida  corporation,  the sole managing member of Bluegreen  Interiors,  LLC, a
Delaware  limited  liability  company,  on  behalf  of the  corporation  and the
company.  He is  personally  known to me or has  produced  a  driver's  license,
passport or military identification, or other form of identification and did not
take an oath.

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

                                       16
<PAGE>

State of Florida        )
                        ) SS:
County of __________    )

The foregoing  instrument was  acknowledged  before me this ___ day of December,
2004, by John Chiste, as Treasurer of Bluegreen Southwest Land, Inc., a Delaware
corporation,  the sole  general  partner of  Bluegreen  Southwest  One,  L.P., a
Delaware limited partnership,  on behalf of the corporation and as an act of the
partnership.  He is personally  known to me or has produced a driver's  license,
passport or military identification, or other form of identification and did not
take an oath.

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

State of Florida        )
                        ) SS:
County of __________    )

The foregoing  instrument was  acknowledged  before me this ___ day of December,
2004, by John Chiste, as Vice President of Bluegreen Resorts Management, Inc., a
Delaware  corporation,  as Vice  President of Bluegreen  Resorts  International,
Inc., a Delaware corporation, as Vice President of travelheads,  inc., a Florida
corporation,  as Vice President of Encore Rewards, Inc., a Delaware corporation,
as Vice President of Leisurepath,  Inc., a Florida corporation,  as Treasurer of
Bluegreen Corporation,  a Massachusetts  corporation,  as Treasurer of Bluegreen
Vacations  Unlimited,  Inc.,  a Florida  corporation,  as Treasurer of Bluegreen
Holding Corporation (Texas), a Delaware corporation,  as Treasurer of Properties
of the Southwest  One, Inc., a Delaware  corporation,  as Treasurer of Bluegreen
Asset Management Corporation, a Delaware corporation,  as Treasurer of Bluegreen
Corporation  of  Tennessee,  a Delaware  corporation,  as Treasurer of Bluegreen
Corporation  of the Rockies,  a Delaware  corporation,  as Treasurer of Carolina
National Golf Club, Inc., a North Carolina corporation,  as Treasurer of Leisure
Capital  Corporation,  a Vermont  corporation,  as Treasurer  of Bluegreen  West
Corporation, a Delaware corporation, as Treasurer of BG/RDI Acquisition Corp., a
Delaware corporation,  as Treasurer of Bluegreen Corporation Great Lakes (WI), a
Wisconsin  corporation,  as  Treasurer  of Bluegreen  Corporation  of Canada,  a
Delaware  corporation,  as Treasurer of Bluegreen  Golf Clubs,  Inc., a Delaware
corporation,  as  Treasurer  of  Bluegreen  Southwest  Land,  Inc.,  a  Delaware
corporation,   as  Treasurer  of  New  England   Advertising  Corp.,  a  Vermont
corporation,   as  Treasurer  of  South  Florida   Aviation,   Inc.,  a  Florida
corporation,  as  Treasurer of Winding  River  Realty,  Inc.,  a North  Carolina
corporation,  as Treasurer of Jordan Lake Preserve Corporation, a North Carolina
corporation,  as Treasurer of Leisure  Communication  Network,  Inc., a Delaware
corporation, as Treasurer of Managed Assets Corporation, a Delaware corporation,
as Treasurer of BXG Realty, Inc., a Delaware corporation, as Treasurer of Mystic
Shores Realty,  Inc., a Texas  corporation,  as Treasurer of Brickshire  Realty,
Inc.,  a Virginia  corporation,  as Treasurer of Preserve at Jordan Lake Realty,
Inc., a North  Carolina  corporation,  as  Treasurer  of Bluegreen  Purchasing &
Design,   Inc.,  a  Florida   corporation,   as  Treasurer  of  Great   Vacation
Destinations,  Inc.,  a Florida  corporation,  and as  Treasurer  of Lake  Ridge
Realty,  Inc.,  a Florida  corporation,  on behalf  of each  corporation.  He is
personally known to me or has produced a driver's license,  passport or military
identification, or other form of identification and did not take an oath.

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

                                       17Exhibit 10.169
                                                                  --------------

                          SECOND MODIFICATION AGREEMENT
                          -----------------------------

                    (Receivables Loan and Security Agreement)

      THIS  SECOND  MODIFICATION   AGREEMENT   (Receivables  Loan  and  Security
Agreement) ("Second  Modification  Agreement"),  dated to be effective as of the
15th day of September,  2004 ("Effective  Date"), is entered into by and between
BLUEGREEN  CORPORATION,  a Massachusetts  corporation  ("Bluegreen"),  BLUEGREEN
VACATIONS UNLIMITED, INC., a Florida corporation ("BVI") and BLUEGREEN/BIG CEDAR
VACATIONS,   LLC,  a  Delaware  limited  liability  company  ("Big  Cedar")  and
RESIDENTIAL FUNDING CORPORATION,  a Delaware corporation ("Lender") with respect
to the Loan Documents defined below.

                                R E C I T A L S:

      A. Bluegreen, BVI and Big Cedar (collectively,  "Borrower") and Lender are
parties to that  certain Loan and  Security  Agreement  dated as of February 10,
2003 as amended by a  Modification  Agreement  dated as of  September  10,  2003
(collectively,  "Loan  Agreement"),  pursuant to which  Lender  agreed to make a
revolving  receivables  loan to Borrower on the terms and  conditions  set forth
therein in a maximum  principal  amount of $75,000,000  ("Loan").  The documents
executed in connection with the Loan are  collectively  referred to as the "Loan
Documents."

      B.  During  the summer of 2004,  Borrower  requested  and Lender  approved
certain  changes  to the  Loan  and to the AD&C  Loan  (as  defined  in the Loan
Agreement),  including without limitation an extension to the advance period for
both  loans.  On  September  15,  2004,  Borrower  and Lender  executed a Second
Modification  Agreement (AD&C Loan Agreement) ("AD&C  Amendment") making certain
changes to the AD&C Loan  including,  without  limitation,  an  extension of the
Approval Period Termination Date (as defined in the AD&C Amendment) to September
15, 2006. A  corresponding  amendment to the Loan,  amending the Advance  Period
under the Loan Agreement to September 15, 2006, was not executed concurrent with
the AD&C Amendment  because the Borrower  requested  additional time to evaluate
the need for a pre-sales  line of credit and the parties  desired to make all of
the applicable changes to the Loan in one document.

      C. The parties now desire to extend the Advance  Period  under the Loan to
run concurrent  with the Approval  Period  Termination  Date under the AD&C Loan
without making any additional  changes to the Loan or the Loan Agreement at this
time. To maintain  consistency in the documentation,  the parties have agreed to
make the effective  date of this Second  Modification  Agreement the same as the
effective date of the AD&C Amendment.  As such,  Lender is willing to extend the
termination  date of the Approval  Period under the Loan to September  15, 2006,
subject to the terms and conditions herein.

      D.  All  of  the  documents   executed  in  connection  with  this  Second
Modification Agreement, inclusive of the Second Modification Agreement, shall be
referred to herein as the

<PAGE>

"Modification Documents."

                               A G R E E M E N T:

      NOW THEREFORE,  in consideration of the foregoing  premises and the mutual
covenants  hereinafter  stated,  and for good and  valuable  consideration,  the
receipt and sufficiency of which are hereby  acknowledged,  the parties agree as
follows:

1. Acknowledgement of Existing Indebtedness.
   -----------------------------------------

      1.1 Borrower  acknowledges  that it is truly and justly indebted to Lender
in the amount of the  outstanding  loan  balance,  plus all  accrued  and unpaid
interest on the Loan and all other costs,  fees and expenses that are, under the
Loan Agreement or the other Loan Documents, properly chargeable to Borrower.

      1.2  Borrower  acknowledges  that,  as of the date  hereof,  it has (i) no
defense, counterclaim,  offsets, cross-complaint,  claim or demand of any nature
whatsoever  which  can be  asserted  as a basis to seek  affirmative  relief  or
damages from Lender or to reduce or eliminate  all or any part of its  liability
to repay the Loan,  and (ii) no other claim  against  Lender with respect to any
aspect of the transactions in respect of which the Loan was made.

2. Modification to Loan Documents.
   -------------------------------

      2.1 Modification of Loan Agreement:  As material  inducements to Lender to
enter  into this  Second  Modification  Agreement,  and  acknowledging  Lender's
reliance upon such  inducements,  the parties  agree that the Loan  Agreement is
amended in the following respects:

            (a) The  definition  of the term  "A&D  Loan" is hereby  amended  by
      deleting such definition in its entirety and replacing and substituting in
      lieu thereof the following:

                  "A&D Loan" means the revolving  acquisition,  development  and
                  construction  loan made by Lender to Borrower's  Affiliates in
                  the maximum  principal  amount of $75,000,000  pursuant to the
                  terms and conditions of the A&D Loan Agreement.

            (b) The definition of the term "Advance Period" is hereby amended by
      deleting such definition in its entirety and replacing and substituting in
      lieu thereof the following:

                  "Advance Period" means the period  commencing on the Effective
                  Date of this Second  Modification  Agreement and ending on the
                  close of the Business Day (or if not a Business Day, the first
                  Business Day  thereafter) on the date following 24 months from
                  the Effective Date of this Second Modification Agreement (i.e.
                  September 15, 2006).

      2.2 Modification of Other Loan Documents.  Without limiting Lender's right
to require  that all other Loan  Documents  be  expressly  amended by a separate
instrument in order to

                                       2
<PAGE>

effect  the  intent  of this  Second  Modification  Agreement,  all of the  Loan
Documents  are hereby  deemed to be amended to include this Second  Modification
Agreement and the other Modification Documents.

3. Fees, Costs and Expenses.
   -------------------------

      Borrower  agrees  to pay to  Lender  all  reasonable  costs  and  expenses
incurred by Lender in connection with this Second Modification Agreement and the
other  modification  of  the  Loan  Documents,  including,  without  limitation,
attorneys'  fees and  expenses  incurred.  Such  legal fees and  expenses  shall
include, without limitation,  the costs associated with this Second Modification
Agreement.  Borrower agrees to pay such costs and expenses to Lender immediately
upon the execution of this Second Modification Agreement.

4.  Reaffirmation of Existing Security  Interests.  Borrower hereby confirms and
agrees  that  Lender's  security  interest in all of the  collateral  previously
pledged to Lender  pursuant to the Loan  Documents  shall continue to secure the
payment and performance of all of Borrower's  Obligations to Lender, as modified
by this Second Modification Agreement.

5.   Representations,   Warranties  And  Agreements  Of  Borrower.  As  material
inducements  to Lender to enter into this  Second  Modification  Agreement,  and
acknowledging  Lender's reliance upon the truth and accuracy  thereof,  Borrower
represents, warrants, acknowledges and agrees that:

      5.1 The recitals set forth above are true and correct.

      5.2 All financial statements and other information  delivered to Lender by
or on  behalf of any  Borrower  in  connection  with  this  Second  Modification
Agreement  were true and correct as of the respective  dates  thereof,  and that
Borrower's  financial  condition has not adversely and materially  altered as of
the date of this Second Modification Agreement from that presented by the latest
such financial statements and other information provided to Lender.

      5.3 As of the date hereof, no Event of Default or Incipient Default exists
with respect to the Loan Documents.

      5.4 As of the  date  hereof,  no  Borrower  is the  subject  of a  pending
bankruptcy  proceeding  and no  Borrower is aware of any  threatened  bankruptcy
proceeding against any Borrower.

      5.5 There are no  proceedings  pending or threatened  against or affecting
any Borrower in any court,  before any  governmental  authority,  or arbitration
board or tribunal which may now or in the future materially adversely affect any
Borrower.

      5.6  All of the  representations  and  warranties  contained  in the  Loan
Agreement  and the other  Loan  Documents  are true and  correct  as of the date
hereof and are hereby reaffirmed and ratified.

      5.7 This Second  Modification  Agreement and any documents and instruments

                                       3
<PAGE>

executed in connection herewith have been authorized by all necessary action and
when executed will be the legal, valid and binding obligations of each Borrower.

      5.8 Each  Borrower's  execution,  delivery and  performance of this Second
Modification  Agreement  does  not and  will  not (i)  violate  any  law,  rule,
regulation or court order to which such Borrower is subject,  (ii) conflict with
or result in a breach of the articles of formation, bylaws, operating agreement,
partnership  agreement  or other  formation  document  of such  Borrower  or any
agreement  or  instrument  to which  such  Borrower  is a party or by which  its
properties are bound, or (iii) result in the creation or imposition of any lien,
security  interest or encumbrance on any property of such Borrower,  whether now
owned or hereafter acquired, other than liens in favor of Lender.

      5.9 Each  Borrower  acknowledges  that such  Borrower has  consulted  with
counsel and with such other  experts and advisors as it has deemed  necessary in
connection  with  the  negotiation,   execution  and  delivery  of  this  Second
Modification  Agreement.  This Second Modification  Agreement shall be construed
without regard to any presumption or rule requiring that it be construed against
the party  causing this Second  Modification  Agreement or any part hereof to be
drafted.

      5.10 All terms,  conditions  and  provisions  of the Loan  Agreement,  the
applicable  promissory note and the other Loan Documents are hereby  reaffirmed,
ratified and continued in full force and effect and shall remain  unaffected and
unchanged except as specifically amended hereby.

6.  Conditions  Precedent To  Effectiveness.  The  effectiveness  of this Second
Modification  Agreement is subject to the full and complete satisfaction of each
and every one of the following conditions precedent:

      6.1 Lender shall have received  this Second  Modification  Agreement  duly
executed and in form and substance acceptable to Lender.

      6.2 Lender  shall have  received  from  Borrower any amounts due to Lender
pursuant to Section 3 of this Second Modification Agreement.

7. Miscellaneous Terms.
   --------------------

      7.1 Complete Agreement. Notwithstanding anything to the contrary contained
herein or in any other  instrument  executed by the parties and  notwithstanding
any other  action or  conduct  undertaken  by the  parties on or before the date
hereof,  the  agreements,   covenants  and  provisions  contained  herein  shall
constitute the only evidence of Lender's  agreement to modify the Loan Agreement
and the other Loan Documents.  Accordingly, no express or implied consent to any
further modifications shall be inferred or implied by Lender's execution of this
Second Modification  Agreement.  The Loan Agreement and this Second Modification
Agreement,  together  with the  other  Loan  Documents,  constitute  the  entire
agreement and  understanding  among the parties  relating to the subject  matter
hereof,  and  supersedes  all  prior  proposals,  negotiations,  agreements  and
understandings  relating to such subject  matter.  In entering  into this Second
Modification  Agreement,  each  Borrower  acknowledges  that it is relying on no
statement,

                                       4
<PAGE>

representation,  warranty,  covenant or agreement of any kind made by the Lender
or any employee or agent of the Lender,  except for the agreements of Lender set
forth herein.

      7.2 No Waiver.  Lender's execution of this Second  Modification  Agreement
shall not  constitute a waiver  (either  express or implied) of the  requirement
that  any  further  modification  of the Loan  Agreement  or of any  other  Loan
Document shall require the express written approval of Lender.  No such approval
(either express or implied) has been given as of the date hereof.

      7.3 Full Force and Effect;  Conflict. Other than as specifically set forth
herein,  the remaining  terms of the Loan Agreement and the other Loan Documents
shall remain in full force and effect.  Notwithstanding anything to the contrary
contained in the Loan Agreement or the other Loan  Documents,  in the event of a
conflict  between the terms of this Second  Modification  Agreement  (on the one
hand) and the Loan  Agreement or other Loan  Documents (on the other hand),  the
terms of this Second Modification Agreement shall control.  Nothing contained in
this Second  Modification  Agreement  is intended  to or shall be  construed  as
relieving  any person or  entity,  whether a party to this  Second  Modification
Agreement or not, of any of such person's or entity's obligations to Lender.

      7.4 Successors and Assigns. The Loan Documents as modified herein shall be
binding  upon and shall  inure to the  benefit of each  Borrower  and Lender and
their successors and assigns and the executors,  legal administrators,  personal
representatives,  heirs, devisees, and beneficiaries of each Borrower, provided,
however,  no  Borrower  may  assign  any of its  rights or  delegate  any of its
obligations under the Loan Documents and any purported  assignment or delegation
shall be void.

      7.5  Severability.  If any one or more of the provisions of a Modification
Document is held to be invalid,  illegal or  unenforceable in any respect or for
any reason  (all of which  invalidating  laws are waived to the  fullest  extent
possible),  the validity,  legality and enforceability of any remaining portions
of such provision(s) in every other respect and of the remaining provision(s) of
such Modification Document shall not be in any respect impaired. In lieu of each
such unenforceable  provision,  there shall be added  automatically as a part of
such Modification  Document a provision that is legal, valid and enforceable and
is as similar in terms to such unenforceable provisions as may be possible.

      7.6  Counterparts.   This  Agreement  may  be  executed  in  one  or  more
counterparts,  each of  which  shall  be  deemed  an  original  and all of which
together  shall  constitute one and the same  document.  Signature  pages may be
detached  from the  counterparts  and  attached  to a single copy of this Second
Modification Agreement to physically form one document.

                         [Signatures on Following Page]

                                       5
<PAGE>

DATED as of the date first above stated.

                                        BORROWER:

                                        BLUEGREEN CORPORATION, a
                                        Massachusetts corporation

                                        By: ____________________________________
                                        Printed Name: __________________________
                                        Title: _________________________________

                                        BLUEGREEN VACATIONS UNLIMITED, INC.
                                        a Florida corporation

                                        By: ____________________________________
                                        Printed Name: __________________________
                                        Title: _________________________________

                                        BLUEGREEN/BIG CEDAR VACATIONS, LLC.
                                        a Delaware limited liability company

                                        By: ____________________________________
                                        Printed Name: __________________________
                                        Title: _________________________________

                                        LENDER

                                        RESIDENTIAL FUNDING CORPORATION,
                                        a Delaware corporation

                                        By _____________________________________
                                        Print Name: Jeff Owings
                                        Its:  Managing Director

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