Document:

This instrument was prepared by:

                    John O. Sutton, Jr., Esq.

                    K&L Gates LLP

                    301 Commerce, Suite 3000

                    Fort Worth, Texas 76102

                     

                    Recording requested by

                    and when recorded mail to:

                     

                    John O. Sutton, Jr., Esq. 

                    K&L Gates LLP

                    301 Commerce, Suite 3000 

                    Fort Worth, Texas 76102 

                     

                	 
	
                    A.P.N.s:

                    162-21-802-006 and 162-21-802-008

                	SPACE ABOVE THIS LINE FOR RECORDER'S USE ONLY

         

         

        

        AMENDMENT NO. 2 TO AND RATIFICATION OF DEED OF TRUST, SECURITY AGREEMENT AND FIXTURE FILING WITH ASSIGNMENT OF LEASES AND RENTS, PROCEEDS AND AGREEMENTS

        

          

          

        Effective as of March 30, 2012

         

        by

         

        BLUEGREEN VACATIONS UNLIMITED, INC.,

        a Florida corporation

        as successor-by-merger of Bekan-Bluegreen, LLC

         

        and

         

        BLUEGREEN NEVADA, LLC,

        a Delaware limited liability company,

         

        collectively, the “Trustor”

         

        and

         

        RESORT FINANCE AMERICA, LLC, a Delaware limited liability company

        (as successor-in-interest by assignment from GMAC Commercial Finance LLC, in turn as successor-in-interest by assignment from Residential Funding Company, LLC)

         

        the “Beneficiary”

         

        

        
            	 

        

        
            	 

        

        

        

        AMENDMENT NO. 2 TO AND RATIFICATION OF DEED OF TRUST, SECURITY AGREEMENT AND FIXTURE FILING WITH ASSIGNMENT OF LEASES AND RENTS, PROCEEDS AND AGREEMENTS 

        THIS AMENDMENT NO. 2 TO AND RATIFICATION OF DEED OF TRUST, SECURITY AGREEMENT AND FIXTURE FILING WITH ASSIGNMENT OF RENTS, PROCEEDS AND AGREEMENTS (this “Second Amendment”) dated March 30, 2012 (the “Second Amendment Effective Date”), is made by and between BLUEGREEN VACATIONS UNLIMITED, INC.,
        a Florida corporation, and BLUEGREEN NEVADA, LLC, a Delaware limited liability company (collectively, “Trustor”), whose address is 4960 Conference Way North, Suite 100, Boca Raton, Florida 33431, and RESORT FINANCE AMERICA, LLC, a Delaware limited liability company (as successor-in-interest by assignment from GMAC Commercial Finance LLC, a Delaware limited liability company (“GMACCF”), in turn as successor-in-interest by assignment
        from Residential Funding Company, LLC, a Delaware limited liability company (“Original Beneficiary”)), (in such capacity herein after referred to as the “Beneficiary”), whose address is c/o Lantern Asset Management, LLC, 100 Crescent Court, Suite 260, Dallas, Texas 75201, Attn: Clifton M. Dugas, II, Managing Director and Chief Legal Officer.

        BACKGROUND

        A.  Trustor executed that certain Deed of Trust, Security Agreement and Fixture Filing With Assignment of Rents, Proceeds and Agreements, dated as of May 18, 2006, which was properly recorded on May 19, 2006, in the Official Records of Clark County, Nevada in Book 20060519 as Document No. 0003982, ((as amended, modified and
        supplemented from time to time, and giving effect to this, and any other modification and spreader agreements as may be recorded from time to time, collectively the “Deed of Trust”), as trustor, in favor of First American Title Insurance Company, as trustee for the benefit of Original Beneficiary. The beneficial interest of Original Beneficiary under the Deed of Trust was assigned to GMACCF, pursuant to that certain Assignment of Deed of Trust, dated as of
        July 31, 2008, which was properly recorded on August 21, 2008 in the Clark County Records in Book 2008021, as Document No. 0004974, and the beneficial interest of GMACCF under the Deed of Trust was assigned to Beneficiary pursuant to that certain Assignment of Deed of Trust, dated as of September 13, 2010, which was properly recorded on October 6, 2010 in the Official of Clark County, Nevada in Book 20101006, as Document No. 0000897.

        B.  Beneficiary is the present Lender under that certain Loan Agreement, dated as of February 10, 2003, by and among TRUSTOR (in such capacity, “Borrower”), and RESIDENTIAL FUNDING CORPORATION, a Delaware corporation in such capacity, the “Original Lender”), as amended by (a) that
        certain Modification Agreement (AD&C Loan Agreement), dated as of September 10, 2003, executed by Borrower and Original Lender; (b) that certain Second Modification Agreement (AD&C Loan Agreement), dated as of September 15, 2004, entered into by and between Borrower, BLUEGREEN/BIG CEDAR VACATIONS, LLC, a Delaware limited liability company (“BCV”), and original Lender; (c) that certain Third Modification Agreement (AD&C Loan Agreement), dated as of February
        15, 2006, entered into by and between Borrower, BCV, and Original Lender; and (d) that certain Fourth Modification Agreement (AD&C Loan Agreement), and Amendment to Project Loan Commitments, dated as of July 1, 2009, entered into by and among Borrower, BLUEGREEN NEVADA, LLC, a Delaware limited liability company (“Bluegreen Nevada”), BLUEGREEN CORPORATION, a Massachusetts corporation (“Bluegreen”), and GMAC Commercial Finance, LLC, a Delaware
        limited liability company, successor by merger to RFC Resort Funding, LLC, a Delaware limited liability company (as so amended, the “Loan Agreement”).

         

        

        
            	
                        

                        Amendment No. 2 to and Ratification of Deed Of Trust, Security Agreement

                        and Fixture Filing with Assignment of Leases and Rents,

                        Proceeds and Agreements

                        
                    	PAGE 1

        

        
            	 

        

        

        C.  In connection with the Fifth Modification Agreement (AD & C Loan Agreement) dated as of even date herewith, by and among Borrower, Bluegreen Nevada, Bluegreen, and Lender, among others (the “Fifth Amendment”), the Lender granted certain consents and approvals and made certain financial accommodations
        to Borrower and Borrower's Affiliates as more particularly set forth therein, which were conditioned in part upon Trustor's execution and delivery of this Second Amendment to, among other things, add additional collateral with respect to the Collateral set forth in the Deed of Trust.

        D.  Consequently, Trustor and Beneficiary have agreed to modify the Deed of Trust as more fully set forth in and subject to the terms of this Second Amendment.

        AGREEMENT

        NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, Trustor and Beneficiary, intending to be legally bound, hereby agree and acknowledge as follows:

        Recitals. The foregoing background recitals are true and correct, and are incorporated into and made a part of this Second Amendment.

        Defined Terms. Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Loan Agreement after giving effect to the Fifth Amendment. In addition, the parties acknowledge and agree that (i) the term “Loan Agreement” as used in the Deed of Trust, as amended by this Second Amendment, shall
        mean the Loan Agreement as further amended by the First Amendment to the Loan Agreement, and (ii) the term “Loan Documents” as used in the Deed of Trust, as amended by this Second Amendment, shall mean all documents executed in connection with the Loan, inclusive of the Fifth Amendment to the Loan Agreement and any and all other agreements executed and/or delivered in connection therewith, as such documents may be modified, extended, renewed or restated from time to
        time.

        Amendments to Deed of Trust.

        (a)  The additional terms “Additional Timeshare Interests” and “Fifth Amendment” are added to Section 1.1 of the Deed of Trust in appropriate alphabetical order to read in their entirety as follows:

        “Additional Time-Share Interests” shall mean those certain Time-Share Interests that are more fully described on Exhibit A-1 to the Amendment No. 2 to and Ratification and Assumption of Deed of Trust, Security Agreement and Fixture Filing with Assignment of Leases and Rents, Proceeds and Agreements, dated effective
        as of March __, 2012 by Trustor and Beneficiary.”

        “Fifth Amendment” means that certain Fifth Modification Agreement (AD&C Loan Agreement) and Amendment to Project Loan Commitment, dated as of March 30, 2012, by and among Trustor, Beneficiary, and certain other parties thereto.”

        (b)  Additionally, the granting clause of the Deed of Trust is amended as follows:

         

        

        
            	
                        

                        Amendment No. 2 to and Ratification of Deed Of Trust, Security Agreement

                        and Fixture Filing with Assignment of Leases and Rents,

                        Proceeds and Agreements

                        
                    	PAGE 2

        

        
            	 

        

        

        Additional Collateral. In consideration of the premises, the Obligations, Lender entering into the Fifth Amendment and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, TRUSTOR HEREBY IRREVOCABLY GRANTS, TRANSFERS, CONVEYS AND ASSIGNS TO THE TRUSTEE, FOR THE BENEFIT OF BENEFICIARY, IN
        TRUST, WITH POWER OF SALE AND RIGHT OF ENTRY, all of Trustor's right, title and interest now owned or hereafter acquired in and to the Additional Time-Share Interests, and the lien and operation, effect and priority of the Deed of Trust, are hereby amended, spread and expanded to encompass and include the Additional Timeshare Interests, FOR THE PURPOSE OF PROVIDING ADDITIONAL COLLATERAL TO SECURE THE OBLIGATIONS as may be limited under the Deed of Trust. Trustor hereby further grants to
        the Beneficiary a security interest in and to any and all portions of the Additional Time-Share Interests, which are deemed to be personal property and is subject to the Uniform Commercial Code (as defined in the Loan Agreement), for the purpose of securing the payment of the Obligations as may be limited under the Deed of Trust.

        Representations and Warranties. Trustor reaffirms, restates and incorporates by this reference all of its representations, warranties, covenants and agreements made in the Deed of Trust as if the same were made as of this date and with respect to this Second Amendment. All of such representations and warranties were true and correct when
        made and remain true and correct as of the date hereof. In addition, Trustor represents, warrants, and covenants that this Second Amendment has been duly authorized by Trustor and is the legal, valid and binding obligation of Trustor, enforceable against it in accordance with its terms.

        Consideration. Trustor acknowledges that it has received material benefit and valuable consideration as a result of the Loan (as defined in the Deed of Trust) and the Fifth Amendment.

        Further Assurances. Trustor agrees that, at any time and from time to time, upon Beneficiary or its successor's or assign's reasonable request, Trustor will promptly execute and deliver such further documents and do such other acts and things as Beneficiary (or its successors or assigns) reasonably may request in order to effect further
        the purposes of the Deed of Trust or this Second Amendment.

        Binding Agreement. This Second Amendment shall be binding on Trustor, its partners, members, and successors and assigns, and inure to the benefit of Beneficiary, and its successors, assigns and participants. This Second Amendment shall be construed in accordance with the laws of the State of Nevada, exclusive of its choice of law
        provisions.

        Recordation. The parties acknowledge that this Second Amendment will be recorded in the Official Records in the Office of the County Recorder Clark County, Nevada, and Trustor agrees to pay any recording costs or taxes that may be payable from time to time with respect to this Second Amendment or its recordation.

        Ratification. Except as specifically provided herein, the Deed of Trust is unmodified and in full force and effect, and is reaffirmed by Trustor.

        Construction. In the event of a conflict or inconsistency between the terms and provisions of the Deed of Trust and this Second Amendment, the terms and provisions of this Second Amendment shall control. 

        [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

         

        

        
            	
                        

                        Amendment No. 2 to and Ratification of Deed Of Trust, Security Agreement

                        and Fixture Filing with Assignment of Leases and Rents,

                        Proceeds and Agreements

                        
                    	PAGE 3

        

        
            	 

        

        

        IN WITNESS WHEREOF, Trustor and Beneficiary have each caused this Second Amendment to be authorized, executed and delivered, effective as of date first written above.

        	TRUSTOR:	
                    Bluegreen Vacations Unlimited, Inc.,

                    a Florida corporation

                    

                    

                    By: /s/                                                                           

                    Name: ________________________________

                    Title: _________________________________

                

         

        	STATE OF                                 	 )
	 	 ) SS:
	COUNTY OF                             	 )

         

        The foregoing instrument was acknowledged before me on March ___, 2012, by ____________________________________, ___________________________ of Bluegreen Vacations Unlimited, Inc., a Florida corporation, on behalf of said entity. He is personally known to me or has produced evidence satisfactory to me as to his identity.

         

        WITNESS my hand and official seal.

         

        ________________________________________

        Notary Public

        Print Name: _______________________________

        Commission Number: ________________________

        My Commission Expires: _____________________

         

        

        
            	
                        

                        Amendment No. 2 to and Ratification of Deed Of Trust, Security Agreement

                        and Fixture Filing with Assignment of Leases and Rents, Proceeds 

                        and Agreements

                        
                    	SIGNATURE PAGE

        

        
            	 

        

        

         

        	TRUSTOR:	
                    Bluegreen Nevada, LLC

                    a Delaware limited liability company

                    

By: /s/                                                                               
         

                    Name:______________________________________

                    Title:_______________________________________

                

         

        	STATE OF                                 	 )
	 	 ) SS:
	COUNTY OF                             	 )

         

        The foregoing instrument was acknowledged before me on March ___, 2012, by _________________________________________, ___________________ of Bluegreen Nevada, LLC, a Delaware limited liability company, on behalf of said entity. He is personally known to me or has produced evidence satisfactory to me as to his identity.

         

        WITNESS my hand and official seal.

         

         

        ________________________________________

        Notary Public

        Print Name: _______________________________

        Commission Number: ________________________

        My Commission Expires: _____________________

         

        

        
            	
                        

                        Amendment No. 2 to and Ratification of Deed Of Trust, Security Agreement

                        and Fixture Filing with Assignment of Leases and Rents, Proceeds 

                        and Agreements

                        
                    	SIGNATURE PAGE

        

        
            	 

        

        

         

        	BENEFICIARY:	
                    Resort Finance America, LLC,

                    a Delaware limited liability company

                    

                    

                    By:
                    /s/                                                                                        

                    Name:______________________________________

                    Title:_______________________________________

                

         

        	STATE OF                                 	 )
	 	 ) SS:
	COUNTY OF                             	 )

         

        The foregoing instrument was acknowledged before me on March ___, 2012, by ____________________________________, ______________________________ of Resort Finance America, LLC, a Delaware limited liability company, on behalf of said
        entity. He is personally known to me or has produced evidence satisfactory to me as to his identity.

        WITNESS my hand and official seal.

          

        ________________________________________

        Notary Public

        Print Name: _______________________________

        Commission Number: ________________________

        My Commission Expires: _____________________

         

        

        
            	
                        

                        Amendment No. 2 to and Ratification of Deed Of Trust, Security Agreement

                        and Fixture Filing with Assignment of Leases and Rents, Proceeds 

                        and Agreements

                        
                    	SIGNATURE PAGE

        

        
            	 

        

        

         

        EXHIBIT A

         

        Additional Time-Share Interests

         

        [To be conformed upon receipt of title commitment.]

         

        The proportionate interest in real property contained within the following legal description:

         

        An undivided 2/49,712th (two / forty nine thousand seven hundred twelve) fractional fee simple ownership interest in the following Property:

         

        Parcels E1, E-1-A, E-1-B, E-1-C, E-1-D, E-2, E-3, E-4, E-5, E-6 and E-7 as created by that certain Grant, Bargain and Sale Deed from Bluegreen Vacations Unlimited, Inc., a Florida corporation, to Bluegreen Nevada, LLC, a Delaware limited liability company, and recorded in the Official Records of Clark County, Nevada on July 29, 2008 in Book 20080729 as
        Instrument no. 0004564, an Air Space Parcel in a portion of Lot 1, as shown by Map thereof recorded in Book 130, Page 70 of Plats in the Office of the Clark County, Nevada Recorder.

        Together with the exclusive right to use and occupy a specific Suite Configuration associated with the following assigned Timeshare Ownership Identification Number(s) during the Assigned Use Period(s): TOI
                                  an Annual use year; TOI                           a Biennial Even use year; TOI
                                  a Biennial Odd use year, and subject to that certain Declaration of Covenants, Conditions, Easements, Restrictions and Timeshare Ownership Instrument for BG Club 36 recorded July 29, 2008 on file in Book 20080729 as Instrument No. 04568, in the Official Records of Clark County, Nevada (the “Declaration”), as
        provided for therein and in the Rules and Regulations created under authority thereof.

         

         

        

        
            	
                        

                        Amendment No. 2 to and Ratification of Deed Of Trust, Security Agreement

                        and Fixture Filing with Assignment of Leases and Rents, Proceeds 

                        and Agreements

                        
                    	Exhibit AAMENDMENT
NO. 5 AND ADDENDUM TO REVOLVING

PROMISSORY
NOTE (AD&C LOAN)

 

 

 

BY
THIS AMENDMENT NO. 5 AND ADDENDUM TO REVOLVING PROMISSORY NOTE (AD&C LOAN) (“Amendment”) dated as of March
30, 2012, BLUEGREEN VACATIONS UNLIMITED, INC., a Florida corporation (“BVU”), and BLUEGREEN NEVADA, LLC, a
Delaware limited liability company (“Bluegreen Nevada” and collectively with BVU, the “Borrower”
or “Maker”), and RESORT FINANCE AMERICA, LLC, a Delaware limited liability company (“Lender”
or “Holder”), successor-by-assignment to GMAC Commercial Finance, LLC,
a Delaware limited liability company (“GMACCF”), for good and valuable consideration, the
receipt of which is hereby acknowledged, hereby confirm and agree as follows:

RECITALS:

A.                
Lender is the owner and holder of that Revolving Promissory Note (AD&C Loan) dated as of February 10, 2003,
as amended by an Amendment No. 1 to Revolving Promissory Note (AD&C Loan) dated as of September 10, 2003, as amended by an
Amendment and Addendum to Revolving Promissory Note dated October 10, 2003, as amended by an Amendment No. 2 to Revolving Promissory
Note (AD&C Loan) dated as of September 15, 2004, as amended by an Amendment No. 3 to Revolving Promissory Note (AD&C Loan)
dated as of February 16, 2006, and as amended by an Amendment No. 4 to Revolving Promissory Note (AD&C Loan) dated as of July
30, 2008 in the current face amount of One Hundred Fifty Million Dollars ($150,000,000) and made payable by Maker to Residential
Funding Company, LLC, a Delaware limited liability company, formerly known as Residential Funding Corporation, a Delaware corporation
(“Original Lender”) (the “AD&C Loan Note”).

  B.  Original
Lender previously assigned all right, title and interest in and to (but not the funding obligations under) the Loan Agreement
and all Loan Documents (as defined in the Loan Agreement, hereinafter collectively, the “Loan Documents”)
to RFC Resort Funding, predecessor by merger to GMACCF. Original Lender subsequently assigned all funding obligations under the
Loan Agreement to GMACCF. GMACCF subsequently assigned all right, title and interest in and to the Loan Agreement and all Loan
Documents to Lender. Lender presently is the owner of all right, title and interest in and to the Loan Documents. Unless otherwise
indicated, all capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Loan Agreement,
as applicable.

 

B.                
The AD&C Loan Note evidences Advances under the AD&C Loan made pursuant to the terms of that certain Loan
Agreement executed between Borrower and Original Lender and dated as of February 10, 2003 (as subsequently amended, the “Loan
Agreement”).

C.                
Pursuant to the Fifth Modification Agreement and Amendment to Project Loan Commitment (the “Fifth Amendment”),
dated as of March 30, 2012, the parties agreed, among other things, to (i) amend the Project Loan Repayment Date by extending
the Project Loan Repayment Date from June 30, 2012 to December 31, 2012, or as the same may be further extended in accordance
with the Fifth Amendment, and (ii) adjust the interest rate to a fixed interest rate per annum equal to ten percent (10%).

D.                
Borrower and Lender wish to amend the AD&C Loan Note to reflect the above-described changes.

    	 

    	 

    
AGREEMENT:

1.                 
Except as otherwise defined herein or unless the context otherwise requires, capitalized terms used in this Amendment
shall have the meanings given to them in the AD&C Loan Note, or if not defined therein, the meanings given to them in the
Loan Agreement, as amended from time to time.

2.                  Section
  2(a) of the AD&C Loan Note is hereby amended to reflect that the interest shall be at a fixed interest rate per annum equal
  to ten percent (10%).

 

3.                  Section
4 of the AD&C Loan Note is hereby amended by deleting such Section in its entirety and replacing and substituting in lieu
thereof the following:

 

Section
4  Maturity Date

 

The
unpaid principal balance hereof, together with all unpaid interest accrued thereon, and all other amounts payable by Borrower
under the terms of the Loan Documents shall be due and payable on the first to occur (the “Maturity Date”) of (1)
the Project Loan Repayment Date set forth in that certain Project Commitment, dated as of May 18, 2006, as amended by (i) that
certain Amendment No. 1 to Project Commitment, dated as of July 31, 2007, and (ii) that certain Amendment No. 2 to Project Commitment,
dated as of July 30, 2008, as modified by the Fifth Modification Agreement (AD&C Loan Agreement) and Amendment to Project
Loan Commitment, dated March 30, 2012, as such Project Loan Repayment Date may be extended in accordance therewith, or (2) the
date on which this Note is required to be repaid pursuant to the Loan Agreement, including, without limitation, Section 8.2
of the Loan Agreement. If the Maturity Date should fall on a day other than a Business Day, payment of the outstanding principal
and all unpaid interest due under the terms hereof shall be made on the next succeeding Business Day and such extension of time
shall be included in computing any interest in respect of such payment.

 

3.                 
Borrower and Lender hereby ratify and confirm the AD&C Loan Note, as amended hereby, in all respects; and, except
as amended hereby, the AD&C Loan Note shall remain in full force and effect.

4.                 
This Amendment may be attached to and shall form a part of the AD&C Loan Note for all purposes.

5.                 
This Amendment may be executed in counterparts, and any number of such counterparts which have been executed by
all persons whose signatures are required below shall constitute one original.

[Signatures
on Following Pages]

 

    	
      Amendment
        No. 5 and Addendum to

      Revolving
        Promissory Note (AD&C Loan)
      	Page 2

    	 

    
 

 

IN WITNESS
WHEREOF this instrument is executed by the parties hereto as of the date set forth above.

“MAKER”

 

BLUEGREEN
VACATIONS UNLIMITED, INC.

a
Florida corporation

 

By:
/s/                                                                         

Printed
Name: _________________________

Title: ________________________________

 

 

 

BLUEGREEN
NEVADA, LLC,

a
Delaware limited liability company

 

 

By:
/s/                                                                         

Printed
  Name: _________________________

Title: ________________________________

 

 

    	
      Amendment
        No. 5 and Addendum to

      Revolving
        Promissory Note (AD&C Loan)
      	Page 3

    	 

     

Accepted by:  

“LENDER”

 

RESORT
FINANCE AMERICA, LLC, a Delaware limited liability company

 

 

By:
/s/                                                                        

Printed
Name:_________________________

Its:_________________________________

 

 

 

    	
      Amendment
        No. 5 and Addendum to

      Revolving
        Promissory Note (AD&C Loan)
      	Page 4

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