Document:

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                                                                   EXHIBIT 10.14

                                 AMENDMENT NO. 5
                   TO AMENDED AND RESTATED MASTER CONSTRUCTION
                             AND TERM LOAN AGREEMENT

         THIS AMENDMENT NO. 5 TO AMENDED AND RESTATED MASTER CONSTRUCTION AND
TERM LOAN AGREEMENT, executed on June 27, 2002, but having an effective date as
of May 31, 2002 (the "Amendment"), among FCA Real Estate Holdings, LLC, a
Delaware limited liability company (the "Borrower"), U.S. BANK NATIONAL
ASSOCIATION, a national banking association, as agent and administrative bank
(in such capacity, the "Administrative Bank") and as collateral agent (in such
capacity, the "Collateral Agent") and the "Lender parties" to the Original
Agreement described in this Amendment (each a "Lender" and collectively the
"Lenders") and U.S. BANK NATIONAL ASSOCIATION, a national banking association,
as collateral agent (in such capacity, the "Collateral Agent").

                                    RECITALS:

         A.       The Borrower, the Administrative Bank, the Collateral Agent
                  and the Lenders are parties to that certain Amended and
                  Restated Master Construction and Term Loan Agreement dated as
                  of July 17, 2000, as amended by an Amendment No. 1 to Amended
                  and Restated Master Construction and Term Loan Agreement dated
                  as of June 14, 2001, an Amendment No. 2 to Amended and
                  Restated Master Construction and Term Loan Agreement dated as
                  of July 19, 2001, an Amendment No. 3 to Amended and Restated
                  Master Construction and Term Loan Agreement dated as of August
                  21, 2001 and an Amendment No. 4 to Amended and Restated Master
                  Construction and Term Loan Agreement dated as of February 28,
                  2002 (as so amended and supplemented by the Supplements
                  through the Series M Loan, the "Original Agreement").

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

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

         NOW, THEREFORE, the parties agree as follows:

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

         2.       AMENDMENTS. The definitions of Approved Projects, Stock
Purchase Agreement, and Termination Date appearing in the DEFINITIONS Section of
the Original Agreement are respectively amended in their entireties to read as
follows:

                  "Approved Projects: Borrower's sports and health club
         facilities respectively located in Burr Ridge, IL and Skokie, IL, and
         up to five (5) additional projects

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         approved by the Administrative Bank which will be the Projects to be
         respectively located in Rochester Hills, MI, Canton Township, MI,
         Tempe, AZ and two (2) other of the Borrower's sports and health club
         facilities approved by the Lenders.

                  Stock Purchase Agreement: With respect to: (a) Norwest Equity
         Partners V, the Stock Purchase Agreement dated May 7, 1996 among
         Borrower and the "Purchasers" party thereto; (b) Norwest Equity
         Partners V and Norwest Equity Partners VI, the Stock Purchase Agreement
         dated December 8, 1998 among Borrower and the "Purchasers" party
         thereto; (c) Norwest Equity Partners VII, the Series C Stock Purchase
         Agreement dated August 16, 2000 among Borrower and the "Purchasers"
         party thereto, and (d) Norwest Equity Partners V and Norwest Equity
         Partners VII, the Series D Stock Purchase Agreement dated July 19, 2001
         among Borrower and the "Purchasers" party thereto.

                  Termination Date: The earlier of: (a) June 30, 2003; or (b)
         the date on which the Administrative Bank and the Super Majority
         Lenders terminate the Aggregate Commitment and the Commitments in
         accordance with Section VI.2."

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

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

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

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

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

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

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

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

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

         5.       REFERENCE TO AND EFFECT ON THE LOAN DOCUMENTS.

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

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

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

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

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

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

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

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

                                    FCA REAL ESTATE HOLDINGS, LLC

                                    By:  LIFE TIME FITNESS, INC.
                                    Its: Manager

                                    By:  _____________________________________
                                         Eric J. Buss, its Vice President

                                    U.S. BANK NATIONAL ASSOCIATION, as the
                                    Administrative Bank, the Collateral Agent
                                    and a Lender

                                    By:  _____________________________________
                                         Karen E. Weathers, its Vice President

                                    BANK ONE, NA (as the successor by merger to
                                    Bank One, Michigan) (Chicago Office), as a
                                    Lender

                                    By:  _____________________________________
                                    Its: First Vice President

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                                    MB FINANCIAL BANK, N.A., as a Lender

                                    By:  _____________________________________
                                    Its: Senior Vice President

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                                                                   EXHIBIT 10.15

                    AMENDMENT NO. 6 TO AMENDED AND RESTATED
                  MASTER CONSTRUCTION AND TERM LOAN AGREEMENT;
           AMENDMENT OF SUPPLEMENTS FOR SERIES LOANS N, O AND P; AND
                 AMENDMENT OF NOTES FOR SERIES LOANS N, O AND P

         THIS AMENDMENT NO. 6 TO AMENDED AND RESTATED MASTER CONSTRUCTION AND
TERM LOAN AGREEMENT; AMENDMENT OF SUPPLEMENTS FOR SERIES LOANS N, O AND P; AND
AMENDMENT OF NOTES FOR SERIES LOANS N, O AND P, dated as of April 18, 2003 (THE
"AMENDMENT"), among FCA Real Estate Holdings, LLC, a Delaware limited liability
company (the "BORROWER"), U.S. BANK NATIONAL ASSOCIATION, a national banking
association, as agent and administrative bank (in such capacity, the
"ADMINISTRATIVE BANK") and as collateral agent (in such capacity, the
"COLLATERAL AGENT") and the "Lender parties" to the Original Agreement described
in this Amendment (each a "LENDER" and collectively the "LENDERS") and U.S. BANK
NATIONAL ASSOCIATION, a national banking association, as collateral agent (in
such capacity, the "COLLATERAL AGENT").

                                    RECITALS:

A.       The Borrower, the Administrative Bank, the Collateral Agent and the
         Lenders are parties to that certain Amended and Restated Master
         Construction and Term Loan Agreement dated as of July 17, 2000, as
         amended by an Amendment No. 1 to Amended and Restated Master
         Construction and Term Loan Agreement dated as of June 14, 2001, an
         Amendment No. 2 to Amended and Restated Master Construction and Term
         Loan Agreement dated as of July 19, 2001, an Amendment No. 3 to Amended
         and Restated Master Construction and Term Loan Agreement dated as of
         August 21, 2001, an Amendment No. 4 to Amended and Restated Master
         Construction and Term Loan Agreement dated as of February 28, 2002 and
         an Amendment No. 5 to Amended and Restated Master Construction and Term
         Loan Agreement (as so amended and supplemented by the Supplements
         through the Series P Loan, the "Original Agreement").

B.       The Borrower has requested the Administrative Bank and the Lenders to
         further amend certain provisions of the Original Agreement, the
         respective Supplements for Series Loans N, O and P and the Notes
         respectively evidencing Series Loans N, O and P.

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

         NOW, THEREFORE, the parties agree as follows:

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

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

                  (a)      The definitions of Accrual Period, Aggregate
         Commitment, Aggregate Individual Commitment, Aggregate Individual
         Percentage, Amortization Amount, Approved Projects, Maturity Date, and
         Termination Date appearing in the DEFINITIONS Section of the Original
         Agreement are amended in their entireties to read as follows:

                           "Accrual Period: If a Series Loan had a Conversion
                  Date prior to April 1, 2003, then following (and including)
                  its Conversion Date, the period commencing on, and including,
                  the 10th day of a month and ending on, and including, the 9th
                  day of the immediately following month, except that, with
                  respect to any Series Loan whose Conversion Date is not the
                  10th day of a month, the first Accrual Period for such Series
                  Loan shall begin on, and include, such Conversion Date.

                           Aggregate Commitment:  At any date for all Series
                  Loans, $75,000,000.00.

                           Aggregate Individual Commitment: At any date for the
                  Series Q Loan and the Series R Loan, and all subsequent Series
                  Loans for any Primary Lender, the amount set forth opposite
                  such Primary Lender's name on the Schedule A (Amended 3/03)
                  attached to that certain Amendment No. 6 to Amended and
                  Restated Master Construction and Term Loan Agreement dated as
                  of April 18, 2003 (the `Sixth Amendment').

                           Aggregate Individual Percentage: At any date for all
                  Series Loans for any Primary Lender, the amount set forth
                  opposite such Primary Lender's name on Schedule A (Amended
                  4/03) attached to the Sixth Amendment.

                           Amortization Amount: With respect to any Series Loan,
                  the amount required to fully amortize such Series Loan over a
                  hypothetical 240 consecutive month amortization period, as
                  provided in the applicable Series Notes.

                           Approved Projects: All of the following: (i) each of
                  Borrower's sports and health club facilities for which the
                  Lenders have executed and delivered a Supplement as of April
                  1, 2003; (ii) each of Borrower's proposed sports and health
                  club facilities in Gilbert, Arizona, Plano, Texas, Houston,
                  Texas (Centerfield at Willowbrook), and Sugarland, Texas; and
                  (iii) each of Borrower's proposed sports and health club
                  facilities that the Lenders approve in writing after April 1,
                  2003 as an Approved Project. Borrower may request approval of
                  a proposed Project by submitting a written request to the
                  Lenders together with a business plan, preliminary
                  architectural plans, and all other information reasonably
                  requested by the Lenders. The Lenders will approve or deny
                  each request within 3 weeks after receiving all required
                  information.

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                           Maturity Date: With respect to any Series Loan, the
                  "Maturity Date" described in the Supplement relating to such
                  Series Loan, being the earlier of: (a) the tenth day of the
                  twenty-fourth (24th) month following the Conversion Date for
                  the Project being constructed with the proceeds of such Series
                  Loan; or (b) the tenth day of the thirty-sixth (36th) month
                  from the signing of the Supplement for such Series Loan.

                           Termination Date: The earlier of: (a) June 30, 2004;
                  or (b) the date on which the Administrative Bank and the Super
                  Majority Lenders terminate the Aggregate Commitment and the
                  Commitments in accordance with Section VI.2."

                  (b)      The last grammatical paragraph of Section I.1 is
         hereby deleted in its entirety.

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

                           "Interest accruing on a Series Loan shall be payable
         as follows:

                                    (a)      for unpaid interest accruing
                           through to and including March 31, 2003: (i) interest
                           accruing on such Series Loan through the end of a
                           calendar month shall be payable, as accrued, on the
                           first day of the following calendar month, commencing
                           on the first such day following the making of the
                           initial Advance on such Series Loan and continuing
                           through, to and including the first day of the month
                           in which such Conversion Date occurs; (ii) on the
                           Conversion Date for such Series Loan, interest
                           accruing on and after the first day of the month in
                           which such Conversion Date occurs through to, but
                           excluding, such Conversion Date shall be payable on
                           such Conversion Date; (iii) after such Conversion
                           Date, interest accruing on such Series Loan during
                           each Accrual Period shall be payable on the 10th day
                           of each month, commencing on the first such day
                           following such Conversion Date; and (iv) all unpaid,
                           accrued interest shall be paid in full at the time
                           all Advances are paid in full; or

                                    (b)      for interest accruing on or after
                           April 1, 2003: (i) interest accruing on such Series
                           Loan through the end of a calendar month shall be
                           payable, as accrued, on: (A) the first day of the
                           following calendar month, commencing on the first
                           such day following the making of the initial Advance
                           on such Series Loan and continuing through, to and
                           including the first day of the month in which the
                           Conversion Date for such Series Loan occurs; or (B)
                           the tenth day of the following calendar month,
                           commencing with the calendar month following the
                           month in which such Conversion Date occurs, (ii) all
                           unpaid accrued interest on a Series Loan shall be due
                           and payable on the Maturity Date of such

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                           Series Loan; and (iii) all unpaid, accrued interest
                           shall be paid in full at the time all Advances are
                           paid in full."

                  (d)      Section I.6 of the Original Agreement is amended by
         replacing it in its entirety with the following:

                  "I.6     Non-Usage Fee.

                  In addition to the interest and other consideration to Lenders
                  herein, Borrower agrees to pay to the Administrative Bank for
                  the ratable benefit of each Primary Lender for any Series Loan
                  a non-usage (the "Non-Usage Fee") on the average daily
                  non-disbursed portion of such Series Loan, during the most
                  recently ended month (including, without limitation, any
                  portion thereof when such Primary Lenders' obligations to lend
                  shall be suspended by reason of Borrower's inability to
                  fulfill the applicable conditions set forth herein or in the
                  Disbursing Agreement for an advance of the proceeds of such
                  Series Loan) at the rate of one-half of one percent per annum.
                  The Non-Usage Fee shall be paid monthly in arrears. The
                  Administrative Bank shall promptly pay over to each Lender its
                  ratable share of the Non-Usage Fee in accordance with such
                  Lender's Percentage of the Commitment for such Series Loan."

                  (e)      Section I.7 of the Original Agreement is amended by
         replacing it in its entirety with the following:

                  "1.7     Non-Allocation Fee.

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

                  (f)      The last grammatical paragraph of Section III.1 is
         hereby deleted in its entirety.

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         3.       AMENDMENT OF SUPPLEMENTS FOR SERIES LOANS N, O AND P. The
definition of "Maturity Date" appearing in the respective Supplements for the
Series Loans N, O and P is amended to read as follows:

                           "Maturity Date: The earlier of: (a) the tenth day of
                  the 24th month following the Conversion Date; or (b) the tenth
                  day of the 36th month following the date of this Supplement."

         4.       AMENDMENT OF NOTES SERIES LOANS N, O AND P. The second
paragraph of the Notes respectively evidencing Series Loans N, O and P is
amended in its entirety to read as follows:

                           "This Note shall be payable by Maker to Lender as
                  follows:

                                    (a)      Interest accruing at the Interest
                           Rate (each capitalized term not defined herein being
                           used as otherwise defined in the Loan Agreement)
                           shall be payable in accordance with Section I.2 of
                           the Loan Agreement;

                                    (b)      Commencing on the tenth day of the
                           first month following the Conversion Date, and
                           continuing on the tenth day of each month thereafter
                           through, to and including the tenth day of the 23rd
                           month following the Conversion Date, the Principal
                           Balance outstanding on the Conversion Date shall be
                           paid in consecutive equal monthly installments in the
                           amount necessary to fully amortize such Principal
                           Balance in 240 consecutive monthly installments of
                           principal; and

                                    (c)      The entire unpaid Principal Balance
                           and all unpaid interest accrued thereon shall be due
                           and payable in full on the Maturity Date."

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

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

                  (b)      An amendment fee, for the ratable benefit of each
         Primary Lender, in the amount of 1% of the $17,000,000 increase in the
         Aggregate Commitment;

                  (c)      An extension fee, for the ratable benefit of each
         Primary Lender, in the amount of 0.25% of the existing $58,000,000
         Aggregate Commitment with respect to the one-year extension of the
         Maturity Date;

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                  (d)      A syndication fee solely for the benefit of the
         Administrative Bank in the amount separately agreed upon by the
         Borrower and the Administrative Bank; and

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

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

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

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

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

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         such Person by virtue of such Person's relationship to the Borrower in
         connection with the Loan Documents and the transactions related
         thereto;

                  (d)      The Original Agreement, as amended by this Amendment,
         the respective Supplements for the Series Loans N, O and P, as amended
         by this Amendment, and the Notes respectively evidencing the Series
         Loans, N, O and P, as amended by this Amendment are the legal, valid
         and binding obligations of the Borrower, remain in full force and
         effect and are enforceable in accordance with their respective terms,
         subject only to bankruptcy, insolvency, reorganization, moratorium or
         similar laws, rulings or decisions at the time in effect affecting the
         enforceability of rights of creditors generally and to general
         equitable principles which may limit the right to obtain equitable
         remedies; and

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

         7.       REFERENCE TO AND EFFECT ON THE LOAN DOCUMENTS.

                  (a)      From and after the date of this Amendment, each
         reference in:

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

                                    (ii)     any Loan Document to the respective
                           Supplements for the Series Loans N, O and P shall
                           mean and be a reference to the relevant Supplement as
                           amended hereby; and

                                    (iii)    any Loan Document to the Notes
                           respectively evidencing the Series Loans N, O and P
                           shall mean and be a reference to the relevant Notes
                           as amended hereby.

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

         8.       COSTS, EXPENSES AND TAXES. Borrower agrees to pay on demand
all costs and expenses of the Administrative Bank and each Lender in connection
with the preparation, reproduction, execution and delivery of this Amendment and
the other documents to be delivered hereunder or thereunder, including their
reasonable attorneys' fees and legal

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expenses. In addition, Borrower shall pay any and all stamp and other taxes and
fees payable or determined to be payable in connection with the execution and
delivery, filing or recording of this Amendment and the other instruments and
documents to be delivered hereunder, and agrees to save the Administrative Bank
and each Lender harmless from and against any and all liabilities with respect
to, or resulting from, any delay in Borrower's paying or omission to pay, such
taxes or fees.

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

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

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

         12.      ALLONGE AMENDMENT TO NOTES. At the request of the holder of
any Note evidencing Series Loans N, O or P, Borrower will promptly execute and
deliver to such holder an Allonge Amendment to such Note in the form of Exhibit
A to this Amendment appropriately completed and such Lender shall attach such
Allonge Amendment to its Note.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       8
<PAGE>

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

                               FCA REAL ESTATE HOLDINGS, LLC

                               By:  LIFE TIME FITNESS, Inc., its Manager

                                    By: ____________________________________
                                    Name: __________________________________
                                    Title: _________________________________

                               U.S. BANK NATIONAL ASSOCIATION, as the
                               Administrative Bank, the Collateral Agent and a
                               Lender

                               By: _____________________________________________
                                    Karen E. Weathers, its Vice President

                               BANK ONE, NA (Chicago Office), as a Lender

                               By: _____________________________________________
                                    Kathryn A. Pothier, its First Vice President

                               MB FINANCIAL BANK, N.A., as a Lender

                               By: _____________________________________________
                                    Joseph P. Valenti, its Senior Vice President

                                       9
<PAGE>

                                   SCHEDULE A
                                 (AMENDED 3/03)

                             LENDERS AND PERCENTAGES

<TABLE>
<CAPTION>
                                            AGGREGATE          AGGREGATE
                                           INDIVIDUAL         INDIVIDUAL
           LENDER                          COMMITMENT         PERCENTAGE
           ------                          ----------         ----------
<S>                                      <C>                  <C>
U.S. Bank National Association           $31,500,000.00           42%
BC-MN-H03N
800 Nicollet Mall
Minneapolis, MN  55402
Attention:  Ms. Karen Weathers
Fax No. (612) 303-2265

Bank One, NA                             $31,500,000.00           42%
28660 Northwestern Highway
Southfield, MI  48034
Attention:  Ms. Kathryn A. Pothier
Fax No. (248) 799-5826

MB Financial Bank, N.A.                  $12,000,000.00           16%
1200 North Ashland Avenue
Chicago, IL  600622
Attention:  Mr. Joseph P. Valenti
Fax No. (773) 237-3471
</TABLE>

<PAGE>

                      ALLONGE AMENDMENT TO PROMISSORY NOTE

ALLONGE AMENDMENT TO PROMISSORY NOTE (the "Amendment') dated as [INSERT DATE OF
SERIES LOAN NOTE] made by FCA REAL ESTATE HOLDINGS, LLC ("Borrower") payable to
the order of [INSERT NAME OF BANK] in the original principal amount of $[INSERT
DOLLAR AMOUNT] (the "Note").

         The second paragraph of the Note is amended in its entirety to read as
follows:

                  "This Note shall be payable by Maker to Lender as follows:

                           (a)      Interest accruing at the Interest Rate (each
                  capitalized term not defined herein being used as otherwise
                  defined in the Loan Agreement) shall be payable in accordance
                  with Section I.2 of the Loan Agreement;

                           (b)      Commencing on the tenth day of the first
                  month following the Conversion Date, and continuing on the
                  tenth day of each month thereafter through, to and including
                  the tenth day of the 23rd month following the Conversion Date,
                  the Principal Balance outstanding on the Conversion Date shall
                  be paid in consecutive equal monthly installments in the
                  amount necessary to fully amortize such Principal Balance in
                  240 consecutive monthly installments of principal; and

                           (c)      The entire unpaid Principal Balance and all
                  unpaid interest accrued thereon shall be due and payable in
                  full on the Maturity Date."

         This Amendment shall be affixed to the Note and shall be a part
thereof.

Dated as of April_, 2003        FCA REAL ESTATE HOLDINGS, LLC

                                By:  LIFE TIME FITNESS, Inc.
                                Its: Manager

                                By: ____________________________________________
                                Name: __________________________________________
                                Title: _________________________________________

Accepted and agreed to as of the ___    day of March, 2003.

[INSERT NAME OF HOLDER]

By: ____________________________________________
Its: ___________________________________________

<PAGE>

                     SECRETARY'S CERTIFICATE AS TO OFFICERS
                            AND MANAGERS' RESOLUTIONS

         I DO HEREBY CERTIFY to U.S. BANK NATIONAL ASSOCIATION, a national
banking association, as agent and administrative bank (in such capacity, the
"ADMINISTRATIVE BANK") and the "Lender parties" to that certain Amended and
Restated Master Construction and Term Loan Agreement dated as of July 17, 2000
among FCA Real Estate Holdings, LLC (the "BORROWER"), a limited liability
company duly organized, existing and in good standing under the laws of the
State of Delaware, the Administrative Bank and such Lenders, as amended to date
(as so amended, the "LOAN AGREEMENT") that I am the duly elected, qualified and
acting Secretary and keeper of the records of LIFE TIME FITNESS, Inc., a
Minnesota corporation (the "CORPORATION") and the sole manager and member of the
Borrower and that the following named persons are the present officers of the
Corporation authorized to act on behalf of the Borrower, each duly elected,
qualified and acting as such and the following signatures are genuine signatures
of such named persons:

<TABLE>
<CAPTION>
      NAME                     TITLE                SIGNATURE
      ----                     -----                ---------
<S>                          <C>               <C>
BAHRAM AKRADI                PRESIDENT         ________________________

MICHAEL R. ROBINSON          EVP, CFO          ________________________

ERIC J. BUSS                 SECRETARY         ________________________

STEVE KERZMAN                TREASURER         ________________________
</TABLE>

         I FURTHER CERTIFY THAT the Corporation's Resolutions attached as
Exhibit A are full, true and correct copies of resolutions duly adopted by the
Corporation's Board of Directors as the sole member of the Borrower at a meeting
of the Board of Directors thereof, convened and held in accordance with law and
the by-laws of the Corporation on the dates stated on such Resolutions and that
such Resolutions remain in full force and effect as of the date hereof and have
not in any way been amended, modified or rescinded.

         I FURTHER CERTIFY THAT the Borrower's Certificate of Formation as a
Limited Liability Company and Limited Liability Company Agreement previously
delivered to the Administrative Bank and the Lenders have not been amended,
modified or restated after the date of such delivery.

Dated:  ____________, 2003                 _____________________________________
                                           Eric J. Buss, Secretary

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00063-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00063-of-00352.parquet"}]]