CONSTRUCTION LOAN AND SECURITY AGREEMENT

                                                                  Exhibit 10.216

                    CONSTRUCTION LOAN AND SECURITY AGREEMENT

                                  By and Among

                          TEXTRON FINANCIAL CORPORATION

                                       and

                       BLUEGREEN VACATIONS UNLIMITED, INC.

                                       and

                              BLUEGREEN CORPORATION

                              As of: March 23, 2007

                                                               EXECUTION VERSION


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                               TABLE OF CONTENTS

                                                                            Page

1. Definitions and Construction................................................1

         1.1 Definitions.......................................................1
         1.2 Construction.....................................................11
         1.3 Schedules and Exhibits...........................................11
         1.4 Accounting Principles............................................12

2. The Loan...................................................................12

         2.1 General..........................................................12
         2.2 Intentionally Omitted............................................12
         2.3 Construction Loan................................................12
         2.4 Advances.........................................................12
         2.5 Intentionally Omitted............................................13
         2.6 Requests for Construction Advance................................13
         2.7 Amounts in Excess of Maximum Loan Amount.........................13
         2.8 Use of Proceeds..................................................13
         2.9 Closing..........................................................14
         2.10 Maximum Relationship Amount.....................................14

3.  Loan Documents and Loan Account...........................................14

         3.1  Loan Documents..................................................14
         3.2  Loan Account....................................................14

4. Interest Rate..............................................................14

         4.1 Primary Interest Rate............................................14
         4.2 Default Rate.....................................................15
         4.3 Calculation of Interest..........................................15
         4.4 Limitation of Interest to Maximum Lawful Rate....................15

5. Fees.......................................................................15

         5.1 Loan Fee.........................................................15
         5.2 Late Charge......................................................15
         5.3  General.........................................................16

6. Payments...................................................................16

         6.1 General..........................................................16
         6.2 Reinstatement of Obligations.....................................17
         6.3 Prepayment.......................................................17
         6.4 Indemnity........................................................17

7. Security; Guaranties.......................................................18

         7.1 Security.........................................................18
         7.2 Cross-Default....................................................20


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         7.3 Guaranty.........................................................20
         7.4 Additional Documents and Future Actions..........................20
         7.5 Location of Collateral...........................................20
         7.6 Insurance and Protection of Collateral...........................20

8. Funding Procedures.........................................................20

         8.1 General..........................................................20
         8.2 Disbursement Agent...............................................21
         8.3 Payment of Bills.................................................21
         8.4 Construction Component Portion...................................21
         8.5 Retainage; Conditions Precedent to Final Disbursements...........21
         8.6 Deposit of Funds Advanced/Advances to Disbursement Agent,
             Architect, Contractor and Subcontractors.........................23
         8.7 Advances Do Not Constitute a Waiver..............................23

9. Representations and Warranties.............................................23

         9.1 Organization; Power..............................................23
         9.2 Authorization; No Legal Restrictions; No Breach of
             Other Agreements.................................................24
         9.3 Approvals; Licenses, Etc.........................................25
         9.4 Enforceability...................................................25
         9.5 Title............................................................25
         9.6 Liens............................................................25
         9.7 Financial Statements and Financial Condition.....................25
         9.8 Taxes............................................................26
         9.9 Subsidiaries; Affiliates and Capital Structure...................27
         9.10 Litigation Proceedings, Etc.....................................27
         9.11 Licenses; Permits;  Etc.........................................27
         9.12 Environmental Matters...........................................27
         9.13 Full Disclosure.................................................28
         9.14 Use of Proceeds/Margin Stock....................................28
         9.15 No Defaults.....................................................28
         9.16 Compliance with Law.............................................28
         9.17 Restrictions of Borrower or Guarantors..........................29
         9.18 Broker's Fees...................................................29
         9.19 Deferred Compensation Plans.....................................29
         9.20 Labor Relations.................................................29
         9.21 Tax Identification/Social Security Numbers......................30
         9.22 Insurance.......................................................30
         9.23 Names and Addresses.............................................30
         9.24  Solvency.......................................................30
         9.25  Common Enterprise..............................................30
         9.26 Intentionally Omitted...........................................31
         9.27 Completeness of Representations.................................31
         9.28  No Violation of Right of First Refusal.........................31

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10. Representations, Warranties and Covenants.................................31

         10.1 Access and Utilities............................................31
         10.2  Compliance.....................................................31
         10.3  Declarations...................................................31
         10.4  Zoning Laws, Building Codes, Etc...............................32
         10.5  Units Ready for Use............................................32
         10.6  Mortgaged Property and Taxes and Fees..........................32
         10.7  No Defaults....................................................32
         10.8  Timeshare Plan.................................................32
         10.9  Sale of Timeshare Interests....................................33
         10.10  Brokers.......................................................33
         10.11  Tangible Property.............................................33
         10.12  Condition of Project..........................................34
         10.13  Assessments and Developer Subsidy.............................34
         10.14   Amenities....................................................34
         10.15  Permits and Licenses..........................................34
         10.16  Wetlands......................................................34
         10.17  Mechanics Lien Claims.........................................34
         10.18  Project Contracts.............................................34
         10.19 Certified Survey Map Approved..................................34
         10.20 Site Plan Approval.............................................34
         10.21 Club Plan......................................................35
         10.22 Reservation System.............................................35
         10.23 One to One Ratio Compliance....................................35
         10.24 Club Documents.................................................35

11. Construction Representations, Warranties and Covenants....................35

         11.1 Construction....................................................36
         11.2 Cost Certificate................................................36
         11.3 Construction Contract...........................................36
         11.4 Architect's Contract............................................37
         11.5 Subcontracts....................................................38
         11.6  Specifications.................................................38
         11.7 Permits.........................................................39
         11.8 Commencement of Construction....................................39
         11.9 Zoning and Land Use.............................................39
         11.10 Additional Equity..............................................39
         11.11 No Developer's Fee.............................................40
         11.12 Right of Lender to Inspect Development Parcel and
               Review Specifications..........................................40
         11.13 Correction of Defects..........................................40
         11.14 Notification of Mechanics Lien Claims..........................40
         11.15 Construction Tests.............................................40
         11.16 Substantial Completion.........................................41

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         11.17  Occupancy Permits.............................................41
         11.18 Notice of Completion...........................................41
         11.19 Compliance with Inspector's Standards..........................42
         11.20 Bonding Requirements...........................................42
         11.21 Force Majeure..................................................42
         11.22 Lien Waivers...................................................42
         11.23 Specifications.................................................42

12. General Affirmative Covenants.............................................42

         12.1 Payment and Performance of Obligations..........................43
         12.2 Business Office.................................................43
         12.3 Maintenance of Existence, Qualification and Assets..............43
         12.4 Consolidation and Merger........................................43
         12.5 Maintenance of Insurance........................................43
         12.6 Maintenance of Security.........................................43
         12.7 Payment of Taxes and Claims.....................................44
         12.8 Inspections.....................................................44
         12.9 Records.........................................................45
         12.10 Management.....................................................45
         12.11 Maintenance....................................................45
         12.12 Local Legal Compliance.........................................45
         12.13 Registration Compliance........................................45
         12.14 Other Compliance...............................................46
         12.15 Further Assurances.............................................46
         12.16 Maintenance and Amenities......................................46
         12.17 Loan Costs.....................................................46
         12.18 Indemnification of Lender......................................46
         12.19 Use of Borrower's Name.........................................48
         12.20 Right to Provide Future Financing..............................48
         12.21 Inspector......................................................48
         12.22  Sales and Marketing...........................................49
         12.23  Project Contracts.............................................49
         12.24 Consents.......................................................49
         12.25  Engineering Survey............................................49
         12.26  Intentionally Omitted.........................................49
         12.27  Exchange Company..............................................49
         12.28  Intentionally Omitted.........................................50
         12.29  One to One Ratio Compliance...................................50

13. Reporting Requirements....................................................50

         13.1 Intentionally Omitted...........................................50
         13.2 Quarterly Financial Reports.....................................50
         13.3 Annual Financial Reports of Guarantors..........................50
         13.4 Officer's Certificate...........................................50
         13.5 Audit Reports...................................................51

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         13.6 Sales Reports...................................................51
         13.7 Association Reports.............................................51
         13.8 Notice of Default or Event of Default...........................51
         13.9 Notice of Claimed Default.......................................51
         13.10 Material Adverse Developments..................................51
         13.11 Other Information..............................................52

14. Negative Covenants........................................................52

         14.1 Organization....................................................52
         14.2 Operating Contracts.............................................52
         14.3 Limitation on Other Debt/Further Encumbrances...................52
         14.4. Intentionally Omitted..........................................52
         14.5 Amendment of Declarations, Etc..................................52
         14.6 Ownership.......................................................52
         14.7 Other Liens or Assignments......................................53
         14.8 Merger, Etc.....................................................53
         14.9 Use of Lender's Name............................................53
         14.10 Transactions with Affiliates...................................53
         14.11 Name or Address Change.........................................53
         14.12.  Intentionally Omitted........................................53
         14.13 Distributions..................................................53
         14.14.  Intentionally Omitted........................................54
         14.15  Intentionally Omitted.........................................54
         14.16 Restrictions on Transfers......................................54
         14.17 Restrictive Covenants..........................................54
         14.18.  Intentionally Omitted........................................54
         14.19.  Intentionally Omitted........................................54
         14.20  Intentionally Omitted.........................................54
         14.21 Amenities......................................................54
         14.22  Changes in Accounting.........................................54
         14.23  Club Reservation System.......................................55

15. Affiliate Indebtedness....................................................55

16. Financial Covenants.......................................................55

         16.1 Minimum Tangible Net Worth......................................55
         16.2  Minimum Debt to Tangible Net Worth Ratio.......................56

17. Conditions of and Documents to be Delivered at the Closing................56

         17.1 Loan Documents..................................................56
         17.2 Opinions of Counsel.............................................56
         17.3 Project Documents...............................................56
         17.4 Association Documents...........................................56
         17.5 Obligors' Documents.............................................56
         17.6 Good Standing Certificates......................................57
         17.7 Insurance.......................................................57

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         17.8 Flood Insurance.................................................57
         17.9 Authorizing Resolutions.........................................57
         17.10 UCC-1 Financing Statements.....................................57
         17.11 UCC-1 Search Report............................................57
         17.12 Releases.......................................................57
         17.13 Closing Certificates...........................................58
         17.14 Compliance.....................................................58
         17.15 Borrower's Certificate of Indemnity............................58
         17.16 Mortgagee Title Insurance Commitment and Policy................58
         17.17 Taxes and Assessments..........................................59
         17.18 Preclosing Inspections.........................................59
         17.19 Expenses.......................................................59
         17.20 14.12.       Intentionally Omitted.............................59
         17.21 Intentionally Omitted..........................................59
         17.22 Permits and Approvals..........................................59
         17.23 Project Contracts..............................................59
         17.24 Compliance with Planning and Zoning............................59
         17.25 Project Broker.................................................59
         17.26 Escrow Agreements..............................................60
         17.27 Credit References..............................................60
         17.28 Acquisition Equity.............................................60
         17.29 Post-Closing Requirements......................................60
         17.30 Other..........................................................60

18. Conditions to Lender's Obligation to Make Construction Advances...........60

         18.1 Documents.......................................................60
         18.2 Representations and Warranties..................................60
         18.3 Covenants.......................................................61
         18.4 No Default......................................................61
         18.5 Request for Construction Advance................................61
         18.6 Soft Costs......................................................61
         18.7 Other Agreements................................................62
         18.8 Construction Documents..........................................62
         18.9 Contractor's Insurance..........................................62
         18.10 Intentionally Omitted..........................................62
         18.11 Intentionally Omitted..........................................62
         18.12 Certificates of Substantial Completion.........................62
         18.13 Compliance.....................................................62
         18.14 Lien Waivers, etc..............................................62
         18.15 Title Policy Endorsements......................................63
         18.16 Fees and Expenses..............................................63
         18.17 Permits and Approvals..........................................63
         18.18 Lender's Mortgage..............................................63
         18.19 Completion of Work.............................................63
         18.20  Additional Equity.............................................63

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         18.21 Advances Do Not Constitute a Waiver............................63
         18.22 No Obligation to Fund After Filed Liens........................63
         18.23 Stored Goods...................................................64
         18.24 Other..........................................................64

19.  Default; Remedies........................................................64

         19.1 Payments........................................................64
         19.2 Covenant Defaults...............................................64
         19.3 Warranties or Representations...................................64
         19.4 Enforceability of Liens.........................................65
         19.5 Involuntary Proceedings.........................................65
         19.6 Proceedings.....................................................65
         19.7 Attachment; Judgment; Tax Liens.................................65
         19.8 Intentionally Omitted...........................................65
         19.9 Removal of Collateral...........................................65
         19.10. Intentionally Omitted.........................................65
         19.11  Default of Guarantor..........................................66
         19.12 Merger or Dissolution..........................................66
         19.13 Default by Borrower or Guarantor Under Other Agreements........66
         19.14 Loss of License................................................66
         19.15 Suspension of Sales............................................66
         19.16 Violation of Negative Covenants................................66
         19.17 Deficiency.....................................................66
         19.18 Abandonment or Cessation of Construction.......................66
         19.19 Lien Against Development Parcel................................66
         19.20 Unauthorized Work..............................................67
         19.21 Breach.........................................................67
         19.22 Criminal Proceedings...........................................67
         19.23 Intentionally Omitted..........................................67
         19.24 Intentionally Omitted..........................................67
         19.25 Intentionally Omitted..........................................67
         19.26 Bonding Requirements...........................................67
         19.27 Intentionally Omitted..........................................67
         19.28 Fraud..........................................................67
         19.29 Intentionally Omitted..........................................67
         19.30 Insolvency.....................................................67
         19.31 Encroachments and Permits......................................67
         19.32 Material Adverse Change........................................68
         19.33 Cessation of Business..........................................68

20.  Termination of Obligation to Advance/Remedies............................68

         20.1 Termination of Obligation to Advance............................68
         20.2 Remedies........................................................68
         20.3 Notice of Sale of Personal Property Collateral..................73
         20.4 Application of Collateral; Termination of Agreements............74


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         20.5 Suits to Protect the Development Parcel.........................74
         20.6 Rights of Lender Regarding Collateral...........................74
         20.7 Waiver of Appraisement Valuation, Stay, Extension
              and Redemption Laws.............................................75
         20.8 Delegation of Duties and Rights.................................75
         20.9 Lender Not in Control...........................................75
         20.10 Waivers........................................................75
         20.11 Cumulative Rights..............................................77
         20.12 Expenditures by Lender.........................................77
         20.13 Diminution in Value of Collateral..............................77
         20.14 Discontinuance of Proceedings..................................77

21. Partial Releases; Other Releases..........................................77

22. Certain Rights of Lender..................................................78

         22.1 Protection of Collateral........................................78
         22.2 Performance by Lender...........................................79
         22.3 No Liability of Lender..........................................79
         22.4 Right to Defend Action Affecting Security.......................79
         22.5 Indemnities, Loan Costs and Expenses............................79
         22.6 Lender's Right of Set-Off.......................................79
         22.7 No Waiver.......................................................80
         22.8 Right of Lender to Extend Time of Payment, Substitute,
              Release Security, Etc...........................................80
         22.9 Assignment of Lender's Interest.................................80
         22.10 Power of Attorney..............................................81
         22.11 Relief from Automatic Stay, Etc................................81
         22.12 Investigations and Inquiries...................................81

23.  Miscellaneous............................................................82

         23.1 Notices.........................................................82
         23.2 Term of Agreement...............................................83
         23.3 Survival........................................................83
         23.4 Continuation and Investigation..................................83
         23.5 Governing Law; Consent to Jurisdiction..........................83
         23.6 Invalid Provisions..............................................84
         23.7 Successors and Assigns..........................................84
         23.8 Amendment.......................................................85
         23.9 Counterparts; Effectiveness; Facsimile..........................85
         23.10 Lender Not Fiduciary...........................................85
         23.11 Total Agreement................................................85
         23.12 Consents, Approvals and Discretion.............................85
         23.13 Litigation.....................................................85
         23.14 Submissions....................................................86
         23.15 Incorporation of Exhibits......................................86


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         23.16 Consent to Advertising and Publicity of Documents..............86
         23.17 Control of Association.........................................87
         23.18 Directly or Indirectly.........................................87
         23.19 Savings Clause.................................................87
         23.20 Reimbursement for Taxes........................................87
         23.21 Headings.......................................................87
         23.22 Gender.........................................................87
         23.23 Time of the Essence............................................88
         23.24 Conflict.......................................................88
         23.25 Joinder and Consent............................................88

                                    Schedules

Schedule 9.8            -         Taxes

Schedule 9.9            -         Subsidiaries

Schedule 9.10           -         Litigation

Schedule 9.23           -         Names and Addresses

Schedule 10.18          -         Project Contracts

Schedule 14.7           -         Permitted Liens

Schedule 21             -         Form of Partial Release


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                                TABLE OF EXHIBITS

EXHIBIT A-1       LEGAL DESCRIPTION OF PHASE 2 LAND

EXHIBIT A-2       LEGAL DESCRIPTION OF EXISTING UNITS

EXHIBIT B         INTENTIONALLY OMITTED

EXHIBIT C         FORM OF REQUEST FOR CONSTRUCTION COMPONENT ADVANCE

EXHIBIT D         APPROVED SITE PLAN

EXHIBIT E         PHASE 2 COST CERTIFICATE

EXHIBIT F         FORM OF OFFICER'S CERTIFICATE


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                    CONSTRUCTION LOAN AND SECURITY AGREEMENT

      THIS  CONSTRUCTION  LOAN AND SECURITY  AGREEMENT  is made  effective as of
March  ____,  2007  by and  among  TEXTRON  FINANCIAL  CORPORATION,  a  Delaware
corporation   ("Lender"),   BLUEGREEN  VACATIONS  UNLIMITED,   INC.,  a  Florida
corporation ("Borrower"), and BLUEGREEN CORPORATION, a Massachusetts corporation
("Guarantor").

      NOW THEREFORE,  in  consideration  of the mutual  covenants and agreements
contained in this Agreement, and for other good and valuable consideration,  the
receipt and adequacy of which are  acknowledged,  the parties to this Agreement,
intending to be legally bound, hereby agree as follows:

      1. Definitions and Construction.

            1.1.  Definitions.  The  following  words  and  phrases  as  used in
capitalized  form in this  Agreement,  whether in the singular or plural,  shall
have the meanings indicated:

            Advance or Construction  Advance means an advance of the proceeds of
the Loan by Lender to or on behalf of Borrower in  accordance  with the terms of
this Agreement.

            Affiliate  means  any  Person:  (a)  which  directly  or  indirectly
controls,  or is controlled by, or is under common control with such Person; (b)
which  directly or  indirectly  beneficially  owns or holds five percent (5%) or
more of the voting stock of such  Person;  or (c) for which five percent (5%) or
more of the voting stock of which is directly or indirectly  beneficially  owned
or held by such Person;  provided,  however,  that under no circumstances  shall
Borrower or Guarantor be deemed an Affiliate of any 5% or greater shareholder of
Guarantor or any Affiliate of such shareholder who is not a Direct Affiliate (as
defined herein) of Guarantor,  nor shall any such shareholder be deemed to be an
Affiliate of Borrower or Guarantor.  The term  "control"  means the  possession,
directly or  indirectly,  of the power to direct or cause the  direction  of the
management  and policies of a Person,  whether  through the  ownership of voting
securities,  by contract or  otherwise.  For  purposes of this  definition,  any
entity included in the same GAAP consolidated  financial statements as Guarantor
shall be an Affiliate of Guarantor (a "Direct Affiliate").

            Affiliate  Indebtedness means all present and future indebtedness or
obligations  owed by Borrower to  Guarantor  or to any  Affiliate of Borrower or
Guarantor.

            Agreement means this  Construction Loan and Security  Agreement,  as
amended, restated, extended or supplemented from time to time.

            Agreement  to  Provide  Insurance  means the  Agreement  to  Provide
Insurance dated as of the date hereof between  Borrower and Lender,  as amended,


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restated, extended or supplemented from time to time.

            Amenities means the recreational,  access and utility  facilities to
be included as part of or to benefit the Project, including, without limitation,
the such  amenities  may be further  described in the  Declarations,  and Public
Report.

            Amenities  Agreements means  collectively,  each existing and future
agreement,  including  without  limitation,  the  Ingress  and  Egress  Easement
Agreement and the Declarations, which grant to the Borrower and to the owners of
Units or Timeshare  Interests at the Project the right to use the  Amenities and
which provides for certain easements, access and use rights and for the delivery
of certain  services  at the Project or to  Borrower  or if  applicable,  to the
Owners of Timeshare  Interests,  as such  agreements  may be amended,  restated,
extended or supplemented from time to time, and any new amenities agreements.

            Applicable Mechanics Lien Law means any statute,  ordinance, rule or
other law of the State or any governmental  subdivision  thereof,  pertaining to
the perfection  and/or  priority of the rights of mechanics',  materialmen's  or
other contractors' claimants.

            Approved  Costs means the costs  disclosed in the final Phase 2 Cost
Certificate, approved by Lender.

            Architect means Forum  Architecture & Interior Design,  Inc. and any
replacement architect for the Work approved by Lender.

            Architect's Contract has the meaning set forth in Section 11.4.

            As-Built Survey has the meaning set forth in Section 8.5(f).

            Assignment of Construction Contract means that certain Assignment of
Construction  Contract  from  Borrower  in favor  of  Lender  pursuant  to which
Borrower  assigns  its rights  but not its  obligations  under the  Construction
Contract to Lender.

            Assignment  of Property  Rights  means that certain  first  priority
Assignment of Property Rights made by Borrower in favor of Lender evidencing the
collateral  assignment to Lender of all property rights related to the Mortgaged
Property.

            Association  means Grande  Villas at World Golf Village  Condominium
Association,  Inc.,  a Florida  not-for-profit  corporation,  together  with its
successors or assigns.

            Borrower  means  Bluegreen  Vacations  Unlimited,  Inc.,  a  Florida
corporation.

            Business  Day means each day which is not a Saturday  or Sunday or a
legal  holiday  under the laws of the State of  Connecticut,  the State of Rhode
Island, the State of Florida or the United States.

            Closing  means the closing of the  transactions  contemplated  under


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this Agreement.

            Closing Date means the effective date of this Agreement set forth in
the heading of this Agreement.

            Club means the Bluegreen Vacation Club Multi-Site Timeshare Plan and
its component site resorts; the Club is not a legal entity or association of any
kind.

            Club Documents means the Bluegreen  Vacation Club multi-site  public
offering  statement  and its  exhibits as amended  from time to time as filed in
Florida with the Division.

            Code  means  the  Uniform  Commercial  Code in force in the State of
Florida, as amended from time to time.

            Collateral has the meaning set forth in Section 7.1.

            Commencement  Date  means on or before  January  1, 2007 for Phase 2
Work.

            Commercial Leases has the meaning set forth in Section 7.1(e).

            Commitment  means the Letter of Intent  issued by Lender to Borrower
dated July 14, 2006 and accepted on August 7, 2006.

            Completion  of the Work means one hundred  percent  (100%)  finished
construction of the Work (not Substantial  Completion) for Phase 2 in accordance
with the  Specifications  for such Phase,  certified to Lender by the Inspector,
Borrower and Contractor.

            Condominium Act means the "Florida  Condominium  Act",  Chapter 718,
Florida Statutes, as it is amended from time to time.

            Condominium Plan means the Condominium Plan for the Project.

            Construction Contract has the meaning set forth in Section 11.3.

            Construction  Advance Period means the period of time  commencing on
the  Closing  Date and  ending on August  31,  2007,  unless  sooner  terminated
hereunder.

            Contractor means the general contractor(s)  selected by Borrower and
approved by Lender for any of the applicable  Work, and any replacement  general
contractor approved by Lender.

            Debtor    Relief    Laws   means   all    applicable    liquidation,
conservatorship,     bankruptcy,    moratorium,    rearrangement,    insolvency,
reorganization or similar law,  proceeding or device providing for the relief of
debtors  from time to time in  effect  and  generally  affecting  the  rights of
creditors.

            Declarations   means,   collectively,   the   Northwest   Commercial
Declaration, the Northwest Master Declaration and the Timeshare Declaration.


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            Default Rate has the meaning set forth in Section 4.2.

            Disbursement Agent has the meaning set forth in Section 8.2.

            Division means the Division of Land Sales,  Condominiums  and Mobile
Homes of the Department of Business and Professional Regulation for the State of
Florida.

            Environmental  Agreement means that certain Environmental  Agreement
of even date herewith between Borrower and Lender as amended, restated, extended
or supplemented from time to time, and any new environmental  agreement executed
in its place.

            Environmental  Laws has the meaning  set forth in the  Environmental
Agreement.

            Event of Default means any Event of Default described in Section 19.

            Existing  Units means the  presently  constructed  seventy-two  (72)
condominium  units and land upon which they have been  constructed  and  related
common elements and amenities, subject to the Declarations, as more particularly
described on Exhibit "A-2" attached hereto.

            GAAP means generally acceptable  accounting principles in the United
States,  applied  on a  consistent  basis,  as  described  in  Opinions  of  the
Accounting  Principles  Board of the  American  Institute  of  Certified  Public
Accountants  and/or in statements of the Financial  Accounting  Standards  Board
which are applicable in the circumstances as of the date in question.

            Governing   Documents   means  the   certificate   or   articles  of
incorporation  or  formation,  by-laws,  partnership  agreement,  joint  venture
agreement,  trust  agreement,  operating  agreement or other  organizational  or
governing documents of any Person.

            Governmental  Agency  shall  have the  meaning  set forth in Section
12.18.

            Guarantor means Bluegreen Corporation,  a Massachusetts corporation,
its successors and assigns.

            Guaranty  means  each  guaranty,  surety  agreement,   guaranty  and
suretyship agreement and/or other similar agreement executed by the Guarantor in
favor of Lender pursuant to which the Guarantor agrees to act as a guarantor for
the Obligations and any amendment, restatement,  extension or supplement thereto
and any new guaranty or similar  agreement  given in substitution or replacement
therefor  and any new  guaranty  or surety  agreement  by any other  Person with
respect to all or any part of the Obligations.

            Hazardous  Materials has the meaning set forth in the  Environmental
Agreement.


                                       4
<PAGE>

            Incipient  Default means any condition or event which,  after notice
or lapse of time or both,  would  constitute  an  Event of  Default  under  this
Agreement.

            Ingress and Egress Easement Agreement means that certain Ingress and
Egress  Easement  Agreement  between World Golf  Village,  Inc. and Vistana WGV,
Ltd.,  as  recorded  in the Public  Records of St.  Johns  County,  Florida,  as
amended, restated, extended or supplemented from time to time.

            Inspector has the meaning set forth in Section 12.21.

            Lease Income has the meaning set forth in Section 7.1(f).

            Legal  Requirements  means all federal,  state and local ordinances,
laws, regulations,  orders, judgments,  decrees,  determinations and other legal
restrictions  governing  the  Project,  the  Borrower,  the  Guarantor  or their
business or operations.

            Lender means Textron Financial Corporation,  a Delaware corporation,
its successors and assigns.

            Lender's  Mortgage or Mortgage  means that  certain  first  priority
Mortgage,  Assignment  of Rents and Security  Agreement  executed as of the date
hereof from the Borrower,  as mortgagor,  in favor of the Lender,  as mortgagee,
encumbering  the  Mortgaged  Property,   as  amended,   restated,   extended  or
supplemented from time to time.

            Loan means the revolving  construction loan facility in an amount up
to $12,500,000 to be extended by Lender to Borrower pursuant to this Agreement.

            Loan Account has the meaning set forth in Section 3.2.

            Loan Costs means all reasonable costs, expenses and fees incurred by
Lender in connection with the Loan, including without limitation,  those related
to negotiating, preparing, documenting, closing and enforcing this Agreement and
all other Loan Documents including, but not limited to:

      (a) the cost of preparing,  reproducing  and binding this  Agreement,  the
other Loan Documents and all exhibits and schedules thereto;

      (b) the legal fees, expenses and disbursements of Lender's counsel;

      (c) Lender's  out-of-pocket  expenses  (including fees and expenses of the
Lender's counsel) relating to any Advances, amendments, waivers or consents;

      (d) all  other  fees and  expenses  (including  fees and  expenses  of the
Lender's counsel) relating to any Advances, amendments, waivers or consents;

      (e) all  costs,  outlays,  legal  fees  and  expenses  of  every  kind and
character had or incurred in (1) the interpretation or enforcement of any of the
provisions of, or the creation,  preservation or exercise of rights and remedies
under,  any of the  Loan  Documents  including  the  costs  of  appeal  (2)  the
preparation  for,


                                       5
<PAGE>

negotiations regarding,  consultations concerning, or the defense or prosecution
of legal  proceedings  involving any claim or claims made or threatened  against
the Lender  arising out of this  transaction or the protection of the Collateral
securing  the Loan or Advances  made  hereunder,  expressly  including,  without
limitation,  the  defense  by  Lender  of any legal  proceedings  instituted  or
threatened  by any Person to seek to recover or set aside any  payment or setoff
theretofore,  received or applied by the Lender with respect to the Obligations,
and any and all  appeals  thereof;  and  (3)  the  advancement  of any  expenses
provided for under any of the Loan Documents;

      (f) all fees and expenses  relating to any escrow by the Title  Company or
any other escrow agent;

      (g) all costs and expenses  incurred by Lender under the Loan and all late
charges under the Loan;

      (h) all real and  personal  property  taxes and  assessments,  documentary
stamp and  intangible  taxes,  sales  taxes,  recording  fees,  title  insurance
premiums and other title  charges,  document  copying,  transmittal  and binding
costs,  appraisal  fees,  lien,  judgment and litigation  search costs,  fees of
architects,  engineers,  environmental  consultants,  surveyors  and any special
consultants,  construction  inspection  fees,  brokers fees,  escrow fees,  wire
transfer fees, and all out-of-pocket  expenses of Lender to conduct  inspections
or audits. Without limitation of the foregoing,  Borrower shall pay the costs of
UCC  and  other  searches,  UCC and  other  Loan  Document  recording  fees  and
applicable  taxes,  and  premiums on each title  insurance  policy  delivered to
Lender pursuant to this Agreement; and

      (i) all  reasonable  costs and expenses of Lender  related to any meetings
with  Obligors  or  other  Persons  related  to  the  transactions  contemplated
hereunder,  audits or inspections of Obligors or the Project  including  without
limitation travel expenses.

            Loan Documents means the Commitment,  this Agreement,  the Note, the
Guaranty,  the  Lender's  Mortgage,  the  Assignment  of  Property  Rights,  the
Assignment of Construction  Contract,  any document evidencing any assignment or
security interest described in Section 7.1, the Environmental Agreement, and all
documents now or hereafter executed in connection with the Loans or securing the
Obligations

            Loan Maturity Date means September 30, 2009.

            Management  Agreement  means the  Management  Agreement  between the
Association  and the  Manager for the  management  of the  Project,  as amended,
restated,  extended or  supplemented  from time to time,  and any new management
agreement   executed  in  its  place,  all  of  which  agreements   (other  than
non-material  revisions)  must be in form and  content  reasonably  approved  by


                                       6
<PAGE>

Lender.

            Manager  means  Bluegreen  Resorts  Management,   Inc.,  a  Delaware
corporation, and any replacement manager for the Project approved by Lender.

            Master   Declaration  means  that  certain  Master   Declaration  of
Covenants,  Conditions and Restrictions dated as of August 25, 1998 and recorded
in the Public Records of St. Johns County,  Florida, in Book 1345, Page 1586, on
September 3, 1998, as amended,  restated,  extended or supplemented from time to
time.

            Master  Property  means the real  property  and  existing  or future
improvements  and amenities  more  particularly  described in Exhibit "A" to the
Master Declaration.

            Maximum  Loan Amount  means  $12,500,000,  as further  described  in
Section 2.3 and subject to the restrictions set forth in Section 2.4.

            Mortgaged Property has the meaning set forth in Section 7.1(a).

            Northwest  Commercial  Declaration means that certain Declaration of
Covenants and  Restrictions  for Saint Johns Northwest  Commercial,  dated as of
July 24, 1996, and recorded in the Public Records of St. Johns County,  Florida,
in Book 1185, Page 649, as amended, restated, extended or supplemented from time
to time.

            Northwest  Master  Declaration  means that  certain  Declaration  of
Covenants and Restrictions for Saint Johns - Northwest Master,  dated as of July
24, 1996,  and recorded in the Public Records of St. Johns County,  Florida,  in
Book 1185, Page 598, as amended, restated, extended or supplemented from time to
time.

            Note means that certain  Secured  Promissory  Note dated as the date
hereof,  payable  to the  order of  Lender  further  evidencing  the  Borrower's
obligation  to repay the Loan and all  interest  thereon as  amended,  restated,
extended or supplemented from time to time.

            Obligations  means  all  payment  and  performance  obligations  and
liabilities of each Obligor to Lender as evidenced by the Note or otherwise owed
pursuant to the Loan Documents of every kind, nature and description,  direct or
indirect, absolute or contingent, due or to become due, contractual or tortious,
liquidated or  unliquidated,  regardless of how such  obligations or liabilities
arise,  including without limitation,  the obligation of Borrower to pay (a) the
principal of,  premium,  if any, on and interest on the Loan;  and (b) all fees,
costs, expenses, indemnities,  obligations and liabilities of each Obligor owing
at any time to Lender  under or in  respect  of this  Agreement  and each of the
other Loan Documents.


                                       7
<PAGE>

            Obligor means Borrower and Guarantor, individually.

            Obligors means Borrower and Guarantor, collectively.

            One to One Ratio shall have the meaning set forth in Section 10.23.

            Owner or Owners  means a  Purchaser  or  Purchasers  of a  Timeshare
Interest, the successive owner or owners of each Timeshare Interest so conveyed,
and the Borrower with respect to Timeshare Interests not so conveyed.

            Permitted Liens or Permitted  Exceptions shall have the meanings set
forth in Section 14.7 and Section 9.5, respectively.

            Person  means  an   individual,   a  government  or  any  agency  or
subdivision   thereof,  a  corporation,   partnership,   trust,   unincorporated
organization,  association,  joint stock company,  limited  liability company or
other legal entity.

            Phase 1 means the Existing Units within the two buildings  (numbered
3 and 4) and  related  facilities  which  make up a  portion  of  Phase 1 of the
Project.

            Phase 2 means the contemplated sixty (60) purpose-built Units in two
buildings (numbered 5 and 6) and related facilities to be constructed as part of
Phase 2 of the Project.

            Phase 2  Completion  Date with respect to the Work means the earlier
to occur of (a) the date of Completion of the Work for Phase 2 or (b) August 31,
2007 with respect to Phase 2.

            Phase 2 Cost Certificate shall have the meaning set forth in Section
11.2.

            Phase 2 Land means the land upon which the  improvements  to Phase 2
are being constructed,  as more particularly described in Exhibit "A-1" attached
hereto.

            Phase 2 Total  Budget  shall have the  meaning  set forth in Section
11.10.

            Phase 2 Work  means the  construction  of sixty  (60)  purpose-built
timeshare  Units  within Phase 2 of the Project and related  facilities  and the
installation of the site  development,  landscaping,  infrastructure,  fixtures,
furnishings  and soft  costs  related  thereto  as shown as costs on the Phase 2
Total Budget and being performed by the Contractor,  as further described in the
applicable Specifications for Phase 2.

            Phase means individually, Phase 1 or Phase 2.

            Phases mean collectively, Phase 1 or Phase 2.

            Project means  collectively,  the Existing Units,  the Phase 2 Land,
and all associated  Amenities owned by Borrower.  The Project presently consists
of Phase 1, and it is  contemplated  that  Phase 2, will be  constructed  on the
Phase

                                       8
<PAGE>

2 Land.

            Project  Contracts  means each of the agreements  listed on Schedule
10.18 and all other existing and future agreements  rela