NET WORTH COVENANT WAIVER

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                                 EXHIBIT 10(dd)

      Wachovia Bank, N.A.

      Real Estate Financial Services

      SC9113

      16 Broad Street

      Post Office Box 700

      Charleston. SC 29401

                                                                         WACHOVIA

December 15,2004

Mr. Steven P. Birdwell

Chief Financial Officer

Sea Pines Company, Inc.

Post Office Box 7000

Hilton Head, SC 29938

RE: NET WORTH COVENANT WAIVER FOR YEAR ENDING OCTOBER 31, 2005

Dear Steve:

You have informed us that the Net Worth Ratio of the Company is projected to be

above the maximum level as of October 31,2005, as required by Section 8.02(a)

(i) of the Amended a