<SUBMISSION>
<ACCESSION-NUMBER>0001814974-20-000013
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>3
<PERIOD>20200929
<ITEMS>1.01
<ITEMS>1.02
<ITEMS>5.02
<ITEMS>5.03
<ITEMS>8.01
<ITEMS>9.01
<FILING-DATE>20201002
<DATE-OF-FILING-DATE-CHANGE>20201002
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>BBX Capital, Inc.
<CIK>0001814974
<ASSIGNED-SIC>5400
<IRS-NUMBER>824669146
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>000-56177
<FILM-NUMBER>201220694
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>401 EAST LAS OLAS BOULEVARD, SUITE 800
<CITY>FORT LAUDERDALE
<STATE>FL
<ZIP>33301
<PHONE>9549404900
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>401 EAST LAS OLAS BOULEVARD, SUITE 800
<CITY>FORT LAUDERDALE
<STATE>FL
<ZIP>33301
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>BBX Capital Florida LLC
<DATE-CHANGED>20200612
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>c974-20200929x8k.htm
<DESCRIPTION>8-K
<TEXT>
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		<title>
			Form 8-K Spin-off Complete
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			<font style="display: inline;font-family:Times New Roman;font-weight:bold;color:#000000;font-size:12pt;">&#xFEFF;</font>
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			<font style="display: inline;font-family:Times New Roman;font-weight:bold;color:#000000;font-size:12pt;">UNITED STATES</font>
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			<font style="display: inline;font-family:Times New Roman;font-weight:bold;color:#000000;font-size:12pt;">SECURITIES AND EXCHANGE COMMISSION</font>
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			<font style="display: inline;font-size:12pt;">Washington, D.C. 20549</font>
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			<font style="display: inline;font-family:Times New Roman;font-weight:bold;color:#000000;font-size:12pt;">FORM 8-K</font>
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			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">&#xFEFF;</font>
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			<font style="display: inline;font-family:Times New Roman;font-weight:bold;color:#000000;font-size:12pt;">CURRENT REPORT</font>
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		<p style="margin:0pt 39.6pt 0pt 36pt;text-align:center;font-family:Palatino Linotype;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;color:#000000;font-size:12pt;">Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934</font>
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			<font style="display: inline;font-family:Times New Roman;color:#000000;font-size:12pt;">Date of Report (Date of earliest event reported): </font><font style="display: inline;font-family:Times New Roman;color:#000000;font-size:12pt;text-decoration:underline;">September </font><font style="display: inline;font-family:Times New Roman;color:#000000;font-size:12pt;text-decoration:underline;">29</font><font style="display: inline;font-family:Times New Roman;color:#000000;font-size:12pt;text-decoration:underline;">, 2020</font>
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					<p style="margin:0pt 39.6pt 0pt 36pt;text-align:center;font-family:Palatino Linotype;font-size: 12pt">
						<font style="display: inline;font-family:Times New Roman;font-size:12pt;">&#xFEFF;</font></p>
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					<p style="margin:0pt 39.6pt 0pt 36pt;text-align:center;text-decoration:underline;font-family:Times New Roman;color:#000000;font-size: 14pt">
						<font style="display: inline;font-weight:bold;font-size:14pt;">BBX CAPITAL</font><font style="display: inline;font-weight:bold;font-size:14pt;">, INC.</font></p>
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						<font style="display: inline;font-family:Times New Roman;color:#000000;font-size:12pt;">(Exact name of registrant as specified in its charter)</font></p>
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						&nbsp;</p>
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						&nbsp;</p>
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					<p style="margin:0pt 39.6pt 0pt 36pt;text-align:center;text-decoration:underline;font-family:Times New Roman;color:#000000;font-size: 12pt">
						<font style="display: inline;font-size:12pt;">Florida</font></p>
				</td>
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					<p style="margin:0pt 39.6pt 0pt 36pt;text-align:center;font-family:Palatino Linotype;font-size: 12pt">
						<font style="display: inline;font-family:Times New Roman;color:#000000;font-size:12pt;text-decoration:underline;">000-56177</font></p>
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					<p style="margin:0pt 39.6pt 0pt 36pt;text-align:center;font-family:Palatino Linotype;font-size: 12pt">
						<font style="display: inline;font-family:Times New Roman;color:#000000;font-size:12pt;text-decoration:underline;">82-4669146</font></p>
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					<p style="margin:0pt 39.6pt 0pt 36pt;text-align:center;font-family:Palatino Linotype;font-size: 12pt">
						<font style="display: inline;font-family:Times New Roman;color:#000000;font-size:12pt;">(State or other jurisdiction</font></p>
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					<p style="margin:0pt 39.6pt 0pt 36pt;text-align:center;font-family:Palatino Linotype;font-size: 12pt">
						<font style="display: inline;font-family:Times New Roman;color:#000000;font-size:12pt;">(Commission</font></p>
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						<font style="display: inline;font-family:Times New Roman;color:#000000;font-size:12pt;">(IRS Employer</font></p>
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					<p style="margin:0pt 39.6pt 0pt 36pt;text-align:center;font-family:Palatino Linotype;font-size: 12pt">
						<font style="display: inline;font-family:Times New Roman;color:#000000;font-size:12pt;">of incorporation)</font></p>
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					<p style="margin:0pt 39.6pt 0pt 36pt;text-align:center;font-family:Palatino Linotype;font-size: 12pt">
						<font style="display: inline;font-family:Times New Roman;color:#000000;font-size:12pt;">File Number)</font></p>
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					<p style="margin:0pt 39.6pt 0pt 36pt;text-align:center;font-family:Palatino Linotype;font-size: 12pt">
						<font style="display: inline;font-family:Times New Roman;color:#000000;font-size:12pt;">Identification No.)</font></p>
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			</tr>
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		<p style="margin:0pt;font-family:Palatino Linotype;font-size: 10pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 39.6pt 0pt 36pt;font-family:Palatino Linotype;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">&#xFEFF;</font>
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					<p style="margin:0pt 39.6pt 0pt 36pt;text-align:center;font-family:Palatino Linotype;font-size: 12pt">
						<font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">401 East Las Olas Boulevard, Suite 800, Fort Lauderdale, Florida</font></p>
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					<p style="margin:0pt 39.6pt 0pt 36pt;text-align:center;font-family:Palatino Linotype;font-size: 12pt">
						<font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">33301</font></p>
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					<p style="margin:0pt 39.6pt 0pt 36pt;text-align:center;font-family:Palatino Linotype;font-size: 12pt">
						<font style="display: inline;font-family:Times New Roman;color:#000000;font-size:12pt;">(Address of principal executive offices)</font></p>
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					<p style="margin:0pt 39.6pt 0pt 36pt;text-align:center;font-family:Palatino Linotype;font-size: 12pt">
						<font style="display: inline;font-family:Times New Roman;color:#000000;font-size:12pt;">(Zip Code)</font></p>
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		<p style="margin:0pt 39.6pt 0pt 36pt;font-family:Palatino Linotype;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">&#xFEFF;</font>
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		<p style="margin:0pt 39.6pt 0pt 36pt;text-align:center;font-family:Palatino Linotype;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;color:#000000;font-size:12pt;">Registrant&#x2019;s telephone number, including area code: </font><font style="display: inline;font-family:Times New Roman;color:#000000;font-size:12pt;text-decoration:underline;">954-940-4900</font>
		</p>
		<p style="margin:0pt 39.6pt 0pt 36pt;font-family:Palatino Linotype;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">&#xFEFF;</font>
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					<p style="margin:0pt;font-family:Palatino Linotype;height:1.00pt;overflow:hidden;font-size: 1pt">
						<font style="display: inline;font-size:1pt;">&#xFEFF;</font></p>
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				<td valign="top" style="width:540.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;">
					<p style="margin:0pt 39.6pt 0pt 36pt;text-align:center;font-family:Palatino Linotype;font-size: 12pt">
						<font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">BBX Capital Florida LLC</font></p>
				</td>
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					<p style="margin:0pt 39.6pt 0pt 36pt;text-align:center;font-family:Palatino Linotype;font-size: 12pt">
						<font style="display: inline;font-family:Times New Roman;color:#000000;font-size:12pt;">(Former name or former address, if changed since last report.)</font></p>
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		</table></div>
		<p style="margin:0pt;font-family:Palatino Linotype;font-size: 10pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:6pt 0pt;text-align:center;font-family:Palatino Linotype;font-size: 10pt">
			<font style="display: inline;color:#000000;">Securities registered pursuant to Section 12(b) of the Act:</font><font style="display: inline;color:#000000;"> None</font>
		</p>
		<p style="margin:6pt 39.6pt 6pt 36pt;font-family:Palatino Linotype;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;color:#000000;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):</font>
		</p>
		<p style="margin:0pt 39.6pt 7.1pt 36pt;font-family:Palatino Linotype;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;color:#000000;">[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font>
		</p>
		<p style="margin:0pt 39.6pt 6.95pt 36pt;font-family:Palatino Linotype;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;color:#000000;">[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font>
		</p>
		<p style="margin:0pt 39.6pt 6.95pt 36pt;font-family:Palatino Linotype;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;color:#000000;">[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font>
		</p>
		<p style="margin:0pt 39.6pt 2.05pt 36pt;font-family:Palatino Linotype;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;color:#000000;">[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font>
		</p>
		<p style="margin:0pt 39.6pt 2.05pt 36pt;font-family:Palatino Linotype;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;color:#000000;">&#xFEFF;</font>
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			<font style="display: inline;">Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (&#xA7;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#xA7;240.12b-2 of this chapter). </font><font style="display: inline;;font-size: 10pt;font-family:Palatino Linotype;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">Em</font><font style="display: inline;">erging growth company&nbsp;&nbsp;&nbsp;&nbsp;[X</font><font style="display: inline;">]</font>
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			<font style="display: inline;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the </font>
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		<p style="margin:0pt 39.6pt 2.05pt 36pt;font-family:Palatino Linotype;;font-size: 10pt"><font style="display: inline;">extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13</font><font style="display: inline;">(a) of the Exchange Act.</font><font style="display: inline;;font-size: 10pt;font-family:Palatino Linotype;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;">[X</font><font style="display: inline;">]</font>
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			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:12pt;">&#xFEFF;</font>
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			<a name="001"></a><a name="002"></a>
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		<p style="margin:0pt;text-align:center;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;font-weight:bold;">Introduction</font>
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		<p style="margin:5pt 0pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">On September 30, 2020, Bluegreen Vacations Holding Corporation (formerly BBX Capital Corporation) (&#x201C;BVH&#x201D;) completed its previously announced spin-off (the &#x201C;Spin-Off&#x201D;) of BBX Capital, Inc. (formerly BBX Capital Florida LLC) (&#x201C;New BBX Capital&#x201D;). As described in further detail below, the Spin-Off resulted in (i) New BBX Capital becoming a separate, public company and (ii) the separation of BVH&#x2019;s investment in Bluegreen Vacations Corporation (&#x201C;Bluegreen Vacations&#x201D;), which continues to be held by BVH, from all of BVH&#x2019;s other businesses and investments, which are held by New BBX Capital. Information regarding the Spin-Off, including the expectation that the matters described in this Current Report on Form 8-K would occur upon consummation of the Spin-Off, were previously disclosed by BVH and New BBX Capital, including in New BBX Capital&#x2019;s Registration Statement on Form 10, as amended</font><font style="display: inline;"> (the &#x201C;Form 10&#x201D;)</font><font style="display: inline;">, including the Information Statement dated August 27, 2020 </font><font style="display: inline;">(the &#x201C;Information Statement&#x201D;) </font><font style="display: inline;">which forms a part thereof and was mailed to BVH&#x2019;s shareholders on or about September 28, 2020 in contemplation of the closing of the Spin-Off.</font>
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		<p style="margin:5pt 0pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">BVH effected the Spin-Off on September 30, 2020 by distributing to its shareholders 100% of the shares of New BBX Capital&#x2019;s Class A Common Stock and Class B Common Stock. Specifically, BVH distributed to its shareholders one share of New BBX Capital&#x2019;s Class A Common Stock for each share of BVH&#x2019;s Class A Common Stock held of record as of the close of trading on September 22, 2020, the record date for the distribution, and one share of New BBX Capital&#x2019;s Class B Common Stock for each share of BVH&#x2019;s Class B Common Stock held of record as of the close of trading on September 22, 2020.&nbsp;&nbsp;Each share of </font><font style="display: inline;">New BBX Capital</font><font style="display: inline;">&#x2019;s Class A Common Stock and Class B Common Stock distributed in connection with the Spin-Off has attached thereto an accompanying preferred share purchase right issued under New BBX Capital&#x2019;s previously announced Rights Agreement. As a result of the distribution, BVH no longer owns any interest in New BBX Capital</font><font style="display: inline;">, and </font><font style="display: inline;">the shareholders of BVH who received shares of New BBX Capital&#x2019;s stock in the distribution have become the initial shareholders</font><font style="display: inline;"> of New BBX Capital</font><font style="display: inline;"> following the Spin-Off. Shareholders of BVH also retained their shares of BVH&#x2019;s Class A Common Stock and/or Class B Common Stock.&nbsp; </font>
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		<p style="margin:5pt 0pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">In connection with the Spin-Off, effective September 29, 2020, New BBX Capital was converted from a Florida limited liability company to a Florida corporation</font><font style="display: inline;">,</font><font style="display: inline;"> and its name was changed from BBX Capital Florida LLC to BBX Capital, Inc. Other than BVH&#x2019;s investment in Bluegreen Vacations, New BBX Capital holds all of the businesses and investments previously held by BVH, including (i) BBX Capital Real Estate LLC, which </font><font style="display: inline;">is engaged in the acquisition, development, construction, ownership, financing, and management of real estate and investments in real estate joint ventures</font><font style="display: inline;">, &nbsp;</font><font style="display: inline;">owns a 50% equity interest in The Altman Companies, a developer and manager of multifamily apartment communities, and manages the legacy assets retained in connection with the sale of BankAtlantic in 2012, including portfolios of loans receivable, real estate properties, and judgments</font><font style="display: inline;">, (ii) BBX Sweet Holdings, LLC, which </font><font style="display: inline;">owns interests in a number of companies operating in the candy and confectionery industry</font><font style="display: inline;">, and (iii) </font><font style="display: inline;">Renin</font><font style="display: inline;"> Holdings, LLC, which</font><font style="display: inline;"> is engaged in the design, manufacture, and distribution of sliding doors, door systems and hardware, and home d&#xE9;cor products</font><font style="display: inline;">.&nbsp;&nbsp;As described in further detail under Item 1.01 below, i</font><font style="display: inline;">n connection with the completion of the Spin-Off, </font><font style="display: inline;">BVH </font><font style="display: inline;">issued a $75 million promissory note in favor of New BBX Capital</font><font style="display: inline;">.</font>
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		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Palatino Linotype;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">New BBX Capital&#x2019;s Class A Common Stock and Class B Common Stock commenced trading on the OTC Pink Market on October 1, 2020</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">. On </font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">October 1, 2020, </font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">New BBX Capital&#x2019;s Class A Common Stock was approved for trading on the OTCQX beginning with the opening of trading on October 2, 2020. Based on the limited public float of New BBX Capital&#x2019;s Class B Common Stock, those shares</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">&nbsp;</font>
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			<font style="display: inline;"></font><font style="display: inline;">1</font><font style="display: inline;"></font>

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		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Palatino Linotype;;font-size: 12pt"><font style="display: inline;font-family:Times New Roman;font-size:12pt;">will continue to trade on the OTC Pink Market. The trading symbol for New BBX Capital&#x2019;s Class A Common Stock is &#x201C;BBXIA</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">,</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">&#x201D; and the trading symbol for New BBX Capital&#x2019;s Class B Common Stock is &#x201C;BBXIB.&#x201D; </font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">The</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;"> CUSIP number for </font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">New BBX Capital&#x2019;s Class A Common Stock</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;"> is </font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">073319 105</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">, and t</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">he CUSIP number for </font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">New BBX Capital&#x2019;s Class B Common Stock is 073319 204.</font>
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			<font style="display: inline;font-weight:bold;">&#xFEFF;</font>
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			<font style="display: inline;font-weight:bold;">Item </font><font style="display: inline;font-weight:bold;">1.01</font><font style="display: inline;font-weight:bold;">&nbsp;</font><font style="display: inline;font-weight:bold;">Entry into a Material Definitive Agreement</font><font style="display: inline;font-weight:bold;">. &nbsp;</font>
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		<p style="margin:5pt 0pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">As previously described, on September 30, 2020, BVH issued a $75 million promissory note in favor of New BBX Capital (the &#x201C;Promissory Note&#x201D;) in connection with the completion of the Spin-Off. Amounts outstanding under the Promissory N</font><font style="display: inline;">ote will accrue interest </font><font style="display: inline;">at a rate of 6% per annum. The Promissory Note</font><font style="display: inline;"> require</font><font style="display: inline;">s</font><font style="display: inline;"> payments of interest only on a quarterly basis; provided</font><font style="display: inline;">,</font><font style="display: inline;"> however</font><font style="display: inline;">,</font><font style="display: inline;"> that interest payments may be deferred at the option of </font><font style="display: inline;">BVH</font><font style="display: inline;">, with interest on the entire outstanding balance thereafter to accrue at a cumulative, compounded rate of 8% per annum until such time as</font><font style="display: inline;"> BVH</font><font style="display: inline;"> is current on </font><font style="display: inline;">all accrued payments under the Promissory N</font><font style="display: inline;">ote, including deferred interest. All outstanding amounts under the</font><font style="display: inline;"> Promissory N</font><font style="display: inline;">ote will become due and payable in five years or </font><font style="display: inline;">earlier </font><font style="display: inline;">upon certain events.</font><font style="display: inline;"> The foregoing description of the Promissory Note is a summary only, does not purport to be complete, and is qualified in its entirety by reference to the Promissory Note, a copy of which is filed as Exhibit 10.1 hereto and is incorporated herein by reference.</font>
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			<font style="display: inline;font-weight:bold;">Item 1.02 Termination of a Material Definitive Agreement</font><font style="display: inline;">.</font>
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			<font style="display: inline;">Pursuant to the previously disclosed Separation and Distribution Agreement entered into by BVH and New BBX Capital in connection with the Spin-Off, except for </font><font style="display: inline;">shared services agreements between </font><font style="display: inline;">BVH</font><font style="display: inline;"> or its subsidiaries and New BBX Capital or its subsidiaries</font><font style="display: inline;"> and the Separation and Distribution Agreement and other</font><font style="display: inline;"> agreements</font><font style="display: inline;"> and instruments</font><font style="display: inline;"> entered into in connection with the </font><font style="display: inline;">Spin-Off, including the Promissory Note and the previously disclosed Tax Matters Agreement, Employee Matters Agreement and Transition Services Agreement, </font><font style="display: inline;">all previous agreements between </font><font style="display: inline;">BVH and </font><font style="display: inline;">New BBX Capital </font><font style="display: inline;">were</font><font style="display: inline;"> terminated</font><font style="display: inline;"> in connection with the completion of the Spin-Off on September 30, 2020. In connection with the foregoing, effective September 30, 2020, New BBX Capital and its subsidiaries exited the Agreement to Allocate Consolidated Income Tax Liabilities, Income Tax Liabilities and Benefits dated May 8, 2015 (the &#x201C;Tax Agreement&#x201D;) of BVH, New BBX Capital, and their respective subsidiaries (collectively, the &#x201C;Affiliated Group&#x201D;). </font><font style="display: inline;">Under the </font><font style="display: inline;">Tax A</font><font style="display: inline;">greement, the parties calculate</font><font style="display: inline;">d</font><font style="display: inline;"> their respective income tax liabilities and attributes as if each of them was a separate filer. If any tax attributes </font><font style="display: inline;">we</font><font style="display: inline;">re used by another party to the </font><font style="display: inline;">Tax A</font><font style="display: inline;">greement to offset its tax liability, the party providing the benefit w</font><font style="display: inline;">ould be entitled to </font><font style="display: inline;">receive an amount for the tax benefits realized. </font><font style="display: inline;">It was agreed in connection with New BBX Capital&#x2019;s exit from the Tax Agreement that (i) no amounts will be either due to or from New BBX Capital or its subsidiaries, on the one hand, and the other members of the Affiliated Group, on the other hand, pursuant to the terms of the Tax Agreement, and (ii) BVH will retain all benefits and will bear all burdens associated with any taxes paid or payable by the Affiliated Group for any tax years covered by the Tax Agreement, including the right to any refunds or liability for additional taxes payable by any members of the Affiliated Group during those years.</font>
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		<p style="margin:5pt 0pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">In addition, as previously disclosed, BVH, New BBX Capital</font><font style="display: inline;">,</font><font style="display: inline;"> and certain of their subsidiaries, as borrowers (the &#x201C;Borrowers&#x201D;), were parties to a </font><font style="display: inline;">Loan and Security Agreement</font><font style="display: inline;">, dated March 6, 2018, with IBERIABANK, as administrative agent and a lender, as amended by the </font><font style="display: inline;">Loan Exten</font><font style="display: inline;">sion and Modification Agreement, </font><font style="display: inline;">dated July 17, 2019</font><font style="display: inline;"> (the &#x201C;Loan Agreement&#x201D;). The Loan Agreement provided for a $50 million revolving line of credit to the Borrowers. Effective September 30, 2020, the Loan Agreement was terminated at the request of BVH and New BBX Capital in connection with the </font>
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			<font style="display: inline;"></font><font style="display: inline;">2</font><font style="display: inline;"></font>

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</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:5pt 0pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;">completion of the Spin-Off. </font><font style="display: inline;">In connection with the termination, I</font><font style="display: inline;">BERIABANK</font><font style="display: inline;"> released the security interest over all collateral granted to the lenders under the facility. No amounts were outstanding under the Loan Agreement at September 30, 2020 or June 30, 2020.</font>
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			<font style="display: inline;font-weight:bold;color:#000000;">Item 5.02 Departure of Directors or Certain Officers; Election of Directors; A</font><font style="display: inline;font-weight:bold;color:#000000;">ppointment of Certain Offi</font><font style="display: inline;font-weight:bold;color:#000000;">cers; Compensatory Arrangements of Certain Officers.</font>
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			<font style="display: inline;color:#000000;">Effective upon New BBX Capital&#x2019;s conversion to a Florida corporation on September 29, 2020, the following individuals became the executive officers </font><font style="display: inline;color:#000000;">and directors </font><font style="display: inline;color:#000000;">of New BBX Capital:</font>
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			<font style="display: inline;font-style:italic;color:#000000;">Executive Officers</font>
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		<p style="margin:0pt;border-bottom:1pt none #D9D9D9 ;font-family:Palatino Linotype;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">Alan B. Levan</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;;font-size: 12pt;font-family:Palatino Linotype;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">, &nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">Chairman</font>
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		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Palatino Linotype;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">John E</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">. Abdo, </font><font style="display: inline;font-family:Times New Roman;font-size:12pt;;font-size: 12pt;font-family:Palatino Linotype;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">Vice Chairman</font>
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			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">Jarett S. Levan</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">, &nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">President</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">and Chief Executive Officer</font>
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			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">Seth M. Wise, </font><font style="display: inline;font-family:Times New Roman;font-size:12pt;;font-size: 12pt;font-family:Palatino Linotype;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">Executive Vice President </font>
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			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">Brett Sheppard</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">, &nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">Chief Financial Officer</font>
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			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">&#xFEFF;</font>
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			<font style="display: inline;font-family:Times New Roman;font-style:italic;font-size:12pt;">Directors</font>
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			<font style="display: inline;font-family:Times New Roman;color:#000000;font-size:12pt;">Alan B. Levan</font><font style="display: inline;font-family:Times New Roman;color:#000000;font-size:12pt;">, Chairman</font>
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			<font style="display: inline;font-family:Times New Roman;color:#000000;font-size:12pt;">John E. Abdo</font><font style="display: inline;font-family:Times New Roman;color:#000000;font-size:12pt;">, Vice Chairman</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Palatino Linotype;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;color:#000000;font-size:12pt;">Jarett S. Levan</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Palatino Linotype;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;color:#000000;font-size:12pt;">Seth M. Wise</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Palatino Linotype;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;color:#000000;font-size:12pt;">Norman H. Becker</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Palatino Linotype;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;color:#000000;font-size:12pt;">Andrew R. Cagnetta, Jr.</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Palatino Linotype;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;color:#000000;font-size:12pt;">Steven M. Coldren</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Palatino Linotype;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;color:#000000;font-size:12pt;">Gregory A. Haile</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Palatino Linotype;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;color:#000000;font-size:12pt;">Willis N. Holcombe</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Palatino Linotype;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;color:#000000;font-size:12pt;">Anthony P. Segreto</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;font-family:Palatino Linotype;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;color:#000000;font-size:12pt;">Neil Sterling</font>
		</p>
		<p style="margin:5pt 0pt;text-align:justify;text-justify:inter-ideograph;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">Information regarding New BBX Capital&#x2019;s executive officers and directors, including their ages and other biographical information and, if applicable, their position(s) with BVH or other affiliates of New BBX Capital, is set forth in the &#x201C;Management&#x201D; section of the Information Statement and is incorporated herein by reference. Jarett S. Levan is the son of Alan B. Levan.</font>
		</p>
		<p style="margin:5pt 0pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">In addition, as described in the &#x201C;Management&#x201D; section of the Information Statement, the committees of New BBX Capital&#x2019;s Board of Directors </font><font style="display: inline;color:#000000;">are expected to be as follows</font><font style="display: inline;color:#000000;">:</font><font style="display: inline;color:#000000;"> (i) New BBX Capital&#x2019;s Audit Committee is expected to be comprised of </font><font style="display: inline;color:#000000;">Norman H. Becker, Chairman, Andrew R. Cagnetta, Jr., Steven M. Coldren</font><font style="display: inline;color:#000000;">,</font><font style="display: inline;color:#000000;"> and Gregory A. Haile</font><font style="display: inline;color:#000000;">; (ii) New BBX Capital&#x2019;s Compensation Committee is expected to be comprised of </font><font style="display: inline;color:#000000;">Neil Sterling, Chairman, Steven M. </font><font style="display: inline;color:#000000;">Coldren, and Willis N. Holcombe; and (iii) New BBX Capital&#x2019;s </font><font style="display: inline;color:#000000;">Nominating/Corporate Governance Committee </font><font style="display: inline;color:#000000;">is expected to be comprised of</font><font style="display: inline;color:#000000;"> Steven M. Coldren, Chairman, Andrew R. Cagnetta, Jr., Gregory A. Haile, Anthony P. Segreto</font><font style="display: inline;color:#000000;">,</font><font style="display: inline;color:#000000;"> and Neil Sterling</font><font style="display: inline;color:#000000;">.</font>
		</p>
		<p style="margin:5pt 0pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">Information regarding the expected compensation of New BBX Capital&#x2019;s &#x201C;Named Executive Officers&#x201D; (as defined under Item 402 of Regulation S-K promulgated by the SEC)</font><font style="display: inline;color:#000000;">, including the expectation that each Named Executive Officer will enter into an employment agreement with New BBX Capital and </font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">

			<font style="display: inline;"></font><font style="display: inline;">3</font><font style="display: inline;"></font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

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</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:5pt 0pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;color:#000000;">that New BBX Capital will adopt an equity compensation plan,</font><font style="display: inline;color:#000000;"> is set forth in the &#x201C;Executive Compensation&#x201D; secti</font><font style="display: inline;color:#000000;">on of the Information Statement. Information regarding the expected compensation of New BBX Capital&#x2019;s directors is set forth in the &#x201C;Director Compensation&#x201D; section of the Information Statement. However, t</font><font style="display: inline;color:#000000;">he compensation of New BBX Capital&#x2019;s executive officers and independent directors will be determined by New BBX Capital&#x2019;s Compensation Committee and, as of the date of this Current Report on Form 8-K, New BBX Capital has not entered into any agreements or arrangements with any of its executive officers or independent directors with respect to their compensation. </font>
		</p>
		<p style="margin:5pt 0pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;color:#000000;">Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.</font>
		</p>
		<p style="margin:5pt 0pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">As</font><font style="display: inline;"> previously</font><font style="display: inline;"> described</font><font style="display: inline;">, &nbsp;</font><font style="display: inline;">in connection with the Spin-Off</font><font style="display: inline;">, New BBX Capital was converted from a Florida limited liability company to a Florida corporation</font><font style="display: inline;">,</font><font style="display: inline;"> and its name was changed from BBX Capital Florida LLC to</font><font style="display: inline;"> BBX Capital, Inc.</font><font style="display: inline;">, effective September 29, 2020.</font><font style="display: inline;"> In connection with such conversion, New BBX Capital&#x2019;s Articles of Incorporation</font><font style="display: inline;"> and Bylaws</font><font style="display: inline;">,</font><font style="display: inline;"> each</font><font style="display: inline;"> in the form attached as an exhibit to the</font><font style="display: inline;"> Form 10 and described in </font><font style="display: inline;">the </font><font style="display: inline;">Information Statement, including the &#x201C;Description of Capital Stock&#x201D; section thereof</font><font style="display: inline;"> (which description is incorporated herein by reference)</font><font style="display: inline;">, were adopted. </font><font style="display: inline;">Copies </font><font style="display: inline;">of New BBX Capital&#x2019;s Articles of Incorporation and Bylaws are attached hereto as Exhibit 3.1 and Exhibit 3.2, respectively. </font>
		</p>
		<p style="margin:6pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">Item 8.01 Other Events.</font>
		</p>
		<p style="margin:5pt 0pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">On September 22, 2020, New BBX Capital announced that its subsidiary, IT&#x2019;SUGAR LLC and its subsidiaries (&#x201C;IT&#x2019;SUGAR&#x201D;), had filed voluntary petitions under Chapter 11 of Title 11 of the U.S. Code in the U.S. Bankruptcy Court for the Southern District of Florida (the &#x201C;Bankruptcy Court&#x201D;). In connection with those proceedings, a subsidiary of New BBX Capital committed, subject to Bankruptcy Court approval, to provide up to $4.0 million of debtor-in-possession senior secured financing to IT&#x2019;SUGAR. On September 30, 2020, the Bankruptcy Court approved the financing on the terms presented to the Bankruptcy Court. </font>
		</p>
		<p style="margin:5pt 0pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">Item 9.01 Financial Statements and Exhibits</font>
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		<p style="margin:5pt 0pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">(d) Exhibits: </font>
		</p>
		<p style="margin:5pt 0pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;text-decoration:underline;">Exhibit No.</font><font style="display: inline;">&nbsp;</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;"></font><font style="display: inline;text-decoration:underline;">Description </font>
		</p>
		<p style="margin:5pt 0pt 5pt 108pt;text-indent: -108pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<a href="http://www.sec.gov/Archives/edgar/data/1814974/000119312520222409/d918088dex31.htm" style="-sec-extract:exhibit"><font style="display: inline;">3.1 </font></a><font style="display: inline;">&nbsp;</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 93.6pt 0pt 0pt;"></font><font style="display: inline;">Articles of Incorporation</font><font style="display: inline;"> of BBX Capital, Inc.</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">(incorporated by reference to Exhibit 3.1 to</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">Amendment No. 1 to New BBX Capital&#x2019;s Registration Statement on Form 10, filed with the SEC on August 17, 2020)</font>
		</p>
		<p style="margin:5pt 0pt 5pt 108pt;text-indent: -108pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<a href="http://www.sec.gov/Archives/edgar/data/1814974/000119312520222409/d918088dex32.htm" style="-sec-extract:exhibit"><font style="display: inline;">3.2</font></a><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 97.2pt 0pt 0pt;"></font><font style="display: inline;">Bylaws of BBX Capital, Inc. (incorporated by reference to Exhibit 3.2 to Amendment No. 1 to New BBX Capital&#x2019;s Registration Statement on Form 10, filed with the SEC on August 17, 2020)</font>
		</p>
		<p style="margin:5pt 0pt 5pt 108pt;text-indent: -108pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<a href="c974-20200929xex10_1.htm" style="-sec-extract:exhibit"><font style="display: inline;">10.1 </font></a><font style="display: inline;">&nbsp;</font><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 90pt 0pt 0pt;"></font><font style="display: inline;">Promissory Note dated September 30, 2020 issued by Bluegreen Vacations Holding Corporation in favor of BBX Capital, Inc.</font>
		</p>
		<p style="margin:5pt 0pt 5pt 108pt;text-indent: -108pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
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		<p style="margin:5pt 0pt 5pt 108pt;text-indent: -108pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<a href="c974-20200929xex10_2.htm" style="-sec-extract:exhibit"><font style="display: inline;">10.2</font></a><font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 93.6pt 0pt 0pt;"></font><font style="display: inline;">Lenders&#x2019; letter confirming the termination of the </font><font style="display: inline;">Loan and Security Agreement, dated March 6, 2018, with IBERIABANK, as administrative agent and a lender, as amended by the Loan Extension and Modification Agreement, dated July 17, 2019</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;">&#xFEFF;</font>
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			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:12pt;">&#xFEFF;</font>
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		<p style="margin:1pt 1.8pt 0pt 0pt;text-align:center;border-bottom:1pt none #D9D9D9 ;font-family:Courier New;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:12pt;">SIGNATURES</font>
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		<p style="margin:1pt 1.8pt 3pt 0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Courier New;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">&#xFEFF;</font>
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			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. </font>
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		<p style="margin:3pt 1.8pt 3pt 270pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Courier New;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">&#xFEFF;</font>
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			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">Date</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">: &nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">October </font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">2</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">, &nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">2020</font>
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		<p style="margin:0pt 1.8pt 0pt 216pt;text-indent:36pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Courier New;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">BBX Capital</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">, Inc.</font>
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			<font style="display: inline;font-family:Times New Roman;font-size:12pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="display: inline;font-family:Times New Roman;font-size:12pt;;font-size: 12pt;font-family:Courier New;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;;font-size: 12pt;font-family:Courier New;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;;font-size: 12pt;font-family:Courier New;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;;font-size: 12pt;font-family:Courier New;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;;font-size: 12pt;font-family:Courier New;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;"></font>
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					<p style="margin:0pt 1.8pt 0pt 0pt;font-family:Palatino Linotype;height:1.00pt;overflow:hidden;font-size: 10pt">
						<font style="display: inline;font-family:Times New Roman;">&#xFEFF;</font></p>
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						<font style="display: inline;font-family:Times New Roman;color:#000000;font-size:12pt;">By:</font><font style="display: inline;font-family:Times New Roman;color:#000000;font-size:12pt;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;color:#000000;font-size:12pt;">/s/ </font><font style="display: inline;font-family:Times New Roman;color:#000000;font-size:12pt;">Brett Sheppard</font><font style="display: inline;font-family:Times New Roman;color:#000000;font-size:12pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></p>
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						<font style="display: inline;font-family:Times New Roman;font-size:12pt;"> &nbsp;&nbsp;&nbsp;&nbsp; </font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">Brett Sheppard</font></p>
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						<font style="display: inline;font-family:Times New Roman;font-size:12pt;"> &nbsp;&nbsp;&nbsp;&nbsp; </font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">Chief Financial Officer</font></p>
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>c974-20200929xex10_1.htm
<DESCRIPTION>EX-10.1
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			Exhibit 101 Note
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		<p style="margin:0pt 0pt 0pt 396pt;line-height:100%;font-family:Palatino Linotype;font-size: 12pt">
			<a name="_GoBack"></a><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:12pt;">Exhibit 10.1</font>
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			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:12pt;;font-size: 12pt;font-family:Palatino Linotype;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:12pt;"></font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:12pt;;font-size: 12pt;font-family:Palatino Linotype;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:12pt;"></font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:12pt;;font-size: 12pt;font-family:Palatino Linotype;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:12pt;"></font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:12pt;;font-size: 12pt;font-family:Palatino Linotype;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:12pt;"></font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:12pt;"></font>
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		<p style="margin:0pt;text-align:center;line-height:100%;font-family:Palatino Linotype;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:12pt;"></font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:12pt;"></font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:12pt;"></font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:12pt;">PROMISSORY NOTE</font>
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			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">&#xFEFF;</font>
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		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Palatino Linotype;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">$75,000,000.00</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;;font-size: 12pt;font-family:Palatino Linotype;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;;font-size: 12pt;font-family:Palatino Linotype;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;;font-size: 12pt;font-family:Palatino Linotype;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;;font-size: 12pt;font-family:Palatino Linotype;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;;font-size: 12pt;font-family:Palatino Linotype;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;;font-size: 12pt;font-family:Palatino Linotype;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;;font-size: 12pt;font-family:Palatino Linotype;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;"> &nbsp;&nbsp;&nbsp;&nbsp; </font><font style="display: inline;font-family:Times New Roman;font-size:12pt;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">September 30, 2020</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Palatino Linotype;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;;font-size: 12pt;font-family:Palatino Linotype;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">FOR VALUE RECEIVED, the sufficiency of which is hereby acknowledged, Bluegreen Vacations Holding Corporation (formerly BBX Capital Corporation), a Florida corporation (&#x201C;Maker&#x201D;), promises to pay to the order of BBX Capital, Inc., a Florida corporation (&#x201C;Holder&#x201D;), without setoff, the principal sum of Seventy-Five Million Dollars ($75,000,000.00) (the &#x201C;Principal&#x201D;), plus interest on the Principal from time to time remaining unpaid, commencing on the date first set forth above (the &#x201C;Effective Date&#x201D;) and, subject to Section 1(b), calculated at a fixed rate of six percent (6%) per annum (computed on the basis of a 360-day year of 12 consecutive, 30-day months for the number of days actually elapsed) (collectively with interest on the Principal and any interest accruing pursuant to Section 1(b), &#x201C;Interest&#x201D;), and payable as hereinafter set forth.&nbsp;&nbsp;This Promissory Note constitutes the &#x201C;Promissory Note&#x201D; referred to in the Separation and Distribution Agreement dated September 25, 2020 by and among Maker, on the one hand, and Holder or its predecessor, on the other hand (the &#x201C;Separation Agreement&#x201D;).</font>
		</p>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Palatino Linotype;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;font-size:12pt;text-align:justify;text-justify:inter-ideograph;line-height:100%;display: inline;padding:0pt 1pt 0pt 0pt;">1.</font>
			<font style="text-indent:0pt;margin-left:0pt; padding-right:70pt;"></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:left"><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:12pt;color:#000000;"></font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:12pt;text-decoration:underline;color:#000000;">Payments</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">.&nbsp; </font></font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:72pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Palatino Linotype;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;font-size:12pt;text-align:justify;text-justify:inter-ideograph;line-height:100%;display: inline;padding:0pt 1pt 0pt 0pt;">(a)</font>
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;;font-size: 12pt;font-family:Palatino Linotype;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">Subject to Section 1(b) below, payments of Interest shall be paid by Maker to Holder on the first day of each calendar quarter (each such date, a &#x201C;Payment Date&#x201D;) until all unpaid Principal and accrued Interest is paid in full. The first Payment Date shall be January 1, 2021.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:72pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Palatino Linotype;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;font-size:12pt;text-align:justify;text-justify:inter-ideograph;line-height:100%;display: inline;padding:0pt 1pt 0pt 0pt;">(b)</font>
			<font style="text-indent:0pt;margin-left:0pt; padding-right:101pt;"><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">&nbsp;</font></font><font style="text-indent:0pt;margin-left:0pt; padding-right:4pt;text-align:left"><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">Maker shall have the right, by providing written notice to Holder at least thirty (30) days prior to any Payment Date, to defer payment of Interest otherwise payable on such Payment Date (each, a &#x201C;Deferred Payment&#x201D;). In the event of such a deferral, commencing on the applicable Payment Date and continuing until all payments of Interest and Deferred Payments, are brought current and paid to Holder, Interest on the outstanding balance shall accrue at a fixed rate of eight percent (8%), compounded quarterly. Payments of Interest hereunder shall be applied first against accrued and unpaid Deferred Payments and then against accrued and unpaid interest on the Principal.</font></font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:72pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Palatino Linotype;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;font-size:12pt;text-align:justify;text-justify:inter-ideograph;line-height:100%;display: inline;padding:0pt 1pt 0pt 0pt;">(c)</font>
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maker shall repay in full to Holder all unpaid Principal and accrued and unpaid Interest, including any Deferred Payments, on the fifth (5</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;font-size:6pt;vertical-align:super;line-height:100%">th</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">) anniversary of the Effective Date. </font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:72pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Palatino Linotype;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;font-size:12pt;text-align:justify;text-justify:inter-ideograph;line-height:100%;display: inline;padding:0pt 1pt 0pt 0pt;">(d)</font>
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;"> &nbsp; &nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;;font-size: 12pt;font-family:Palatino Linotype;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">Maker shall have the right at any time and from time to time to prepay amounts outstanding hereunder, in whole or in part, without premium or penalty. In addition, in the event of a Bluegreen Sale (as defined below), then Maker shall provide prompt written notice thereof to Holder and Holder may, by written demand delivered to Maker within thirty (30) days after its receipt of the above-described written notice from Maker, require Maker to promptly (but in no event later than two business days) prepay all amounts outstanding hereunder.&nbsp;&nbsp;For purposes hereof, a &#x201C;Bluegreen Sale&#x201D; means a sale to an unaffiliated third party of all or substantially all of (i) the assets of Bluegreen Vacations Corporation (&#x201C;Bluegreen&#x201D;), (ii) the outstanding shares of </font>
		</p>
		<p><font size="1"> </font></p></td></tr></table><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td><p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Palatino Linotype;;font-size: 12pt;"><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">Bluegreen&#x2019;s common stock or (iii) the shares of Bluegreen&#x2019;s common stock held by Maker or its subsidiary (in each case, whether by a purchase and sale transaction, merger, consolidation or other similar business combination transaction). Prepayments, whether voluntary or mandatory, shall first be applied first against accrued and unpaid Deferred Payments, then against accrued and unpaid interest on the Principal, and thereafter applied to the Principal hereunder.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:72pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Palatino Linotype;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;font-size:12pt;text-align:justify;text-justify:inter-ideograph;line-height:100%;display: inline;padding:0pt 1pt 0pt 0pt;">(e)</font>
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;;font-size: 12pt;font-family:Palatino Linotype;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">All payments made to Holder hereunder shall be made: (i) in immediately available funds of lawful money of the United States of America; and (ii) to Holder at 401 East Las Olas Boulevard, Suite 800, Fort Lauderdale, Florida 33301, or at such other place as Holder may from time to time designate to Maker in writing (including, without limitation, by automatic deposit or wire transfer to an account designated in writing by Holder).&nbsp; </font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Palatino Linotype;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;font-size:12pt;text-align:justify;text-justify:inter-ideograph;line-height:100%;display: inline;padding:0pt 1pt 0pt 0pt;">2.</font>
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;;font-size: 12pt;font-family:Palatino Linotype;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;"></font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:12pt;text-decoration:underline;color:#000000;">Authority</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">. Maker represents that (a) it has full power and authority to execute, deliver and perform its obligations hereunder, (b) that the person executing this Promissory Note on its behalf has been duly authorized by Maker to so execute this Promissory Note, (c) subject to the completion of the Distribution (as defined in the Separation Agreement) in accordance with the Separation Agreement, this Promissory Note will constitute the valid and binding obligation of Maker, and (d) that this Promissory Note does not conflict with, or constitute any default under, any agreement or instrument binding upon Maker.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Palatino Linotype;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;font-size:12pt;text-align:justify;text-justify:inter-ideograph;line-height:100%;display: inline;padding:0pt 1pt 0pt 0pt;">3.</font>
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;;font-size: 12pt;font-family:Palatino Linotype;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;"></font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:12pt;text-decoration:underline;color:#000000;">Events of Default</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">. Maker shall be in default hereunder (each, a &#x201C;Default&#x201D;) if: (a) Maker shall be adjudicated as bankrupt or insolvent, or admits in writing its inability to pay its debts as they mature, or makes a general assignment for the benefit of creditors; (b) Maker shall apply for or consent to the appointment of a receiver, trustee, or similar officer for Maker or for all or any substantial part of its property, or such receiver, trustee or similar officer shall be appointed without the application or consent of Maker and such appointment shall continue undischarged for a period of sixty (60) days; (c) Maker shall institute (by petition, application, answer, consent or otherwise) any bankrupt</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">cy, insolvency, reorganization, arrangement, readjustment of debt, dissolution, liquidation or similar proceeding relating to Maker under the laws of any jurisdiction, or any such proceeding shall be instituted (by petition, application or otherwise) against Maker and shall remain undismissed for a period of sixty (60) days; or (d) unless Maker timely and properly elects to defer payment of the otherwise required amount in accordance with Section 1(b) above, Maker fails to make any payment due hereunder when due and does not cure such failure within ten (10) days after receiving written notice thereof from Holder. </font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Palatino Linotype;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;font-size:12pt;text-align:justify;text-justify:inter-ideograph;line-height:100%;display: inline;padding:0pt 1pt 0pt 0pt;">4.</font>
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:12pt;text-decoration:underline;color:#000000;">Default Remedies</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">. Upon the occurrence of a Default, the entire unpaid Principal, together with accrued and unpaid Interest and Default Payment Interest, if any, shall be immediately due and payable without notice or demand, and all amounts then due hereunder shall bear interest at the rate equal to the lesser of fifteen percent (15%) per annum or the Highest Lawful Rate (as hereinafter defined).&nbsp;&nbsp;In addition, Maker agrees to pay all documented out-of-pocket costs of collection, including, without limitation, reasonable and documented out-of-pocket attorneys&#x2019; fees and expenses, in the event of a Default, whether or not a lawsuit is brought.&nbsp;&nbsp;No remedy made available by any provision hereof is intended to be exclusive of any other remedy, and each and every remedy shall be cumulative and shall be in addition to every other remedy given hereunder or now or hereafter existing at law or in equity.</font></p></td></tr></table></div>
		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Palatino Linotype;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;font-size:12pt;text-align:justify;text-justify:inter-ideograph;line-height:100%;display: inline;padding:0pt 1pt 0pt 0pt;">5.</font>
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;;font-size: 12pt;font-family:Palatino Linotype;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;"></font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:12pt;text-decoration:underline;color:#000000;">No Usury</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">.&nbsp;&nbsp;Holder shall never be entitled to receive, collect, or apply as interest on amounts outstanding hereunder (for purposes of this section, the words &#x201C;interest&#x201D; and &#x201C;Interest&#x201D; shall be deemed to include any sums treated as interest under applicable law governing matters of usury and unlawful interest), any amount in excess of the Highest Lawful Rate, and in the event Holder is ever deemed to receive, collect, or apply as interest any such excess, such amount which would be excessive interest shall be deemed a partial prepayment of the Principal and shall be treated hereunder as such.&nbsp;&nbsp;If the Principal is paid in full, any remaining excess shall be promptly paid to Maker, without interest.&nbsp;&nbsp;In determining whether or not the interest paid or payable under any specific contingency exceeds the Highest Lawful Rate, Maker and Holder shall, to the maximum extent permitted under applicable law: (i) characterize any non-Principal payment as an expense, fee or premium rather than as interest; (ii) exclude voluntary prepayments and the effects thereof; and (iii) spread the total amount of interest throughout the entire contemplated term hereof.&nbsp;&nbsp;For purposes hereof, the term &#x201C;Highest Lawful Rate&#x201D; shall mean the maximum rate of interest which Holder is allowed to contract for, charge, take, reserve or receive under applicable law after taking into account, to the extent required by applicable law, any and all relevant payments or charges hereunder.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Palatino Linotype;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;font-size:12pt;text-align:justify;text-justify:inter-ideograph;line-height:100%;display: inline;padding:0pt 1pt 0pt 0pt;">6.</font>
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;;font-size: 12pt;font-family:Palatino Linotype;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;"></font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:12pt;text-decoration:underline;color:#000000;">Taxes</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">.&nbsp;&nbsp;Maker agrees to promptly pay, indemnify and hold harmless Holder from all federal, state and local taxes of any kind (except for federal or Florida franchise or income taxes based on Holder&#x2019;s net income) with respect to or resulting from the execution or delivery hereof or advances made pursuant hereto.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Palatino Linotype;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;font-size:12pt;text-align:justify;text-justify:inter-ideograph;line-height:100%;display: inline;padding:0pt 1pt 0pt 0pt;">7.</font>
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:12pt;color:#000000;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:12pt;text-decoration:underline;color:#000000;">Governing Law; Venue</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">. This Promissory Note shall be governed by, and construed in accordance with, the laws of the State of Florida, without regard to conflicts of law principles.&nbsp;&nbsp;Maker and, by its acceptance hereof, Holder each (i) irrevocably consents to the exclusive jurisdiction of any state or federal court sitting in Broward County, Florida, in any litigation in connection with or to enforce this Promissory Note and (ii) irrevocably waives any objection that it may now or hereafter have to the laying of venue of any such litigation brought in any such court and any claim that any such litigation brought in any such court has been brought in an inconvenient forum.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:36pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Palatino Linotype;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;font-size:12pt;text-align:justify;text-justify:inter-ideograph;line-height:100%;display: inline;padding:0pt 1pt 0pt 0pt;">8.</font>
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;;font-size: 12pt;font-family:Palatino Linotype;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;"></font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:12pt;text-decoration:underline;color:#000000;">Miscellaneous</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:72pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Palatino Linotype;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;font-size:12pt;text-align:justify;text-justify:inter-ideograph;line-height:100%;display: inline;padding:0pt 1pt 0pt 0pt;">(a)</font>
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;;font-size: 12pt;font-family:Palatino Linotype;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">Maker waives demand, presentment, protest, dishonor and notice of maturity, non-payment or protest and all other requirements to hold Maker liable.&nbsp;&nbsp;&nbsp;Maker shall raise no defense other than that payment has been made.&nbsp;&nbsp;Maker shall not raise any claims of set off in any action or proceeding.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:72pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Palatino Linotype;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;font-size:12pt;text-align:justify;text-justify:inter-ideograph;line-height:100%;display: inline;padding:0pt 1pt 0pt 0pt;">(b)</font>
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a payment of any amount hereunder, or any notice required hereunder, becomes due on a Saturday, Sunday or other legal holiday on which banks in the State of Florida are closed, then the due date shall be extended to the next succeeding business day.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:72pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Palatino Linotype;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;font-size:12pt;text-align:justify;text-justify:inter-ideograph;line-height:100%;display: inline;padding:0pt 1pt 0pt 0pt;">(c)</font>
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;;font-size: 12pt;font-family:Palatino Linotype;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">If any provision hereof or portion thereof is declared or found by a court of competent jurisdiction to be unenforceable or null and void, such provision or portion thereof shall be deemed stricken and severed from this Promissory Note, and the remaining provisions and portions thereof shall continue in full force and effect.</font></p></td></tr></table></div>
		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:72pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Palatino Linotype;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;font-size:12pt;text-align:justify;text-justify:inter-ideograph;line-height:100%;display: inline;padding:0pt 1pt 0pt 0pt;">(d)</font>
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Promissory Note may not be transferred or assigned by Holder without the prior written consent of Maker, such consent not to be unreasonably withheld, delayed or conditioned.&nbsp; </font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:72pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Palatino Linotype;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;font-size:12pt;text-align:justify;text-justify:inter-ideograph;line-height:100%;display: inline;padding:0pt 1pt 0pt 0pt;">(e)</font>
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;;font-size: 12pt;font-family:Palatino Linotype;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">This Promissory Note may not be modified, amended, waived, extended, changed, discharged or terminated orally or by any act or failure to act on the part of Maker or Holder, but only by an agreement in writing signed by the party against whom enforcement of any modification, amendment, waiver, extension, change, discharge or termination is sought.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:72pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Palatino Linotype;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;font-size:12pt;text-align:justify;text-justify:inter-ideograph;line-height:100%;display: inline;padding:0pt 1pt 0pt 0pt;">(f)</font>
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;;font-size: 12pt;font-family:Palatino Linotype;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">A delay by Holder in exercising a right or remedy shall not constitute a waiver thereof.&nbsp;&nbsp;No waiver by Holder of any Default hereunder shall be deemed to constitute a waiver of any subsequent or other Default.&nbsp;&nbsp;No exercise of any right or remedy hereunder shall preclude the exercise of any other right or remedy which Holder may have in law or in equity to enforce the paying of this Promissory Note or the collection of the amounts owed hereunder.&nbsp; </font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;"></font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:0pt;"><p style="width:0pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 100%;text-indent:72pt;">
			<p style="text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Palatino Linotype;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;font-size:12pt;text-align:justify;text-justify:inter-ideograph;line-height:100%;display: inline;padding:0pt 1pt 0pt 0pt;">(g)</font>
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">&nbsp;</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;;font-size: 12pt;font-family:Palatino Linotype;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">The headings contained herein are for reference purposes only and shall not affect in any way the meaning or interpretation hereof.</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-align:center;line-height:100%;font-family:Palatino Linotype;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;color:#000000;">[SIGNATURE PAGE FOLLOWS]</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Palatino Linotype;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Palatino Linotype;;font-size: 12pt"><font style="display: inline;font-family:Times New Roman;font-size:12pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;;font-size: 12pt;font-family:Palatino Linotype;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;"></font><font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:12pt;">IN WITNESS WHEREOF</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">, Maker has duly executed this Promissory Note as of the day and year first above written. </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;line-height:100%;font-family:Palatino Linotype;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Palatino Linotype;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;;font-size: 12pt;font-family:Palatino Linotype;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;;font-size: 12pt;font-family:Palatino Linotype;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;;font-size: 12pt;font-family:Palatino Linotype;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;;font-size: 12pt;font-family:Palatino Linotype;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">BLUEGREEN VACATIONS HOLDING CORPORATION,</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Palatino Linotype;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;;font-size: 12pt;font-family:Palatino Linotype;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;;font-size: 12pt;font-family:Palatino Linotype;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;;font-size: 12pt;font-family:Palatino Linotype;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;;font-size: 12pt;font-family:Palatino Linotype;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">a Florida corporation</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Palatino Linotype;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Palatino Linotype;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;;font-size: 12pt;font-family:Palatino Linotype;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;;font-size: 12pt;font-family:Palatino Linotype;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;;font-size: 12pt;font-family:Palatino Linotype;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;;font-size: 12pt;font-family:Palatino Linotype;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">By: </font><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;">/s/ Raymond S. Lopez</font><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;;font-size: 12pt;font-family:Palatino Linotype;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;;font-size: 12pt;font-family:Palatino Linotype;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;;font-size: 12pt;font-family:Palatino Linotype;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;;font-size: 12pt;font-family:Palatino Linotype;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;"></font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Palatino Linotype;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;text-decoration:underline;;font-size: 12pt;font-family:Palatino Linotype;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;;font-size: 12pt;font-family:Palatino Linotype;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;;font-size: 12pt;font-family:Palatino Linotype;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;;font-size: 12pt;font-family:Palatino Linotype;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display: inline;font-family:Times New Roman;font-size:12pt;">Name: Raymond S. Lopez</font>
		</p>
		<p style="margin:0pt 0pt 0pt 108pt;text-indent:36pt;line-height:100%;font-family:Palatino Linotype;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-size:12pt;">Title: Chief Financial Officer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Palatino Linotype;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:12pt;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;line-height:100%;font-family:Palatino Linotype;font-size: 12pt">
			<font style="display: inline;font-family:Times New Roman;font-weight:bold;font-size:12pt;">&#xFEFF;</font>
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<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>c974-20200929xex10_2.htm
<DESCRIPTION>EX-10.2
<TEXT>
<!--HTML document created with Certent Disclosure Management 6.38.0.1-->
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			Exhibit 102
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			<font style="display: inline;">Exhibit 10.2</font>

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			<font style="display: inline;">Effective </font><font style="display: inline;">September 30, 2020</font>
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			<font style="display: inline;color:#000000;">Brett Shepard</font><font style="display: inline;color:#000000;">, Chief </font><font style="display: inline;color:#000000;">Accounting</font><font style="display: inline;color:#000000;"> Officer</font>
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			<font style="display: inline;color:#000000;">BBX Capital Corporation</font>
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			<font style="display: inline;color:#000000;">401 East Las Olas Boulevard</font>
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			<font style="display: inline;color:#000000;">Suite 800</font>
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			<font style="display: inline;color:#000000;">Fort Lauderdale, Florida 33301</font>
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		<p style="margin:0pt 0pt 12pt 36pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;font-style:italic;">Re:</font><font style="display: inline;font-weight:bold;font-style:italic;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;padding:0pt 25.2pt 0pt 0pt;"></font><font style="display: inline;font-weight:bold;font-style:italic;"></font><font style="display: inline;font-weight:bold;font-style:italic;">Senior Secured Loan Facility in the amount of $50,000,000.00 made on March 6, 2018 (the "</font><font style="display: inline;font-weight:bold;font-style:italic;text-decoration:underline;">Loan</font><font style="display: inline;font-weight:bold;font-style:italic;">") by </font><font style="display: inline;font-weight:bold;font-style:italic;">IBERIABANK, a division of First Horizon Bank, a Tennessee state-chartered bank, formerly k</font><font style="display: inline;font-weight:bold;font-style:italic;">n</font><font style="display: inline;font-weight:bold;font-style:italic;">own as </font><font style="display: inline;font-weight:bold;font-style:italic;">IBERIABANK, a Louisiana state-chartered bank, </font><font style="display: inline;font-weight:bold;font-style:italic;color:#000000;">in its capacity as Administrative Agent and a Lender and </font><font style="display: inline;font-weight:bold;font-style:italic;">BBX CAPITAL CORPORATION, a Florida corporation, FOOD FOR THOUGHT RESTAURANT GROUP-FLORIDA, LLC, a Florida limited liability company, BBX CAPITAL FLORIDA LLC, a Florida limited liability company,</font><font style="display: inline;font-weight:bold;font-style:italic;">&nbsp;</font><font style="display: inline;font-weight:bold;font-style:italic;">WOODBRIDGE HOLDINGS CORPORATION, a Florida corporation, formerly known as</font><font style="display: inline;font-weight:bold;">&nbsp;</font><font style="display: inline;font-weight:bold;font-style:italic;">WOODBRIDGE HOLDINGS, LLC, a Florida limited liability company and BBX SWEET HOLDINGS, LLC, a Florida limited liability company</font><font style="display: inline;font-weight:bold;font-style:italic;color:#000000;">, collectively, as Borrowers</font>
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		<p style="margin:0pt 72pt 12pt;text-indent: -72pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Dear </font><font style="display: inline;">Brett</font><font style="display: inline;">:</font>
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			<font style="display: inline;">In connection with the </font><font style="display: inline;">above referenced Loan, the Borrower</font><font style="display: inline;">s</font><font style="display: inline;"> have requested that the Lender </font><font style="display: inline;">terminate and </font><font style="display: inline;">close out the Loan effective as of September 30, 2020</font><font style="display: inline;">.</font><font style="display: inline;"> &nbsp;This letter shall serve as Lender's confirmation of the termination and closing out of the Loan</font><font style="display: inline;"> effective as of September 30, 2020</font><font style="display: inline;">, the returning of the "Notes" (as hereinafter defined) </font><font style="display: inline;">and other "Loan Documents" (as hereinafter defined) </font><font style="display: inline;">and the release and return of the "</font><font style="display: inline;">Stock Certificate</font><font style="display: inline;">" (as hereinafter defined).</font>
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			<font style="display: inline;">In furtherance of the foregoing, please note that effective as of September 30, 2020: </font>
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			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:12pt;;"> 1.</font>
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			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
			<font style="display: inline;color:#000000;">The Loan is hereby terminated and</font><font style="display: inline;color:#000000;">, &nbsp;</font><font style="display: inline;color:#000000;">except with respect to any terms and conditions of that certain Loan and Security Agreement dated March 6, 2018 by and between the parties set forth above</font><font style="display: inline;color:#000000;">, as amended by that certain Loan Extension and Modification Agreement dated July 17, 2019, </font><font style="display: inline;color:#000000;">by and between the parties set forth above</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;color:#000000;">(</font><font style="display: inline;color:#000000;">collectively, and as further </font><font style="display: inline;color:#000000;">amended, the "</font><font style="display: inline;font-weight:bold;text-decoration:underline;color:#000000;">Loan Agreement</font><font style="display: inline;color:#000000;">") and any of the other "Loan Documents" as defined in the Loan Agreement,</font><font style="display: inline;color:#000000;"> which, by their express terms shall survive the expiration and/or termination of the Loan, the Borrowers shall not have any further obligations and/or liabilities under the Loan</font><font style="display: inline;color:#000000;"> and the Loan Documents</font><font style="display: inline;color:#000000;">.</font><font style="display: inline;color:#000000;">&nbsp;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 22.00pt;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:12pt;;"> 2.</font>
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			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
			<font style="display: inline;color:#000000;">BBX Capital Corp</font><font style="display: inline;color:#000000;">oration, a Florida corporation ("</font><font style="display: inline;font-weight:bold;text-decoration:underline;color:#000000;">BBX Capital</font><font style="display: inline;color:#000000;">") </font><font style="display: inline;color:#000000;">is hereby released from its </font><font style="display: inline;color:#000000;">liabilities and </font><font style="display: inline;color:#000000;">obligations </font><font style="display: inline;color:#000000;">u</font><font style="display: inline;color:#000000;">nder </font><font style="display: inline;color:#000000;">that certain </font><font style="display: inline;color:#000000;">Pledge and Security Agreement dated March 6, 2018 made by BBX </font><font style="display: inline;color:#000000;">Capital in favor of Lender, as </font>
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			&nbsp;

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			<font style="display: inline;font-size:9pt;"></font><font style="display: inline;font-size:9pt;"></font><font style="display: inline;font-size:9pt;"></font><font style="display: inline;font-size:9pt;"></font><font style="display: inline;font-size:9pt;"></font><font style="display: inline;font-size:9pt;"></font>

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</div></td></tr></table><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">

			<font style="display: inline;font-weight:bold;font-size:10pt;">Letter to </font><font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">Brett Sheppard</font><font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">, C</font><font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">AO,</font><font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;"> BBX Capital Corporation</font>

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			<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">Effective September 30</font><font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">, 20</font><font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">20</font>

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			<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">Page </font><font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;"></font><font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">2</font><font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;"></font>

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		<table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td><p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt"><font style="display: inline;color:#000000;">amended and </font><font style="display: inline;color:#000000;">restated</font><font style="display: inline;color:#000000;"> by that certain Amended and Restated </font><font style="display: inline;color:#000000;">Pledge</font><font style="display: inline;color:#000000;"> and Security agreement dated July 17, 2019</font><font style="display: inline;color:#000000;"> made by BBX in favor of Lender</font><font style="display: inline;color:#000000;"> &nbsp;(</font><font style="display: inline;color:#000000;">collectively, </font><font style="display: inline;color:#000000;">the "</font><font style="display: inline;font-weight:bold;text-decoration:underline;color:#000000;">Pledge Agreement</font><font style="display: inline;color:#000000;">"), which Pledge Agreement is hereby </font><font style="display: inline;color:#000000;">terminated and rendered </font><font style="display: inline;color:#000000;">of no further force and/or effect</font><font style="display: inline;color:#000000;"> &nbsp;(</font><font style="display: inline;color:#000000;">except with respect to any terms and conditions of th</font><font style="display: inline;color:#000000;">e Pledge</font><font style="display: inline;color:#000000;"> Agreement, which, by their express terms shall survive the expiration and/or termination of the Loan</font><font style="display: inline;color:#000000;">)</font><font style="display: inline;color:#000000;">. &nbsp;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;"><p style="width:36pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 22.00pt;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:12pt;;"> 3.</font>
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			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
			<font style="display: inline;color:#000000;">No later than five (5) business days from the date of this letter, Lender shall return to Borrowers the following: </font></p></td></tr></table></div>
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			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:12pt;;"> (a)</font>
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		</td><td style="width:11pt;"><p style="width:11pt;width:11pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
			<font style="display: inline;color:#000000;">the original Revolving Promissory Note dated March 6, 2018 in the original principal amount of $35,000,00.00 made by Borrower and payable to Lender and marked "Paid in Full"; </font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;"><p style="width:72pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 25.00pt;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:12pt;;"> (b)</font>
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		</td><td style="width:11pt;"><p style="width:11pt;width:11pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
			<font style="display: inline;color:#000000;">the original Revolving Promissory Note dated March 6, 2018 in the original principal amount of $15,000,00.00 made by Borrower and payable to City National Bank of Florida&nbsp;&nbsp;and marked "Paid in Full";</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;"><p style="width:72pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 25.00pt;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:12pt;;"> (c)</font>
			</p>
		</td><td style="width:11pt;"><p style="width:11pt;width:11pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
			<font style="display: inline;color:#000000;">the original </font><font style="display: inline;color:#000000;">Stock </font><font style="display: inline;color:#000000;">Certificate No. 004 representing 14,500 shares of common stock in Woodbridge Holdings Corporation, a Florida corporation</font><font style="display: inline;color:#000000;"> (the "</font><font style="display: inline;font-weight:bold;text-decoration:underline;color:#000000;">Stock Certificate</font><font style="display: inline;color:#000000;">")</font><font style="display: inline;color:#000000;">;</font><font style="display: inline;color:#000000;"> and</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;"><p style="width:72pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 25.00pt;">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size:12pt;;"> (d)</font>
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		</td><td style="width:11pt;"><p style="width:11pt;width:11pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt;margin:0pt 0pt 12pt;">
			<font style="display: inline;color:#000000;">the original Pledge Agreement</font><font style="display: inline;color:#000000;">.</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;border-top:1pt none #D9D9D9 ;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">Please evidence your agreement and acceptance to the terms and condition of this letter by having each Borrower sign and date in the applicable space below its respective signature block on the following page. </font>
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		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;text-indent:36pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">This letter may be executed in multiple counterparts, each of which shall constitute an original, but all of which shall constitute one document.</font>
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						<font style="display: inline;color:#000000;">&#xFEFF;</font></p>
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					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;font-family:Times;font-weight:bold;color:#000000;">IBERIABANK</font><font style="display: inline;font-family:Times;color:#000000;">, a L</font><font style="display: inline;color:#000000;">ouisiana state-chartered bank, as Administrative Agent and a Lender</font></p>
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						<font style="display: inline;color:#000000;">&#xFEFF;</font></p>
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					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:239.40pt;background-color: #auto;padding:0pt 6.5pt;">
					<p style="margin:0pt 0pt 12pt;text-indent:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;color:#000000;">&#xFEFF;</font></p>
				</td>
				<td valign="top" style="width:239.40pt;background-color: #auto;padding:0pt 6.5pt;">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;border-bottom:1pt solid #000000 ;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;color:#000000;">By</font><font style="display: inline;color:#000000;">:</font><font style="display: inline;color:#000000;">/s/J. Scott McCleneghen</font></p>
					<p style="margin:0pt 0pt 0pt 17.35pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;color:#000000;">J. Scott McCleneghen, </font></p>
					<p style="margin:0pt 0pt 24pt 17.3pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;color:#000000;">Executive Vice President</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;color:#000000;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;color:#000000;">[BORROWERS' SIGNATURES APPEAR ON FOLLOWING PAGE]</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;<a name="SWStart"></a>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 9pt">

			<font style="font-family:Times New Roman;font-weight:normal;font-size:12pt;display: inline;font-size:9pt;"></font><font style="font-family:Times New Roman;font-weight:normal;font-size:12pt;display: inline;font-size:9pt;"></font><font style="font-family:Times New Roman;font-weight:normal;font-size:12pt;display: inline;font-size:9pt;"></font><font style="font-family:Times New Roman;font-weight:normal;font-size:12pt;display: inline;font-size:9pt;"></font><font style="font-family:Times New Roman;font-weight:normal;font-size:12pt;display: inline;font-size:9pt;"></font><font style="font-family:Times New Roman;font-weight:normal;font-size:12pt;display: inline;font-size:9pt;"></font>

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">

			<font style="display: inline;font-weight:bold;font-size:10pt;">Letter to </font><font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">Brett Sheppard</font><font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">, C</font><font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">AO,</font><font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;"> BBX Capital Corporation</font>

		</p>

		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">

			<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">Effective September 30</font><font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">, 20</font><font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">20</font>

		</p>

		<p style="margin:0pt 0pt 24pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">

			<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">Page </font><font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;"></font><font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">3</font><font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;"></font>

		</p>

</div>
		<p style="margin:0pt;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;"></font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:0pt;">
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				<td valign="top" style="width:239.40pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt 6.5pt;">
					<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size: 12pt">
						<font style="display: inline;font-weight:bold;">&#xFEFF;</font></p>
				</td>
				<td valign="top" style="width:239.40pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt 6.5pt;">
					<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:239.40pt;background-color: #auto;padding:0pt 6.5pt;">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;font-weight:bold;">&#xFEFF;</font></p>
					<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;font-weight:bold;">BORROWER:</font></p>
				</td>
				<td valign="top" style="width:239.40pt;background-color: #auto;padding:0pt 6.5pt;">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
					<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;font-weight:bold;">BORROWER:</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:239.40pt;background-color: #auto;padding:0pt 6.5pt;">
					<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;font-weight:bold;">BBX CAPITAL CORPORATION</font><font style="display: inline;">, a Florida corporation</font></p>
				</td>
				<td valign="top" style="width:239.40pt;background-color: #auto;padding:0pt 6.5pt;">
					<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;font-weight:bold;">FOOD FOR THOUGHT RESTAURANT GROUP-FLORIDA, LLC</font><font style="display: inline;">, a Florida limited liability company</font></p>
				</td>
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				<td valign="top" style="width:239.40pt;background-color: #auto;padding:0pt 6.5pt;">
					<p style="margin:0pt 0pt 6pt 21.6pt;text-indent: -22.3pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">&#xFEFF;</font></p>
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				<td valign="top" style="width:239.40pt;background-color: #auto;padding:0pt 6.5pt;">
					<p style="margin:0pt 0pt 6pt 21.6pt;text-indent: -22.3pt;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
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			<tr>
				<td valign="top" style="width:239.40pt;background-color: #auto;padding:0pt 6.5pt;">
					<p style="margin:0pt 9pt 0pt 0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">By:</font><font style="display: inline;text-decoration:underline;">/s/Raymond S. Lopez</font></p>
					<p style="margin:0pt 9pt 0pt 0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Raymond S. Lopez, Executive Vice President and Chief Financial Officer</font></p>
					<p style="margin:0pt 0pt 12pt 17.25pt;text-indent: -17.25pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Date: September 29, 2020</font></p>
				</td>
				<td valign="top" style="width:239.40pt;background-color: #auto;padding:0pt 6.5pt;">
					<p style="margin:0pt 9pt 0pt 0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">By:/</font><font style="display: inline;text-decoration:underline;">s/Raymond S. Lopez</font></p>
					<p style="margin:0pt 0pt 0pt 30.95pt;text-indent: -30.95pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;text-decoration:underline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:-3.95pt;padding:0pt 30pt 0pt 0pt;"></font><font style="display: inline;">Raymond S. Lopez</font></p>
					<p style="margin:0pt 0pt 12pt 30.95pt;text-indent: -30.95pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:-3.95pt;padding:0pt 30pt 0pt 0pt;"></font><font style="display: inline;">Chief Financial Officer</font></p>
					<p style="margin:0pt 0pt 0pt 30.95pt;text-indent: -30.95pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Date: September 29, 2020</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:0pt;">
			<tr>
				<td valign="top" style="width:239.40pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt 6.5pt;">
					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size: 1pt">
						<font style="display: inline;font-size:1pt;">&#xFEFF;</font></p>
				</td>
				<td valign="top" style="width:239.40pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt 6.5pt;">
					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:239.40pt;background-color: #auto;padding:0pt 6.5pt;">
					<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;font-weight:bold;">BORROWER:</font></p>
				</td>
				<td valign="top" style="width:239.40pt;background-color: #auto;padding:0pt 6.5pt;">
					<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;font-weight:bold;">BORROWER:</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:239.40pt;background-color: #auto;padding:0pt 6.5pt;">
					<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;font-weight:bold;">BBX CAPITAL FLORIDA LLC</font><font style="display: inline;">, a Florida limited liability company</font></p>
				</td>
				<td valign="top" style="width:239.40pt;background-color: #auto;padding:0pt 6.5pt;">
					<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;font-weight:bold;">WOODBRIDGE HOLDINGS CORPORATION</font><font style="display: inline;">, a Florida corporation, formerly known as </font><font style="display: inline;font-weight:bold;">WOODBRIDGE HOLDINGS, LLC</font><font style="display: inline;">, a Florida limited liability company</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:239.40pt;background-color: #auto;padding:0pt 6.5pt;">
					<p style="margin:0pt 0pt 6pt 21.6pt;text-indent: -22.3pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">&#xFEFF;</font></p>
				</td>
				<td valign="top" style="width:239.40pt;background-color: #auto;padding:0pt 6.5pt;">
					<p style="margin:0pt 0pt 6pt 21.6pt;text-indent: -22.3pt;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:239.40pt;background-color: #auto;padding:0pt 6.5pt;">
					<p style="margin:0pt 9pt 0pt 0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">By:</font><font style="display: inline;text-decoration:underline;"> Raymond S. Lopez</font></p>
					<p style="margin:0pt 0pt 0pt 30.95pt;text-indent: -30.95pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;text-decoration:underline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:-3.95pt;padding:0pt 30pt 0pt 0pt;"></font><font style="display: inline;">Raymond S. Lopez</font></p>
					<p style="margin:0pt 0pt 12pt 30.6pt;text-indent: -30.6pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:-3.6pt;padding:0pt 30pt 0pt 0pt;"></font><font style="display: inline;">Chief Financial Officer</font></p>
					<p style="margin:0pt 0pt 12pt 30.6pt;text-indent: -30.6pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Date: September 29, 2020</font></p>
				</td>
				<td valign="top" style="width:239.40pt;background-color: #auto;padding:0pt 6.5pt;">
					<p style="margin:0pt 9pt 0pt 0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">By:</font><font style="display: inline;text-decoration:underline;"> Raymond S. Lopez</font></p>
					<p style="margin:0pt 0.7pt 0pt 30.95pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Raymond S. Lopez</font></p>
					<p style="margin:0pt 0.75pt 12pt 30.95pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Chief Financial Officer and Treasurer</font></p>
					<p style="margin:0pt 0.75pt 12pt 0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Date: September 29, 2020</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:0pt;">
			<tr>
				<td valign="top" style="width:239.40pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt 6.5pt;">
					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size: 1pt">
						<font style="display: inline;font-size:1pt;">&#xFEFF;</font></p>
				</td>
				<td valign="top" style="width:239.40pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt 6.5pt;">
					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:239.40pt;background-color: #auto;padding:0pt 6.5pt;">
					<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;font-weight:bold;">BORROWER:</font></p>
				</td>
				<td valign="top" style="width:239.40pt;background-color: #auto;padding:0pt 6.5pt;">
					<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;font-weight:bold;">LENDER</font><font style="display: inline;">:</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:239.40pt;background-color: #auto;padding:0pt 6.5pt;">
					<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;font-weight:bold;">BBX SWEET HOLDINGS, LLC</font><font style="display: inline;">, a Florida limited liability company </font></p>
				</td>
				<td valign="top" style="width:239.40pt;background-color: #auto;padding:0pt 6.5pt;">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;font-weight:bold;color:#000000;">CITY NATIONAL BANK OF FLORIDA</font><font style="display: inline;color:#000000;">, a national banking association</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:239.40pt;background-color: #auto;padding:0pt 6.5pt;">
					<p style="margin:0pt 9pt 0pt 0pt;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">By:/s</font><font style="display: inline;text-decoration:underline;">/ Raymond S. Lopez</font></p>
					<p style="margin:0pt 0pt 0pt 30.95pt;text-indent: -30.95pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;text-decoration:underline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:-3.95pt;padding:0pt 30pt 0pt 0pt;"></font><font style="display: inline;">Raymond S. Lopez</font></p>
					<p style="margin:0pt 0pt 12pt 30.75pt;text-indent: -30.75pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;;font-size: 12pt;font-family:Times New Roman;text-indent:0pt;margin-left:-3.75pt;padding:0pt 30pt 0pt 0pt;"></font><font style="display: inline;">Chief Financial Officer</font></p>
					<p style="margin:0pt 0pt 12pt 30.75pt;text-indent: -30.75pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Date: September 29, 2020</font></p>
				</td>
				<td valign="top" style="width:239.40pt;background-color: #auto;padding:0pt 6.5pt;">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">By:/</font><font style="display: inline;text-decoration:underline;">s/ Barbara Burke</font></p>
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Print Name: Barbara Burke</font></p>
					<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Title: </font><font style="display: inline;text-decoration:underline;">Managing Sr. Vice President</font></p>
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
						<font style="display: inline;">Date: September 29, 2020</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&#xFEFF;</font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">

			&nbsp;<a name="SWStart"></a>

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