BLUEGREEN CORPORATION, as Issuer, CERTAIN OF ITS SUBSIDIARIES SPECIFIED HEREIN, as Subsidiary Guarantors

EXHIBIT 4.10

BLUEGREEN CORPORATION,
as Issuer,

CERTAIN OF ITS SUBSIDIARIES SPECIFIED HEREIN,
as Subsidiary Guarantors

and

SUNTRUST BANK (formerly SUNTRUST BANK, CENTRAL FLORIDA, NATIONAL ASSOCIATION),
as Notes Trustee

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THIRD SUPPLEMENTAL INDENTURE

Dated as of October 31, 2001

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The Indenture Dated as of April 1, 1998
Among Bluegreen Corporation,
Certain of its Subsidiaries and SunTrust Bank (formerly SunTrust Bank, Central
Florida, National Association), as Notes Trustee,
Relating to $110 Million Aggregate Principal Amount of
10 1/2% Senior Secured Notes due 2008

THIRD SUPPLEMENTAL INDENTURE

THIS THIRD SUPPLEMENTAL INDENTURE (the "Supplemental Indenture") is made as
of the 31st day of October, 2001, among Bluegreen Corporation, a Massachusetts
corporation (the "Company"), the Subsidiary Guarantors (as defined in the
Indenture defined below), the Subsidiaries of the Company listed on Schedule A
annexed hereto (the "Additional Guarantors"), and SunTrust Bank (formerly
SunTrust Bank, Central Florida, National Association, a national banking
association), in its capacity as trustee (the "Notes Trustee").

WHEREAS, the Company, the Subsidiary Guarantors and the Notes Trustee
heretofore executed and delivered an Indenture, dated as of April 1, 1998, as
amended and supplemented by a First Supplemental Indenture thereto dated as of
March 15, 1999, and as further amended and supplemented by a Second Supplemental
Indenture thereto dated as of December 31, 2000 (as so amended and supplemented,
the "Indenture"); and

WHEREAS, pursuant to the Indenture, the Company issued and the Notes
Trustee authenticated and delivered $110 million aggregate principal amount of
the Issuer's 10 1/2% Senior Secured Notes due 2008 (the "Initial Notes"); and

WHEREAS, pursuant to an exchange offer registered with the Securities and
Exchange Commission on a Registration Statement No. 333-51717 on Form S-4, the
Company offered to, and did, exchange $110 million in aggregate principal amount
of its 10 1/2% Senior Secured Notes due 2008 (the "Exchange Notes" and, together
with the Initial Notes, the "Notes") for $110 million in aggregate principal
amount of the Initial Notes; and

WHEREAS, the Initial Notes were, and the Exchange Notes are,
unconditionally guaranteed on a senior basis by the Subsidiary Guarantors; and

WHEREAS, each of the Additional Guarantors has become a Restricted
Subsidiary and pursuant to Section 10.07 of the Indenture is entering into this
Supplemental Indenture to thereby become a Subsidiary Guarantor as provided in
Article Ten of the Indenture; and

WHEREAS, Section 9.01 of the Indenture provides that the Company and the
Subsidiary Guarantors, when authorized by Board Resolutions of their respective
Boards of Directors, and the Notes Trustee may amend or supplement the Indenture
without the consent of any Noteholder, among other reasons, to add further
Guarantees with respect to the Notes and to cure any ambiguity, omission, defect
or inconsistency, provided that such amendment or supplement does not adversely
affect the rights of any Noteholder in any respect; and

WHEREAS, the Company has heretofore delivered or is delivering
contemporaneously herewith to the Notes Trustee (i) a copy of Board Resolutions
authorizing the execution, delivery and performance of this Supplemental
Indenture, (ii) an Officers' Certificate in compliance with and to the effect
set forth in Sections 1.01, 7.02, 9.01, 9.06 and 12.04 of the Indenture and
(iii) an Opinion of Counsel in compliance with and to the effect set forth in
Sections 1.01, 7.02, 9.01, 9.06 and 12.04 of the Indenture; and

WHEREAS, all conditions necessary to authorize the execution and delivery
of this Supplemental Indenture and to make this Supplemental Indenture valid and
binding have been complied with or have been done or performed;

NOW, THEREFORE, in consideration of the foregoing and notwithstanding any
provision of the Indenture which, absent this Supplemental Indenture, might
operate to limit such action, the Company, the Subsidiary Guarantors and the
Notes Trustee agree as follows for the equal and ratable benefit of the
Noteholders.

ARTICLE 1
DEFINITIONS

SECTION 1.01. General. For all purposes of the Indenture and this
Supplemental Indenture, except as otherwise expressly provided or unless the
context otherwise requires:

(a) the words "herein", "hereof" and "hereunder" and other words of similar
import refer to the Indenture and this Supplemental Indenture as a whole and not
to any particular Artilcle, Section or subdivision; and

(b) capitalized terms used but not defined herein shall have the meaning
assigned to them in the Indenture.

ARTICLE 2
ADDITIONAL GUARANTORS

SECTION 2.01. Additional Guarantors. Pursuant to Section 10.07 of the
Indenture, each of the Additional Guarantors hereby expressly assumes the
obligations of, and otherwise agrees to perform all of the duties of, a
Subsidiary Guarantor under the Indenture, subject to the terms and conditions
thereof, as of the date set forth opposite the name of such Additional Guarantor
on Schedule A hereto.

ARTICLE 3
MISCELLANEOUS

SECTION 3.01. Effectiveness. This Supplemental Indenture shall become
effective, as of its effective date, upon its execution and delivery by the
Company, the Subsidiary Guarantors and the Notes Trustee. Upon the execution and
delivery of this Supplemental Indenture by the Company, the Subsidiary
Guarantors and the Notes Trustee, the Indenture shall be supplemented in
accordance herewith, and this Supplemental Indenture shall form a part of the
Indenture for all purposes, and every Noteholder heretofore or hereafter
authenticated and delivered under the Indenture shall be bound thereby.

SECTION 3.02. Indenture Remains in Full Force and Effect. All provisions in
the Indenture shall remain in full force and effect, and, except as expressly
supplemented and amended hereby, shall remain unchanged.

SECTION 3.03. Indenture and Supplemental Indenture Construed Together. This
Supplemental Indenture is an indenture supplemental to and in implementation of
the Indenture,

and the Indenture and this Supplemental Indenture shall henceforth be read and
construed together.

SECTION 3.04. Confirmation and Preservation of Indenture. The Indenture as
supplemented by this Supplemental Indenture is in all respects confirmed and
preserved.

SECTION 3.05. Conflict with Trust Indenture Act. If any provision of this
Supplemental Indenture limits, qualifies or conflicts with any provision of the
Trust Indenture Act of 1939, as amended (the "Trust Indenture Act"), that is
required under the Trust Indenture Act to be part of and govern any provision of
this Supplemental Indenture, the provision of the Trust Indenture Act shall
control. If any provision of this Supplemental Indenture modifies or excludes
any provision of the Trust Indenture Act that may be so modified or excluded,
the provision of the Trust Indenture Act shall be deemed to apply to the
Indenture as so modified or to be excluded by this Supplemental Indenture, as
the case may be.

SECTION 3.06. Severability. In case any provision in this Supplemental
Indenture shall be invalid, illegal or unenforceable, the validity, legality and
enforceabilty of the remaining provisions shall not in any way be affected or
impaired thereby.

SECTION 3.07. Headings. The Article and Section headings of this
Supplemental Indenture have been inserted for convenience of reference only, are
not to be considered a part of this Supplemental Indenture and shall in no way
modify or restrict any of the terms or provisions hereof.

SECTION 3.08. Benefits of Supplemental Indenture, etc. Nothing in this
Supplemental Indenture or the Notes, express or implied, shall give to any
Person, other than the parties hereto and thereto and their successors hereunder
and thereunder and the Noteholders, any benefit of any legal or equitable right,
remedy or claim under the Indenture, this Supplemental Indenture or the Notes.

SECTION 3.09. Successors. All agreements of the Company and the Subsidiary
Guarantors in this Supplemental Indenture shall bind their respective
successors. All agreements of the Notes Trustee in this Supplemental Indenture
shall bind its successors.

SECTION 3.10. Trustee Not Responsible for Recitals. The recitals contained
herein shall be taken as the statements of the Company and the Subsidiary
Guarantors, and the Notes Trustee assumes no responsibility for their
correctness. The Notes Trustee shall not be liable or responsible for the
validity or sufficiency of this Supplemental Indenture.

SECTION 3.11. Certain Duties and Responsibilities of the Notes Trustee. In
entering into this Supplemental Indenture, the Notes Trustee shall be entitled
to the benefit of every provision of the Indenture relating to the conduct or
affecting the liability or affording protection to the Notes Trustee, whether or
not elsewhere herein so provided.

SECTION 3.12. Governing Law. The internal law of the State of New York
shall govern and be used to construe this Supplemental Indenture.

SECTION 3.13. Counterpart Originals. The parties may sign any number of
copies of this Supplemental Indenture. Each signed copy shall be original, but
all of them together represent the same agreement.

IN WITNESS WHEREOF, the parties hereto have caused this Supplemental
Indenture to be duly executed and attested, all as of the date and year first
written above.

SIGNATURES

BLUEGREEN CORPORATION