BLUE RIDGE REAL ESTATE COMPANY BIG BOULDER CORPORATION ADDENDUM TO STOCK OPTION AGREEMENT Michael J. Flynn (the "Optionee") has been granted an option (the "Option") as of July 1, 1997 to purchase 25,000 shares of Common Stock of Blue Ridge Real...

                        BLUE RIDGE REAL ESTATE COMPANY
                            BIG BOULDER CORPORATION

                      ADDENDUM TO STOCK OPTION AGREEMENT


      Xxxxxxx  X.  Xxxxx  (the  "Optionee")  has  been  granted  an option (the
"Option") as of July 1, 1997 to purchase 25,000 shares of Common Stock  of Blue
Ridge  Real  Estate  Company  and  Big  Boulder  Corporation  (collectively the
"Companies").   In accordance with Paragraph 8 Amendment, the Option  Agreement
of July 1, 1997 is subject to the following revision:

2.  DURATION OF OPTION.   Pursuant  to  the  approval  given  by  the  Board of
Directors  of  the  Companies at a Board Meeting held on February 5, 2003,  the
Option already granted is extended and shall expire, and all rights to purchase
Shares pursuant thereto shall cease, on July 1, 2008.

      All other terms and conditions of the Option of July 1, 1997 shall remain
the same.

Date of Extension:  February 5, 0000


                                    XXXX XXXXX XXXX XXXXXX COMPANY
                                    BIG BOULDER CORPORATION


                                    By:  /s/ Xxxxx X. Xxxxxxxxxx
                                           Xxxxx X. Xxxxxxxxxx
                                           Executive Vice President and
Treasurer


Attest:


/s/ Xxxxx Xxx XxXxxxx         /s/ Xxxxxxx X. Xxxxx
                                    Xxxxxxx X. Xxxxx, Optionee