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Exhibit 10.37

[GOLF TRUST LOGO]

November 11, 2005

AEW Targeted Securities Fund, L.P.
World Trade Center East
Two Seaport Lane
Boston, MA 02210-2021
Attn: Mr. Robert G. Gifford

Re:Golf Trust of America, Inc.—Option to Acquire Series A Convertible
Redeemable Preferred Stock

Gentlemen:

        This letter references that certain letter agreement (the "Option
Agreement") dated as of May 6, 2005 by and between AEW Targeted Securities Fund,
L.P. ("AEW") and Golf Trust of America, Inc. (the "Company"). As you know, the
Company has entered into an agreement (the "Asset Purchase Agreement") with CMI
Financial Network, LLC ("CMI") dated as of October 27, 2005 which contemplates,
without limitation, the acquisition by CMI or its nominee1 (the "Buyer") of the
Westin Innisbrook Resort (and certain related assets and liabilities thereof) by
November 30, 2005. The Buyer has the right to extend the date of the closing to
December 30, 2005. The Buyer also has the right to terminate the Asset Purchase
Agreement for any reason until the expiration of the due diligence period on
November 25, 2005. In connection with the Asset Purchase Agreement, we have
requested, and by signing below AEW confirms, AEW's agreement to amend the
Option Agreement as set forth below in this First Amendment to the Option
Agreement (the "First Amendment").

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1CMI may transfer its rights under the Asset Purchase Agreement to a nominee,
provided that such nominee (1) is a controlled subsidiary of CMI (i) created for
the single purpose of consummating the transactions contemplated by the Asset
Purchase Agreement, (ii) owned by CMI, certain controlled affiliates of CMI
and/or certain principals of CMI, and (iii) controlled by CMI, certain
controlled affiliates of CMI and/or certain principals of CMI, and (2) executes
an assignment and assumption agreement by and among the nominee, CMI, the
Company and the Company's affiliates party to the Asset Purchase Agreement, in a
form approved by GTA-IB, LLC, an indirect subsidiary of the Company, whereby the
nominee assumes all of the obligations of CMI under the Asset Purchase Agreement
and CMI and the nominee are jointly and severally liable to the Company and the
Company's affiliates under the Asset Purchase Agreement.

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FIRST AMENDMENT
TO THE OPTION AGREEMENT

        1.    Option Termination Date.    In the event that a deposit in the
amount of Four Million Five Hundred Thousand Dollars ($4,500,000) (the
"Deposit") becomes non-refundable to the Buyer on or before December 9, 2005,
subject to certain limited exceptions set forth in Article 12 of the Asset
Purchase Agreement, the Option Termination Date shall automatically be extended
to December 30, 2005. In the event that the Deposit does not become
non-refundable, subject to certain limited exceptions set forth in Article 12 of
the Asset Purchase Agreement, to the Buyer on or before December 9, 2005, this
First Amendment shall automatically terminate and shall be of no further force
or effect and the Option Agreement as unmodified by this First Amendment shall
govern.

        2.    Addition of Section 1.15 to the Option Agreement.    The following
shall be inserted as a new Section 1.15 to the Option Agreement:

The Exercise Price shall bear interest from, and including, December 1, 2005
until, and including, the date the Notice is delivered to AEW at a rate of ten
percent (10%) per annum. Such interest shall be due and payable at the same time
as the Exercise Price and shall be calculated daily on the basis of the actual
number of days elapsed and a three hundred sixty (360) day year.

        3.    Expenses.    The Company agrees to pay all reasonable legal
expenses associated with the First Amendment, including the cost of AEW's
filings with the Securities and Exchange Commission, estimated to be Seven
Thousand Dollars ($7,000) in the aggregate.

        4.    Defined Terms.    Any capitalized term used and not otherwise
defined herein shall have the meaning set forth in the Option Agreement.

        5.    Counterparts.    This First Amendment may be executed in
counterparts by each of the parties hereto.

        6.    Governing Law.    This First Amendment shall be deemed to have
been executed and delivered within the State of New York, and the rights and
obligations of the parties hereunder shall be construed and enforced in
accordance with, and governed by, the laws of the State of New York without
regard to principles of conflict of laws. Any action or proceeding arising from
or relating to this First Amendment must be brought in the State of New York,
and each party irrevocably submits to the jurisdiction and venue of any such
court in any such action or proceeding.

        7.    Continuing Obligations.    Except as expressly provided in this
First Amendment, the rights and obligations of the parties under the Option
Agreement shall remain in full force and effect and unmodified.

        Thank you.

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    Very truly yours,
 
 
By: /s/  W. BRADLEY BLAIR, II      

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W. Bradley Blair, II
Chief Executive Officer, President and
Chairman of the Board of Directors of
Golf Trust of America, Inc.

AGREED TO AND APPROVED BY:    
"AEW"
 
 
AEW Targeted Securities Fund, L.P.
 
 
By:
 
/s/  ROBERT G. GIFFORD      

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Printed Name: Robert G. Gifford
Title: President, AEW TSF Inc.(2)
 
 
 
 
 
 
 

(2)Mr. Gifford executed the Option Agreement as President of AEW TSF Inc., the
Managing Member of AEW TSF L.L.C., the General Partner of AEW Targeted
Securities Fund, L.P.

cc:Peter T. Healy, Esq.

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Exhibit 10.37