<PAGE>

                        CONTRIBUTION AND LEASEBACK AGREEMENT

                           dated as of December 18, 1997

                                   by and between

   STONEHENGE GOLF DEVELOPMENT, LLC, a South Carolina limited liability company,

                                   as Transferor,

                                        and

            GOLF TRUST OF AMERICA, L.P., a Delaware Limited Partnership

                                   as Transferee


                               WILDEWOOD COUNTRY CLUB
                        THE COUNTRY CLUB AT WOODCREEK FARMS
                              COLUMBIA, SOUTH CAROLINA

<PAGE>

                                  TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                  PAGE

                                      ARTICLE 1
<S><C>
DEFINITIONS; RULES OF CONSTRUCTION . . . . . . . . . . . . . . . . . . . . . . . .  2
     1.1    Definitions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  2
     1.2    Rules of Construction. . . . . . . . . . . . . . . . . . . . . . . . .  7

                                      ARTICLE 2

PURCHASE AND CONTRIBUTION; PAYMENT OF PURCHASE PRICE . . . . . . . . . . . . . . .  8
     2.1    Purchase and Contribution. . . . . . . . . . . . . . . . . . . . . . .  8
     2.2    Due Diligence Period . . . . . . . . . . . . . . . . . . . . . . . . .  8
     2.3    Payment of Base Purchase Price . . . . . . . . . . . . . . . . . . . . 10

                                      ARTICLE 3

TRANSFEROR'S REPRESENTATIONS, WARRANTIES AND COVENANTS . . . . . . . . . . . . . . 11
     3.1    Organization and Power . . . . . . . . . . . . . . . . . . . . . . . . 11
     3.2    Authorization and Execution. . . . . . . . . . . . . . . . . . . . . . 11
     3.3    Noncontravention . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
     3.4    No Special Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
     3.5    Compliance with Existing Laws. . . . . . . . . . . . . . . . . . . . . 12
     3.6    Real Property. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
     3.7    Personal Property. . . . . . . . . . . . . . . . . . . . . . . . . . . 13
     3.8    Operating Agreements . . . . . . . . . . . . . . . . . . . . . . . . . 13
     3.9    Warranties and Guaranties. . . . . . . . . . . . . . . . . . . . . . . 13
     3.10   Insurance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
     3.11   Condemnation Proceedings; Roadways . . . . . . . . . . . . . . . . . . 14
     3.12   Litigation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
     3.13   Labor Disputes and Agreements. . . . . . . . . . . . . . . . . . . . . 14
     3.14   Financial Information. . . . . . . . . . . . . . . . . . . . . . . . . 15
     3.15   Organizational Documents . . . . . . . . . . . . . . . . . . . . . . . 15
     3.16   Operation of Property. . . . . . . . . . . . . . . . . . . . . . . . . 15
     3.17   Bankruptcy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
     3.18   Land Use . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
     3.19   Public Offering; Preparation of S-11 . . . . . . . . . . . . . . . . . 16
     3.20   Hazardous Substances . . . . . . . . . . . . . . . . . . . . . . . . . 16
     3.21   Utilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
     3.22   Curb Cuts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
     3.23   Leased Property. . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
     3.24   Sufficiency of Certain Items . . . . . . . . . . . . . . . . . . . . . 17
     3.25   Accredited Investor. . . . . . . . . . . . . . . . . . . . . . . . . . 17

<PAGE>

                                      ARTICLE 4

TRANSFEREE'S REPRESENTATIONS, WARRANTIES AND COVENANTS . . . . . . . . . . . . . . 17
     4.1    Organization and Power . . . . . . . . . . . . . . . . . . . . . . . . 17
     4.2    Noncontravention . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
     4.3    Litigation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
     4.4    Bankruptcy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
     4.5    Authorization and Execution. . . . . . . . . . . . . . . . . . . . . . 18
     4.6    Trade Name . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

                                      ARTICLE 5

CONDITIONS AND ADDITIONAL COVENANTS. . . . . . . . . . . . . . . . . . . . . . . . 18
     5.1    As to Transferee's Obligations . . . . . . . . . . . . . . . . . . . . 18
     5.2    As to Transferor's Obligations . . . . . . . . . . . . . . . . . . . . 20

                                      ARTICLE 6

CLOSING. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
     6.1    Closing. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
     6.2    Transferor's Deliveries. . . . . . . . . . . . . . . . . . . . . . . . 21
     6.3    Transferee's Deliveries. . . . . . . . . . . . . . . . . . . . . . . . 23
     6.4    Mutual Deliveries. . . . . . . . . . . . . . . . . . . . . . . . . . . 23
     6.5    Closing Costs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
     6.6    Income and Expense Allocations . . . . . . . . . . . . . . . . . . . . 24
     6.7    Sales Taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
     6.8    Post-Closing Adjustments . . . . . . . . . . . . . . . . . . . . . . . 25

                                      ARTICLE 7

GENERAL PROVISIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
     7.1    Condemnation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
     7.2    Risk of Loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26
     7.3    Real Estate Broker . . . . . . . . . . . . . . . . . . . . . . . . . . 26
     7.4    Confidentiality. . . . . . . . . . . . . . . . . . . . . . . . . . . . 26
     7.5    Liquor Licenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . 27

                                      ARTICLE 8

LIABILITY OF TRANSFEREE; INDEMNIFICATION BY TRANSFEROR; TERMINATION RIGHTS . . . . 27
     8.1    Liability of Transferee. . . . . . . . . . . . . . . . . . . . . . . . 27
     8.2    Indemnification by Transferor. . . . . . . . . . . . . . . . . . . . . 27
     8.3    Termination by Transferee. . . . . . . . . . . . . . . . . . . . . . . 28
     8.4    Termination by Transferor. . . . . . . . . . . . . . . . . . . . . . . 28
     8.5    Costs and Attorneys' Fees. . . . . . . . . . . . . . . . . . . . . . . 28


                                    P-ii

<PAGE>

                                      ARTICLE 9

MISCELLANEOUS PROVISIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
     9.1    Completeness; Modification . . . . . . . . . . . . . . . . . . . . . . 28
     9.2    Assignments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
     9.3    Successors and Assigns . . . . . . . . . . . . . . . . . . . . . . . . 29
     9.4    Days . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
     9.5    Governing Law. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
     9.6    Counterparts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
     9.7    Severability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
     9.8    Costs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
     9.9    Notices. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
     9.10   Incorporation by Reference . . . . . . . . . . . . . . . . . . . . . . 30
     9.11   Survival . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
     9.12   Further Assurances . . . . . . . . . . . . . . . . . . . . . . . . . . 30
     9.13   No Partnership . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
     9.14   Confidentiality. . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
</TABLE>

EXHIBITS

Exhibit A-Legal Description of the Land
Exhibit B-Description of Improvements
Exhibit C-Tangible Personal Property
Exhibit D-Intangible Personal Property
Exhibit E-Golf Course Lease
Exhibit F-Bill of Sale - Personal Property
Exhibit G-Deed
Exhibit H-FIRPTA Affidavit of Transferor
Exhibit I-Contracts and Operating Agreements
Exhibit J-Partnership Agreement
Exhibit K-Calculation of Purchase Price
Exhibit L-Due Diligence List
Exhibit M-Schedule of Mortgages
Exhibit N-Accredited Investor Questionnaire
Exhibit O-Transferor's Certificate
Exhibit P-Warranty Disclosure Schedule


                                   P-iii

<PAGE>

                         CONTRIBUTION AND LEASEBACK AGREEMENT
                                    SUMMARY SHEET



Transferee:         GOLF TRUST OF AMERICA, L.P., a Delaware Limited Partnership


Transferor:         STONEHENGE GOLF DEVELOPMENT, LLC,
                    a South Carolina limited liability company


Date of
Agreement:          December 18, 1997


Wildewood
Golf Course:        Wildewood Country Club

(address):          90 Mallet Hill Road
                    Columbia, South Carolina 29223


Trade Name:         Wildewood Country Club


Woodcreek
Golf Course:        The Country Club at Woodcreek Farms

(address):          90 Mallet Hill Road
                    Columbia, South Carolina 29223


Trade Name:         The Country Club at Woodcreek Farms


Notice Address
of Transferor:      Lyndell Young
                    Stonehenge Golf Development, LLC
                    90 Mallet Hill Road
                    Columbia, South Carolina 29223

<PAGE>

Notice Address
of Transferee:      Scott D. Peters
                    Golf Trust of America, Inc.
                    14 N. Adger's Wharf
                    Charleston, South Carolina 29401



with a copy to:     Peter T. Healy, Esq.
                    O'Melveny & Myers LLP
                    275 Battery Street, Suite 2600
                    San Francisco, California 94111-3305

<PAGE>

                         CONTRIBUTION AND LEASEBACK AGREEMENT

          THIS CONTRIBUTION AND LEASEBACK AGREEMENT (this "Agreement") is
entered into by and between Transferee and Transferor.

                                      RECITALS:

          A.   Transferor is the owner of Wildewood Golf Course and related
improvements located on the real property more particularly described in EXHIBIT
A-1 attached hereto, and Woodcreek Golf Course and related improvements located
on the real property more particularly described in EXHIBIT A-2 attached hereto
(collectively, the "Land").

          B.   Subject to the terms of this Agreement, Transferor hereby agrees
to contribute, assign and convey to Transferee, and Transferee hereby agrees to
acquire from Transferor, all of Transferor's right, title and interest in and to
the following:

          1.   The Land, together with the golf courses, driving ranges,
     putting greens, clubhouse facilities, snack bars, restaurants, pro shops,
     buildings, structures, parking lots, improvements, fixtures and other
     items of real estate located on the Land (the "Improvements"), as more
     particularly described in EXHIBIT B attached hereto.

          2.   All rights, privileges, easements and appurtenances to the Land
     and the Improvements, if any, including, without limitation, all of
     Transferor's right, title and interest, if any, in and to all mineral and
     water rights  and all easements, rights-of-way and other appurtenances used
     or connected with the beneficial use or enjoyment of the Land and the
     Improvements, including, without limitation, concession agreements for spas
     and the like (the Land, the Improvements and all such easements and
     appurtenances are sometimes collectively hereinafter referred to as the
     "Real Property").

          3.   All items of tangible personal property and fixtures (if any)
     owned or leased by Transferor and located on or used in connection with
     the Real Property, including, but not limited to, machinery, equipment,
     furniture, furnishings, movable walls or partitions, phone systems and
     other control systems, restaurant equipment, computers or trade fixtures,
     golf course operation and maintenance equipment, including mowers,
     tractors, aerators, sprinklers, sprinkler and irrigation facilities and
     equipment, valves or rotors, driving range equipment, athletic training
     equipment, office equipment or machines, other decorations, and equipment
     or machinery of every kind or nature located on or used in connection with
     the operation of the Real Property whether on or off-site, including all
     warranties and guaranties associated therewith (the "Tangible Personal
     Property"), excluding all golf carts, whether owned or leased, which shall
     be retained by Transferor.  A schedule of the Tangible Personal Property is
     attached to this


                                       1

<PAGE>

     Agreement as EXHIBIT C, indicating whether such Tangible Personal Property
     is owned or leased.  The schedule of Tangible Personal Property shall also
     indicate those items of personal property, such as art and antiques, which
     is excluded from the personal property being conveyed hereby.

          4.   All intangible personal property owned or possessed by Transferor
     and used in connection with the ownership, operation, leasing or
     maintenance of the Real Property or the Tangible Personal Property, all
     goodwill attributed to the Property, and any and all trademarks and
     copyrights, guarantees, Authorizations (as hereinafter defined), general
     intangibles, business records, plans and specifications, surveys and title
     insurance policies pertaining to the Property, all licenses, permits and
     approvals with respect to the construction, ownership, operation or
     maintenance of the Property, any unpaid award for taking by condemnation or
     any damage to the Real Property by reason of a change of grade or location
     of or access to any street or highway, excluding (a) any of the aforesaid
     rights that Transferee elects not to acquire and (b) the Current Assets, as
     hereinafter defined (collectively, the "Intangible Personal Property").  A
     schedule of the Intangible Personal Property is attached to this Agreement
     as EXHIBIT D.  The Intangible Personal Property shall not include the right
     to use the Trade Name, which shall be retained by Transferor and
     transferred to the lessee of the Golf Course (and further provided in no
     event shall Transferee have the right to use such trade name in connection
     with any other property owned by Transferee or any Affiliate (hereinafter
     defined) of Transferee).  (The Real Property, Tangible Personal Property
     and Intangible Personal Property are sometimes collectively referred to as
     the "Property".)

          C.   Upon the acquisition by the Transferee of the Property, the
Transferee will lease the Property to an Affiliate of Transferor pursuant to a
lease (the "Golf Course Lease"), substantially in the form attached hereto as
EXHIBIT E.

          NOW, THEREFORE, in consideration of the mutual covenants, promises and
undertakings of the parties hereinafter set forth, and for other good and
valuable consideration, the receipt and sufficiency of which is hereby
acknowledged by the parties, it is agreed:

                                      ARTICLE 1
                          DEFINITIONS; RULES OF CONSTRUCTION

     1.1    DEFINITIONS.  Capitalized terms not otherwise defined herein shall
have the meanings set forth on the Summary Sheet.  The following terms shall
have the indicated meanings:


            "ACT OF BANKRUPTCY" shall mean if a party hereto or any general
partner thereof shall (a) apply for or consent to the appointment of, or the
taking of possession


                                       2

<PAGE>

by, a receiver, custodian, trustee or liquidator of itself or of all or a
substantial part of its Property, (b) admit in writing its inability to pay
its debts as they become due, (c) make a general assignment for the benefit
of its creditors, (d) file a voluntary petition or commence a voluntary case
or proceeding under the Federal Bankruptcy Code (as now or hereafter in
effect) or any new bankruptcy statute, (e) be adjudicated bankrupt or
insolvent, (f) file a petition seeking to take advantage of any other law
relating to bankruptcy, insolvency, reorganization, winding-up or composition
or adjustment of debts, (g) fail to controvert in a timely and appropriate
manner, or acquiesce in writing to, any petition filed against it in an
involuntary case or proceeding under the Federal Bankruptcy Code (as now or
hereafter in effect) or any new bankruptcy statute, or (h) take any corporate
or partnership action for the purpose of effecting any of the foregoing; or
if a proceeding or case shall be commenced, without the application or
consent of a party hereto or any general partner thereof, in any court of
competent jurisdiction seeking (1) the liquidation, reorganization,
dissolution or winding-up, or the composition or readjustment of debts, of
such party or general partner, (2) the appointment of a receiver, custodian,
trustee or liquidator or such party or general partner or all or any
substantial part of its assets, or (3) other similar relief under any law
relating to bankruptcy, insolvency, reorganization, winding-up or composition
or adjustment of debts, and such proceeding or case shall continue
undismissed; or an order (including an order for relief entered in an
involuntary case under the Federal Bankruptcy Code, as now or hereafter in
effect) judgment or decree approving or ordering any of the foregoing shall
be entered and continue unstayed and in effect, for a period of sixty (60)
consecutive days.

            "AFFILIATE" shall mean, as applied to any Person, any other Person
directly or indirectly controlling, controlled by, or under common control with,
that Person.

            "AUTHORIZATIONS" shall mean all licenses, permits and approvals
required by any governmental or quasi-governmental agency, body or officer for
the ownership, operation and use of the Property or any part thereof as a golf
course with the existing uses and operations, including clubhouse, bar and
related facilities, as applicable.

            "BASE PURCHASE PRICE" shall mean Ten Million Five Hundred Thousand
Dollars ($10,500,000).

            "BILL OF SALE - PERSONAL PROPERTY" shall mean a bill of sale
conveying title to the Tangible Personal Property and Intangible Personal
Property from Transferor to Transferee, substantially in the form of EXHIBIT F
attached hereto.

            "CLOSING" shall mean the time the Deed and each of the deliveries
to be made by Transferor (as provided in Section 6.2) and Transferee (as
provided in Section 6.3) are made and each of the Closing conditions of
Transferee and Transferor in Sections 5.1 and 5.2, respectively, have been
satisfied or waived.

            "CLOSING DATE" shall mean the date on which the Closing occurs.


                                       3

<PAGE>

            "CLOSING STATEMENTS" shall have the meaning set forth in Section
6.4(a).

            "CONTINGENT PURCHASE PRICE" shall mean the amount as calculated by
the procedure set forth in Exhibit K attached hereto.

            "CURRENT ASSETS" shall mean cash, accounts receivable, Inventory
and Restaurant Supplies (each as hereinafter defined) held by Transferor prior
to the Closing Date.

            "DEED" shall mean a grant deed or special warranty deed,
substantially in the form of EXHIBIT G attached hereto (or lease assignment, if
the Property is owned by Transferor pursuant to a ground lease), in form and
substance satisfactory to Transferee, conveying the title of Transferor to the
Real Property, with such grant or warranty covenants of title from Transferor to
Transferee as are customary in the state in which the Property is located,
subject only to Permitted Title Exceptions. If there is any difference between
the description of the Land, as shown on EXHIBIT A-1 and EXHIBIT A-2 attached
hereto and the description of the Land as shown on the Survey, the description
of the Land to be contained in the Deed and the description of the Land set
forth in the Owner's Title Policy, as defined herein, shall conform to the
description shown on the Survey.

            "DISCLOSURE SCHEDULE" shall have the meaning set forth in Section
2.2(e).

            "DUE DILIGENCE PERIOD" shall mean the period commencing at 9:00
a.m., California time, on the date hereof, and continuing through 5:00 p.m.,
California time, on the date that is sixty (60) days from the date hereof.

            "EMPLOYMENT AGREEMENTS" shall mean all employment agreements,
written or oral, between Transferor or its managing agent and the persons
employed with respect to the Property in effect as of the date hereof.

            "ENVIRONMENTAL CLAIM" shall mean any administrative, regulatory or
judicial action, suit, demand, letter, claim, lien, notice of non-compliance or
violation, investigation or proceeding relating in any way to any Environmental
Laws or any permit issued under any Environmental Law including, without
limitation, (i) by governmental or regulatory authorities for enforcement,
cleanup, removal, response, remedial or other actions or damages pursuant to any
applicable Environmental Laws, and (ii) by any third party seeking damages,
contribution, indemnification, cost recovery, compensation or injunctive relief
resulting from Hazardous Substances or arising from alleged injury or threat of
injury to health, safety or the environment.

            "ENVIRONMENTAL LAWS" shall mean the Comprehensive Environmental
Response, Compensation and Liability Act of 1980, as amended, 42 U.S.C. Section
9601, et seq.; the Resource Conservation and Recovery Act, 42 U.S.C. Section
6901, et seq.; the Toxic Substances Control Act, 15 U.S.C. Section 2601 et seq.;
the Hazardous Materials Transportation Act, as amended, 49 U.S.C. Section 1801,
et seq.; the Superfund Amendments and


                                       4

<PAGE>

reauthorization Act of 1986, Pub. L. 99-499 and 99-563; the Occupational
Safety and Health Act of 1970, as amended, 29 U.S.C. Section 651, et seq.;
the Clean Air Act, as amended, 42 U.S.C. Section 7401, et seq.; the Safe
Drinking Water Act, as amended, 42 U.S.C. Section 201, et seq.; the Federal
Water Pollution Control Act, as amended, 33 U.S.C. Section 1251, et seq.; and
all federal, state and local environmental health and safety statutes,
ordinance, codes, rules, regulations, orders and decrees regulating, relating
to or imposing liability or standards concerning or in connection with
Hazardous Substances.

            "ESCROW AGENT" shall mean the Title Company.

            "FIRPTA CERTIFICATE" shall mean the affidavit of Transferor under
Section 1445 of the Internal Revenue Code certifying that Transferor is not a
foreign corporation, foreign partnership, foreign trust, foreign estate or
foreign person (as those terms are defined in the Internal Revenue Code and the
Income Tax Regulations), substantially in the form of EXHIBIT H attached hereto.

            "GOLF CLUB" shall mean any organization, club or group whereby
memberships are offered by Transferor for purchase in connection with golfing
privileges at the Property.

            "GOLF COURSE LEASE" shall have the meaning set forth in Recital C.

            "GOVERNMENTAL BODY" shall mean any federal state, municipal or
other governmental department, commission, board, bureau, agency or
instrumentality, domestic or foreign.

            "HAZARDOUS SUBSTANCES" shall mean any substance, material, waste,
gas or particulate matter which is regulated by any local, state of federal
governmental authority, including but not limited to any material or substance
which is (i) defined as a "hazardous waste", "hazardous material", or
"restricted hazardous waste" or words of similar import under any provision of
any Environmental Law; (ii) petroleum or petroleum products; (iii) asbestos;
(iv) polychlorinated biphenyl; (v) radioactive material; (vi) radon gas; (vii)
designated as a "hazardous substance" pursuant to Section 311 of the Clean Water
Act, 33 U.S.C. Section 1251, et seq. (42 U.S.C. Section 1317); (viii) defined as
a "hazardous waste" pursuant to Section 1004 of the Resource Conservation and
Recovery Act, 42 U.S.C. Section 6901, et seq. (42 U.S.C. Section 6903); or (ix)
defined as a "hazardous substance" pursuant to Section 101 of the Comprehensive
Environmental Response, Compensation and Liability Act, 42 U.S.C. Section 9601,
et seq. (42 U.S.C. Section 9601).

            "IMPROVEMENTS" shall have the meaning set forth in Recital B(1).

            "INTANGIBLE PERSONAL PROPERTY" shall have the meaning set forth in
Recital B(4).


                                       5

<PAGE>

            "INVENTORY" shall mean the merchandise located in any pro shop or
similar facility and held for sale in the ordinary course of Transferor's
business.

            "LAND" shall have the meaning set forth in Recital A.

            "MORTGAGE INDEBTEDNESS" shall have the meaning set forth in Section
2.2(d).

            "OPERATING AGREEMENTS" shall mean any management agreements,
maintenance or repair contracts, service contracts, supply contracts and other
agreements, if any, in effect with respect to the construction, ownership,
operation, occupancy or maintenance of the Property in force and effect as of
the date hereof, as more particularly set forth on EXHIBIT I attached hereto.

            "OWNER'S SHARES" shall mean limited partnership interests in the
Partnership.

            "OWNER'S TITLE POLICY" shall mean a 1970 Form B American Land Title
Association extended coverage owner's policy of title insurance issued to
Transferee by the Title Company, pursuant to which the Title Company insures
Transferee's ownership of fee simple title (or ground lease interest, as
applicable) to the Real Property (including the marketability thereof) subject
only to Permitted Title Exceptions and shall include those title endorsements
required by Transferee.  The Owner's Title Policy shall insure Transferee in the
amount designated by Transferee and shall be acceptable in form and substance to
Transferee.

            "PARTNERSHIP AGREEMENT" shall mean that certain amended and
restated limited partnership agreement relating to Transferee, which shall be
substantially in the form attached hereto as EXHIBIT J.

            "PERMITTED TITLE EXCEPTIONS" shall mean those exceptions to title
to the Real Property that are satisfactory to Transferee as determined under
this Agreement, and as evidenced by a pro forma title report.

            "PERSON" means and includes natural persons, corporations, limited
partnerships, limited liability companies, general partnerships, joint stock
companies, joint ventures, associations, companies, trusts, banks, trusts
companies, land trusts, business trusts, Indian tribes or other organizations,
whether or not legal entities, and governments and agencies and political
subdivisions thereof.

            "PRELIMINARY TITLE REPORT" shall have the meaning set forth in
Section 2.2(d).

            "PROPERTY" shall have the meaning set forth in Recital B(4).

            "REAL PROPERTY" shall have the meaning set forth in Recital B(2).


                                       6

<PAGE>

            "REGISTERED OFFERING" shall have the same meaning set forth in
Section 3.19.

            "RESTAURANT SUPPLIES" shall mean the consumable goods, supplies
(including beverages) and all silverware, glassware, napkins, tablecloths, paper
goods and related goods necessary to efficiently operate the restaurant, bar,
lounge or snack shop located upon or within the Improvements.

            "SEC" shall mean the United States Securities and Exchange
Commission.

            "SECURITIES" shall have the meaning set forth in Section 7.4.

            "STATE" shall mean the state or commonwealth in which the Property
is located.

            "SUMMARY SHEET" shall mean the summary page attached to this
Agreement and incorporated herein by reference.

            "SURVEY" shall mean the survey prepared pursuant to Section 2.2(c).

            "TANGIBLE PERSONAL PROPERTY" shall have the meaning set forth in
Recital B(3).

            "TITLE COMPANY" shall mean a title insurance company selected by
Transferee and authorized to conduct a title insurance business in the State.

            "TITLE OBJECTIONS" shall have the meaning set forth in Section
2.2(d).

            "TRANSFEROR'S ORGANIZATIONAL DOCUMENTS" shall mean the current
organizational documents of Transferor.

            "UTILITIES" shall mean public sanitary and storm sewers, natural
gas, telephone, public water facilities, electrical facilities and all other
utility facilities and services necessary for the operation and occupancy of the
Property.

            "WARN ACT" shall mean the Worker Adjustment Retraining and
Notification Act, as amended.

            1.2     RULES OF CONSTRUCTION. The following rules shall apply to
the construction and interpretation of this Agreement:


                                       7

<PAGE>

            (a)     Singular words shall connote the plural number as well as
     the singular and vice versa, and the masculine shall include the feminine
     and the neuter.

            (b)     All references herein to particular articles, sections,
     subsections, clauses or exhibits are references to articles, sections,
     subsections, clauses or exhibits of this Agreement.

            (c)     The table of contents and headings contained herein are
     solely for convenience of reference and shall not constitute a part of this
     Agreement nor shall they affect its meaning, construction or effect.

            (d)     Each party hereto and its counsel have reviewed and revised
     (or requested revisions of) this Agreement and have participated in the
     preparation of this Agreement, and therefore any usual rules of
     construction requiring that ambiguities are to be resolved against a
     particular party shall not be applicable in the construction and
     interpretation of this Agreement or any exhibits hereto.

                                      ARTICLE 2
              PURCHASE AND CONTRIBUTION; PAYMENT OF BASE PURCHASE PRICE

            2.1     PURCHASE AND CONTRIBUTION.  Transferor agrees to contribute
and Transferee agrees to acquire the Property for the Base Purchase Price.

            2.2     DUE DILIGENCE PERIOD.

            (a)     Transferee shall have the right, during the Due Diligence
     Period, and thereafter if Transferee notifies Transferor that Transferee
     has elected to proceed to Closing in the manner described below, to enter
     upon the Real Property and to perform, at Transferor's expense, such
     surveying, engineering, and environmental studies and investigations as
     Transferee may deem appropriate.  If such tests, studies and investigations
     warrant, in Transferee's sole, absolute and unreviewable discretion, the
     purchase of the Property for the purposes contemplated by Transferee, then
     Transferee may elect to proceed to Closing and shall so notify Transferor
     and the Escrow Agent, in writing, prior to the expiration of the Due
     Diligence Period.  If for any reason Transferee does not so notify
     Transferor and Escrow Agent of its determination to proceed to Closing
     prior to the expiration of the Due Diligence Period, or if Transferee
     notifies Transferor and Escrow Agent, in writing, prior to the expiration
     of the Due Diligence Period that it has determined not to proceed to
     Closing, this Agreement automatically shall terminate and Transferee and
     Escrow Agent shall be released from any further liability or obligation
     under this Agreement and, if requested by Transferor, Transferee will
     deliver such reports and materials to Transferor.

            (b)     During the Due Diligence Period, Transferor shall make
     available to Transferee, its agents, auditors, engineers, attorneys and
     other designees, for


                                       8

<PAGE>

     inspection and/or copying, copies of all existing architectural and
     engineering studies, surveys, title insurance policies, zoning and site
     plan materials, correspondence, environmental audits and reviews, books,
     records, tax returns, bank statements, financial statements, fee
     schedules and any and all other material or information relating to the
     Property which are in, or come into, Transferor's possession or control,
     or which Transferor may attain.  Such information is more particularly
     described in EXHIBIT L attached hereto, as the same may be amended or
     supplemented by Transferor from time to time.

            (c)     Within thirty (30) days from the date hereof, if requested
     by Transferee, Transferor shall deliver to Transferee an ALTA/ACSM survey
     or a boundary survey, as reasonably required by Transferee, of the Land and
     the Improvements, prepared by a surveyor licensed to practice as such in
     the State, bearing a date not earlier than sixty (60) days from the date of
     its delivery and certified to both Transferee, Transferor and the Title
     Company (and any lender or other party designated by Transferee), showing
     the legal description of the Land, all dimensions thereof, and showing the
     location of Improvements on the Land and the setbacks thereof from the
     property line, as well as the setbacks required by applicable zoning laws
     or regulations (the "Survey").  The Survey shall locate all easements which
     serve and affect the Land.  The Survey shall reflect that no buildings or
     improvements located on any other property encroach upon the Land and that
     the Improvements located upon the Land do not encroach upon any other
     property.  The surveyor preparing the Survey shall certify that (i) the
     Survey is an accurate Survey of the Land and the Improvements, (ii) that
     the Survey was made under the surveyor's supervision, (iii) that the Survey
     meets (a) the requirements of the Title Company for the issuance of the
     Owner's Title Policy free of any general survey exception, and (b) the
     minimum technical standards for land boundary surveys with improvements,
     set forth by applicable statutes or applicable professional organizations,
     and (iv) all buildings and other structures and their relation to the
     property lines are shown and that there are no encroachments, overlaps,
     boundary line disputes, easements, or claims of easements visible on the
     ground, other than those shown on the Survey.  If Transferee has any
     objection to Survey matters, the same shall be treated for all purposes as
     Title Objections within the provisions of this Agreement.

            (d)     Transferor agrees to provide to Transferee, within five (5)
     business days following the date of this Agreement, a copy of any existing
     title insurance policies which Transferor may have in its possession or
     control covering the Real Property, together with legible copies of all
     exception documents referred to therein.  During the Due Diligence Period,
     Transferee, at its expense, shall cause an examination of title to the
     Property to be made and a preliminary title report to be issued (the
     "Preliminary Title Report"), and, prior to the expiration of the Due
     Diligence Period, shall notify Transferor of any defects in title shown by
     such examination that Transferee is unwilling to accept by delivering a pro
     forma copy of the Preliminary Title Report that reflects such unacceptable
     defects in title, which shall be designated as the Title Objections.
     Within ten (10) days after such


                                       9

<PAGE>

     notification, Transferor shall notify Transferee whether Transferor is
     willing to cure such defects.  If Transferor is willing to cure such
     defects, Transferor shall act promptly and diligently to cure such defects
     at its expense.  If any of such defects consist of mortgages, deeds of
     trust, construction or mechanics' liens, tax liens or other liens or
     charges in a fixed sum or capable of computation as a fixed sum, then, to
     that extent, and notwithstanding the foregoing, Transferor shall be
     obligated to pay and discharge such defects at Closing, except for the
     mortgages scheduled and set forth in EXHIBIT M attached hereto (the
     "Mortgage Indebtedness") which Transferee shall take subject to as
     provided in Section 2.3(a).  For such purposes, Transferor may use all
     or a portion of the cash to close.  If Transferor is unable to cure such
     defects by Closing, after having attempted to do so diligently and in good
     faith, Transferee shall elect (1) to waive such defects and proceed to
     Closing without any abatement in the Base Purchase Price, or (2) to
     terminate this Agreement.  Transferor shall not, after the date of this
     Agreement, subject the Property to any liens, encumbrances, leases,
     covenants, conditions, restrictions, easements or other title matters or
     seek any zoning changes or take any other action which may affect or modify
     the status of title without Transferee's prior written consent.  All title
     matters revealed by Transferee's title examination and not objected to by
     Transferee as provided above shall be deemed Permitted Title Exceptions.
     If Transferee shall fail to examine title and notify Transferor of any such
     Title Objections by the end of the Due Diligence Period, all such title
     exceptions (other than those rendering title unmarketable and those that
     are to be paid at Closing as provided above) shall be deemed Permitted
     Title Exceptions.  Notwithstanding the foregoing, Transferee shall not be
     required to take title to the Property subject to any matters which may
     arise subsequent to the effective date of its examination of title to the
     Property made during the Due Diligence Period.

            (e)     Transferor shall deliver to Transferee within fourteen (14)
     days after the date of the execution of this Agreement by Transferor and
     Transferee a disclosure schedule that accurately and completely identifies
     and describes (a) all Employment Agreements (including name of employee,
     social security number, wage or salary, accrued vacation benefits, other
     fringe benefits, etc.), and (b) an updated Golf Club membership list,
     setting forth the names of the members of the Golf Club, the length of
     their membership, the payment obligations of the members and a summary of
     the terms of the memberships (the "Disclosure Schedule").

            (f)     Transferor shall deliver to Transferee within thirty (30)
     days after the date of execution of this Agreement by Transferor and
     Transferee current searches of all Uniform Commercial Code financing
     statements filed with the Secretary of State of the State respecting
     Transferor, together with searches for pending litigation, tax liens and
     bankruptcy filings in all appropriate jurisdictions.

            2.3     PAYMENT OF BASE PURCHASE PRICE.  The Base Purchase Price
shall be paid to Transferor in the following manner:


                                      10

<PAGE>

            (a)     Transferee shall (i) take subject to the Mortgage
     Indebtedness in an aggregate amount not in excess of the Base Purchase
     Price and (ii) receive a credit against the Base Purchase Price in an
     amount equal to a sum necessary to pay off in full the Mortgage
     Indebtedness, including any prepayment premium, and to obtain a release of
     such deeds of trust or mortgages evidencing the Mortgage Indebtedness as of
     the Closing Date, as evidenced by a payoff letter from the beneficiary of
     each such deed of trust or mortgage in form and substance satisfactory to
     Transferee and the Title Company.

            (b)     Transferee shall pay Four Million Five Hundred Thousand
     ($4,500,000) of the Base Purchase Price to Transferor in Owner's Shares.
     The number of Owner's Shares required for such payment shall be One Hundred
     Sixty-Nine Thousand Eight Hundred Eleven (169,811), which is the quotient
     obtained by dividing Four Million Five Hundred Thousand ($4,500,000) by
     Twenty-Six and Fifty-Hundredths Dollars ($26.50).

            (c)     Transferee shall pay the balance of the Base Purchase Price
     in cash, which shall include any amounts necessary to pay for certain costs
     incurred by Transferor in connection with the preparation of certain
     audited financial statements, due diligence costs and closing costs and to
     permit the liquidation of certain third party-interests in Transferor, as
     set forth in a schedule to be prepared by Transferor and delivered to
     Transferee prior to the expiration of the Due Diligence Period, which
     schedule shall be subject to Transferee's review and approval, which
     approval shall not be unreasonably withheld.

            (d)     Transferee shall hold back One Million Dollars ($1,000,000)
     (the "Holdback Amount") from the Base Purchase Price which shall be
     retained by Transferee, and not delivered to Transferor, until the later of
     (i) January 1, 1999, or (ii) the date on which Transferor provides to
     Transferee a release agreement in form and substance reasonably acceptable
     to Transferee pursuant to which Lewis Young releases all claims he may have
     or have in the future against Transferor, Lyndell Young or the Property
     resulting from any alleged debt or equity interest of Lewis Young in
     Transferor or the Property, at which time the Holdback Amount shall be paid
     to Transferor.


                                      ARTICLE 3
                TRANSFEROR'S REPRESENTATIONS, WARRANTIES AND COVENANTS

            To induce Transferee to enter into this Agreement and to purchase
the Property, and to pay the Base Purchase Price therefor, Transferor hereby
makes the following representations, warranties and covenants with respect to
the Property, subject to the Warranty Disclosure Schedule attached hereto as
EXHIBIT P, upon each of which Transferor acknowledges and agrees that Transferee
is entitled to rely and has relied:


                                      11

<PAGE>

            3.1     ORGANIZATION AND POWER.  Transferor is duly formed or
organized, validly existing and in good standing under the laws of the state of
its formation and is qualified to transact business in the State and has all
requisite powers and all governmental licenses, authorizations, consents and
approvals to carry on its business as now conducted and to enter into and
perform its obligations hereunder and under any document or instrument required
to be executed and delivered by or on behalf of Transferor hereunder.

            3.2     AUTHORIZATION AND EXECUTION.  This Agreement has been, and
each of the agreements and certificates of Transferor to be delivered to
Transferee at Closing as provided in Section 5.1 will be, duly authorized by all
necessary action on the part of Transferor, has been duly executed and delivered
by Transferor, constitutes the valid and binding agreement of Transferor and is
enforceable against Transferor in accordance with its terms.  There is no other
person or entity who has an ownership interest in the Property or whose consent
is required in connection with Transferor's performance of its obligations
hereunder.  All action required pursuant to this Agreement necessary to
effectuate the transactions contemplated herein has been, or will at Closing be,
taken promptly and in good faith by Transferor and its representatives and
agents.

            3.3     NONCONTRAVENTION.  The execution and delivery of, and the
performance by Transferor of its obligations under, this Agreement do not and
will not contravene, or constitute a default under, any provision of applicable
law or regulation, Transferor's Organizational Documents or any agreement,
judgment, injunction, order, decree or other instrument binding upon Transferor,
or result in the creation of any lien or other encumbrance on any asset of
Transferor.  There are no outstanding agreements (written or oral) pursuant to
which Transferor (or any predecessor to or representative of Transferor) has
agreed to contribute or has granted an option or right of first refusal to
purchase the Property or any part thereof.  Other than the rights of tenants, as
tenants only, under any leases of any portion of the Property (copies of which
have been provided to Transferee by Transferor), there are no purchase
contracts, options or other agreements of any kind, written or oral, recorded or
unrecorded, whereby any person or entity other than Transferor will have
acquired or will have any basis to assert any right, title or interest in, or
right to possession, use, enjoyment or proceeds of, all or any portion of the
Property.  There are no rights, subscriptions, warrants, options, conversion
rights or agreements of any kind outstanding to purchase or to otherwise acquire
any interest or profit participation of any kind in the Property or any part
thereof.

            3.4     NO SPECIAL TAXES.  Transferor has no knowledge of, nor has
it received any notice of, any special taxes or assessments relating to the
Property or any part thereof, including taxes relating to the business of the
Property, or any planned public improvements that may result in a special tax or
assessment against the Property, that are not otherwise disclosed in the
Preliminary Title Report.  To the best of Transferor's knowledge, there is not
any proposed increase in the assessed valuation of the Real Property for tax
purposes (except as may relate to the transfer contemplated by this Agreement).


                                      12

<PAGE>

            3.5     COMPLIANCE WITH EXISTING LAWS.  Transferor possesses all
Authorizations, each of which is valid and in full force and effect, and no
provision, condition or limitation of any of the Authorizations has been
breached or violated.  Transferor has not misrepresented or failed to disclose
any relevant fact in obtaining all Authorizations, and Transferor has no
knowledge of any change in the circumstances under which any of those
Authorizations were obtained that result in their termination, suspension,
modification or limitation.  Transferor has not taken any action (or failed to
take any action), the omission of which would result in the revocation of any of
the Authorizations.  Transferor has no knowledge, nor has it received notice
within the past three years, of any existing or threatened violation of any
provision of any applicable building, zoning, subdivision, environmental or
other governmental ordinance, resolution, statute, rule, order or regulation,
including but not limited to those of environmental agencies or insurance boards
of underwriters, with respect to the ownership, operation, use, maintenance or
condition of the Property or any part thereof, or requiring any repairs or
alterations other than those that have been made prior to the date hereof.

            3.6     REAL PROPERTY.  To the best of Transferor's knowledge, (i)
the Improvements conform in all respects to all legal requirements, (ii) all
easements necessary or appropriate for the use or operation of the Property have
been obtained, (iii) all contractors and subcontractors retained by Transferor
who have performed work on or supplied materials to the Property have been fully
paid, and all materials used at or on the Property have been fully paid for,
(iv) the Improvements have been completed in all material respects in a
workmanlike manner of first-class quality, and (v) all equipment necessary or
appropriate for the use or operation of the Property has been installed and is
presently operative in good working order.  Transferor has not received any
written notice which is still in effect that there is, and, to the best of
Transferor's knowledge, there does not exist, any violation of a condition or
agreement contained in any easement, restrictive covenant or any similar
instrument or agreement effecting the Real Property, or any portion thereof.

            3.7     PERSONAL PROPERTY.  All of the Tangible Personal Property
and Intangible Personal Property being conveyed by Transferor to Transferee is
free and clear of all liens and encumbrances and will be so on the Closing Date
and Transferor has good, merchantable title thereto and the right to convey same
in accordance with the terms of this Agreement.

            3.8     OPERATING AGREEMENTS.  Each of the Operating Agreements
may be terminated upon not more than thirty (30) days prior written notice
and without the payment of any penalty, fee, premium or other amount.
Transferor has performed all of its obligations under each of the Operating
Agreements and no fact or circumstance has occurred which, by itself or with
the passage of time or the giving of notice or both, would constitute a
default under any of the Operating Agreements.  Transferor shall not enter
into any new Operating Agreements, supply contract, vending or service
contract or other agreements with respect to the Property, nor shall
Transferor enter into any agreements modifying the Operating Agreements,
unless (a) any such agreement or modification will not bind Transferee or the
Property after the Closing Date, or (b)


                                      13

<PAGE>

Transferor has obtained Transferee's prior written consent to such agreement
or modification.  Transferor acknowledges that Transferee will not assume any
of the Operating Agreements and none of the Operating Agreements will be
binding on Transferee or the Property after Closing.

            3.9     WARRANTIES AND GUARANTIES.  Transferor shall not before or
after Closing, release or modify any warranties or guarantees, if any, of
manufacturers, suppliers and installers relating to the Improvements and the
Personal Property or any part thereof, except with the prior written consent of
Transferee.

            3.10    INSURANCE.  All of Transferor's insurance policies are valid
and in full force and effect, all premiums for such policies were paid when due
and all future premiums for such policies (and any replacements thereof) shall
be paid by Transferor on or before the due date therefor.  Transferor shall pay
all premiums on, and shall not cancel or voluntarily allow to expire, any of
Transferor's insurance policies unless such policy is replaced, without any
lapse of coverage, by another policy or policies providing coverage at least as
extensive as the policy or policies being replaced.  Transferor has not received
any notice from any insurance company of any defect or inadequacies in the
Property to any part thereof which would adversely affect the insurability of
the Property, or which would increase the cost of insurance beyond that which
would ordinarily and customarily be charged for similar properties in the
vicinity of the Real Property.  The Property is fully insured in accordance with
prudent and customary practice.

            3.11    CONDEMNATION PROCEEDINGS; ROADWAYS.  Transferor has received
no notice of any condemnation or eminent domain proceeding pending or threatened
against the Property or any part thereof.  Transferor has no knowledge of any
change or proposed change in the route, grade or width of, or otherwise
affecting, any street or road adjacent to or serving the Real Property.  To the
best of Transferor's knowledge, no fact or condition exists which would result
in the termination or material impairment of access to the Real Property from
adjoining public or private streets or ways or which could result in
discontinuation of presently available or otherwise necessary sewer, water,
electric, gas, telephone or other utilities or services.

            3.12    LITIGATION.  Except as disclosed in writing to Transferor,
there is no action, suit or proceeding pending or known to be threatened against
or affecting Transferor or any of its properties in any court, before any
arbitrator or before or by any Governmental Body which (a) in any manner raises
any question affecting the validity or enforceability of this Agreement or any
other agreement or instrument to which Transferor is a party or by which it is
bound and that is or is to be used in connection with, or is contemplated by,
this Agreement, (b) could materially and adversely affect the business,
financial position or results of operations of Transferor, (c) could materially
and adversely affect the ability of Transferor to perform its obligations
hereunder, or under any document to be delivered pursuant hereto, (d) could
create a lien on the Property, any part thereof or any interest therein, (e) the
subject matter of which concerns any past or present employee of Transferor or
its managing agent, or (f) could


                                      14

<PAGE>

otherwise adversely materially affect the Property, any part thereof or any
interest therein or the use, operation, condition or occupancy thereof.

            3.13    LABOR DISPUTES AND AGREEMENTS.  There are no labor disputes
pending or, to the best of Transferor's knowledge, threatened as to the
operation or maintenance of the Property or any part thereof.  Transferor is not
a party to any union or other collective bargaining agreement with employees
employed in connection with the ownership, operation or maintenance of the
Property.  Transferor is not a party to any employment contracts or agreements,
other than the Employment Agreements, and neither Transferor nor its managing
agent will, between the date hereof and the Closing Date, enter into any new
employment contracts or agreements, amend any existing Employment Agreement,
except with the prior written consent of Transferee.  Transferor acknowledges
that Transferee will not assume any of the Employment Agreements and Transferor
has complied with and shall be responsible for compliance with the WARN Act and
any other applicable employment-related laws or ordinances.  Transferor has
complied with the requirements of the federal Immigration and Reform Control Act
respecting the employment of undocumented workers.

            3.14    FINANCIAL INFORMATION.  To the best of Transferor's
knowledge, all of Transferor's financial information, including, without
limitation, all books and records and financial statements, is correct and
complete in all material respects and presents accurately the results of the
operations of the Property for the periods indicated.

            3.15    ORGANIZATIONAL DOCUMENTS.  Transferor's Organizational
Documents are in full force and effect and have not been modified or
supplemented, and no fact or circumstance has occurred that, by itself or with
the giving of notice or the passage of time or both, would constitute a default
thereunder.

            3.16    OPERATION OF PROPERTY.  Transferor covenants, that between
the date hereof and the Closing Date, it will (a) operate the Property in the
usual, regular and ordinary manner consistent with Transferor's prior practice,
(b) maintain its books of account and records in the usual, regular and ordinary
manner, in accordance with sound accounting principles applied on a basis
consistent with the basis used in keeping its books in prior years and (c) use
all reasonable efforts to preserve intact its present business organization,
keep available the services of its present officers, partners and employees and
preserve its relationships with suppliers and others having business dealings
with it.  Except as otherwise permitted hereby, from the date hereof until
Closing, Transferor shall not take any action or fail to take action the result
of which would have a material adverse effect on the Property or Transferee's
ability to continue the operation thereof after the Closing Date in
substantially the same manner as presently conducted, or which would cause any
of the representations and warranties contained in this Article III to be untrue
as of Closing.

            From and after the execution and delivery of this Agreement,
Transferor shall not, other than in the ordinary course of business, (a) make
any agreements which shall be binding upon Transferee with respect to the
Property, or (b) reduce or cause to


                                      15

<PAGE>

be reduced any green fees, membership fees, tournament fees, driving range
fees or any other charges over which Transferor has operational control.
Between the date hereof and the Closing Date, if and to the extent requested
by Transferee, Transferor shall deliver to Transferee such periodic
information with respect to the above information as Transferor customarily
keeps internally for its own use.  Transferor agrees that it will operate the
Property in accordance with the provisions of this Section 3.16 between the
date hereof and the Closing Date.

            3.17    BANKRUPTCY.  No Act of Bankruptcy has occurred with respect
to Transferor.

            3.18    LAND USE.  The current use and occupancy of the Property for
golfing and all other related purposes (including, without limitation, the sale
of merchandise and food and beverages) are permitted as a matter of right as a
principal use under all laws and regulations applicable thereto without the
necessity of any special use permit, special exception or other special permit,
permission or consent and Transferor is not aware of any proposal to change or
restrict such use.  Transferor has all necessary certificates of occupancy or
completion to operate the Property as presently operated and there are no
unfulfilled conditions respecting the development of the Property.

            3.19    PUBLIC OFFERING; PREPARATION OF S-11.  Transferor shall
cooperate in the preparation by an Affiliate of Transferee of a Form S-11 or, if
applicable, a Form S-3 under the Securities Act of 1933, as amended, to be filed
with the SEC in connection with any public offering (the "Registered Offering").
The Registered Offering shall be for purposes of selling shares of common stock
in an Affiliate of Transferee.  Transferor shall provide Transferee access to
all financial and other information relating to the Property which would be
sufficient to enable them to prepare financial statements in conformity with
Regulation S-X of the SEC and to enable the Transferee to prepare a registration
statement, report or disclosure statement for filing with the SEC.  At
Transferee's request, Transferor shall provide to Transferee's representatives a
signed representation letter sufficient to enable an independent public
accountant to render an opinion on the financial statements related to the
Property.

            3.20    HAZARDOUS SUBSTANCES.  Except as may be disclosed in the
Phase I environmental assessment report for the Property, to the best of
Transferor's knowledge, (i) no Hazardous Substances are or have been located on
(except in immaterial amounts used in the ordinary course for the operation or
maintenance of the Property by Transferor in accordance with all applicable
laws), in or under the Property or have been released into the environment, or
discharged, placed or disposed of at, on or under the Property; (ii) no
underground storage tanks are, or have been, located at the Property; (iii) the
Property has never been used to store, treat or dispose of Hazardous Substances;
and (iv) the Property and its prior uses comply with, and at all times have
complied with all applicable Environmental Laws or any other governmental law,
regulation or requirement relating to environmental and occupational health and
safety matters and Hazardous Substances.  To the best of Transferor's knowledge,
there currently exist no


                                      16

<PAGE>

facts or circumstances that could reasonably be expected to give rise to a
material non-compliance with Environmental Laws, material environmental
liability or material Environmental Claim.

            3.21    UTILITIES.  All Utilities required for the operation of the
Property either enter the Property through adjoining streets, or they pass
through adjoining land and do so in accordance with valid public easements or
private easements, and all of said Utilities are installed and are in good
working order and repair and operating as necessary for the operation of the
Property and all installation and connection charges therefor have been paid in
full.  The sewage, sanitation, plumbing, water retention and detention, refuse
disposal and utility facilities in and on and/or servicing the Real Property are
adequate to service the Real Property as it is currently being used and the Real
Property's utilization of such facilities is in compliance with all applicable
governmental and environmental protection authorities' laws, rules, regulations
and requirements.

            3.22    CURB CUTS.  All curb cut street opening permits or licenses
required for vehicular access to and from the Property from any adjoining public
street have been obtained and paid for and are in full force and effect.

            3.23    LEASED PROPERTY.  The Personal Property identified on
EXHIBIT C is all of the leased property at the Property, and such exhibit
reflects the date of each such lease, the name of the lessor, the name of the
lessee, the term of each such lease, the lease payment terms and a description
of the property demised by each such lease.  All leases of such property are in
good standing and free from default.

            3.24    SUFFICIENCY OF CERTAIN ITEMS.  The Property, together with
the Current Assets, contain an amount of equipment and supplies, which is
sufficient to efficiently operate and maintain the Property in the manner in
which it is normally operated and maintained.

            3.25    ACCREDITED INVESTOR.  Transferor and all equity owners of
Transferor are as of the date hereof, and as of the Closing Date shall be,
"Accredited Investors".  Concurrent herewith Transferor shall execute and
deliver to Transferee the Accredited Investor Questionnaire attached hereto as
EXHIBIT N.

     Each of the representations, warranties and covenants contained in this
Article III are intended for the benefit of Transferee and any underwriter in
the Registered Offering.  Each of said representations, warranties and
covenants shall survive the Closing for a period of one (1) year, at which
time they shall expire unless prior to such time Transferee has made a formal,
written claim alleging a breach of one or more of the representations,
warranties or covenants.  No investigation, audit, inspection, review or the
like conducted by or on behalf of Transferee shall be deemed to terminate the
effect of any such representations, warranties and covenants, it being
understood that Transferee has the right to rely thereon and that each such
representation, warranty and

                                      17

<PAGE>

covenant constitutes a material inducement to Transferee to execute this
Agreement and to close the transaction contemplated hereby and to pay the Base
Purchase Price to Transferor.

                                      ARTICLE 4
                TRANSFEREE'S REPRESENTATIONS, WARRANTIES AND COVENANTS

            To induce Transferor to enter into this Agreement and to contribute
the Property, Transferee hereby makes the following representations, warranties
and covenants, upon each of which Transferee acknowledges and agrees that
Transferor is entitled to rely and has relied:

            4.1     ORGANIZATION AND POWER.  Transferee is duly formed or
organized, validly existing and in good standing under the laws of the state of
its formation and has all governmental licenses, Authorizations, consents and
approvals required to carry on its business as now conducted and to enter into
and perform its obligations under this Agreement and any document or instrument
required to be executed and delivered on behalf of Transferee hereunder.

            4.2     NONCONTRAVENTION.  The execution and delivery of this
Agreement and the performance by Transferee of its obligations hereunder do not
and will not contravene, or constitute a default under, any provisions of
applicable law or regulation, Partnership Agreement or any agreement, judgment,
injunction, order, decree or other instrument binding upon Transferee or result
in the creation of any lien or other encumbrance on any asset of Transferee.

            4.3     LITIGATION.  There is no action, suit or proceeding, pending
or known to be threatened, against or affecting Transferee in any court or
before any arbitrator or before any administrative panel or otherwise that (a)
could materially and adversely affect the business, financial position or
results of operations of Transferee, or (b) could materially and adversely
affect the ability of Transferee to perform its obligations hereunder, or under
any document to be delivered pursuant hereto.

            4.4     BANKRUPTCY.  No Act of Bankruptcy has occurred with respect
to Transferee.

            4.5     AUTHORIZATION AND EXECUTION.  This Agreement has been, and
each of the agreements and certificates of Transferee to be delivered to
Transferor at Closing as provided in Section 5.2 will be, duly authorized by all
necessary action on the part of Transferee, has been duly executed and delivered
by Transferee, constitutes the valid and binding agreement of Transferee and is
enforceable against Transferee in accordance with its terms.  All action
required pursuant to this Agreement necessary to effectuate the transactions
contemplated herein has been, or will at Closing be, taken promptly and in good
faith by Transferee and its representatives and agents.


                                      18

<PAGE>

            4.6     TRADE NAME.  Transferee shall not use the trade name
referenced in Recital B(4) in connection with any other property owned by
Transferee or any Affiliate of Transferee.

                                   ARTICLE 5
                      CONDITIONS AND ADDITIONAL COVENANTS

            5.1     AS TO TRANSFEREE'S OBLIGATIONS.  Transferee's obligations
hereunder are subject to the satisfaction of the following conditions
precedent and the compliance by Transferor with the following covenants:

            (a)     TRANSFEROR'S DELIVERIES.  Transferor shall have delivered to
     or for the benefit of Transferee, as the case may be, on or before the
     Closing Date, all of the documents and other information required of
     Transferor pursuant to this Agreement.

            (b)     REPRESENTATIONS, WARRANTIES AND COVENANTS.  All of
     Transferor's representations and warranties made in this Agreement shall be
     true and correct as of the date hereof and as of the Closing Date as if
     then made, there shall have occurred no material adverse change in the
     condition or financial results of the operation of the Property since the
     date hereof.  Transferor shall have performed all of its covenants and
     other obligations under this Agreement and Transferor shall have executed
     and delivered to Transferee on the Closing Date a certificate dated as of
     the Closing Date to the foregoing effect in the form of EXHIBIT O attached
     hereto.

            (c)     TITLE INSURANCE.  The Title Company shall have delivered the
     Owner's Title Policy, subject only to the Permitted Title Exceptions.

            (d)     TITLE TO PROPERTY.  Transferee shall have determined that
     Transferor is the sole owner of good and marketable fee simple title (or
     ground lease interest, as applicable) to the Real Property and to the
     Tangible Personal Property, free and clear of all liens, encumbrances,
     restrictions, conditions and agreements except for Permitted Title
     Exceptions. Transferor shall not have taken any action or permitted or
     suffered any action to be taken by others from the date hereof and through
     and including the Closing Date that would adversely affect the status of
     title to the Real Property or to the Tangible Personal Property.

            (e)     CONDITION OF PROPERTY.  The Real Property and the Tangible
     Personal Property (including but not limited to the golf course, driving
     range, putting greens, mechanical systems, plumbing, electrical wiring,
     appliances, fixtures, heating, air conditioning and ventilating equipment,
     elevators, boilers, equipment, roofs, structural members and furnaces)
     shall be in the same condition at Closing as they are as of the date
     hereof, reasonable wear and tear excepted. Prior to Closing, Transferor
     shall not have diminished the quality or quantity of maintenance and upkeep
     services heretofore provided to the Real Property and

                                      19
<PAGE>

     the Tangible Personal Property.  Transferor shall not have removed or
     caused or permitted to be removed any part or portion of the Real Property
     or the Tangible Personal Property unless the same is replaced, prior to
     Closing, with similar items of at least equal quality and acceptable to
     Transferee.

            (f)     UTILITIES.  All of the Utilities shall be installed in and
     operating at the Property, and service shall be available for the removal
     of garbage and other waste from the Property.  Between the date hereof and
     the Closing Date, Transferor shall have received no notice of any material
     increase or proposed material increase in the rates charged for the
     Utilities from the rates in effect as of the date hereof.

            (g)     LIQUOR LICENSE.  Transferee, or Transferee's nominee, shall
     have obtained all liquor licenses, alcoholic beverage licenses and other
     permits and Authorizations necessary to operate the restaurant, bars, snack
     shops and lounges presently located at the Property.  To that end,
     Transferor and Transferee, or Transferee's nominee, shall have cooperated
     with each other, and each shall have executed such transfer forms, license
     applications and other documents as may be necessary to effect the
     obtaining of the liquor licenses, alcoholic beverage licenses and other
     Authorizations required hereby.

            (h)     PARTNERSHIP AGREEMENT.  Transferor shall have delivered to
     Transferee a countersigned copy of the Partnership Agreement in a form
     prepared by Transferee, which shall be in substantially the form attached
     hereto as EXHIBIT J.

            (i)     GOLF COURSE LEASE.  An Affiliate of Transferor shall have
     delivered to Transferee a countersigned copy of the Golf Course Lease in a
     form prepared by Transferee, which shall be in substantially the form
     attached hereto as EXHIBIT E.

            (j)     APPROVAL BY BOARD OF DIRECTORS.  Approval of the Board of
     Directors of Golf Trust of America, Inc. of the transaction contemplated by
     this Agreement by an affirmative vote prior to the expiration of the Due
     Diligence Period.

Each of the conditions and additional covenants contained in this Section are
intended for the benefit of Transferee and may be waived in whole or in part
by Transferee, but only by an instrument in writing signed by Transferee.

            5.2     AS TO TRANSFEROR'S OBLIGATIONS.  Transferor's obligations
hereunder are subject to the satisfaction of the following conditions
precedent and the compliance by Transferee with the following covenants:

                                      20
<PAGE>

            (a)     TRANSFEREE'S DELIVERIES.  Transferee shall have delivered to
     or for the benefit of Transferor, on or before the Closing Date, all of the
     documents and payments required of Transferee pursuant to this Agreement.

            (b)     REPRESENTATIONS, WARRANTIES AND COVENANTS.  All of
     Transferee's representations and warranties made in this Agreement shall be
     true and correct as of the date hereof and as of the Closing Date as if
     then made and Transferee shall have performed all of its covenants and
     other obligations under this Agreement.

            (c)     COUNTERSIGNED COPIES OF PARTNERSHIP AGREEMENT AND GOLF
     COURSE LEASE.  Transferee shall have delivered to Transferor countersigned
     copies of the Partnership Agreement and Golf Course Lease.

Each of the conditions and additional covenants contained in this Section are
intended for the benefit of Transferor and may be waived in whole or in part, by
Transferor, but only by an instrument in writing signed by Transferor.

                                   ARTICLE 6
                                    CLOSING

            6.1     CLOSING.  Closing shall be held at 9:00 a.m., New York
time, at the offices of Transferee (or counsel to Transferee) on a date that
is ten (10) days after the expiration of the Due Diligence Period; provided,
however, that such ten (10) day period may be extended for an additional
twenty (20) days by Transferee, at its sole discretion by providing written
notice to Transferor prior to the expiration of such ten (10) day period. If
the Closing Date falls on a Saturday, Sunday or other legal holiday, the
Closing shall take place on the first following business day thereafter.
Possession of the Property shall be delivered to Transferee at Closing,
subject only to Permitted Title Exceptions.

            6.2     TRANSFEROR'S DELIVERIES.  At Closing, Transferor shall
deliver to Transferee all of the following instruments, each of which shall
have been duly executed and, where applicable, acknowledged and/or sworn on
behalf of Transferor and shall be dated as of the Closing Date:

            (a)     The certificate required by Section 5.1(b).

            (b)     The Deed.

            (c)     The Bill of Sale - Personal Property.

            (d)     The Partnership Agreement.

            (e)     The Golf Course Lease.

                                      21
<PAGE>

            (f)     Evidence of title acceptable to Transferee for any vehicle
     owned by Transferor and used in connection with the Property.

            (g)     Such agreements, affidavits or other documents as may be
     required by the Title Company to issue the Owner's Title Policy including
     those endorsements requested by Transferee, and to eliminate the standard
     exceptions as exceptions thereto, so that the Owner's Title Policy will be
     subject only to the Permitted Title Exceptions, including, without
     limitation, an appropriate mechanics' and construction lien, possession and
     gap affidavit.

            (h)     The FIRPTA Certificate.

            (i)     To the extent available, true, correct and complete copies
     of all warranties, if any, of manufacturers, suppliers and installers
     possessed by Transferor and relating to the Property, or any part thereof.

            (j)     Certified copies of Transferor's Organizational Documents.

            (k)     Appropriate resolutions of the board of directors or
     partners, as the case may be, of Transferor, certified by the secretary or
     an assistant secretary of Transferor or a general partner, as the case may
     be, together with all other necessary approvals and consents of Transferor,
     authorizing (i) the execution on behalf of Transferor of this Agreement and
     the documents to be executed and delivered by Transferor prior to, at or
     otherwise in connection with Closing, and (ii) the performance by
     Transferor of its obligations hereunder and under such documents, or
     appropriate resolutions of the partners of Transferor, as the case may be.

            (l)     A valid, final and unconditional certificate of occupancy
     for the Real Property and Improvements, issued by the appropriate
     Governmental Body allowing for the use of the Real Property as a golf
     course and permitting the continued operation of the improvements as
     presently operated.

            (m)     Such proof as Transferee may reasonably require with respect
     to Transferor's compliance (or indemnity with respect to compliance) with
     the bulk sales laws or similar statutes.

            (n)     Copy of each and every existing insurance policy covering
     the Property and certificates evidencing such coverage.

            (o)     To the extent available, a set or copies of the plans and
     specifications for the Improvements.

            (p)     A written instrument executed by Transferor, conveying and
     transferring to Transferee all of Transferor's right, title and interest in
     any telephone numbers, fax numbers or internet or electronic mail addresses
     (if

                                      22
<PAGE>

     applicable) relating solely to the Property, and, if Transferor maintains
     a post office box solely with respect to the Property, conveying to
     Transferee all of its interest in and to such post office box and the
     number associated therewith, so as to assure a continuity in operation and
     communication.

            (q)     All current real estate and personal property tax bills in
     Transferor's possession or under its control.

            (r)     All surveys and plot plans of the Real Property in
     possession of or in the control of Transferor.

            (s)     A complete list of all scheduled tournaments, functions and
     the like, in reasonable detail.

            (t)     A list of Transferor's outstanding accounts receivable as of
     midnight on the date prior to the Closing, specifying the name of each
     account and the amount due Transferor.

            (u)     A pay off statement prepared by any holder of Mortgage
     Indebtedness setting forth the amount, including accrued interest and
     prepayment penalties, to pay off the Mortgage Indebtedness.

            (v)     Written notice executed by Transferor notifying all
     interested parties, including all tenants under any leases of the Property,
     that the Property has been conveyed to Transferee and directing that all
     payments, inquiries and the like be forwarded to Transferee at the address
     to be provided by Transferee.

            (x)     Any other document or instrument reasonably requested by
     Transferee with respect to the Property.

            6.3     TRANSFEREE'S DELIVERIES.  At Closing, Transferee shall
pay or deliver to Transferor the following:

            (a)     The cash portion of the Base Purchase Price by federal funds
     wire to an account designated by Transferor.

            (b)     The non-cash portion of the Base Purchase Price payable in
     Owner's Shares issued to such holders and in such denominations to such
     holders as specified by Transferor.

            (c)     Any other document or instrument reasonably requested by
     Transferor relating to the transaction contemplated hereby.

            6.4     MUTUAL DELIVERIES.  At Closing, Transferee and Transferor
shall mutually execute and deliver each to the other:

                                      23
<PAGE>

            (a)     A closing statement for Transferor and a closing statement
     for Transferee (collectively, the "Closing Statements") reflecting the
     Purchase Price and the adjustments and prorations required hereunder and
     the allocation of income and expenses required hereby.

            (b)     Such other documents, instruments and undertakings as may be
     required by the liquor authorities of the State or of any county or
     municipality or Governmental Body having jurisdiction with respect to the
     transfer or issue of any liquor licenses or alcoholic beverage licenses or
     permits for the Property, to the extent not theretofore executed and
     delivered.

            (c)     The Golf Course Lease.

            (d)     The Partnership Agreement.

            (e)     Such other and further documents, papers and instruments as
     may be reasonably required by the parties hereto or their respective
     counsel.

            6.5     CLOSING COSTS.  Except as is otherwise provided in this
Agreement, each party hereto shall pay its own legal fees and expenses, and
Transferor shall pay for the cost of any audit required by Transferee with
respect to the Property.  All filing fees for the Deed and the real estate
transfer, recording or other similar taxes due with respect to the transfer
of title and all charges for title insurance premiums shall be paid by
Transferor. Transferor shall pay for preparation of the documents to be
delivered by Transferor hereunder, and for the releases of any deeds of
trust, mortgages and other financing encumbering the Property and for any
costs associated with any corrective instruments, and for the cost of any due
diligence reports and surveys prepared by or for Transferee with respect to
the Property.  Transferor shall receive a cash payment at closing to pay for
such closing costs as provided in Section 2.3(c).

            6.6     INCOME AND EXPENSE ALLOCATIONS.  All income and expenses
with respect to the Property, and applicable to the period of time before and
after Closing, determined in accordance with generally accepted accounting
principles consistently applied, shall be allocated between Transferor and
Transferee (or, at Transferee's election, between Transferor and the lessee
under the Golf Course Lease to the extent such income or expenses will be
payable by or attributable to such lessee).  Transferor shall be entitled to
all income and shall be responsible for all expenses for the period of time
up to but not including the Closing Date, and Transferee shall be entitled to
all income and shall be responsible for all expenses for the period of time
from, after and including the Closing Date.  Such adjustments shall be shown
on the Closing Statements (with such supporting documentation as the parties
hereto may require being attached as exhibits to the Closing Statements) and
shall increase or decrease (as the case may be) the Base Purchase Price
payable by Transferee. Without limiting the generality of the foregoing, the
following items of income and expense shall be prorated at Closing:

                                      24
<PAGE>

            (a)     Current and prepaid rents or fees, including, without
     limitation, prepaid Golf Club membership fees, function receipts and other
     reservation receipts.

            (b)     Real estate and personal property taxes.

            (c)     Utility charges (including but not limited to charges for
     water, sewer and electricity).

            (d)     Value of fuel stored on the Property at the price paid for
     such fuel by Transferor, including any taxes.

            (e)     Municipal improvement liens where the work has physically
     commenced (certified liens) shall be paid by Transferor at Closing.
     Municipal improvement liens which have been authorized, but where the work
     has not commenced (pending liens) shall be assumed by Transferee.

            (f)     License and permit fees, where transferable.

            (g)     All other income and expenses of the Property, including,
     but not being limited to such things as restaurant and snack bar income and
     expenses and the like.

            (h)     Such other items as are usually and customarily prorated
     between Transferees and Transferors of golf course properties in the area
     in which the Property is located shall be prorated as of the Closing Date.

            6.7     SALES TAXES.  Transferor shall be required to pay all
sales taxes and like impositions arising from the ownership and operation of
the Property currently through the Closing Date.

            6.8     POST-CLOSING ADJUSTMENTS.

            (a)     Transferee shall not be obligated to collect any accounts
     receivable or revenues accrued prior to the Closing Date for Transferor,
     but if Transferee collects same, such amounts will be promptly remitted to
     Transferor in the form received.  Transferee shall receive a credit at
     Closing for the amount of any security deposits held by Transferor under
     any lease of any portion of the Property that is being assigned to
     Transferee in accordance herewith.

            (b)     If accurate allocations and prorations cannot be made at
     Closing because current bills are not obtainable (as, for example, in the
     case of utility bills and/or real estate or personal property taxes), the
     parties shall allocate such income or expenses at Closing on the best
     available information, subject to adjustment outside of escrow upon receipt
     of the final bill or other evidence of the applicable income or expense.
     Any income received or expense incurred by

                                      25
<PAGE>

     Transferor or Transferee with respect to the Property after the Closing
     Date shall be promptly allocated in the manner described herein and the
     parties shall promptly pay or reimburse any amount due.  Transferor shall
     pay at Closing all accrued special assessments and taxes applicable to
     the Property.

                                   ARTICLE 7
                               GENERAL PROVISIONS

            7.1     CONDEMNATION.  In the event of any actual or threatened
taking, pursuant to the power of eminent domain, of all or any portion of the
Real Property, or any proposed sale in lieu thereof, Transferor shall give
written notice thereof to Transferee promptly after Transferor learns or
receives notice thereof.  If all or any part of the Real Property is, or is
to be, so condemned or sold, Transferee shall have the right to terminate
this Agreement pursuant to Section 8.3.  If Transferee elects not to
terminate this Agreement, all proceeds, awards and other payments arising out
of such condemnation or sale (actual or threatened) shall be paid or
assigned, as applicable, to Transferee at Closing.  Transferor will not
settle or compromise any such proceeding without Transferee's prior written
consent.

            7.2     RISK OF LOSS.  The risk of any loss or damage to the
Property prior to the Closing Date shall remain upon Transferor.  If any such
loss or damage occurs prior to Closing, Transferee shall have the right to
terminate this Agreement pursuant to Section 8.3.  If Transferee elects not
to terminate this Agreement, all insurance proceeds and rights to proceeds
arising out of such loss or damage shall be paid or assigned, as applicable,
to Transferee at Closing.

            7.3     REAL ESTATE BROKER.  Except for a broker or finder who
may have been engaged by Transferor and for whom Transferor accepts sole
financial responsibility, and except for any broker or finder who may have
been engaged by Transferee and for whom Transferee accepts sole financial
responsibility, there is no real estate broker involved in this transaction.
Transferee warrants and represents to Transferor that Transferee has not
dealt with any other real estate broker in connection with this transaction,
nor has Transferee been introduced to the Property or to Transferor by any
other real estate broker, and Transferee shall indemnify Transferor and save
and hold Transferor harmless from and against any claims, suits, demands or
liabilities of any kind or nature whatsoever arising on account of the claim
of any person, firm or corporation to a real estate brokerage commission or a
finder's fee as a result of having dealt with Transferee, or as a result of
having introduced Transferee to Transferor or to the Property.  In like
manner, Transferor warrants and represents to Transferee that Transferor has
not dealt with any real estate broker in connection with this transaction,
nor has Transferor been introduced to Transferee by any real estate broker,
and Transferor shall indemnify Transferee and save and hold Transferee
harmless from and against any claims, suits, demands or liabilities of any
kind or nature whatsoever arising on account of the claim of any person, firm
or corporation to a real estate brokerage commission or a finder's fee as a
result of having dealt with Transferor in connection with this transaction.
Transferee acknowledges that David J. Dick, an

                                      26
<PAGE>

officer of the Transferee, is a licensed California real estate broker but is
not acting as a broker in relation to this Agreement.

            7.4     CONFIDENTIALITY.  Except as hereinafter provided, from
and after the execution of this Agreement, Transferee and Transferor shall
keep the terms, conditions and provisions of this Agreement confidential and
neither shall make any public announcements hereof unless the other first
approves of same in writing, nor shall either disclose the terms, conditions
and provisions hereof, except to their respective attorneys, accountants,
engineers, surveyors, financiers and bankers.  Notwithstanding the foregoing,
it is acknowledged that the Company is a public company and will make a
public announcement concerning this transaction and that the Company
anticipates that it will seek to sell shares of its common stock and other
securities (collectively, the "Securities") to the general public pursuant to
a public offering and that in connection therewith, Transferee will have the
absolute right to market the Securities and prepare and file all necessary or
required registration statements and other papers, documents and instruments
necessary or required in Transferee's judgment and that of its attorneys and
underwriters to file a registration statement with respect to the Securities
with the SEC and/or similar state authorities and to cause same to become
effective and to disclose therein and thus to its underwriters, to the SEC
and/or to similar state authorities and to the public all of the terms,
conditions and provisions of this Agreement.  The obligations of this Section
7.4 shall survive any termination of this Agreement.

            7.5     LIQUOR LICENSES.  Transferor shall transfer or cause to
be transferred to Transferee or, at Transferee's discretion, Transferee's
nominee (which may include the lessee under the Golf Course Lease), all
liquor licenses and alcoholic beverage licenses, if any, necessary to operate
the restaurant, bars, snack bars and lounges presently located within the
Property, if any.  To that end, Transferor and Transferee, or Transferee's
nominee, shall cooperate each with the other, and each shall execute such
transfer forms, license applications and other documents as may be necessary
to effect such transfer. If permitted under the laws of the jurisdiction in
which the Property is located, the parties shall execute and file all
necessary transfer forms, applications and papers with the appropriate liquor
and alcoholic beverage authorities prior to Closing, to the end that the
transfer shall take effect, if possible, on the Closing Date, simultaneously
with Closing.  If not so permitted, then the parties agree each with the
other that they will promptly execute all transfer forms, applications and
other documents required by the liquor authorities in order to effect such
transfer at the earliest date in time possible consistent with the laws of
the State in order that all liquor licenses may be transferred from
Transferor to Transferee, or Transferee's nominee, at the earliest possible
time.  If under the laws of the State such licenses cannot be transferred
until after the Closing of the transaction contemplated hereby, then
Transferor covenants and agrees that Transferor will cooperate with
Transferee, or Transferee's nominee, in keeping open the bars and liquor
facilities of the Property between the Closing Date and the time when such
liquor license transfers actually become effective, by exercising management
and supervision of such facilities until such time under Transferor's
licenses, provided, however, that Transferee shall indemnify and hold
Transferor harmless from any liability, damages or claims encountered in

                                      27
<PAGE>

connection with such operations during said period of time, except for
Transferor's gross negligence or willful misconduct.

                                   ARTICLE 8
            LIABILITY OF TRANSFEREE; INDEMNIFICATION BY TRANSFEROR;
                               TERMINATION RIGHTS

            8.1     LIABILITY OF TRANSFEREE.  Except for any obligation
expressly assumed or agreed to be assumed by Transferee hereunder, Transferee
does not assume any obligation of Transferor or any liability for claims
arising out of any occurrence prior to Closing.

            8.2     INDEMNIFICATION BY TRANSFEROR.  Transferor hereby
indemnifies and holds Transferee harmless from and against any and all
claims, costs, penalties, damages, losses, liabilities and expenses
(including reasonable attorneys' fees) that may at any time be incurred by
Transferee, whether before or after Closing, as a result of any breach by
Transferor of any of its representations, warranties, covenants or
obligations set forth herein or in any other document delivered by Transferor
pursuant hereto, for a period of one (1) year following the Closing.  The
provisions of this section shall survive termination of this Agreement by
Transferee or Transferor.

            8.3     TERMINATION BY TRANSFEREE.  If any condition set forth
herein for the benefit of Transferee cannot or will not be satisfied prior to
Closing, or upon the occurrence of any other event that would entitle
Transferee to terminate this Agreement and its obligations hereunder, and
Transferor fails to cure any such matter within ten (10) business days after
notice thereof from Transferee, Transferee, at its option, may elect either
(a) to terminate this Agreement and all other rights and obligations of
Transferor and Transferee hereunder shall terminate immediately, or (b) to
waive its right to terminate (but without waiving any breach or default on
the part of Transferor) and, instead, to proceed to Closing.  If Transferee
terminates this Agreement as a consequence of a misrepresentation or breach
of a warranty or covenant by Transferor, or a failure by Transferor to
perform its obligations hereunder, then Transferee shall retain all remedies
accruing as a result thereof, including, without limitation, specific
performance.

            8.4     TERMINATION BY TRANSFEROR.  If any condition set forth
herein for the benefit of Transferor (other than a default by Transferee)
cannot or will not be satisfied prior to Closing, and Transferee fails to
cure any such matter within ten (10) business days after notice thereof from
Transferor, Transferor may, at its option, elect either (a) to terminate this
Agreement, in which event the rights and obligations of Transferor and
Transferee hereunder shall terminate immediately, or (b) to waive its right
to terminate, and instead, to proceed to Closing.  If, prior to Closing,
Transferee defaults in performing any of its obligations under this Agreement
(including its obligation to purchase the Property), and Transferee fails to
cure any such default within ten (10) business days after notice thereof from
Transferor, then Transferor's sole remedy for

                                      28
<PAGE>

such default shall be to terminate this Agreement and Transferor waives any
claims for damages, actual, consequential or otherwise, that it may possess
against Transferee.

            8.5     COSTS AND ATTORNEYS' FEES.  In the event of any
litigation or dispute between the parties arising out of or in any way
connected with this Agreement, resulting in any litigation, arbitration or
other form of dispute resolution, then the prevailing party in such
litigation shall be entitled to recover its costs of prosecuting and/or
defending same, including, without limitation, reasonable attorneys' fees at
trial and all appellate levels.

                                   ARTICLE 9
                            MISCELLANEOUS PROVISIONS

            9.1     COMPLETENESS; MODIFICATION.  This Agreement constitutes
the entire agreement between the parties hereto with respect to the
transactions contemplated hereby and supersedes all prior discussions,
understandings, agreements and negotiations between the parties hereto.  This
Agreement may be modified only by a written instrument duly executed by the
parties hereto.

            9.2     ASSIGNMENTS.  Transferee may assign its rights hereunder
to an Affiliate of Transferee without the consent of Transferor.  Transferee
may not otherwise assign its interest herein without the prior written
consent of Transferor.  Transferor may not assign any of its rights pursuant
to this Agreement without the prior written consent of Transferee, which may
be withheld in Transferee's sole and absolute discretion.

            9.3     SUCCESSORS AND ASSIGNS.  This Agreement shall bind and
inure to the benefit of the parties hereto and their respective successors
and assigns.

            9.4     DAYS. If any action is required to be performed, or if
any notice, consent or other communication is given, on a day that is a
Saturday or Sunday or a legal holiday in the jurisdiction in which the action
is required to be performed or in which is located the intended recipient of
such notice, consent or other communication, such performance shall be deemed
to be required, and such notice, consent or other communication shall be
deemed to be given, on the first business day following such Saturday, Sunday
or legal holiday.  Unless otherwise specified herein, all references herein
to a "day" or "days" shall refer to calendar days and not business days.

            9.5     GOVERNING LAW.  This Agreement and all documents referred
to herein shall be governed by and construed and interpreted in accordance
with the laws of the State.

            9.6     COUNTERPARTS.  To facilitate execution, this Agreement
may be executed in as many counterparts as may be required.  It shall not be
necessary that the signature on behalf of both parties hereto appear on each
counterpart hereof.  All counterparts hereof shall collectively constitute a
single agreement.

                                      29
<PAGE>

            9.7     SEVERABILITY.  If any term, covenant or condition of this
Agreement, or the application thereof to any person or circumstance, shall to
any extent be invalid or unenforceable, the remainder of this Agreement, or
the application of such term, covenant or condition to other persons or
circumstances, shall not be affected thereby, and each term, covenant or
condition of this Agreement shall be valid and enforceable to the fullest
extent permitted by law.

            9.8     COSTS.  Regardless of whether Closing occurs hereunder,
and except as otherwise expressly provided herein, each party hereto shall be
responsible for its own costs in connection with this Agreement and the
transactions contemplated hereby, including without limitation, fees of
attorneys, engineers and accountants.

            9.9     NOTICES.  All notices, requests, demands and other
communications hereunder shall be in writing and shall be delivered by hand,
transmitted by facsimile transmission, sent prepaid by Federal Express (or a
comparable overnight delivery service) or sent by the United States mail,
certified, postage prepaid, return receipt requested, at the addresses and
with such copies as on the Summary Sheet or to such other address as the
intended recipient may have specified in a notice to the other party.  Any
party hereto may change its address or designate different or other persons
or entities to receive copies by notifying the other party and Escrow Agent
in a manner described in this Section.  Any notice, request, demand or other
communication delivered or sent in the manner aforesaid shall be deemed given
or made (as the case may be) when actually delivered to the intended
recipient.

            9.10    INCORPORATION BY REFERENCE.  All of the exhibits attached
hereto are by this reference incorporated herein and made a part hereof.

            9.11    SURVIVAL.  Except as expressly provided in Section 3, all
of the representations, warranties, covenants and agreements of Transferor
and Transferee made in, or pursuant to, this Agreement shall survive Closing
and shall not merge into the Deed or any other document or instrument
executed and delivered in connection herewith.

            9.12    FURTHER ASSURANCES.  Transferor and Transferee each
covenant and agree to sign, execute and deliver, or cause to be signed,
executed and delivered, and to do or make, or cause to be done or made, upon
the written request of the other party, any and all agreements, instruments,
papers, deeds, acts or things, supplemental, confirmatory or otherwise, as
may be reasonably required by either party hereto for the purpose of or in
connection with consummating the transactions described herein.

            9.13    NO PARTNERSHIP.  This Agreement does not and shall not be
construed to create a partnership, joint venture or any other relationship
between the parties hereto except the relationship of Transferor and
Transferee specifically established hereby.

                                      30
<PAGE>

            9.14    CONFIDENTIALITY.  Any confidential information delivered
by Transferor to Transferee hereunder shall be used solely for the purpose of
acquiring the Property and Transferee will keep such information
confidential; provided Transferee shall have the right to provide such
information to its consultants and advisors and to disclose such information
as Transferee determines is necessary or appropriate in connection with any
public offering of the Securities.  If Transferee does not acquire the
Property, it shall deliver to Transferor copies of all proprietary
information delivered to Transferee by Transferor.  Transferor agrees to keep
confidential the terms and conditions of this Agreement; provided, Transferor
shall have the right to provide such information to its consultants and
advisors.

            IN WITNESS WHEREOF, Transferor and Transferee have hereunder
affixed their signatures to this Contribution and Leaseback Agreement, all as
of December 18, 1997.


                              "TRANSFEREE"

                              GOLF TRUST OF AMERICA, L.P., A DELAWARE LIMITED
                              PARTNERSHIP

                              By:  GTA GP, Inc. a Maryland corporation
                              Its: General Partner


                                   By: /s/ W. Bradley Blair
                                      -------------------------------------
                                   Its: President
                                       ------------------------------------


                              "TRANSFEROR"

                              STONEHENGE GOLF DEVELOPMENT, LLC, A SOUTH CAROLINA
                              LIMITED LIABILITY COMPANY

                              By: /s/ Lyndell L. Young
                                  --------------------------------
                              Its: President
                                   -------------------------------


                                      31