Exhibit 10.30.3

Prepared by and Return to:
PARKER POE ADAMS & BERNSTEIN, L.L.P.
200 Meeting Street, Suite 301
Charleston, South Carolina 29401
Attn: Matthew J. Norton, Esq.

SECOND AMENDMENT TO PARCEL F DEVELOPMENT AGREEMENT

THIS SECOND AMENDMENT TO PARCEL F DEVELOPMENT AGREEMENT (this "Second Amendment") is made as of the 10th day of August, 2005, by and among, PARCEL F,
LLC, a Florida limited liability company, formerly known as Innisbrook F, LLC ("Parcel F Purchaser");GOLF HOST
RESORTS, LLC, a Colorado limited liability company, formerly known as Golf Host Resorts, Inc., a Colorado corporation ("Golf Host"); andGTA IB,
LLC, a Florida limited liability company; and consented to byGOLF TRUST OF AMERICA, L.P., a Delaware limited partnership
(collectively, "GTA").

THE
PARTIES ENTER THIS SECOND AMENDMENT on the basis of the following facts,

A.    As
of March 29, 2004, Parcel F Purchaser and Golf Host entered into (with the consent of Golf Trust of America, L.P.) the Parcel F Development
Agreement recorded in OR Book 13469, Page 480 of the Public Records of Pinellas County, Florida (as amended, the "Development Agreement").

B.    As
of March 11, 2005, Parcel F Purchaser and Golf Host entered into (with the consent of Golf Trust of America, L.P.) the First Amendment to the
Parcel F Development Agreement.

C.    Golf
Host was the owner of the real property more particularly described onExhibit A-1to the
Development Agreement (the "Golf Course Parcel") located within the community commonly known as "Innisbrook" upon which golf courses and other facilities are located (collectively, the "Club
Facilities"). Subsequently, Golf Host conveyed all of its right, title, and interest in the Golf Course Parcel to GTA IB, LLC, a subsidiary of Golf Trust of America, L.P., and as a result
thereof, GTA IB, LLC is hereby added as a party to the Development Agreement as the Golf Course Owner.

D.    Golf
Host is the owner of the real property more particularly described onExhibit A-2to the
Development Agreement ("Parcel F") located within Innisbrook and adjacent to holes 8 through 14 of the 18 hole "Island" golf course located within the Golf Course Parcel (the "Island
Course").

E.    Golf
Host intends to sell to Parcel F Purchaser, and Parcel F Purchaser intends to purchase from Golf Host, Parcel F pursuant to and in accordance
with certain Amended and Restated Agreement For Sale And Purchase of Real PropertyParcel F dated June 29, 2004, which amended and restated that certain Agreement for
Purchase and Sale of Real Property dated July 13, 2001 (as amended, "Purchase Agreement").

F.     Parcel
F Purchaser intends to develop Parcel F as a residential community pursuant to the Development Agreement containing common areas and a mixture of product
types and not more than 400 residential units, as more particularly described in the Plans (as defined in the Development Agreement) as the Plans may be modified pursuant to the Development Agreement
and such Parcel F development shall include without limitation the development of the Parcel F Access Road in accordance with the terms of the Development Agreement (collectively, the
"Parcel F Development").

G.    Subject
to the usual and customary noise and other unavoidable impacts directly associated with the development of the Parcel F Development, Parcel F Purchaser has agreed
pursuant to the Development Agreement (A) to undertake the Parcel F Development in accordance with the Plans and in such a manner so as to (i) avoid any unnecessary and/or avoidable
disruption to the Club Facilities to the fullest extent practicable, (ii) comply with the limitations set forth in the Development Agreement including Exhibit Nto the Development
Agreement, and (iii) comply with all applicable

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laws,
rules and regulations, and (B) to require purchasers of residential units located on Parcel F to promptly join the Innisbrook Resort and Golf Club.

H.    Parcel F
Purchaser, Golf Host, and GTA now agree to further amend the Development Agreement subject to the terms, provisions, and covenants contained in this
Second Amendment.

NOW,
THEREFORE, in consideration of Ten Dollars ($10.00) and other good and valuable consideration the receipt of which and sufficiency of which are hereby acknowledged, the parties
hereto agree as follows:

1.Recitals.The party making the respective foregoing Recitals represents that the respective Recitals are true
and correct. The Recitals are incorporated into this Second Amendment by reference as binding provisions on the parties.

2.Definitions.Certain defined terms used in this Second Amendment are denoted by the capitalizing of the first
letter in such term. When used herein, such terms shall have the meaning given to them in the Development Agreement, unless either context or use clearly indicates otherwise or such terms are
elsewhere herein defined.

3.Section 5.3.Section 5.3 of the Development Agreement is hereby deleted in its entirety and the
following Section 5.3.1 is substituted in lieu thereof:



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4.New Section 5.3.2.The following new Section 5.3.2 shall be added to the Development Agreement.



5.New Section 5.3.3.The following new Section 5.3.3 shall be added to the Development Agreement.



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6.Exhibit Q.Exhibit Qof the Development
Agreement is hereby deleted in its entirety andExhibit Q-1hereto is substituted in lieu thereof.

7.New Exhibit Q-2.The exhibit set forth as Exhibit Q-2hereto shall be added to the Development Agreement
as a new Exhibit Q-2.

8.Golf Course Parcel.The defined term "Golf Course Parcel" excludes all real property that has been partially
released from the GTA Mortgage as of the date of this Second Amendment.

9.Subordination of GTA Mortgage.GTA is, as of the date of this Second Amendment, the mortgagee pursuant to the
GTA Mortgage. GTA hereby confirms the subordination of its lien and rights under the GTA Mortgage to the Development Agreement and GTA will not foreclose or cancel any rights or interests of Golf
Course Owner or Parcel F Owner or otherwise pursuant to the Development Agreement.

10.Miscellaneous.Except as modified hereby, the Development Agreement shall remain unmodified and in full
force and effect. In the event of any conflict between the provisions of this Second Amendment and the provisions of the Development Agreement, the provisions of this Second Amendment shall govern and
control. This Second Amendment may be executed in counterparts, each of which shall be deemed an original and all of which, when taken together shall constitute one complete agreement.

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IN
WITNESS WHEREOF, the undersigned have executed this Second Amendment as of the day and year first above written.

|SIGNED, SEALED AND DELIVERED
in the Presence of: |  | PARCEL F, LLC, a Florida limited liability corporation, formerly known as Innisbrook F, LLC
|------------------------------------------------ |  | -------------------------------------------------------------------------------------------
|                                                 |  | By:                                                                                        
|Print Name:                                      |  |                                                                                            
|                                                 |  |                                                                                            
|Print Name:                                      |  |                                                                                            
|                                                 |  |                                                                                            
|                                                 |  | By:                                                                                        
|Print Name:                                      |  |                                                                                            
|                                                 |  |                                                                                            
|Print Name:                                      |  |                                                                                            
|                                                 |  |                                                                                            
|                                                 |  | By:                                                                                        
|Print Name:                                      |  |                                                                                            
|                                                 |  |                                                                                            
|Print Name:                                      |  |                                                                                            

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The
undersigned hereby consents to this Second Amendment, subject to and in accordance with, the terms of this Second Amendment and all of the exhibits thereto.

|                                                 |  |     | GOLF TRUST OF AMERICA, L.P.,a Delaware limited partnership
|------------------------------------------------ |  | --- | ----------------------------------------------------------
|SIGNED, SEALED AND DELIVERED
in the Presence of: |  | By: | GTA GP, INC., a Maryland corporation                      
|                                                 |  | By: | /s/W. BRADLEY BLAIR, II                                   
|Print Name:                                      |  |     | Name: W. Bradley Blair, II
Its: President and CEO         
|                                                 |  |     |                                                           
|Print Name:                                      |  |     |                                                           

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EXHIBIT Q-1

The following is a description of the improvements required to repair and retrofit the Golf Course Parcel (excluding the construction of the improvements in the
Parcel F Access Road and Easements including the resodding of any of the Easements resulting from Parcel F Owner's Development and further excluding any improvements [which detail shall be
approved by Golf Course Owner and paid for by Parcel F Owner] necessary to reroute and/or replace the cart path and raise the grade on the Golf Course Parcel or Parcel F Access Road to
accommodate the tie-in of the golf cart path to the Parcel F Access Road connecting Hole 17 green and Hole 18 tee box), including without limitation, changes to the irrigation system, cart
and maintenance equipment path relocation, and shaping and recontouring of the Golf Course Parcel. Also included are sod areas needed for erosion control and sod areas that abut the cart paths to be
installed on the easements to the right and left of hole 10. The estimated cost for the work described below is approximately $185,000.00 (the "Cost Estimate") and Golf Course Owner agrees that Parcel
F Owner's responsibility to pay for such improvements shall not exceed $235,000.00 (the "Cost Cap"), subject to the Cost Cap Increase, if any, related to the construction of the pump house described
below; and provided, further, that if such work is not completed on or before December 31, 2007, the Cost Cap will increase by 10% on January 1, 2008 and again on January 1 of
each subsequent calendar year.

The
following is a hole by hole description of necessary work:

Hole 8:

Clearing behind 8 green with the abrupt natural slope will require additional irrigation and sodding of the slope to prevent erosion. Additionally, there will be
a 419 Bermuda buffer before transitioning into the typical St. Augustine grasses used by homeowners and construction tie-ins.

Hole 9:

The 9-tee complex needs some additional irrigation and sodding for erosion control depending on how much clearing is done in this area. The same
explanation as provided above applies to this tee surround area.

Hole 10:

Irrigation to the right and left of 10 fairway will be minimally affected. There are several lines that will need to be stubbed out and fitted with
180-degree sprinkler heads. The green complex has existing heads that encroach on to Parcel F and will need to be redesigned to throw from the perimeter in. As stated above, there will be
419 Bermuda tie-ins required at various points in the property line.

Hole 11:

The 11-tee complex will be bisected with a road resulting in a total redesigning of the irrigation for the black and gold tees and adjustments needed
for the silver tees. Along with irrigation adjustments and the relocation of the control box immediately to the right of the black tee, the existing cart path will need to be relocated to the opposite
side of the tee complex to compensate for slope.

In
the fairway at the location of the stormwater depression, we will have to move or replace approximately 500 feet of pipe, wire and tubing. The addition of irrigation heads will be
determined by the slope and plantings along the dry retention. If sodding is necessary of the entire slope, this could require up to 50,000 square feet of 419 Bermuda. The Golf Course Owner will
require final sign off on any elevation changes to the fairway, tie-ins and or plantings that would impact the Golf Course Parcel. The left side of the fairway will require extensive
irrigation line stubbing with 180-degree replacement heads.

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Holes 12 and 13:

With respect to the fifteen foot utility easement along the north property line of hole 13, we will have to move approximately 200 yards of line and existing
heads that are currently located 3 feet from the Highlands property line. There would be additional cost if the area were converted to anything other than the existing grass.

Hole 14:

The location of the stormwater depression would require moving or replacing approximately 300 feet of pipe, wire and tubing. This area would be treated the same
as the retention area adjacent to hole 11. The addition of irrigation heads will be determined by the slope and plantings along the dry retention. If sodding is necessary of the entire slope, this
could require up to 20,000 square feet of Bermuda.

Maintenance Equipment Access.An estimated 1,200 linear feet of paths for maintenance equipment access from the
14th green complex across existing Range Road to the existing 10th tee cart path; from players left of Hole 10 fairway to players left of Hole 9 fairway and access to
existing pump station adjacent to existing Range Road. [Not noted on the site plan nor provided as an easement, the existing access road from players right of fairway bunker on Hole 18
needs to be included in this equipment access expense.] Two 8" sleeves for any future irrigation also need to be installed at the time of construction. Materials used for path construction
will be consistent with existing path tie-ins and or materials used for newly constructed sidewalks. The construction of the paths needs to meet stability requirements to withstand erosion
and weight of vehicles used on the paths. There needs to be minimum of 5 feet of sod on either side of all equipment access paths for additional stability and erosion control.

Resort Golf Course Mapping.All resort and golf course mapping will need to be updated due to construction changes. These
items include, but are not limited to, scorecards, yardage books, yardage guides and resort and course maps. In addition, relasering of the affected holes, relocated sprinkler heads, tee areas and
re-installation of yardage monuments would need to be updated. Golf course tee signs would need to be updated to reflect the changes as well.

Pump house.The Florida Power access is included in the Cost Estimate and Cost Cap provided above. The relocation of main
lines, dredging of the canal, proper water flow and access for on-going maintenance, and submersible pumps, etc. will need to be completed at the same time as the construction of the
Parcel F Access Road because of the canal and the water flow issues. Up to $50,000 of improvements to the pump house in the pump house footprint shall be included in the Cost Estimate and Cost Cap;
provided, however, if the cost of the construction of improvements to the pump house in the pump house footprint exceeds $50,000, then the amount that exceeds $50,000 shall constitute the Cost Cap
Increase and such amount shall be paid for by Parcel F Owner and be added to the Cost Cap. All construction that affects the irrigation system should be subject to final approval by the Golf
Course Owner with coordination sign off rights.

All of the above costs shall be paid for by Parcel F Owner and shall be included in the work contemplated inSection 5.3.1of the Development Agreement.

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EXHIBIT Q-2

The Westin Innisbrook Golf Resort

The following is an analysis of the estimated costs to realign the Island 18th fairway and establish a barrier along the Parcel F Access Road. The
estimated cost for the work described below is approximately $250,000.00 and Golf Course Owner agrees that Parcel F Owner's responsibility to pay for such improvements shall not exceed $275,000.00
(the "Realignment Cost Cap"); provided, however, that if such Realignment is not completed on or before December 31, 2006, the Cost Cap will increase by 10% on January 1, 2007 and again
on January 1 of each subsequent calendar year.

|Item |  | Description                                   |  | Estimated
Cost
|---- |  | --------------------------------------------- |  | --------------
|A    |  | Removal and replacement of existing cart path |  | $             
|B    |  | Realignment of Tees                           |  |               
|     |  | Irrigation realignment of tees (in house)     |  |               
|C    |  | Tree removal on left side of fairway          |  |               
|     |  | Sop and fill (in house)                       |  |               
|D    |  | Fairway fill and sod materials                |  |               
|E    |  | Netting with 60 foot utility poles            |  |               
|F    |  | Landscape materials along the access road     |  |               
|     |  | Contingency                                   |  |               
|     |  |                                               |  |               
|     |  | Estimated costs                               |  | $             
|     |  |                                               |  |               

All of the above costs shall be paid for by Parcel F Owner and shall be included in the work contemplated inSection 5.3.2of the Development Agreement.

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