Exhibit 10.31

AMENDMENT TO LOAN AGREEMENT

THIS AMENDMENT TO LOAN AGREEMENT(this "Amendment") is made
effective as of July 15, 2004, by and betweenGTA-IB, LLC, a Florida limited liability company
("GTA-IB"), andGOLF TRUST OF AMERICA, L.P., a Delaware limited partnership (the
"Lender").

R E C I T A L S

A.Reference is made to that certain Loan Agreement (the "Agreement") dated
as of June 20, 1997, by and between the Lender and Golf Host Resorts, Inc., a Colorado corporation (the "Prior Borrower"). Capitalized
terms used without definition in this Amendment shall have the meanings assigned to such terms in the Agreement.

B.Pursuant to that certain Settlement Agreement dated as of July 15, 2004 by and among (i) the Prior Borrower,
(ii) Golf Hosts, Inc., a Florida corporation, (iii) Golf Host Management, Inc., a Delaware corporation, (iv) Golf Host Condominium, Inc., a Delaware
corporation, (v) Golf Host Condominium, LLC, a Delaware limited liability company, (vi) GTA-IB and (vii) Lender (the "Settlement
Agreement"), the Prior Borrower has been released from its obligations under the Agreement and GTA-IB has agreed to undertake these obligations under the Agreement.

C.GTA-IB and the Lender acknowledge and agree that the Borrower is in default of its obligations under the
Agreement, as described in the Settlement Agreement, and that such default shall not be deemed to be cured or waived under this Amendment. Nothing herein shall eliminate or restrict the Lender's right
to take all action under the Agreement and at law with respect to such default.

D.In furtherance of the Settlement Agreement, GTA-IB and Lender have agreed to amend the Agreement on the terms
and conditions set forth herein.

NOW, THEREFORE,in consideration of the covenants and conditions herein contained, the parties hereto agree as follows:

1.Defined Terms. In Section 1.1, the defined term below is hereby amended and restated as follows:



2.Interest on Additional Interest Amount. Section 2.1(d) of the Agreement is hereby deleted in its entirety.

3.Section 2.3. Section 2.3 of the Agreement is hereby amended and restated as follows:



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4.Section 2.4. Section 2.4 of the Agreement is hereby amended and restated as follows:



5.Section 2.6. Section 2.6 of the Agreement is hereby deleted in its entirety.

6.Section 6.1. Section 6.1 of the Agreement is hereby deleted in its entirety.

7.Section 6.8. The second sentence of Section 6.8 of the Agreement is hereby deleted.

8.Section 6.9(e). The first sentence of Section 6.9(e) of the Agreement is hereby deleted.

9.Section 6.10(a). Section 6.10(a) of the Agreement is hereby amended and restated as follows:



10.Section 6.10(b). Section 6.10(b) of the Agreement is hereby amended and restated as follows:



11.Section 6.20. Section 6.20 of the Agreement is hereby deleted in its entirety.

12.Section 16.17. Section 16.17 of the Agreement is hereby amended and restated as follows:



13.Construction. Except as expressly amended by this Amendment, the Agreement shall remain in full force and effect.

14.Governing Law.THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

15.Counterparts. This Amendment may be executed in counterparts, each of which shall be an original and all of which
counterparts taken together shall constitute one and the same agreement.

[Signature
page attached]

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IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered as of the date first above written.

GTA-IB:

GTA-IB, LLC,
a Florida limited liability company

|By:                                                           |  | /s/W. BRADLEY BLAIR, II |  | 
|------------------------------------------------------------- |  | ----------------------- |  | 
|Its:                                                          |  | President               |  | 
|Lender:                                                       |  |                        
|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, II |  | 
|Its:                                                          |  | President               |  | 

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