TERMINATION
      AND RELEASE AGREEMENT

     

    THIS
      TERMINATION AND RELEASE AGREEMENT (the “Agreement”)
      is
      entered into as of October 2, 2007 by and among KEY HOSPITALITY ACQUISITION
      CORPORATION, a Delaware corporation (“Key”),
      CAY
      CLUBS, INC., a Delaware corporation and a wholly owned subsidiary of Key
      (“Parent”),
      KEY
      MERGER SUB LLC, a Florida limited liability company and a wholly owned
      subsidiary of Parent (“Key
      Merger Sub”),
      KEY
      MERGER SUB INC., a Delaware corporation and a wholly owned subsidiary of Parent
      (“New
      Key Merger Sub”
and,
      together with Key Merger Sub, the “Merger
      Subs”
      and
      each
      a “Merger
      Sub”),
      CAY
      CLUBS LLC, a Florida limited liability company (the “Company”),
      and
      each of the persons listed under the caption “Members”
on
      the
      signature page hereof, such persons being all of the members of the Company
      (collectively, the “Members”).
      Key,
      Parent, Merger Subs, the Company and Members, hereinafter collectively referred
      to as, the “Parties”.

    


    WHEREAS,
      on August 2, 2007, the Parties entered into that certain AMENDED AND RESTATED
      AGREEMENT AND PLAN OF MERGER (the “Merger
      Agreement”).
      All
      capitalized terms used herein and not defined, will have the meanings ascribed
      to them in the Merger Agreement; and

     

    WHEREAS,
      the Parties desire to terminate the Merger Agreement on the terms and conditions
      set forth herein.

     

    NOW,
      THEREFORE, in consideration of the premises and the mutual agreements
      hereinafter set forth, the Parties hereby agree as follows:

     

    SECTION
      1.  Termination
      of Merger Agreement.
      By
      their execution of this Agreement, the Parties acknowledge and agree that,
      effective as of the date hereof, the Merger Agreement is hereby irrevocably
      terminated and of no further force or effect.

     

    SECTION
      2.  Release
      of Claims

     

    (a) Release
      by Key, Parent and Merger Subs.
      Effective as of the date hereof, each of Key, Parent and each Merger Sub does
      hereby remise, release and forever discharge the Company and the Members, and
      each of the present and former stockholders, members, directors, managers,
      officers, employees, agents, affiliates and representatives of the foregoing
      and
      their respective successors and assigns (each a “Company
      Released Party”)
      of and
      from any and all commitments, covenants, agreements, indebtedness, suits,
      demands, obligations and liabilities, contingent or otherwise, of every kind
      and
      nature, whether known or unknown, related to the Merger Agreement (collectively,
      the “Claims”),
      which
      Key, Parent and each Merger Sub and/or their successors or assigns ever had,
      now
      has or, to the extent arising from or in connection with any act, omission
      or
      state of facts taken or existing on or prior to the date hereof, may have after
      the date hereof, against any Company Released Party, whether asserted,
      unasserted, absolute, contingent, known or unknown.

     

    (b)
       Release
      by the Company and Members.
      Effective as of the date hereof, the Company and each of the Members does hereby
      remise, release and forever discharge each of Key, Parent and each Merger Sub,
      and each of the present and former stockholders, members, directors, managers,
      officers, employees, agents, affiliates and representatives of the foregoing
      and
      their respective successors and assigns (each a “Key
      Released Party”)
      of and
      from any Claim which the undersigned and/or his or its heirs, executors,
      administrators, successors or assigns ever had, now has or, to the extent
      arising from or in connection with any act, omission or state of facts taken
      or
      existing on or prior to the date hereof, may have after the date hereof, against
      any Key Released Party, whether asserted, unasserted, absolute, contingent,
      known or unknown.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    SECTION
      3.  Miscellaneous.

     

    3.1  Entire
      Agreement.
      This
      Agreement states the entire agreement of the Parties concerning the subject
      matter hereof, and supersedes all prior agreements, written or oral, between
      or
      among them concerning such subject matter. 

     

    3.2  Amendments;
      Waivers.
      This
      Agreement may be amended, and compliance with any provision of this Agreement
      may be omitted or waived, only by the written agreement of the Party that is
      adversely affected by such amendment or waiver. 

     

    3.3  Binding
      Effect.
      This
      Agreement shall be binding upon and inure to the benefit of the Parties hereto
      and their respective successors, heirs, personal representatives, legal
      representatives, and permitted assigns.

     

    3.4  Severability.
      If any
      provision of this Agreement shall be declared void or unenforceable by any
      judicial or administrative authority, the validity of any other provision and
      of
      the entire Agreement shall not be affected thereby.

     

    3.5  Headings.
      The
      headings of the various sections of this Agreement have been inserted for
      convenience of reference only and shall not be deemed to be a part of this
      Agreement.

     

    3.6  Nouns
      and Pronouns.
      Whenever the context may require, any pronouns used herein shall include the
      corresponding masculine, feminine or neuter forms, and the singular form of
      names and pronouns shall include the plural and vice-versa.

     

    3.7  Further
      Assurances.
      The
      Parties hereto agree to use their respective reasonable best efforts to take,
      or
      cause to be taken, all action and to do, or cause to be done, all things
      necessary, proper or advisable to consummate and make effective, in the most
      expeditious manner practicable, the transactions contemplated by this
      Agreement.

     

    3.8  Governing
      Law.
      This
      Agreement shall be governed by, and construed and enforced in accordance with,
      the substantive laws of the State of Delaware, without regard to its principles
      of conflicts of laws. 

     

    3.9  Counterparts.
      This
      Agreement may be executed in any number of counterparts, each such counterpart
      shall be deemed to be an original instrument, and all such counterparts together
      shall constitute but one agreement. Any such counterpart may contain one or
      more
      signature pages.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    IN
      WITNESS WHEREOF, the Parties have executed, or have caused their duly authorized
      representative to execute, this Termination and Release Agreement as a contract
      under seal as of the date first written above.

     

     

    
      	 	
              KEY
                HOSPITALITY ACQUISITION CORPORATION

               

              By: /s/
                Udi
                Toledano                           
                

               

               

              CAY
                CLUBS, INC.

               

              By: /s/
                Udi
                Toledano                           
                

               

               

              KEY
                MERGER SUB LLC

               

              By: /s/
                Udi
                Toledano                           
                

               

               

              KEY
                MERGER SUB INC.

               

              By: /s/
                Udi
                Toledano                           
                

               

               

              CAY
                CLUBS LLC

               

              By: /s/
                F. Dave
                Clark                           
                

               

               

              MEMBERS:
                

               

               

                 
                /s/ David
                Schwarz              
                

              David
                Schwarz

               

               

              F.
                Dave Clark Irrevocable Trust under Agreement dated August 31,
                2004

              


              


              By: 
                F.
                Dave
                Clark                               
                

              F.
                Dave Clark, as Trustee