Document:

Exhibit 10.4

RECORDATION
REQUESTED BY:

Patriot Bank

1815 Little Road

Trinity, FL 34655

WHEN
RECORDED MAIL TO:

Patriot Bank

1815 Little Road

Trinity, FL 34655

This Mortgage prepared by:

Name:  Diane Caruso, Loan Administrator

Company:  Patriot Bank

Address:  1815 Little Road, Trinity, FL
34655

MORTGAGE

THIS MORTGAGE dated April 10,
2007, is made and executed between GTA-IB Condominium, LLC, a Florida Limited
Liability, whose address is 701 Brickell Avenue, Suite 3000, Miami, FL
33131 (referred to below as “Grantor”) and Patriot Bank, whose address is 1815
Little Road, Trinity, FL 34655 (referred to below as “Lender”).

GRANT OF MORTGAGE.  For valuable consideration,
Grantor mortgages to Lender all of Grantor’s right, title, and interest in and
to the following described real property, together with all existing or
subsequently erected or affixed buildings, improvements and fixtures; all
easements, rights of way, and appurtenances; all water, water rights,
watercourses and ditch rights (including stock in utilities with ditch or
irrigation rights); and all other rights, royalties, and profits relating to
the real property, including without limitation all minerals, oil, gas,
geothermal and similar matters, (the “Real Property”)
located in Pinellas County, State of Florida:

See See Exhibit “A”, which is attached to this
Mortgage and made a part of this Mortgage as if fully set forth herein.

The Real Property or its address
is commonly known as 36750 US Hwy 19N, lnnisbrook, Palm Harbor, FL 34684.  The Real Property tax identification number
is 25/27/15/43096/000/3010-25/27/15/43101/000/1040-25/27/15/43114/000/2001.

Grantor presently assigns
to Lender all of Grantor’s right, title, and interest in and to all present and
future leases of the Property and all Rents from the Property.  In addition, Grantor grants to Lender a
Uniform Commercial Code security interest in the Personal Property and Rents.

THIS MORTGAGE, INCLUDING THE
ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL
PROPERTY, IS GIVEN TO SECURE (A) PAYMENT OF THE INDEBTEDNESS AND
(B) PERFORMANCE OF ANY AND ALL OBLIGATIONS UNDER THE NOTE IN THE ORIGINAL
PRINCIPAL AMOUNT OF $1,200,000.00, THE RELATED DOCUMENTS, AND THIS
MORTGAGE.  THIS MORTGAGE IS GIVEN AND
ACCEPTED ON THE FOLLOWING TERMS:

GRANTOR’S WAIVERS.  Grantor waives all rights or defenses arising
by reason of any “one action” or “anti-deficiency” law, or any other law which
may prevent Lender from bringing any action against Grantor, including a claim
for deficiency to the extent Lender is otherwise entitled to a claim for
deficiency, before or after Lender’s commencement or completion of any
foreclosure action, either judicially or by exercise of a power of sale.

GRANTOR’S REPRESENTATIONS AND
WARRANTIES.  Grantor
warrants that: (a) this Mortgage is executed at Borrower’s request and not at
the request of Lender; (b) Grantor has the full power, right, and authority to
enter into this Mortgage and to hypothecate the Property; (c) the provisions of
this Mortgage do not conflict with, or result in a default under any agreement
or other instrument binding upon Grantor and do not result in a violation of
any law, regulation, court decree or order applicable to Grantor; (d) Grantor
has established adequate means of obtaining from Borrower on a continuing basis
information about Borrower’s financial condition; and (e) Lender has made no
representation to Grantor about Borrower (including without limitation the
creditworthiness of Borrower).

PAYMENT AND PERFORMANCE.  Except as otherwise provided in this
Mortgage, Borrower shall pay to Lender all Indebtedness secured by this
Mortgage as it becomes due, and Borrower and Grantor shall strictly perform all
Borrower’s and Grantor’s obligations under this Mortgage.

POSSESSION AND MAINTENANCE OF THE
PROPERTY.  Borrower and
Grantor agree that Borrower’s and Grantor’s possession and use of the Property
shall be governed by the following provisions:

Possession and Use.  Until the occurrence of an Event of Default,
Grantor may (1) remain in possession and control of the Property; (2) use,
operate or manage the Property; and (3) collect the Rents from the Property.

Duty to Maintain.  Grantor shall maintain the Property in
tenantable condition and promptly perform all repairs, replacements, and
maintenance necessary to preserve its value.

Compliance With Environmental
Laws.  Grantor
represents and warrants to Lender that: (1) During the period of Grantor’s
ownership of the Property, there has been no use, generation, manufacture,
storage, treatment, disposal, release or threatened release of any Hazardous
Substance by any person on, under, about or from the Property; (2) Grantor
has no knowledge of, or reason to believe that there has been, except as previously
disclosed to and acknowledged by Lender in writing, (a) any breach or violation
of any Environmental Laws, (b) any use, generation, manufacture, storage,
treatment, disposal, release or threatened release of any Hazardous Substance
on, under, about or from the Property by any prior owners or occupants of the
Property, or (c) any actual or threatened litigation or claims of any kind by
any person relating to such matters; and (3) Except as previously
disclosed to and acknowledged by Lender in writing, (a) neither Grantor nor any
tenant, contractor, agent or other authorized user of the Property shall use,
generate, manufacture, store, treat, dispose of or release any Hazardous
Substance on, under, about or from the Property; and (b) any such activity shall
be conducted in compliance with all applicable federal, state, and local laws,
regulations and ordinances, including without limitation all Environmental
Laws.  Grantor authorizes Lender and Its
agents to enter upon the Property to make such inspections and tests, at
Grantor’s expense, as Lender may deem appropriate to determine compliance of
the Property with this section of the Mortgage. 
Any inspections or tests made by Lender shall be for Lender’s purposes
only and shall not be construed to create any responsibility or liability on
the part of Lender to Grantor or to any other person.  The representations and warranties contained
herein are based on Grantor’s due diligence in investigating the Property for
Hazardous Substances.  Grantor hereby (1)
releases and waives any future claims against Lender for indemnity or
contribution in the event Grantor becomes liable for cleanup or other costs
under any such laws; and (2) agrees to indemnify, defend, and hold harmless
Lender against any and all claims, losses, liabilities, damages, penalties, and
expenses which Lender may directly or indirectly sustain or suffer resulting
from a breech of this section of the Mortgage or as a consequence of any use,
generation, manufacture, storage, disposal, release or threatened release
occurring prior to Grantor’s ownership or interest in the Property, whether or
not the same was or should have been known to Grantor.  The provisions of this section of the
Mortgage, including the obligation to indemnify and defend, shall survive the
payment of the indebtedness and the satisfaction and reconveyance of the lien
of this Mortgage and shall not be affected by Lender’s acquisition of any
interest in the Property, whether by foreclosure or otherwise.

Nuisance, Waste.  Grantor shall not cause, conduct or permit
any nuisance nor commit, permit, or suffer any stripping of or waste on or to
the Property or any portion of the Property. 
Without limiting the generality of the foregoing, Grantor will not
remove, or grant to any other party the right to remove, any timber, minerals
(including oil end gas), coal, clay, scoria, soil, gravel or rock products
without Lender’s prior written consent.

Removal of Improvements.  Grantor shall not demolish or remove any
Improvements from the Real Property without Lender’s prior written
consent.  As a condition to the removal
of any Improvements, Lender may require Grantor to make arrangements
satisfactory to Lender to replace such Improvements with Improvements of at
least equal value.

Lender’s Right to Enter.  Lender and Lender’s agents and
representatives may enter upon the Real Property at all reasonable times to
attend to Lender’s interests and to inspect the Real Property for purposes of
Grantor’s compliance with the terms and conditions of this Mortgage.

Subsequent Liens.  Grantor shall not allow any subsequent liens
or mortgages on all or any portion of the Property without the prior written
consent of Lender.

Compliance with Governmental
Requirements.  Grantor
shall promptly comply with all laws, ordinances, and regulations, now or
hereafter in effect, of all governmental authorities applicable to the use or
occupancy of the Property, including without limitation, the Americans With
Disabilities Act.  Grantor may contest in
good faith any such law, ordinance, or regulation and withhold compliance
during any proceeding, including appropriate appeals, so long as Grantor has
notified Lender in writing prior to doing so and so long as, in Lender’s sole
opinion, Lender’s interests in the Property are not jeopardized.  Lender may require Grantor to post adequate
security or a surety bond, reasonably satisfactory to Lender, to protect Lender’s
interest.

Duty to Protect.  Grantor agrees neither to abandon or leave
unattended the Property.  Grantor shall
do all other acts, in addition to those acts set forth above in this section,
which from the character and use of the Property are reasonably necessary to
protect and preserve the Property.

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DUE ON SALE - CONSENT BY LENDER.  Lender may, at Lender’s option, declare
immediately due and payable all sums secured by this Mortgage upon the sale or
transfer, without Lender’s prior written consent, of all or any part of the
Real Property, or any interest in the Real Property.  A “sale or transfer” means the conveyance of
Real Property or any right, title or interest In the Real Property; whether
legal, beneficial or equitable; whether voluntary or involuntary; whether by
outright sale, deed, installment sale contract, land contract, contract for
deed, leasehold interest with a term greater than three (3) years, lease-option
contract, or by sale, assignment, or transfer of any beneficial interest in or
to any land trust holding title to the Real Property, or by any other method of
conveyance of an interest in the Real Property. 
If any Grantor is a corporation, partnership or limited liability
company, transfer also includes any change in ownership of more than
twenty-five percent (25%) of the voting stock, partnership interests or limited
liability company interests, as the case may be, of such Grantor.  However, this option shall not be exercised
by Lender if such exercise is prohibited by federal law or by Florida law.

TAXES AND LIENS.  The following provisions relating to the
taxes and liens on the Property are part of this Mortgage:

Payment.  Grantor shall pay when due (and in all events
prior to delinquency) all taxes, payroll taxes, special taxes, assessments,
water charges and sewer service charges levied against or on account of the
Property, and shall pay when due all claims for work done on or for services
rendered or material furnished to the Property. 
Grantor shall maintain the Property free of any liens having priority
over or equal to the interest of Lender under this Mortgage, except for those
liens specifically agreed to in writing by Lender, and except for the lien of
taxes and assessments not due as further specified in the Right to Contest
paragraph.

Right to Contest.  Grantor may withhold payment of any tax,
assessment, or claim In connection with a good faith dispute over the
obligation to pay, so long as Lender’s interest in the Property is not
jeopardized.  If a lien arises or is
filed as a result of nonpayment, Grantor shall within fifteen (15) days after
the lien arises or, if a lien Is filed, within fifteen (15) days after Grantor
has notice of the filing, secure the discharge of the lien, or if requested by
Lender, deposit with Lender cash or a sufficient corporate surety bond or other
security satisfactory to Lender in an amount sufficient to discharge the lien
plus any costs and reasonable attorneys’ fees, or other charges that could
accrue as a result of a foreclosure or sale under the lien.  In any contest, Grantor shall defend itself
and Lender and shall satisfy any adverse judgment before enforcement against
the Property.  Grantor shall name Lender
as an additional obligee under any surety bond furnished in the contest
proceedings.

Evidence of Payment.  Grantor shall upon demand furnish to Lender
satisfactory evidence of payment of the taxes or assessments and shall
authorize the appropriate governmental official to deliver to Lender at any
time a written statement of the taxes and assessments against the Property.

Notice of Construction.  Grantor shall notify Lender at least fifteen
(15) days before any work is commenced, any services are furnished, or any
materials are supplied to the Property, if any mechanic’s lien, materialmen’s
lien, or other lien could be asserted on account of the work, services, or
materials and the cost exceeds $5,000.00.  Grantor will upon request of Lender furnish to
Lender advance assurances satisfactory to Lender that Grantor can and will pay
the cost of such improvements.

PROPERTY DAMAGE INSURANCE.  The following provisions relating to insuring
the Property are a part of this Mortgage:

Maintenance of Insurance.  Grantor shall procure and maintain policies
of fire Insurance with standard extended coverage endorsements on a replacement
basis for the full insurable value covering all Improvements on the Real
Property in an amount sufficient to avoid application of any coinsurance
clause, and with a standard mortgagee clause in favor of Lender.  Grantor shall also procure and maintain
comprehensive general liability insurance in such coverage amounts as Lender
may request with Lender being named as additional insureds in such liability
insurance policies.  Additionally,
Grantor shall maintain such other insurance, including but not limited to
hazard, business interruption and boiler insurance as Lender may require.  Policies shall be written by such insurance
companies and in such form as may be reasonably acceptable to Lender.  Grantor shall deliver to Lender certificates
of coverage from each insurer containing a stipulation that coverage will not
be cancelled or diminished without a minimum of thirty (30) days’ prior written
notice to Lender and not containing any disclaimer of the insurer’s liability
for failure to give such notice.  Each
insurance policy also shall include an endorsement providing that coverage in
favor of Lender will not be impaired in any way by any act, omission or default
of Grantor or any other person.  Should
the Real Property be located in an area designated by the Director of the
Federal Emergency Management Agency as a special flood hazard area, Grantor
agrees to obtain and maintain Federal Flood Insurance, if available, within 45
days after notice is given by Lender that the Property is located in a special
flood hazard area, for the full unpaid principal balance of the loan and any
prior liens on the property securing the loan, up to the maximum policy limits
set under the National Flood Insurance Program, or as otherwise required by
Lender, and to maintain such insurance for the term of the loan.

Application of Proceeds.  Grantor shall promptly notify Lender of any
loss or damage to the Property if the estimated cost of repair or replacement
exceeds $5,000.00.  Lender may make proof
of loss if Grantor fails to do so within fifteen (15) days of the casualty.  Whether or not Lender’s security is impaired,
Lender may, at Lender’s election, receive and retain the proceeds of any
insurance and apply the proceeds to the reduction of the Indebtedness, payment
of any lien affecting the Property, or the restoration and repair of the
Property.  If Lender elects to apply the
proceeds to restoration and repair, Grantor shall repair or replace the damaged
or destroyed Improvements in a manner satisfactory to Lender.  Lender shall, upon satisfactory proof of such
expenditure, pay or reimburse Grantor from the proceeds for the reasonable cost
of repair or restoration if Grantor is not in default under this Mortgage.  Any proceeds which have not been disbursed
within 180 days after their receipt and which Lender has not committed to the
repair or restoration of the Property shall be used first to pay any amount
owing to Lender under this Mortgage, then to pay accrued interest, and the
remainder, if any, shall be applied to the principal balance of the
Indebtedness.  If Lender holds any
proceeds after payment in full of the Indebtedness, such proceeds shall be paid
to Grantor as Grantor’s interests may appear.

 3
 

Grantor’s Report on Insurance.  Upon request of Lender, however not more than
once a year, Grantor shall furnish to Lender a report on each existing policy
of insurance showing: (1) the name of the insurer; (2) the risks
insured; (3)  the amount of the policy; (4) the property insured, the
then current replacement value of such property, and the manner of determining
that value; and (5) the expiration date of the policy.  Grantor shall, upon request of Lender, have
an independent appraiser satisfactory to Lender determine the cash value
replacement cost of the Property.

LENDER’S EXPENDITURES.  If any action or proceeding is commenced that
would materially affect Lender’s interest in the Property or if Grantor fails
to comply with any provision of this Mortgage or any Related Documents,
including but not limited to Grantor’s failure to discharge or pay when due any
amounts Grantor is required to discharge or pay under this Mortgage or any
Related Documents, Lender on Grantor’s behalf may (but shall not be obligated
to) take any action that Lender deems appropriate, including but not limited to
discharging or paying all taxes, liens, security interests, encumbrances and
other claims, at any time levied or placed on the Property and paying all costs
for insuring, maintaining and preserving the Property.   All such expenditures incurred or paid by
Lender for such purposes will then bear interest at the rate charged under the
Note from the date incurred or paid by Lender to the date of repayment by
Grantor.  All such expenses will become a
pert of the Indebtedness and, at Lender’s option, will (A) be payable on
demand; (B) be added to the balance of the Note and be apportioned among
and be payable with any installment payments to become due during either
(1) the term of any applicable insurance policy; or (2) the remaining
term of the Note; or (C) be treated as a balloon payment which will be due
and payable at the Note’s maturity.  The
Mortgage also will secure payment of these amounts.  Such right shall be in addition to all other
rights and remedies to which Lender may be entitled upon Default.

WARRANTY; DEFENSE OF TITLE.  The following provisions relating to
ownership of the Property are a part of this Mortgage:

Title.  Grantor warrants that:  (a) Grantor holds good and marketable title
of record to the Property in fee simple, free and clear of all liens and
encumbrances other than those set forth In the Real Property description or in
any title insurance policy, title report, or final title opinion issued In
favor of, and accepted by, Lender in connection with this Mortgage, and (b)
Grantor has the full right, power, and authority to execute and deliver this
Mortgage to Lender.

Defense of Title.  Subject to the exception in the paragraph
above, Grantor warrants and will forever defend the title to the Property
against the lawful claims of all persons. 
In the event any action or proceeding is commenced that questions Grantor’s
title or the interest of Lender under this Mortgage, Grantor shall defend the
action at Grantor’s expense.  Grantor may
be the nominal party in such proceeding, but Lender shall be entitled to
participate in the proceeding and to be represented in the proceeding by
counsel of Lender’s own choice, and Grantor will deliver, or cause to be
delivered, to Lender such instruments as Lender may request from time to time
to permit such participation.

Compliance With Laws.  Grantor warrants that the Property and
Grantor’s use of the Property complies with all existing applicable laws,
ordinances, and regulations of governmental authorities.

Survival of Representations and
Warranties.  All
representations, warranties, and agreements made by Grantor in this Mortgage
shall survive the execution and delivery of this Mortgage, shall be continuing
in nature, and shall remain in full force and effect until such time as
Borrower’s Indebtedness shall be paid in full.

CONDEMNATION.  The following provisions relating to condemnation
proceedings are a part of this Mortgage:

Proceedings.  If any proceeding in condemnation is filed,
Grantor shall promptly notify Lender in writing, and Grantor shall promptly
take such steps as may be necessary to defend the action and obtain the award.  Grantor may be the nominal party in such
proceeding, but Lender shall be entitled to participate in the proceeding and
to be represented in the proceeding by counsel of its own choice, and Grantor
will deliver or cause to be delivered to Lender such instruments and
documentation as may be requested by Lender from time to time to permit such
participation.

Application of Net Proceeds.  If all or any part of the Property is
condemned by eminent domain proceedings or by any proceeding or purchase in lieu
of condemnation, Lender may at its election require that all or any portion of
the net proceeds of the award be applied to the Indebtedness or the repair or
restoration of the Property.  The net
proceeds of the award shall mean the award after payment of all reasonable
costs, expenses, and attorneys’ fees incurred by Lender in connection with the
condemnation.

IMPOSITION OF TAXES, FEES AND
CHARGES BY GOVERNMENTAL AUTHORITIES.  The following provisions relating to
governmental taxes, fees and charges are a part of this Mortgage:

Current Taxes, Fees and Charges.  Upon request by Lender, Grantor shall execute
such documents in addition to this Mortgage and take whatever other action is
requested by Lender to perfect and continue Lender’s lien on the Real Property.  Grantor shall reimburse Lender for all taxes,
as described below, together with all expenses incurred in recording,
perfecting or continuing this Mortgage, including without limitation all
intangible personal property taxes, documentary stamp taxes, fees, and other
charges for recording or registering this Mortgage.

Taxes.  The following shall constitute taxes to which
this section applies:  (1) a
specific tax, including without limitation an intangible personal property tax,
upon this type of Mortgage or upon all or any part of the Indebtedness secured
by this Mortgage; (2) a specific tax on Borrower which Borrower is
authorized or required to deduct from payments on the Indebtedness secured by
this type of Mortgage; (3) a tax on this type of Mortgage chargeable
against the Lender or the holder of the Note; and (4) a specific tax on
all or any portion of the Indebtedness or on payments of principal and interest
made by Borrower.

 4
 

Subsequent Texas.  If any tax to which this section applies is
enacted subsequent to the data of this Mortgage, this event shall have the same
effect as an Event of Default, and Lender may exercise any or all of its
available remedies for an Event of Default as provided below unless Grantor
either (1) pays the tax before It becomes delinquent, or (2) contests
the tax as provided above in the Taxes and Liens section and deposits with
Lender cash or a sufficient corporate surety bond or other security
satisfactory to Lender.

SECURITY AGREEMENT; FINANCING
STATEMENTS.  The
following provisions relating to this Mortgage as a security agreement are a
part of this Mortgage:

Security Agreement.  This instrument shall constitute a Security
Agreement to the extent any of the Property constitutes fixtures, and Lender
shall have all of the rights of a secured party under the Uniform Commercial
Code as amended from time to time.

Security Interest.  Upon request by Lender, Grantor shall take
whatever action is requested by Lender to perfect and continue Lender’s
security interest in the Rents and Personal Property.  In addition to recording this Mortgage in the
real property records, Lender may, at any time and without further
authorization from Grantor, file executed counterparts, copies or reproductions
of this Mortgage as a financing statement. 
Grantor shall reimburse Lender for all expenses incurred in perfecting
or continuing this security interest. 
Upon default, Grantor shall not remove, sever or detach the Personal
Property from the Property.  Upon
default, Grantor shall assemble any Personal Property not affixed to the
Property in a manner and at a place reasonably convenient to Grantor and Lender
and make it available to Lender within three (3) days after receipt of
written demand from Lender to the extent permitted by applicable law.

Addresses.  The mailing addresses of Grantor (debtor) and
Lender (secured party) from which information concerning the security interest
granted by this Mortgage may be obtained (each as required by the Uniform
Commercial Code) are as stated on the first page of this Mortgage.

FURTHER ASSURANCES;
ATTORNEY-IN-FACT.  The
following provisions relating to further assurances and attorney-in-fact are a
part of this Mortgage:

Further Assurances.  At any time, and from time to time, upon
request of Lender, Grantor will make, execute and deliver, or will cause to be
made, executed or delivered, to Lender or to Lender’s designee, and when
requested by Lender, cause to be filed, recorded, refiled, or rerecorded, as
the case may be, at such times and in such offices and places as Lender may
deem appropriate, any and all such mortgages, deeds of trust, security deeds,
security agreements, financing statements, continuation statements, instruments
of further assurance, certificates, and other documents as may, in the sole
opinion of Lender, be necessary or desirable In order to effectuate, complete,
perfect, continue, or preserve (1) Borrower’s and Grantor’s obligations
under the Note, this Mortgage, and the Related Documents, and (2) the
liens and security interests created by this Mortgage as first and prior liens
on the Property, whether now owned or hereafter acquired by Grantor.  Unless prohibited by law or Lender agrees to
the contrary in writing, Grantor shall reimburse Lender for all costs and
expenses incurred in connection with the matters referred to in this paragraph.

Attorney-in-Fact.  If Grantor fails to do any of the things
referred to in the preceding paragraph, Lender may do so for and in the name of
Grantor and at Grantor’s expense.  For
such purposes, Grantor hereby irrevocably appoints Lender as Grantor’s
attorney-in-fact for the purpose of making, executing, delivering, filing,
recording, and doing all other things as may be necessary or desirable, in
Lender’s sole opinion, to accomplish the matters referred to In the preceding
paragraph.

FULL PERFORMANCE.  If Borrower and Grantor pay all the
Indebtedness when due, and Grantor otherwise performs all the obligations
imposed upon Grantor under this Mortgage, Lender shall execute and deliver to
Grantor a suitable satisfaction of this Mortgage and suitable statements of
termination of any financing statement on file evidencing Lender’s security
interest in the Rents and the Personal Property.  Grantor will pay, if permitted by applicable
law, any reasonable termination fee as determined by Lender from time to time.

EVENTS OF DEFAULT.  Each of the following, at Lender’s option,
shall constitute an Event of Default under this Mortgage:

Payment Default.  Borrower fails to make any payment when due
under the Indebtedness.

Default on Other Payments.  Failure of Grantor within the time required
by this Mortgage to make any payment for taxes or insurance, or any other
payment necessary to prevent filing of or to effect discharge of any lien.

Other Defaults.  Borrower or Grantor fails to comply with or
to perform any other term, obligation, covenant or condition contained in this
Mortgage or in any of the Related Documents or to comply with or to perform any
term, obligation, covenant or condition contained in any other agreement
between Lender and Borrower or Grantor.

False Statements.  Any warranty, representation or statement
made or furnished to Lender by Borrower or Grantor or on Borrower’s or Grantor’s
behalf under this Mortgage or the Related Documents is false or misleading in
any material respect, either now or at the time made or furnished or becomes
false or misleading at any time thereafter.

 5
 

Defective Collateralization.  This Mortgage or any of the Related Documents
ceases to be in full force and effect (including failure of any collateral
document to create a valid and perfected security interest or lien) at any time
and for any reason.

Death or Insolvency.  The dissolution of Grantor’s (regardless of
whether election to continue is made), any member withdraws from the limited
liability company, or any other termination of Borrower’s or Grantor’s
existence as a going business or the death of any member, the insolvency of
Borrower or Grantor, the appointment of a receiver for any part of Borrower’s
or Grantor’s property, any assignment for the benefit of creditors, any type of
creditor workout, or the commencement of any proceeding under any bankruptcy or
Insolvency laws by or against Borrower or Grantor.

Creditor or Forfeiture
Proceedings. 
Commencement of foreclosure or forfeiture proceedings, whether by
judicial proceeding, self-help, repossession or any other method, by any
creditor of Borrower or Grantor or by any governmental agency against any
property securing the Indebtedness.  This
includes a garnishment of any of Borrower’s or Grantor’s accounts, including
deposit accounts, with Lender.  However,
this Event of Default shall not apply if there is a good faith dispute by
Borrower or Grantor as to the validity or reasonableness of the claim which is the
basis of the creditor or forfeiture proceeding and if Borrower or Grantor gives
Lender written notice of the creditor or forfeiture proceeding and deposits
with Lender monies or a surety bond for the creditor or forfeiture proceeding,
in an amount determined by Lender, in its sole discretion, as being an adequate
reserve or bond for the dispute.

Breach of Other Agreement.  Any breach by Borrower or Grantor under the
terms of any other agreement between Borrower or Grantor and Lender that is not
remedied within any grace period provided therein, including without limitation
any agreement concerning any indebtedness or other obligation of Borrower or
Grantor to Lender, whether existing now or later.

Events Affecting Guarantor.  Any of the preceding events occurs with
respect to any guarantor, endorser, surety, or accommodation party of any of
the Indebtedness or any guarantor, endorser, surety, or accommodation party
dies or becomes incompetent, or revokes or disputes the validity of, or
liability under, any Guaranty of the Indebtedness.  In the event of a death, Lender, at its
option, may, but shall not be required to, permit the guarantor’s estate to
assume unconditionally the obligations arising under the guaranty in a manner
satisfactory to Lender, and, in doing so, cure any Event of Default.

Adverse Change.  A material adverse change occurs in Grantor’s
financial condition, or Lender believes the prospect of payment or performance
of the Indebtedness is impaired.

Insecurity.  Lender in good faith believes itself
insecure.

RIGHTS AND REMEDIES ON DEFAULT.  Upon the occurrence of an Event of Default
and at any time thereafter, Lender, at Lender’s option, may exercise any one or
more of the following rights and remedies, in addition to any other rights or
remedies provided by law:

Accelerate Indebtedness.  Lender shall have the right at its option
without notice to Grantor to declare the entire Indebtedness immediately due
and payable, including any prepayment penalty which Grantor would be required
to pay.

UCC Remedies.  With respect to all or any part of the
Personal Property, Lender shall have all the rights and remedies of a secured
party under the Uniform Commercial Code.

Collect Rents.  Lender personally, or by Lender’s agents or
attorneys, may enter into and upon all or any part of the Property, and may
exclude Grantor, Grantor’s agents and servants wholly from the Property.  Lender may use, operate, manage and control
the Property.  Lender shall be entitled
to collect and receive all earnings, revenues, rents, issues, profits and
income of the Property and every part thereof, all of which shall for all
purposes constitute property of Grantor. 
After deducting the expenses of conducting the business thereof, and of
all maintenance, repairs, renewals, replacements, alterations, additions,
betterments and improvements and amounts necessary to pay for taxes,
assessments, insurance and prior or other property charges upon the Property or
any part thereof, as well as just and reasonable compensation for the services
of Lender.  Lender shall apply such
monies first to the payment of the principal of the Note, and the interest
thereon, when and as the same shall become payable and second to the payment of
any other sums required to be paid by Grantor under this Mortgage.

Appoint Receiver.  In the event of a suit being Instituted to
foreclose this Mortgage, Lender shall be entitled to apply at any time pending
such foreclosure suit to the court having jurisdiction thereof for the
appointment of a receiver of any or all of the Property, and of all rents,
incomes, profits, issues and revenues thereof, from whatsoever source.  The parties agree that the court shall
forthwith appoint such receiver with the usual powers and duties of receivers
in like cases.  Such appointment shall be
made by the court as a matter of strict right to Lender and without notice to
Grantor, and without reference to the adequacy or inadequacy of the value of
the Property, or to Grantor’s solvency or any other party defendant to such
suit.  Grantor hereby specifically waives
the right to object to the appointment of a receiver and agrees that such
appointment shall be made as an admitted equity and as a matter of absolute
right to Lender, and consents to the appointment of any officer or employee of
Lender as receiver.  Lender shall have
the right to have a receiver appointed to take possession of all or any part of
the Property, with the power to protect and preserve the Property, to operate
the Property preceding foreclosure or sale, and to collect the Rents from the
Property and apply the proceeds, over and above the cost of the receivership,
against the Indebtedness.  The receiver
may serve without bond if permitted by law. 
Lender’s right to the appointment of a receiver shall exist whether or
not the apparent value of the Property exceeds the Indebtedness by a
substantial amount.  Employment by Lender
shall not disqualify a person from serving as a receiver.

 6
 

Judicial Foreclosure.  Lender may obtain a judicial decree
foreclosing Grantor’s interest in all or any part of the Property.

Deficiency Judgment.  If permitted by applicable law, Lender may
obtain a judgment for any deficiency remaining in the indebtedness due to
Lender after application of all amounts received from the exercise of the
rights provided in this section.

Tenancy at Sufferance.  If Grantor remains in possession of the
Property after the Property is sold as provided above or Lender otherwise
becomes entitled to possession of the Property upon default of Grantor, Grantor
shall become a tenant at sufferance of Lender or the purchaser of the Property
and shall, at Lender’s option, either (1) pay a reasonable rental for the
use of the Property, or (2) vacate the Property immediately upon the
demand of Lender.

Other Remedies.  Lender shall have all other rights and
remedies provided in this Mortgage or the Note or available at law or in
equity.

Sale of the Property.  To the extent permitted by applicable law,
Borrower and Grantor hereby waive any and all right to have the Property
marshalled.  In exercising its rights and
remedies, Lender shall be free to sell all or any part of the Property together
or separately, in one sale or by separate sales.  Lender shall be entitled to bid at any public
sale on all or any portion of the Property.

Notice of Sale.  Lender shall give Grantor reasonable notice
of the time and place of any public sale of the Personal Property or of the
time after which any private sale or other intended disposition of the Personal
Property is to be made.  Reasonable
notice shall mean notice given at least ten (10) days before the time of the
sale or disposition.  Any sale of the
Personal Property may be made in conjunction with any sale of the Real
Property.

Election of Remedies.  Election by Lender to pursue any remedy shall
not exclude pursuit of any other remedy, and an election to make expenditures
or to take action to perform an obligation of Grantor under this Mortgage,
after Grantor’s failure to perform, shall not affect Lender’s right to declare
a default and exercise its remedies. 
Nothing under this Mortgage or otherwise shall be construed so as to
limit or restrict the rights and remedies available to Lender following an
Event of Default, or in any way to limit or restrict the rights and ability of
Lender to proceed directly against Grantor and/or Borrower and/or against any
other co-maker, guarantor, surety or endorser and/or to proceed against any
other collateral directly or indirectly securing the Indebtedness.

Attorneys’ Fees; Expenses.  If Lender institutes any suit or action to
enforce any of the terms of this Mortgage, Lender shall be entitled to recover
such sum as the court may adjudge reasonable as attorneys’ fees at trial and
upon any appeal.  Whether or not any
court action is involved, and to the extent not prohibited by law, all
reasonable expenses Lender incurs that in Lender’s opinion are necessary at any
time for the protection of its interest or the enforcement of its rights shall
become a part of the Indebtedness payable on demand and shall bear interest at
the Note rate from the date of the expenditure until repaid.  Expenses covered by this paragraph include,
without limitation, however subject to any limits under applicable law, Lender’s
reasonable attorneys’ fees and Lender’s legal expenses, whether or not there is
a lawsuit, including reasonable attorneys’ fees and expenses for bankruptcy
proceedings (including efforts to modify or vacate any automatic stay or
injunction), appeals, and any anticipated post-judgment collection services,
the cost of searching records, obtaining title reports (including foreclosure
reports), surveyors’ reports, and appraisal fees and title insurance, to the
extent permitted by applicable law. 
Grantor also will pay any court costs, in addition to all other sums
provided by law.

NOTICES.  Any notice required to be given under this
Mortgage, including without limitation any notice of default and any notice of
sale shall be given in writing, and shall be effective when actually delivered,
when actually received by telefacsimile (unless otherwise required by law),
when deposited with a nationally recognized overnight courier, or, if mailed,
when deposited in the United States mail, as first class, certified or
registered mail postage prepaid, directed to the addresses shown near the
beginning of this Mortgage.  Any party
may change its address for notices under this Mortgage by giving written notice
to the other parties, specifying that the purpose of the notice is to change
the party’s address, For notice purposes, Grantor agrees to keep Lender
informed at all times of Grantor’s current address.  Unless otherwise provided or required by law,
if there is more then one Grantor, any notice given by Lender to any Grantor Is
deemed to be notice given to all Grantors.

MISCELLANEOUS PROVISIONS.  The following miscellaneous provisions are a
part of this Mortgage:

Amendments.  This Mortgage, together with any Related
Documents, constitutes the entire understanding and agreement of the parties as
to the matters set forth in this Mortgage. 
No alteration of or amendment to this Mortgage shall be effective unless
given in writing and signed by the party or parties sought to be charged or
bound by the alteration or amendment.

Annual Reports.  If the Property is used for purposes other
than Grantor’s residence, Grantor shall furnish to Lender, upon request, a
certified statement of net operating income received from the Property during
Grantor’s previous fiscal year in such form and detail as Lender shall
require.  “Net operating income” shall
mean all cash receipts from the Property less all cash expenditures made in
connection with the operation of the Property.

Caption Headings.  Caption headings in this Mortgage are for
convenience purposes only and are not to be used to interpret or define the
provisions of this Mortgage.

 7
 

Governing Law.  This Mortgage will be governed by federal law
applicable to Lender and, to the extent not preempted by federal law, the laws
of the State of Florida without regard to its conflicts of law provisions.  This Mortgage has been accepted by Lender in
the State of Florida.

Choice of Venue.  If there is a lawsuit, Grantor agrees upon
Lender’s request to submit to the jurisdiction of the courts of Pasco County,
State of Florida.

Joint and Several Liability.  All obligations of Borrower and Grantor under
this Mortgage shall be joint and several, and all references to Grantor shall
mean each and every Grantor, and all references to Borrower shall mean each and
every Borrower.  This means that each
Grantor signing below is responsible for all obligations in this Mortgage.  Where any one or more of the parties is a
corporation, partnership, limited liability company or similar entity, it is
not necessary for Lender to inquire into the powers of any of the officers,
directors, partners, members, or other agents acting or purporting to act on
the entity’s behalf, and any obligations made or created in reliance upon the
professed exercise of such powers shall be guaranteed under this Mortgage.

No Waiver by Lender.  Lender shall not be deemed to have waived any
rights under this Mortgage unless such waiver is given in writing and signed by
Lender.  No delay or omission on the part
of Lender in exercising any right shall operate as a waiver of such right or
any other right.  A waiver by Lender of a
provision of this Mortgage shall not prejudice or constitute a waiver of Lender’s
right otherwise to demand strict compliance with that provision or any other
provision of this Mortgage.  No prior
waiver by Lender, nor any course of dealing between Lender and Grantor, shall
constitute s waiver of any of Lender’s rights or of any of Grantor’s
obligations as to any future transactions. 
Whenever the consent of Lender is required under this Mortgage, the
granting of such consent by Lender in any instance shall not constitute
continuing consent to subsequent instances where such consent is required and
in all oases such consent may be granted or withheld in the sole discretion of
Lender.

Severability.  If a court of competent jurisdiction finds
any provision of this Mortgage to be illegal, invalid, or unenforceable as to
any circumstance, that finding shall not make the offending provision illegal,
invalid, or unenforceable as to any other circumstance.  If feasible, the offending provision shall be
considered modified so that it becomes legal, valid and enforceable.  If the offending provision cannot be so
modified, it shall be considered deleted from this Mortgage.  Unless otherwise required by law, the
illegality, invalidity, or unenforceability of any provision of this Mortgage
shall not affect the legality, validity or enforceability of any other
provision of this Mortgage.

Merger.  There shall be no merger of the interest or
estate created by this Mortgage with any other interest or estate in the
Property at any time held by or for the benefit of Lender in any capacity,
without the written consent of Lender.

Successors and Assigns.  Subject to any limitations stated in this
Mortgage on transfer of Grantor’s interest, this Mortgage shall be binding upon
and inure to the benefit of the parties, their successors and assigns.  If ownership of the Property becomes vested
in a person other than Grantor, Lender, without notice to Grantor, may deal
with Grantor’s successors with reference to this Mortgage and the Indebtedness
by way of forbearance or extension without releasing Grantor from the
obligations of this Mortgage or liability under the Indebtedness.

Time is of the Essence.  Time is of the essence in the performance of
this Mortgage.

Waive Jury.  All parties to this Mortgage hereby waive the
right to any jury trial in any action, proceeding, or counterclaim brought by
any party against any other party.

DEFINITIONS.  The following capitalized words and terms
shall have the following meanings when used in this Mortgage.  Unless specifically stated to the contrary,
all references to dollar amounts shall mean amounts in lawful money of the
United States of America.  Words and
terms used in the singular shall include the plural, and the plural shall
include the singular, as the context may require.  Words and terms not otherwise defined in this
Mortgage shall have the meanings attributed to such terms in the Uniform
Commercial Code:

Borrower.  The word “Borrower” means GTA-IB, LLC; GTA-lB
Golf Resort, LLC; and GTA-lB Condominium, LLC and includes all co-signers and
co-makers signing the Note and all their successors and assigns.

Default.  The word “Default” means the Default set
forth in this Mortgage in the section titled “Default”.

Environmental Laws.  The words “Environmental Laws” mean any and
all state, federal and local statutes, regulations and ordinances relating to
the protection of human health or the environment, including without limitation
the Comprehensive Environmental Response, Compensation, and Liability Act of
1980, as amended, 42 U.S.C. Section 9601, et seq. (“CERCLA”), the
Superfund Amendments and Reauthorization Act of 1986, Pub. L. No. 99-499 (“SARA”),
the Hazardous Materials Transportation Act, 49 U.S.C. Section 1801, et seq.,
the Resource Conservation and Recovery Act, 42 U.S.C. Section 6901, et
seq., or other applicable state or federal laws, rules, or regulations adopted
pursuant thereto.

Event of Default.  The words “Event of Default” mean any of the
events of default set forth in this Mortgage in the events of default section
of this Mortgage.

Grantor.  The word “Grantor” means GTA-IB Condominium,
LLC.

Guaranty.  The word “Guaranty” means the guaranty from
guarantor, endorser, surety, or accommodation party to Lender, including
without limitation a guaranty of all or part of the Note.

 8
 

Hazardous Substances.  The words “Hazardous Substances” mean
materials that, because of their quantity, concentration or physical, chemical
or infectious characteristics, may cause or pose a present or potential hazard
to human health or the environment when improperly used, treated, stored,
disposed of, generated, manufactured, transported or otherwise handled.  The words “Hazardous Substances” are used in
their very broadest sense and include without limitation any and all hazardous
or toxic substances, materials or waste as defined by or listed under the
Environmental Laws.  The term “Hazardous
Substances” also includes, without limitation, petroleum and petroleum
by-products or any fraction thereof and asbestos.

Improvements.  The word “Improvements” means all existing
and future improvements, buildings, structures, mobile homes affixed on the
Real Property, facilities, additions, replacements and other construction on
the Reel Property.

Indebtedness.  The word “Indebtedness” means all principal,
interest, and other amounts, costs and expenses payable under the Note or
Related Documents, together with all renewals of, extensions of, modifications
of, consolidations of and substitutions for the Note or Related Documents and
any amounts expended or advanced by Lender to discharge Grantor’s obligations
or expenses incurred by Lender to enforce Grantor’s obligations under this
Mortgage, together with interest on such amounts as provided in this Mortgage.

Lender.  The word “Lender” means Patriot Bank, its
successors and assigns.

Mortgage.  The word “Mortgage” means this Mortgage
between Grantor and Lender.

Note.  The word “Note” means the promissory note
dated April 10, 2007, in the original principal
amount of $1,200,000.00 from Borrower to Lender, together with all
renewals of, extensions of, modifications of, refinancings of, consolidations
of, and substitutions for the promissory note or agreement.  The final maturity date of the Note is
April 10, 2010.  NOTICE TO GRANTOR: THE NOTE CONTAINS A VARIABLE INTEREST RATE.

Personal Property.  The words “Personal
Property” mean all equipment, fixtures, and other articles of personal property
now or hereafter owned by Grantor, and now or hereafter attached or affixed to
the Real Property; together with all accessions, parts, and additions to, all
replacements of, and all substitutions for, any of such property; and together
with all proceeds (including without limitation all insurance proceeds and
refunds of premiums) from any sale or other disposition of the Property.

Property.  The word “Property” means collectively the
Real Property and the Personal Property.

Real Property.  The words “Real Property” mean the real
property, interests and rights, as further described in this Mortgage.

Related Documents.  The words “Related Documents” mean all
promissory notes, credit agreements, loan agreements, environmental agreements,
guaranties, security agreements, mortgages, deeds of trust, security deeds,
collateral mortgages, and all other instruments, agreements and documents,
whether now or hereafter existing, executed In connection with the
Indebtedness.

Rents.  The word “Rents” means all present and future
rents, revenues, income, issues, royalties, profits, and other benefits derived
from the Property.

 9
 

GRANTOR ACKNOWLEDGES
HAVING READ ALL THE PROVISIONS OF THIS MORTGAGE, AND GRANTOR AGREES TO ITS
TERMS.

	
  GRANTOR:

  
	
   

  
	
  GTA-IB CONDOMINIUM, LLC

  
	
   

  
	
  GTA-IB GOLF RESORT, LLC, Manager of GTA-lB Condominium,
  LLC

  
	
   

  
	
  GOLF TRUST OF AMERICA, LP, Manager of GTA-IB Golf
  Resort, LLC

  
	
  BY: GTA, GP, INC., ITS GENERAL PARTNER

  
	
   

  
	
   

  
	
  By:

  	
   

  	
  /s/ R. Keith Wilt

  	
   

  
	
   

  	
   

  	
  R. Keith Wilt, Vice President

  
	
   

  	
   

  	
  GTA, GP, Inc.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  WITNESSES:

  
	
   

  
	
   

  
	
  x 

  	
  /s/ Amity M. Mank

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  x

  	
   /s/ Karen Johnson-Mahorney

  	
   

  
						

 

LIMITED LIABILITY COMPANY
ACKNOWLEDGMENT

	
  STATE OF FLORIDA

  	
  )

  	
   

  
	
   

  	
  )

  	
  SS

  
	
  COUNTY OF PINELLAS

  	
  )

  	
   

  

 

The foregoing
instrument was acknowledged before me this 10th day of April, 2007 by
R. Keith Wilt, Vice President: W. Bradley Blair II, President of
Golf Trust of America, LP, member (or agent), on behalf of GTA-lB Condominium,
LLC, a limited liability company.  They
are personally known to me or have produced
                                                   
as identification and did / did not take an oath.

	
  

  	
  /s/ Amity M. Mank

  
	
   

  	
  (Signature of
  Person Taking Acknowledgment)

  
	
   

  	
   

  
	
   

  	
  Amity M. Mank

  
	
   

  	
  (Name of
  Acknowledger Typed or Printed or Stamped)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  (Title or Rank)

  
	
   

  	
   

  
	
   

  	
  DD 542752

  
	
   

  	
  (Serial Number,
  if any)

  

 

 10

EXHIBIT “A”

Apartment
No. 301 of Innisbrook Condominium No. 15, Lodge No. 15,
according to the Declaration of Condominium recorded in O.R. Book 3948,
Paged 593, Public Records of Pinellas County, Florida, together with all
of its appurtenances according to the Declaration and being further described
in Condominium Plat Book 12, Pages 94 and 95, together with an
undivided 7.15% share in the common elements appurtenant thereto.  Said Declaration is amended in O.R.
Book 4245, Page 1097, O.R. Book 4376, Page 340, O.R. Book
4504, Page 901, O.R. Book 5034, Page 162, O.R. Book 5245,
Page 1348, O.R. Book 8156, Page 772, O.R. Book 10378,
Page 1381, O.R. Book 10511, Page 1357, O.R. Book 10619,
Page 1302, O.R. Book 11103, Page 587, O.R. Book 12146,
Page 2572, O.R. Book 12146, Page 2580, O.R. Book 13722,
Page 932, O.R. Book 15263, Page 1856 and 15423, Page 1651, all
of the Public Records of Pinellas County, Florida

Parcel
#25/27/15/43096/000/3010

Unit
Nos. 2001 and 2003, Innisbrook Condominium No. 28, Lodge No. 28, according to
the Declaration of Condominium thereof, as recorded in O.R. Book 6128, Page
1526, Public Records of Pinellas County, Florida, together with all of its
appurtenances according to the Declaration and being further described in
Condominium Plat Book 88, Page 80, together with an undivided 13.98% share in
the common elements appurtenant thereto. Said Declaration is amended in O.R.
Book 8156, Page 772, O.R. Book 10378, Page 1381, O.R. Book 10511, Page 1357,
O.R. Book 10619, Page 1302, O.R. Book 11103, Page 587, O.R. Book 12146, Page
2572, O.R. Book 12146, Page 2580, O.R. Book 13722, Page 932, O.R. Book 15263,
Page 1856 and 15423, Page 1651, all of the Public Records of Pinellas County,
Florida.

Parcel
#25/27/15/43101/000/1040

Apartment
No. 104 of Innisbrook Condominium No. 20, Lodge No. 20, according to the
Declaration of Condominium recorded in O.R. Book 4087, Page 521, Public Records
of Pinellas County, Florida, together with all of its appurtenances according
to the Declaration and being further described in Condominium Plat Book 15,
Page 79 and 80, together with an undivided 2.41% share in the common elements
appurtenant thereto. Said Declaration is amended in O.R. Book 4068, Page 420,
O.R. Book 4245, Page 1097, O.R. Book 4376, Page 340, O.R. Book 4504, Page 901,
O.R. Book 5034, Page 162, O.R. Book 5245, Page 1348, O.R. Book 8156, Page 772,
O.R. Book 10378, Page 1381, O.R. Book 10511, Page 1357, O.R. Book 10619, Page
1302, O.R. Book 11103, Page 587, O.R. Book 12146, Page 2572, O.R. Book 12146,
Page 2580, OR. Book 13722, Page 932, O.R. Book 15263, Page 1856 and 15423, Page
1651, all of the Public Records of Pinellas County, Florida.

Parcel
#25/27/15/43114/000/2001Exhibit
4.1

Certificate
No.            

CONVERTIBLE
DEBENTURE

OF

IDENTITY
REHAB CORPORATION

DUE
June     , 2009

ISSUE OF A MAXIMUM OF US$4,000,000 OF

CONVERTIBLE DEBENTURES

OF VARIOUS DENOMINATIONS

TABLE
OF CONTENTS

	
  Article 1 INTERPRETATION

  	
  3

  
	
   

  	
   

  
	
  Article 2 PROMISE TO PAY

  	
  5

  
	
   

  	
   

  
	
  Article 3 INTEREST

  	
  6

  
	
   

  	
   

  
	
  Article 4 SERIES OF DEBENTURES

  	
  6

  
	
   

  	
   

  
	
  Article 5 CONVERSION OF DEBENTURE

  	
  7

  
	
   

  	
   

  
	
  Article 6 REDEMPTION

  	
  8

  
	
   

  	
   

  
	
  Article 7 WAIVER

  	
  9

  
	
   

  	
   

  
	
  Article 8 OTHER RIGHTS OF THE HOLDER

  	
  9

  
	
   

  	
   

  
	
  Article 9 ADMINISTRATIVE PROVISIONS

  	
  9

  
	
   

  	
   

  
	
  Article 10 MISCELLANEOUS

  	
  10

  
	
   

  	
   

  
	
  Article 11 NOTICE

  	
  11

  

 

	
  No.

  	
   

  	
  Principal Sum US$

  	
   

  

 

NEITHER
THIS SECURITY NOR THE SECURITIES INTO WHICH THIS SECURITY IS CONVERTIBLE HAVE
BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES
COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND,
ACCORDINGLY, MAY NOT BE OFFERED, SOLD OR TRANSFERRED EXCEPT PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE
EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE
SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINOIN OF COUNSEL TO THE TRANSFEROR TO
SUCH EFFET, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE
COMPANY.

CONVERTIBLE
DEBENTURE

IDENTITY
REHAB CORPORATION

(A Company existing under the laws of the State of Colorado)

WHEREAS
this Debenture, in the amount of the Principal Sum, is issued to the Holder as
part of a private placement of up to US$4,000,000 aggregate amount of
convertible debentures being offered by the Company as a series of like
debentures;

NOW
THEREFORE it is hereby covenanted, agreed and declared as
follows:

ARTICLE 1

INTERPRETATION

1.1                                 Definitions.  In this Debenture, including the
preamble, unless there is something in the subject matter or context
inconsistent therewith and in addition to the terms defined elsewhere herein,
the following expressions shall have the following meanings:

(a)                                  “Business Day” means any day other than a
Saturday, Sunday, legal holiday or a day on which banking institutions are
closed in Denver, Colorado;

(b)                                 “Change of Control of the Company” means the existence or occurrence of any of the
following: (a) the sale, conveyance or disposition of all or substantially all
of the assets of the Company; (b) the effectuation of a transaction or series
of related transactions in which more than 50% of the voting power of the
Company is disposed of (other than as a direct result of normal, uncoordinated
trading activities in the Common Stock generally); (c) the consolidation,
merger or other business combination of the Company with or into any other
entity, immediately following which the prior stockholders of the Company fail
to own, directly or indirectly, at least 50% of the voting equity of the
surviving entity; (d) a transaction or series of transactions in which any
person or “group” (as such term 

 3
 

                                                is used in Sections 13(d) and 14(d) of the
Securities Exchange Act of 1934 (the “Exchange Act”)) acquires more than 50% of
the voting equity of the Company; or (e) a transaction or series of
transactions that constitutes or results in a “going private transaction” (as
defined in Section 13(e) of the Exchange Act and the regulations thereunder);

(c)                                  “Common Shares” means the common shares of
the Company as such shares were constituted on the date hereof;

(d)                                 “Company” means Identity Rehab Corporation,
a corporation formed under the laws of the State of Colorado and its successors
and assigns;

(e)                                  “Conversion Date” means the date which is
10 Business Days following receipt by the Company of a Conversion Notice;

(f)                                    “Conversion Notice” has the meaning
ascribed to that term in Section 5.1 hereto;

(g)                                 “Conversion Price” means the price per
Common Share at which the Principal Sum outstanding under this Debenture shall
from time to time be convertible into Common Shares, being US$0.28 per Common
Share;

(h)                                 “this Debenture”, the “Debenture”, “herein”, “hereby”,
“hereof”, “hereto”, “hereunder”
and similar expressions mean or refer to this convertible debenture and any
debenture, deed or instrument supplemental or ancillary thereto and any
schedules hereto or thereto and not to any particular article, section,
subsection, clause, subclause or other portion hereof;

(i)                                     “Equity Conditions” means the following:

1.               The Company shall
have converted to Common Shares all Debentures from Holders thereof who have
properly requested such conversion;

2.               There will be an
effective Registration Statement with respect to the Common Shares underlying
the Debentures and any warrants issued by the Company and any Common Shares to
be paid as interest hereunder;

3.               The Common Shares
are listed for trading on the American Stock Exchange, the New York Stock Exchange,
the NASDAQ Capital Market, the NASDAQ Global Market, the NASDAQ Global Select
Market or the OTC Bulletin Board (a “Principal Market”);

4.               The Company shall
have a sufficient number of authorized but unissued and otherwise unreserved
Common Shares to satisfy all potential conversions of Debentures to Common
Shares;

5.               The payment of
interest in Common Shares has been approved by the Company’s shareholders, if
required by the applicable rules of the Principal Market.

 4
 

(j)                                     “Holder” has the meaning ascribed hereto in
Section 2.1 hereto;

(k)                                  “Maturity Date” means June
     , 2009;

(l)                                     “Offering” means the offering by the
Company of a maximum of US$4,000,000 aggregate Principal Sum of Debentures,
issuable in series;

(m)                               “person” means an individual, Company,
partnership, unincorporated syndicate, unincorporated organization, trust,
trustee, executor, administrator, or other legal representative, or any group
or combination thereof;

(n)                                 “Share Value” means the product of (a)
eighty-five percent and (b) the volume weighted average closing price for the
90 days preceding the date of determination for the Common Shares.

1.2                                 Gender. 
Whenever used in this Debenture, words importing the singular number
only shall include the plural, and vice versa, and words importing the
masculine gender shall include the feminine gender.

1.3                                 Numbering of Articles, etc.  Unless otherwise stated, a reference herein
to a numbered or lettered article, section, subsection, clause, subclause or
schedule refers to the article, section, subsection, clause, subclause or
schedule bearing that number or letter in this Debenture.

1.4                                 Day not a Business Day.  In the event that any day on or before which
any action is required to be taken hereunder is not a Business Day, then such
action shall be required to be taken on or before the requisite time on the
next succeeding day that is a Business Day. 
If the payment of any amount is deferred for any period, then such
period shall be included for purposes of the computation of any interest
payable hereunder.

ARTICLE 2

PROMISE TO PAY

2.1                                 Indebtedness.  The Company, for value received, and in
consideration of the premises hereby acknowledges itself indebted and promises
and covenants to pay to                              ,
the registered holder hereof for the time being (the “Holder”):

(a)                                  the
principal sum of US$                    
(the “Principal Sum”) on the
Maturity Date or sooner upon such other date as specified herein at the
principal office of the Company;

(b)                                 interest
on any monies owing by the Company to the Holder hereunder, all as specifically
calculated hereunder; and

(c)                                  all
other monies which may be owing by the Company to the Holder pursuant to this
Debenture.

 5
 

ARTICLE 3

INTEREST

3.1                                 Calculation and Payment of Interest, etc.  Beginning June      ,
2007, the Company shall pay interest at the rate of 9% per annum simple
interest, payable quarterly on the unconverted Principal Sum outstanding from
time to time from the date hereof to the date of payment of the Principal Sum.  The Company, at its discretion, may pay such
interest in money or in Common Shares at the Share Value for such shares on
such quarter-end date; provided, however, that interest may be paid in Common
Shares only if the Equity Conditions have been met on such quarter-end date.

3.2                                 Taxation.  The Company shall make all payments of the
Principal Sum and interest (including payments on account of a Conversion
Notice, a Mandatory Conversion under Section 5.2, and interest on amounts in
default) on the Debenture, free and clear of, and without withholding of or
deduction for or on account of any present or future taxes, levies, imposts,
deductions, charges, withholdings and all related liabilities (“Taxes”) imposed or levied by any taxing
authority with jurisdiction over the payment (“Taxing Authority”) unless such Taxes are required to be
withheld or deducted by the Company by law or by interpretation or
administration thereof, or upon demand of any such Taxing Authority.  The Company shall make any withholdings or
deductions in respect of the Taxes required by law or by the interpretation or
administration thereof, and shall remit the full amount withheld or deducted to
the relevant Taxing Authority in accordance with applicable law and shall
provide the Holder with full particulars thereof in writing.  In the event that such withholdings or
deductions are so required, or if the Holder of the Debenture shall be
obligated to pay any Taxes of or in respect of any payment under the Debenture,
then the Company shall pay such additional amounts to the Holder of the
Debenture as may be necessary to ensure that the Holder of the Debenture
receives a net amount equal to the full amount that it would have been entitled
to receive had the payments of Principal Sum and interest been made without
such withholdings or deductions, and the Company shall indemnify the Holder to
the extent that the Holder does not receive such additional amounts, except
that no additional amounts shall be payable with respect to any payment on the
Debenture in respect of any Taxes payable in respect of the net income or
capital of the Holder of the Debenture.

3.3                                 Overdue Interest.  All interest payable hereunder on becoming
overdue shall be forthwith treated, as to the payment of interest thereon, as
principal and thereafter shall bear interest calculated at the same rate and in
the same manner as if it were principal. 
Overdue interest shall be payable forthwith without demand by the
Holder.

ARTICLE 4

SERIES OF DEBENTURES

4.1                                 Series. 
This Debenture is one of a series of like debentures, except as to
principal amount, of the Company issued and to be issued for evidencing a
principal sum not exceeding in the aggregate of US$4,000,000 all bearing
interest at the rate and in the manner provided in Articles 2 and 3 hereof.  All Debentures of the said series are to rank
pari passu without any preference
or priority one over another.

 6
 

ARTICLE 5

CONVERSION OF DEBENTURE

5.1                                 Voluntary Conversion.  The Holder may, at its election, upon
surrender (either in person, by mail (postage prepaid) or other means of
delivery) of this Debenture along with a completed notice of conversion (the “Conversion Notice”) in the form attached
hereto as Schedule “A” at the principal office of the Company at any time prior
to the close of business on the Maturity Date, convert the Principal Sum, in
whole or in part, into fully paid and non-assessable Common Shares, as
presently constituted (without adjustment for interest accrued hereon or for
dividends on Common Shares issuable upon conversion).  The Debenture may be converted on or prior to
the Maturity Date at a conversion price of US$0.28 per Common Share (as
adjusted for share issuances and other similar events) (the “Conversion Price”).  The endorsement of the Conversion Notice by
the Holder and the surrender of the Debenture shall be deemed to constitute a
contract between the Holder and the Company whereby (i) the Holder subscribes
for the number of Common Shares which he shall be entitled to receive upon such
conversion, (ii) the Holder releases the Company from all liability thereon or
from all liability with respect to the portion of the principal amount thereof
to be converted, as the case may be, and (iii) the Company agrees that the
surrender of the Debenture for conversion constitutes full payment of the
subscription price for the Common Shares issuable on such conversion and to the
extent thereof.

5.2                                 Mandatory Conversion.  The Principal Sum shall be converted into
Common Shares at the Conversion Price (a “Mandatory
Conversion”) on the date (the “Mandatory
Conversion Date”) which (i) is ninety (90) days after the effective
date of a registration statement registering the Common Shares into which the
Principal Sum may be converted pursuant to Section 5.1, (ii) such Common Shares
are quoted on a Principal Market, and (iii) the closing price for the Company’s
Common Stock exceeds one-hundred-twenty-five percent (125%) of the Conversion
Price for thirty (30) consecutive trading days and the average daily trading
volume during the same period exceeds sixty-thousand (60,000) shares per day.

5.3                                 Mechanics of Conversion.  As promptly as possible after receipt of the
Conversion Notice and the Debenture or the Mandatory Conversion Date, the
Company shall issue or cause to be issued and deliver or cause to be delivered
to the Holder a certificate or certificates in the name or names of the person
or persons specified in the Conversion Notice, if applicable, for the number of
Common Shares deliverable upon the conversion of the Debenture. Upon completion
of the conversion transaction, the rights of the Holder to receive, in respect
of the amount hereof so converted, the Principal Sum and interest thereon,
shall cease and the Holder or the other person or persons in whose name or
names any certificate or certificates for Common Shares shall be deliverable
upon such conversion shall be deemed to have become on such date the holder or
holders of record of such Common Shares represented thereby.

Any part of a Debenture may be converted as provided herein and all
references herein to the conversion of the Debenture shall be deemed to include
conversion of such parts.  If only part
of the Principal Sum is converted, the Holder shall promptly surrender such 

 7
 

Debenture to the Company, and the Company shall cancel the same and
shall, without charge, forthwith certify and deliver to the Holder a new
Debenture or Debentures in an aggregate principal amount equal to the
unconverted part of the Principal Sum of the Debenture so surrendered.

5.4                                 No Fractional Common Shares.  Notwithstanding anything herein contained,
the Company shall in no case be required to issue fractional Common Shares or
to pay any cash adjustment in lieu of any fractional Common Share upon the
conversion of the Debenture, provided that any fractional Common Shares of 0.5
or greater shall be rounded up to the next whole number, and any fraction less
than 0.5 shall be cancelled.

5.5                                 Reservation of Common Shares.  The Company shall at all times while the
Debenture remains convertible into Common Shares as herein provided, reserve
and keep available out of its authorized but unissued Common Shares, for the
purpose of effecting the conversion of the Debenture, such number of Common
Shares as shall from time to time be sufficient to effect the conversion of the
Debenture.

ARTICLE 6

REDEMPTION

6.1                                 Mandatory Redemption.  Upon the happening of the first to occur of
any of the following events, namely:

(a)                                  a
Change in Control of the Company;

(b)                                 the Company’s failure,
after becoming subject to the reporting requirements under the Exchange Act, to
remain subject to the reporting requirements under the Exchange Act;

(c)                                  the Company’s failure to
comply with the reporting requirements under the Exchange Act, which
non-compliance continues for more than thirty (30) days; or

(d)                                 the Company’s Common
Shares no longer being quoted on the OTC Bulletin Board or listed or quoted on
a national exchange,

then upon such
event, an amount equal to one-hundred-thirty percent (130%) of the Principal
Sum shall forthwith become immediately due and payable to the Holder, anything
herein contained to the contrary notwithstanding, and the Company shall
forthwith pay to the Holder such amount and all other moneys payable under the
provisions hereof and any moneys so received by the Holder shall be applied in
the manner provided in Section 8.1.

 8
 

ARTICLE 7

WAIVER

7.1                                 Waiver. 
The Holder may waive any breach of any of the provisions contained in
this Debenture or any default by the Company in the observance or performance
of any covenant, condition or obligation required to be observed or performed
by it under the terms of this Debenture. 
No waiver, consent, act or omission by the Holder shall extend to or be
taken in any manner whatsoever to affect any other or subsequent breach or
default or the rights resulting therefrom and no waiver or consent by the
Holder shall bind the Holder unless it is in writing.  The inspection or approval by the Holder of
any document or matter or thing done by the Company shall not be deemed to be a
warranty or holding out of the adequacy, effectiveness, validity or binding
effect of such document, matter or thing or a waiver of the Company’s
obligations.

ARTICLE 8

OTHER RIGHTS OF THE HOLDER

8.1                                 No Rights of Set-Off.  The Company acknowledges and agrees that the
Principal Sum and the other obligations hereunder shall be paid, satisfied and
discharged to the Holder without regard to such dealings as may from time to
time occur as between any one or more of the Holder, the Company and any other
person and without regard to such equities or rights of set-off or counterclaim
which may from time to time exist between any one or more of the Holder, the
Company or any other person, and that the Principal Sum and other obligations
hereof shall be paid without regard to any equities between the Company and the
Holder hereof or any set-off or cross-claims and the receipt of the Holder for
the payment of the Principal Sum will be a good discharge to the Company in
respect thereof.

8.2                                 No Borrowings and No Payment of Cash Dividends.  Until conversion of the Debentures, the
Company shall agree not to effect any other borrowings or pay any cash
dividends except with the consent of Holders of a majority of the outstanding
Debentures.

8.3                                 No Merger.  Neither the taking of any judgement nor the
exercise of any rights hereunder shall operate to extinguish the obligation of
the Company to pay the monies under this Debenture and shall not operate as a
merger of any covenant in this Debenture, and the acceptance of any payment
shall not constitute or create a novation, and the taking of a judgement or
judgements under a covenant herein contained shall not operate as a merger of
those covenants and affect the Holder’s right to interest under this Debenture.

ARTICLE 9

ADMINISTRATIVE PROVISIONS

9.1                                 Transfer of Debentures.  The Company will keep a register of
Debentures at its principal office with addresses and descriptions of the
Holder and the registered holders of all other Debentures of this issue and
particulars of the Debentures held by them 

 9
 

                                                respectively.  This Debenture shall be freely transferable
by the Holder provided such transfer is in compliance with applicable federal
and state securities laws.

9.2                                 Registered Holders.  The person in whose name this Debenture shall
be registered shall be deemed and regarded as the owner and holder hereof for
all purposes, and the payment to and/or receipt of any Holder for any Principal
Sum or interest hereby evidenced shall be a good discharge of the Company for
the same, and the Company shall not be bound to enter in the register notice of
any trust or to enquire into the title of any Holder or to recognize any trust
or equity affecting the title hereof save as ordered by some court of competent
jurisdiction or as required by statute.

ARTICLE 10

MISCELLANEOUS

10.1                           Time. 
Time shall be of the essence of this Debenture.

10.2                           Governing Law.  This Debenture shall be governed by, and
construed in accordance with, the laws of the State of Colorado and the laws of
the United States applicable therein but the reference to such laws shall not,
by conflict of laws rules or otherwise, require the application of the law of
any jurisdiction other than the State of Colorado.  The Company hereby irrevocably attorns to the
jurisdiction of the Courts of the State of Colorado.

10.3                           Severability.  If any one or more of the provisions or parts
thereof contained in this Debenture should be or become invalid, illegal or
unenforceable, the remaining provisions or parts thereof contained herein shall
be and shall be conclusively deemed to be, severable therefrom and the
validity, legality or enforceability of such remaining provisions or parts
thereof shall not in any way be affected or impaired by the severance of the
provisions or parts thereof severed.

10.4                           Headings.  The headings of the articles, sections,
subsections and clauses of this Debenture have been inserted for convenience
and reference only and do not define, limit, alter or enlarge the meaning of
any provision of this Debenture.

10.5                           Binding Effect.  This Debenture and all of its provisions
shall enure to the benefit of the Holder, its successors and assigns, and shall
be binding upon the Company and its successors and permitted assigns.  The expression the “Holder” as used herein
shall include the Holder’s assigns whether immediate or derivative.

10.6                           Costs. 
The Company shall pay to the Holder on demand all of the Holder’s
reasonable costs, charges and expenses including, without limitation, legal
fees on a solicitor and his own client basis in connection with the enforcement
by any means of any provisions hereof or the exercise of any rights, powers or
remedies hereunder.

 10
 

ARTICLE 11

NOTICE

11.1                           Notices.  Any notice required or permitted to be given
under any of this Debenture or any tender or delivery of documents may be given
by personal delivery or by facsimile transmission to the parties at the
following addresses:

	
   

  	
  (a)

  	
   

  	
  to the Holder at:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (b)

  	
   

  	
  to the Company at:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Identity Rehab Corporation

  
	
   

  	
   

  	
   

  	
  535 16th Street, Suite 820

  
	
   

  	
   

  	
   

  	
  Denver, CO 80202

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Attention: Chief Executive Officer

  

 

Any notice or delivery
shall be given as herein provided or to such other addresses or telecopier
number or in care of such other person as a party may from time to time advise
by notice in writing as aforesaid.  The
date of receipt of such notice or delivery shall be the date of actual delivery
to the address specified if delivered or the date of actual transmission to the
telecopier number if telecopied, unless such date is not a Business Day, in
which event the date of receipt shall be the next Business Day immediately
following the date of such delivery or transmission.

 11
 

IN
WITNESS WHEREOF the Company has duly executed these presents
as of the date first above by its duly authorized officer.

	
  

  	
  IDENTITY REHAB CORPORATION  

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Per:  

  	
   

  
	
   

  	
   

  	
  Authorized Signatory

  

 

 12
 

SCHEDULE “A”

CONVERSION FORM

TO:         Identity Rehab Corporation

The undersigned
registered holder (the “Holder”)
of the convertible debenture (the “Debenture”)
represented by the within certificate hereby subscribes for Common Shares of
Identity Rehab Corporation pursuant to such certificate on the terms specified
in such certificate, which certificate is hereby surrendered to the Company and
which will, upon due issuance of the Common Shares aforesaid, be null and void.

On the date hereof, the
Holder owns                                 
Common Shares of Identity Rehab Corporation

The Common Shares
subscribed for will be issued as set forth below and will be mailed to the
address set forth below.

	
  

  	
  Amount of Principal Sum to be Converted:

  	
   

  
	
   

  	
   

  
	
   

  	
  DATED this              day
  of                  ,
  200    .

  

 

If subscriber is a
Company:

	
  

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
				

 

If
subscriber is an individual:

	
  

  	
   

  	
   

  
	
  Witness

  	
   

  	
  Signature of Subscriber

  

 

Print below the name and
address in full of the Person in whose name the Common Shares subscribed for
are to be issued.  If the Common Shares
subscribed for are to be issued to more than one person, similar information
must be provided for each person, as well as the number of Common Shares to be
issued to each. (If any of the Common Shares are to be issued to a person or
persons other than the holder of the within Debenture certificate, the holder
must pay to the Company all requisite taxes.)

	
  Name:

  	
   

  
	
   

  	
   

  
	
  Address:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Social Insurance Number

  	
   

  	
  Postal Code

  
					

 

 13
 

SCHEDULE “B”

TRANSFER FORM

FOR VALUE
RECEIVED, the undersigned hereby sells, assigns and transfers to (name of
transferee) US$                 
(indicate principal amount of debentures being transferred) principal amount convertible debentures of Identity
Rehab Corporation represented by
certificate(s)
no.                   
(indicate number(s) of certificate(s) being transferred) and irrevocably constitutes and appoints                              
(indicate name of transferee) attorney
to transfer such debenture(s) on the securities register of Identity
Rehab Corporation, with full power of
substitution.

	
  DATED:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  IF TRANSFEROR IS A COMPANY:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  by:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
							

 

If
transferor is an individual:

	
  

  	
   

  	
   

  
	
  Witness

  	
   

  	
  Signature of
  Transferor

  

 

Signature guaranteed:

The signature must be
guaranteed by a member of a recognized stock exchange or other entity
acceptable to Identity Rehab Corporation.

 14

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