Document:

Unassociated Document

    Exhibit
      10.3

     

    THIS
      NOTE
      HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
      (THE "ACT").  NO INTEREST IN THIS NOTE MAY BE OFFERED OR
      SOLD EXCEPT PURSUANT TO (i) AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
      ACT, (ii) TO THE EXTENT APPLICABLE, PURSUANT TO RULE 144 UNDER THE ACT (OR
      ANY SIMILAR RULE UNDER THE ACT), OR (iii) AN EXEMPTION FROM REGISTRATION
      UNDER THE ACT WHERE PAYEE HAS FURNISHED TO THE COMPANY AN OPINION OF ITS COUNSEL
      THAT AN EXEMPTION FROM REGISTRATION UNDER THE ACT IS AVAILABLE.

     

    GLOBAL
      REALTY DEVELOPMENT CORP.

    12%
      SENIOR PROMISSORY NOTE

    

    
      	
              Original
                Principal Amount: U.S.: $[______].00

            	
              Issuance
                Date: July [__], 2007

            
	
               

            	 
	 	 

    

     

    FOR
      VALUE
      RECEIVED, the undersigned, Global Realty Development Corp., a Delaware
      corporation (the “Company” or “Payor”), having its executive office and
      principal place of business at 11555 Heron Bay Boulevard, Suite 200, Coral
      Springs, Florida 33076, hereby promises to pay to [________________________]
      (the “Payee”)  located at
      [______________________                     ]
      at Payee's address set forth above (or at such other place as Payee may from
      time to time hereafter direct by notice in writing to Payor), the principal
      sum
      of [________________] Dollars ($[________],000), in such coin or currency of
      the
      United States of America as at the time shall be legal tender for the payment
      of
      public and private debts, on the first to occur of the following dates:
      (i): [________ __], 2007 (180 days after the date of issuance) (the
“Maturity Date”) unless extended by the Payor for up to an additional one
      hundred and eighty (180) days (the “Extended Maturity Date”); (ii) the
      date on which the outstanding principal amount of this Note is prepaid in full
      as hereinafter permitted (the “Prepayment Date”); (iii) the date on which
      the Company raises more than Fifteen Million Dollars ($15,000,000) in equity
      or
      debt and financing (exclusive of (a) this offering; (b) the issuance and sale
      by
      the Company of up to one hundred million (100,000,000) shares of common stock
      to
      Peter Voss or his affiliates (the “Voss Securities”) (c) in connection with any
      acquisition by the Company of a business, real estate, license or intellectual
      property right or other asset (including without limitation, a Pachinko parlor
      business and related license rights and real estate), whether through an
      acquisition of stock or a merger of any business, assets or technologies (the
      “Acquisition Securities”)), (the “Funding Date”), and (iv) any other date
      on which any principal amount of, or accrued unpaid interest on, this Note
      is
      declared to be, or becomes, due and payable pursuant to its terms prior to
      the
      Maturity Date (the "Acceleration Date").

     

    This
      Note
      is being issued in connection with a financing (the “Offering”) by the Company
      on a “best efforts” no minimum basis, up to a maximum of $6,000,000 of Offering
      units (each an “Offering Unit”).  Each Offering Unit consists
      of $1.00 principal amount of 12% Senior Promissory Notes (the “Notes”) and
      Warrants to purchase three (3) shares of Common Stock (the “Initial Warrants”),
      to be offered on a “best efforts” basis.  In addition to these Initial
      Warrants, each Offering Unit includes an additional warrant (the “Additional
      Warrant”) to purchase one (1) shares of Common Stock for each Offering
      Unit.  The Additional Warrants are identical in all terms to the
      Initial Warrants (together, the “Warrants”), except that (i) the Additional
      Warrants are escrowed with an escrow agent which shall be Richardson & Patel
      LLP (the “Escrow Agent”) pursuant to an escrow agreement between the Escrow
      Agent, the Payor and the Payees (the “Escrow Agreement”) and (ii) will be
      distributed to the undersigned only upon an Event of Default (as defined in
      Section 6 below), or a Registration Failure (as defined in the Registration
      Rights Agreement between the Payor and the Payees (the “Registration Rights
      Agreement”)).  This Offering is being made only to Investors who
      qualify as “accredited investors” as such term is defined in Rule 501 of
      Regulation D under the Securities Act of 1933, as amended (the “Securities
      Act”).

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    All
      of
      the proceeds of the Offering will be used by the Company as disclosed in
Schedule A.

     

    This
      Note
      is issued pursuant to that certain Note and Warrant Purchase Agreement entered
      into by and among the Company and the Purchasers described therein, dated as
      of
      July    [    ], 2007, as the same may
      from time to time be amended, modified or supplemented (the “Purchase
      Agreement”).  The Holder of this Note is subject to certain
      restrictions set forth in the Purchase Agreement and shall be entitled to
      certain rights and privileges set forth in the Purchase
      Agreement.  This Note is one of the Notes referred to as the “Notes”
in the Purchase Agreement.

     

    
      	
              1.

            	
              Interest
                And
                Payment.

            

    

     

    1.1.  The
      principal amount of this Note outstanding from time to time shall bear simple
      interest at the annual rate (the "Note Rate") of twelve (12%) percent
      from the date hereof through the earliest to occur of (i) the Maturity
      Date; (ii) the Prepayment Date; (iii) the Funding Date or (iv) the
      Acceleration Date.  In the event the Company extends the Maturity
      Date, the Note Rate shall increase to sixteen (16%) percent from the original
      Maturity Date until the Note is paid.

     

    1.2.  Interest
      accrued on this Note shall be paid in cash on the last day of each month and
      calculated on the basis of actual days. A Late Fee of 2% per month shall apply
      if interest is not paid when due.

     

    1.3.  All
      payments made by the Payor on this Note shall be applied first to the payment
      of
      accrued unpaid interest on this Note and then to the reduction of the unpaid
      principal balance of this Note.

     

    1.4.  In
      the
      event that the date for the payment of any amount payable under this Note falls
      due on a Saturday, Sunday or public holiday under the laws of the State of
      New
      York, the time for payment of such amount shall be extended to the next
      succeeding Business Day (as defined in Section 13 of the Purchase Agreement)
      and
      interest at the Note Rate shall continue to accrue on any principal amount
      so
      effected until the payment thereof on such extended due date.

     

    
      	
              2.

            	
              Security
                and Ranking.

            

    

     

    2.1.  This
      Note
      and such other Notes (the “Notes”) being issued pursuant to the Purchase
      Agreement shall be senior to all current indebtedness of the
      Company.  However, the Company shall be permitted to incur up to ten
      million dollars ($10,000,000) of indebtedness pari passu to the
      Notes.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    2.2.  The
      Company shall issue a general corporate guarantee in favor of the
      Notes.

     

    2.3.  The
      Note
      Holders (the “Note Holders”) shall have a perfected first lien, including a UCC1
      Security Agreement, on the Beach Boys memorabilia collection (the “Beach Boys
      Collateral”), as described in the appraisal dated July 5, 2007, by Cooper Owen,
      attached as Exhibit A herein, and the subject of the Beach Boys
      Memorabilia Purchase Agreement dated the 15th day of
      April
      2007.  The lien, as provided in this Section, shall be established
      pursuant to the Pledge and Security Agreement (the “Security Agreement”) between
      the Company and a Collateral Agent for the benefit of the Note
      Holders.  The lien shall be established simultaneous with the date the
      Company initially issued the Notes pursuant to the terms of the Purchase
      Agreement (the “Closing Date”).  No other pledge of the Beach Boys
      Collateral is permitted.  

     

    2.4.  Any
      subsidiary other than TFM Group, LLC, MJD Films, Inc., and SMS Text Media,
      Inc.
      (the “Subsidiaries”) shall be permitted to issue the Acquisition Securities and
      incur direct indebtedness without limitation.  The lower case term
“subsidiary” or “subsidiaries” as used in this Agreement and all other
      Transaction Documents, is expressly not limited to TFM Group, LLC., MJD Films,
      Inc., and SMS Text Media, Inc. and includes any and all subsidiaries either
      currently in existence or that might be created in the future.

     

    3.        
      Optional
      Prepayment.  The principal amount of
      this Note may be prepaid in whole or in part at any time, at the sole election
      of the Company, on a pro rata basis among the Note Holders without penalty
      or
      premium, together with unpaid interest thereon accrued through the Maturity
      Date
      or the Extended Maturity Date.  Each partial prepayment of this Note
      shall first be applied to interest accrued through the Maturity Date and the
      Extended Maturity Date and then to accrued and unpaid principal.

     

    4.        
      Mandatory
      Prepayment.  Upon sale of any or all of
      the Beach Boys Collateral, the net proceeds from such sale (the “Net Proceeds”)
      shall be used to repay the Notes pro rata among all the Note
      Holders.  Net Proceeds shall be the sale price less any transaction,
      commission or brokerage fees associated with the sale.  Within three
      (3) Business Days of any such sale, the Company shall give notice to the
      Collateral Agent of the amount of prepayment, accompanied by a listing of the
      items sold, their individual sale prices, and any transaction, commission or
      brokerage fees netted out of the sales proceeds.  Such prepayments
      shall be made within the sooner of (i) thirty-five (35) days following the
      date
      of any such sale or (ii) 5 (five) Business Days of the receipt of
      payment.  Any sale of the Beach Boys Collateral must be made on
      commercially reasonable terms to an unrelated entity.  The Collateral
      Agent Note Holders will promptly cooperate with removal of the UCC1 in
      connection with any items sold pursuant to this Section.

     

    
      	
              5.

            	
              Covenants
                of Payor.

            

    

     

    Payor
      covenants and agrees that, so long as this Note remains outstanding and unpaid,
      in whole or in part:

     

    5.1.  Payor
      will not sell, transfer or dispose of a material part of its assets or the
      assets of the Subsidiaries, provided however that this covenant shall not apply
      to assets held by any other subsidiaries of Payor either currently in existence
      or that might be created in the future;

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    5.2.  Payor
      will not make any loan to any person who is or becomes a shareholder or
      executive employee of Payor, other than for reasonable advances for expenses
      in
      the ordinary course of business;

     

    5.3.  Any
      cash
      flow, profits, assets, or earnings of the Subsidiaries may only be used by
      and
      among the Subsidiaries and may not be, directly or indirectly, transferred
      or
      loaned to any other subsidiary of the Payor.

     

    5.4.  Payor
      will promptly pay and discharge all lawful taxes, assessments and governmental
      charges or levies imposed upon it, its income and profits, or any of its
      property, before the same shall become in default, as well as all lawful claims
      for labor, materials and supplies which, if unpaid, might become a lien or
      charge upon such properties or any part thereof; provided, however, that Payor
      or such subsidiary shall not be required to pay and discharge any such tax,
      assessment, charge, levy or claim so long as the validity thereof shall be
      contested in good faith by appropriate proceedings and Payor or such subsidiary,
      as the case may be, shall set aside on its books adequate reserves with respect
      to any such tax, assessment, charge, levy or claim so contested;

     

    5.5.  Payor
      will do or cause to be done all things necessary to preserve and keep in full
      force and effect its corporate existence, rights and franchises and
      substantially comply with all laws applicable to Payor as its counsel may
      advise;

     

    5.6.  Payor
      will at all times maintain, preserve, protect and keep its property used or
      useful in the conduct of its business in good repair, working order and
      condition (except for the effects of reasonable wear and tear in the ordinary
      course of business) and will, from time to time, make all necessary and proper
      repairs, renewals, replacements, betterments and improvements
      thereto;

     

    5.7.  Payor
      will keep adequately insured, by financially sound reputable insurers, all
      property of a character usually insured by similar corporations and carry such
      other insurance as is usually carried by similar corporations;

     

    5.8.  Payor
      will, promptly following the occurrence of an Event of Default or of any
      condition or event which, with the giving of notice or the lapse of time or
      both, would constitute an Event of Default, furnish a statement of Payor's
      Chief
      Executive Officer or Chief Financial Officer to Payee setting forth the details
      of such Event of Default or condition or event and the action which Payor
      intends to take with respect thereto;

     

    5.9.  Payor
      will, and will cause each of its subsidiaries to, at all times maintain books
      of
      account in which all of its financial transactions are duly recorded in
      conformance with generally accepted accounting principles;

     

    5.10.  Payor
      and
      any Subsidiary shall not issue any debt, equity or other instrument which would
      give the holder thereof, directly or indirectly, rights that are pari passu,
      senior or superior to any right of the Payee, except as expressly permitted
      in
      Section 2 herein.

     

    5.11.  Payor
      shall not create, incur, assume or suffer to exist any pledge, hypothecation,
      assignment, deposit arrangement, lien, charge, claim, or security interest,
      mortgage, deed of trust, easement or encumbrance, or preference, priority or
      other security agreement or preferential arrangement of any kind or nature
      whatsoever (including any lease or title retention agreement, any financing
      lease having substantially the same economic effect as any of the foregoing,
      and
      the filing of, or agreement to give, any financing statement perfecting a
      security interest under the Uniform Commercial Code or comparable law of any
      jurisdiction) with respect to the Beach Boys Collateral;

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    5.12.  Payor
      and
      any subsidiary shall not issue any debt, equity or other instrument which would
      give the holder thereof, directly or indirectly, any rights pari passu, senior
      or superior to any right of the Payee in or to the Beach Boys Collateral;
      and

     

    5.13.  The
      Beach
      Boys Collateral will be insured for not less than three million three hundred
      thousand dollars ($3,300,000) by financially sound reputable insurers. Should
      the total raise under this Offering exceed three million dollars ($3,000,000),
      then such insurance shall be immediately increased to six million six hundred
      thousand dollars ($6,600,000).  The Beach Boys Collateral will be
      stored in an appropriate storage facility designed to accommodate such
      materials. The current storage location, and an inventory if more than one
      storage location is used, is attached herein as an appendix.  The
      Collateral Agent must approve in advance and in writing any planned change
      in
      storage location. The Collateral currently located in the United States may
      not
      be moved to a storage facility outside of the United States, except for Cooper
      Owen in the UK. Except as otherwise provided in Section 4 above and Section
      5.2
      of the Security Agreement, the Beach Boys Collateral shall at all times be
      a
      directly held asset of Payor.  The Beach Boys Collateral shall not be
      sold to, transferred to, or held by any subsidiary of Payor. The use of the
      term
      subsidiary in this Section 5.13 is expressly not limited to TFM Group, MJD
      Films, and SMS Text Media and includes any and all subsidiaries either currently
      in existence or that might be created in the future.

     

    5.14.  Payor
      shall establish a Collateral Agent with regard to the Beach Boys Collateral.
      The
      Collateral Agent’s responsibilities shall be more fully set forth in a
      Collateral Agent Agreement, and shall include (i) controlling, supervising
      and
      recording all access to the Beach Boys Collateral, (ii) verifying the contents
      of the Beach Boys Collateral, (iii) supervising and recording the removal of
      any
      items for sale, (iv) receiving any funds from sale or insurance collections
      on
      the Beach Boys Collateral and redistributing such funds to the Note Holders
      and
      Payor under the terms herein and (v) issuing periodic reports to the Note
      Holders regarding the contents and location of the Beach Boys
      Collateral.

     

    5.15.  Notwithstanding
      the foregoing, Payor and any subsidiaries of the Payor shall be permitted to
      incur indebtedness, including, but not limited to as provided in Section 2
      herein, in connection with any financing of the Acquisition Securities, so
      long
      as any recourse to Payor is subordinated to the claims of Note
      Holders.

     

    5.16.  Peter
      Voss and/or his affiliates shall complete the planned twenty-five million ($25
      million) equity investment in the Company at $0.25 per share of Common Stock
      within fifteen (15) Business Days after the Closing Date.  Common
      Stock pursuant to this Section (the “Voss Securities”) shall have no
      registration rights.

     

    5.17.  If
      the
      Note is not fully repaid by the Original Maturity Date and the Company completes
      a private equity or equity-linked financing prior to full repayment of the
      Note,
      each Note Holder shall have the right to exchange all or any portion of the
      unpaid principal amount of its Notes, plus all accrued but unpaid interest
      thereon, for securities in such financing, provided that the exchange is in
      compliance with applicable securities laws.  Each Investor shall also
      have a right of participation with respect to each and every offering of
      securities that the Company proposes to effect at any time for a period of
      one
      (1) year after the Closing Date provided that this Section shall not apply
      to
      the Acquisition Securities or the Voss Securities.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    5.18.  Sales
      of
      Common Stock by insiders and employees shall not be permitted from and after
      the
      Closing Date until ninety (90) calendar days following the Effectiveness Date
      (as defined in Section 2 of the Registration Rights Agreement).  To
      evidence the foregoing obligation, each officer and director will be required
      to
      execute a lock-up agreement at closing.

     

    5.19.  During
      the period within which the rights represented by the Warrants may be exercised,
      the Company will at all times have authorized and reserved, for the purpose
      of
      issue or transfer upon exercise of the subscription rights evidenced by the
      Warrants, a sufficient number of shares of authorized but unissued Common Stock,
      when and as required to provide for the exercise of the rights represented
      by
      the Warrants.

     

    
      	
              6.

            	
              Events
                of Default.  Each of the following events
                shall constitute an "Event of
                Default":

            

    

     

    6.1.  The
      dissolution of Payor or any vote in favor thereof by the board of directors
      and
      shareholders of Payor;

     

    6.2.  Payor
      makes an assignment for the benefit of creditors, or files with a court of
      competent jurisdiction an application for appointment of a receiver or similar
      official with respect to it or any substantial part of its assets, or Payor
      files a petition seeking relief under any provision of the Federal Bankruptcy
      Code or any other federal or state statute now or hereafter in effect affording
      relief to debtors, or any such application or petition is filed against Payor,
      which application or petition is not dismissed or withdrawn within sixty (60)
      days from the date of its filing;

     

    6.3.  Payor
      fails to pay the principal amount, or interest on, or any other amount payable
      under this Note as and when the same becomes due and payable; except, in the
      case of a failure to pay any interest when and as due, in which case only if
      such failure continues for a period of at least ten (10) Business
      Days;

     

    6.4.  Payor
      sells all or substantially all of its assets or merges or is consolidated with
      or into another corporation; other than a merger with or into a publicly traded
      corporation;

     

    6.5.  A
      proceeding is commenced to foreclose a security interest or lien in the Beach
      Boys Collateral, and not cured within (20) twenty days. However, notice must
      be
      provided to Note Holders of the commencement of such a proceeding within two
      (2)
      Business Days;

     

    6.6.  A
      final
      judgment for the payment of money in excess of $5,000,000 is entered against
      Payor by a court of competent jurisdiction, and such judgment is not discharged
      (nor the discharge thereof duly provided for) in accordance with its terms,
      nor
      a stay of execution thereof procured, within sixty (60) days after the date
      such
      judgment is entered, and, within such period (or such longer period during
      which
      execution of such judgment is effectively stayed), an appeal therefrom has
      not
      been prosecuted and the execution thereof caused to be stayed during such
      appeal;

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    6.7.  An
      attachment or garnishment is levied against the Beach Boys Collateral involving
      an amount in excess of $500,000 and such levy is not vacated, bonded or
      otherwise terminated within sixty (60) days after the date of its
      effectiveness;

     

    6.8.  Payor
      defaults in the due observance or performance of any covenant, condition or
      agreement on the part of Payor to be observed or performed pursuant to the
      terms
      of this Note (other than the default specified in Section 6.3 above), the
      Purchase Agreement, the Registration Rights Agreement or the Warrant (the
“Warrant”), and such default continues uncured for a period of thirty (30) days
      then, upon the occurrence of any such Event of Default under this Section and
      any of the sections above and at any time thereafter, Payee shall have the
      right
      (at Payee's option), upon delivery of written notice to Payor which expressly
      identifies the nature of default under this Section or any of the sections
      above, to declare the principal of, accrued unpaid interest on, and all other
      amounts payable under this Note to be forthwith due and payable, whereupon
      all
      such amounts shall be immediately due and payable to Payee, without presentment,
      demand, protest or other notice of any kind, all of which are hereby expressly
      waived.

     

    6.9.  Payor
      fails to pay the principal amount, or interest on, or any other amount payable
      under this Note as and when the same becomes due and payable (as specified
      in
      Section 6.3 above), then the Company will pay the Payee a default interest
      rate
      of two (2%) per month on all amounts due and owing under the Note for each
      month
      or part thereof beyond the Maturity Date or the Extended Maturity
      Date.  The default interest rate is in addition to the Note Rate and
      shall cease to accrue hereunder as of the date Payor has cured such Event of
      Default.

     

    6.10.  Any
      event
      of default occurs on any other senior indebtedness of Payor or subsidiary
      indebtedness to which the Payor is a guarantor.  Any default occurs
      under any indebtedness of the Company, exclusive of the Acquisition Securities,
      that results in redemption of or acceleration prior to maturity of $2,000,000
      or
      more of such indebtedness in the aggregate.

     

    6.11.  Payor
      creates, incurs, assumes or suffers to exist any pledge, hypothecation,
      assignment, deposit arrangement, lien, charge, claim, or security interest,
      mortgage, deed of trust, easement or encumbrance, or preference, priority or
      other security agreement or preferential arrangement of any kind or nature
      whatsoever (including any lease or title retention agreement, any financing
      lease having substantially the same economic effect as any of the foregoing,
      and
      the filing of, or agreement to give, any financing statement perfecting a
      security interest under the Uniform Commercial Code or comparable law of any
      jurisdiction) with respect to the Beach Boys Collateral; or

     

    6.12.  Payor
      issues any debt, equity or other instrument which would give the holder thereof,
      directly or indirectly, a right in any asset of Payor that are senior or
      superior to any right of the Payee in or to such assets, other than as expressly
      permitted herein.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
              7.

            	
              Replacement
                Of Note.

            

    

     

    7.1.  In
      the
      event that this Note is mutilated, destroyed, lost or stolen, Payor shall,
      at
      its sole expense, execute, register and deliver a new Note, in exchange and
      substitution for this Note, if mutilated, or in lieu of and substitution for
      this Note, if destroyed, lost or stolen.  In the case of destruction,
      loss or theft, Payee shall furnish to Payor indemnity reasonably satisfactory
      to
      Payor, and in any such case, and in the case of mutilation, Payee shall also
      furnish to Payor evidence to its reasonable satisfaction of the mutilation,
      destruction, loss or theft of this Note and of the ownership
      thereof.  Any replacement Note so issued shall be in the same
      outstanding principal amount as this Note and dated the date to which interest
      shall have been paid on this Note or, if no interest shall have yet been paid,
      dated the date of this Note.

     

    7.2.  Every
      Note issued pursuant to the provisions of Section 7.1 above in substitution
      for
      this Note shall constitute an additional contractual obligation of the
      Payor.

     

    8.         Suits
      for Enforcement and Remedies.  If any
      one or more Events of Default shall occur and be continuing, the Payee may
      proceed to (i) protect and enforce Payee's rights either by suit in equity
      or by action at law, or both, whether for the specific performance of any
      covenant, condition or agreement contained in this Note or in any agreement
      or
      document referred to herein or in aid of the exercise of any power granted
      in
      this Note or in any agreement or document referred to herein, (ii) enforce
      the payment of this Note, or (iii) enforce any other legal or equitable
      right of Payee.  No right or remedy herein or in any other agreement
      or instrument conferred upon Payee is intended to be exclusive of any other
      right or remedy, and each and every such right or remedy shall be cumulative
      and
      shall be in addition to every other right and remedy given hereunder or now
      or
      hereafter existing at law or in equity or by statute or otherwise.

     

    
      	
              9.

            	
              Unconditional
                Obligation; Fees, Waivers,
                Other.

            

    

     

    9.1.  The
      obligations to make the payments provided for in this Note are absolute and
      unconditional and not subject to any defense, set-off, counterclaim, rescission,
      recoupment or adjustment whatsoever.

     

    9.2.  If,
      following the occurrence of an Event of Default, Payee shall seek to enforce
      the
      collection of any amount of principal of and/or interest on this Note, there
      shall be immediately due and payable from Payor, in addition to the then unpaid
      principal of, and accrued unpaid interest on, this Note, all reasonable costs
      and expenses incurred by Payee in connection therewith, including, without
      limitation, reasonable attorneys' fees and disbursements.

     

    9.3.  No
      forbearance, indulgence, delay or failure to exercise any right or remedy with
      respect to this Note shall operate as a waiver or as an acquiescence in any
      default, nor shall any single or partial exercise of any right or remedy
      preclude any other or further exercise thereof or the exercise of any other
      right or remedy.

     

    9.4.  This
      Note
      may not be modified or discharged (other than by payment or exchange) except
      by
      a writing duly executed by Payor and Payee or as otherwise provided in the
      Purchase Agreement.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    9.5.  Payor
      hereby expressly waives demand and presentment for payment, notice of
      nonpayment, notice of dishonor, protest, notice of protest, bringing of suit,
      and diligence in taking any action to collect amounts called for hereunder,
      and
      shall be directly and primarily liable for the payment of all sums owing and
      to
      be owing hereon, regardless of and without any notice, diligence, act or
      omission with respect to the collection of any amount called for hereunder
      or in
      connection with any right, lien, interest or property at any and all times
      which
      Payee had or is existing as security for any amount called for
      hereunder.

     

    10.  Restriction
      on Transfer.  This Note has been
      acquired for investment, and this Note has not been registered under the
      securities laws of the United States of America or any state
      thereof.  Accordingly, no interest in this Note may be offered for
      sale, sold or transferred in the absence of registration and qualification
      of
      this Note, under applicable federal and state securities laws or an opinion
      of
      counsel of Payee reasonably satisfactory to Payor that such registration and
      qualification are not required.

     

    11.  Most
      Favored Nation Exchange.  If the Company
      completes a private equity or equity-linked financing at any time prior to
      full
      repayment of the Note, each Investor will have the right to exchange all or
      any
      portion of the unpaid principal amount of its Notes, plus all accrued but unpaid
      interest thereon, for securities in such financing, provided that the exchange
      is in compliance with applicable securities laws.  In addition, each
      Investor has the right of participation with respect to each and every offering
      of securities that the Company proposes to effect at any time for a period
      of
      one (1) year after the date herein. However, this Section shall not apply to
      the
      Voss Securities and the Acquisition Securities.

     

    
      	
              12.

            	
              Miscellaneous.

            

    

     

    12.1.  The
      headings of the various paragraphs of this Note are for convenience of reference
      only and shall in no way modify any of the terms or provisions of this
      Note.

     

    12.2.  All
      notices required or permitted to be given hereunder shall be in writing and
      shall be deemed to have been duly given when personally delivered or sent by
      registered or certified mail (return receipt requested, postage prepaid),
      facsimile transmission or overnight courier to the address of the intended
      recipient as set forth in the preamble to this Note or at such other address
      as
      the intended recipient shall have hereafter given to the other party hereto
      pursuant to the provisions of this Note.

     

    12.3.  This
      Note
      and the obligations of Payor and the rights of Payee shall be governed by and
      construed in accordance with the substantive laws of the State of Florida
      without giving effect to the choice of laws rules thereof.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    12.4.  This
      Note
      shall bind Payor and its successors and assigns.

     

    
      	 	
              Global
                Realty Development Corp.

            	 
	 	
              a
                Delaware corporation

            	 
	 	 	 	 
	
               

            	
              By:
                

            	/s/ 	 
	 	
              Name:

            	
              Robert
                D. Kohn

            	 
	 	
              Title:

            	
              Chief
                Executive Officer

            	 

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    

     

    Exhibit
      A

    

    

    Beach
      Boys Memorabilia Appraisal dated [________] by Cooper Owen

    

     

     

     

    
 

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    Schedule
      A

    

    Debt
      Funding – Use Of Proceeds Schedule

    

    Re:
      Halpern Fees

           Escrowed
      Funds

           MJD
      Films

           TFM
      Group – (Loan)

           SMS
      Text Media, Inc. – Acquisition

           Global
      – (Fees)

    

    

    1st  $1,000,000.00

    

    
      	
              1.  

            	
              $70,000.00
                – Halpern Capital Escrowed Fees = 12% per annum x 6
                Months*

            

    

    
      	
              2.  

            	
              $50,000.00
                – MJD Films

            

    

    
      	
              3.  

            	
              $300,000.00
                – TFM Group (Loan)

            

    

    
      	
              4.  

            	
              $530,000.00
                – SMS Text Media, Inc.
                (Acquisition)

            

    

    
      	
              5.  

            	
              $50,000.00
                – Global

            

    

    

    2nd  $1,000,000.00

    

    
      	
              1.  

            	
              $70,000.00
                – Halpern Capital Escrowed Fees = 12% per annum x 6
                Months

            

    

    
      	
              2.  

            	
              $300,000.00
                – TFM Group (Loan)

            

    

    
      	
              3.  

            	
              $580,000.00
                – SMS Text Media Inc. (Acquisition)

            

    

    
      	
              4.  

            	
              $10,000.00
                –MJD Films

            

    

    
      	
              5.  

            	
              $40,000.00
                - Global

            

    

    

    3rd  $1,000,000.00

    

    
      	
              1.  

            	
              $70,000.00
                – Halpern Capital Escrowed Fees plus interest at 12% per annum (not
                included in total)

            

    

    
      	
              2.  

            	
              $100,000.00
                – TFM Group (Loan)

            

    

    
      	
              3.  

            	
              $780,000.00
                – SMS Text Media, Inc. (Acquisition
                )

            

    

    
      	
              4.  

            	
              $10,000.00
                – MJD Films

            

    

    
      	
              5.  

            	
              $40,000.00
                – Global

            

    

    

    4th  $1,000,000.00

    

    
      	
              1.  

            	
              $70,000.00
                – Halpern Capital Fees = 7% x
                $1,000,000.00

            

    

    
      	
              2.  

            	
              $60,000.00
                – Escrowed Fees = 12% per annum x 6
                Months

            

    

    
      	
              3.  

            	
              $100,000.00
                – TFM Group (Loan)

            

    

    
      	
              4.  

            	
              $400,000.00
                – SMS Text Media, Inc.
                (Acquisition)

            

    

    
      	
              5.  

            	
              $370,000.00
                – Global

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    5th  $1,000,000.00

    

    
      	
              1.  

            	
              $70,000.00
                – Halpern Capital Fees = 7% x
                $1,000,000.00

            

    

    
      	
              2.  

            	
              $250,000.00
                – TFM Group (Loan)

            

    

    
      	
              3.  

            	
              $50,000.00
                – MJD Films

            

    

    
      	
              4.  

            	
              $420,000.00
                – SMS Text Media, Inc.
                (Acquisition)

            

    

    
      	
              5.  

            	
              $210,000.00
                – Global

            

    

    

    6th  $1,000,000.00

    

    
      	
              1.  

            	
              $70,000.00
                – Halpern Capital Fees = 7% x
                $1,000,000.00

            

    

    
      	
              2.  

            	
              $250,000.00
                – TFM Group (Loan)

            

    

    
      	
              3.  

            	
              $290,000.00
                – SMS Text Media , Inc .

            

    

    
      	
              4.  

            	
              $290,000.00
                – Global

            

    

    
      	
              5.  

            	
              $100,000.00
                – MJD Films

            

    

    

    Totals:

    

    
      	
              1.  

            	
              $420,000.00
                – Halpern Capital Fees (excluding any earned
                interest)

            

    

    
      	
              2.  

            	
              $220,000.00
                – MJD Films

            

    

    
      	
              3.  

            	
              $1,300,000.00
                – TFM Group (Loan)

            

    

    
      	
              5.  

            	
              $1,060,000.00
                – Global (Fees)

            

    

    $6,000,000.00

    

    *Note:
      Halpern Capital will permit the Company to escrow its fees on this transaction
      and pay them once Halpern Capital raises three million dollars ($3,000,000).
      All
      warrants then due to Halpern Capital will also be issued at this time. Following
      the initial $3,000,000 raised, fees will be paid to Halpern Capital within
      5
      business days of the Company’s receipt of funds. For convenience, Halpern
      Capital may permit the company to issue warrants fees less frequently to
      consolidate documentation.  For any reason, should the total raised by
      Halpern Capital be less than three million dollars ($3,000,000) and Halpern
      Capital, in its sole discretion, decides that further funds can not be raised,
      Halpern Capital may demand full payment of all fees due to it, and the escrow
      agent shall pay such fees within 5 business days. Fees held by the escrow agent
      shall accrue interest at 12% per annum. At any time prior to its receipt of
      the
      cash portion of its fees, Halpern Capital shall have the right to convert such
      cash fees into Offering Units, effective the date the fees were
      earned.Unassociated Document

    Exhibit
      10.2

     

    THE
      SECURITIES REPRESENTED BY THIS WARRANT HAVE BEEN ACQUIRED FOR INVESTMENT AND
      HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
      (“1933 ACT”) OR ANY STATE SECURITIES LAWS.  SUCH SECURITIES MAY
      NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN
      EXEMPTION THEREFROM UNDER THE 1933 ACT AND ANY APPLICABLE STATE SECURITIES
      LAWS.

     

    2007-001

    WARRANT
      TO PURCHASE SHARES

    OF
      THE COMMON STOCK OF

    GLOBAL
      REALTY DEVELOPMENT CORP.

    (Void
      after Expiration Date – July [    ],
      2012)

    

    Warrant
      Number:

    Number
      of
      Shares of Common Stock:
      [           ]

    Issue
      Date: July [          ], 2007
      (“Issuance Date”)

    

    This
      certifies that [________________________] or its successors or assigns
      (“Holder”) shall be entitled to purchase from
GLOBAL REALTY DEVELOPMENT CORP., a Delaware corporation
      (“Company”), having its principal place of business at
      11555 Heron Bay Boulevard, Suite 200, Coral Springs, Florida 33076,
      [_____________________] [(_______)] fully paid and non-assessable shares of
      the
      Company’s common stock, par value $.001 per share (“Common
      Stock”), at a price per share equal to the Exercise Price (as
      defined below) (the “Warrant Shares”). Capitalized
      terms used herein and not otherwise defined shall have the respective meanings
      set forth in the related Note and Warrant Purchase Agreement (the
“Purchase Agreement”), 12% Senior Promissory Notes
      (individually, a “Note” and collectively, the
“Notes”), and the Registration
      Rights Agreement (the
“Registration Rights Agreement”), each entered into or
      issued in connection with this warrant
      (“Warrant”).

    

    This
      Warrant is being issued to the Holder in connection with up to a $6,000,000
      Loan
      evidenced by the Notes, which are due and payable one hundred and eighty (180)
      days (unless extended by the Company for up to an additional 180 days) from
      the
      date of issuance.  This Warrant is one of several which will be
      identical except for names and amounts.  An aggregate of up to
      18,000,000 Initial Warrants (as defined below) will be issued by the Company
      if
      the full $6,000,000 Loan is completed.  The Initial Warrants are being
      issued on the basis of three (3) warrants for every $1.00 of Notes issued by
      the
      Company (the “Initial Warrants”).  In
      addition to the Initial Warrants, each Offering Unit includes an additional
      warrant (the “Additional Warrant”) to purchase one (1)
      share of Common Stock for each Offering Unit.  The Additional Warrants
      are identical in all terms to the Initial Warrants (together, the
“Warrants”), except that the Additional Warrants are
      escrowed with an Escrow Agent and will be distributed to the Note Holders only
      upon an Event of Default or a Registration Failure.

     

    The
      initial exercise price (“Exercise Price”) of this
      Warrant will be equal to $0.45 per share, subject to adjustment upon the
      occurrence of the events described in Section 2 of this Warrant.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    This
      Warrant shall be immediately exercisable into shares of Common Stock at any
      time, or from time-to-time, up to and including 5:00 p.m. (New York time) on
      July [   ], 2012 (“Expiration Date”);
      provided, however, if such date is not a Business Day, then on the Business
      Day
      immediately following such date.  This Warrant is exercisable in whole
      or in part upon the surrender to the Company at its principal place of business
      (or at such other location as the Company may advise the Holder in writing)
      of
      this Warrant properly endorsed with a form of exercise notice substantially
      the
      form attached hereto as Exhibit A (the
“Exercise
      Notice”) duly filled in and
      signed and, if applicable, upon payment in cash or by wire transfer of
      immediately available funds of an amount equal to the applicable Exercise Price
      multiplied by the number of Common Stock as to which this Warrant is being
      exercised (the “Aggregate Exercise
      Price”).

    

    1.  Exercise;
      Issuance of Certificates; Payment for Shares.

     

    
      	
              1.1  

            	
              General.  This
                Warrant is exercisable in full, or in part for 5,000 or more shares,
                in
                increments of 5,000 shares, except for the final exercise which may
                be for
                the remainder, at the option of the Holder of record at any time
                or from
                time, to time, up to the Expiration Date for all of the shares of
                Common
                Stock (but not for a fraction of a share) which may be purchased
                hereunder.  In the case of the exercise of less than all of the
                Warrant Shares represented hereby, the Company shall cancel this
                warrant
                certificate upon the surrender hereof and shall execute and deliver
                a new
                warrant certificate or warrant certificates of like tenor for the
                balance
                of such Warrant Shares. The Company
                agrees
                that the shares of Common Stock purchased under this Warrant shall
                be and
                are deemed to be issued to the Holder hereof as the record owner
                of such
                shares as of the close of business on the date on which the Exercise
                Notice is delivered to the Company via facsimile; provided, however,
                that
                in such case this Warrant shall be surrendered to the Company within
                three
                (3) Business Days.  Certificates for the shares of Common Stock
                so purchased, together with any other securities or property to which
                the
                Holder is entitled upon such exercise, shall be delivered to the
                Holder by
                the Company at the Company’s expense within a reasonable time after the
                rights represented by this Warrant have been so exercised, and in
                any
                event, within three (3) Business Days of such exercise and delivery
                of the
                Exercise Price. The Company shall, issue and deliver to the transfer
                agent
                for its Common Stock (the “Transfer Agent”)
                irrevocable instructions to issue and deliver or cause to be delivered
                to
                such Holder the number of Warrant Shares exercised.  Each Common
                Stock certificate so delivered shall be in such denominations of
                5,000 or
                more shares of Common Stock, in increments of 5,000, as may be requested
                by the Holder hereof and shall be registered on the Company’s books in the
                name designated by such Holder, provided that no Holder of this Warrant
                shall be permitted to exercise any warrants to the extent that such
                exercise would cause any Holder to be the beneficial owner of 5%
                or more
                of the then outstanding Company’s Common Stock, at that given
                time.  This limitation shall not be deemed to prevent any Holder
                from acquiring more than an aggregate of 5% of the Common Stock,
                so long
                as such Holder does not beneficially own, or have the right to
                beneficially own, 5% or more of the Company’s Common Stock at any given
                time.

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
              1.2  

            	
              Exercise
                for Cash

            

    

     

    This
      Warrant may be exercised, in whole at any time or in part from time to time,
      commencing on the date hereof and prior to 5:00 P.M., New York time, on
      July      [   ], 2012, by the
      Holder by the facsimile delivery of the Exercise Notice on the date of the
      exercise and by surrender of this Warrant within three (3) Business Days from
      the exercise day at the address set forth hereof, together with proper payment
      of the Aggregate Exercise Price payable hereunder for the Warrant Shares, or
      the
      proportionate part thereof if this Warrant is exercised in
      part.  Payment for the Warrant Shares shall be made in cash or by wire
      transfer of immediately available fund.  If this Warrant is exercised
      in part, this Warrant must be exercised for a number of whole shares of the
      Common Stock, and the Holder is entitled to receive a new Warrant covering
      the
      Warrant Shares which have not been exercised and setting forth the proportionate
      part of the Aggregate Exercise Price applicable to such Warrant
      Shares.  Upon such surrender of this Warrant the Company will (a)
      issue a certificate or certificates in the name of the Holder for the largest
      number of whole shares of the Common Stock to which the Holder shall be entitled
      and (b) deliver the other securities and properties receivable upon the exercise
      of this Warrant, or the proportionate part thereof if this Warrant is exercised
      in part, pursuant to the provisions of this Warrant.

    

    
      	
              1.3  

            	
              Cashless
                Exercise

            

    

     

    In
      the
      event the Holder’s Note issued together with this Warrant is not paid on or
      before Maturity Date, the Holder may pay the Exercise Price through a cashless
      exercise (a “Cashless Exercise”), as
      hereinafter provided.  The Holder may effect a Cashless Exercise in
      lieu of making payment of the Aggregate Exercise Price in cash or wire transfer
      and, elect instead to receive upon such exercise the “Net Number” of shares of
      Common Stock determined according to the following formula:

    

    X
      = Y x (A-B)/A

    
      	
               

            	
              where:

            

    

    

    
      	
               

            	
              X
                =
                the Net Number of Warrant Shares to be issued to the
                Holder;

            

    

    

    
      	
               

            	
              Y
                =
                the number of Warrant Shares with respect to which this Warrant is
                being
                exercised;

            

    

    

    
      	
               

            	
              A
                =
                the Market Price (as defined in the Section 2.4 below) as of the
                Exercise
                Date; and

            

    

    

    
      	
               

            	
              B
                =
                the Exercise Price.

            

    

    

    For
      purposes of Rule 144, it is intended and acknowledged that the Warrant Shares
      issued in a Cashless Exercise transaction shall be deemed to have been acquired
      by the Holder, and the holding period for the Warrant Shares required by Rule
      144 shall be deemed to have been commenced, on the Issuance Date.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
              1.4  

            	
              Shares
                to be Fully Paid; Reservation of
                Shares.  The Company covenants and
                agrees that all shares of Common Stock which may be issued upon the
                exercise of the rights represented by this Warrant will, upon issuance,
                be
                duly authorized, validly issued, fully paid and nonassessable and
                free
                from all preemptive rights of any shareholder and free of all taxes,
                liens
                and charges with respect to the issue thereof.  The Company
                further covenants and agrees that, during the period within which
                the
                rights represented by this Warrant may be exercised, the Company
                will at
                all times have authorized and reserved, for the purpose of issue
                or
                transfer upon exercise of the subscription rights evidenced by this
                Warrant, a sufficient number of shares of authorized but unissued
                Common
                Stock, when and as required to provide for the exercise of the rights
                represented by this Warrant.  The Company will take all such
                action as may be necessary to assure that such shares of Common Stock
                may
                be issued as provided herein without violation of any applicable
                law or
                regulation, or of any requirements of any domestic securities exchange
                upon which the Common Stock or other securities may be listed; provided,
                however, that the Company shall not be required to effect a registration
                under federal or state securities laws with respect to such exercise
                other
                than as required by Section 7.7 herein.  The Company will not
                take any action which would result in any adjustment of the Exercise
                Price
                if the total number of shares of Common Stock issuable after such
                action
                upon exercise of all outstanding warrants, together with all shares
                of
                Common Stock then outstanding and all shares of Common Stock then
                issuable
                upon exercise of all options and upon the conversion of all convertible
                securities then outstanding, would exceed the total number of shares
                of
                Common Stock or equity securities then authorized by the Company’s
                Certificate of Incorporation, as amended (“Company
                Charter”).

            

    

     

    
      	
              1.5  

            	
              Buy
                In. In addition to any other rights available to a Holder, if
                the
                Company fails to deliver to the Holder a certificate representing
                Warrant
                Shares by the third Trading Day after the date on which delivery
                of such
                certificate is required by this Warrant, and if after such third
                Trading
                Day the Holder purchases (in an open market transaction or otherwise)
                shares of Common Stock to deliver in satisfaction of a sale by the
                Holder
                on or after the Exercise Date of the Warrant Shares that the Holder
                anticipated receiving from the Company (a
                “Buy-In”), then the Company shall, within three
                Trading Days after the Holder’s request and in the Holder’s discretion,
                either (i) pay cash to the Holder in an amount equal to the Holder’s total
                purchase price (including brokerage commissions, if any) for the
                shares of
                Common Stock so purchased (the “Buy-In
                Price”), at which point the Company’s obligation to
                deliver such certificate (and to issue such Common Stock) shall terminate,
                or (ii) promptly honor its obligation to deliver to the Holder a
                certificate or certificates representing such Common Stock and pay
                cash to
                the Holder in an amount equal to the excess (if any) of the Buy-In
                Price
                over the product of (A) such number of shares of Common Stock, times
                (B)
                the closing price on the date of the event giving rise to the Company’s
                obligation to deliver such certificate.  Notwithstanding the
                foregoing, the Company shall have no liability under this subsection
                for
                the Buy-In Price if it has complied with the requirements of subsection
                1.1 above and notwithstanding it using its best efforts to have the
                Transfer Agent deliver the Warrant Shares to the Holders within three
                (3)
                trading days of the Holder’s request such Warrant Shares are not delivered
                on a timely basis.

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    2.  Determination
      or Adjustment of Exercise Price and Number of Shares.  The
      Exercise Price and the number of shares purchasable upon the exercise of this
      Warrant shall be subject to adjustment from time to time upon the occurrence
      of
      certain events described in this Section 2.  Upon each adjustment of
      the Exercise Price, the Holder of this Warrant shall thereafter be entitled
      to
      purchase, at the Exercise Price resulting from such adjustment, the number
      of
      shares obtained by multiplying the Exercise Price in effect immediately prior
      to
      such adjustment by the number of shares purchasable pursuant hereto immediately
      prior to such adjustment, and dividing the product thereof by the Exercise
      Price
      resulting from such adjustment.

     

    
      	
              2.1  

            	
              Subdivision
                or Combination of Common Stock.  In case the Company
                shall at any time subdivide or reclassify its outstanding shares
                of Common
                Stock into a greater number of shares, the Exercise Price in effect
                immediately prior to such subdivision shall be proportionately reduced,
                and conversely, in case the outstanding shares of Common Stock of
                the
                Company shall be combined or reclassified into a smaller number of
                shares,
                the Exercise Price in effect immediately prior to such combination
                shall
                be proportionately increased.

            

    

     

    
      	
              2.2  

            	
              Dividends
                in Common Stock, Other Stock, Property,
                Reclassification.  If at any time or from time to time
                the holders of Common Stock (or any shares of stock or other securities
                at
                the time receivable upon the exercise of this Warrant) shall have
                received
                or become entitled to receive, without payment
                therefore:

            

    

     

    
      	
              2.2.1  

            	
              Stock,
                Common Stock or any shares of capital stock or other securities which
                are
                at any time directly or indirectly convertible into or exchangeable
                for
                Common Stock, or any rights or options to subscribe for, purchase
                or
                otherwise acquire any of the foregoing by way of dividend or other
                distribution,

            

    

     

    
      	
              2.2.2  

            	
              Any
                cash paid or payable otherwise than as a cash dividend,
                or

            

    

     

    
      	
              2.2.3  

            	
              Stock,
                Common Stock or additional capital stock or other securities or property
                (including cash) by way of spinoff, split-up, reclassification,
                combination of shares or similar corporate rearrangement, (other
                than
                shares of Common Stock issued as a stock split or adjustments in
                respect
                of which shall be covered by the terms of Section 2.1 above), then
                and in
                each such case, the Holder hereof shall, upon the exercise of this
                Warrant, be entitled to receive, in addition to the number of shares
                of
                Common Stock or other capital stock receivable thereupon, and without
                payment of any additional consideration therefore, the amount of
                stock and
                other securities and property (including cash in the cases referred
                to in
                clause (2.2.2) above and this clause (2.2.3)) which such Holder would
                hold
                on the date of such exercise had he been the holder of record of
                such
                Common Stock as of the date on which holders of Common Stock received
                or
                became entitled to receive such shares or all other additional stock
                and
                other securities and property.

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
              2.3  

            	
              Reorganization,
                Reclassification, Consolidation, Merger or
                Sale.

            

    

     

    
      	
              2.3.1  

            	
              If
                any recapitalization, reclassification or reorganization of the capital
                stock of the Company, or any consolidation or merger of the Company
                with
                another corporation, or the sale of all or substantially all of its
                assets
                or other transaction shall be effected in such a way that holders
                of
                Common Stock shall be entitled to receive stock, securities, or other
                assets or property (an “Organic Change”), then,
                as a condition of such Organic Change, lawful and adequate provisions
                shall be made by the Company whereby the Holder hereof shall thereafter
                have the right, upon exercise of this Warrant, to purchase and receive
                (in
                lieu of the shares of the Common Stock of the Company immediately
                theretofore purchasable and receivable upon the exercise of the rights
                represented by this Warrant) such shares of stock, securities or
                other
                assets or property as may be issued or payable with respect to or
                in
                exchange for a number of outstanding shares of such Common Stock
                equal to
                the number of shares of such stock immediately theretofore purchasable
                and
                receivable upon the exercise of the rights represented by this
                Warrant.  In the event of any Organic Change, appropriate
                provision shall be made by the Company with respect to the rights
                and
                interests of the Holder of this Warrant to the end that the provisions
                hereof (including, without limitation, provisions for adjustments
                of the
                Exercise Price and of the number of shares purchasable and receivable
                upon
                the exercise of this Warrant) shall thereafter be applicable, in
                relation
                to any shares of stock, securities or assets thereafter deliverable
                upon
                the exercise hereof. The Company will not effect any such consolidation,
                merger or sale unless, prior to the consummation thereof, the successor
                corporation (if other than the Company) resulting from such consolidation
                or the corporation purchasing such assets shall assume by written
                instrument executed and mailed or delivered to the Holder hereof
                at the
                last address of such Holder appearing on the books of the Company,
                the
                obligation to deliver to such Holder, upon Holder’s exercise of this
                Warrant and payment of the purchase price in accordance with the
                terms
                hereof, such shares of stock, securities or assets as, in accordance
                with
                the foregoing provisions, such Holder may be entitled to
                purchase.

            

    

     

    
      	
              2.3.2  

            	
              No
                adjustment of the Exercise Price, however, shall be made in an amount
                less
                than $.01 per share, but any such lesser adjustment shall be carried
                forward and shall be made at the time and together with the next
                subsequent adjustment which together with any adjustments so carried
                forward shall amount to $.01 per share or
                more.

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
              2.4  

            	Dilutive
              Issuances.

    

     

    (i)           Adjustment
      Upon Dilutive Issuance.  If, at any time prior to the Expiration
      Date, the Company issues or sells any shares of Common Stock or any equity
      or
      equity equivalent securities (including any equity, debt or other instrument
      that is at any time over the life thereof convertible into or exchangeable
      for
      Common Stock or other securities which are so convertible or exchangeable)
      (collectively, “Common Stock Equivalents”) for
      per share consideration less than the Exercise Price on the date of such
      issuance or sale, (a “Dilutive Issuance”) (if
      the holder of the Common Stock or Common Stock Equivalent so issued shall at
      any
      time, whether by operation of purchase price adjustments, reset provisions,
      floating conversion, exercise or exchange prices or otherwise, or due to
      warrants, options or rights per share which is issued in connection with such
      issuance, be entitled to receive shares of Common Stock at a price per share
      which is less than the Exercise Price, such issuance shall be deemed to have
      occurred for less than the Exercise Price) then the Exercise Price shall be
      adjusted so as to equal the consideration received or receivable by the Company
      (on a per share basis) for the additional shares of Common Stock or Common
      Stock
      Equivalents so issued, sold or deemed issued or sold in such Dilutive Issuance
      (which, in the case of a deemed issuance or sale, shall be calculated in
      accordance with subparagraph (ii) below).  Such adjustment shall be
      made whenever such Common Stock or Common Stock Equivalents are
      issued.

     

    (ii)           Effect
      On Exercise Price Of Certain Events.  For purposes of determining
      the adjusted Exercise Price under subparagraph (i) of this Section 2.4, the
      following will be applicable:

     

               (A)           Issuance
      of Common Stock Equivalents.  If the Company issues or sells any
      Common Stock Equivalents, whether or not immediately convertible, exercisable
      or
      exchangeable, and the price per share for which Common Stock is issuable upon
      such conversion, exercise or exchange is less than the Exercise Price in effect
      on the date of issuance or sale of such Common Stock Equivalents, then the
      maximum total number of shares of Common Stock issuable upon the conversion,
      exercise or exchange of all such Common Stock Equivalents shall, as of the
      date
      of the issuance or sale of such Common Stock Equivalents, be deemed to be
      outstanding and to have been issued and sold by the Company for such price
      per
      share.

     

               (B)           Change
      in Conversion Rate.  If, following an adjustment to the Exercise
      Price upon the issuance of Common Stock Equivalents pursuant to a Dilutive
      Issuance, there is a change at any time in (y) the amount of additional
      consideration, if any, payable to the Company upon the conversion, exercise
      or
      exchange of any Common Stock Equivalents; or (z) the rate at which any Common
      Stock Equivalents are convertible into or exercisable or exchangeable for Common
      Stock (in each such case, other than under or by reason of provisions designed
      to protect against dilution), then in any such case, the Exercise Price in
      effect at the time of such change shall be readjusted to the Exercise Price
      which would have been in effect at such time had such Common Stock Equivalents
      still outstanding provided for such changed additional consideration or changed
      conversion, exercise or exchange rate, as the case may be, at the time initially
      issued or sold.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (C)           Calculation
      of Consideration Received.  If any Common Stock or Common Stock
      Equivalents are issued or sold for cash, the consideration received therefore
      will be the amount received by the Company therefore.  In case any
      Common Stock or Common Stock Equivalents are issued or sold for a consideration
      part or all of which shall be other than cash, including in the case of a
      strategic or similar arrangement in which the other entity will provide services
      to the Company, purchase services from the Company or otherwise provide
      intangible consideration to the Company, the amount of the consideration other
      than cash received by the Company (including the net present value of the
      consideration other than cash expected by the Company for the provided or
      purchased services) shall be the fair market value of such consideration, except
      where such consideration consists of publicly traded securities, in which case
      the amount of consideration received by the Company will be the Market Price
      thereof on the date of receipt. The term “Market
      Price” means, as of a particular date, the average of the high
      and low price of the Common Stock for the ten (10) consecutive Trading Days
      occurring immediately prior to (but not including) any given date, as reported
      in the Principal Market.  In case any Common Stock or Common Stock
      Equivalents are issued in connection with any merger or consolidation in which
      the Company is the surviving corporation, the amount of consideration therefore
      will be deemed to be the fair market value of such portion of the net assets
      and
      business of the non-surviving corporation as is attributable to such Common
      Stock or Common Stock Equivalents. The independent members of the Company’s
      Board of Directors shall calculate reasonably and in good faith, using standard
      commercial valuation methods appropriate for valuing such assets, the fair
      market value of any consideration other than cash or securities.

     

    (iii)           Exceptions
      To Adjustment Of Exercise Price.  Notwithstanding the foregoing,
      no adjustment to the Exercise Price shall be made pursuant to this Section
      2.4
      upon the issuance of any Excluded Securities (or deemed to have been issued
      by
      the Company in connection with any Excluded Securities).  For purposes
      hereof, “Excluded Securities” means (A) the the
      issuance and sale by the Company of up to 100,000,000 shares of common stock
      to
      Peter Voss or his affiliates (the “Voss Securities”);
      (B) securities issued as part of any acquisition by the Company of a business,
      real estate, license or intellectual property right or other asset (including
      without limitation, a Pachinko parlor business and related license rights and
      real estate), whether through an acquisition of stock or a merger of any
      business, assets or technologies; (C) shares of Common Stock issuable or issued
      or otherwise granted for services to the Company, or to employees, officers,
      directors, or consultants from time to time for bona fide services rendered
      to
      the Company either directly or upon the exercise of options, in such case
      granted or to be granted in the discretion of the Board of Directors, as
      approved by members of the Board, pursuant to one or more stock option plans
      or
      stock purchase plans in effect as of the Closing Date or subsequently
      approved by the members of the Board of Directors;, (D) up to one million
      dollars ($1,000,000) in shares issued to consultants or vendors; and (E) shares
      of Common Stock issuable or issued pursuant to an earn-out or performance
      related payment associated with any acquisition.

     

    (iv)           Adjustments;
      Additional Shares, Securities or Assets.  In the event that at any
      time, as a result of an adjustment made pursuant to this Section 2.4,
      each Holder shall, upon conversion of such Holder’s Warrants, become entitled to
      receive securities or assets (other than Common Stock) then, wherever
      appropriate, all references herein to shares of Common Stock shall be deemed
      to
      refer to and include such shares and/or other securities or assets; and
      thereafter the number of such shares and/or other securities or assets shall
      be
      subject to adjustment from time to time in a manner and upon terms as nearly
      equivalent as practicable to the provisions of this
Section  2.4.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    2.5            Certain
      Events. If any change in the outstanding Common Stock of the Company or
      any other event occurs as to which the other provisions of this Section 2 are
      not strictly applicable or if strictly applicable would not fairly protect
      the
      purchase rights of the Holder of the Warrant in accordance with such provisions,
      then the Board of Directors of the Company shall make an adjustment in the
      number and class of shares available under the Warrant, the Exercise Price
      or
      the application of such provisions, so as to protect such purchase rights as
      aforesaid.  The adjustment shall be such as will give the Holder of
      the Warrant upon exercise for the same aggregate Exercise Price the total
      number, and kind of shares as he would have owned had the Warrant been exercised
      prior to the event and had he continued to hold such shares until after the
      event requiring adjustment.

     

    
      	
               

            	
              2.6

            	
              Notices
                of Change.

            

    

     

    
      	
            	
              2.6.1

            	
              Upon
                any determination or adjustment in the number or class of shares
                subject
                to this Warrant and of the Exercise Price, the Company shall give
                written
                notice thereof to the Holder, setting forth in reasonable detail
                and
                certifying the calculation of such determination or
                adjustment.

            

    

     

    
      	
            	
              2.6.2

            	
              The
                Company shall give written notice to the Holder prior to the date
                on which
                the Company closes its books or takes a record for determining rights
                to
                receive any dividends or
                distributions.

            

    

     

    
      	
               

            	
              2.6.3

            	
              The
                Company shall also give written notice to the Holder prior to the
                date on
                which an Organic Change shall take
                place.

            

    

     

    3.  Issue
      Tax. The issuance of certificates for shares of
      Common Stock upon the exercise of the Warrant shall be made without charge
      to
      the Holder of the Warrant for any issue tax (other than any applicable income
      taxes) in respect thereof; provided, however, that the Company shall not be
      required to pay any tax which may be payable in respect of any transfer involved
      in the issuance and delivery of any certificate in a name other than that of
      the
      then Holder of the Warrant being exercised.

     

    4.  Closing
      of Books.  The Company will at no time close its transfer
      books against the transfer of any warrant or of any shares of stock issued
      or
      issuable upon the exercise of any warrant in any manner which interferes with
      the timely exercise of this Warrant.

     

    5.  No
      Voting or Dividend Rights; Limitation of Liability.  Nothing
      contained in this Warrant shall be construed as conferring upon the Holder
      hereof the right to vote as a shareholder of the Company.  No
      dividends or interest shall be payable or accrued in respect of this Warrant,
      the interest represented hereby, or the shares purchasable hereunder until,
      and
      only to the extent that, this Warrant shall have been exercised, subject to
      the
      Holder’s rights under Section 2 of this Warrant.  The Holder of this
      Warrant shall receive all notices as if a shareholder of the
      Company.  No provisions hereof, in the absence of affirmative action
      by the Holder to purchase shares of Common Stock, and no mere enumeration herein
      of the rights or privileges of the Holder hereof, shall give rise to any
      liability of such Holder for the Exercise Price or as a shareholder of the
      Company, whether such liability is asserted by the Company or by its
      creditors.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    6.  Rights
      and Obligations Survive Exercise of Warrant. The rights and obligations
      of the Company, of the Holder of this Warrant and of the holder of shares of
      Common Stock issued upon exercise of this Warrant, shall survive the exercise
      of
      this Warrant.

     

    7.  Further
      Representations, Warranties and Covenants of the Company.

     

    
      	
              7.1  

            	
              Charter
                and Bylaws.  The Company has made available to Holder
                true, complete and correct copies of the Company Charter and Bylaws,
                as
                amended, through the date hereof.

            

    

     

    
      	
              7.2  

            	
              Due
                Authority.  The execution and delivery by the Company
                of this Warrant and the performance of all obligations of the Company
                hereunder, including the issuance to Holder of the right to acquire
                the
                shares of Common Stock, have been duly authorized by all necessary
                corporate action on the part of the Company, and the Warrant is not
                inconsistent with the Company Charter or Bylaws and constitutes a
                legal,
                valid and binding agreement of the Company, enforceable in accordance
                with
                its terms.

            

    

     

    
      	
              7.3  

            	
              Consents
                and Approvals.  No consent or approval of, giving of
                notice to, registration with, or taking of any other action in respect
                of
                any state, federal or other governmental authority or agency is required
                with respect to the execution, delivery and performance by the Company
                of
                its obligations under this Warrant, except for any filing required
                by
                applicable federal and state securities laws, which filing will be
                effective by the time required
                thereby.

            

    

     

    
      	
              7.4  

            	
              Issued
                Securities.  All issued and outstanding shares of
                capital stock of the Company have been duly authorized and validly
                issued
                and are fully paid and nonassessable.  All outstanding shares of
                capital stock were issued in full compliance with all federal and
                state
                securities laws.

            

    

     

    
      	
              7.5  

            	
              Exempt
                Transaction.  Subject to the accuracy of the Holders
                representations in Section 8 hereof, the issuance of the Common Stock
                upon
                exercise of this Warrant will constitute a transaction exempt from
                (i) the
                registration requirements of Section 5 of the Securities Act of 1933,
                as
                amended (“1933 Act”), in reliance upon Section
                4(2) thereof, or upon the applicable exemption under Regulation D,
                and
                (ii) the qualification requirements of the applicable state securities
                laws.

            

    

     

    
      	
              7.6  

            	
              Compliance
                with Rule 144.  At the written request of the Holder,
                who proposes to sell Common Stock issuable upon the exercise of the
                Warrant in compliance with Rule 144 promulgated by the Securities
                and
                Exchange Commission, the Company shall furnish to the Holder, within
                five
                (5) days after receipt of such request, a written statement confirming
                the
                Company’s compliance with the filing requirements of the Securities and
                Exchange Commission as set forth in such Rule, as such Rule may be
                amended
                from time to time.

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
              7.7  

            	
              Registration.  The
                Company hereby grants to the Holder registration rights as set forth
                in
                the Registration Rights Agreement entered into between the Holder
                and the
                Company on the date hereof.

            

    

     

    
      	
              8.       
                

            	
              Representations
                and Covenants of the
                Holder.

            

    

     

    
      	
              8.1  

            	
              This
                Warrant has been entered into by the Company in reliance upon the
                following representations and covenants of the
                Holder:

            

    

     

    
      	
              8.1.1  

            	
              Investment
                Purpose.  The Warrant or the Common Stock issuable upon
                exercise of the Warrant will be acquired for investment and not with
                a
                view to the sale or distribution of any part thereof, and the Holder
                has
                no present intention of selling or engaging in any public distribution
                of
                the same except pursuant to a registration or
                exemption.

            

    

     

    
      	
              8.1.2  

            	
              Private
                Issue. The Holder understands (i) that the Warrant and the Common
                Stock issuable upon exercise of this Warrant are not registered under
                the
                1933 Act or qualified under applicable state securities laws on the
                ground
                that the issuance contemplated by this Warrant will be exempt from
                the
                registration and qualifications requirements thereof, and (ii) that
                the
                Company’s reliance on such exemption is predicated on the representations
                set forth in this Section 8.

            

    

     

    
      	
              8.1.3  

            	
              Disposition
                of Holders Rights.  In no event will the Holder make a
                disposition of the  Warrant or the Common Stock issuable upon
                exercise of the  Warrant unless and until (i) it shall have
                notified the Company of the proposed disposition, and (ii) if requested
                by
                the Company, it shall have furnished the Company with an opinion
                of
                counsel (which counsel may either be inside or outside counsel to
                the
                Holder) satisfactory to the Company and its counsel to the effect
                that (A)
                appropriate action necessary for compliance with the 1933 Act has
                been
                taken, or (B) an exemption from the registration requirements of
                the 1933
                Act is available.  Notwithstanding the foregoing, the
                restrictions imposed upon the transferability of any of its rights
                to
                acquire Common Stock issuable on the exercise of such rights do not
                apply
                to transfers from the beneficial owner of any of the aforementioned
                securities to its nominee or from such nominee to its beneficial
                owner,
                and shall terminate as to any particular share of stock when (1)
                such
                security shall have been effectively registered under the 1933 Act
                and
                sold by the Holder thereof in accordance with such registration or
                (2)
                such security shall have been sold without registration in compliance
                with
                Rule 144 under the 1933 Act, or (3) a letter shall have been issued
                to the
                Holder at its request by the staff of the Securities and Exchange
                Commission or a ruling shall have been issued to the Holder at its
                request
                by such Commission stating that no action shall be recommended by
                such
                staff or taken by such Commission, as the case may be, if such security
                is
                transferred without registration under the 1933 Act in accordance
                with the
                conditions set forth in such letter or ruling and such letter or
                ruling
                specifies that no subsequent restrictions on transfer are
                required.  Whenever the restrictions imposed hereunder shall
                terminate, as hereinabove provided, the Holder or holder of a share
                of
                stock then outstanding as to which such restrictions have terminated
                shall
                be entitled to receive from the Company, without expense to such
                Holder,
                one or more new certificates for the Warrant or for such shares of
                stock
                not bearing any restrictive legend.

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
              8.1.4  

            	
              Financial
                Risk.  The Holder has such knowledge and experience in
                financial and business matters as to be capable of evaluating the
                merits
                and risks of its investment, and has the ability to bear the economic
                risks of its investment.

            

    

     

    
      	
              8.1.5  

            	
              Risk
                of No Registration.  The Holder understands that if the
                Company does not file reports pursuant to Section 15(d) and/or Section
                12(g), of the Securities Exchange Act of 1934 (“1934
                Act”), or if a registration statement covering the
                securities under the 1933 Act is not in effect when it desires to
                sell (i)
                the Warrant, or (ii) the Common Stock issuable upon exercise of the
                Warrant, it may be required to hold such securities for an indefinite
                period.  The Holder also understands that any sale of the
                Warrant or the Common Stock issuable upon exercise of the Warrant
                which
                might be made by it in reliance upon Rule 144 under the 1933 Act
                may be
                made only in accordance with the terms and conditions of that
                Rule.

            

    

     

    
      	
              8.1.6  

            	
              Accredited
                Investor.   The Holder is an “accredited investor”
                within the meaning of Regulation D promulgated under the 1933
                Act.

            

    

     

    9.        Modification
      and Waiver.  This Warrant and any provision hereof may be
      changed, waived, discharged or terminated only by an instrument in writing
      signed by (a) the party against which enforcement of the same is sought or
      (b)
      the Company and the holders of at least a majority of the number of shares
      into
      which the Warrants are exercisable (without regard to any limitation contained
      herein on such exercise), it being understood that upon the satisfaction of
      the
      conditions described in (a) and (b) above, each Warrant (including
      any  Warrant held by the Holder who did not execute the agreement
      specified in (b) above) shall be deemed to incorporate any amendment,
      modification, change or waiver effected thereby as of the effective date
      thereof.  Notwithstanding the foregoing, no modification to this
      Section 9 will be effective against any Holder without his consent.

     

    10.      Transfer
      of this Warrant.  The Holder may sell, transfer, assign,
      pledge or otherwise dispose of this Warrant, in whole or in part, as long as
      such sale or other disposition is made pursuant to an effective registration
      statement or an exemption from the registration requirements of the 1933
      Act.  Upon such transfer or other disposition (other than a pledge),
      the Holder shall deliver this Warrant to the Company together with a written
      notice to the Company, substantially in the form of the Transfer Notice attached
      hereto as Exhibit B (the “Transfer Notice”),
      indicating the person or persons to whom this Warrant shall be transferred
      and,
      if less than all of this Warrant is transferred, the number of Warrant Shares
      to
      be covered by the part of this Warrant to be transferred to each such
      person.  Within five (5) Business Days of receiving a Transfer Notice
      and the original of this Warrant, the Company shall deliver to the each
      transferee designated by the Holder another Warrant(s) of like tenor and terms
      for the appropriate number of Warrant Shares and, if less than all this Warrant
      is transferred, shall deliver to the Holder another Warrant for the remaining
      number of Warrant Shares.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    11.      Notices.  Any
      notice required or permitted hereunder shall be given in writing (unless
      otherwise specified herein) and shall be deemed effectively given upon (i)
      personal delivery, against written receipt thereof, (ii) delivery via facsimile
      or e-mail as set forth below (iii) two (2) Business Days after deposit with
      Federal Express or another nationally recognized overnight courier service,
      or
      (iv) five (5) Business Days after being forwarded, postage paid, via certified
      or registered mail, return receipt requested, addressed to each of the other
      parties thereunto entitled at the following addresses, or at such other
      addresses as a party may designate by ten (10) Business Days advance written
      notice.  The addresses for such communications shall be: (i) if to the
      Company, to: Global Realty Development Corp., 11555 Heron Bay Boulevard, Suite
      200, Coral Springs, Florida 33076; telecopier number: 954-603-0522, with a
      copy
      by fax only to: Richardson & Patel LLP, Murdock Plaza, 10900 Wilshire
      Boulevard, Suite 500, Los Angeles, California 90024, fax number: 310-208-1154,
      Attn: Addison Adams, and (ii) if to the Purchasers, to: the address and
      telecopier number indicated on the signature page to the Purchase
      Agreement.

     

    12.    
      Binding Effect on Successors; Benefit. As provided in Section
      2.3 above, this Warrant shall be binding upon any corporation succeeding the
      Company by merger, consolidation or acquisition of all or substantially all
      of
      the Company’s assets.  All of the obligations of the Company relating
      to the Common Stock issuable upon the exercise of this Warrant shall survive
      the
      exercise and termination of this Warrant.  All of the covenants and
      agreements of the Company shall inure to the benefit of the successors and
      assigns of the Holder hereof.  This Warrant shall be for the sole and
      exclusive benefit of the Holder and nothing in this Warrant shall be construed
      to confer upon any person other than the Holder any legal or equitable right,
      remedy or claim hereunder.

     

    13.      Descriptive
      Headings and Governing Law. The description headings of the several
      sections and paragraphs of this Warrant are inserted for convenience only and
      do
      not constitute a part of this Warrant.  This Warrant shall be
      construed and enforced in accordance with, and the rights of the parties shall
      be governed by the laws of the State of Florida.

     

    14.      Lost
      Warrants. The Company represents and warrants to the Holder hereof that
      upon receipt of evidence reasonably satisfactory to the Company of the loss,
      theft, destruction, or mutilation of this Warrant and, in the case of any such
      loss, theft or destruction, upon receipt of an indemnity reasonably satisfactory
      to the Company, or in the case of any such mutilation upon surrender and
      cancellation of such Warrant, the Company, at its expense, will make and deliver
      a new Warrant, of like tenor, in lieu of the lost, stolen, destroyed or
      mutilated Warrant.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    15.      Fractional
      Shares.  No fractional shares shall be issued upon exercise
      of this Warrant.  The Company shall, in lieu of issuing any fractional
      share, pay the Holder entitled to such fraction a sum in cash equal to such
      fraction multiplied by the then effective Exercise Price.

     

    16.   
        Certain Definitions.

    

    (a)       “Trading
      Day” means any day on which the Common Stock are traded on the
      Principal Market, or, if the Principal Market is not the principal trading
      market for the Common Stock, then on the principal securities exchange or
      securities market on which the Common Stock are then traded; provided that
      “Trading Day” shall not include any day on which the
      Common Stock are scheduled to trade on such exchange or market for less than
      4.5
      hours or any day that the Common Stock are suspended from trading during the
      final hour of trading on such exchange or market (or if such exchange or market
      does not designate in advance the closing time of trading on such exchange
      or
      market, then during the hour ending at 4:00 p.m., New York Time).

    

    [Signature
      Page Follows]

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

     

    In
      Witness Whereof, the Company has caused this Warrant to be duly
      executed by its officers, thereunto duly authorized this [__ ]th day of
      July
      2007.

     

    
      	 	
              Global
                Realty Development Corp.

            	 
	 	
              a
                Delaware corporation

            	 
	 	 	 	 
	
               

            	
              By:
                

            	/s/ 	 
	 	 	Name:   Robert
              D. Kohn	 
	 	 	Title:     President
              and CEO	 
	 	 	
               Address:

               Global
                Realty Development Corp.

               11555
                Heron Bay Boulevard, Suite 200

               Coral
                Springs, Florida 33076

            	 
	 	 	 	 
	 	 	
               Phone:
                (954) 509-9830

               Fax:     (954)
                603-0522

               E-mail:  rkohn@grdcorporation.com

            	 

    

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    

    EXHIBIT
      A TO WARRANT

    EXERCISE
      NOTICE

    

    TO
      BE EXECUTED

    BY
      THE REGISTERED HOLDER TO EXERCISE THIS WARRANT OF

    GLOBAL
      REALTY DEVELOPMENT CORP.

    

    The
      undersigned holder hereby exercises the right to purchase ______________ of
      the
      shares of Common Stock (“Warrant Shares”) of Global Realty Development
      Corp. (the “Company”), evidenced by the attached Warrant (the
“Warrant”).  Capitalized terms used herein and not otherwise
      defined shall have the respective meanings set forth in the
      Warrant.

    

    Specify
      Method of exercise by check mark:

    

    1.  ___   Cash
      Exercise

     

     
       (a)           Payment
      of Warrant Exercise Price. The holder shall pay the Aggregate Exercise Price
      of $______________ to the Company in accordance with the terms of the
      Warrant.

     

     
 (b)           Delivery
      of Warrant Shares.  The Company shall deliver to the holder
________     _
      (           ) Warrant
      Shares in accordance with the terms of the Warrant.

    

    2.  ___   Cashless
      Exercise

    

       (a)           Payment
      of Warrant Exercise Price.  In lieu of making payment of the
      Aggregate Exercise Price, the holder elects to receive upon such exercise the
      Net Number of shares of Common Stock determined in accordance with the terms
      of
      the Warrant.

    

                                   (b)           Delivery
      of Warrant Shares.  The Company shall deliver to the holder
_________     (            )
Warrant Shares in accordance with the terms of the Warrant.

    

    Date:
      _______________ __, ______

    

    [Name
      of
      Registered Holder]

    

    By:

    

    Name:

    

    Title:

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
 

    EXHIBIT
      B TO WARRANT

    TRANSFER
      NOTICE

    

    TO
      BE EXECUTED

    BY
      THE REGISTERED HOLDER TO TRANSFER THIS WARRANT OF

    GLOBAL
      REALTY DEVELOPMENT CORP.

    

    FOR
      VALUE
      RECEIVED, ________________________________________________ hereby sells, assigns
      and transfers unto

    

    PLEASE
      INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER

    

    ______________________________________

    

    ______________________________________

    

    ______________________________________

    [please
      print or type name and address]

    

    a
      warrant
      to purchase ____________ shares of the capital stock of Global Realty
      Development Corp. represented by warrant certificate no. _____, standing in
      the
      name of the undersigned on the books of said corporation.  The
      undersigned hereby irrevocably constitutes and appoints
      _________________________________________ Attorney to transfer this warrant
      certificate on the books of the Company, with full power of substitution in
      the
      premises.

    

    

    Dated:          __________________                                                            x__________________

              
        Signature Guaranteed

    By:                __________________

    

    Name:           __________________

    

    Title:             __________________

    

    THE
      SIGNATURE TO THE ASSIGNMENT OR THE SUBSCRIPTION FORM MUST CORRESPOND TO THE
      NAME
      AS WRITTEN UPON THE FACE OF THIS WARRANT CERTIFICATE IN EVERY PARTICULAR,
      WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATSOEVER, AND MUST BE
      GUARANTEED BY A COMMERCIAL BANK OR TRUST COMPANY OR A MEMBER FIRM OF THE
      AMERICAN STOCK EXCHANGE, NEW YORK STOCK EXCHANGE, PACIFIC STOCK EXCHANGE OR
      MIDWEST STOCK EXCHANGE.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00132-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00132-of-00352.parquet"}]]