Document:

Exhibit
10.1

Employee Stock Option
Agreement

This Employee Stock Option Agreement, dated as of
August 14, 2007, between Hertz Global Holdings, Inc., a Delaware corporation,
and the Employee whose name appears on the signature page hereof, is being
entered into pursuant to the Hertz Global Holdings, Inc. Stock Incentive
Plan.  The meaning of capitalized terms
may be found in Section 6.

The Company and the Employee hereby agree as follows:

Section 1.              Grant of Options

(a)   Confirmation of Grant. 
The Company hereby evidences and confirms, effective as of the date
hereof, its grant to the Employee of Options to purchase the number of Common
Shares specified on the signature page hereof. 
The Options are not intended to be incentive stock options under the
Code.  This Agreement is entered into
pursuant to, and the terms of the Options are subject to, the terms of the
Plan.  If there is any inconsistency
between this Agreement and the terms of the Plan, the terms of the Plan shall
govern.

(b)   Option Price. 
Each share covered by an Option shall have the Option Price specified on
the signature page hereof.

Section 2.              Vesting and Exercisability

(a)   Except as otherwise provided in Section 5(a) or Section 2(b)
of this Agreement, the Options shall become vested in four equal annual
installments on each of the first through fourth anniversaries of the Grant
Date, subject to the continuous employment of the Employee with the Company
until the applicable vesting date; provided that if the Employee’s employment
with the Company is terminated in a Special Termination (i.e., by reason of the
Employee’s death or Disability), any Options held by the Employee shall
immediately vest as of the effective date of such Special Termination.

(b)   Discretionary Acceleration.  The Board, in its sole discretion, may
accelerate the vesting or exercisability of all or a portion of the Options, at
any time and from time to time.

(c)   Exercise.  Once
vested in accordance with the provisions of this Agreement, the Options may be
exercised at any

 

time and from
time to time prior to the date such Options terminate pursuant to Section
3.  Options may only be exercised with
respect to whole Common Shares and must be exercised in accordance with Section
4.

Section 3.              Termination of Options

(a)   Normal Termination Date.  Unless earlier terminated pursuant to Section
3(b) or Section 5, the Options shall terminate on the tenth anniversary of the
Grant Date (the “Normal Termination Date”), if not exercised prior to
such date.

(b)   Early Termination.  If the Employee’s employment with the Company
terminates for any reason, any Options held by the Employee that have not
vested before the effective date of such termination of employment (determined
without regard to any statutory or deemed or express contractual notice period)
or that do not become vested on such date in accordance with Section 2 shall
terminate immediately upon such termination of employment (determined without
regard to any statutory or deemed or express contractual notice period) and, if
the Employee’s employment is terminated for Cause, all Options (whether or not
then vested or exercisable) shall automatically terminate immediately upon such
termination.  All vested Options held by
the Employee following the effective date of a termination of employment (the “Covered
Options”) shall remain exercisable until the first to occur of (i)
the 60th day following the effective date of the
Employee’s termination of employment (determined without regard to any deemed
or express statutory or contractual notice period), (ii) the 180th day
in the case of a Special Termination or a retirement from active service on or
after the Employee reaches normal retirement age, (iii) the Normal
Termination Date or (iv) the cancellation of the Options pursuant to
Section 5(a), and if not exercised within such period the Options shall
automatically terminate upon the expiration of such period.

Section 4.              Manner of Exercise.

(a)   General.  The
Employee may exercise any vested Options by giving notice to the Company or a
brokerage firm designated or approved by the Company, in form and substance
satisfactory to the Company, which shall state the Employee’s election to
exercise the Option and the number of whole shares with respect to which the
Options are being exercised (the “Exercise

 2
 

 

Shares”)
and the aggregate Option Price for such Exercise Shares (the “Exercise Price”).  Unless otherwise determined by the Board, (i)
on or before the date of exercise, the Employee shall deliver to the Company
full payment for the Exercise Shares in United States dollars in cash, or cash
equivalents satisfactory to the Company, in an amount equal to the Exercise
Price plus any required withholding taxes or other similar taxes,
charges or fees and (ii) the Company shall register the issuance of the
Exercise Shares on its records (or direct such issuance to be registered by the
Company’s transfer agent).  The Company
may require the Employee to furnish or execute such other documents as the
Company shall reasonably deem necessary (i) to evidence such
exercise, or (ii) to comply with or satisfy the requirements of the
Securities Act, applicable state or non-U.S. securities laws or any other
law.

(b)   Restrictions on Exercise.  Notwithstanding any other provision of this
Agreement, the Options may not be exercised in whole or in part, and no
Exercise Shares shall be delivered unless (i) the purchase of the Exercise
Shares shall be exempt from registration under applicable U.S. federal and
state securities laws, and applicable non-U.S. securities laws, or the Exercise
Shares shall have been registered under such laws and (ii) all applicable U.S.
federal, state and local and non-U.S. tax withholding requirements have been
satisfied.

Section 5.              Change in Control

(a)   Vesting and Cancellation.  Except as otherwise provided in Section 5(b)
or Section 5(c), in the event of a Change in Control, all then-outstanding
Options (whether vested or unvested) shall be canceled in exchange for a
payment having a value equal to the excess, if any, of (i) the product
of the Change in Control Price multiplied by the aggregate number of shares
covered by all such Options immediately prior to the Change in Control over (ii)
the aggregate Option Price for all such shares, to be paid as soon as
reasonably practicable, but in no event later than 30 days following the Change
in Control.

(b)   Alternative Award. 
Notwithstanding Section 5(a), no cancellation, termination, or
settlement or other payment shall occur with respect to any Option if the Board
reasonably determines prior to the Change in Control that the Employee shall
receive an Alternative Award meeting the requirements of the Plan.

 3
 

 

(c)   Limitation of Benefits.  Unless otherwise provided in any other
written agreement between the Employee and the Company or a Subsidiary, if,
whether as a result of accelerated vesting, the grant of an Alternative Award
or otherwise, the Employee would receive any payment, deemed payment or other
benefit as a result of the operation of Section 5(a) or Section 5(b) that,
together with any other payment, deemed payment or other benefit the Employee
may receive under any other plan, program, policy or arrangement, would
constitute an “excess parachute payment” under section 280G of the Code, then,
notwithstanding anything in this Section 5 to the contrary, the payments,
deemed payments or other benefits such Employee would otherwise receive under
Section 5(a) or Section 5(b) shall be reduced to the extent necessary to
eliminate any such excess parachute payment and such Employee shall have no
further rights or claims with respect thereto. 
If the preceding sentence would result in a reduction of the payments,
deemed payments or other benefits the Employee would otherwise receive on an
after-tax basis by more than 5%, the Company will use its commercially
reasonable best efforts to seek the approval of the Company’s shareholders in
the manner provided for in section 280G(b)(5) of the Code and the regulations
thereunder with respect to such reduced payments or other benefits (if the
Company is eligible to do so), so that such payments would not be treated as “parachute
payments” for these purposes (and therefore would cease to be subject to
reduction pursuant to this Section 5(c)).

Section 6.              Certain Definitions.  As used in this Agreement, capitalized terms
that are not defined herein have the respective meaning given in the Plan, and
the following additional terms shall have the following meanings:

“Agreement” means this Employee Stock Option
Agreement, as amended from time to time in accordance with the terms hereof.

“Cause” shall have the meaning in the Plan, provided
that, if the Employee has entered into an employment agreement with the Company
that contains a definition of Cause, “Cause” shall have the meaning set forth
in such agreement.

“Code” means the United States Internal Revenue
Code of 1986, as amended, and any successor thereto.

 4
 

 

“Company” means Hertz Global Holdings, Inc., provided
that for purposes of determining the status of Employee’s employment with the “Company,”
such term shall include the Company and its Subsidiaries.

“Covered Options” has the meaning given in
Section 3(b).

“Determination Date” means the effective date
of the Employee’s termination of employment.

“Employee” means the grantee of the Options,
whose name is set forth on the signature page of this Agreement; provided
that for purposes of Section 4 and Section 7, following such person’s death “Employee”
shall be deemed to include such person’s beneficiary or estate and following
such Person’s Disability, “Employee” shall be deemed to include such person’s
legal representative.

“Exercise Price” has the meaning given in
Section 4(a).

“Exercise Shares” has the meaning given in
Section 4(a).

“Grant Date” means the date hereof, which is
the date on which the Options are granted to the Employee.

“Normal Termination Date” has the meaning given
in Section 3(a).

“Option” means the right granted to the
Employee hereunder to purchase one Common Share for a purchase price equal to
the Option Price subject to the terms of this Agreement and the Plan.

“Option Price” means, with respect to each
Common Share covered by an Option, the purchase price specified in Section 1(b)
for which the Employee may purchase such Common Share upon exercise of an
Option.

“Plan” means the Hertz Global Holdings, Inc.
Stock Incentive Plan.

“Securities Act” means the United States
Securities Act of 1933, as amended, or any successor statute, and the rules and
regulations thereunder that are in effect at the time, and any reference to a
particular section thereof shall include a reference to the corresponding
section, if any, of such successor statute, and the rules and regulations.

“Special Termination” means a termination of
the Employee’s employment as a result of his or her death or Disability.

 5

 

Section 7.              Miscellaneous.

(a)   Withholding.  The Company or one of its Subsidiaries may
require the Employee to remit to the Company an amount in cash sufficient to
satisfy any applicable U.S. federal, state and local and non-U.S. tax
withholding or other similar charges or fees that may arise in connection with
the grant, vesting, exercise or purchase of the Options.

(b)   Authorization
to Share Personal Data.  The Employee
authorizes any Affiliate of the Company that employs the Employee or that
otherwise has or lawfully obtains personal data relating to the Employee to
divulge or transfer such personal data to the Company or to a third party, in
each case in any jurisdiction, if and to the extent appropriate in connection
with this Agreement or the administration of the Plan.

(c)   No
Rights as Stockholder.  The Employee
shall have no rights as a stockholder of the Company with respect to any Shares
covered by the Options until the exercise of the Options and delivery of the
Shares.  No adjustment shall be made for
dividends or other rights for which the record date is prior to the delivery of
the Shares.

(d)   No
Right to Continued Employment. Nothing in this Agreement shall be deemed to
confer on the Employee any right to continue in the employ of the Company or
any Subsidiary, or to interfere with or limit in any way the right of the
Company or any Subsidiary to terminate such employment at any time.

(e)   Non-Transferability
of Options.  The Options may be
exercised only by the Employee.  The
Options are not assignable or transferable, in whole or in part, and they may
not, directly or indirectly, be offered, transferred, sold, pledged, assigned,
alienated, hypothecated or otherwise disposed of or encumbered (including, but
not limited to, by gift, operation of law or otherwise) other than by will or
by the laws of descent and distribution to the estate of the Employee upon the
Employee’s death or with the Company’s consent.

(f)   Notices.  All notices and other communications required
or permitted to be given under this Agreement shall be in writing and shall be
deemed to have been given if delivered personally or sent by certified or
express mail, return receipt

 6
 

 

requested, postage prepaid, or by any
recognized international equivalent of such delivery, to the Company or the
Employee, as the case may be, at the following addresses or to such other
address as the Company or the Employee, as the case may be, shall specify by
notice to the other:

(i)   if
to the Company, to it at:

Hertz Global Holdings, Inc.

c/o The Hertz Corporation

225 Brae Boulevard

Park Ridge, New Jersey  07656

Attention: General Counsel

Fax: (201) 594-3122

(ii)   if
to the Employee, to the Employee at his or her most recent address as shown on
the books and records of the Company or Subsidiary employing the Employee; and

copies of any notice or other communication
given under this Agreement shall also be given to:

The Carlyle Group

1001 Pennsylvania Avenue, NW

Suite 220 South

Washington DC 20004-2505

Attention:  Mr. Gregory S. Ledford

Fax:  (202) 347-1818

and

Clayton, Dubilier & Rice, Inc. 

375 Park Avenue, 18th Floor

New York, New York

Attention: Mr. David Wasserman 

Fax: (212) 407-5252

and

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  Merrill Lynch Global Private
  Equity

  
	
   

  	
  4 World
  Financial Center, 23rd Floor

  
	
   

  	
  New York, NY
  10080

  
	
   

  	
  Attention:   

  	
  Mr. George A.
  Bitar &

  
	
   

  	
   

  	
  Mr. Robert F.
  End

  
	
   

  	
  Fax: (212)
  449-1119

  
	
   

  	
   

  
	
   

  	
  and

  
	
   

  	
   

  
	
   

  	
  Debevoise &
  Plimpton LLP

  
	
   

  	
  919 Third Avenue
  

  
	
   

  	
  New York, New
  York 10022

  
	
   

  	
  Attention:  John M. Allen, Esq

  
	
   

  	
  Fax:  (212) 909-6836

  

 

All such notices and communications shall be
deemed to have been received on the date of delivery if delivered personally or
on the third business day after the mailing thereof.

(g)   Binding
Effect; Benefits.  This Agreement
shall be binding upon and inure to the benefit of the parties to this Agreement
and their respective successors and assigns. 
Nothing in this Agreement, express or implied, is intended or shall be
construed to give any person other than the parties to this Agreement or their
respective successors or assigns any legal or equitable right, remedy or claim
under or in respect of any agreement or any provision contained herein.

(h)   Waiver;
Amendment.

(i)   Waiver.  Any party hereto or beneficiary hereof may by
written notice to the other parties (A) extend the time for the
performance of any of the obligations or other actions of the other parties
under this Agreement, (B) waive compliance with any of the
conditions or covenants of the other parties contained in this Agreement and (C) waive
or modify performance of any of the obligations of the other parties under this
Agreement.  Except as provided in the
preceding sentence, no action taken pursuant to this Agreement, including,
without limitation, any investigation by or on behalf of any party or
beneficiary, shall be deemed to constitute a waiver by the party or beneficiary
taking such action of compliance

 8
 

 

with any representations, warranties,
covenants or agreements contained herein. 
The waiver by any party hereto or beneficiary hereof of a breach of any
provision of this Agreement shall not operate or be construed as a waiver of
any preceding or succeeding breach and no failure by a party or beneficiary to
exercise any right or privilege hereunder shall be deemed a waiver of such
party’s or beneficiary’s rights or privileges hereunder or shall be deemed a
waiver of such party’s or beneficiary’s rights to exercise the same at any subsequent
time or times hereunder.

(ii)   Amendment.  This Agreement may not be amended, modified
or supplemented orally, but only by a written instrument executed by the
Employee and the Company.

(i)   Assignability.  Neither this Agreement nor any right, remedy,
obligation or liability arising hereunder or by reason hereof shall be
assignable by the Company or the Employee without the prior written consent of
the other party.

(j)   Applicable
Law.  This Agreement shall be
governed by and construed in accordance with the law of the State of Delaware
regardless of the application of rules of conflict of law that would apply the
laws of any other jurisdiction.

(k)   Section
and Other Headings, etc.  The section
and other headings contained in this Agreement are for reference purposes only
and shall not affect the meaning or interpretation of this Agreement.

(l)   Counterparts.  This Agreement may be executed in any number
of counterparts, each of which shall be deemed to be an original and all of
which together shall constitute one and the same instrument.

 9
 

 

IN WITNESS WHEREOF, the Company and the Employee have
executed this Agreement as of the date first above written.

	
  

  	
  HERTZ GLOBAL HOLDINGS, INC.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
  LeighAnne Baker

  
	
   

  	
   

  	
  Title:

  	
  Senior Vice President,

  
	
   

  	
   

  	
   

  	
  Chief Human Resources Officer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  THE EMPLOYEE:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Mark P. Frissora

  
	
   

  	
   

  
	
   

  	
  Address of the Employee:

  
	
   

  	
   

  
	
   

  	
  c/o The Hertz
  Corporation

  
	
   

  	
  225 Brae
  Boulevard

  
	
   

  	
  Park Ridge, New Jersey 07656

  
	
   

  	
   

  	
   

  	
   

  

 

	
  Total Number of

  Common Shares

  for the Purchase of

  Which Options have

  been Granted

  	
   

  	
  Option Price

  	
   

  	
   

  
	
  400,000

  	
   

  	
  $23.06

  	
   

  	
   

  

 

 10Exhibit 10.1

BUSINESS LOAN AGREEMENT

	
  Principal 

  $1,200,000.00

  	
  Loan
  Date 

  04-10-2007

  	
  Maturity
  

  04-10-2010

  	
  Loan No
  

  7000407.

  	
  Call /
  Coll

  	
  Account

  	
  Officer
  

  KJM

  	
  Initials

  
	
  References in
  the shaded area are for Lender’s use only and do not limit the applicability
  of this document to any particular loan or item. 

  Any item above containing “***” has been omitted due to text length
  limitations.

  

 

	
  Borrower:

  	
   

  	
  GTA-IB, LLC; GTA-IB Golf Resort, LLC; and GTA-IB
  

  Condominium, LLC 

  701 Brickell Avenue, Suite 3000 

  Miami, FL 33131

  	
   

  	
  Lender:

  	
   

  	
  Patriot Bank 

  1815 Little Road 

  Trinity, FL 34655

  

 

THIS BUSINESS LOAN AGREEMENT dated April 10, 2007, is
made and executed between GTA-IB, LLC; GTA-IB Golf Resort, LLC; and GTA-IB
Condominium, LLC (“Borrower”) and Patriot Bank (“Lender”) on the following
terms and conditions.  Borrower has
received prior commercial loans from Lender or has applied to Lender for a
commercial loan or loans or other financial accommodations, including those which
may be described on any exhibit or schedule attached to this Agreement (“Loan”).  Borrower understands and agrees that:  (A) in granting, renewing, or extending
any Loan, Lender is relying upon Borrower’s representations, warranties, and
agreements as set forth in this Agreement; (B) the granting, renewing, or
extending of any Loan by Lender at all times shall be subject to Lender’s sole
judgment and discretion; and (C) all such Loans shall be and remain
subject to the terms and conditions of this Agreement.

TERM.  This Agreement shall be effective as of
April 10, 2007, and shall continue in full force and effect until such
time as all of Borrower’s Loans in favor of Lender have been paid in full,
including principal, interest, costs, expenses, attorneys’ fees, and other fees
and charges, or until such time as the parties may agree in writing to
terminate this Agreement.

CONDITIONS PRECEDENT TO EACH ADVANCE.  Lender’s
obligation to make the initial Advance and each subsequent Advance under this
Agreement shall be subject to the fulfillment to Lender’s satisfaction of ail
of the conditions set forth in this Agreement and in the Related Documents.

Loan Documents.  Borrower shall provide to Lender the
following documents for the Loan: 
(1) the Note; (2) Security Agreements granting to Lender
security interests in the Collateral; (3) financing statements and all
other documents perfecting Lender’s Security Interests; (4) evidence of
insurance as required below; (5) together with all such Related Documents
as Lender may require for the Loan; all in form and substance satisfactory to
Lender and Lender’s counsel.

Borrower’s Authorization.  Borrower shall have provided in form and
substance satisfactory to Lender properly certified resolutions, duly
authorizing the execution and delivery of this Agreement, the Note and the
Related Documents.  In addition, Borrower
shall have provided such other resolutions, authorizations, documents and
instruments as Lender or its counsel, may require.

Payment of Fees and Expenses.  Borrower shall have paid to Lender all fees,
charges, and other expenses which are then due and payable as specified in this
Agreement or any Related Document.

Representations and Warranties.  The representations and warranties set forth
in this Agreement, in the Related Documents, and in any document or certificate
delivered to Lender under this Agreement are true and correct.

No Event of Default.  There shall not exist at the time of any
Advance a condition which would constitute an Event of Default under this
Agreement or under any Related Document.

MULTIPLE
BORROWERS.  This
Agreement has been executed by multiple obligors who are referred to in this
Agreement individually, collectively and interchangeably as “Borrower.”  Unless specifically stated to the contrary,
the word “Borrower” as used in this Agreement, including without limitation all
representations, warranties and covenants, shall include all Borrowers.  Borrower understands and agrees that, with or
without notice to any one Borrower, Lender may (A) make one or more
additional secured or unsecured loans or otherwise extend additional credit
with respect to any other Borrower; (B) with respect to any other Borrower
alter, compromise, renew, extend, accelerate, or otherwise change one or more
times the time for payment or other terms of any indebtedness, including
increases and decreases of the rate of interest on the indebtedness;
(C) exchange, enforce, waive, subordinate, fail or decide not to perfect,
and release any security, with or without the substitution of new collateral;
(D) release, substitute, agree not to sue, or deal with any one or more of
Borrower’s or any other Borrower’s sureties, endorsers, or other guarantors on
any terms or in any manner Lender may choose; (E) determine how, when and
what application of payments and credits shall be made on any indebtedness;
(F) apply such security and direct the order or manner of sale of any
Collateral, including without limitation, any non-judicial sale permitted by
the terms of the controlling security agreement or deed of trust, as Lender in
its discretion may determine; (G) sell, transfer, assign or grant
participations in all or any part of the Loan; (H) exercise or refrain
from exercising any rights against Borrower or others, or otherwise act or
refrain from acting; (I) settle or compromise any indebtedness; and
(J) subordinate the payment of all or any part of any of Borrower’s
indebtedness to Lender to the payment of any liabilities which may be due
Lender or others.

REPRESENTATIONS
AND WARRANTIES. 
Borrower represents and warrants to Lender, as of the date of this
Agreement, as of the date of each disbursement of loan proceeds, as of the date
of any renewal, extension or modification of any Loan, and at all times any
indebtedness exists:

Organization.  GTA-IB, LLC is a limited liability company
which is, and at all times shall be, duly organized, validly existing, and in
good standing under and by virtue of the laws of the State of Florida.  GTA-IB, LLC is duly authorized to transact business
in all other states in which GTA-IB, LLC is doing business, having obtained all
necessary filings, governmental licenses and approvals for each state in which
GTA-IB, LLC is doing business. 
Specifically, GTA-IB, LLC is, and at all times shall be, duly qualified
as a foreign limited liability company in all states in which the failure to so
qualify would have a material adverse effect on its business or financial
condition.  GTA-IB, LLC has the full
power and authority to own its properties and to transact the business in which
it is presently engaged or presently proposes to engage.  GTA-IB, LLC maintains an office at
701 Brickell Avenue, Suite 3000, Miami, FL 33131.  Unless GTA-IB, LLC has designated otherwise
in writing, the principal office is the office at which GTA-IB, LLC keeps its
books and records including its records concerning the Collateral.  GTA-IB, LLC will notify Lender prior to any
change in the location of GTA-IB, LLC’s state of organization or any change in
GTA-IB, LLC’s name.  GTA-IB, LLC shall do
all things necessary to preserve and to keep in full force and effect its
existence, rights and privileges, and shall comply with all regulations, rules,
ordinances, statutes, orders and decrees of any governmental or
quasi-governmental authority or court applicable to GTA-IB, LLC and GTA-IB, LLC’s
business activities.

GTA-IB Golf Resort, LLC is a limited liability company which is, and at
all times shall be, duly organized, validly existing, and in good standing
under and by virtue of the laws of the State of Florida.  GTA-IB Golf Resort, LLC is duly authorized to
transact business in all other states in which GTA-IB Golf Resort, LLC is doing
business, having obtained all necessary filings, governmental licenses and
approvals for each state in which GTA-IB Golf Resort, LLC is doing business.  Specifically, GTA-IB Golf Resort, LLC is, and
at all times shall be, duly qualified as a foreign limited liability company in
all states in which the failure to so qualify would have a material adverse
effect on its business or financial condition. 
GTA-IB Golf Resort, LLC has the full power and authority to own its
properties and to transact the business in which it is presently engaged or
presently proposes to engage.  GTA-IB
Golf Resort, LLC maintains an office at 701 Brickell Avenue, Suite 3000,
Miami, FL 33131.  Unless GTA-IB Golf
Resort, LLC has designated otherwise in writing, the principal office is the
office at which GTA-IB Golf Resort, LLC keeps its books and records including
its records concerning the Collateral. 
GTA-IB Golf Resort, LLC will notify Lender prior to any change in the
location of GTA-IB Golf Resort, LLC’s state of organization or any change in
GTA-IB Golf Resort, LLC’s name, GTA-IB Golf Resort, LLC shall do all things
necessary to preserve and to keep in full force and effect its existence,
rights and privileges, and shall comply with all regulations, rules,
ordinances, statutes, orders and decrees of any governmental or
quasi-governmental authority or court applicable to GTA-IB Golf Resort, LLC and
GTA-IB Golf Resort, LLC’s business activities.

GTA-IB Condominium, LLC is a limited liability company which is, and at
all times shall be, duly organized, validly existing, and in good standing
under and by virtue of the laws of the State of Florida.  GTA-IB Condominium, LLC is duly authorized to
transact business in all other states in which GTA-IB Condominium, LLC is doing
business, having obtained all necessary filings, governmental licenses and
approvals for each state in which GTA-IB Condominium, LLC is doing
business.  Specifically, GTA-IB
Condominium, LLC is, and at all times shall be, duly qualified as a foreign
limited liability company in all states in which the failure to so qualify
would have a material adverse effect on its business or financial
condition.  GTA-IB Condominium, LLC has
the full power and authority to own its properties and to transact the business
in which it is presently engaged or presently proposes to engage.  GTA-IB Condominium, LLC maintains an office
at 701 Brickell Avenue, Suite 3000, Miami, FL 33131.  Unless GTA-IB Condominium, LLC has designated
otherwise in writing, the principal office is the office at which GTA-IB
Condominium, LLC keeps its books and records including its records concerning
the Collateral.  GTA-IB Condominium, LLC
will notify Lender prior to any change in the location of GTA-IB Condominium,
LLC’s state of organization or any change in GTA-IB Condominium, LLC’s
name.  GTA-IB Condominium, LLC shall do
all things necessary to preserve and to keep in full force and effect its
existence, rights and privileges, and shall comply with all regulations, rules,
ordinances, statutes, orders and decrees of any governmental or
quasi-governmental authority or court applicable to GTA-IB Condominium, LLC and
GTA-IB Condominium, LLC’s business activities.

Assumed Business Names.  Borrower has filed or recorded all documents
or filings required by law relating to all assumed business names used by
Borrower.  Excluding the name of
Borrower, the following is a complete list of all assumed business names under
which Borrower does business:  None.

Authorization.  Borrower’s execution, delivery, and
performance of this Agreement and all the Related Documents have been duly
authorized by all necessary action by Borrower and do not conflict with, result
in a violation of, or constitute a default under (1) any provision of
(a) Borrower’s articles of organization or membership agreements, or
(b) any agreement or other instrument binding upon Borrower or
(2) any law, governmental regulation, court decree, or order applicable to
Borrower or to Borrower’s properties.

Financial Information.  Each of Borrower’s financial statements
supplied to Lender truly and completely disclosed Borrower’s financial
condition as of the date of the statement, and there has been no material
adverse change in Borrower’s financial condition subsequent to the date of the
most recent financial statement supplied to Lender.  Borrower has no material contingent
obligations except as disclosed in such financial statements.

Legal Effect.  This Agreement constitutes, and any instrument
or agreement Borrower is required to give under this Agreement when delivered
will constitute legal, valid, and binding obligations of Borrower enforceable
against Borrower in accordance with their respective terms.

Properties.  Except as contemplated by this Agreement or
as previously disclosed in Borrower’s financial statements or in writing to
Lender and as accepted by Lender, and except for property tax liens for taxes
not presently due and payable, Borrower owns and has good title to all of Borrower’s
properties free and clear of all Security Interests, and has not executed any
security documents or financing statements relating to such properties.  All of Borrower’s properties are titled in
Borrower’s legal name, and Borrower has not used or filed a financing statement
under any other name for at least the last five (5) years.

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

Litigation and Claims.  No litigation, claim, investigation,
administrative proceeding or similar action (including those for unpaid taxes)
against Borrower is pending or threatened, and no other event has occurred
which may materially adversely affect Borrower’s financial condition or
properties, other than litigation, claims, or other events, if any, that have
been disclosed to and acknowledged by Lender in writing.

Taxes.  To the best of Borrower’s knowledge, all of
Borrower’s tax returns and reports that are or were required to be filed, have
been filed, and all taxes, assessments and other governmental charges have been
paid in full, except those presently being or to be contested by Borrower in
good faith in the ordinary course of business and for which adequate reserves
have been provided.

 2
 

Lien Priority.  Unless otherwise previously disclosed to
Lender in writing, Borrower has not entered into or granted any Security
Agreements, or permitted the filing or attachment of any Security Interests on
or affecting any of the Collateral directly or indirectly securing repayment of
Borrower’s Loan and Note, that would be prior or that may in any way be
superior to Lender’s Security Interests and rights in and to such Collateral.

Binding Effect.  This Agreement, the Note, all Security
Agreements (if any), and all Related Documents are binding upon the signers
thereof, as well as upon their successors, representatives and assigns, and are
legally enforceable in accordance with their respective terms.

AFFIRMATIVE
COVENANTS.  Borrower
covenants and agrees with Lender that, so long as this Agreement remains in
effect, Borrower will:

Notices of Claims and Litigation.  Promptly inform Lender in writing of
(1) all material adverse changes in Borrower’s financial condition, and
(2) all existing and all threatened litigation, claims, investigations,
administrative proceedings or similar actions affecting Borrower or any
Guarantor which could materially affect the financial condition of Borrower or
the financial condition of any Guarantor.

Financial Records.  Maintain its books and records in accordance
with GAAP, applied on a consistent basis, and permit Lender to examine and
audit Borrower’s books and records at all reasonable times.

Financial Statements.  Furnish Lender with the following:

Annual Statements.  As soon as available, but in no event later
than thirty (30) days after the end of each fiscal year, Borrower’s balance
sheet and income statement for the year ended, prepared by Borrower.

Interim Statements.  As soon as available, but in no event later
than thirty (30) days after the end of each fiscal quarter, Borrower’s balance
sheet and profit and loss statement for the period ended, prepared by Borrower.

Tax Returns.  As soon as available, but in no event later
than thirty (30) days after the applicable filing date for the tax reporting
period ended, Federal and other governmental tax returns, prepared by a tax
professional satisfactory to Lender.

All financial reports required to be provided under this Agreement
shall be prepared in accordance with GAAP, applied on a consistent basis, and
certified by Borrower as being true and correct.

Additional Information.  Furnish such additional information and
statements, as Lender may request from time to time.

Insurance.  Maintain fire and other risk insurance,
public liability insurance, and such other insurance as Lender may require with
respect to Borrower’s properties and operations, in form, amounts, coverages
and with insurance companies acceptable to Lender.  Borrower, upon request of Lender, will
deliver to Lender from time to time the policies or certificates of insurance
in form satisfactory to Lender, including stipulations that coverages will not
be cancelled or diminished without at least thirty (30) days prior written
notice to Lender.  Each insurance policy
also shall include an endorsement providing that coverage in favor of Lender
will not be impaired in any way by any act, omission or default of Borrower or
any other person.  In connection with all
policies covering assets in which Lender holds or is offered a security
interest for the Loans, Borrower will provide Lender with such Lender’s loss payable
or other endorsements as Lender may require.

Insurance Reports.  Furnish to Lender, upon request of Lender,
reports on each existing insurance policy showing such information as Lender
may reasonably request, including without limitation the following:  (1) the name of the insurer;
(2) the risks insured; (3) the amount of the policy; (4) the
properties insured; (5) the then current property values on the basis of
which insurance has been obtained, and the manner of determining those values;
and (6) the expiration date of the policy. 
In addition, upon request of Lender (however not more often than
annually), Borrower will have an independent appraiser satisfactory to Lender
determine, as applicable, the actual cash value or replacement cost of any Collateral.  The cost of such appraisal shall be paid by
Borrower.

Other Agreements.  Comply with all terms and conditions of all
other agreements, whether now or hereafter existing, between Borrower and any
other party and notify Lender immediately in writing of any default in
connection with any other such agreements.

Loan Proceeds.  Use all Loan proceeds solely for Borrower’s
business operations, unless specifically consented to the contrary by Lender in
writing.

Taxes, Charges and Liens.  Pay and discharge when due all of its
indebtedness and obligations, including without limitation all assessments,
taxes, governmental charges, levies and liens, of every kind and nature,
imposed upon Borrower or its properties, income, or profits, prior to the date
on which penalties would attach, and all lawful claims that, if unpaid, might
become a lien or charge upon any of Borrower’s properties, income, or profits.

Performance.  Perform and comply, in a timely manner, with
all terms, conditions, and provisions set forth in this Agreement, in the
Related Documents, and in all other instruments and agreements between Borrower
and Lender.  Borrower shall notify Lender
immediately in writing of any default in connection with any agreement.

Operations.  Maintain executive and management personnel
with substantially the same qualifications and experience as the present
executive and management personnel; provide written notice to Lender of any
change in executive and management personnel; conduct its business affairs in a
reasonable and prudent manner.

Environmental Studies.  Promptly conduct and complete, at Borrower’s
expense, all such investigations, studies, samplings and testings as may be
requested by Lender or any governmental authority relative to any substance, or
any waste or by-product of any substance defined as toxic or a hazardous
substance under applicable federal, state, or local law, rule, regulation,
order or directive, at or affecting any property or any facility owned, leased
or used by Borrower.

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

Inspection.  Permit employees or agents of Lender at any
reasonable time to inspect any and all Collateral for the Loan or Loans and
Borrower’s other properties and to examine or audit Borrower’s books, accounts,
and records and to make copies and memoranda of Borrower’s books, accounts, and
records.  If Borrower now or at any time
hereafter maintains any records (including without limitation computer
generated records and computer software programs for the generation of such records)
in the possession of a third party, Borrower, upon request of Lender, shall
notify such party to permit Lender free access to such records at all
reasonable times and to provide Lender with copies of any records it may
request, all at Borrower’s expense.

 3
 

Compliance Certificates.  Unless waived in writing by Lender, provide
Lender at least annually, with a certificate executed by Borrower’s chief
financial officer, or other officer or person acceptable to Lender, certifying
that the representations and warranties set forth in this Agreement are true
and correct as of the date of the certificate and further certifying that, as
of the date of the certificate, no Event of Default exists under this
Agreement.

Environmental Compliance and Reports.  Borrower shall comply in all respects with
any and all Environmental Laws; not cause or permit to exist, as a result of an
intentional or unintentional action or omission on Borrower’s part or on the
part of any third party, on property owned and/or occupied by Borrower, any
environmental activity where damage may result to the environment, unless such
environmental activity is pursuant to and in compliance with the conditions of
a permit issued by the appropriate federal, state or local governmental
authorities; shall furnish to Lender promptly and in any event within thirty
(30) days after receipt thereof a copy of any notice, summons, lien, citation,
directive, letter or other communication from any governmental agency or
instrumentality concerning any intentional or unintentional action or omission
on Borrower’s part in connection with any environmental activity whether or not
there is damage to the environment and/or other natural resources.

Additional Assurances.  Make, execute and deliver to Lender such
promissory notes, mortgages, deeds of trust, security agreements, assignments,
financing statements, instruments, documents and other agreements as Lender or
its attorneys may reasonably request to evidence and secure the Loans and to
perfect all Security Interests.

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

CESSATION
OF ADVANCES.  If Lender
has made any commitment to make any Loan to Borrower, whether under this
Agreement or under any other agreement, Lender shall have no obligation to make
Loan Advances or to disburse Loan proceeds if: 
(A) Borrower or any Guarantor is in default under the terms of this
Agreement or any of the Related Documents or any other agreement that Borrower
or any Guarantor has with Lender; (B) Borrower or any Guarantor dies,
becomes incompetent or becomes insolvent, files a petition in bankruptcy or
similar proceedings, or is adjudged a bankrupt; (C) there occurs a
material adverse change in Borrower’s financial condition, in the financial
condition of any Guarantor, or in the value of any Collateral securing any
Loan; or (D) any Guarantor seeks, claims or otherwise attempts to limit,
modify or revoke such Guarantor’s guaranty of the Loan or any other loan with
Lender; or (E) Lender in good faith deems itself insecure, even though no
Event of Default shall have occurred.

RIGHT OF
SETOFF.  To the extent
permitted by applicable law, Lender reserves a right of setoff in all Borrower’s
accounts with Lender (whether checking, savings, or some other account).  This includes all accounts Borrower holds
jointly with someone else and all accounts Borrower may open in the
future.  However, this does not include
any IRA or Keogh accounts, or any trust accounts for which setoff would be
prohibited by law.  Borrower authorizes
Lender, to the extent permitted by applicable law, to charge or setoff all sums
owing on the indebtedness against any and all such accounts.

DEFAULT.  Each of the following shall constitute an
Event of Default under this Agreement:

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

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

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

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

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

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

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

 4
 

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

Insecurity.  Lender in good faith believes itself
insecure.

EFFECT
OF AN EVENT OF DEFAULT. 
If any Event of Default shall occur, except where otherwise provided in
this Agreement or the Related Documents, all commitments and obligations of
Lender under this Agreement or the Related Documents or any other agreement
immediately will terminate (including any obligation to make further Loan
Advances or disbursements), and, at Lender’s option, all indebtedness
immediately will become due and payable, all without notice of any kind to Borrower,
except that in the case of an Event of Default of the type described in the “Insolvency”
subsection above, such acceleration shall be automatic and not optional.  In addition, Lender shall have all the rights
and remedies provided in the Related Documents or available at law, in equity,
or otherwise.  Except as may be
prohibited by applicable law, all of Lender’s rights and remedies shall be
cumulative and may be exercised singularly or concurrently.  Election by Lender to pursue any remedy shall
not exclude pursuit of any other remedy, and an election to make expenditures
or to take action to perform an obligation of Borrower or of any Grantor shall
not affect Lender’s right to declare a default and to exercise its rights and
remedies.

ANNUAL
REVIEW.  This loan is
subject to continuation in the Lender’s sole discretion, based on the
satisfactory annual review and analysis of certain financial information as
requested and received by Lender.  The
Annual Review Date will be April 5th of each year, commencing
2008.  At the time of the Annual Review,
an annual fee determined by Lender may be collected.

FURTHER
ASSURANCE AND COMPLIANCE AGREEMENT.  Borrower(s) and Guarantor(s) agree to
cooperate, adjust, initial, re-execute and re-deliver any and all
closing documents, including but not limited to any notes, security documents
and closing statements if deemed necessary or desirable in the sole discretion
of the Bank in order to consummate or complete the Loan from the Bank to the
Borrower or to perfect the Bank’s lien. 
It is the intention of the Borrower that all documentation for the Loan
shall be an accurate reflection of the Bank’s requirements.

MINIMUM
PARTIAL RELEASE. 
Minimum partial release price per unit shall be the greater of either
100% of pro rata loan amount or 75% of sale price.

FULL
PAYMENT.  Line of
Credit due in full upon sale of more than 25% interest in borrowing entity,
sale of the Innisbrook resort or of mortgage properties.

DRAW
DOWN LINE OF CREDIT. 
This Note evidences a straight line of credit.  Once the total amount of principal has been
advanced, Borrower is not entitled to further loan advances.  Advances under this Note, as well as
directions for payment from Borrower’s accounts, may be requested orally or in
writing by Borrower or by an authorized person. 
Lender may, but need not, require that all oral requests be confirmed in
writing.  The following party or parties
are authorized to request advances under the line of credit until Lender
receives from Borrower at Lender’s address shown above written notice of
revocation of their authority:  Keith
Wilt.  Borrower agrees to be liable for
all sums either:  (A) advanced in
accordance with the instructions of an authorized person or (B) credited
to any of Borrower’s accounts with Lender. 
The unpaid principal balance owing on this Note at any time may be
evidenced by endorsements on this Note or by Lender’s internal records,
including daily computer print-outs. 
Lender will have no obligation to advance funds under this Note if
(A) Borrower or any guarantor is in default under the terms of this Note
or any agreement that Borrower or any guarantor has with Lender, including any
agreement made in connection with the signing of this Note; (B) Borrower
or any guarantor ceases doing business or is insolvent; (C) any guarantor
seeks, claims or otherwise attempts to limit, modify or revoke such guarantor’s
guarantee of this Note or any other loan with Lender; (D) Borrower has
applied funds provided pursuant to this Note for purposes other than those
authorized by Lender; or Lender in good faith deems itself insecure under this
Note or any other agreement between Lender and Borrower.

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

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

Attorneys’ Fees; Expenses.  Borrower agrees to pay upon demand all of
Lender’s costs and expenses, including Lender’s reasonable attorneys’ fees and
Lender’s legal expenses, incurred in connection with the enforcement of this
Agreement.  Lender may hire or pay
someone else to help enforce this Agreement, and Borrower shall pay the costs
and expenses of such enforcement.  Costs
and expenses include Lender’s reasonable attorneys’ fees and legal expenses
whether or not there is a lawsuit, including reasonable attorneys’ fees and
legal expenses for bankruptcy proceedings (including efforts to modify or
vacate any automatic stay or injunction), appeals, and any anticipated
post-judgment collection services. 
Borrower also shall pay all court costs and such additional fees as may
be directed by the court.

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

Consent to Loan Participation.  Borrower agrees and consents to Lender’s sale
or transfer, whether now or later, of one or more participation interests in
the Loan to one or more purchasers, whether related or unrelated to
Lender.  Lender may provide, without any
limitation whatsoever, to any one or more purchasers, or potential purchasers,
any information or knowledge Lender may have about Borrower or about any other
matter relating to the Loan, and Borrower hereby waives any rights to privacy
Borrower may have with respect to such matters. 
Borrower additionally waives any and all notices of sale of
participation interests, as well as all notices of any repurchase of such
participation interests.  Borrower also
agrees that the purchasers of any such participation interests will be
considered as the absolute owners of such interests in the Loan and will have
all the rights granted under the participation agreement or agreements
governing the sale of such participation interests.  Borrower further waives all rights of offset
or counterclaim that it may have now or later against Lender or against any
purchaser of such a participation interest and unconditionally agrees that
either Lender or such purchaser may enforce Borrower’s obligation under the
Loan irrespective of the failure or insolvency of any holder of any interest in
the Loan.  Borrower further agrees that
the purchaser of any such participation interests may enforce its interests
irrespective of any personal claims or defenses that Borrower may have against
Lender.

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

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

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

 5
 

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

Notices.  Any notice required to be given under this
Agreement shall be given in writing, and shall be effective when actually
delivered, when actually received by telefacsimile (unless otherwise required
by law), when deposited with a nationally recognized overnight courier, or, if
mailed, when deposited in the United States mail, as first class, certified or
registered mail postage prepaid, directed to the addresses shown near the
beginning of this Agreement.  Any party
may change its address for notices under this Agreement by giving written
notice to the other parties, specifying that the purpose of the notice is to
change the party’s address.  For notice
purposes, Borrower agrees to keep Lender informed at all times of Borrower’s
current address.  Unless otherwise
provided or required by law, if there is more than one Borrower, any notice
given by Lender to any Borrower is deemed to be notice given to all Borrowers.

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

Subsidiaries and Affiliates of
Borrower.  To the
extent the context of any provisions of this Agreement makes it appropriate,
including without limitation any representation, warranty or covenant, the word
“Borrower” as used in this Agreement shall include all of Borrower’s
subsidiaries and affiliates. 
Notwithstanding the foregoing however, under no circumstances shall this
Agreement be construed to require Lender to make any Loan or other financial
accommodation to any of Borrower’s subsidiaries or affiliates.

Successors and Assigns.  All covenants and agreements by or on behalf
of Borrower contained in this Agreement or any Related Documents shall bind
Borrower’s successors and assigns and shall inure to the benefit of Lender and
its successors and assigns.  Borrower
shall not, however, have the right to assign Borrower’s rights under this
Agreement or any interest therein, without the prior written consent of Lender.

Survival of Representations and
Warranties.  Borrower
understands and agrees that in making the Loan, Lender is relying on all
representations, warranties, and covenants made by Borrower in this Agreement
or in any certificate or other instrument delivered by Borrower to Lender under
this Agreement or the Related Documents. 
Borrower further agrees that regardless of any investigation made by
Lender, all such representations, warranties and covenants will survive the
making of the Loan and delivery to Lender of the Related Documents, shall be
continuing in nature, and shall remain in full force and effect until such time
as Borrower’s Indebtedness shall be paid in full, or until this Agreement shall
be terminated in the manner provided above, whichever is the last to occur.

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

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

DEFINITIONS.  The following capitalized words and terms
shall have the following meanings when used in this Agreement.  Unless specifically stated to the contrary,
all references to dollar amounts shall mean amounts in lawful money of the
United States of America.  Words and
terms used in the singular shall include the plural, and the plural shall
include the singular, as the context may require.  Words and terms not otherwise defined in this
Agreement shall have the meanings attributed to such terms in the Uniform
Commercial Code.  Accounting words and
terms not otherwise defined in this Agreement shall have the meanings assigned
to them in accordance with generally accepted accounting principles as in
effect on the date of this Agreement:

Advance.  The word “Advance” means a disbursement of
Loan funds made, or to be made, to Borrower or on Borrower’s behalf on a line
of credit or multiple advance basis under the terms and conditions of this
Agreement.

Agreement.  The word “Agreement” means this Business Loan
Agreement, as this Business Loan Agreement may be amended or modified from time
to time, together with all exhibits and schedules attached to this Business
Loan Agreement from time to time.

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

Collateral.  The word “Collateral” means all property and
assets granted as collateral security for a Loan, whether real or personal
property, whether granted directly or indirectly, whether granted now or in the
future, and whether granted in the form of a security interest, mortgage,
collateral mortgage, deed of trust, assignment, pledge, crop pledge, chattel
mortgage, collateral chattel mortgage, chattel trust, factor’s lien, equipment
trust, conditional sale, trust receipt, lien, charge, lien or title retention
contract, lease or consignment intended as a security device, or any other
security or lien interest whatsoever, whether created by law, contract, or
otherwise.

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

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

GAAP.  The word “GAAP” means generally accepted
accounting principles.

Grantor.  The word “Grantor” means each and all of the
persons or entities granting a Security Interest in any Collateral for the
Loan, including without limitation all Borrowers granting such a Security
Interest.

Guarantor.  The word “Guarantor” means any guarantor,
surety, or accommodation party of any or all of the Loan.

Guaranty.  The word “Guaranty” means the guaranty from
Guarantor to Lender, including without limitation a guaranty of all or part of
the Note.

 6
 

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

Indebtedness.  The word “Indebtedness” means the
indebtedness evidenced by the Note or Related Documents, including all
principal and interest together with all other indebtedness and costs and
expenses for which Borrower is responsible under this Agreement or under any of
the Related Documents.

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

Loan.  The word “Loan” means any and all loans and
financial accommodations from Lender to Borrower whether now or hereafter
existing, and however evidenced, including without limitation those loans and
financial accommodations described herein or described on any exhibit or
schedule attached to this Agreement from time to time.

Note.  The word “Note” means the Note executed by
GTA-IB, LLC; GTA-IB Golf Resort, LLC; and GTA-IB Condominium, LLC in the
principal amount of $1,200,000.00 dated April 10, 2007, together with all
renewals of, extensions of, modifications of, refinancings of, consolidations
of, and substitutions for the note or credit agreement.

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

Security Agreement.  The words “Security Agreement” mean and
include without limitation any agreements, promises, covenants, arrangements,
understandings or other agreements, whether created by law, contract, or
otherwise, evidencing, governing, representing, or creating a Security
Interest.

Security Interest.  The words “Security Interest” mean, without
limitation, any and all types of collateral security, present and future,
whether in the form of a lien, charge, encumbrance, mortgage, deed of trust,
security deed, assignment, pledge, crop pledge, chattel mortgage, collateral
chattel mortgage, chattel trust, factor’s lien, equipment trust, conditional
sale, trust receipt, lien or title retention contract, lease or consignment
intended as a security device, or any other security or lien interest
whatsoever whether created by law, contract, or otherwise.

BORROWER
ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS BUSINESS LOAN AGREEMENT AND
BORROWER AGREES TO ITS TERMS.  THIS
BUSINESS LOAN AGREEMENT IS DATED APRIL 10, 2007.

	
  BORROWER:

  
	
   

  
	
  GTA-IB, LLC

  
	
   

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

  
	
   

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

  
	
  By:

  	
   

  	
  GTA, GP, INC., ITS GENERAL PARTNER

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
  /s/ R. Keith Wilt

  	
   

  
	
   

  	
   

  	
  R. Keith Wilt, Vice President

  	
   

  
	
   

  	
   

  	
  GTA, GP, INC.

  	
   

  
	
   

  
	
   

  
	
  GTA-IB GOLF RESORT, LLC

  
	
   

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

  
	
  BY:

  	
   

  	
  GTA, GP, INC., ITS GENERAL PARTNER

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
  /s/ R. Keith Wilt

  	
   

  
	
   

  	
   

  	
  R. Keith Wilt, Vice President

  
	
   

  	
   

  	
  GTA, GP, INC.

  
	
   

  
	
   

  
	
  GTA-IB CONDOMINIUM, LLC

  
	
   

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

  
	
   

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

  
	
  BY:

  	
   

  	
  GTA, GP, INC., ITS GENERAL PARTNER

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
  /s/ R. Keith Wilt

  	
   

  
	
   

  	
   

  	
  R. Keith Wilt, Vice President

  
							

                                                                                                             

 7
 

 

	
  LENDER:

  
	
   

  
	
  PATRIOT BANK

  
	
   

  
	
   

  
	
  By:

  	
   

  	
  /s/ Karyn J. Mahorney

  	
   

  
	
   

  	
   

  	
  Karyn J. Mahorney, VICE PRESIDENT

  

 

 8

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