Document:

Exhibit
10.1

ASSET PURCHASE AGREEMENT

	
  SELLER GROUP:

  	
  GOLF TRUST OF AMERICA, INC.

  
	
   

  	
  GOLF TRUST OF AMERICA, L.P.

  
	
   

  	
  GTA-IB, LLC

  
	
   

  	
  GTA-IB GOLF RESORT, LLC

  
	
   

  	
  GTA-IB CONDOMINIUM, LLC

  
	
   

  	
  GTA-IB MANAGEMENT, LLC

  
	
   

  	
   

  
	
  BUYER GROUP:

  	
  SALAMANDER INNISBROOK SECURITIES, LLC

  
	
   

  	
  SALAMANDER INNISBROOK CONDOMINIUM, LLC

  
	
   

  	
  SALAMANDER INNISBROOK, LLC

  
	
   

  	
   

  
	
  DATED:

  	
  June 25, 2007

  

 

TABLE OF CONTENTS

	
  Article

  	
   

  	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 1.

  	
   

  	
  DEFINITIONS

  	
   

  	
  2

  
	
  1.01

  	
   

  	
  Definitions

  	
   

  	
  2

  
	
  ARTICLE 2.

  	
   

  	
  PURCHASE AND SALE

  	
   

  	
  16

  
	
  2.01

  	
   

  	
  Sale and Transfer of Assets

  	
   

  	
  16

  
	
  2.02

  	
   

  	
  Retained Assets

  	
   

  	
  21

  
	
  2.03

  	
   

  	
  Assumed Liabilities

  	
   

  	
  22

  
	
  2.04

  	
   

  	
  Retained Liabilities

  	
   

  	
  24

  
	
  2.05

  	
   

  	
  Purchase Price

  	
   

  	
  25

  
	
  2.06

  	
   

  	
  Closing

  	
   

  	
  27

  
	
  2.07

  	
   

  	
  Post-Closing Purchase Price Adjustment

  	
   

  	
  27

  
	
  2.08

  	
   

  	
  Due Diligence

  	
   

  	
  30

  
	
  ARTICLE 3.

  	
   

  	
  DEPOSIT

  	
   

  	
  35

  
	
  3.01

  	
   

  	
  Deposit

  	
   

  	
  35

  
	
  3.02

  	
   

  	
  Seller’s Escrow Amount

  	
   

  	
  36

  
	
  3.03

  	
   

  	
  Escrow Agent

  	
   

  	
  37

  
	
  ARTICLE 4.

  	
   

  	
  REPRESENTATIONS AND WARRANTIES OF THE SELLER
  ENTITIES

  	
   

  	
  37

  
	
  4.01

  	
   

  	
  Corporate Existence and Power

  	
   

  	
  38

  
	
  4.02

  	
   

  	
  Corporate Authorization

  	
   

  	
  38

  
	
  4.03

  	
   

  	
  Governmental Authorizations

  	
   

  	
  39

  
	
  4.04

  	
   

  	
  Noncontravention

  	
   

  	
  39

  
	
  4.05

  	
   

  	
  Capitalization; Subsidiaries

  	
   

  	
  39

  
	
  4.06

  	
   

  	
  Financial Statements

  	
   

  	
  39

  
	
  4.07

  	
   

  	
  No Undisclosed Liabilities

  	
   

  	
  40

  
	
  4.08

  	
   

  	
  Material Contracts

  	
   

  	
  40

  
	
  4.09

  	
   

  	
  Litigation

  	
   

  	
  41

  
	
  4.10

  	
   

  	
  Compliance with Laws, Court Orders and Permits

  	
   

  	
  41

  
	
  4.11

  	
   

  	
  Real Property

  	
   

  	
  42

  
	
  4.12

  	
   

  	
  Intellectual Property

  	
   

  	
  43

  
	
  4.13

  	
   

  	
  Finders’ Fees

  	
   

  	
  44

  
	
  4.14

  	
   

  	
  Employees

  	
   

  	
  45

  
	
  4.15

  	
   

  	
  Employee Benefit Plans

  	
   

  	
  45

  

 

 i
 

 

	
  Article

  	
   

  	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4.16

  	
   

  	
  Environmental Matters

  	
   

  	
  47

  
	
  4.17

  	
   

  	
  Labor Matters

  	
   

  	
  48

  
	
  4.18

  	
   

  	
  Tax Matters

  	
   

  	
  49

  
	
  4.19

  	
   

  	
  Accounts Receivable

  	
   

  	
  50

  
	
  4.20

  	
   

  	
  Insurance

  	
   

  	
  50

  
	
  4.21

  	
   

  	
  Transactions with Affiliates

  	
   

  	
  50

  
	
  4.22

  	
   

  	
  Acquired Assets

  	
   

  	
  50

  
	
  4.23

  	
   

  	
  Suppliers

  	
   

  	
  51

  
	
  4.24

  	
   

  	
  Vested Rights

  	
   

  	
  51

  
	
  4.25

  	
   

  	
  GH Securities

  	
   

  	
  51

  
	
  4.26

  	
   

  	
  NASD

  	
   

  	
  51

  
	
  4.27

  	
   

  	
  Partnership Program LLCs

  	
   

  	
  51

  
	
  4.28

  	
   

  	
  Troon Employees

  	
   

  	
  52

  
	
  ARTICLE 5.

  	
   

  	
  REPRESENTATIONS AND WARRANTIES OF BUYER

  	
   

  	
  52

  
	
  5.01

  	
   

  	
  Corporate Existence and Power

  	
   

  	
  52

  
	
  5.02

  	
   

  	
  Corporate Authorization

  	
   

  	
  52

  
	
  5.03

  	
   

  	
  Governmental Authorizations

  	
   

  	
  52

  
	
  5.04

  	
   

  	
  Noncontravention

  	
   

  	
  52

  
	
  5.05

  	
   

  	
  Financing

  	
   

  	
  53

  
	
  5.06

  	
   

  	
  Finders’ Fees

  	
   

  	
  53

  
	
  5.07

  	
   

  	
  No Liability Under Confidential Information
  Memorandum

  	
   

  	
  53

  
	
  5.08

  	
   

  	
  As-Is Sale; Release

  	
   

  	
  53

  
	
  ARTICLE 6.

  	
   

  	
  COVENANTS OF THE SELLER ENTITIES

  	
   

  	
  55

  
	
  6.01

  	
   

  	
  Conduct of the Business

  	
   

  	
  55

  
	
  6.02

  	
   

  	
  Access to Information

  	
   

  	
  57

  
	
  6.03

  	
   

  	
  Estoppel Certificates

  	
   

  	
  57

  
	
  6.04

  	
   

  	
  Condo Association Approval

  	
   

  	
  57

  
	
  6.05

  	
   

  	
  Approval of GTA Board of Directors

  	
   

  	
  58

  
	
  6.06

  	
   

  	
  Disclosure Supplements

  	
   

  	
  58

  
	
  6.07

  	
   

  	
  No Solicitation

  	
   

  	
  59

  
	
  6.08

  	
   

  	
  Conduct of the Seller Entities

  	
   

  	
  62

  

 

 ii
 

 

	
  Article

  	
   

  	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  6.09

  	
   

  	
  GTA Mortgage

  	
   

  	
  62

  
	
  ARTICLE 7.

  	
   

  	
  COVENANTS OF BUYER

  	
   

  	
  62

  
	
  7.01

  	
   

  	
  Access

  	
   

  	
  62

  
	
  7.02

  	
   

  	
  Plan of Liquidation

  	
   

  	
  63

  
	
  7.03

  	
   

  	
  Conduct of Buyer

  	
   

  	
  63

  
	
  7.04

  	
   

  	
  Westin and Troon Terminations

  	
   

  	
  64

  
	
  7.05

  	
   

  	
  Parcel F

  	
   

  	
  64

  
	
  ARTICLE 8.

  	
   

  	
  COVENANTS OF BUYER AND THE SELLER ENTITIES

  	
   

  	
  64

  
	
  8.01

  	
   

  	
  Efforts and Actions to Cause the Transactions
  Contemplated by this Agreement to Occur

  	
   

  	
  64

  
	
  8.02

  	
   

  	
  Notices of Certain Events

  	
   

  	
  65

  
	
  8.03

  	
   

  	
  Transfer and Other Taxes; Title Policy

  	
   

  	
  65

  
	
  8.04

  	
   

  	
  Escrow Fees

  	
   

  	
  66

  
	
  8.05

  	
   

  	
  Further Assurances

  	
   

  	
  66

  
	
  8.06

  	
   

  	
  Transfers Not Effected as of the Closing

  	
   

  	
  66

  
	
  8.07

  	
   

  	
  Litigation Arising After the Execution Date

  	
   

  	
  66

  
	
  ARTICLE 9.

  	
   

  	
  EMPLOYEE BENEFITS MATTERS

  	
   

  	
  67

  
	
  9.01

  	
   

  	
  Employee and Employee Benefit Matters

  	
   

  	
  67

  
	
  ARTICLE 10.

  	
   

  	
  CONDITIONS TO CLOSING

  	
   

  	
  68

  
	
  10.01

  	
   

  	
  Conditions to Obligations of Buyer and the Seller
  Entities

  	
   

  	
  68

  
	
  10.02

  	
   

  	
  Conditions to Obligations of Buyer

  	
   

  	
  68

  
	
  10.03

  	
   

  	
  Conditions to Obligations of the Seller Entities

  	
   

  	
  71

  
	
  ARTICLE 11.

  	
   

  	
  SURVIVAL; INDEMNIFICATION

  	
   

  	
  72

  
	
  11.01

  	
   

  	
  Survival

  	
   

  	
  72

  
	
  11.02

  	
   

  	
  Indemnification

  	
   

  	
  72

  
	
  11.03

  	
   

  	
  Procedures

  	
   

  	
  73

  
	
  11.04

  	
   

  	
  Additional Procedures

  	
   

  	
  74

  
	
  11.05

  	
   

  	
  Calculation of Damages

  	
   

  	
  74

  
	
  11.06

  	
   

  	
  Dispute Resolutions

  	
   

  	
  74

  
	
  11.07

  	
   

  	
  Effect of Investigation

  	
   

  	
  75

  
	
  11.08

  	
   

  	
  Tax Treatment of Indemnification Payments

  	
   

  	
  75

  

 

 iii
 

 

	
  Article

  	
   

  	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  11.09

  	
   

  	
  Exclusive Remedy

  	
   

  	
  75

  
	
  ARTICLE 12.

  	
   

  	
  TERMINATION

  	
   

  	
  76

  
	
  12.01

  	
   

  	
  Termination

  	
   

  	
  76

  
	
  12.02

  	
   

  	
  General Effect of Termination

  	
   

  	
  77

  
	
  12.03

  	
   

  	
  Cure Rights

  	
   

  	
  78

  
	
  ARTICLE 13.

  	
   

  	
  MISCELLANEOUS

  	
   

  	
  78

  
	
  13.01

  	
   

  	
  Casualty and Condemnation; Risk of Loss

  	
   

  	
  78

  
	
  13.02

  	
   

  	
  Notices

  	
   

  	
  80

  
	
  13.03

  	
   

  	
  Confidentiality

  	
   

  	
  81

  
	
  13.04

  	
   

  	
  Amendments and Modifications

  	
   

  	
  82

  
	
  13.05

  	
   

  	
  Expenses

  	
   

  	
  82

  
	
  13.06

  	
   

  	
  Attorneys’ Fees

  	
   

  	
  82

  
	
  13.07

  	
   

  	
  Successors and Assigns

  	
   

  	
  82

  
	
  13.08

  	
   

  	
  Governing Law

  	
   

  	
  82

  
	
  13.09

  	
   

  	
  Consent to Jurisdiction

  	
   

  	
  82

  
	
  13.10

  	
   

  	
  WAIVER OF JURY TRIAL

  	
   

  	
  83

  
	
  13.11

  	
   

  	
  Counterparts; Third Party Beneficiaries

  	
   

  	
  83

  
	
  13.12

  	
   

  	
  Entire Agreement

  	
   

  	
  83

  
	
  13.13

  	
   

  	
  Headings

  	
   

  	
  83

  
	
  13.14

  	
   

  	
  Severability

  	
   

  	
  83

  
	
  13.15

  	
   

  	
  Specific Performance

  	
   

  	
  83

  
	
  13.16

  	
   

  	
  Extension; Waiver

  	
   

  	
  84

  
	
  13.17

  	
   

  	
  Radon Disclosure

  	
   

  	
  84

  
	
  13.18

  	
   

  	
  Construction

  	
   

  	
  84

  

 

 iv
 

LIST OF SCHEDULES AND EXHIBITS

	
  SCHEDULES

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  SCHEDULE 1.01(b)

  	
  —

  	
  Knowledge of Seller

  
	
  SCHEDULE 1.01(d)

  	
  —

  	
  Parcel F Description

  
	
  SCHEDULE 1.01(e)

  	
  —

  	
  Permitted Liens

  
	
  SCHEDULE 1.01(f)

  	
  —

  	
  Material Contracts Requiring Consent for a Transfer

  
	
  SCHEDULE 1.01(g)

  	
  —

  	
  Total Current Assets

  
	
  SCHEDULE 1.01(h)

  	
  —

  	
  Total Current Liabilities

  
	
  SCHEDULE 2.01(b)

  	
  —

  	
  Contracts

  
	
  SCHEDULE 2.01(c)

  	
  —

  	
  Licenses, Permits, Certificates of Occupancy and
  Rights Under Permits, Approvals, and Allocations Relating to the Real Property
  and the Operation thereof and Other Similar Documents

  
	
  SCHEDULE 2.01(i)(1)

  	
  —

  	
  Innisbrook Real Property and Condo Property

  
	
  SCHEDULE 2.01(i)(2)

  	
  —

  	
  Unit 115 in Building 28 of the Innisbrook
  Condominiums

  
	
  SCHEDULE 2.01(i)(3)

  	
  —

  	
  Parcel J-4

  
	
  SCHEDULE 2.01(k)

  	
  —

  	
  Parcel Rights

  
	
  SCHEDULE 2.01(m)

  	
  —

  	
  Wall Springs Rights

  
	
  SCHEDULE 2.01(o)

  	
  —

  	
  Tangible Personal Property

  
	
  SCHEDULE 2.01(p)

  	
  —

  	
  Intangible Personal Property

  
	
  SCHEDULE 2.01(dd)

  	
  —

  	
  Acquired Plans

  
	
  SCHEDULE 2.02(f)

  	
  —

  	
  Personal Property owned by any Employee or any
  employee of Troon

  
	
  SCHEDULE 2.02(h)

  	
  —

  	
  Retained Assets

  
	
  SCHEDULE 2.05(c)

  	
  —

  	
  Allocation of Consideration

  
	
  SCHEDULE 2.07(c)

  	
  —

  	
  Closing Date Working Capital Statement

  
	
  SCHEDULE 2.08(a)

  	
  —

  	
  Restricted Access for Third Parties

  
	
  SCHEDULE 2.08(c)

  	
  —

  	
  Due Diligence Materials

  
	
  SCHEDULE 4.03

  	
  —

  	
  Seller Governmental Authorizations and Filings

  
	
  SCHEDULE 4.04

  	
  —

  	
  Noncontravention

  
	
  SCHEDULE 4.06

  	
  —

  	
  Seller Financial Statements

  
	
  SCHEDULE 4.07

  	
  —

  	
  Seller Disclosed Liabilities

  
	
  SCHEDULE 4.08

  	
  —

  	
  Material Contracts

  
	
  SCHEDULE 4.09

  	
  —

  	
  Seller Litigation

  
	
  SCHEDULE 4.10(a)

  	
  —

  	
  Compliance with Laws

  
	
  SCHEDULE 4.10(b)

  	
  —

  	
  Permits

  
	
  SCHEDULE 4.11(a)

  	
  —

  	
  Real Property

  
	
  SCHEDULE 4.11(b)

  	
  —

  	
  Leases

  

 

 v
 

 

	
  SCHEDULE 4.11(g)

  	
  —

  	
  Tax Reduction Proceedings

  
	
  SCHEDULE 4.12(a)

  	
  —

  	
  Intellectual Property

  
	
  SCHEDULE 4.12(b)

  	
  —

  	
  Proprietary Software

  
	
  SCHEDULE 4.12(c)

  	
  —

  	
  License Agreements

  
	
  SCHEDULE 4.14

  	
  —

  	
  Employees

  
	
  SCHEDULE 4.14(a)

  	
  —

  	
  Terminated Employees

  
	
  SCHEDULE 4.15(a)

  	
  —

  	
  Plans

  
	
  SCHEDULE 4.15(e)

  	
  —

  	
  Multi-Employer Plans

  
	
  SCHEDULE 4.16

  	
  —

  	
  Environmental Matters

  
	
  SCHEDULE 4.16(e)

  	
  —

  	
  Location of Hazardous Substances and Underground
  Storage Tanks

  
	
  SCHEDULE 4.17

  	
  —

  	
  Labor Matters

  
	
  SCHEDULE 4.18

  	
  —

  	
  Tax Matters

  
	
  SCHEDULE 4.20

  	
  —

  	
  Insurance

  
	
  SCHEDULE 4.23

  	
  —

  	
  Suppliers

  
	
  SCHEDULE 6.01(b)

  	
  —

  	
  Transition Capital Expenditures

  
	
  SCHEDULE 10.02(i)

  	
  —

  	
  Buyer’s Required Consents

  
	
  SCHEDULE 10.03(f)

  	
  —

  	
  Seller’s Required Consents

  
	
   

  	
   

  	
   

  
	
  EXHIBITS

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  EXHIBIT 1.01(a)

  	
  —

  	
  Troon Estoppel Certificate

  
	
  EXHIBIT 4.24

  	
  —

  	
  Vested Rights Agreement

  
	
  EXHIBIT 6.01

  	
  —

  	
  Form of Innisbrook 2007 Rental Pool Annual Lease
  Agreement

  
	
  EXHIBIT 10.02(b)

  	
  —

  	
  Form of Officer’s Certificate of Seller and General
  Partner of Parent

  
	
  EXHIBIT 10.02(c)

  	
  —

  	
  Form of Bill of Sale

  
	
  EXHIBIT 10.02(d)

  	
  —

  	
  Form of Assignment and Assumption Agreements

  
	
  EXHIBIT 10.02(e)

  	
  —

  	
  Form of Deeds

  
	
  EXHIBIT 10.02(f)

  	
  —

  	
  Form of Lease Agreements

  
	
  EXHIBIT 10.02(h)

  	
  —

  	
  Form of 1445 Certificate

  
	
  EXHIBIT 10.03(b)

  	
  —

  	
  Form of Officer’s Certificate of Buyer

  

 

 vi

ASSET
PURCHASE AGREEMENT

THIS ASSET PURCHASE AGREEMENT (this “Agreement”) is dated as of 
June 25,  2007 (the “Execution Date”),
by and among (1) (i) Golf Trust of America, Inc., a Maryland corporation (“GTA”), (ii) GTA-IB, LLC, a Florida limited liability company
(“Seller”), (iii) Golf Trust of
America, L.P., a Delaware limited partnership and the indirect parent of Seller
(“Parent”), (iv) GTA-IB Golf Resort, LLC,
a Florida limited liability company (“Holding Company”),
(v) GTA-IB Condominium, LLC, a Florida limited liability company (“Condo Owner”), and (vi) GTA-IB Management, LLC, a Florida
limited liability company (“Management Company”,
and (i) through (vi) together the “Seller Entities”),
and (2) (i) Salamander Innisbrook Securities, LLC, a Florida limited
liability company (“SIS”),
(ii) Salamander Innisbrook Condominium, LLC, a Florida limited liability
company (“SIC”), and (iii) Salamander Innisbrook,
LLC, a Florida limited liability company (“SI”, and
together with SIS and SIC, “Buyer”).

THE PARTIES ENTER INTO THIS AGREEMENT on the basis of
the following facts, intentions and understandings:

A.            Buyer
and Seller (or in the case of the Condo Property (as defined herein), Condo
Owner, in the case of the GH Securities Stock Interests (as defined herein), Holding
Company, and in the case of the Employees (as defined herein), Management
Company) have approved, and deem it advisable to consummate the purchase of the
Acquired Assets (as defined herein) by Buyer, which purchase is to be effected
by the sale by Seller (or in the case of the Condo Property, Condo Owner, in
the case of the GH Securities Stock Interests, Holding Company, and in the case
of the Employees, Management Company) of all of the Acquired Assets to Buyer,
subject to all of the Assumed Liabilities, and otherwise upon the terms and
subject to the conditions set forth herein.

B.            On
the Execution Date, Buyer shall deposit in escrow with Stewart Title Guaranty
Company (the “Escrow Agent”) cash or a Letter of
Credit (in a form acceptable to Seller) in the amount of  Three Million 
Dollars ($3,000,000) (the “Deposit Amount”)
as a deposit against the Purchase Price (as defined herein).   On the Execution Date, the deposit shall be
non-refundable to Buyer except as otherwise expressly provided in this Agreement.

C.            On
September 28, 2006, GTA filed with the SEC a Form 8-K to which was attached a
Termination and Release Agreement dated September 28, 2006, by and among
GTA-IB, LLC, GTA and Westin Hotel Management, L.P. (“Westin”),
among other agreements respecting the termination of the Westin Management
Agreement.

D.            On
December 28, 2006, GTA filed with the SEC a Form 8-K to which was attached the
following exhibits (i) a First Amendment to Defense and Escrow Agreement by and
GTA, GTA, LP, GTA-IB and Escrow Agent, and (ii) a Loan Satisfaction and
Termination of Assignment of Defense and Escrow Agreement by and between GTA
and Elk Funding, LLC.

NOW, THEREFORE, in consideration of the foregoing and
the respective representations, warranties, covenants and agreements set forth
in this Agreement, and subject to the conditions set forth herein, the parties
hereto agree as follows:

 1
 

ARTICLE 1

DEFINITIONS

1.01        Definitions.

The following terms, as used herein, have the
following meanings (the use of the singular or the plural herein is not
exclusive and the tenses may be used interchangeably as the context requires):

“Accounts Receivable”
shall have the meaning set forth in Section 2.01(y) of this Agreement.

“Acquired Assets”
shall have the meaning set forth in Section 2.01 of this Agreement.

“Acquired Plans”
shall have the meaning set forth in Section 2.01(dd) of this Agreement.

“Acquisition Agreement”
shall have the meaning set forth in Section 6.07(b) of this Agreement.

“Acquisition Proposal”
shall have the meaning set forth in Section 6.07(a) of this Agreement.

“Action” shall
have the meaning set forth in Section 11.03(a) of this Agreement.

“Adjustment Date”
shall have the meaning set forth in Section 2.07(c) of this Agreement.

“Affiliate”
means, with respect to any Person, any other Person directly or indirectly
controlling, controlled by, or under common control with such Person.

“Agreement”
shall have the meaning set forth in the Preamble of this Agreement.

“Agreement for Effluent
Disposal” shall have the meaning set forth in Section 2.01(l)
of this Agreement.

“Allocation”
shall have the meaning set forth in Section 2.05(c) of this Agreement.

“Applicable Period”
shall have the meaning set forth in Section 6.07(a) of this Agreement.

“AR Holdback”
shall have the meaning set forth in Section 2.05(a)  of
this Agreement.

“Assignment and Assumption
Agreements” shall have the meaning set forth in Section 10.02(d)
of this Agreement.

 2
 

“Assignment, Consent,
Subordination and Nondisturbance Agreement” means that certain Assignment,
Consent, Subordination and Nondisturbance Agreement dated as of
July 15, 2004, by and among Seller, Parent and Westin.

“Assignment of Defense and
Escrow Agreement” means that certain Assignment of Defense and
Escrow Agreement dated as of July 15, 2004, by and between Parent and Elk
Funding, L.L.C., assigning all of the right, title, interest and estate of
Parent in the Defense and Escrow Agreement to Elk Funding, L.L.C., as such
agreement may have been amended.

“Assumed Liabilities”
shall have the meaning set forth in Section 2.03 of this Agreement.

“Bill of Sale”
shall have the meaning set forth in Section 10.02(c) of this Agreement.

“Business” means
the business of operating the Resort.

“Business Day”
means any day other than a Saturday, Sunday or a day on which banks in Tampa,
Florida are authorized or obligated by applicable law or executive order to
close or are otherwise generally closed.

“Buyer” shall
have the meaning set forth in the Preamble of this Agreement.

“Buyer Indemnified Claims”
shall have the meaning set forth in Section 11.02(b) of this Agreement.

“Buyer Parties”
shall have the meaning set forth in Section 11.02(a) of this Agreement.

“Buyer’s  Escrow Demand” shall have the meaning set forth in Section
3.02(b) of this Agreement.

“Casualty Loss”
shall have the meaning set forth in Section 13.01(a) of this Agreement.

“Change of Recommendation”
shall have the meaning set forth in Section 6.07(c) of this Agreement.

“CKT” shall have
the meaning set forth in Section 2.01(k) of this Agreement.

“Claims” means
all claims within the meaning of such term in 11 U.S.C. Section 101(5) (provided
that a right to an equitable remedy is considered a claim whether or not the
breach gives rise to a right to payment), including causes of action,
reclamation claims, mortgages, pledges, restrictions, hypothecations, charges,
indentures, loan agreements, instruments, leases, licenses, options, rights of
first refusal, contracts, offsets, recoupment, rights of recovery, judgments,
orders, claims for reimbursement, contribution, indemnity or exoneration, and
decrees of any court or foreign or domestic governmental entity, interests,
products liability, fraud, fraudulent transfers, breach of fiduciary duty,
alter-ego, environmental, successor liability, tax and other liabilities and
claims, including Tax claims, in each case whether secured or unsecured, choate
or inchoate, filed or unfiled, scheduled or unscheduled, noticed or unnoticed,
recorded or unrecorded, perfected or unperfected, allowed or disallowed, contingent
or non-contingent, liquidated or unliquidated, matured or unmatured, material
or immaterial, disputed or undisputed, or known or unknown, whether arising
prior to, on, or subsequent to the Closing Date, whether imposed by agreement,
understanding, law, equity or otherwise.

 3
 

“Closing” shall
have the meaning set forth in Section 2.06 of this Agreement.

“Closing Date”
shall have the meaning set forth in Section 2.06 of this Agreement.

“Closing Transfer Amount”
shall have the meaning set forth in Section 2.05(a) of this Agreement.

“Closing Date Working
Capital” shall have the meaning set forth in Section 2.07(c)
of this Agreement.

“COBRA” shall
have the meaning set forth in Section 9.01(b) of this Agreement.

“Code” means the
United States Internal Revenue Code of 1986, as amended, and the rules and
regulations promulgated thereunder.

“Condo Owner”
shall have the meaning set forth in the Preamble of this Agreement.

“Condo Property”
shall have the meaning set forth in Section 2.01(i) of this Agreement.

“Condo Property Purchase
Price” shall have the meaning set forth in Section 6.04 of
this Agreement.

“Condominium Approval”
shall have the meaning set forth in Section 6.04 of this Agreement.

“Condominium Association”
means Innisbrook Condominium Association, Inc., a Florida corporation not for
profit.

“Confidentiality Agreement”
means the Non-Disclosure Agreement dated as of April 10, 2007, by and
between Golf Trust of America, Inc. and Salamander Hospitality Services, LLC.

“Contracts”
shall have the meaning set forth in Section 2.01(b) of this Agreement.

“Current Group Accounts
Receivable” shall mean all Accounts Receivable less than thirty (30)
days old attributable as of the day prior to the Closing Date.

“Damages” shall
have the meaning set forth in Section 2.08(b) of this Agreement.

“Data Room”
means the “Eagle Golf” workspace on www.intralinks.com.

“Declaration of Condominium”
means that certain Declaration of Condominium of Innisbrook Condominium No. 23,
a Condominium dated as of September 13, 1974, by Golf Host South, Inc.

 4
 

“Deeds” shall
have the meaning set forth in Section 10.02(e) of this Agreement.

“Defense and Escrow
Agreement” means that certain Defense and Escrow Agreement dated as
of July 15, 2004, by and among GHR, Seller, Parent, GTA and Escrow Agent, as
such agreement may have been amended.

“Demand” shall
have the meaning set forth in Section 3.01(c) of this Agreement.

“Demanding Party”
shall have the meaning set forth in Section 3.01(c) of this Agreement.

“Deposit Amount”
shall have the meaning set forth in Recital B of this Agreement.

“Development Plan Costs”
shall have the meaning set forth in Section 2.03(n) of this Agreement.

“Due Diligence Materials”
shall have the meaning set forth in Section 2.08(c)(i) of this
Agreement.

“Employees”
means all active employees actively and solely dedicated to the operations of
the Business employed by Seller or any of its Affiliates (but, for the
avoidance of doubt, excluding any employees of Troon or any of its Affiliates),
including any such employees on approved leaves of absence (whether vacation,
family leave, workers’ compensation, short-term disability, maternity leave or
otherwise) and the term “Employee” shall
mean any of the foregoing such Employees.

“Environmental Laws”
means any and all federal, state, local and foreign statutes, laws, regulations
and rules, in each case as in effect on the Execution Date or as subsequently
amended, that have as their purpose the protection of the environment or of
human health or that relate to the transportation, handling, storage, use or
exposure to Hazardous Substances, wastes or materials.

“Environmental Liabilities”
means any Damages or obligations arising out of the ownership or operation of
the Business or the ownership or operation of the Real Property, other than the
Pinellas County Land, to the extent based upon (i) a material violation of or
liability under any Environmental Law, (ii) a failure to obtain, maintain or
comply with any material Environmental Permit, directive, order or notice of
violation under, or any requirement of, any material Environmental Law, (iii) a
material Release of any Hazardous Substance at, on or under any Real Property,
other than the Pinellas County Land, or any environmental investigation,
remediation, removal, clean-up or monitoring required under any Environmental
Law or required by a Governmental Authority or other third party at, on or
under any Real Property, other than the Pinellas County Land, or (iv) the use,
generation, storage, transportation, treatment, sale or other off-site disposal
of Hazardous Substances generated by or otherwise used in the Business.

“Environmental Permits”
means all permits, licenses, franchises, certificates, approvals and other
similar authorizations of Governmental Authorities required by any Environmental
Law.

 5
 

“Equipment”
means all machinery, fixtures, furniture, supplies, accessories, materials,
equipment, parts, automobiles, trucks, vehicles, golf carts, tooling, office
equipment, furnishings and other similar items of personal property owned or
leased by Seller which are used in connection with the Business.

“ERISA” means
the Employee Retirement Income Security Act of 1974, as amended, and the rules
and regulations promulgated thereunder.

“ERISA Affiliate”
shall have the meaning set forth in Section 4.15(a) of this Agreement.

“ERISA Plans”
shall have the meaning set forth in Section 4.15(a) of this Agreement.

“Escrow Agent” shall have the meaning set forth in
Recital B of this Agreement.

“Escrow Period”
shall have the meaning set forth in Section 3.02(a) of this Agreement.

“Estimated Closing Date
Working Capital” shall have the meaning set forth in Section 2.05(b)
of this Agreement.

“Estimated Closing Date
Working Capital Certificate” shall have the meaning set forth in Section
2.05(b) of this Agreement.

“Execution Date”
shall have the meaning set forth in the Preamble of this Agreement.

“Fairness Opinion”
shall have the meaning set forth in Section 6.05 of this Agreement.

“Final Board Approval”
shall have the meaning set forth in Section 6.05 of this Agreement.

“Final Working Capital”
shall have the meaning set forth in Section 2.07(d)(v) of this
Agreement.

“Financial Advisor”
shall have the meaning set forth in Section 6.05 of this Agreement.

“First Amendment to the
Agreement for Effluent Disposal” shall have the meaning set forth in
Section 2.01(l) of this Agreement.

“GAAP” means the
United States generally accepted accounting principles.

“GH Securities”
means Golf Host Securities, Inc., a Florida corporation.

“GH Securities Stock
Interests” means all of Holding Company’s direct or indirect
ownership interest in GH Securities, including shares of capital stock,
subordinated loans, advance, or contract rights.

“GHR” means Golf
Host Resorts, LLC, a Colorado limited liability company, formerly known as Golf
Host Resorts, Inc., a Colorado corporation.

 6
 

“GHR Loan Agreement”
means that certain Loan Agreement dated as of June 20, 1997, by and between GHR
and Parent, as amended from time to time, including by amendment dated as of
July 15, 2004, by and between Seller and Parent, as such agreement may have
been amended.

“Governmental Authority”
means any national, federal, regional, state, provincial, county, municipal,
foreign or multinational court or other governmental or regulatory authority,
administrative body or government, department, board, body, tribunal,
instrumentality or commission of competent jurisdiction respecting the Acquired
Assets.

“Ground and Property Leases”
shall have the meaning set forth in Section 4.11(b) of this Agreement.

“GTA” shall have
the meaning set forth in the Preamble of this Agreement.

“GTA Mortgage”
means that certain Mortgage, Security Agreement and Fixture Filing with
Assignment of Rents dated as of June 20, 1997, by and between GHR and Parent,
as extended, amended, restated, consolidated or modified from time to time and
recorded in the land records of Pinellas County, in Volume 9748 at Page 2292,
and the related agreements, as amended, contemplated thereby and/or entered in
furtherance thereof, including all corresponding promissory notes, deeds of
trust, and loan agreements and, more specifically: (i) the rights of both the
lender and the borrower under the GHR Loan Agreement, (ii) that certain
Security Agreement dated as of June 20, 1997, by and between GHR and Parent, as
extended, amended, restated, consolidated or modified from time to time, and
(iii) any other related documents recorded in the public records of Pinellas
County or Hillsborough County, Florida.

“GTA/Seller/Parent
Indemnified Claims” shall have the meaning set forth in Section 11.02(a)
of this Agreement.

“Hazardous Substance”
means any pollutant, contaminant or any toxic, radioactive or otherwise
hazardous substance, as such terms are regulated by, defined in, or identified
pursuant to, any Environmental Law, (i) excluding petroleum and any petroleum
products, chlorine, Freon, and any product related to golf course agronomy and
maintenance, landscaping care and customary food preparation and (ii) including
asbestos and polychlorinated biphenyls.

“Historical Financial
Statements” means the financial statements of the Business filed in
Seller’s annual report on Form 10-K for the year ended
December 31, 2006.

“Holding Company”
shall have the meaning set forth in the Preamble of this Agreement.

“Improvements”
shall have the meaning set forth in Section 2.01(n) of this Agreement.

“Indemnified Party”
shall have the meaning set forth in Section 11.03(a) of this Agreement.

“Indemnifying Party”
shall have the meaning set forth in Section 11.03(a) of this Agreement.

 7
 

“Independent Accounting
Firm” shall have the meaning set forth in Section 2.07(d)(iii)
of this Agreement.

“Initial Board Approval”
shall have the meaning set forth in Section 6.05 of this Agreement.

“Innisbrook Condominium”
means those certain condominiums located at the Resort in Palm Harbor, Florida.

“Innisbrook Real Property”
shall have the meaning set forth in Section 2.01(i) of this Agreement.

“Intangible Personal
Property” shall have the meaning set forth in Section 2.01(p)
of this Agreement.

“Intellectual Property”
means, to the extent owned or held for use by Seller with respect to the
Business, any and all (a) patents, patent applications, patent disclosures and
any reissue, continuation, continuation-in-part, revision, extension or
reexamination thereof; (b) copyrights, copyright registrations and copyright
applications, copyrightable works, rights in databases and data collections,
and website content; (c) trademarks and service marks (including any common law
or prior use rights that may exist therein), trade dress, trade names,
corporate names, logos, Internet domain names, designs, slogans, and general
intangibles of like nature, together with all goodwill associated with any of
the foregoing; (d) computer programs, including Ironhorse rental pool
management software program and any and all software implementations of
algorithms, models and methodologies whether in source code or object code
form, databases and compilations, including any and all data and collections of
data, all documentation, including user manuals and training materials, related
to any of the foregoing and the content and information contained on the
websites set forth on Schedule 4.12(a) (collectively, “Software”); (e) trade secrets and confidential information,
including databases, ideas, compositions, technology, know how, inventions,
processes, formulae, algorithms, technical data, financial, business and
marketing plans, sales and promotional literature, customer and supplier lists
and related information, models and methodologies (such confidential items,
collectively “Trade Secrets”); (f) registrations
and applications relating to any of the foregoing, including any renewals,
extensions, continuations (in whole or in part), divisionals, re-examinations
or reissues or equivalent or counterpart thereof; (g) statutory, contractual
and other claims, demands, and causes of action for royalties, fees, or other
income from, or infringement, misappropriation or violation of, any of the
foregoing, and all of the proceeds from the foregoing that are accrued and
unpaid as of, and/or accruing after, the date of this Agreement; (h) copies and
tangible embodiments of the foregoing (in whatever form or medium); (i) all
trademark and other intellectual property rights related to the golf courses
names,  and (j) rights analogous to those
set forth in the preceding clauses, any other similar type of intellectual
property right owned by Seller, any other proprietary rights relating thereto,
and any licenses to use any of the foregoing.

“Interim Financial
Statements” shall have the meaning set forth in Section 4.06
of this Agreement.

 8
 

“Knowledge of Seller”
or words of similar import means the actual knowledge, without inquiry of the
individuals set forth in Schedule 1.01(b) attached hereto.

“Land Plans and
Specifications” shall have the meaning set forth in Section
2.01(e) of this Agreement.

“Lease Assignments”
shall have the meaning set forth in Section 10.02(f) of this Agreement.

“Leased Real Property”
shall have the meaning set forth in Section 4.11(b) of this Agreement.

“Leases” shall
have the meaning set forth in Section 4.11(b) of this Agreement.

“Liabilities”
means all debts, liabilities, claims, demands, expenses, commitments and
obligations (whether accrued or not, known or unknown, disclosed or
undisclosed, fixed or contingent, asserted or unasserted, liquidated or
unliquidated), whether arising prior to, at or after the Closing.

“License Agreements”
shall have the meaning set forth in Section 4.12(c) of this Agreement.

“Lien” means,
with respect to any of the Acquired Assets, any mortgage, lien, pledge, charge,
security interest, encumbrance, hypothecation, claim, easement, encroachment,
title defect, title retention agreement, voting trust agreement, option, right
of first refusal or other restriction or limitation of any nature whatsoever in
respect of such Acquired Asset.

“Management Company”
shall have the meaning set forth in the Preamble of this Agreement.

“Material Adverse Effect”
means any change, effect, event, violation, inaccuracy, circumstance,
occurrence, state of facts or development that in the aggregate, when taken
together with all other charges, effects, events, inaccuracies, occurrences,
state of facts or developments occurring or existing at or about the same time,
is or is reasonably likely to be materially adverse to (i) the Business or the
Acquired Assets, (ii) the ability of any of the Seller Entities to perform any
of their respective obligations pursuant to this Agreement, or (iii) prevent or
materially delay the ability of any of the Seller Entities to consummate the
transactions contemplated by this Agreement; provided, however,
that none of the following shall be taken into account in determining whether
there has been or will be a Material Adverse Effect: (A) changes affecting the
United States economy (which changes or developments, in each case, do not
disproportionately affect the Business in any material respect), (B) changes or
developments in the industries in which the Business participates, including the
resort or golf business (which changes or developments, in each case, do not
disproportionately affect the Business in any material respect), (C) changes in
any zoning laws or decisions of any zoning authority affecting the Business,
excepting only such changes or decisions that actually result in a prohibition
of the conduct of any material part of the Business or a material adverse
change in the number of residential units that may be constructed on the Real
Property, (D) changes in the weather and adverse atmospheric conditions, (E)
changes resulting from political instability, acts of terrorism

 9
 

or war, (F) changes resulting from or arising out of
the announcement of this Agreement or actions pursuant to (and required by)
this Agreement, (G) any failure, in and of itself, by the Business to meet any
internal or published projections, forecasts or revenue or earnings or bookings
predictions for any period ending on or after the Execution Date (it being
understood that the facts or occurrences giving rise to or contributing to such
failure may be taken into account in determining whether there has been or will
be a Material Adverse Effect), or (H) any termination of the Troon Management
Agreement.

“Material Contracts”
means those Contracts which involve payment or receipt by Seller or any of its
Affiliates of amounts in excess of Fifty Thousand Dollars ($50,000) per annum
and the other contracts set forth on Schedule 4.08, if any.

“Material Schedule
Amendment” shall have the meaning set forth in the Preamble to Article
4 of this Agreement.

“NASD” means the
National Association of Securities Dealers, Inc.

“Net Working Capital”
shall have the meaning set forth in Section 2.07(a) of this Agreement.

“New Exception”
shall have the meaning set forth in Section 2.08(e) of this Agreement.

“Non-Material”
shall have the meaning set forth in Section 13.01(c) of this Agreement.

“Objection Notice”
shall have the meaning set forth in Section 2.07(d)(i) of this
Agreement.

“Owned Real Property”
shall have the meaning set forth in Section 4.11(a) of this Agreement.

“Parcel F” means
the parcel of real property more particularly described in Schedule 1.01(d)
attached hereto.

“Parcel F Development
Agreement” means that certain Parcel F Development Agreement dated
as of March 29, 2004, by and among GHR, Parent and Innisbrook F, LLC (formerly
known as Bayfair Innisbrook, L.L.C.), as amended from time to time, including
by amendments dated as of March 11, 2005 and August 10, 2005.

“Parcel F Memorandum of
Agreement” means that certain Parcel F Memorandum of Agreement dated
as of July 15, 2004, by and between GHR, Parent, Seller and GTA.

“Parcel J-4”
shall have the meaning set forth in Section 2.01(i) of this Agreement.

“Parcel J-4 Lease”
shall have the meaning set forth in Section 2.01(i) of this Agreement.

“Parcels J-1 and J-2”
shall have the meaning set forth in Section 2.01(k) of this Agreement.

 10
 

“Parcel K” shall
have the meaning set forth in Section 2.01(k) of this Agreement.

“Parcel Rights”
shall have the meaning set forth in Section 2.01(k) of this Agreement.

“Parent” shall
have the meaning set forth in the Preamble of this Agreement.

“PBGC” shall
have the meaning set forth in Section 4.15(c) of this Agreement.

“Permits” means
licenses, permits, registrations, waivers, exemptions, consents,
authorizations, qualifications under or from any federal, state, local or
foreign laws or Governmental Authorities or the NASD pertaining to the Business
or the Real Property.

“Permitted Liens”
means (i) Liens set forth in Schedule 1.01(e) attached hereto, including
Liens relating to certain financing or leasing arrangements relating to certain
personal property transferred to Buyer pursuant to Section 2.01 hereof,
(ii) the lien of taxes and assessments on the Real Property for the years 2004,
2005 and 2006 which are currently being contested by Seller, (iii) the lien of
taxes and assessment for the year 2007 and subsequent years, not due and
payable at the date of Closing, provided that Seller retains the
Liabilities described in Section 2.04(f) hereof, and (iv) all Permitted
Title Exceptions.

“Permitted Title Exceptions”
shall have the meaning set forth in Section 2.08(e)(i) of this
Agreement.

“Person” means
an individual, corporation, partnership, limited liability company,
association, trust or other entity or organization, including a government or
political subdivision or an agency or instrumentality thereof.

“Phase I Environmental Site
Assessments” means Phase I environmental reports of the Owned Real
Property prepared by a certified environmental testing company.

“Phase II Environmental
Site Assessments” means Phase II environmental reports of the Owned
Real Property prepared by a certified environmental testing company.

“Pinellas County Land”
shall have the meaning set forth in Section 2.01(l) of this Agreement.

“Pinellas County Rights”
shall have the meaning set forth in Section 2.01(l) of this Agreement.

“Plan of Liquidation”
means GTA’s liquidation plan, as described in the proxy statement on Schedule
14A filed on March 14, 2001, by GTA with the Securities and Exchange
Commission, as amended.

“Plans” shall
have the meaning set forth in Section 4.15(a) of this Agreement.

“Pre-Closing Environmental
Liabilities” means any Environmental Liabilities to the extent
arising out of the ownership, operation or condition of any of the Business or
the Real Property, other than the Pinellas County Land, on or at any time prior
to the Closing Date.

 11
 

“Property Information”
shall have the meaning set forth in Section 2.08(c)(ii) of this
Agreement.

“Proprietary Software”
shall have the meaning set forth in Section 4.12(b) of this Agreement.

“Purchase Price”
shall have the meaning set forth in Section 2.05(a) of this Agreement.

“Real Property”
means the Owned Real Property and the Leased Real Property.

“Release” means
the presence of or any release, spill, emission, leaking, pumping, pouring,
dumping, emptying, injection, deposit, disposal, discharge, dispersal, leaching
or migration of Hazardous Substances not permitted by prevailing and applicable
Environmental Laws or Environmental Permits, in or into air, soil, water or
groundwater at the Owned Real Property.

“Rental Pool Agreement”
means that certain Amended and Restated Innisbrook Rental Pool Master Lease
Agreement dated as of January 1, 2004, by and among certain lessors and GHR, as
lessee (as assigned to Seller as of July 15, 2004), including that certain
Amended and Restated First Addendum dated as of January 1, 2004, and as
supplemented, without limitation, by the Innisbrook 2005 Rental Pool Annual
Lease Agreement effective as of October 15, 2004, by and among Seller and
certain lessors, the Innisbrook 2006 Rental Pool Annual Lease Agreement
effective as of October 1, 2005, by and among Seller and certain lessors and
the Innisbrook 2007 Rental Pool Annual Lease Agreement effective as of October
1, 2006.

“Required Consents”
means consents related to the transfer of the Material Contracts, including
those set forth in Schedule 1.01(f).

“Resort” means
the resort commonly known as Innisbrook Golf Resort located at 36750 U.S.
Highway 19N, Palm Harbor, Florida.

“Retained Assets”
shall have the meaning set forth in Section 2.02 of this Agreement.

“Retained Liabilities”
shall have the meaning set forth in Section 2.04 of this Agreement.

“Retained Permits”
shall have the meaning set forth in Section 2.02(b) of this Agreement.

“Scope of Work”
shall have the meaning set forth in Section 2.08(a) of this Agreement.

“Seller” shall
have the meaning set forth in the Preamble of this Agreement.

“Seller Entities”
shall have the meaning set forth in the Preamble of this Agreement.

“Seller Parties”
shall have the meaning set forth in Section 2.08(b) of this Agreement.

 12
 

“Seller Termination Fee”
shall have the meaning set forth in Section 12.02(b) of this Agreement.

“Seller’s Escrow Amount”
shall have the meaning set forth in Section 2.05(a) of this Agreement.

“Seller Schedule Amendment”
shall have the meaning set forth in the Preamble to Article 4 of this
Agreement.

“Separate Condo Closing”
shall have the meaning set forth in Section 6.04 of this Agreement.

“Settlement Agreement”
means that certain Settlement Agreement dated as of July 15, 2004, by
and among GHR and certain of its Affiliates, Seller and Parent.

“SI” shall have
the meaning set forth in the Preamble of this Agreement.

“SIC” shall have the meaning set
forth in the Preamble of this Agreement.

“SIS” shall have
the meaning set forth in the Preamble of this Agreement.

“Software” shall
have the meaning set forth in the definition of “Intellectual Property” in this
Section 1.01.

“Starwood” means
Starwood Hotels & Resorts Worldwide, Inc.

“Statement of the Closing
Date Working Capital” shall have the meaning set forth in Section
2.07(c) of this Agreement.

“Subsidiary,”
or, in the plural, “Subsidiaries,”
means, with respect to any Person, any corporation, limited liability company
or other organization, whether incorporated or unincorporated, of which (a)
fifty percent (50%) or more of the securities or other interests having by
their terms ordinary voting power to elect a majority of the board of directors
or others performing similar functions with respect to such corporation or
other organization is directly or indirectly owned or controlled by such Person
or by any one or more of its Subsidiaries, or by such Person and one or more of
its Subsidiaries, or (b) such Person or any other Subsidiary of such Person is
a general partner, excluding any such partnership where such Person or any
Subsidiary of such party does not have fifty percent (50%) or more of the
voting interests in such partnership.

“Superior Proposal”
shall have the meaning set forth in Section 6.07(c) of this Agreement.

“Survey” shall
have the meaning set forth in Section 2.08(d) of this Agreement.

“Taking” shall
have the meaning set forth in Section 13.01(b) of this Agreement.

 13
 

“Tangible Personal Property”
shall have the meaning set forth in Section 2.01(o) of this Agreement.

“Target Working Capital”
shall have the meaning set forth in Section 2.07(b) of this Agreement.

“Tax” means any
tax, duty, fee, assessment or similar charge of any nature whatsoever imposed
by any government or taxing authority, domestic or foreign, including any gross
or net income, gross or net receipts, minimum, sales, use, ad valorem, value
added, stamp, transfer, franchise, withholding, payroll, employment, excise,
occupation, premium or property tax, together with any interest, penalty,
addition to tax or additional amount imposed with respect thereto.

“Tax Returns”
means all United States federal, state, local and foreign returns, declarations,
statements, reports, schedules, forms and information returns relating to
Taxes, including any amendments thereof.

“Third Party Action”
shall have the meaning set forth in Section 11.03(b) of this Agreement.

“Title Commitment”
means both that certain Stewart Title Guaranty Company ALTA Commitment (Number
20070177) effective as of May 15, 2007.

“Title Company”
shall have the meaning set forth in Section 10.02(g) of this Agreement.

“Title Insurance Policies”
shall have the meaning set forth in Section 10.02(g) of this Agreement.

“Title Objection Notice”
shall have the meaning set forth in Section 2.08(e)(i) of this
Agreement.

“Title Policy”
shall have the meaning set forth in Section 10.02(g) of this Agreement.

“Title Report”
shall have the meaning set forth in Section 2.08(d) of this Agreement.

“Total Current Assets”
shall have the meaning set forth in Schedule 1.01(g) attached hereto.

“Total Current Liabilities”
shall have the meaning set forth in Schedule 1.01(h) attached hereto.

“Trade Secrets”
shall have the meaning set forth in the definition of “Intellectual Property”
in this Section 1.01.

“Transferred Employees”
shall have the meaning set forth in Section 9.01(a) of this Agreement.

“Transition Capital
Expenditures”  shall have the
meaning set forth in Section 6.01(b).

 14
 

“Troon” means
Troon Golf L.L.C., a Delaware limited liability company.

“Troon Estoppel Certificate”
means that certain estoppel certificate contemplated to be executed and
delivered by Troon pursuant to Section 14.02 of the Troon Management Agreement,
in the form of Exhibit 1.01(a) attached hereto.

“Troon Institute Lease
Agreement” means that certain Lease Agreement dated as of July 15,
2004, by and between Seller and GHR.

“Troon Management Agreement”
means that certain Facility Management Agreement for the Resort dated as of
July 15, 2004, by and among Troon, Westin and Seller.

“Unaudited Balance Sheet”
means the unaudited balance sheet of the Business for the quarter ended March
31, 2007 included in the Unaudited Financial Statements.

 “Unaudited Financial Statements” means the financial
statements of the Business filed in Seller’s quarterly report on Form 10-Q for
the quarter ended March 31, 2007.

“Unrestricted Cash”
means all cash and cash equivalents of Seller, any of its Affiliates or the
Business with the exception of the house bank cash which shall be not more than
Eighty Thousand Dollars ($80,000) on the Execution Date, and the cash held in
escrow for the Condo Property.

“Unused Parcel F Units”
shall have the meaning set forth in Section 2.01(cc) of this Agreement.

“Vested Rights”
shall have the meaning set forth in Section 2.01(cc) of this Agreement.

“Vested Rights Assignment”
shall have the meaning set forth in Section 4.24 of this Agreement.

“Wall Springs Land”
shall have the meaning set forth in Section 2.01(m) of this Agreement.

“Wall Springs Rights”
shall have the meaning set forth in Section 2.01(m) of this Agreement.

“WARN” shall
have the meaning set forth in Section 4.17(b) of this Agreement.

“Warranties and Guarantees”
shall have the meaning set forth in Section 2.01(f) of this Agreement.

“Westin” means
Westin Management Company South, a Delaware corporation.

“Westin Management
Agreement” means that certain Management Agreement dated as of July
15, 2004, by and between Westin and Seller, which has been cancelled effective
October 31, 2006.

 15
 

ARTICLE 2

PURCHASE AND SALE

2.01        Sale and Transfer of
Assets.  Upon the terms and
subject to the conditions of this Agreement, Seller (or, in the case of the
Condo Property, Condo Owner, in the case of the GH Securities Stock Interests,
Holding Company, and in the case of the Employees, Management Company) agrees
to sell, convey, assign, transfer and deliver to SI (or in the case of the
Condo Property, SIC and in the case of the GH Securities Stock Interests, SIS),
and SI (or in the case of the Condo Property, SIC and in the case of the GH
Securities Stock Interests, SIS) shall purchase, acquire and accept from Seller
(or, in the case of the Condo Property, Condo Owner, in the case of the GH
Securities Stock Interests, Holding Company, and in the case of the Employees,
Management Company), the following property and assets, excluding the Retained
Assets (collectively, the “Acquired Assets”),
together with the Assumed Liabilities:

(a)           all transferable and
assignable rights and benefits of the Seller Entities under purchase orders,
proposals, bids and bookings relating to the Business;

(b)           all transferable and
assignable rights of the Seller Entities under all contracts and agreements
written or oral pertaining to the operation of the Business in the ordinary
course or related to the Acquired Assets described in Schedule 2.01(b)
attached hereto, (A) including (i) the letter agreement dated as of August 9,
2005, by and between Starwood and GTA, regarding certain private class action
lawsuits brought against Starwood in relation to certain automatic guest
charges, (ii) the Troon Institute Lease Agreement, (iii) The Parcel F
Development Agreement, (iv) the Parcel J-4 Lease, (v) Sections 1.1(q), 8.2
and 8.3 of the Settlement Agreement, (vi)  any rental pool agreements,
including the Rental Pool Agreement, (vii) any agreements relating to the
advertising of the Business and (viii) any and all membership agreements,
equipment leases, guaranties, pledge agreements, contribution agreements,
service contracts and any and all other such agreements, and (B) excluding
the Parcel F Memorandum of Agreement (all contracts and agreements described in
Schedule 2.01(b), excluding those specifically named in this clause
(B) are collectively referred to as the “Contracts”)
(the Westin Management Agreement and the Troon Management Agreement are
specifically not part of the Acquired Assets as Buyer has agreed to pay Seller
Four Million Dollars ($4,000,000) in order for Seller to terminate these
agreements and retain any associated liability);

(c)           all transferable and
assignable licenses (including liquor licenses), Permits, certificates of
occupancy and rights under Permits, approvals and allocations issued or
approved by a Governmental Authority relating to the Real Property or the
Business and the operation thereof and other similar documents described in Schedule
2.01(c) attached hereto, in each case to the extent transferable by any of
the Seller Entities pursuant to applicable law and subject to all regulatory or
other approvals required by any Governmental Authority in respect thereto;

(d)           all transferable and
assignable agreements, Permits, variances and approvals relating to the
development of any of the Real Property, in each case to the extent
transferable by any of the Seller Entities pursuant to applicable law and
subject to all regulatory or other approvals required by any Governmental
Authority in respect thereto;

 16
 

(e)           all transferable
surveys, plans, maps, specifications, drawings and other similar documents
relating to the Owned Real Property and owned by Seller (the “Land Plans and Specifications”);

(f)            all transferable and
assignable guarantees, Permits and warranties issued to or held by the Seller
Entities in connection with (i) the construction, operation, use, improvement,
alteration or repair of the Tangible Personal Property and the Improvements and
(ii) the purchase or repair of any Tangible Personal Property or Improvements
(the “Warranties and Guaranties”);

(g)           all books, files and
records of Seller relating to the Business, the Acquired Assets or the Assumed
Liabilities transferable from Seller to Buyer under applicable law, including
the following to the extent owned or licensed by Seller, transferable and
assignable: management information systems or software owned by Seller,
engineering information, sales and promotional literature, manuals and data,
sales and purchase correspondence, personnel and employment records, customer
lists, vendor lists, catalogs, research material, URLs, source codes, technical
information, trade secrets, technology, know-how, specifications, designs,
drawings, processes and quality control data, if any, and any other intangible
property and applications for the same; provided, however, Seller
shall not be obligated to transfer to Buyer any books, files or records
regarding other offers to purchase any or all of the Business, the Acquired
Assets or the Assumed Liabilities;

(h)           all transferable and
assignable rights of Seller under the Leases and the Leased Real Property;

(i)            all Owned Real
Property, including (i) the real property on which the Resort and three and
one-half (31⁄2) eighteen (18) hole golf courses are located, but not that certain
one half (1⁄2) (or nine (9) holes) of one such eighteen (18) hole golf course
located at the Resort that is the subject of the Pinellas County Rights (as
defined herein) (the “Innisbrook Real Property”),
(ii) those certain three (3) condominium properties located at the Resort and
commonly known as Unit 301 in Building 15, Unit 104 in Building 20 and Unit 103
in Building 28 of the Innisbrook Condominiums (the “Condo
Property”) (each of (i) and (ii) as more particularly described in Schedule
2.01(i)(1) attached hereto), (iii) that certain linen closet commonly
described as Unit 115 in Building 28 of the Innisbrook Condominiums (as more
particularly described in Schedule 2.01(i)(2) attached hereto), and (iv)
that certain 0.6 acre tract, more particularly depicted in Schedule
2.01(i)(3) attached hereto (“Parcel J-4”),
within the property commonly referred to as Parcel J and contiguous to the
eastern gatehouse of the Resort, as such Parcel J-4 is subject to the
obligation of the owner thereof to lease a portion of J-4 to Parcel F, L.L.C.,
a Florida limited liability company (the “Parcel J-4 Lease”),
upon sale of Parcel F as contemplated by the Amended and Restated Agreement for
Sale and Purchase of Real Property — Parcel F dated as of June 29, 2004, as
amended through the Execution Date by and between GHR and Parcel F, L.L.C. and
the Parcel F Development Agreement, any Lease or Leased Real Property.

(j)            Condo Owner’s right to
any rental pool or other distributions accruing as of the Closing Date relating
to the Condo Property;

 17
 

(k)           all transferable and
assignable right, title and interest in and to any and all contractual, real
property or other rights or benefits of the Seller Entities relating to (i) the
property commonly referred to as Parcels J-1 and J-2, as such properties are
further described in that certain Agreement for Sale and Purchase of Real
Property — Multi-Family Sites last dated November 6, 2000, by and between
GHR and CKT Development Co., a Florida corporation (“CKT”)
(“Parcels J-1 and J-2”), and (ii) the
property commonly referred to as Parcel K, as such property is further
described in that certain Agreement for Sale and Purchase of Real Property —
Multi-Family Sites dated as of June 19, 1998, by and between GHR and CKT (“Parcel K”), which contractual, real property or other
rights or benefits are listed in Schedule 2.01(k) attached hereto
(collectively, the “Parcel Rights”);

(l)            easements and rights
granted in the second paragraph of the First Amendment to the Agreement for
Effluent Disposal (as defined herein) and all other transferable and assignable
right, title and interest in and to any and all contractual, real property or
other rights or benefits of the Seller Entities solely relating to any portion
of that certain real property owned by Pinellas County, Florida (the “Pinellas County Land”), which contractual, real property or
other rights or benefits are those certain easements (including the exclusive
easement to and for the benefit of Seller for the purposes of enabling Seller
to construct, operate, maintain, repair and replace nine (9) holes of a golf
course) and other rights set forth in that certain Agreement for Effluent
Disposal (the “Agreement for Effluent Disposal”)
dated as of April 30, 1973, by and between Golf Host South, Inc., a Florida
corporation (succeeded by GHR by merger), and Pinellas County, as amended from
time to time, including by the amendments thereto dated as of January 28, 1997
(the “First Amendment to the Agreement for Effluent
Disposal”) and March 29, 2001, by and between GHR and Pinellas
County (all such right, title and interest collectively, the “Pinellas County Rights”);

(m)          all transferable and
assignable right, title and interest in and to any and all contractual, real
property or other rights or benefits of the Seller Entities solely relating to
any portion of that certain real property which is owned (or previously owned)
by Wall Springs Conservatory, Inc. and located adjacent to part of the Real
Property, as such real property is described more particularly in Schedule
2.01(m) attached hereto (the “Wall Springs Land”),
which contractual, real property or other rights or benefits are set forth in Schedule 2.01(m),
including those certain easements (including the easements over and across the
Wall Springs Land relating to, among other matters, drainage matters, cart
paths and utility installations) and other rights set forth in that certain
Easements and Development Agreement dated as of February 11, 1997, by and
between GHR and Wall Springs Conservatory, Inc., as amended and/or restated
(all such right, title and interest collectively, the “Wall Springs
Rights”);

(n)           all improvements
located on the Owned Real Property, including the driving ranges, putting
greens, tees, fairways, cart paths, clubhouse facilities, snack bars,
restaurants, pro shops, buildings, structures, parking lots, roadways,
landscaping, fixtures and other improvements located on the Owned Real Property
(collectively, the “Improvements”);

(o)           all transferable and
assignable items of tangible personal property and fixtures owned, leased or
used by Seller and located on or used in connection with the maintenance,
operation and/or management of the Business and the Owned Real Property and the
golf courses located thereon commonly known as Copperhead, Island and Highlands
North

 18
 

and South Golf Courses,
including inventory, machinery, equipment, furniture, furnishings, movable
walls or partitions, phone, utility, electrical, mechanical, HVAC, plumbing,
refrigeration, security and other control systems, restaurant equipment,
computers, trade fixtures, golf carts, golf course operation and maintenance
equipment (including pump stations, generators and irrigation transfer lines),
valves or rotors, driving range equipment, athletic training equipment, office
equipment or machines, antiques, other decorations and equipment or machinery
of every kind or nature located on or used in connection with the operation of
the Real Property, whether on or off-site, including all warranties and
guaranties associated therewith (collectively, the “Tangible
Personal Property”) (non-exclusive schedule of the Tangible Personal
Property as of April 30, 2007 is attached hereto as Schedule 2.01(o));

(p)           all transferable and
assignable items of intangible personal property owned by Seller and used in
connection with the construction, ownership, operation, leasing or maintenance
of the Real Property and the golf courses located thereon and commonly known as
Copperhead, Island, and Highlands North and South Golf Courses or the Tangible
Personal Property related thereto, including all goodwill attributed to the
Owned Real Property, and any and all rights to trademarks, copyrights,
tradenames, guarantees, authorizations, general intangibles, business records,
plans and specifications, surveys, licenses, Permits and approvals with respect
to the construction, ownership, operation, leasing or maintenance of the Real
Property, any unpaid award for taking by condemnation or any damage to the
Owned Real Property or Tangible Personal Property (collectively, the “Intangible Personal Property”) (non-exclusive schedule of
the Intangible Personal Property as of the Execution Date is attached hereto as
Schedule 2.01(p));

(q)           all of the Seller
Entities’ keys, security codes, passwords and combinations to the Real
Property, the Tangible Personal Property and the Improvements;

(r)            all of the GH
Securities Stock Interests;

(s)           all transferable and
assignable Intellectual Property relating to the operation of the Business or
the Acquired Assets, excluding any and all rights to any name representing the
legal entity (i) GTA or any of its Subsidiaries or Affiliates, other than GH
Securities, (ii) Westin, or (iii) Troon, except to the extent expressly
permitted by the Troon Management Agreement;

(t)            all transferable and
assignable advertising or promotional materials related to or used in
connection with the Acquired Assets or the Business;

(u)           all transferable rights
to the telephone numbers (and related directory listings) used in connection
with the Business or the Acquired Assets;

(v)           subject to Sections
2.05(d) and 2.07 hereof, all transferable security deposits, earnest
deposits, and all other forms of security placed with Seller or any of its
Affiliates related to the Business for the performance of a contract or
agreement which otherwise constitutes a portion of the Acquired Assets which
Seller has not drawn upon prior to the Closing Date;

 19
 

(w)          any transferable
goodwill in or arising from the Acquired Assets and the Business;

(x)            all of Seller’s, Condo
Owner’s or any of their Affiliates’ transferable and assignable right, title
and interest with respect to any and all insurance policies related to the
Acquired Assets and the Business set forth in Schedule 4.20 attached
hereto under the heading “The following insurance policies shall be transferred
to Buyer to the extent transferable and/or assignable”, including any net
proceeds or net premium refunds accrued and payable thereunder after the
Closing Date; provided, however, that neither Seller, Condo Owner
nor any of their Affiliates shall have any obligation to maintain any insurance
with respect to the Acquired Assets or the Business after the Closing Date nor
any obligation to transfer any insurance related to (i) Parent, Seller or Condo
Owner other than related exclusively to the Business, (ii) any Retained Assets,
or (iii) any Retained Liabilities; provided, further, that (w) after the
Closing Seller and any of its Affiliates, as applicable, shall retain the
right, and Buyer shall agree to Seller and any of its Affiliates, as applicable,
retaining the right, to make any claims in which Seller or any of its
Affiliates has an insurable interest under any of the insurance policies
transferred to Buyer pursuant to this Section 2.01(x) which relate to
the operations of the Business before the Closing Date and do not relate to an
Assumed Liability, (x) Buyer shall add Seller and any of its Affiliates, as
applicable, as an additional insured to each insurance policy transferred to
Buyer pursuant to this Section 2.01(x) with respect to the operations
of the Business prior to the Closing Date and to the extent not relating to an
Assumed Liability, (y) Buyer shall neither terminate nor agree to terms less
favorable under, and shall act in conformance with the terms of, any insurance
policy transferred to Buyer pursuant to this Section 2.01(x) prior to
the expiration of each such insurance policy’s current term as of the Closing
Date, and (z) Buyer shall use commercially reasonable efforts, at Seller’s sole
cost, to cooperate with Seller or any of its Affiliates, as applicable, to
file, defend and/or obtain any claims to the benefit of Seller or any of its
Affiliates, as applicable, under any of the insurance policies transferred to
Buyer pursuant to this Section 2.01(x);

(y)           except as provided in Section
2.05(f), all accounts receivable, notes receivable, loans receivable,
advances, letters of credit and other rights to receive payments of the
Business (collectively, “Accounts Receivable”)
accruing (i) after the Closing Date or (ii) prior to the Closing Date to the
extent a corresponding amount is included in the Total Current Assets used in
the Statement of the Closing Date Working Capital as finally determined
pursuant to Section 2.07 hereof;

(z)            subject to Sections
2.05(d) and 2.07 hereof, all prepaid expenses or deposits of the
Business;

(aa)         all other transferable
assets and properties owned by Seller or any of its Affiliates used in
connection with the Business;

(bb)         all transferable and
assignable rights of Seller under (i) that certain Agreement for Professional
Consulting Services dated as of March 15, 2006, by and between King
Engineering Associates, Inc. and Seller, (ii) that certain Agreement for
Professional Services dated as of February 15, 2006, by and between Florida
Design Consultants, Inc. and Seller, (iii) that certain Agreement for
Professional Services dated as of February 27, 2007

 20
 

between Florida Design
Consultants, Inc. and Seller and (iv) that certain Agreement for Professional
Services dated as of April 16, 2007 between Florida Design Consultants, Inc.
and Seller;

(cc)         all right, title and
interest in and to any and all vested rights of the Seller Entities, including
those associated with the development of 139 residential units (or such greater
number of units, if any, to which such parties have vested rights to develop,
including that number of residential units which equals the difference between
(i) 400 residential units and (ii) the actual number of units constructed in
the event that fewer than 400 residential units are developed on Parcel F (the “Unused Parcel F Units”) on the Real Property), along with
any prospective rights to develop an additional 139 residential units (the “Vested Rights”); and

(dd)         the Plans set forth on Schedule
2.01(dd), if any (the “Acquired Plans”).

2.02        Retained Assets.  Notwithstanding Section 2.01 hereof or
anything else in this Agreement to the contrary, all of Seller’s and its
Affiliates’ right, title and interest in and to the following properties,
assets and rights shall be excluded from the Acquired Assets and not sold or
assigned to Buyer and shall be retained by Seller or any of its Affiliates for
the period accruing prior to and after the Closing Date (collectively, the “Retained Assets”):

(a)           Unrestricted Cash;

(b)           all non-assignable or
non-transferable Permits of the Business (to the extent the parties are unable
to obtain the required consent to the assignment of any such Permit) (any such
Permits collectively the “Retained Permits”);

(c)           any claims arising out
of any Retained Assets or Retained Liabilities, including those certain actions
filed by Seller to contest the property tax assessments for 2004, 2005 and 2006
issued by Pinellas County in connection with the Resort as described in Schedule
4.09 attached hereto;

(d)           Seller’s right to
payments from Aon Corporation in the total amount of Four Thousand Six Hundred
Forty Dollars and Sixty-Two Cents ($4,640.62) pursuant to that certain General
Release dated as of July 12, 2005, by and between Seller and Aon Corporation;

(e)           all books, files,
records and related documents and materials of Seller and any of its Affiliates
not related to the Business;

(f)            all personal property
owned by any Employee or any employee of Troon all of which is set forth in Schedule
2.02(f);

(g)           all Accounts Receivable
accruing prior to the Closing Date to the extent a corresponding amount is not
included in the Total Current Assets used in the Statement of the Closing Date
Working Capital as finally determined pursuant to Section 2.07 hereof;

(h)           the assets set forth in
Schedule 2.02(h) attached hereto; and

 21
 

(i)            except as provided in Section
2.01(x), all policies of insurance of any Seller Entities, all rights
thereunder, and any rights to any premiums or premium rebates or credits
thereunder.

In the event of a conflict between the definition of “Acquired
Assets” and the definition of “Retained Assets”, the definition of “Retained
Assets” shall control.

2.03        Assumed Liabilities.  Buyer shall assume, and shall be solely and
exclusively liable with respect to, and shall pay, perform or discharge,
indemnify, defend and hold harmless the Seller Entities and their Affiliates
against any Liabilities specifically set forth in this Section 2.03 (the “Assumed Liabilities”):

(a)           all Liabilities
relating to Acquired Assets and the obligation to (i) pay Seller Four Million
Dollars ($4,000,000) at closing to supplement Seller’s termination of, and
retention of all liabilities associated with, the Westin Management Agreement
and the Troon Management Agreement, and (ii) reimburse Seller for Three Hundred
Sixteen Thousand Six Hundred Forty Eight Dollars ($316,648) in connection with
the Transition Capital Expenditures;

(b)           all Liabilities
relating to any fees and expenses of Buyer or any of its Affiliates incurred in
connection with this Agreement, including any fees or expenses of counsel to
Buyer and its Affiliates;

(c)           subject to Sections
2.05(d) and 2.07 hereof and except as provided in Section 8.03
hereof, all Liabilities for Taxes arising out of the Business or any of the
Acquired Assets (i) accruing from or after the Closing Date and (ii)
accruing prior to the Closing Date, but only to the extent such Liabilities for
Taxes arising out of the Business or any of the Acquired Assets accruing prior
to the Closing Date are specifically included in the Total Current Liabilities
used in the Statement of the Closing Date Working Capital as finally determined
pursuant to Section 2.07 hereof; provided, further, Buyer
shall not be liable for any federal or state income taxes due on the income
received by the Seller Entities for the sale of the Resort and the Acquired
Assets pursuant to this Agreement;

(d)           all Liabilities to any
Employee hired by Buyer for wages and benefits (i) accruing on or after
the Closing Date and (ii) accruing prior to the Closing Date; provided, however,
Buyer shall not assume any Liabilities to any Employee hired by Buyer for wages
and benefits accruing prior to the Closing Date for which a corresponding
amount is not included in the Total Current Liabilities used in the Statement
of the Closing Date Working Capital as finally determined pursuant to Section
2.07 hereof;

(e)           (i) all Liabilities of
Seller to any Employee of Seller arising from the failure of Buyer, prior to
the Closing Date, to make offers of employment, effective as of the Closing
Date, (A) to, at a minimum, the number of Employees required to avoid liability
arising from WARN or any similar state or local laws (B) with compensation and
benefits no less favorable in the aggregate than the compensation and benefits
applicable in regards to each respective Employee at the Closing Date to the
extent required to comply with WARN or any similar state or local laws and (ii)
any and all termination or severance Liabilities incurred on or after the
Closing Date as a result of the actions of the Buyer;

 22

(f)            all Liabilities of
Seller or any of its Affiliates arising under the Contracts (including
(i) the Rental Pool Agreement, including liability for any payments of
principal and interest made, to be made or due under the Rental Pool Agreement
on or after February 15, 2007  to any
lessor thereunder regarding certain completed refurbishments, (ii) the
letter agreement dated as of August 9, 2005, by and between Starwood and GTA,
regarding GTA’s and its Affiliates’ participation in the Automatic Hotel
Charges Settlement, and (iii) Sections 1.1(q), 8.2 and 8.3 of the
Settlement Agreement) (A) accruing from or after the Closing Date and (B)
accruing prior to the Closing Date; provided, however, Buyer
shall not assume any Liabilities arising under the Contracts accruing prior to
the Closing Date (except for any payments of principal and interest that are
payable under subsection (i) above) for which a corresponding amount is not
included in the Total Current Liabilities used in the Statement of the Closing
Date Working Capital as finally determined pursuant to Section 2.07
hereof.  While such obligation is not an
Assumed Liability, Buyer shall have the obligation to pay Seller Four Million
Dollars ($4,000,000) at closing to supplement Seller’s termination of, and retention
of all liabilities associated with the Westin Management Agreement and the
Troon Management Agreement.

(g)           transfer, assumption or
assignment fees up to, but not exceeding, in the aggregate, Ten Thousand
Dollars ($10,000), payable by Seller or any of its Affiliates under the
Contracts for assigning the Contracts to Buyer, it being agreed upon by the
parties hereto that there shall be no transfer, assumption or assignment fee
payable by Buyer for any contract with an Affiliate of Seller;

(h)           any termination fee
payable by Seller or any of its Affiliates under a Contract Buyer elects to
terminate, it being agreed upon by the parties hereto that there shall be no
termination fee payable by Buyer for any contract with an Affiliate of Seller;

(i)            all Liabilities under
that certain Consent Order (Final Agency Action) by and between GHR and the
State of Florida Department of Environmental Protection (OGC File No. 04-0582;
EPA ID. NO. FLR 000 099 846) arising after the Closing Date;

(j)            all Liabilities for death,
personal injury, other injury to persons or property damage relating to,
resulting from, caused by or arising out of, directly or indirectly, use on or
after the Closing Date of, or exposure on or after the Closing Date to, any of
the Acquired Assets, or any part or component serviced, distributed, leased or
sold on or after the Closing Date by or on behalf of the Resort, or services
performed by the Resort on or after the Closing Date, including any such
Liabilities based on negligence, strict liability, product liability, design or
manufacturing defect, conspiracy, failure to warn, or breach of express or
implied warranties of merchantability or fitness for any purpose or use, or any
allegations concerning any of the foregoing;

(k)           subject to Sections
2.05(d) and 2.07 hereof, any premiums, reinsurance payments,
payments under reimbursement contracts or other adjustments accruing with
respect to any time period (i) ending on or after the Closing Date and (ii)
prior to the Closing Date under any insurance policy assigned to Buyer pursuant
to this Section 2.03; provided, however, Buyer shall not
assume any premiums, reinsurance payments, payments under reimbursement
contracts or other adjustments accruing with respect to any time period prior
to the Closing Date under any insurance policy assigned to Buyer pursuant to
this Section 2.03 for which a corresponding amount is not included in
the Total Current Liabilities used in the Statement of the Closing Date Working
Capital as finally determined pursuant to Section 2.07 hereof;

 23
 

(l)            all Liabilities
arising out of any Permitted Liens;

(m)          notwithstanding anything
to the contrary in this Agreement, all current Liabilities on the Statement of
the Closing Date Working Capital, subject to the adjustment thereof pursuant to
Section 2.07 hereof;

(n)           all Liabilities to King
Engineering Associates, Inc. or Florida Design Consultants, Inc. arising or
accruing prior to, from or after
the Closing under (i) that certain Agreement for Professional Consulting
Services dated as of March 15, 2006, by and between King Engineering
Associates, Inc. and Seller, (ii) that certain Agreement for Professional
Services dated as of February 15, 2006, by and between Florida Design
Consultants, Inc. and Seller, exclusive in both cases of any Liabilities
associated with Parcel F, (iii) that certain Agreement for Professional
Services dated as of February 27, 2007 between Florida Design Consultants, Inc.
and Seller and (iv) that certain Agreement for Professional Services dated as
of April 16, 2007 between Florida Design Consultants, Inc. and Seller (the “Development Plan Costs”);

(o)           all Liabilities arising
or accruing on or after the Closing Date in connection with the GH Securities
Stock Interests (including any Tax liability of GH Securities arising or
accruing on or after the Closing Date); and

(p)           all
Liabilities arising on or after the Closing Date under the Defense and Escrow
Agreement (as amended) and the Parcel F Development Agreement (as amended).

2.04        Retained Liabilities.  Notwithstanding anything in this
Agreement to the contrary and excluding the Assumed Liabilities (unless
otherwise specified below), Buyer shall not assume, and shall not be deemed to
have assumed, and Seller and its Affiliates shall be solely and exclusively liable
with respect to, and shall pay, perform or discharge, indemnify, defend and
hold harmless Buyer and its Affiliates against, any loss, liability, damage or
expense arising from those certain specified Liabilities of Seller set forth
below (collectively, the “Retained
Liabilities”):

(a)           all Liabilities solely
relating to the Retained Assets;

(b)           all Liabilities that
Seller and its Affiliates have expressly agreed to retain, pay for or be
responsible for, as particularly set forth in this Agreement;

(c)           all Liabilities
relating to any professional fees and expenses of Seller or any of its
Affiliates incurred in connection with this Agreement, including any fees or
expenses of legal counsel to Seller and fees and expenses of the entity
providing the Fairness Opinion or any of its Affiliates;

(d)           all Liabilities related
to Seller’s interest in all pending litigation involving or relating to the
Business or the Acquired Assets arising prior to the Closing Date, including
the pending litigation set forth in Schedule 4.09 attached hereto,
(i) including those certain actions

 24
 

filed by Seller to contest the property tax
assessments for 2004, 2005 and 2006 issued by Pinellas County in connection
with the Resort and (ii) excluding (A) the Liabilities assumed by Buyer pursuant
to Section 2.03(i) hereof and (B) for the avoidance of doubt,
Liabilities for any change in any zoning law or decision of any zoning
authority affecting the business of operating the Resort or the Real Property
resulting from the Parcel F litigation described in Schedule 4.09
attached hereto;

(e)           subject to Sections
2.05(d) and 2.07 hereof and except as provided in Section 8.03
hereof, all Liabilities for Taxes arising out of the Business or any of the
Acquired Assets attributable to any period (or portion thereof) ending prior to
the Closing Date;

(f)            any retrospective
premiums, reinsurance payments, payments under reimbursement contracts or other
adjustments under any insurance policy covering any Retained Liability;

(g)           except as otherwise
provided herein, all Liabilities relating to any agreement or arrangement not
transferred to or acquired by Buyer pursuant to this Agreement (including all
Liabilities relating to the Plans (other than the Acquired Plans) and all other
employee benefit plans maintained by Seller or any of its Affiliates) which
requires payments to be made or benefits to be given on or after the Closing
Date;

(h)           subject to Sections
2.05(d) and 2.07 hereof and except as otherwise expressly assumed by
Buyer pursuant to this Agreement, all Liabilities to Employees or former
employees of the Business, including all Liabilities under the Plans (other
than the Acquired Plans) and all other employee benefit plans maintained by
Seller or any of its Affiliates; and

(i)            all Liabilities relating
to the Business, Real Property or any of the Acquired Assets and/or any
services which are performed by the Business which are Pre-Closing
Environmental Liabilities or which constitute, may constitute or are alleged to
constitute a tort, breach of contract or violation of, or noncompliance with,
any applicable law, including any law relating to employment, workers’
compensation, occupational health and safety, occupational disease,
occupational injury, toxic tort or Environmental Law, in each case arising from
or based on Seller’s or any of its Affiliates’ conduct, or failure to act,
occurring during the period of Seller’s title to the related Acquired Assets.

In the event of a conflict between the definition of “Assumed
Liabilities” and the definition of “Retained Liabilities”, the definition of “Retained
Liabilities” shall control.

2.05        Purchase Price.

(a)           Subject to the terms
and conditions of this Agreement and the adjustments provided for in Section
6.04 and Section 2.07 hereof, in consideration of the aforesaid
assumption of the Assumed Liabilities and the sale, conveyance, assignment,
transfer and delivery to Buyer of the Acquired Assets, at the Closing Buyer
shall pay to Seller cash in the amount of Thirty- Five Million Dollars
($35,000,000) (the “Purchase Price”),
(i) less the Deposit Amount (including interest earned on the Deposit Amount
held by Escrow Agent pursuant to Article 3 hereof), upon Seller’s
full receipt thereof at the Closing, (ii) less Seller’s Escrow Amount (as
defined herein), provided that Buyer delivers to Escrow Agent cash in
the

 25
 

amount of Two Million Dollars ($2,000,000) (the “Seller’s Escrow Amount”) to secure Seller’s
obligations pursuant to Article 11 hereof, (iii) less the net
proceeds from the sale of any Condo Property occurring at or before the
Closing, (iv) less Two Hundred Fifty Thousand Dollars ($250,000) which
represents Seller’s contribution to Buyer to obtain Warren & Lewis
Investment Corporation’ s release of its interest in the Resort, (v) less an
amount equal to twenty-five percent (25%) of the Current Group Accounts
Receivable (the “AR Holdback”),
(vi) plus Eight Hundred Forty Four Thousand Four Hundred Ninety Eight
Dollars ($844,498) for payments pursuant to the Rental Pool Agreement made by
Seller on or about February 15, 2007 and May 15, 2007, (vii) plus the
amount, if any, by which the Estimated Closing Date Working Capital (as defined
herein) is more than the Target Working Capital (as defined herein) or minus
the amount, if any, by which the Estimated Closing Date Working Capital is less
than the Target Working Capital (the amount paid to Seller at the Closing, the “Closing Transfer Amount”).  At the Closing, Buyer shall also deliver to
Seller cash in the amount (not to exceed Twenty Five Thousand Dollars ($25,000))
of any Development Plan Costs paid by Seller or any of its Affiliates prior to
the Closing Date.

(b)           At least five (5)
Business Days prior to the Closing, Seller shall furnish to Buyer a certificate
(the “Estimated Closing Date Working Capital
Certificate”) setting forth an estimate of the Closing Date Working
Capital (the “Estimated Closing Date Working
Capital”).  Seller shall also
provide Buyer with any available supporting documentation used in the
preparation of the Estimated Closing Date Working Capital Certificate as is
reasonably requested by Buyer.  Seller
and Buyer shall use good faith efforts to agree upon the Estimated Closing Date
Working Capital, subject to the post-closing procedures set forth herein.

(c)           Seller and Buyer will
agree to the allocation of the Purchase Price (as it may be adjusted pursuant
to Section 2.07 hereof) plus the Assumed Liabilities set forth in Schedule
2.05(c) attached hereto (the “Allocation”)
prior to the Closing.  The Seller
Entities and Buyer shall (i) be bound, and cause their Affiliates to be
bound, by the Allocation, and (ii) act, and cause their Affiliates to act, in
accordance with, and to take no position inconsistent with, the Allocation in
the preparation, filing and audit of any Tax Return (including the filing of
any forms, information returns, reports or statements with any Tax Return for
the taxable year that includes the Closing Date) and for all tax and accounting
purposes.

(d)           Notwithstanding
anything in this Agreement to the contrary, as of the Closing Date, the assets
and liabilities included in the Total Current Assets and Total Current
Liabilities (as such Total Current Assets and Total Current Liabilities are
finally determined pursuant to Section 2.07 hereof) shall constitute
Acquired Assets and Assumed Liabilities, as applicable.  Nothing in this Section 2.05(d) shall
release Seller or Buyer from their respective obligations pursuant to Section
2.07 hereof.

(e)           As set forth in Section
2.03(f), Buyer shall pay Seller an aggregate of Four Million Dollars
($4,000,000) at Closing to supplement Seller’s termination of, and retention of
all Liabilities associated with the Westin Management Agreement and the Troon
Management Agreement.

 26
 

(f)            Buyer hereby covenants
to use its reasonable best efforts to collect the Current Group Accounts
Receivable as soon as practicable after the Closing Date in accordance with its
customary collection practices.  Buyer
also hereby covenants to promptly notify Seller of any information, event or
circumstance that could reasonably be expected to have an adverse impact on the
collectability of any account within, or portion of, the Current Group Accounts
Receivable.  If at any time and from time
to time Buyer collects, in the aggregate, any amount in excess of seventy-five
percent (75%) of the Current Group Accounts Receivable, Buyer shall pay to
Seller within five (5) Business Days after the end of each calendar month any
such amount collected in such calendar month until the aggregate payments to
Seller with respect to such excess Current Group Accounts Receivable
collections are equal to the AR Holdback. 
Upon the earlier of Buyer’s election to write off any Current Group
Accounts Receivable and December 31, 2007, Buyer will promptly assign any
uncollected Current Group Accounts Receivable to Seller and, upon such
assignment, Buyer will have no further rights or obligations with respect to
such assigned Current Group Accounts Receivable other than reasonable
cooperation with Seller and promptly remitting to Seller any payments received
by Buyer with respect thereto.  If at any
time and from time to time Buyer collects, in the aggregate, any amounts with
respect to the Accounts Receivable in excess of the Accounts Receivable
included in the Total Current Assets less the reserves related thereto, Buyer
shall pay to Seller within five (5) Business Days after the end of each
calendar month any such excess amount collected in such calendar month until
the aggregate payments to Seller with respect to such excess Accounts Receivable
collections are equal to such reserves.

2.06        Closing.  The closing of the purchase and sale of
the Acquired Assets hereunder (the “Closing”)
shall take place at 9:00 a.m. (Eastern time) at the offices of DLA Piper US
LLP, 101 E. Kennedy Boulevard, Tampa, Florida 33602, on July 16, 2007 (the “Closing Date”), unless another date or
place is agreed to in writing upon the mutual agreement of the parties
hereto.  At the Closing, the parties
shall deliver all funds required to be delivered pursuant to Article 10
hereof; provided that each party shall deliver all documents and
instruments required to be delivered pursuant to Article 10 hereof to
the other party on July 13, 2007 to be held in escrow until the Closing.  

2.07        Post-Closing Purchase
Price Adjustment.  The Purchase
Price is subject to adjustment (such adjustment not to result in a duplicate
accounting or calculation of any Acquired Asset, Retained Asset, Assumed
Liability or Retained Liability, respectively, in whole or in part) to be
determined as follows:

(a)           For purposes of this
Agreement, the term “Net Working Capital”
shall mean (i) Total Current Assets, minus (ii) Total Current Liabilities
(excluding for this purpose all liabilities paid by or on behalf of Seller or
any of its Affiliates pursuant to this Agreement at the Closing), all as
finally determined by this Section 2.07. 
For purposes of calculating Total Current Assets hereunder, food and
beverage inventory shall only include unopened, unexpired and unspoiled
inventory.

(b)           The parties have
heretofore mutually agreed that the target Net Working Capital of the Business
(the “Target Working Capital”) is
Zero Dollars ($0).

(c)           Within ninety (90) days
after the Closing Date, Buyer shall deliver to Seller (the date of such
delivery being the “Adjustment Date”)
a statement of the Net Working Capital as of the Closing Date (the “Statement of the Closing Date Working Capital”),
which

 27
 

(a) shall have been prepared in accordance with GAAP
applied on a basis consistent with that used to prepare the Unaudited Balance
Sheet and (b) shall set forth the Net Working Capital as of 11:59 p.m. Eastern
time on the day prior to the Closing Date (the “Closing Date Working Capital”).   Schedule 2.07(c) sets forth the
statement of Closing Date Working Capital calculated as of April 30, 2007 for
purposes of setting forth the methodology of such calculation.

(d)           Any dispute which may
arise between Buyer and Seller as to the Closing Date Working Capital shall be
resolved in the following manner:

(i)            If
Seller disputes the calculation of the Closing Date Working Capital or any
portion thereof, Seller shall deliver a notice (the “Objection Notice”) to Buyer within ten (10) days after the
Adjustment Date.  The Objection Notice
shall specify in reasonable detail those items or amounts as to which Seller
disagrees and Seller shall be deemed to have agreed with all other items and
amounts in the Statement of the Closing Date Working Capital delivered pursuant
to this Section 2.07.

(ii)           During
the ten (10) day period following the delivery of the Objection Notice, Buyer
and Seller shall attempt to resolve such dispute.  In attempting to resolve such dispute, Buyer
shall permit Seller and its auditors, at the earliest practicable date, access
to and copies of the work papers and calculations related thereto of Buyer
which Buyer used to determine the Closing Date Working Capital.

(iii)          If at the end of the ten (10) day period
specified in clause (ii) above, the parties shall have failed to reach
agreement with respect to such dispute, the matter shall be referred to the
Tampa, Florida office of Grant Thornton LLP (the “Independent Accounting Firm”) for resolution.  The Independent Accounting Firm shall be
instructed to use every reasonable effort to perform such services within thirty
(30) days of the submission to it of the Statement of the Closing Date Working
Capital and related dispute and, in any case, as soon as practicable after such
submission.  Each of Seller and Buyer
shall submit evidence in support of its position on each item in dispute as
well as the procedures to be followed by the Independent Accounting Firm, and
the Independent Accounting Firm shall decide the dispute in accordance
therewith.  The Independent Accounting
Firm shall establish such procedures giving due regard to the intention of
Seller and Buyer to resolve disputes as quickly, efficiently and inexpensively
as possible, which procedures may be, but need not be, those proposed by either
Seller or Buyer.  In reaching a decision
on each item in dispute, the Independent Accounting Firm’s decision is
expressly limited to the selection of either Seller’s or Buyer’s position on
each such disputed item.  The resolution
of the dispute by the Independent Accounting Firm shall be final and binding on
the parties and there shall be no right of appeal therefrom.

(iv)          Seller
shall bear the percentage of the fees and expenses of the Independent
Accounting Firm that equals the difference between Seller’s calculation of the
Closing Date Working Capital and the Final Working Capital (as defined herein)
divided by the difference between Seller’s calculation and Buyer’s calculation
of the Closing Date Working Capital. 
Buyer shall bear the percentage of the expenses of the Independent
Accounting Firm that equals the difference between the Final Working Capital
and Buyer’s calculation of the Closing Date Working Capital divided by the
difference between Seller’s calculation and Buyer’s calculation of the Closing
Date Working Capital.

 28
 

(v)           The
final working capital shall be, (i) in the event of a dispute, the final amount
determined pursuant to either Section 2.07(d)(ii) or 2.07(d)(iii)
hereof or, (ii) in the event there is no dispute, the Closing Date Working
Capital (the “Final Working Capital”).

(vi)          Within
five (5) Business Days after the later of (i) thirty (30) days following the
Adjustment Date if there is no Objection Notice, (ii) the date of the
settlement of any dispute made in accordance with the provisions of Section
2.07(d)(ii) hereof, or (iii) the date of the decision of the Independent
Accounting Firm in connection with any dispute made in accordance with the
provisions of Section 2.07(d)(iii) hereof: (x) Seller shall reimburse
Buyer, by wire transfer of immediately available funds, to such bank as
indicated by Buyer in an amount by which the Final Working Capital is less than
the Estimated Closing Date Working Capital or (y) Buyer shall reimburse Seller,
by wire transfer of immediately available funds, to such bank as indicated by
Seller in an amount by which the Final Working Capital is greater than the
Estimated Closing Date Working Capital. 
The amount of any payment to be made pursuant to this Section 2.07
shall bear interest from, and including, the Closing Date until, but excluding,
the date of payment at a rate per annum equal to the rate of interest publicly
announced by Bank of America, N.A. from time to time as its “reference rate”
during the period from the Closing Date to the date of payment.  Such interest shall be payable at the same
time as the payment to which it relates and shall be calculated daily on the
basis of a year of three hundred sixty-five (365) days and the actual number of
days elapsed.

(e)           Buyer and Seller agree
that they will, and agree to cause their respective auditors and Affiliates to,
cooperate and assist in the preparation of the calculation of the Final Working
Capital and the Closing Date Working Capital and in the conduct of the audits
and reviews referred to in this Section 2.07, including making available
to the extent necessary all books, records, work papers and personnel,
including the execution of customary release or indemnification letters
required by the auditors in connection with the foregoing.

(f)            If an adjustment is
made with respect to the Purchase Price pursuant to this Section 2.07,
the allocations in Schedule 2.05(c) attached hereto shall be adjusted in
accordance with the Code and any other applicable state or local Tax law and as
mutually agreed by Buyer and Seller.  In
the event that an agreement is not reached within twenty (20) days after the
later of (i) the Adjustment Date, (ii) the date of the settlement of any
dispute made in accordance with the provisions of Section 2.07(d)(ii)
hereof, or (iii) the date of the decision of the Independent Accounting Firm in
connection with any dispute made pursuant to Section 2.07(d)(iii)
hereof, any disputed items shall be referred to the Independent Accounting Firm
to resolve.  Upon resolution of the
disputed items, the allocation reflected in Schedule 2.05(c)
attached hereto shall be adjusted to reflect such resolution.  The costs, fees and expenses of resolving the
allocation disputes described in this Section 2.07(f) by the Independent
Accounting Firm shall be borne equally by Buyer and Seller.  Buyer and Seller agree to file any additional
Tax Return required to be filed pursuant to the Code and any state, local or
foreign Tax law, regardless of whether any Tax is required to be paid in
connection with such filing, and Buyer and Seller shall cooperate with each
other in the preparation, execution and filing of such Tax Returns.

 29
 

(g)           Notwithstanding
anything in this Agreement to the contrary, Buyer shall reimburse Seller (i)
any portion of the Total Current Liabilities reflected in the Statement of the
Closing Date Working Capital (A) attributed to the 2004, 2005 and 2006 real
property taxes referred to in Section 2.02(c) hereof and (B) not used to
complete payment of such real property taxes in the amount finally determined
by a court of competent jurisdiction and (ii) any amount exceeding the portion
of the Total Current Assets reflected in the Statement of the Closing Date
Working Capital attributed to Accounts Receivable accruing prior to the Closing
Date collected by Buyer or any of its Affiliates. Seller shall reimburse Buyer
for any amount payable in respect of 2004, 2005 and 2006 real property taxes in
excess of the amount attributed thereto in Total Current Liabilities in the
Statement of the Closing Date Working Capital.

2.08        Due Diligence.

(a)           Access. 
The parties acknowledge that Buyer has performed its due diligence
necessary to execute this Agreement on the Execution Date.  Between the Execution Date and the Closing
Date, subject to applicable contracts and Seller’s right to prior written
notice of and attendance at all meetings (including telephonic or other forms
of communication) with any third parties listed on Schedule 2.08(a) and
employees of the Business during normal business hours.  Buyer and its agents, contractors and
representatives shall be entitled to enter the Real Property to perform any and
all reasonable inspections and tests required by Buyer of the Business, the
Real Property and the structural and mechanical systems within any Improvements
located on the Real Property, including environmental tests; provided, however,
that (i) any inspections or tests of the Leased Real Property leased or
subleased by Seller or any of its Affiliates shall be conducted only upon
receipt by Seller and Buyer of the prior written consent of the owner of such
Leased Real Property, which consent shall be pursued by the Seller Entities
after Buyer’s written request through the use of commercially reasonable
efforts but may be withheld at the owner’s sole election, (ii) such inspections
or tests shall be conducted at Buyer’s sole risk, cost and expense, (iii) such
inspections or tests shall not unreasonably disrupt or disturb the ongoing
operation of the Business, the Real Property or the rights of any tenants or
users thereof, (iv) Buyer or its agents, contractors or representatives shall
not drill or bore on or through the surface of the Real Property unless, and
only to the extent that, Seller has provided its prior written consent allowing
Buyer to do so, which consent shall not be unreasonably withheld or delayed,
and at Seller’s election, may be subject to reasonable conditions imposed by
Seller, and (v) Buyer shall provide Seller with an original certificate of
insurance, in a form reasonably approved by Seller, naming Seller, and each
such other Person as Seller may name, as an additional named insured.  Buyer shall not conduct any material
environmental or physically intrusive inspection or test pursuant to this Section 2.08
without Seller’s specific prior written consent to the underlying scope of
work, which consent shall not be unreasonably withheld or delayed.  Prior to performing any material
environmental or physically intrusive inspections or tests, Buyer shall furnish
Seller with a detailed scope of work in respect of such inspection or test (a “Scope of Work”).  Within two (2) Business Days of Seller’s
receipt of a Scope of Work from Buyer, Seller shall, pursuant to a written
notice to Buyer, consent or reasonably withhold Seller’s consent to such Scope
of Work.  If Seller does not furnish
Buyer with the written notice

 30
 

contemplated by the immediately preceding sentence in
the time and in the manner provided in this Section 2.08, Seller
shall be deemed to have consented to the applicable Scope of Work.  At Seller’s election, Seller may subject
Seller’s consent to certain reasonable conditions.  After making any tests and inspections
pursuant to this Section 2.08, Buyer agrees to promptly restore the
Real Property to substantially the same condition as existed prior to such
tests and inspections, which obligation shall survive any termination of this
Agreement and shall be an exception to the limitations on liquidated damages
provided in Section 3.01 hereof.

(b)           Indemnification.  Buyer agrees to keep the Real Property free
from all liens and to indemnify, defend and hold harmless each of the Seller
Entities and their Affiliates and their respective officers, directors,
managers, employees, agents, advisors, representatives, successors and assigns
(collectively, the “Seller Parties”)
from and against all damages, loss, charges, judgments, penalties, fines, cost,
liability, fees and expense (including reasonable expenses of investigation or
remediation, any reasonable consulting or engineering fees in connection with
any investigation or remediation and reasonable attorneys’ fees and expenses in
connection with any action, suit or proceeding) (“Damages”) incurred or suffered by the Seller Parties, or any
of them, by reason of any damage to the Real Property or injury to Persons
caused solely by Buyer and/or any of its Affiliates, agents, contractors or
other representatives in exercising their rights under this Section 2.08.  The indemnity provided pursuant to this Section
2.08(b) shall survive the Closing and any termination of this
Agreement.  Notwithstanding the foregoing,
the indemnity provided pursuant to this Section 2.08(b) shall not cover
existing liabilities for matters merely discovered by Buyer, including latent
environmental contamination, provided that the inspections, tests or other
activities performed by Buyer were properly conducted by Buyer or it agents in
accordance with the standard of care applicable to trained professionals and
such activities were performed in accordance with the Scope of Work approved in
writing by Seller prior to the commencement thereof.

(c)           Due Diligence Documents and Information.

(i)            Between
the Execution Date and the Closing Date, Seller shall continue to make
available on a confidential basis pursuant to this Agreement and the
Confidentiality Agreement to Buyer and its agents, contractors and other
representatives in the Data Room, in hard or electronic copy, at Seller’s
Charleston, South Carolina office or at the location of the Real Property all
material documents in Seller’s actual possession pertaining to the Business,
the Acquired Assets and the Assumed Liabilities as Buyer shall reasonably
request, including the items set forth in Schedule 2.08(c) attached
hereto (collectively, the “Due Diligence
Materials”); provided, however, Buyer shall not be
entitled to receive from Seller, and Seller shall not be obligated to deliver
to Buyer, (A) any corporate or other books, records or documents related to
GTA, Parent or any of their Affiliates or related to assets or properties of
GTA, Parent or any of their Affiliates not related to the Business, the
Acquired Assets or the Assumed Liabilities, or (B) any information or analysis
pertaining to the valuation of the Business, the Acquired Assets or the Assumed
Liabilities or any other bid or bidder therefor whether prepared for the benefit
of Seller, by the management of Seller, counsel of Seller, the Board of
Directors of GTA, the entity providing the Fairness Opinion, any of the Seller
Parties, any of their Affiliates or otherwise. 
In the event Seller provides to Buyer any document, information or
analysis described in Section 2.08(c)(i)(A) or (B), such
document, information or analysis shall be included as part of the Due
Diligence Materials for all purposes.

 31
 

(ii)           Buyer
further acknowledges and agrees that, subject to the additional investigations,
examinations and inspections to be conducted as provided in this Agreement,
Seller has afforded Buyer the opportunity for full and complete investigations,
examinations and inspections of the Real Property, the Business, the Acquired
Assets and the Assumed Liabilities and all documentation relating to the Real
Property, the Business, the Acquired Assets and the Assumed Liabilities (the “Property Information”) and has advised
Buyer to review all matters of public record with respect to the Real Property,
the Business, the Acquired Assets and the Assumed Liabilities.

(iii)          Buyer acknowledges and agrees that (A) the
Due Diligence Materials and the Property Information (including any
environmental reports) delivered or made available to Buyer and its
representatives by the Seller Parties may have been prepared by third parties
and may not be the work product of the Seller Parties (or any of them), (B)
none of the Seller Parties has made any independent investigation or
verification of, or has any actual knowledge of, the accuracy or completeness
of the Property Information or the Due Diligence Materials prepared by third
parties and not the work product of the Seller Parties (or any of them) and no
representations, warranties or covenants are made by Seller, any of the Seller
Parties or any other Person with respect thereto, (C) the Due Diligence
Materials and Property Information delivered or made available to Buyer and
Buyer’s representatives are furnished to each of them at the request, and for
the convenience, of Buyer, (D) except as otherwise expressly represented by
Seller in this Agreement, Buyer is relying solely on its own investigations,
examinations and inspections of the Real Property, the Business, the Acquired
Assets and the Assumed Liabilities and those of Buyer’s representatives, (E)
the Due Diligence Materials and Property Information shall be made available by
Seller on a confidential basis solely to accommodate and facilitate Buyer’s
investigations relating to the Real Property, the Business, the Acquired Assets
and the Assumed Liabilities, (F) the contents of the Due Diligence Materials
and Property Information shall not constitute representations, warranties or
covenants of Seller or any other Person, and (G) any further distribution of
the Due Diligence Materials and the Property Information is subject to the
confidentiality provisions of this Agreement and the Confidentiality
Agreement.  In no event and under no
circumstances shall Buyer’s alleged or actual failure to receive or obtain
access to any Due Diligence Materials or Property Information be deemed a
breach of this Agreement by Seller.  This
Section 2.08(c) shall survive any Closing and any termination of this
Agreement.

(d)           Title Reports; Surveys.  Buyer may obtain, if Buyer so desires in its
sole discretion, title reports or commitments for the Real Property, together
with the documents supporting exceptions referenced therein (each, a “Title Report”), and any current as-built
surveys of any parcel or parcels of the Real Property (each, a “Survey”); provided, however,
that except for the Title Commitment, which shall be made available to Buyer at
Seller’s expense prior to the Execution Date, all such Title Reports and
Surveys shall be obtained at Buyer’s sole cost and expense.

 32
 

(e)           Permitted Title Exceptions.

(i)            Buyer
shall have until five (5) Business Days after the Execution Date (the “Objection Period”) to object to any
exceptions to title to, or any Survey matters affecting, the Real Property or
any part thereof, which objection shall be made, if at all, by Buyer’s delivery
of written notice thereof to Seller, such notice to expressly state that Buyer
objects to such title exception pursuant to this Section 2.08(e) by the
expiration of the Objection Period and which shall not be made to any Permitted
Title Exception.  In addition, in the
event Buyer obtains an update or continuation of its title insurance commitment
subsequent to the expiration of the Objection Period, which update or
continuation discloses matters (any such matter a “New Exception”), other than Permitted Title Exceptions or
exceptions caused by Buyer, to which Buyer objects, Buyer shall, within three
(3) Business Days of Buyer’s receipt of such update or continuation, object to
such title exception upon written notice to Seller, such notice to expressly
state that Buyer objects to such title exception pursuant to this Section 2.08(e).  (Any written notice to Seller of an objection
by Buyer as described above in this Section 2.08(e)(i) to be referred to
herein as a “Title Objection Notice”.)  Upon Seller’s receipt of a Title Objection
Notice, Seller shall have three (3) Business Days to notify Buyer in writing
whether Seller elects to (A) seek to cure or to seek to acquire a title
endorsement over the exception and/or matter, if possible, on or prior to the
Closing or (B) terminate this Agreement; provided, however, that
in no event shall Seller be obligated to seek to cure or seek to acquire a
title endorsement over an exception and/or matter in regards to an exception or
matter controlled by the owners of any Leased Real Property leased or subleased
by Seller or any of its Affiliates.  In
the event Seller notifies Buyer that Seller elects to terminate this Agreement,
Buyer shall have three (3) Business Days from Seller’s written notice thereof
to elect by written notice to Seller to irrevocably withdraw and waive its
objection in writing and proceed to the Closing pursuant to this Agreement
without any further objection to any such exception and/or matter.  In the event Seller notifies Buyer that it
elects either to seek to cure or to seek to acquire a title endorsement over
the exception and/or matter, if possible, on or prior to the Closing, then so
long as Seller accomplishes, in a reasonable manner, such cure and/or title
endorsement over such title exception on or prior to the Closing, such
exception and/or matter shall thereafter be automatically deemed a Permitted
Title Exception; provided, however, that Seller’s failure, if
any, to cure or to acquire a title endorsement over such title exception and/or
matter shall not constitute a breach of this Agreement by Seller or any of its
Affiliates and, in the event of such failure, Seller may elect, by written
notice to Buyer within three (3) Business Days after Seller’s notice of such
failure, to proceed pursuant to clause (B) of this Section 2.08(e)(i).  If Seller notifies Buyer in writing within
the initial three (3) Business Day period that Seller does not elect either of
clauses (A) or (B) of this Section 2.08(e)(i), or Seller does not
respond to Buyer within the initial three (3) Business Day period or elects not
to seek to cure the same, then Seller shall not be deemed in breach of this
Agreement and Buyer, notwithstanding anything in this Agreement to the contrary,
including Sections 12.02 and 13.15 hereof, as its sole remedy,
may either (y) terminate this Agreement by delivering a written termination
notice to Seller, in which case Buyer’s rights and obligations to purchase the
Acquired Assets and this Agreement shall be terminated and Seller may
thereafter sell the Acquired Assets to any third party without any obligation
to Buyer whatsoever and Buyer shall have timely

 33
 

terminated
this Agreement and the Deposit Amount shall be returned to Buyer in accordance
with the provisions of Section 3.01 hereof, or (z) irrevocably
withdraw and waive its objections in writing and proceed pursuant to this
Agreement.  “Permitted Title Exceptions” means (1) 6 through 10, 12 through
15, 17 through 38, 40 through 43, 45 through 46, and 48 of Title Commitment No.
20070177, (2) any New Exception to title to, or Survey matters affecting, any
portion of the Real Property not timely objected to in writing by Buyer within
the aforesaid time period, (3) any New Exception to title to, or Survey matters
affecting, the Real Property or any part thereof timely objected to by Buyer
but cured and/or a title endorsement acquired over, if possible, in a
reasonable manner by Seller pursuant to this Section 2.08(e), (4) any
New Exception to title to, or Survey matters affecting, such portion of the
Real Property that are objected to by Buyer within the aforesaid time period,
but Seller elects not to seek to, or to, cure or acquire a title endorsement
over and Buyer irrevocably withdraws and waives its objections pursuant to this
Section 2.08(e), (5) all building codes and other applicable
governmental laws, ordinances, rules and regulations affecting any portion of
the Real Property, (6) all Permitted Liens, and (7) that certain Memorandum of
Termination Agreement dated as of October 31, 2006, by and among Seller, GTA
and Westin.

(ii)           Notwithstanding
anything to the contrary set forth in this Agreement, Seller shall use
commercially reasonable efforts to obtain, at or prior to the Closing, the termination
and release of all Liens other than Permitted Liens, it being understood that
Seller has an obligation to discharge all monetary liens on the Real
Property.  Notwithstanding anything in
this Section 2.08(e)(ii) to the contrary, Seller shall have no
obligation to take any action with respect to the termination or release of the
Permitted Liens. Seller shall indemnify Buyer and the Title Company against
loss by reason of any lien arising from litigation in which Seller or its
Affiliates is a named defendant sufficient to cause the Title Company to
affirmatively insure Buyer against loss by reason of any such lien.  Seller agrees to discharge of record, at or
before Closing, any mechanic’s, laborer’s, materialman’s, repairman’s, or other
similar lien, any judgment lien, and the lien of any mortgage, it being
understood that Seller may satisfy this obligation by causing the Title Policy
to insure over such matters.

(iii)          Notwithstanding anything in this Agreement to
the contrary, Buyer may, upon written notice to Seller at any time at or prior
to the Closing, elect to accept such title to the Real Property as Seller can
convey, notwithstanding the existence of title defects (other than with respect
to any Permitted Liens).  In such event,
(x) this Agreement shall remain in full force and effect and unmodified, (y)
the parties shall close the transactions contemplated by this Agreement on the
Closing Date, and (z) Buyer shall not be entitled to any abatement of the
Purchase Price or any claim for damages or otherwise against Seller by reason
of the existence of title defects or alleged title defects.

 34

ARTICLE
3

DEPOSIT

3.01        Deposit

(a)           Except as otherwise
expressly provided in this Agreement, including in Section 12.02 hereof,
the Deposit Amount shall become non-refundable to Buyer upon the execution of
this Agreement and shall be delivered to Seller as liquidated damages hereunder
forthwith without demand, deduction, offset or delay upon termination of this
Agreement.

(b)           Upon deposit of the
Deposit Amount with Escrow Agent, Escrow Agent shall hold and invest the
Deposit Amount in: (i) United States government obligations or obligations of
agencies of the United States government which are guaranteed by the United
States government, (ii) interest-bearing certificates of deposit of banks
having capital and surplus in excess of Five Hundred Million Dollars
($500,000,000) and rated at least AAA by Standard & Poor’s Corporation and
AAA by Moody’s Investors Service, Inc., (iii) a money market fund registered
under the Investment Company Act of 1940, as amended, the portfolio of which is
limited to the obligations described in clause (i) above, or (iv) commercial
paper rated at least P-1 by Moody’s Investors Service, Inc. and A-1 by Standard
& Poor’s Corporation.  Interest on
the Deposit Amount, or any portion thereof, shall be paid to the party entitled
to receive the Deposit Amount, or any portion thereof, at such time as such
party receives the Deposit Amount, or any portion thereof, except that interest
shall be credited against the cash balance of the Purchase Price due at the
Closing in the event of a Closing.  The
party receiving interest on the Deposit Amount, or any portion thereof, shall
pay any income taxes payable thereon.

(c)           In the event that a
Closing hereunder is not consummated, the party with rights pursuant to this
Agreement to the Deposit Amount (such party, the “Demanding Party”) may make a written demand upon Escrow Agent
for payment of the Deposit Amount (a “Demand”).  Upon receipt of a Demand, Escrow Agent shall
furnish a copy thereof to the non-Demanding Party.  Unless the non-Demanding Party, upon written
notice to Escrow Agent and the Demanding Party within five (5) Business Days of
its receipt of a copy of a Demand, objects in writing to payment of the Deposit
Amount pursuant to the Demand (together with a detailed written explanation of
the reason for the objection), the Deposit Amount shall be transferred to the
Demanding Party without deduction, offset or delay and (A) if Seller is the
Demanding Party the Deposit Amount shall be transferred to Seller as liquidated
damages hereunder without demand, deduction, offset or delay, and Buyer (on
behalf of itself and its Affiliates, as applicable) hereby covenants and agrees
to execute, acknowledge and deliver to Seller any and all instruments and
documents requested by Seller in order to legally transfer such Deposit Amount
to Seller and/or evidence such transfer and (B) if Buyer is the Demanding Party
Seller (on behalf of itself and its Affiliates, as applicable) hereby covenants
and agrees to execute, acknowledge and deliver to Buyer any and all instruments
and documents requested by Buyer in order to legally transfer such Deposit
Amount to Buyer and/or evidence such transfer (clauses (A) and (B) shall
survive any Closing and any termination of this Agreement).  In the event the non-Demanding Party objects
to payment of the Deposit Amount pursuant to this Section 3.01(c),
Escrow Agent shall continue to hold the Deposit Amount in accordance with the
provisions of this Article 3 until otherwise directed by joint written
instructions of Seller and

 35
 

Buyer or final judgment of a court of competent
jurisdiction.  Escrow Agent may, however,
upon written notice of Seller and Buyer, deposit the Deposit Amount with the
clerk of the United States District Court for the Middle District of Florida or
any state court located in the 13th Judicial Circuit of the State of
Florida.  ANY DEPOSIT AMOUNT PAID TO OR
RETAINED BY SELLER AS LIQUIDATED DAMAGES UNDER THIS AGREEMENT SHALL, EXCEPT AS
OTHERWISE SET FORTH IN THIS AGREEMENT, BE SELLER’S SOLE REMEDY IN THE EVENT
BUYER FAILS TO CLOSE THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT.  THE PARTIES HERETO EXPRESSLY AGREE AND
ACKNOWLEDGE THAT SELLER’S ACTUAL MONETARY DAMAGES IN SUCH EVENT WOULD BE
EXTREMELY DIFFICULT OR IMPRACTICABLE TO ASCERTAIN AND THAT THE LIQUIDATED
DAMAGES (I.E., THE VALUE OF THE DEPOSIT AMOUNT) STATED ABOVE REPRESENT THE
PARTIES’ REASONABLE ESTIMATE OF THE DAMAGES SELLER WOULD SUFFER AS A RESULT OF
BUYER’S FAILURE TO CLOSE THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT,
EXCEPT AS OTHERWISE SET FORTH IN THIS AGREEMENT.  THE PAYMENT OF ANY SUCH DEPOSIT AMOUNT BY
BUYER TO SELLER AS LIQUIDATED DAMAGES IS NOT INTENDED AS A FORFEITURE OR
PENALTY, BUT IS INTENDED TO CONSTITUTE LIQUIDATED DAMAGES TO SELLER.

3.02        Seller’s Escrow Amount.

(a)           Escrow Agent shall hold
and invest Seller’s Escrow Amount, or a portion thereof, from and after the
Closing Date until March 31, 2008 (the “Escrow
Period”) in: (i) United States government obligations or
obligations of agencies of the United States government which are guaranteed by
the United States government, (ii) interest-bearing certificates of deposit of
banks having capital and surplus in excess of Five Hundred Million Dollars
($500,000,000) and rated at least AAA by Standard & Poor’s Corporation and
AAA by Moody’s Investors Service, Inc., (iii) a money market fund registered
under the Investment Company Act of 1940, as amended, the portfolio of which is
limited to the obligations described in clause (i) above, or (iv) commercial
paper rated at least P-1 by Moody’s Investors Service, Inc. and A-1 by Standard
& Poor’s Corporation.  Interest on
Seller’s Escrow Amount shall be paid automatically without demand, deduction,
offset or delay to Seller within five (5) Business Days of the expiration of
the Escrow Period.  Seller shall pay any
income taxes on the interest.  Within
five (5) Business Days of the expiration of the Escrow Period, Escrow Agent
shall deliver automatically without demand, deduction, offset or delay to
Seller any portion of Seller’s Escrow Amount not subject to Buyer’s Escrow
Demand at the expiration of the Escrow Period.

(b)           Except as otherwise
expressly provided in this Agreement, in the event Seller becomes liable to
Buyer pursuant to Article 11 hereof during the Escrow Period, Escrow
Agent shall deliver to Buyer the portion of Seller’s Escrow Amount held by
Escrow Agent that equals such liability pursuant to the terms of this Article
3.  At any time during the Escrow
Period, if Buyer is entitled to payment by Seller pursuant to Article 11
hereof and Buyer has filed a judicial action in relation thereof in the United
States District Court for the Middle District of Florida or any state court
located in the 13th Judicial Circuit of the State of Florida, then Buyer shall
make a written demand detailing the claim and attaching all available evidence
and proof upon Escrow Agent for payment of the amount of Seller’s liability
from Seller’s Escrow Amount, or portion thereof held by Escrow Agent (a “Buyer’s Escrow Demand”).  Upon

 36
 

receipt of a Buyer’s Escrow Demand, Escrow Agent shall
furnish a copy thereof to Seller.  Unless
Seller, upon written notice to Escrow Agent within five (5) Business Days of
its receipt of a copy of a Buyer’s Escrow Demand, objects in writing to payment
of the applicable portion of Seller’s Escrow Amount pursuant to Buyer’s Escrow
Demand, the applicable portion of Seller’s Escrow Amount shall be transferred
to Buyer and Seller shall execute and deliver to Buyer such documents as may be
reasonably and customarily utilized, if any, to legally transfer the applicable
portion of Seller’s Escrow Amount to Buyer. 
If Seller objects to payment of the applicable portion of Seller’s
Escrow Amount pursuant to Buyer’s Escrow Demand, Escrow Agent shall continue to
hold the applicable portion of Seller’s Escrow Amount in accordance with the
provisions of this Article 3 until otherwise directed by joint written
instructions of Seller and Buyer or final judgment of a court of competent
jurisdiction.  Escrow Agent may, however,
upon written notice of Seller and Buyer, deposit Seller’s Escrow Amount, or
applicable portion thereof, with the clerk of the United States District Court
for the Middle District of Florida or any state court located in the 13th
Judicial Circuit of the State of Florida.

3.03        Escrow Agent.

(a)           The parties acknowledge
that (i) Escrow Agent is acting solely as a stakeholder at their request and
for their convenience, (ii) Escrow Agent shall not be deemed to be the agent of
any of the parties, and (iii) Escrow Agent shall not be liable to any of the
parties for any act or omission on its part unless taken or suffered in bad
faith, in willful disregard of this Agreement or involving gross
negligence.  Seller and Buyer shall
jointly and severally indemnify and hold Escrow Agent harmless from and against
all costs, claims and expenses, including reasonable attorneys’ fees, incurred
in connection with the performance of Escrow Agent’s duties hereunder, except
with respect to actions or omissions taken or suffered by Escrow Agent in bad
faith, in willful disregard of this Agreement or involving gross negligence.

(b)           Escrow Agent shall not
be bound by any modification to this Article 3 unless Escrow Agent shall
have agreed to such modification in writing. 
Escrow Agent shall be entitled to rely or act upon any written notice,
instrument or document reasonably believed by Escrow Agent in good faith to be
genuine and to be executed and delivered by the proper person, and shall have
no obligation to verify any statements contained in any written notice,
instrument or document or the accuracy or due authorization of the execution of
any written notice, instrument or document.

(c)           Escrow Agent has
acknowledged agreement to the foregoing provisions of this Article 3 by
signing this Agreement on the signature page hereof.

ARTICLE
4

REPRESENTATIONS AND WARRANTIES OF THE SELLER ENTITIES

Except as specifically set forth in the schedules
attached hereto prepared by the Seller Entities (the “Schedules”), the Seller Entities, jointly
and severally, represent and warrant to Buyer that all of the statements
contained in this Article 4 are true and correct as of the Execution
Date and shall be true and correct as of the Closing Date as though made on the
Closing Date, except as modified or amended from time to time prior to the
Closing Date in

 37
 

writing to Buyer (any such modification or amendment
by the Seller Entities a “Seller Schedule
Amendment”); provided, however, in the event any
Seller Schedule Amendment (the “Material
Schedule Amendment”) reflects a matter in existence prior to the
Execution Date of which Seller had Knowledge prior to the Execution Date and
which, together with matters reflected in prior Seller Schedule Amendments, if
any, has a Material Adverse Effect, Buyer, as Buyer’s sole remedy, shall have
the right to terminate this Agreement by written notice to Seller within five
(5) Business Days of Buyer’s receipt of the applicable Material Schedule
Amendment and shall be entitled to receive the Deposit Amount plus
reimbursement from Seller for all reasonable and actual third party costs
incurred by Buyer in connection with its review of the Real Property and other
items associated with the transaction contemplated by this Agreement not to
exceed  Two Hundred Fifty Thousand
Dollars ($250,000), subject to Seller’s receipt of a quitclaim deed for the
Real Property from Buyer (Seller being responsible for all recording costs and
transfer or similar taxes thereon).  Each
schedule prepared by the Seller Entities attached hereto specifically refers to
the particular section or subsection of this Agreement to which the information
set forth in such schedule relates; any information set forth in a schedule
attached hereto prepared by the Seller Entities shall be deemed to apply to
each other section or subsection thereof or hereof to which its relevance is
readily apparent on its face.  No
reference to or disclosure of any item or other matter set forth in the
Schedules shall be construed as an admission or indication that (A) such item
or other matter is material, that it could have a Material Adverse Effect or
that such item or other matter is required to be referred to or disclosed in
such schedule, or (B) such agreement or document is enforceable or currently in
effect or that there are any obligations remaining to be performed or any
rights that may be exercised under such agreement or document.  No disclosure in the Schedules relating to
any possible breach or violation of any agreement, law or regulation shall be
construed as an admission or indication that any such breach or violation
exists or has actually occurred.

4.01        Corporate Existence and
Power.   GTA is duly organized,
validly existing and in good standing under the laws of the State of Maryland,
and is duly authorized to conduct its business in the State of Maryland.  Seller is duly organized, validly existing
and in good standing under the laws of the State of Florida, and is duly
authorized to conduct the Business in the State of Florida.  Parent is duly organized, validly existing
and in good standing under the laws of the State of Delaware, and is duly
authorized to conduct its business in the State of Delaware.  Holding Company is duly organized, validly
existing and in good standing under the laws of the State of Florida, and is
duly authorized to conduct its business in the State of Florida.  Condo Owner is duly organized, validly
existing and in good standing under the laws of the State of Florida, and is
duly authorized to conduct its business in the State of Florida.  Management Company is duly organized, validly
existing and in good standing under the laws of the State of Florida, and is
duly authorized to conduct its business in the State of Florida.

4.02        Corporate Authorization.  The execution, delivery and performance
by GTA, Seller, Parent, Holding Company, Condo Owner and Management Company of
this Agreement and the consummation of the transactions contemplated hereby by
GTA, Seller, Parent, Holding Company, Condo Owner and Management Company are
within the corporate powers of GTA, Seller, Parent, Holding Company, Condo
Owner and Management Company and have been duly authorized by all necessary
corporate action on the part of GTA, Seller, Parent, Holding Company, Condo
Owner and Management Company; provided, however, that Seller
shall obtain the Final Board Approval (as defined herein) pursuant to Section
6.05 hereof.  This Agreement

 38
 

has been duly executed and delivered by GTA, Seller,
Parent, Holding Company, Condo Owner and Management Company, and, assuming the
due authorization, execution and delivery by Buyer, this Agreement constitutes
a valid and binding agreement of GTA, Seller, Parent, Holding Company, Condo
Owner and Management Company, enforceable against GTA, Seller, Parent, Holding
Company, Condo Owner and Management Company in accordance with its terms,
except as (i) the enforceability hereof may be limited by bankruptcy,
insolvency, moratorium or other similar applicable laws affecting the
enforcement of creditors’ rights generally, and (ii) the availability of
equitable remedies may be limited by equitable principles of general
applicability.

4.03        Governmental
Authorizations.  The execution,
delivery and performance by the Seller Entities of this Agreement and the
consummation of the transactions contemplated hereby require no material action
by or in respect of, or material filing with, any Governmental Authority,
except as set forth in Schedule 4.03 attached hereto.  

4.04        Noncontravention.  The execution, delivery and performance
by the Seller Entities of this Agreement and the consummation of the
transactions contemplated hereby by the Seller Entities, where applicable, do
not and will not in connection with the Closing, in a manner which has had, or
could reasonably be expected to constitute or result in, a Material Adverse
Effect, (i) violate any provision of the certificate of incorporation, bylaws
or any other organizational document of any of the Seller Entities, (ii)
assuming compliance with the matters referenced in Section 4.03 hereof,
violate any applicable law, rule, regulation, judgment, injunction, order or
decree, or agreement with or condition imposed by any Governmental Authority,
(iii) assuming receipt of all Required Consents listed in Schedule 1.01(f)
attached hereto and except as disclosed in Schedule 4.04 attached
hereto, require any approval or consent or other action by any Person under,
constitute a breach or default under (or with notice, lapse of time, or both
would result in such a breach or default), or give rise to any right of
termination, material amendment, cancellation or acceleration of any right or
obligation of any of the Seller Entities or to a loss of any benefit to which
any of the Seller Entities is entitled under any provision of any Material
Contract to which any of the Seller Entities is a party or to which any of the
Seller Entities or any of the Acquired Assets is subject, or (iv) result in the
creation or imposition of any Lien on any of the Acquired Assets, except for
any Permitted Liens or Assumed Liabilities.

4.05        Capitalization; Subsidiaries.

(a)           All of Seller’s, Condo
Owner’s and GH Securities’ equity interests are owned by Holding Company, in
each case as sole member or sole stockholder, and are fully paid and
non-assessable and subject to no pledge or option agreement.  All of Holding Company’s equity interests are
owned by Parent.  All of Parent’s equity
interests are owned directly or indirectly by GTA

(b)           Neither Seller, Condo
Owner nor GH Securities has or beneficially owns any Subsidiaries.

 39
 

4.06        Financial Statements.  Set forth in Schedule 4.06
attached hereto are copies of the unaudited balance sheet of the Business as of
May 31, 2007 and the related unaudited statement of operations and cash
flows of the Business for the five-month period ended May 31, 2007 (the “Interim Financial Statements”).  The Unaudited Financial Statements, subject
to certain quarter-end adjustments and reclassifications, present fairly, in
all material respects, the financial condition of the Business as of such dates
in accordance with GAAP consistently applied. 
The Historical Financial Statements, subject to certain year-end
adjustments and reclassifications, present fairly, in all material respects,
the financial condition of the Business as of such dates in accordance with
GAAP consistently applied.  Neither
Seller, Parent nor any of their Affiliates makes any representation, warranty
or covenant with respect to the Interim Financial Statements.

4.07        No Undisclosed
Liabilities.  To the Knowledge of
Seller, neither Seller nor any of its Affiliates has any material Liabilities
arising out of or relating to the Business, other than:

(a)           Liabilities reflected
on the Unaudited Balance Sheet, including to the extent reserved therefor
therein;

(b)           Liabilities disclosed
in Schedule 4.07 attached hereto;

(c)           Liabilities incurred
since the Balance Sheet Date which are on customary arms-length terms and (i)
resulted from transactions in the ordinary course of business generally
consistent with past practice and are of a nature, type and magnitude generally
consistent with the Liabilities reflected on the Unaudited Balance Sheet after
accounting for seasonal fluctuations, (ii) were incurred in accordance with the
terms of this Agreement, or (iii) do not and will not materially impair the
ability of Seller or Parent to perform any of their respective obligations
under this Agreement; and

(d)           Liabilities otherwise
disclosed in the Due Diligence Materials and Property Information and in this
Agreement, including in the Schedules and exhibits attached hereto.

4.08        Material Contracts.

(a)           Schedule 4.08
attached hereto contains a true and correct list of all the Material
Contracts.  The Contracts, together with
the Parcel F Memorandum of Agreement the Termination and Release Agreement
dated as of September 28, 2006, and the Mutual Release of Claims dated as of
October 31, 2006, represent all of the material contracts and agreements
currently in effect and entered into by Seller or any of its Affiliates in
connection with the Business or which otherwise materially affect the Owned
Real Property.

(b)           Seller has made
available to Buyer true and correct copies of all items listed in Schedule
4.08 attached hereto, including all amendments, supplements and
modifications to each Material Contract listed in Schedule 4.08 attached
hereto.  Except as disclosed in Schedule
4.08 attached hereto or as otherwise provided in this Agreement and the
Schedules, (i) all of the Material Contracts are in full force and effect, (ii)
each Material Contract is a valid and binding obligation of Seller or its
Affiliate, enforceable against Seller or its Affiliate in accordance with its
terms, and, to the Knowledge of Seller, each Material Contract is a valid and
binding obligation of the third party which is a party thereto, enforceable
against such third party in accordance with its terms, (iii) neither
Seller nor its Affiliate nor, to the Knowledge

 40
 

of Seller, any other party to a Material Contract is
in material default under, or in violation of, any of the terms of any of the
Material Contracts, and no event has occurred which, with the passage of time
or giving of notice or both, would result in Seller, or to the Knowledge of
Seller, any other party to any Material Contract, being in material default
under or in material violation of, any of the terms of any of the Material
Contracts, (iv) in respect of any Material Contract, neither Seller nor its
Affiliate nor any other party thereto has furnished any other party thereto
with a written notice of material default thereunder which written notice
pertains to a default which, as of the Execution Date, remains uncured, and (v)
no Material Contract requires the consent of any other party thereto in
connection with any of the transactions contemplated by this Agreement.

4.09        Litigation.  Except as disclosed in Schedule 4.09
attached hereto, there is no material administrative, judicial or other action,
suit, investigation, inquiry, arbitration, claim or proceeding pending against
or affecting, or to the Knowledge of Seller, threatened against or relating to
Seller or any of its Affiliates with respect to the Business or any of the
Acquired Assets before or by any court or administrative agency or arbitrator
or any Governmental Authority, or which in any manner challenges or seeks to
prevent, enjoin, alter or materially delay any of the transactions contemplated
by this Agreement and, to the Knowledge of Seller, there is no basis for any
such action, suit, investigation, arbitration, claim or proceeding.

4.10        Compliance with Laws,
Court Orders and Permits.

(a)           Except as disclosed in Schedule
4.10(a) attached hereto, to the Knowledge of Seller, the Seller Entities
and their Affiliates have complied, and will continue to comply, in a timely
manner and in all material respects with all laws, rules and regulations,
ordinances, judgments, decrees, orders, writs and injunctions of all United
States federal, state, local and foreign governments and agencies thereof and
all by-laws, rules, regulations and applicable restrictive agreements of the
NASD that affect the properties, operations or assets of the Business or any of
the Acquired Assets and to the Knowledge of Seller there are no circumstances
that, if not remedied or modified, would prevent or materially interfere with
such compliance in a manner which could reasonably be expected to constitute or
result in a Material Adverse Effect.

(b)           Schedule 4.10(b)
attached hereto sets forth a list of all Permits currently held by Seller and
GH Securities related to the conduct of the Business.  To the Knowledge of Seller, Seller holds all
Permits required by applicable law for the conduct of the Business and each
such Permit has been duly obtained and is in full force and effect, except to
the extent that the failure of Seller to obtain any such Permit could not reasonably
be expected to constitute or result in a Material Adverse Effect.  Seller shall use commercially reasonably
efforts to maintain all such Permits in full force and effect and shall timely
file and diligently prosecute applications for renewal of all such Permits
until the Closing Date.  To the Knowledge
of Seller, (i) no notice of material violation of the terms of any Permit
related to the Acquired Assets has been received by Seller, which notice
pertains to a default which as of the Execution Date, remains uncured, (ii) no
violation has been alleged by any Governmental Authority the NASD or any third
party, which violation remains uncured, as of the Execution Date and (iii) no
proceeding is pending or, to the Knowledge of Seller, threatened, to revoke or
materially limit any such Permit.

 41
 

4.11        Real Property.

(a)           Schedule 4.11(a)
attached hereto sets forth a true and correct list of all of the real property,
together with all undeveloped real property, all buildings and Improvements and
all easements and other rights and interests appurtenant thereto, which are
directly or indirectly owned by Seller or Condo Owner, without regard to
whether such real property is used solely in the operation or conduct of the
Business (the “Owned Real Property”).  Schedule 4.11(a) attached hereto
shall also include a general description of the Owned Real Property.  None of the Seller Entities or any of their
Affiliates own any real property or building improvements within one-half (1⁄2)
mile of the Owned Real Property.  To the
Knowledge of Seller, the Owned Real Property is not subject to any Liens other
than Permitted Liens or Liens otherwise disclosed in this Agreement, including
the Schedules. Seller has granted no option or right of first refusal to
purchase or lease any part of the Owned Real Property.  Other than those documents set forth as
exceptions to title on the Title Commitment, to the extent in possession of
Seller and its Affiliates, Seller has made available to Buyer true and correct
copies of (i) all deeds, mortgages, deeds of trust, certificates of occupancy,
title insurance policies and surveys relating to the Owned Real Property and
(ii) all Liens, occupancy agreements, possessory rights, options and rights of
first refusal, other than the Permitted Liens, relating to or affecting any
parcel of the Owned Real Property.

(b)           Schedule 4.11(b)
attached hereto sets forth a true and correct list of all of the real property
leases, subleases and other occupancy agreements in effect as of the Execution
Date regarding real property that will be transferred to Buyer on the Closing
Date (i) under which Seller or any of its Affiliates is a lessor or
sublessor (the “Leases”) and
(ii) under which Seller or any of its Affiliates is a lessee or sublessee
(the “Ground and Property Leases”)
(collectively, the “Leased Real Property”);
provided, however, that the Rental Pool Agreement shall not be
considered a Lease for purposes of this Agreement.  Seller has made available to Buyer true and
correct copies of all Leases, including all material amendments, modifications,
assignments, supplements and renewals thereof. 
There are no oral agreements in effect as to any Lease.  To the Knowledge of Seller, all such Leases
are valid, binding and enforceable in accordance with their terms and are in
full force and effect free and clear of all Liens, other than Permitted
Liens.  There are no existing defaults by
Seller or any of its Affiliates beyond any applicable grace periods under such
Leases, except for defaults which, individually or in the aggregate, have not
had, and could not reasonably be expected to have, a Material Adverse Effect,
and neither Seller nor any of its Affiliates has received any notice of
default, except for default which have not had, and could not reasonably be
expected to have, individually or in the aggregate, a Material Adverse
Effect.  To the Knowledge of Seller,
there are no existing defaults by any landlord or tenant, as applicable, under
such Leases.  Except as set forth in Schedule
4.11(b) attached hereto, (i) the consummation of the transactions
contemplated by this Agreement will not constitute a default, or give rise to a
right of termination, cancellation or acceleration of any right under, any of
the Leases and (ii) no Lease requires the consent of the applicable landlord or
tenant under such Lease in order to transfer such Lease to Buyer in accordance
with the terms of such Lease.  Each
guaranty, if any, by Seller or its applicable Affiliate with respect to a Lease
is in full force and effect.

 42
 

(c)           Neither Seller nor any
of its Affiliates has assigned its interests under any of the Leases, sublet
any interest in any premises demised thereunder or otherwise encumbered its
interest therein.  Seller and its
Affiliates have, and shall have as of the Closing Date, good and valid
leasehold title to the Leased Real Property not directly owned by Seller or any
of its Affiliates free and clear of all Liens, other than Permitted Liens.

(d)           Neither Seller nor any
of its Affiliates has received any written notice from any Governmental
Authority with jurisdiction that any certificate of occupancy or Permits with
respect to the buildings (including the units subject to the Rental Pool
Agreement), structures and improvements on any of the Owned Real Property and
the occupancy and use thereof have not been obtained and are not in full force
and effect, and there is no presently pending or, to the Knowledge of Seller,
threat of modification, suspension or cancellation of any of the same which has
had, or could reasonably be expected to have, a Material Adverse Effect.

(e)           Neither Seller nor any
of its Affiliates has received written notice from any Governmental Authority
with jurisdiction of any outstanding condemnation, expropriation or other
proceedings in eminent domain pending, proposed or threatened with respect to
any of the Real Property or the Business.

(f)            Neither Seller nor any
of its Affiliates has given any notice to any party under any of the Leases
indicating that Seller or any of its Affiliates will not exercise any expansion
or renewal options under the Leases, except such non-extension or non-renewal
of such options that could not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect.

(g)           Except as set forth in Schedule
4.11(g) attached hereto, there are no tax reduction proceedings pending in
respect of the Owned Real Property of which Seller has received notice from the
applicable taxing authority.

(h)           Neither Seller nor any
of its Affiliates has received any written notice of default from any other
party to any reciprocal easement agreement, which default remains uncured, as
of the Execution Date.

4.12        Intellectual Property.

(a)           To the Knowledge of
Seller, Schedule 4.12(a) attached hereto sets forth a true and correct
list of all United States, state and foreign Intellectual Property owned by
Seller and used in the Business, including all: (i) patents and patent
applications, (ii) trademark and service mark registrations (including the
service mark for “Innisbrook”), trademark and service mark applications and
material unregistered trademarks and service marks, (iii) copyright
registrations, copyright applications and material unregistered copyrights and
(iv) Internet domain name registrations.

(b)           To the Knowledge of
Seller, Schedule 4.12(b) attached hereto lists all material Software
which is licensed, leased or otherwise used in or by the Business, and all
material Software owned by Seller (“Proprietary
Software”).

(c)           Schedule 4.12(c)
attached hereto sets forth a true and correct list of all agreements granting
or obtaining any right to use or practice any rights under any material  Intellectual Property to which Seller is a
party or otherwise bound, as licensee or licensor thereunder, including license
agreements, settlement agreements and covenants not to sue (collectively, the “License Agreements”).

 43
 

(d)           To the Knowledge of
Seller:

(i)            Seller
owns or possesses adequate licenses or other legal rights to use all
Intellectual Property owned or used by Seller, free and clear of all Liens or
other encumbrances that would, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect;

(ii)           all
Intellectual Property owned or used by Seller and its Affiliates, that is
material to the Business, has been duly maintained, is valid and subsisting, in
full force and effect and has not been cancelled, expired or abandoned;

(iii)          neither Seller nor any of its Affiliates has
received notice from any third party regarding any claim of actual or potential
infringement, misappropriation or any other similar claim by Seller or any of
its Affiliates of any intellectual property of such third party nor is any such
claim threatened; and

(iv)          neither
Seller nor any of its Affiliates has received notice from any third party
regarding any assertion or claim challenging the validity, enforceability or
ownership of any Intellectual Property owned by Seller or used in the Business
nor is any such claim threatened.

(e)           No third party is
misappropriating, infringing, diluting or violating any Intellectual Property
owned or used by Seller.

(f)            Seller has not
licensed or sublicensed its rights in any material Intellectual Property, or
received or been granted any such rights, other than pursuant to the License
Agreements and the Contracts, including the Westin Management Agreement.

(g)           Each License Agreement
is a valid and binding obligation of Seller or its Affiliate party thereto,
enforceable in accordance with its terms, and, to the Knowledge of Seller,
there exists no event or condition which will result in a violation or breach
of, or constitute a default by Seller or its Affiliate party thereto or, to the
Knowledge of Seller, the other party or parties thereto, under such License
Agreement.

4.13        Finders’ Fees.  Except for the entity rendering the
Fairness Opinion at Seller’s request, whose fees shall be paid by Seller or any
of its Affiliates at the Closing, there is no investment banker, broker,
finder, financial advisor or other intermediary which is or might be entitled
to any fee, commission or compensation from, or which has been retained by or
is authorized to act on behalf of, Seller or any of its Affiliates in
connection with any of the transactions contemplated by this Agreement.  In the event of any claims therefor, Seller
shall indemnify, defend and hold Buyer and its Affiliates harmless from and
against all such claims, losses, costs or expenses, including reasonable
attorneys’ fees, arising as a result thereof.

 44
 

4.14        Employees.

(a)           Schedule 4.14
attached hereto sets forth a true and correct list of all Employees of the
Business as of the date referenced on Schedule 4.14, as well as, for
informational purposes, those employees of Troon, involved in the Business or
operation of the Acquired Assets.  Schedule
4.14(a) includes the complete list of all Employees of Seller who were
fired or whose employment was terminated by Seller within the ninety (90) days
prior to the Execution Date.  The parties
acknowledge and agree that this list will be relied on by Buyer in connection
with Section 2.03(e) of this Agreement.

(b)           The employment of no
managers of the Business with an annual salary of Seventy-Five Thousand Dollars
($75,000) or more for such employment has been terminated involuntarily as of
the date referenced on Schedule 4.14(a) other than those persons who are
listed in Schedule 4.14(a).

(c)           There are no pending,
or to the Knowledge of Seller, threatened or anticipated actions, suits,
investigations or claims raised by or on behalf of any Employees with respect
to their employment by Seller.

4.15        Employee Benefit Plans.

(a)           Schedule 4.15(a)
attached hereto contains a true and correct list of each material employment,
bonus, deferred compensation, incentive compensation, stock purchase, stock
option, stock appreciation right or other stock-based incentive, severance,
change-in-control, or termination pay, hospitalization or other medical,
retiree medical, dental, vision, disability, life or other insurance,
supplemental unemployment benefits, profit-sharing, pension, retention, or
retirement plan, program, agreement or arrangement and each other material
employee benefit plan, program, agreement or arrangement, sponsored, maintained
or contributed to or required to be contributed to by Seller, or by any trade
or business, whether or not incorporated (an “ERISA
Affiliate”), that together with Seller would be deemed a “single
employer” within the meaning of Section 4001(b)(1) of ERISA, for the
benefit of any Employee or former employee of the Business, whether formal or
informal and whether legally binding or not (the “Plans”).  Schedule
4.15(a) attached hereto includes each of the Plans, if any, that is an “employee
welfare benefit plan” or “employee pension benefit plan” as such terms are
defined in Sections 3(1) and 3(2) of ERISA (such plans collectively, the “ERISA Plans”).  Except as disclosed in Schedule 4.15(a)
attached hereto, none of Seller nor any ERISA Affiliate has any formal plan or
commitment, whether legally binding or not, to create any additional Plan or
modify or change any existing Plan that would affect any Employee or former
employee or director of the Business in a manner which could reasonably be
expected to constitute or result in a Material Adverse Effect.

(b)           With respect to each of
the Plans, Seller shall make available to Buyer, upon Buyer’s request, true and
correct copies of each of the following documents, as applicable:

(i)            a
copy of the Plan document, including all amendments thereto, for each written
Plan or a written description of any Plan that is not otherwise in writing;

 45
 

(ii)           a
copy of the annual report or Internal Revenue Service Form 5500 Series, if
required under ERISA, with respect to each ERISA Plan for the last two Plan
years ending prior to the Execution Date; and

(iii)          all contracts relating to the Plans,
including insurance contracts, investment management agreements, subscription
and participation agreements and record keeping agreements.

(c)           To the Knowledge of
Seller, no liability under Title IV of ERISA has been incurred by Seller or any
ERISA Affiliate since the effective date of ERISA that has not been satisfied
in full, and no condition exists that presents a material risk to Seller or any
ERISA Affiliate of incurring any liability under such Title, other than
liability for premiums due to the Pension Benefit Guaranty Corporation (the “PBGC”), which payments have been or will be
made when due.

(d)           To the Knowledge of
Seller, none of Seller, any ERISA Affiliate, any of the ERISA Plans, any trust
created thereunder nor any trustee or administrator thereof has engaged in a
transaction or has taken or failed to take any action in connection with which
Seller or any ERISA Affiliate could be subject to any material liability for
either a civil penalty assessed pursuant to Section 409 or 502(i) of ERISA or a
tax imposed pursuant to Section 4975, 4976 or 4980B of the Code.

(e)           Except as set forth on Schedule
4.15(e), no Plan is a “multi-employer pension plan”, as such term is
defined in Section 3(37) of ERISA.

(f)            To the Knowledge of
Seller, each of the Plans has been operated and administered in all material
respects in accordance with applicable laws, including ERISA and the Code.

(g)           Each of the ERISA Plans
that is an “employee pension benefit plan” as defined in Section 3(2) of ERISA
that is intended to qualify under Section 401(a) of the Code has (i) received a
favorable determination letter that such Plan satisfied the requirements of the
Tax Reform Act of 1986 and the statutes referenced in IRS Announcement 2001 104
and any amendments thereto or (ii) has submitted a request for a determination
within the applicable remedial amendment period.

(h)           No Plan provides
benefits, including death or medical benefits whether or not insured, with
respect to any Employee or former employee of Seller or any ERISA Affiliate
after retirement or other termination of service other than (i) coverage
mandated by applicable laws or (ii) benefits the full direct cost of which are
borne by the Employee or former employee or beneficiary thereof.

(i)            Subject to Buyer’s
compliance with its covenants contained herein, the consummation of the
transactions contemplated by this Agreement will not, either alone or in
combination with any other event, (i) entitle any Employee or former employee,
officer, director or consultant of Seller or any ERISA Affiliate to severance
pay, unemployment compensation or any other similar termination payment, or
(ii) accelerate the time of payment or vesting, or increase the amount of, or
otherwise enhance, any benefit due to any such employee, officer, director or
consultant.

 46
 

(j)            There are no pending,
or to the Knowledge of Seller, threatened or anticipated claims by or on behalf
of any Plain, by any employee or beneficiary under any such Plan or otherwise
involving any such Plan other than routine claims for benefits.

4.16        Environmental Matters.  Except as set forth in any environmental
report made available to Buyer or as disclosed in Schedule 4.16 attached
hereto or other matters which may be customary in the operation of a golf course
or could not reasonably be expected to constitute or result in a Material
Adverse Effect: 

(a)           except for ongoing
groundwater monitoring as set forth in that certain April 6, 2007 proposal from
URS, no written claim, notice, request for information, order, complaint or
penalty has been sent to or, to the Knowledge of Seller, is threatened against,
Seller or any of its Affiliates relating to the Business or the Real Property
and there are no judicial, administrative or other actions, suits or
proceedings pending or threatened against Seller which relate to the Acquired
Assets and allege a violation of or a liability under any Environmental Law, in
each case arising out of any Environmental Law or relating to the disposal or
Release of Hazardous Substances and relating to (i) Seller or any of its
Affiliates or (ii) any other Person whose liability for such matter Seller or
any of its Affiliates has assumed or retained contractually or by operation of
law;

(b)           to the Knowledge of
Seller, Seller has received no written notice that, in relation to the Business
or the Acquired Assets, Seller or any of its Affiliates is not in material
compliance with applicable Environmental Laws and, to the Knowledge of Seller,
there are no facts or circumstances that would or materially increase the cost
of maintaining such compliance in the future;

(c)           to the Knowledge of
Seller, Seller has received no written notice that, during the time period of
Parent’s lender relationship with GHR, GHR was not in material compliance with
applicable Environmental Law in relation to the Business or the Acquired
Assets;

(d)           to the Knowledge of
Seller, none of Seller, any of its Affiliates or any third party has Released
or threatened to Release a Hazardous Substance at (i) any parcel of Owned Real
Property or (ii) any other location as a result of the operation of the
Business or with respect to which Seller or any of its Affiliates has incurred,
assumed or retained liability contractually or by operation of law;

(e)           any of its Affiliates
has filed any notice with any Governmental Authority under any Environmental
Law reporting a Release or threatened Release of any Hazardous Substance
relating to the Business;

(f)            to the Knowledge of
Seller, none of the Real Property is subject to any lien in favor of any
Governmental Authority or any other party for any liability, costs, or damages
incurred in response or a Release of Hazardous Substances; and

 47
 

(g)           without in any way
limiting the generality of the foregoing, (i) all on-site and off-site locations
where, with respect to the Business, Seller or any of its Affiliates has
stored, disposed or arranged for the disposal of Hazardous Substances are
identified in Schedule 4.16(e) attached hereto, and (ii) all
underground storage tanks located on the Owned Real Property or the Leased Real
Property are identified in Schedule 4.16(e) attached hereto, except as
set forth in any environmental report made available to Buyer.

4.17        Labor Matters.

(a)           Except as set forth in Schedule
4.17 attached hereto, (i) there are no collective bargaining agreements or
agreed upon work rules or practices in effect relating to the Employees (other
than any employee handbook, workplace publication or similar materials) or any
other contract or commitment to any labor union or association representing any
Employee, (ii) no labor union or association or collective bargaining agent
represents or claims to represent any Employee, (iii) there is no
organizational effort currently being made or, to the Knowledge of Seller,
threatened to organize any Employee, nor was there any within the two (2) years
prior to the Execution Date, (iv) there has been no strike, slowdown, work
stoppage, lockout, arbitration or other material work-related dispute involving
any Employee, and no such action is now pending or affecting the Business, nor,
to the Knowledge of Seller, is any such action threatened, (v) there are no
grievances arising out of any collective bargaining or similar agreement or
other grievance procedure, (vi) neither Seller nor any of its Affiliates has
received notice of the intent of any national, federal, state, local or foreign
agency responsible for the enforcement of labor or employment laws to conduct
an investigation with respect to or relating to the Business, and no such investigation
is in progress, (vii) no proceeding against Seller or any of its Affiliates
relating to the Business, or controversy or dispute between Seller or any of
its Affiliates and any Employee or former employee, or any applicant for
employment in the Business, has been filed or, to the Knowledge of Seller,
threatened, relating to the alleged violation of any law pertaining to labor
relations or employment matters, including any charge, complaint or petition
filed by any Employee or former employee of the Business or applicant for
employment in the Business or labor organization or labor union with the
National Labor Relations Board, the Equal Employment Opportunity Commission,
the United States Department of Labor or any other Governmental Authority, and (viii)
there are no written personnel policies, rules or procedures applicable to
Employees, other than any employee handbook, workplace publication or similar
material and the items set forth in Schedule 4.17 attached hereto, true
and correct copies of which shall be made available to Buyer.  To the Knowledge of Seller, Seller and its
Affiliates are, and have at all times been, in compliance in all material
respects with the terms and requirements of, and are not currently in default
in any material respect under, (i) any collective bargaining agreement or other
labor union contract covering any Employee or (ii) any applicable laws
respecting employment and employment practices, terms and conditions of
employment, wages, hours of work and occupational safety and health, and are
not engaged in any unfair labor practices as defined in the National Labor
Relations Act or other applicable law, ordinance or regulation with respect to
any Employee or former employee of the Business.

(b)           Neither Seller nor any
of its Affiliates has incurred any liability or obligation under the Worker
Adjustment and Retraining Notification Act (“WARN”)
or similar state or local laws, including with respect to the provision of any
notice of any plant closing or mass layoff taking place up to and including the
Closing Date, which remains unpaid or

 48
 

unsatisfied or which has not been accrued and which
relates to any Employee or former employee of the Business.  Neither Seller nor any of its Affiliates has
ordered a plant closing or mass layoff (as defined in WARN) in the past six (6)
months involving any Employee or former employee of the Business nor has the
Business laid off more than forty-nine (49) full-time employees accounting for
thirty-three percent (33%) or more of the total number of employees at any
single site of employment in any thirty (30) day period during the last twelve
(12) months.

(c)           Seller
agrees that it bears responsibility for providing the required list of
Employees (per Schedule 4.14(a)) who were fired or whose employment was
terminated by Seller within ninety (90) days prior to the Execution Date.

4.18        Tax Matters.

Except as set forth in Schedule 4.18 attached
hereto or other matters which could not be reasonably be expected to constitute
or result in a Material Adverse Effects:

(a)           Seller is and always
has been classified as a “disregarded entity” for United States federal, state
and local income Tax purposes;

(b)           Seller has duly filed,
or has had filed, all Tax Returns required to be filed by or in respect of
Seller in a timely manner, and, to the Knowledge of Seller, all such Tax
Returns are true and correct in all material respects;

(c)           to the Knowledge of
Seller, Seller has duly paid or has had paid, all Taxes required to be paid by
or in respect of Seller in a timely manner, whether or not shown or required to
be shown on any Tax Return or has adequate reserves to pay any contested Taxes;

(d)           there is no outstanding
request, agreement, waiver or consent providing for an extension of the
statutory period of limitations with respect to any Taxes or Tax Returns of or
in respect of Seller, and no power of attorney granted by or in respect of
Seller with respect to any Tax matter relating to the Business or the Acquired
Assets is currently in force;

(e)           no Tax liens (except
for statutory liens for current Taxes not yet due and payable) on any of the
Acquired Assets have been filed and there is no action, suit, proceeding,
investigation, audit or claim now pending or threatened against or in respect
of Seller with respect to any Tax or Tax Return nor are there any Taxes for
which Seller could be liable under Treasury Regulation Section 1.1502-6 or any
comparable provision of state, local or foreign Tax law;

(f)            Seller is not a party
to or otherwise bound by any agreement or understanding providing for the
allocation or sharing of Taxes, nor does Seller have any obligation or
liability under any such agreement or understanding to which it was once a
party or otherwise bound; and

(g)           Seller is not a “foreign
person” as defined in Section 1445(b)(2) of the Code.

 49
 

4.19        Accounts Receivable.

All of the Accounts Receivable of Seller and its
Affiliates that are reflected in the Unaudited Balance Sheet have been
recorded, net of reserves, in accordance with GAAP, and all Accounts Receivable
that have arisen since the date of the Unaudited Balance Sheet, have arisen
only from bona fide transactions with independent third parties in the ordinary
course of business consistent with past practice.  The Accounts Receivable used in the preparation
of the Statement of the Closing Date Working Capital shall be net of the
respective reserves used in the preparation of the Statement of the Closing
Date Working Capital shown thereon, which reserves shall be adequate and
calculated in accordance with GAAP in a manner generally consistent with past
practice.  Subject to such reserves, to
the Knowledge of Seller, each of the Accounts Receivable used in the
preparation of the Statement of the Closing Date Working Capital is collectible
in the ordinary course of business in accordance with its terms and has not
been factored.

4.20        Insurance.

(a)           Schedule 4.20
attached hereto contains a true and correct list of all policies of property,
fire and casualty, product liability, workers’ compensation and other forms of
insurance owned or held by Seller or any of its Affiliates in relation to the
Business or the Acquired Assets.  Except
as set forth in Schedule 4.20 attached hereto or as disclosed in the Due
Diligence Materials and Property Information, as of the Execution Date, to the
Knowledge of Seller, there is no occurrence or incident that could reasonably
be expected to give rise to a material claim for insurance by Seller or any of
its Affiliates under any “claims made” insurance policy that has not been
reported to the primary carrier and, if applicable, excess carrier issuing any
such policy.

(b)           Seller and its
Affiliates have paid all premiums due and, to the Knowledge of Seller, have
otherwise performed all of their respective material obligations under the
insurance policies listed in Schedule 4.20 attached hereto, except to
the extent that any failure to pay or perform thereunder could not reasonably
be expected to constitute or result in a Material Adverse Effect.  Neither Seller nor any of its Affiliates has
received any notice of cancellation or any other indication that any material
insurance policy listed in Schedule 4.20 attached hereto is no longer in
full force and effect or will not be renewed or that the issuer of any such
policy is not willing or able to perform its obligations thereunder.  To the Knowledge of Seller, there is no
material claim asserted by Seller or any of its Affiliates pending under the
insurance policies listed in Schedule 4.20 attached hereto as to which
coverage has been finally denied by the underwriters of any such policy or
arrangement.

4.21        Transactions with
Affiliates.  As of the Execution
Date, no Material Contracts or material transactions relating to the Business,
other than employment or consulting contracts terminable without penalty on 30
days notice, between any Employee, partner, limited partner, officer or
director of Seller or any of their relatives, on the one hand, and Seller or
any of its Affiliates, on the other hand, existed.

4.22        Acquired Assets.  To the Knowledge of Seller, other than with
respect to Retained Assets, the Acquired Assets constitute all of the assets,
properties, licenses and other agreements which are presently being used
primarily in connection with the Business as presently conducted.

 50
 

4.23        Suppliers.  Schedule 4.23 contains a complete
and accurate list, with respect to the Business, of Seller’s twenty largest
suppliers (measured by dollar volume of purchases) and the dollar amount of the
Business which supplier represented during the fiscal year ended December 31,
2006.  Except as set forth in Schedule 4.23,
the Seller Entities have received no notice that, and have no Knowledge that,
any such supplier of a Seller Entity does not plan to continue to do business
with Buyer, or plans to reduce its supplies to or volume of orders from Buyer
or will not do business on substantially the same terms and conditions with
Buyer subsequent to the Closing Date as such supplier or customer did with the
Seller Entities before such date.

4.24        Vested Rights.  The Vested Rights shall be assigned to Buyer
at Closing, pursuant to that certain assignment agreement, a form of which is
attached hereto as Exhibit 4.24 (the “Vested
Rights Assignment”).  

4.25        GH Securities.  GH Securities (i) is a duly organized and
validly existing corporation in good standing under the laws of the state of
Florida, (ii) is duly qualified as a foreign entity in each other jurisdiction
in which its business is conducted, if any, (iii) has the requisite entity
power and authority to carry on its business as now being conducted.  Holding Company has full right, title and
interest in and to the GH Securities Stock Interests and has not transferred,
pledged or hypothecated the GH Securities Stock Interests.  Holding Company has the requisite entity
power to execute and deliver, and perform its obligations hereunder.   The GH Securities Stock Interests constitute
100% of the capital stock of GH Securities, and there are no outstanding
options to purchase, or securities convertible into, equity interests in GH
Securities, nor any obligation to issue any of the foregoing.  Delivery of the GH Securities Stock Interest
Transfer Documents will transfer to Buyer good and valid title to the GH
Securities Stock Interests, free and clear of all liens and encumbrances,
except as created by this Agreement.  As
of the Closing Date, the Seller Entities, shall have timely filed all required
filings with the SEC (and shall have agreed to file all subsequent required
filings with the SEC or NASD, as applicable, respecting any period prior to the
Closing Date).

4.26        NASD.  The Seller Entities and their Affiliates own
or possess all documents, manuals, policies and programs required by the rules
and regulations of the NASD and the SEC, including operating manuals,
compliance manuals, operating and procedure manuals, securities trading policy
manuals, and continuing education files, and GH Securities has complied in all
material respects with all aforementioned documents, manuals, policies and
programs.

4.27        Partnership Program LLCs.  All securities (units of membership interests
and rental pool leases) of the limited liability companies formed under the
Seller’s so-called “partnership program” were offered and sold in transactions
exempt from the registration requirements of Section 5 of the Securities Act of
1933, as amended, and comparable provisions of applicable state securities and
blue sky laws. The written offering materials provided to the purchasers of
units of membership interests in the so-called “partnership program” limited
liability companies did not contain any untrue statement of a material fact or
omit to state a material fact required to be stated therein or necessary in
order to make the statement therein, in the light of the circumstances under
which they were made, not misleading.

 51

4.28        Troon Employees.  To the Knowledge of Seller, Seller has
not entered into any agreements that would prohibit Buyer from hiring any
employees of Troon after the termination of the Troon Management Agreement. 

ARTICLE
5

REPRESENTATIONS AND WARRANTIES OF BUYER

Buyer represents and warrants to the Seller Entities
that all of the statements contained in this Article 5 are true and
correct as of the Execution Date, and shall be true and correct in all material
respects as of the Closing Date as though made on the Closing Date.

 52
 

5.01        Corporate Existence and
Power.  Each entity constituting
Buyer is a limited liability company duly formed, validly existing and in good
standing under the laws of Florida, and is duly authorized to conduct the
business in which it is engaged and to own and use the properties owned and
used by it and has, in all material respects, all the permits required to carry
on its business as now conducted.

5.02        Corporate Authorization.  The execution, delivery and performance
by Buyer of this Agreement and the consummation of the transactions
contemplated hereby by Buyer are within the corporate powers of Buyer and have
been duly authorized by all necessary corporate action on the part of
Buyer.  This Agreement has been duly
executed and delivered by Buyer, and assuming the due authorization, execution
and delivery by the Seller Entities, this Agreement constitutes a valid and
binding obligation of Buyer, enforceable against Buyer in accordance with its
terms, except as (i) the enforceability hereof or thereof may be limited by
bankruptcy, insolvency, moratorium or other similar applicable laws affecting
the enforcement of creditors’ rights generally, and (ii) the availability of
equitable remedies may be limited by equitable principles of general
applicability.

5.03        Governmental
Authorizations.  The execution,
delivery and performance by Buyer of this Agreement and the consummation of the
transactions contemplated hereby require no material action by or in respect
of, or material filing with, any Governmental Authority other than any material
action or material filing applicable to Section 4.03 hereof.

5.04        Noncontravention.  The execution, delivery and performance
by Buyer of this Agreement and the consummation of the transactions
contemplated hereby by Buyer do not and will not (i) violate any provision of
the organizational documents of Buyer, (ii) violate any applicable law, rule,
regulation, judgment, injunction, order or decree, or agreement with or
condition imposed by any Governmental Authority on Buyer, or (iii) require any
approval or consent or other action by any Person under, constitute a default
under (or with notice, lapse of time, or both would result in such a breach or
default), or give rise to any right of termination, material amendment,
cancellation or acceleration of any right or obligation of Buyer or to a loss
of any benefit to which Buyer is entitled under any provision of any agreement
or other instrument binding upon Buyer prior to the Closing.

5.05        Financing.  There shall be no financing contingency
for the benefit of Buyer. 
Notwithstanding anything to the contrary set forth in this Agreement,
the parties acknowledge and agree that it shall not be a condition to the
obligations of Buyer to consummate the transactions contemplated hereby that
Buyer have sufficient funds for payment of the Purchase Price and any
adjustments thereto.

5.06        Finders’ Fees.  Other than Warren & Lewis Investment
Corporation, there is no investment banker, broker, finder, financial advisor
or other intermediary which is or might be entitled to any fee, commission or
compensation from, or which has been retained by or is authorized to act on
behalf of, Buyer or any of its Affiliates in connection with any of the
transactions contemplated by this Agreement. 
In the event of any claims by any investment banker, broker, finder,
financial advisor or other intermediary which is or might be entitled to any
fee, commission or compensation from, or which has been retained by or is
authorized to act on behalf of, Buyer or any of its Affiliates in connection
with any of the transactions contemplated by this Agreement, Buyer shall
indemnify, defend and hold Seller and its Affiliates harmless from and against
all such claims, losses, costs or expenses, including reasonably attorneys’
fees, arising as a result thereof.

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5.07        No Liability.  None of (i) any other document provided
to Buyer or any of its agents or representatives by the entity providing the
Fairness Opinion or any of their Affiliates, (ii) any other document provided
or made available as part of the Due Diligence Materials or Property
Information or (iii) any statement any of the documents referenced above
constitutes a representation, warranty or covenant of any of the Seller Parties
or any other Person.  Notwithstanding the
first sentence of this Section 5.07, any information independently set
forth in the Seller Entities’ representations and warranties is not modified by
the contents of the first sentence.  

5.08        As-Is Sale; Release.

(a)           Seller Disclaimer.  Other than as specifically set forth in
this Agreement, each of the Seller Parties hereby disclaims the making of any
representations or warranties, express or implied, regarding the Acquired
Assets, Assumed Liabilities, Business or Real Property or any part thereof or
any matters affecting the Acquired Assets, Assumed Liabilities, Business or
Real Property or any part thereof, including the physical condition of the
Acquired Assets, Assumed Liabilities, Business or Real Property or any part
thereof, title to or boundaries of the Acquired Assets, Assumed Liabilities,
Business or Real Property or any part thereof, pest control, soil conditions,
hazardous wastes, toxic substances or other environmental matters, compliance
with building, health, safety, land use or zoning laws, regulations and orders,
structural and other engineering characteristics, traffic patterns and all
other information pertaining to the Acquired Assets, Assumed Liabilities,
Business or Real Property or any part thereof. 
Moreover, Buyer acknowledges that (i) Buyer is a sophisticated investor,
knowledgeable and experienced in the financial and business risks attendant
with an investment in real property and capable of evaluating the merits and
risks of entering into this Agreement and acquiring the Acquired Assets,
Assumed Liabilities, Business and Real Property, (ii) except with respect to
the representations and warranties expressly contained in this Agreement and in
the certificates or other writings delivered by Seller pursuant to Article
10 hereof, Buyer has entered into this Agreement with the intention of
making and relying upon its own, or its experts’, investigation of the
physical, environmental, economic, and legal condition of the Acquired Assets,
Assumed Liabilities, Business and Real Property or any part thereof, including
any mechanical, electrical, HVAC, life support, fire safety, fire control and
other systems, and all documents relating to the leasing, management and
operation of the Acquired Assets, Assumed Liabilities, Business or Real
Property or any part thereof, the compliance of the Acquired Assets, Assumed
Liabilities, Business or Real Property or any part thereof with all
authorizations of any Governmental Authority and other governmental laws, rules
and regulations and the operation of the Acquired Assets, Assumed Liabilities,
Business or Real Property or any part thereof, (iii) Buyer is not relying
upon any representation or warranty, other than as expressly set forth in this
Agreement and in the certificates or other writings delivered by Seller
pursuant to Article 10 hereof, made by any of the Seller Parties or
anyone acting or claiming to act on their behalf concerning the Acquired
Assets, Assumed Liabilities, Business or Real Property or any part thereof, and
(iv) except with respect to the representations and warranties of Seller
expressly set forth in this Agreement and in the certificates or other writing
delivered by Seller pursuant to

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Article 10 hereof, Buyer has not
relied on, or been induced to enter into this Agreement or any transaction
contemplated herein by, any duty, obligation or responsibility on the part of
any of the Seller Parties to disclose any fact or circumstance relating to the
Acquired Assets, Assumed Liabilities, Business or Real Property or any part
thereof.  Buyer further acknowledges that
it has not received from any of the Seller Parties any accounting, tax, legal,
securities, architectural, engineering, property management, real property or
any other advice with respect to the transactions contemplated by this
Agreement and is relying solely upon the advice of Buyer’s own accounting, tax,
legal, securities, architectural, engineering, property management, real
property and other advisors with respect to the transactions contemplated by
this Agreement.  Except as otherwise
expressly set forth in this Agreement and in the certificates or other writings
delivered by Seller pursuant to Article 10 hereof, and except as
otherwise provided in Section 5.09(c) hereof with respect to fraud
claims, Buyer shall acquire the Acquired Assets, Assumed Liabilities, Business
and Real Property and each part thereof “AS
IS-WHERE IS” and with all faults on the Closing Date and assume the
risk that adverse physical, environmental, economic or legal conditions may not
have been revealed to Buyer.  Except with
respect to a breach of the representations and warranties expressly made by any
of the Seller Entities in this Agreement and as otherwise provided in Section
5.09(c) hereof with respect to fraud claims, none of the Seller Parties
shall have any liability of any kind or nature for any subsequently discovered
defects in the physical condition of the Acquired Assets, Assumed Liabilities,
Business or Real Property or any part thereof, whether such defects were latent
or patent.  This Section 5.09(a)
shall survive any Closing and any termination of this Agreement.

(b)           Buyer Releases of Seller Parties.  Except as specifically set forth in this
Agreement, at the expiration of the period for the survival of the same as more
fully described herein, Buyer and its Affiliates and anyone claiming by,
through or under them, each hereby fully and irrevocably releases each of the
Seller Parties from any and all claims, whether known or unknown, foreseen or
unforeseen, now existing or hereafter arising, that it or they may then have
against any of the Seller Parties for any cost, loss, liability, damage,
expense, action or cause of action at law, in equity or otherwise, arising from
or relating in any way to (i) the parcels or any of them, including any and all
claims, whether known or unknown, foreseen or unforeseen, now existing or
hereafter arising, relating in any way to or arising under or in connection
with any of the Leases or management agreements and/or any claim relating in
any way to or arising from the physical or environmental condition of such
parcels, the operation of such parcels and/or the repair or maintenance of such
parcels, or arising from any breach of an express representation, warranty or
covenant of Seller contained in this Agreement, except for claims arising from
any breach of an express representation, warranty or covenant of Seller
contained in this Agreement that expressly survives the Closing by the terms of
this Agreement, or (ii) the partnership agreement of Seller, or any
relationship of any of the Seller Parties with Buyer or any of its Affiliates,
including as partners in Seller or any other relationship among any of the
Seller Parties with Buyer and/or its Affiliates, whether as partners, co-members,
shareholders or any other relationship, including any and all claims, whether
known or unknown, foreseen or unforeseen, now existing or hereafter arising,
that any such Seller Parties may have accrued as fiduciaries of Buyer or any of
its Affiliates, or arising in any manner whatsoever; provided, however,
that this release shall no longer be effective if this Agreement is terminated
and (A) a court of competent jurisdiction determines on a final, non-appealable
basis that Seller materially breached this Agreement, (B) Buyer’s closing
conditions set forth in Article 10 hereof have not been satisfied
or waived by Buyer, or (C) Seller’s closing conditions set forth in

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Article 10 hereof have not been
satisfied or waived by Seller.  Buyer and
its Affiliates further agree that the releases hereunder shall be given full
force and effect according to each of their express terms and provisions,
including any unknown and suspected claims, damages and causes of action.  Notwithstanding any provisions at law or by
statute pertaining to releases and waivers of claims, the releases contained
herein shall each constitute a full release in accordance with its terms.  Buyer and its Affiliates hereby knowingly and
voluntarily waive any and all statutes, laws, rules and/or regulations that in
any way would otherwise limit, restrict or nullify the effect of the releases
and waivers contained herein, and acknowledge that each release and waiver
contained herein is an essential and material term of this Agreement, and without
such release or waiver this Agreement would not have been entered into by
Seller.  Buyer and its Affiliates hereby
respectively represent and warrant that they have been advised by their legal
counsel or have had the opportunity to obtain advice of legal counsel of their
choice, and understand and acknowledge the significance of the releases and
waivers contained herein and the specific waiver of any and all statutes, laws,
rules and/or regulations that in any way would otherwise limit, restrict or nullify
the effect of any release or waiver contained herein.  This Section 5.09(b) shall survive any
Closing and any termination of this Agreement.

(c)           No Fraud Waiver.  Notwithstanding anything to the contrary set
forth in this Agreement, including this Section 5.09(c), in no event
shall Buyer or Seller or any of their Affiliates waive hereby, or be deemed to
have waived hereby, any right, claim or cause of action that Buyer or Seller or
any of their Affiliates may have or assert against the other or any of its
Affiliates relating to active fraud, and the waivers in this Agreement shall
not be deemed to waive or absolve Seller or Buyer or any of their Affiliates
from any liability for the active fraud of Seller.

ARTICLE
6

COVENANTS OF THE SELLER ENTITIES

6.01        Conduct of the Business.

(a)           Between the Execution
Date and the Closing Date, except as set forth in this Agreement, the Seller
Entities shall use commercially reasonable efforts to (i) operate and preserve
the Business in the ordinary course of business on a basis generally consistent
with past practice, (ii) preserve the goodwill of suppliers and service
providers with respect to the Business, (iii) maintain the books, records and
accounts of the Business in the usual, regular and ordinary course of business
generally consistent with past practice, (iv) enforce all Contracts to be
assigned to and assumed by Buyer in the ordinary course of business generally
consistent with past practice (provided, however, Seller shall
not be obligated to commence any litigation or terminate any such Contracts),
and (v) maintain the Real Property (subject to normal wear and tear) generally
consistent with past practice; provided, however, that the Seller
Entities shall not be required to make or commit to make any capital
improvements, repairs or replacements to the Acquired Assets, except
improvements, repairs or replacements that any of the Seller Entities
reasonably determines to be of an emergency nature.  Between the Execution Date and the Closing
Date, none of the Seller Entities nor any of their Affiliates shall enter into
any new lease affecting the Owned Real Property, or modify any existing Lease,
without first obtaining the prior written consent of Buyer, which consent shall
not be unreasonably withheld or delayed;

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provided, however, that
Seller may enter into any Innisbrook 2007 Rental Pool Annual Lease Agreement in
the form set forth in Exhibit 6.01 attached hereto without the prior
written consent of Buyer.  Between the
Execution Date and the Closing Date, none of the Seller Entities nor any of
their Affiliates shall enter into any new contracts or agreements not in the
ordinary course of business affecting the Business or the Owned Real Property,
or modify any of the existing Contracts other than in the ordinary course of
business; provided, however, that the Seller Entities and their
Affiliates may enter or modify any contracts or agreements that may be
terminated upon not more than thirty (30) days’ notice without payment of a
penalty.

(b)           Except in the case of
emergencies and capital expenditures committed prior to the Closing Date but
after the Execution Date , Seller shall notify Buyer in writing of any capital
expenditure of a non-emergency nature that the Seller Entities or any of their
Affiliates propose to make relating to the Acquired Assets after Execution
Date.  Within three (3) Business Days of
Buyer’s receipt of such notice, Buyer shall, pursuant to a written notice to
Seller, consent or reasonably withhold its consent to such capital expenditure.  In the event Buyer does not furnish Seller
with written notice pursuant to this Section 6.01(b), Buyer shall be
deemed to have consented to the applicable capital expenditure.  The obligations of Seller related to any
capital expenditure to which Buyer consents pursuant to this Section 6.01(b)
shall be assumed by Buyer at the Closing. 
In the event Buyer reasonably withholds its consent by written notice to
Seller pursuant to this Section 6.01(b), Seller shall not make the
applicable capital expenditure; provided, however, and
notwithstanding anything in this Agreement to the contrary, Seller shall have
the unrestricted right, in Seller’s sole discretion, to commit to and expend
funds for capital improvements or replacements without reimbursement by Buyer; provided,
however, that Buyer will not be deemed to have assumed such obligations
of Seller if Buyer has not provided consent pursuant to the provisions set
forth in this Section 6.01. 
Seller represents and warrants that as of the Execution Date, it has incurred
(or anticipates that it will incur prior to the Closing Date) an approximate
total of Six Hundred Thirty Three Thousand Two Hundred Ninety Seven Dollars
($633,297) in capital expenditures with respect to the matters set forth on Schedule
6.01(b) hereto (the “Transition Capital
Expenditures”). 
Notwithstanding anything to the contrary, Buyer agrees to reimburse
Seller for Three Hundred Sixteen Thousand Six Hundred Forty Eight Dollars
($316,648) in connection with the Transition Capital Expenditures, subject to
Buyer’s good faith review and verification of such amounts prior to the Closing
Date; provided, that if Seller’s actual expenses incurred in Transition
Capital Expenditures are less than Six Hundred Thirty Three Thousand Two
Hundred Ninety Seven Dollars ($633,297), Seller shall remit to Buyer fifty
percent (50%) of the difference between Six Hundred Thirty Three Thousand Two
Hundred Ninety Seven Dollars ($633,297) and the actual expenses incurred by
Seller.  Buyer shall have no obligation
to assume, commit, or be obligated for any additional Transition Capital
Expenditures beyond its commitment set forth herein.

6.02        Access to Information.

From the Execution Date until the Closing Date, and
otherwise subject to the limitations, restrictions and exceptions provided in Section
2.08(c) hereof, upon reasonable notice, Seller shall (i) make available to
Buyer reasonable access to the books and records of Seller related to the
Acquired Assets and Assumed Liabilities; (ii) make available to Buyer such financial
and operating data and other information relating to the Business as Buyer may
reasonably request and Seller may have, (iii) to the extent not otherwise
available under this Section 6.02, allow

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Buyer reasonable access to Seller’s senior executive officers
for Buyer’s reasonable investigation of the Business, and (iv) abide by the
terms set forth in Section 2.08 hereof; provided, however,
that any such access or furnishing of information shall be conducted during
normal business hours upon reasonable notice to Seller, under the supervision
of Seller’s personnel or designees in such a manner as to not unreasonably
interfere with the conduct of the Business or the normal operations of Seller
or any of its Affiliates and at Buyer’s sole cost and expense, except that
Buyer shall not compensate Seller for any payment made by Seller for the time
or reasonable travel, lodging or meal expenses of Seller’s executives,
employees, agents or representatives in relation thereof.  Notwithstanding anything to the contrary in
this Agreement, Seller shall not be required at any time to disclose any
information to Buyer (1) that is, in Seller’s sole discretion, confidential,
including any information regarding other bids, bidders or analysis or advice
with respect thereto, or (2) if such disclosure would (A) in Seller’s sole
discretion jeopardize any applicable privilege, including attorney-client
privilege or work-product privilege, or (B) contravene any duty imposed by
applicable laws.

6.03        Estoppel Certificates.

(a)           Within three (3)
Business Days after the Execution Date, Seller shall request of each landlord
under each Lease that an executed copy of any estoppel certificate that is an
obligation pursuant to the terms of the applicable Lease be delivered to Buyer
or Seller.  In the event any or all
landlords under any Lease do not provide such certificates under this Section
6.03(a), such event shall not in any way constitute a breach of this
Agreement by Seller or any of its Affiliates.

(b)           Within
three (3) Business Days after the Execution Date, Seller shall request of Troon
that an executed copy of the Troon Estoppel Certificate be delivered by Troon
to Buyer or Seller.  In the event Troon
does not provide the Troon Estoppel Certificate to Buyer or to Seller as provided
under this Section 6.03(b) for any reason, such event shall not in any
way constitute a breach of this Agreement by Seller or any of its
Affiliates.  

6.04        Condo Association
Approval.  Within two (2)
Business Days after the Execution Date, Condo Owner shall notify Condo
Association, pursuant to Section 11.2(a)(i) of the Declaration of Condominium,
of its intention to sell the Condo Property to Buyer and shall request that
Condo Association approve such sale (the “Condominium
Approval”).  Pursuant to Section
11.2(b)(i) of the Declaration of Condominium, Condominium Association has
thirty (30) days after receipt of such notice from Condo Owner to approve or
disapprove the sale of the Condo Property. 
In the event that Condominium Association has not approved the sale of
the Condo Property prior to the Closing Date, Seller and Buyer shall
(i) close all of the transactions contemplated by this Agreement, other
than the purchase and sale of the Condo Property, on the Closing Date with a
reduction of One Million Nine Hundred Thousand Dollars ($1,900,000) (less a
reduction in such amount equal to the amount of net proceeds received by Seller
from the sale of any such Condo Property prior to the Closing Date) in the
Purchase Price (such reduction amount, the “Condo
Property Purchase Price”) and (ii) close the purchase and sale of
the Condo Property separately from the other Acquired Assets (the “Separate Condo Closing”).  In the event of a Separate Condo Closing, the
closing of the purchase and sale of the Condo Property and the payment of the
Condo Property Purchase Price by Buyer to Seller shall take place at 10:00 a.m.
Eastern time) at the offices of DLA Piper US LLP, 101 E. Kennedy Blvd,,

 58
 

Suite 2000, Tampa, Florida, on the third Business Day
immediately following receipt of the Condominium Association’s approval, if
any, of the sale of the Condo Property to Buyer.  In the event that Condominium Association
does not approve the sale of the Condo Property, such event shall not in any
way constitute a breach of this Agreement by Seller, Condo Owner or any of
their Affiliates and the balance of the transaction for the purchase and sale
of the Acquired Assets, other than the Condo Property, shall continue to occur
on the Closing Date.

6.05        Approval of GTA Board
of Directors. The GTA Board of Directors approved this Agreement and
the transactions contemplated hereby (the “Initial
Board Approval”), subject to the GTA Board of Director’s receipt of
a fairness opinion, in a form satisfactory to the GTA Board of Directors in
their sole discretion, from a financial advisor selected by the GTA Board of
Directors in their sole discretion (the “Financial
Advisor”) concluding that the transactions contemplated by this
Agreement are fair to Seller from a financial point of view (the “Fairness Opinion”).  Within ten (10) Business Days after the
Execution Date, Seller (i) shall cause the Financial Advisor to deliver the
Fairness Opinion and (ii) shall submit the Fairness Opinion to the GTA Board of
Directors for its consideration.  Seller
shall advise Buyer of the GTA Board of Director’s determination (whether it is
an approval or a disapproval thereof) within one (1) Business Day thereafter
(such approval of the GTA Board of Directors, if any, the “Final Board Approval”).  In the event Seller does not obtain the Final
Board Approval within the aforesaid time period, and Buyer is not in material
breach under this Agreement, this Agreement shall automatically terminate and
Seller shall pay to Buyer the Termination Fee (as defined below) and authorize
the Escrow Agent to release to Buyer that portion of the Deposit Amount that
Buyer has deposited with the Escrow Agent. 
Seller’s failure to obtain any approval of the GTA Board of Directors,
including the Final Board Approval, shall not constitute a breach of this
Agreement by Seller or any of its Affiliates and Buyer shall have no claim
against Seller or any of its Affiliates in the event thereof, or any right,
title or interest in the Business, the Acquired Assets or the Real Property, other
than to the payment of the amount due under Section 8.07, the return of
the Deposit Amount and the Termination Fee in the case of the Final Board
Approval provided that Buyer is not in material breach of this Agreement.

6.06        Disclosure Supplements.  Prior to the Closing, Seller shall
supplement or amend the Schedules from time to time with respect to any
material matter, condition or occurrence to the Knowledge of the Seller
Entities arising after the Execution Date which, if existing at, or occurring prior
to or on, the Execution Date, would have been required to be set forth or
described by the Seller Entities in the Schedules.  All such supplements or amendments, if any,
shall be deemed to cure any breach of and/or modify (i) any representation or
warranty made in this Agreement by the Seller Entities and (ii) any covenants
of any of the Seller Entities set forth in this Agreement.  In the event any supplement or amendment made
to the Schedules by the Seller Entities pursuant to this Section 6.06
reflects a matter which, together with matters reflected in prior supplements
or amendments made to the Schedules by the Seller Entities pursuant to this Section 6.06,
if any, has a Material Adverse Effect, Buyer, as Buyer’s sole remedy, shall
have the right to terminate this Agreement by written notice to Seller within
three (3) Business Days after the Seller Entities make such supplement or
amendment.  In the event Buyer elects to
terminate this Agreement as aforesaid, Buyer, as Buyer’s sole remedy, shall be
entitled to receive the Deposit Amount, subject to Seller’s receipt of a
quitclaim deed for the Real Property from Buyer (Seller being responsible for
all recording costs and transfer or similar taxes directly related thereto).

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6.07        No Solicitation.

(a)           During the period
following the Execution Date and prior to the Closing (or earlier termination
of this Agreement), the Seller Entities shall not, nor shall they authorize or
permit any of their Affiliates, directors or officers to, and shall use their
commercially reasonable efforts to cause any director, employee, investment
banker, financial advisor, attorney, accountant or other representative
retained by them or any of their Affiliates not to, directly or indirectly,
(i) solicit, initiate, knowingly encourage or knowingly take any other
action designed to facilitate any inquiries or the making of any proposal that
constitutes an Acquisition Proposal (as defined below), (ii) participate
in any negotiations or discussions regarding, or furnish to any Person any
nonpublic information with respect to, any Acquisition Proposal, (iii) approve,
endorse or recommend any Acquisition Proposal, or (iv) enter into any letter of
intent or similar document or any contract, agreement or commitment accepting
any Acquisition Proposal or relating to any Acquisition Proposal (other than a
confidentiality agreement entered into with a party making an Acquisition
Proposal contemplated by clause (x) below); provided, however,
that if, at any time prior to the Closing (the “Applicable Period”), any of the Seller Entities receives a
bona fide Acquisition Proposal that did not result from a breach of this Section
6.07(a), and the Board of Directors of any of the Seller Entities
determines in good faith (A) that such Acquisition Proposal may result in a
Superior Proposal (as defined below) and (B) that failure to do so may result
in a breach of such Board of Directors’ fiduciary obligations under applicable
law, any of the Seller Entities may (x) furnish information with respect
to the Acquired Assets to the Person making such Acquisition Proposal (and its
representatives) pursuant to a confidentiality agreement containing terms no
less favorable to the interests of any of the Seller Entities than those set
forth in the Confidentiality Agreement (such confidentiality agreement may
allow such party to submit to any of the Seller Entities a proposal or offer
relating to a transaction; provided, however, that such
confidentiality agreement shall not in any way restrict any of the Seller Entities
from complying with their disclosure obligations under this Agreement,
including with respect to such Acquisition Proposal) and (y) participate
in discussions or negotiations regarding such Acquisition Proposal.  For purposes of this Agreement, “Acquisition Proposal” means any bona fide
inquiry, proposal, request or offer from any third party relating to any
direct or indirect acquisition or purchase of the Acquired Assets that
constitutes ten percent (10%) or more of the net value of the Acquired Assets
taken as a whole.

(b)           Except as expressly
permitted by Section 6.05 and this Section 6.07, the Board
of Directors of none of the Seller Entities nor any committee thereof shall
(i) withdraw or modify, or propose publicly to withdraw or modify, in a
manner adverse to Buyer, the approval or recommendation by such Board of
Directors or such committee of this Agreement or Buyer’s purchase of the
Acquired Assets, (ii) approve or recommend, or propose publicly to approve
or recommend, any Acquisition Proposal, or (iii) cause Seller to enter
into any letter of intent, agreement in principle, acquisition agreement or
other similar agreement (each, an “Acquisition
Agreement”) related to any Acquisition Proposal.

(c)           Notwithstanding the
foregoing, in response to an Acquisition Proposal that did not otherwise result
from a breach of Sections 6.05, 6.07(a) or 6.07(b) hereof,
during the Applicable Period, the Board of Directors of any of the Seller
Entities may, if it determines in good faith that the failure to take such
action may result in a breach of such Board of Directors’

 60
 

fiduciary obligations under applicable law,
(A) withdraw or modify, or propose publicly to withdraw or modify, the
approval or recommendation by such Board of Directors or any committee thereof
of this Agreement or Buyer’s purchase of the Acquired Assets, (B) approve
or recommend, or propose to approve or recommend, such Superior Proposal (any
of the foregoing actions contemplated by clause (A) or (B), a “Change of Recommendation”), or
(C) terminate this Agreement pursuant to Section 12.01(h)
hereof, but only after:

(i)            such
Board of Directors has determined in good faith that such Acquisition Proposal
constitutes a Superior Proposal;

(ii)           Seller
or Parent shall have delivered to Buyer written notice at least one (1)
Business Day prior to publicly effecting such Change of Recommendation or
terminating this Agreement which shall state expressly (1) that GTA, Seller,
Parent, Condo Owner, Holding Company or Management Company has received a
Superior Proposal, (2) the material terms and conditions of the Superior
Proposal, and (3) that GTA, Seller, Parent, Condo Owner, Holding Company or
Management Company intends to effect a Change of Recommendation or terminate
this Agreement if Buyer does not, within five (5) Business Days of receipt of
the written notice delivered pursuant to this Section 6.07(c)(ii),
unequivocally confirm in writing, in a manner reasonably satisfactory to
Seller, that Buyer shall (A) modify and amend the terms of the transactions contemplated
by this Agreement in a manner and on terms which the applicable Board of
Directors determines is more favorable than the Superior Proposal, and, (B)
acknowledge without qualification or condition that the Deposit Amount shall
continue to be non-refundable to Buyer upon Seller’s disapproval of the
Superior Proposal and shall be delivered to Seller forthwith as liquidated
damages hereunder without demand, deduction, offset or delay in the event that
this Agreement is terminated for any reason other than as otherwise expressly
provided in this Agreement; provided, however, that in no event
shall Seller be obligated to provide the name of the Person offering the
Superior Proposal or any Acquisition Proposal to Buyer; and

(iii)          Buyer does not, within five (5) Business Days
of receipt of the written notice delivered pursuant to Section 6.07(c)(ii)
hereof, unequivocally confirm in writing, in a manner reasonably satisfactory
to Seller, that Buyer shall (A) modify and amend the terms of the transactions
contemplated by this Agreement in a manner and on terms which the applicable
Board of Directors determines is more favorable than the Superior Proposal,
and, (B) acknowledge without qualification or condition that the Deposit Amount
shall continue to be non-refundable to Buyer upon Seller’s disapproval of the
Superior Proposal and shall be delivered to Seller forthwith as liquidated
damages hereunder without demand, deduction, offset or delay in the event that
this Agreement is terminated for any reason other than as otherwise expressly
provided in this Agreement.

For purposes of this Agreement, “Superior Proposal” means any written bona
fide offer made by a third party to acquire, directly or indirectly, pursuant
to an asset purchase, merger, consolidation or other business combination, all
or substantially all of the Acquired Assets, on terms that the Board of
Directors of any of the Seller Entities determines in good faith to be more
favorable (taking into account (i) all financial considerations, including
relevant legal, financial, regulatory and other aspects of such Acquisition
Proposal and the transactions contemplated by

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this Agreement deemed relevant by the Board of
Directors, (ii) the identity of the third party making such Acquisition
Proposal, and (iii) the conditions and prospects for completion of such
Acquisition Proposal) to its equity holders than the transactions contemplated
by this Agreement (taking into account all of the terms of any proposal by
Buyer to amend or modify the terms of the transactions contemplated by this
Agreement).

(d)           In addition to the
obligations of the Seller Entities set forth in paragraphs (a) and (b) of
this Section 6.07, the Seller Entities shall as promptly as
practicable (i) advise Buyer of any Acquisition Proposal, (ii) advise Buyer of
the principal terms and conditions of any Acquisition Proposal and any changes
thereto, that, in the determination of the Board of Directors of any of the
Seller Entities constitutes or is reasonably likely to lead to a Superior Proposal,
(iii) provide Buyer with notice of any of the Seller Entities’ intention to
enter into negotiations with any third party with respect to an Acquisition
Proposal, and (iv) contemporaneously with furnishing any nonpublic information
with regard to any of the Seller Entities and their Affiliates to such third
party, furnish such nonpublic information to Buyer (to the extent such
nonpublic information has not been previously furnished to Buyer); provided,
however, that in no event shall Seller be obligated to provide the name
of the Person offering the Superior Proposal or any Acquisition Proposal to
Buyer.

(e)           Nothing contained in
this Section 6.07 shall prohibit any of the Seller Entities
(i) from taking and disclosing to its respective equity holders a position
contemplated by Rule 14e-2(a) promulgated under the Securities Exchange Act of
1934, as amended, or from making any disclosure to its equity holders if, in
the good faith judgment of the Board of Directors of any of the Seller Entities
failure so to disclose would be inconsistent with the respective entity’s
obligations under applicable law, including such Board of Directors’ duty of
candor to its equity holders, or (ii) from taking actions permitted by Section
6.01 hereof.

(f)            The parties hereto
agree that irreparable damage would occur in the event that the provisions of
this Section 6.07 were not performed in accordance with their specific
terms or were otherwise breached.  It is
accordingly agreed by the parties hereto that Buyer shall be entitled to seek
an immediate injunction or injunctions, subject to proving the inadequacy of
money damages as a remedy and the posting of a bond or other security, to
prevent breaches of the provisions of this Section 6.07 and to enforce
specifically the terms and provisions hereof in the United States District
Court for the Middle District of Florida or any state court located in the 13th
Judicial Circuit of the State of Florida, this being in addition to any other
remedy to which Buyer may be entitled at law or in equity.

(g)           In the event of a
Change of Recommendation, Buyer shall have the right to terminate this
Agreement.  In the event Buyer or Seller
terminates this Agreement pursuant to this Section 6.07, Buyer, as Buyer’s
sole remedy, shall be entitled to receipt of the Deposit Amount and Seller
shall pay to Buyer the Seller Termination Fee, subject to Seller’s receipt of a
quitclaim deed for the Real Property(Seller being responsible for all recording
costs and transfer or similar taxes thereon).

6.08        Conduct of the Seller
Entities.  Except as otherwise
provided in this Agreement, including Section 6.07 hereof, the
Seller Entities shall not take, or agree or commit to take, any action that
would (i) or is reasonably likely to result in, any of the conditions to the
Closing set

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forth in Article 10 hereof not being satisfied,
(ii) make any representation or warranty of the Seller Entities contained
herein inaccurate in any material respect as of the Closing Date, (iii)
materially impair the ability of the Seller Entities or Buyer to consummate the
Closing in accordance with the terms of this Agreement, or (iv) materially
delay the consummation of the Closing in accordance with the terms of this
Agreement.  In addition, on or prior to
the Closing Date, the Seller Entities shall not enter into any agreement,
contract, commitment or arrangement to do any of the foregoing, or in writing
or otherwise agree, authorize, recommend, propose or announce an intention to
do any of the foregoing.

6.09        GTA Mortgage.  On the Closing Date, Seller shall cause
(i) the GTA Mortgage to be fully paid, satisfied, released and discharged with
a portion of the Purchase Price from Buyer, and (ii) the Real Property secured
thereby to be released from (a) the lien of the GTA Mortgage and (b) the
Assignment, Consent, Subordination and Nondisturbance Agreement.

ARTICLE
7

COVENANTS OF BUYER

7.01        Access.  Buyer shall, on and after the Closing
Date and for a period of seven (7) years thereafter, upon reasonable advance
notice, afford the Seller Entities and their respective representatives and
agents, at Seller’s sole cost and expense (except that Seller shall not
compensate Buyer for any payment made by Buyer for the time or reasonable
travel, lodging or meal expenses of Buyer’s executives, employees, agents or
representatives in relation thereof), reasonable access during extended
business hours (i.e., 7:00 a.m. to 10:00 p.m. (Eastern time)) and/or on
weekends to Buyer’s books, records and employees, as to the Acquired Assets to
the extent reasonably necessary to permit any of the Seller Entities and their
respective representatives and agents to determine any matter relating
(i) to any of the Seller Entities’ or any of their Affiliates’ rights and
obligations hereunder, (ii) to any of the Seller Entities’ or any of their
Affiliate’s obligations to any Governmental Authority, including any filings or
reports to be made with the Internal Revenue Service of the United States or
the Securities and Exchange Commission (including GTA’s and Seller’s quarterly
reports on Form 10-Q for the quarters ended March 31, 2007 and June 30, 2007
and GTA’s and Seller’s annual reports on Form 10-K for the year ended December
31, 2007), (iii) to any period ending on or prior to the Closing Date with
respect to the Business, or (iv) to any litigation, arbitration proceeding or
claim relating to the Acquired Assets or the Business in which any of the
Seller Entities or any of their Affiliates is involved; provided, however,
in no event shall Buyer afford the Seller Entities and their respective
representatives and agents access to any information or materials protected by
the attorney-client privilege.  Any such
access by any of the Seller Entities or any of their respective representatives
and agents shall (x) not unreasonably interfere with the conduct of the
Business by Buyer or the conduct of any other business of Buyer, (y) be
performed in an adequate place to work specified by Buyer, and (z) be subject
to Buyer’s right to have a representative or agent present at all times; provided,
however, Buyer’s presence shall not be a condition to the access rights
of any of the Seller Entities pursuant to this Section 7.01.  Pursuant to Section 13.03 hereof, the
Seller Entities shall hold, and shall use their commercially reasonable efforts
to cause their officers, directors, employees, accountants, counsel,
consultants, advisors and agents to hold, in confidence, unless compelled to
disclose pursuant to court order, subpoena or other legal process (in which
case the Seller Entities shall give Buyer written notice as soon as reasonably

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practicable upon receipt of the subpoena or court
order prior to such disclosure), all confidential documents and information
concerning the Business provided to them pursuant to this Section 7.01,
except to the extent such documents were already in the possession of any of
the Seller Entities or are in the public domain.

7.02        Plan of Liquidation.  Buyer, on behalf of itself and each of
its Affiliates, hereby covenants and agrees that Buyer shall not, and Buyer’s
Affiliates shall not, act or fail to act in any manner which adversely
interferes with the Plan of Liquidation, including (i) casting any votes
against any proposal submitted by GTA to its stockholders and (ii) without
Seller’s prior written consent, communicating in any manner, other than in the
ordinary course of customer relations in relation to the Resort, with any
stockholder of GTA or any partner of Parent prior to six (6) months after the
Closing.  Notwithstanding anything in
this Section 7.02 to the contrary, Buyer shall have the right to
exercise its rights and remedies under this Agreement subject to the
Confidentiality Agreement.

7.03        Conduct of Buyer.  Buyer shall neither:

(a)           take, any action that
would (i) or is reasonably likely to result in, any of the conditions to the
Closing set forth in Article 10 hereof not being satisfied, (ii) make
any representation or warranty of the Buyer contained herein inaccurate in any
material respect as of the Closing Date, (iii) materially impair the ability of
the Seller Entities or Buyer to consummate the Closing in accordance with the
terms of this Agreement, or (iv) materially delay the consummation of the
Closing in accordance with the terms of this Agreement;

(b)           take, or agree to or commit
to take, any action that would or is reasonably likely to materially impact
Seller’s or any of its Affiliate’s ability to sell the Acquired Assets to a
third party in the event that the transactions contemplated by this Agreement
are not consummated; nor

(c)           on or prior to the
Closing Date, enter into any agreement, contract, commitment or arrangement to
do any of the foregoing, or in writing or otherwise agree, authorize,
recommend, propose or announce an intention to do any of the foregoing.

 64

7.04        Westin and Troon
Terminations.  Pursuant to the
terms of this Agreement, at Closing, Buyer shall pay an aggregate amount of
Four Million Dollars ($4,000,000) towards Seller’s termination of the Westin
Management Agreement and the Troon Management Agreement.  Effective as of the Closing, Seller hereby
agrees to indemnify the Buyer Parties against and agrees to hold each of them
harmless from any and all Damages incurred or suffered by the Buyer Parties
arising from the Westin Management Agreement and the Troon Management
Agreement. 

7.05        Parcel F.  In the event Buyer breaches any of Buyer’s
obligations pursuant to any of the Assumed Liabilities under the Parcel F
Development Agreement which has a Material Adverse Effect on the ability of
Seller or any of its Affiliates to collect any proceeds to be paid to Seller or
any of its Affiliates pursuant to the Defense and Escrow Agreement (as
amended), Buyer shall indemnify Seller or any of its Affiliates in the amount
of the proceeds Seller or any of its Affiliates would have otherwise received
pursuant to the Defense and Escrow Agent. 

ARTICLE
8

COVENANTS OF BUYER AND THE SELLER ENTITIES

Buyer and the Seller Entities agree that:

8.01        Efforts and Actions to
Cause the Transactions Contemplated by this Agreement to Occur.

(a)           Subject to the terms
and conditions of this Agreement, Buyer, Parent and Seller shall use
commercially reasonable efforts to take, or cause to be taken, all actions and
to do, or cause to be done, and cooperate with each other to do, all things
reasonably necessary or desirable under applicable laws and regulations to
consummate the transactions contemplated by this Agreement as promptly as
reasonably practicable, including any obligations of any of their respective
Affiliates under this Agreement.

(b)           Seller, Parent and
Buyer shall reasonably cooperate with one another in determining whether any
action by or in respect of, or filing with, any Governmental Authority is
required, or any actions, consents, approvals or waivers are required to be
obtained from any third party, in connection with the consummation of the
transactions contemplated by this Agreement. 
Seller, Parent and Buyer agree to take commercially reasonable actions
necessary to obtain any required approvals, authorizations, consents, orders,
licenses, permits, qualifications, exemptions or waivers by any third party or
Governmental Authority.  If required,
each party shall as promptly as reasonably practicable, in cooperation with the
other parties, but at its own expense (except as otherwise provided in this
Agreement, including Section 8.03 hereof), file any reports or
notifications or furnish information and pay any fees that may be required to
be paid by it under applicable law.

(c)           Prior to the Closing,
Seller, Parent and Buyer shall promptly consult with the other party or parties
hereto with respect to, provide any necessary information with respect to, and
provide the other party or parties or their respective legal counsel with
copies of, all filings made by such party with any Governmental Authority or
any information supplied by

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such party or parties to any Governmental Authority in
connection with this Agreement and the transactions contemplated hereby.  Each party hereto shall promptly provide the
other parties with copies of any written communication received by such party
from any Governmental Authority regarding this Agreement or any of the
transactions contemplated hereby.

(d)           Seller and Parent shall
reasonably cooperate with Buyer to transfer any liquor licenses in the name of
the Resort to Buyer, including execution of a right of occupancy and management
agreement prior to the Closing Date substantially in a form to be provided by
Seller to Buyer; provided, however, that Buyer shall indemnify
Seller and Parent for any and all taxes, fees and costs incurred by Seller,
Parent or any of their Affiliates, including attorneys’ fees, in connection
with such transfer.  Buyer shall be
solely responsible for the process with respect to the transfer of any liquor
licenses.  Transfer of any liquor
licenses shall not be a condition to the Closing of either Buyer or Seller.

8.02        Notices of Certain
Events.  From the Execution Date
until the Closing Date, Seller and Parent, on the one hand, and Buyer, on the
other hand, shall promptly, after becoming aware of the following, notify the
other of:

(a)           any notice or other
communication from any Person alleging that the consent of such Person is or
may be required in connection with any of the transactions contemplated by this
Agreement;

(b)           any notice or other
communication from any Governmental Authority in connection with any of the
transactions contemplated by this Agreement; and

(c)           any event, transaction
or circumstance that such party learns has caused or will cause any covenant or
agreement of such party under this Agreement to be breached or that renders or
will render untrue any representation or warranty of such party contained in
this Agreement in each case so as to cause a condition to Closing not to be
satisfied.

8.03        Transfer and Other
Taxes; Title Policy.  All
transfer, documentary, recording, sales, use, registration and other such
Taxes, including all applicable real estate transfer Taxes, related to the
conveyance of the Acquired Assets to Buyer shall be paid by Buyer, except for
recording fees relating to the release of Seller’s Liens; Parent, Seller and
Buyer shall each prepare and file any Tax Returns required to be filed in
connection with any of the transactions contemplated by this Agreement
regardless of whether any Tax is required to be paid in connection with such
filing, and Parent, Seller and Buyer shall cooperate with each other in the
preparation, execution and filing of such Tax Returns. Seller shall pay for all
of the cost of title searches and examinations, and one half (1⁄2) of the cost of
the Title Insurance Policy (as hereinafter defined).  Buyer shall be responsible for the cost of
title insurance endorsements and any lender’s title insurance policy and one
half (1⁄2) of the cost of the Title Insurance Policy.

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8.04        Escrow Fees.  Buyer and Seller shall each pay one half
(1⁄2) of the customary escrow fees incurred by Escrow Agent with respect to the
services of Escrow Agent under this Agreement. 
Notwithstanding anything in this Agreement to the contrary, the Escrow
Agent is authorized to pay Buyer’s portion thereof from the Deposit Amount.

8.05        Further Assurances.  Each party hereto shall reasonably
cooperate with the other parties hereto, and execute and deliver, or use its
commercially reasonable efforts to cause to be executed and delivered, all such
other reasonable instruments, including instruments of conveyance, assignment
and transfer, and to make all reasonable filings with and to obtain all
reasonable consents, approvals or authorizations of any Governmental Authority
or other regulatory authority or any other Person under any Permit, agreement
or other instrument, and take all such other reasonable actions as such party
may reasonably be requested to take by the other parties hereto from time to
time, consistent with the terms of this Agreement, in order to effectuate the
provisions and purposes of this Agreement and the transactions contemplated
hereby, including seeking to obtain Required Consents.

8.06        Transfers Not Effected
as of the Closing.  Subject to Section
8.01 hereof, nothing in this Agreement shall be deemed to require the
conveyance, assignment or transfer of any of the Acquired Assets or Assumed
Liabilities that by the terms of such Acquired Asset or Assumed Liability or by
operation of applicable law cannot be freely conveyed, assigned, transferred or
assumed.  Other than the Required
Consents the obtaining of which are a condition to Closing, to the extent any
party hereto has been unable to obtain any governmental or any third party
consents or approvals required under applicable law for the transfer of any of
the Acquired Assets or Assumed Liabilities, and to the extent not otherwise
prohibited by the terms of any Acquired Asset or Assumed Liability, Seller and
its Affiliates shall continue to be bound by the terms of such applicable
Acquired Asset or Assumed Liability and Buyer shall pay, perform and discharge
fully all of the obligations, to the extent such obligations are Assumed
Liabilities, of Seller and its Affiliates thereunder from and after the Closing
to the extent that the corresponding benefit is received.  Subject to and in accordance with Section
8.01 hereof and except as otherwise provided in Section 10.02(i)
hereof, for not more than nine (9) months following the Closing Date, each
party hereto shall continue to use commercially reasonable efforts to obtain
all such unobtained consents or approvals required to be obtained by it at the
earliest reasonably practicable date.  If
and when any such consents or approvals shall be obtained, Seller and its
Affiliates shall promptly assign their rights and obligations thereunder and
transfer any such Acquired Assets free and clear of all liens other than
Permitted Liens to Buyer without payment of consideration and Buyer shall,
without the payment of any consideration therefor, assume such rights and
obligations to the extent such obligations are Assumed Liabilities.  The relevant party or parties shall execute
such good and sufficient instruments as may be reasonably necessary to evidence
such assignment and assumption.  

8.07        Litigation Arising
After the Execution Date.  In the
event litigation which could materially interfere with Seller’s performance of
its obligations pursuant to this Agreement is commenced after the Execution
Date in which Seller or any of its Affiliates is a named defendant, Seller
shall have the right, in Seller’s sole discretion, to extend the Closing Date
from time to time by no more than ninety (90) days in the aggregate.  Notwithstanding anything to the contrary in
this Section 8.07, in the event litigation which could materially
interfere with Seller’s performance of its obligations pursuant to this
Agreement is commenced after the Execution

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Date in which Seller or any of its Affiliates is a
named defendant, Seller may terminate this Agreement at any time prior to the
Closing Date, provided that Buyer, as Buyer’s sole remedy, receives (a)
a reimbursement from Seller for Buyer’s reasonably and actually incurred and
verifiable professional fees and out-of-pocket expenses, incurred in connection
with this Agreement and (b) the Deposit Amount, both (a) and (b) subject to
Seller’s receipt of a quitclaim deed for the Real Property from Buyer (Seller
being responsible for all recording costs and transfer or similar taxes
thereon).

ARTICLE
9

EMPLOYEE BENEFITS MATTERS

9.01        Employee and Employee
Benefit Matters.

(a)           Prior to or on the
Closing Date, Buyer shall make offers of employment, effective as of the
Closing Date, to all Employees.  Each
offer of employment made by Buyer pursuant to this Section 9.01 shall be
for employment (i) at the same rate of base pay as is applicable at the Closing
Date, (ii) with benefits no less favorable in the aggregate than the benefits
applicable in regards to each respective Employee as of the Closing Date to the
extent required to comply with WARN or any similar state or local laws and
(iii) with such other terms and conditions of employment as are determined
by Buyer in its sole discretion.  Those
Employees who are offered employment by Buyer and who accept such offers of
employment shall be referred to herein as the “Transferred Employees”, and the parties hereto intend that
there shall be continuity of employment following the Closing with respect to
all Transferred Employees.  Buyer shall,
or, as applicable, shall cause its Subsidiaries or Affiliates to, pay, and
indemnify Seller for (i) any and all termination or severance Liabilities
incurred on or after the Closing Date as a result of the actions of Buyer, and
(ii) honor all obligations under any contracts, agreements, Plans and
commitments of Seller or any of its Affiliates to any Employee or former
employee of Seller or any of its Affiliates which are Assumed Liabilities; provided,
however, that this undertaking is not intended to prevent Buyer from
amending, modifying, suspending, revoking or terminating any such contract,
agreement, collective bargaining agreement or commitment.  For the first ninety (90) days after the
Closing, Buyer shall provide, or shall cause to be provided, to each
Transferred Employee (exclusive of any Employees who are subject to a
collective bargaining agreement) compensation and benefits from time to time
that are no less favorable, in the aggregate, than the compensation and
benefits provided to each such Transferred Employee immediately prior to the
Closing.  Notwithstanding anything to the
contrary in this Section 9.01,  Buyer shall have the right to
terminate the employment of any Transferred Employee after the Closing Date; provided,
however, for the first ninety (90) days after the Closing, Buyer shall
retain, at a minimum, the number of Transferred Employees required to avoid
liability arising from WARN or any similar state or local laws.

(b)           Subject to its
obligations under applicable law and applicable collective bargaining
agreements, Buyer and its Affiliates shall give credit under each of their
respective employee benefit plans, programs and arrangements (if any) in which
Transferred Employees participate to Transferred Employees for all service prior
to the Closing with Seller or any of its Affiliates, or any predecessor
employer to the extent that such credit was given under similar plans, programs
and arrangements by Seller or any of its Affiliates for all purposes for which

 68
 

such service was taken into account or recognized by
Seller or any of its Affiliates, but not (i) to the extent crediting such
service would result in duplication of benefits, or (ii) for purposes of
benefit accrual under any defined benefit pension plan.  As of the Closing Date, Seller shall take all
actions necessary to terminate the participation of all Employees in the Plans
(except as may be required by the continuation coverage rules of Section 4980B
of the Code and part 6 of Subtitle B of Title I of ERISA (“COBRA”), and any similar state or local
law).

(c)           Buyer hereby agrees to
pay, and to indemnify Seller from, (i) any and all termination or severance
liability relating to any Employee with respect to any such liability incurred
on or after the Closing Date, including any liability related to or arising out
of WARN, COBRA, and any similar state or local laws with respect to the
Employees, and (ii) any Liability incurred on or after the Closing Date under
any of the Acquired Plans.  Subject to Sections
2.05(d) and 2.07 hereof and except as provided in Sections 2.03
or 2.04 hereof, Seller hereby agrees to pay, and to indemnify Buyer
from, (x) any Liabilities relating to Employees with respect to any periods
prior to the Closing, excluding any Liability payable after the Closing
relating to or arising out of WARN or any similar state or local laws with
respect to Employees, and (y) any Liability under any of the Plans with respect
to any periods prior to the Closing. 
Seller shall not take any action to terminate any ERISA Plan intended to
qualify under Section 4.01(a) of the Code for at least sixty (60) days
following the Closing Date.

ARTICLE
10

CONDITIONS TO CLOSING

10.01      Conditions to Obligations
of Buyer and the Seller Entities.  The
obligations of Buyer and the Seller Entities to consummate the Closing are
subject to the satisfaction or waiver by Buyer and the Seller Entities of the
following conditions: (i) no statute, rule or regulation shall have been
enacted or promulgated by any Governmental Authority which specifically
prohibits the consummation of the Closing, and (ii) no judgment, decree, order
or injunction of a court of competent jurisdiction sponsored by a Person other
than Buyer or any of its Affiliates or Governmental Authority shall be in
effect seeking to prohibit or prohibiting the consummation of the Closing.

10.02      Conditions to Obligations
of Buyer.  The obligation of
Buyer to consummate the Closing is subject to the satisfaction or waiver by
Buyer of the following further conditions:

(a)           Representations and Warranties; Covenants.  Subject to the terms of this Agreement, the
representations and warranties of the Seller Entities contained in this
Agreement and in any certificate executed by any of the Seller Entities
pursuant to this Agreement shall be true and correct as of the Execution Date
and as of the Closing Date, as modified or amended from time to time pursuant
to this Agreement, as though made on the Closing Date except (i) to the extent
such representations and warranties expressly relate to an earlier date, in
which case as of such earlier date, and (ii) for any failure of such
representations and warranties to be true and correct that would not, either
individually or in the aggregate, constitute a Material Adverse Effect.  Seller and Parent shall have complied in all
material respects with all agreements on their part to be performed or
satisfied under this Agreement at or prior to the Closing.

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(b)           Officer’s Certificate and Certificate of General
Partner.  Receipt of
certificates, substantially in the form of Exhibit 10.02(b) attached
hereto, executed by a duly authorized officer of each of Seller and GTA GP,
Inc., the general partner of Parent, to the effect that the conditions set
forth in Sections 10.02(a) hereof shall have been satisfied.

(c)           Bill of Sale.  Receipt of a bill of sale and assignment duly
executed by Seller, substantially in the form of Exhibit 10.02(c)
attached hereto (the “Bill of Sale”),
which shall provide for the sale, transfer, assignment, conveyance and delivery
of the Acquired Assets that are not Real Property to Buyer.

(d)           Assignment and Assumption Agreements.  Receipt of the assignment and assumption
agreements duly executed by Seller with respect to the assignable Material
Contracts assumed by Buyer pursuant to this Agreement, substantially in the
form of Exhibit 10.02(d) attached hereto (collectively, the “Assignment and Assumption Agreements”),
which shall provide for the assumption of the Assumed Liabilities under each
such Material Contract by Buyer.

(e)           Real Property.  Receipt of a special warranty deed duly
executed by Seller with respect to the Innisbrook Real Property and a special
warranty deed duly executed by Condo Owner with respect to the Condo Property,
substantially in the form of Exhibit 10.02(e) attached hereto
(collectively, the “Deeds”).

(f)            Leases. 
Receipt of the assignment and assumption agreements duly executed by
Seller with respect to any Lease assumed by Buyer pursuant to this Agreement,
substantially in the form of Exhibit 10.02(f) attached hereto
(collectively, the “Lease Assignments”),
which shall provide for the assumption of the Assumed Liabilities under each
such Lease by Buyer.

(g)           Title Insurance.  There shall have been issued and delivered to
Buyer from Stewart Title Guaranty Company (the “Title Company”), a fee owner’s proforma title insurance policy
with respect to the Innisbrook Real Property and the Condo Property and a
leasehold owners proforma title insurance policy with respect to the Leased
Real Property (each, a “Title Policy”
and collectively, the “Title Insurance
Policies”) in form and substance reasonably satisfactory to Buyer,
together with endorsements reasonably requested by Buyer, insuring Buyer and
issued as of the Closing Date by the Title Company, showing Buyer to have fee
simple title to the Innisbrook Real Property and the Condo Property, in each
case subject only to Permitted Liens. 
Buyer and Seller shall deliver to the Title Company any instruments,
affidavits or indemnities required by the Title Company in connection with the
issuance and delivery of the Title Insurance Policies.

(h)           1445 Certificate.  Receipt of a duly executed valid certificate
of non-foreign status of Parent in compliance with Section 1445 of the Code,
substantially in the form of Exhibit 10.02(h) attached hereto.

(i)            Consents.  Receipt of all Required Consents listed in Schedule 10.02(i)
attached hereto.

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(j)            Condition of Acquired Assets and Business.  No Material Adverse Effect with respect to
the Acquired Assets or the Business shall exist as of the Closing Date.

(k)           GH Securities Regulatory Approvals.

(i)            Holding
Company shall (i) have filed, or shall have caused GH Securities to file, an
application for change of ownership with the NASD, and (ii) have diligently
pursued, or caused GH Securities to diligently pursue, such application through
all appropriate channels, including participating in any interviews requested
by the NASD.  Holding Company shall have
filed, or shall have caused GH Securities to file and diligently pursue, all
applications and notifications relating to the change of ownership that may be
required by the securities authorities of the State of Florida and any other
state in which GH Securities is licensed as a securities broker and/or as a
real estate broker.  Such applications
and notifications need not be approved by the NASD or the applicable state
securities authorities before the Closing.

(ii)           In
light of NASD Rule 1017, which requires that the application for change of
ownership be filed no less than thirty (30) days before such change is
effected, until the 31st day after the date on which such application is filed,
title to the GH Securities Stock Interests shall remain in the name of Holding
Company, notwithstanding the delivery of a stock certificate or other documentation
respecting the GH Securities Stock Interests to Buyer at the Closing Date.

(iii)          Upon receipt of NASD approval of such change
of ownership, which need not occur prior to the Closing, Holding Company shall
deliver to Buyer letters of resignation from all officers and directors of GH
Securities, except for the current principal of GH Securities.

(iv)          In
the event that NASD approval of such change of ownership has not been obtained
within nine (9) months of the Closing Date, Buyer shall have the right to require
Holding Company to transfer the GH Securities Stock Interests for nominal
consideration to any transferee designated by Buyer within the period of thirty
(30) days beginning at the end of nine (9) months after the Closing Date.

(v)           Pending
the transfer of the GH Securities Stock Interest to Buyer or Buyer’s designee,
(1) Holding Company shall cause GH Securities to continue to conduct the
Condominium sales and Rental Pool Business in the same manner as currently
conducted by GH Securities and to comply fully with its compliance manual (2)
Holding Company shall cause GH Securities to file on a timely basis and
prosecute all reports required to be filed by GH Securities with the NASD or
any Governmental Agency, (3) Holding Company shall deliver or cause GH
Securities to deliver to Buyer all reports filed by GH Securities with, and any
written notices and communications that GH Securities receives from the NASD or
any Governmental Agency and (4) Holding Company shall deliver or cause GH
Securities to deliver to Buyer copies of any complaints received by customers
of GH Securities and any compliance officer investigation reports of such
complaints and responses associated therewith.

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(vi)          The
foregoing conditions are for the sole benefit of Buyer and may be waived by
Buyer, in whole or in part, at any time and from time to time in the sole
discretion of Buyer.  The failure by
Buyer at any time to exercise any of the foregoing rights shall be deemed a
waiver of any such right.  Buyer shall
use commercially reasonable efforts to take, or cause to be taken, all actions
and to do, or cause to be done, and cooperate with Seller, Holding Company and
their Affiliates to do all things reasonably necessary or desirable to effect
the receipt of NASD approval of the change of ownership of GH Securities
contemplated in this Section 10.02(k).

(l)            Stock Interests.  Subject to the provisions of Section
10.02(k) above, receipt of a duly executed stock power certificate, stock
transfer certificate and such other documents as may be necessary to cause the
transfer of the GH Securities Stock Interests to Buyer.

10.03      Conditions to Obligations
of the Seller Entities.  The
obligation of the Seller Entities to consummate the Closing is subject to the
satisfaction or waiver by the Seller Entities of the following further
conditions:

(a)           Representations and Warranties; Covenants.  The representations and warranties of Buyer
contained in this Agreement and in any certificate executed by Buyer pursuant
to this Agreement shall be true and correct as of the date of the Execution
Date and as of the Closing Date as though made on the Closing Date except (i)
to the extent such representations and warranties expressly relate to an
earlier date, in which case as of such earlier date, and (ii) for any failure
of such representations and warranties to be true and correct that would not,
either individually or in the aggregate, constitute a Material Adverse
Effect.  Buyer shall have complied in all
material respects with all agreements on its part to be performed or satisfied
under this Agreement at or prior to the Closing.

(b)           Officer’s Certificate.  Receipt of a certificate, substantially in
the form of Exhibit 10.03(b) attached hereto, executed by a duly
authorized officer of Buyer to the effect that the conditions set forth in Section
10.03(a) hereof have been satisfied.

(c)           Bill of Sale.  Receipt of the Bill of Sale duly executed
by Buyer.

(d)           Assignment and Assumption Agreements.  Receipt of the Assignment and Assumption
Agreements duly executed by Buyer, including the Assignment and Assumption
Agreements regarding the Rental Pool Agreement.

(e)           Leases. 
Receipt of the Lease Assignments duly executed by Buyer.

(f)            Consents.  Receipt of all Required Consents listed in Schedule
10.03(f) attached hereto.

(g)           Fairness Opinion.  Seller and Parent shall have received from
the Financial Advisor a fairness opinion in a form satisfactory to the GTA
Board of Directors in their sole discretion concluding that the transactions
contemplated by this Agreement are fair to Seller from a financial point of
view and Seller shall have received the Final Board Approval.

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(h)           Closing Transfer Amount.  Receipt of the Closing Transfer Amount in
immediately available funds by wire transfer to an account of Seller with a bank
designated by Seller, by notice to Buyer, which notice shall be delivered no
later than two (2) Business Days prior to the Closing Date, or if not so
designated, then by certified or official bank check payable in immediately
available funds to the order of Seller in such amount; provided, however,
that the amount of funds to be delivered shall be reduced to the extent that
Buyer is required to withhold any portion of the Purchase Price in respect of
Taxes in any jurisdiction.

(i)            Escrow Funds.  Buyer shall have delivered to Escrow Agent in
immediately available same-day funds by wire transfer to an account of Escrow
Agent designated by Escrow Agent any amounts required by this Agreement.

ARTICLE
11

SURVIVAL; INDEMNIFICATION

11.01      Survival.  The representations, warranties and
covenants of the parties contained in this Agreement or in any certificate
delivered pursuant to this Agreement shall survive until March 31, 2008, unless
otherwise provided in this Agreement, at which point they shall automatically
expire.

11.02      Indemnification.

(a)           Subject to the other
provisions of this Article 11, GTA, Seller and Parent, jointly and
severally, hereby agree to indemnify Buyer and its Affiliates (collectively,
the “Buyer Parties”) against and
agree to hold each of them harmless from any and all Damages incurred or
suffered after the Closing by the Buyer Parties, or any of them, arising out of
(i) any misrepresentation or breach of warranty by the Seller Entities, (ii)
any breach of covenant or agreement made or to be performed by the Seller
Entities pursuant to this Agreement, or (iii) any Retained Liability
(collectively, the “GTA/Seller/Parent
Indemnified Claims”); provided, however, that with
respect to indemnification by GTA, Seller or Parent for any GTA/Seller/Parent
Indemnified Claims, (1) GTA, Seller and Parent shall not be liable unless the
aggregate amount of Damages with respect to such GTA/Seller/Parent Indemnified
Claims exceeds One Hundred Thousand Dollars ($100,000) and then from the first
dollar after the first One Hundred Thousand Dollars ($100,000) of such Damages,
and (2) GTA’s, Seller’s and Parent’s aggregate maximum liability for all such
GTA/Seller/Parent Indemnified Claims shall not exceed Two Million Dollars
($2,000,000), except that Seller shall be liable for the full amount (such
amounts, if any, not to count toward the Two Million Dollars ($2,000,000)
aggregate maximum liability provided above in this Section 11.02(a)) of
any GTA/Seller/Parent Indemnified Claims arising under (A) Section 2.07(d)(vi),
(B) Section 11.02(a)(iii) or (C) any obligations arising pursuant to the
Troon Management Agreement or the Westin Management Agreement (other than the
payment required from Buyer pursuant to Section 7.04).

(b)           Subject to the other
provisions of this Article 11, Buyer hereby agrees to indemnify the
Seller Parties against and agrees to hold each of them harmless from any and
all Damages incurred or suffered after the Closing by the Seller Parties, or
any of them, arising out of (i) any misrepresentation or breach of warranty by
Buyer, (ii) any breach of covenant or

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agreement made or to be performed by Buyer pursuant to
this Agreement, or (iii) any Assumed Liability (collectively, the “Buyer Indemnified Claims”); provided,
however, that with respect to indemnification by Buyer for any Buyer
Indemnified Claims, (1) Buyer shall not be liable unless the aggregate amount
of Damages with respect to such Buyer Indemnified Claims exceeds One Hundred
Thousand Dollars ($100,000) and then from the first dollar after the first One
Hundred Thousand Dollars ($100,000) of such Damages, and (2) the aggregate
maximum liability of Buyer for all such Buyer Indemnified Claims shall not
exceed Two Million Dollars ($2,000,000), except that Buyer shall be liable for
the full amount (such amounts, if any, not to count toward the Two Million
Dollar ($2,000,000) aggregate maximum liability provided above in this Section
11.02(b)) of any Buyer Indemnified Claims arising under Sections 2.05(f),
2.07(d)(vi), 7.04, 7.05 or 11.02(b)(iii) hereof or
from Assumed Liabilities assumed by Buyer pursuant to Section 2.03(f)
hereof, or the Rental Pool Agreement, including liability for any payments to
be made after the Closing Date to any lessor thereunder regarding certain
completed refurbishments.

11.03      Procedures.

(a)           The party seeking
indemnification under Section 11.02 hereof (the “Indemnified Party”) agrees to give
reasonably prompt written notice to the party against whom indemnity is sought
(the “Indemnifying Party”) of the
assertion of any claim, or the commencement of any suit, action or proceeding
(each, an “Action”) in respect of
which indemnity may be sought under Section 11.02 hereof and will
provide the Indemnifying Party such information with respect thereto that the
Indemnifying Party may reasonably request. 
The parties hereby acknowledge and agree that the failure by any
Indemnified Party to give notice as provided herein shall not relieve the
Indemnifying Party of its indemnification obligation under this Agreement
except to the extent that (i) such failure results in a failure of actual
notice to the Indemnifying Party and (ii) such Indemnifying Party is prejudiced
as a result of such failure to give notice.

(b)           The Indemnifying Party
shall be entitled to participate in the defense of, investigation of, or
corrective action required to be undertaken in response to, any Action asserted
by a third party, including any Governmental Authority (a “Third Party Action”) and, subject to the
limitations set forth in this Section 11.03 or in Section 11.04
hereof, shall be entitled to control and appoint lead counsel for such defense,
in each case at its own expense subject to the “basket” and “cap”, if
applicable, as described in Section 11.02 hereof.

(c)           If the Indemnifying
Party shall assume the control and cost of the defense of any Third Party
Action in accordance with the provisions of this Section 11.03 or of Section 11.04
hereof, (i) the Indemnifying Party shall obtain the prior written consent
of the Indemnified Party, which shall not be unreasonably withheld, before
entering into any settlement of such Third Party Action if the settlement does
not provide for the unconditional written release of the Indemnified Party from
any and all liabilities and obligations with respect to such Third Party Action
or if the settlement imposes any form of relief other than monetary against the
Indemnified Party and (ii) the Indemnified Party shall be entitled to
participate in the defense of such Third Party Action and to employ separate
legal counsel of its choice for such purpose. 
The fees and expenses of such separate counsel shall be paid by the
Indemnified Party, subject to the “basket” and “cap”, if applicable, as
described in Section 11.02 hereof. 
In the event that the

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Indemnified Party shall in good faith determine that
the conduct of the defense of any claim subject to indemnification hereunder or
any proposed settlement of any such claim by the Indemnifying Party might be
expected to affect adversely the ability of the Indemnifying Party to conduct
its business, or that the Indemnified Party may have available to it one or
more defenses or counterclaims that are inconsistent with one or more of those
that may be available to the Indemnifying Party in respect of such claim or any
litigation relating thereto, the Indemnified Party shall have the right at all
times to take over and assume control over the defense, settlement,
negotiations or litigation relating to any such claim at the sole cost of the
Indemnifying Party subject to the “basket” and “cap”, if applicable, as
described in Section 11.02 hereof, provided that if the
Indemnified Party does so take over and assume control, the Indemnified Party
shall not settle such claim or litigation without the written consent of the
Indemnifying Party, such consent not to be unreasonably withheld.

(d)           Each party shall
cooperate, and cause their respective Affiliates to cooperate, in the defense
or prosecution of any Third Party Action, including any counterclaims filed by
Seller, Parent or Buyer, and shall provide access to properties and individuals
as reasonably requested and furnish or cause to be furnished records,
information and testimony, and attend such conferences, discovery proceedings,
hearings, trials or appeals, as may be reasonably requested in connection
therewith.  This cooperation shall be
provided without cost or expense of the other party other than reimbursement of
out-of-pocket travel or similar expenses subject to Section 11.02
hereof.

(e)           Each Indemnified Party
shall use reasonable efforts to collect any amounts available under insurance
coverage, or from any other Person alleged to be responsible, for any Damages
payable under Section 11.02 hereof.

11.04      Additional Procedures.

(a)           Except as required by
law or to prevent injury to human health or the environment, no party to this
Agreement shall, and each such party agrees to use commercially reasonable
efforts to ensure that, its Affiliates do not, voluntarily or by discretionary
action, accelerate the timing or increase the cost of any obligations of the
other party under this Article 11.

(b)           Any Damages payable by
GTA, Seller or Parent pursuant to this Article 11 shall be paid
first from Seller’s Escrow Amount.

11.05      Calculation of Damages.  The Indemnifying Party shall not be
liable under Section 11.02 hereof for any Damages relating to any matter
to the extent that the Indemnified Party had otherwise been compensated for
such matter pursuant to the Purchase Price adjustment under Section 2.07
hereof.

11.06      Dispute Resolutions.  If the parties cannot resolve any claim
for indemnification within thirty (30) days after the notification of such
claim pursuant to Section 11.03 hereof, excluding any Third Party
Action, the parties agree to settle such claim by arbitration in accordance
with the then-prevailing Commercial Arbitration Rules of the American
Arbitration Association, as modified herein. 
The place of arbitration shall be Tampa, Florida.  There shall be

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three neutral and impartial arbitrators and each
arbitrator shall be a duly admitted and practicing attorney with at least ten
(10) years experience as an attorney in the field of commercial law.  Seller and Buyer shall each appoint one
arbitrator within fifteen (15) days after the commencement of the arbitration
and the two arbitrators selected shall select the third arbitrator within
fifteen (15) days of their appointment. 
The arbitrators shall permit and facilitate such pre-hearing discovery
and exchange of documents and information to which the parties in writing agree
or that the arbitrators determine is relevant to the dispute between the
parties and is appropriate taking into account the needs of the parties and
desirability of making discovery expeditious and cost effective.  Any discovery permitted hereunder shall be
completed within forty-five (45) days from the date on which the respondent(s)
communicate(s) its or their answer(s) to the claimant(s).  The arbitration shall be governed by the
United States Arbitration Act, 9 U.S.C. §§ 1-16.  Judgment upon the award of the arbitrators
may be entered in the United States District Court for the Middle District of
Florida or any state court located in the 13th Judicial Circuit of the State
of Florida, provided such court is a court of competent
jurisdiction.  The decision of the
arbitrators shall be binding and non-appealable.  Nothing herein shall justify, allow, excuse
or give rise to any extension of the Closing Date or the parties’ obligations
to close the transactions contemplated by this Agreement as of the Closing Date.  The cost of such arbitration shall be split
equally and the parties shall be responsible for their own attorneys’ and other
fees and expenses.

11.07      Effect of Investigation.  No party shall have any liability for any
inaccuracy in or breach of any representation, warranty or agreement by such
party if the other party or any of its officers, employees, counsel or other
representatives had actual knowledge on or before the Closing Date of the facts
as a result of which such representation, warranty or agreement was inaccurate
or breached.

11.08      Tax Treatment of
Indemnification Payments.  Any
indemnification payment made pursuant to this Article 11 shall be
treated as an adjustment to the Purchase Price for Tax purposes.

11.09      Exclusive Remedy.  Except for remedies explicitly set forth
herein or remedies that cannot be waived as a matter of law and injunctive and
provisional relief (including specific performance), if the Closing occurs,
this Article 11 shall be the exclusive remedy of Buyer for breaches of
this Agreement (including any covenant, obligation, representation or warranty
contained in this Agreement or in any certificate delivered pursuant to this
Agreement) or otherwise in respect of the transactions contemplated hereby.  In furtherance of the foregoing, Buyer hereby
waives, to the fullest extent permitted under applicable law, any and all
rights, claims and causes of action of Buyer against the Seller
Parties as a matter of equity or under or based upon any federal, state,
provincial, local or foreign statute, law, ordinance, rule or regulation
(including those relating to Environmental Laws) or arising under or based upon
common law or otherwise, except to the extent provided in Section 11.02.

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ARTICLE
12

TERMINATION

12.01      Termination.  This Agreement may be terminated at any
time prior to the Closing:

(a)           by mutual written
agreement of Seller and Buyer;

(b)           by either Seller or
Buyer, if the Closing shall not have been consummated on or before July 31,
2007, so long as the terminating party is not in material breach of this
Agreement and has not acted or failed to act in a manner which has prevented
satisfaction of a condition to Closing;

(c)           by either Seller or
Buyer, if consummation of the transactions contemplated hereby would violate
any non-appealable final order, decree or judgment of any court or Governmental
Authority having competent jurisdiction, or any Governmental Authority shall
have adopted any applicable state, federal or foreign law specifically and
permanently restraining, enjoining or otherwise prohibiting the transactions
contemplated hereby;

(d)           by Seller, so long as
none of the Seller Entities is then in material breach of its obligations under
this Agreement, upon a material breach of any covenant or agreement on the part
of Buyer set forth in this Agreement, or if any representation or warranty of
Buyer shall have been or become untrue in a manner which could reasonably be
expected to prevent the consummation of the transactions contemplated by this
Agreement; provided, however, that if any such breach is curable
prior to the Closing Date by Buyer through the use of its commercially
reasonable efforts, for so long as Buyer following written notice with respect
to such breach from Seller, shall be using its commercially reasonable efforts
to cure such breach, Seller may not terminate this Agreement pursuant to this Section
12.01(d) at any time prior to the Closing Date;

(e)           by Buyer, so long as
Buyer is not then in material breach of its obligations under this Agreement,
upon a material breach of any covenant or agreement on the part of any of the
Seller Entities set forth in this Agreement, or if any representation or
warranty of the Seller Entities shall have been or become untrue in a manner
which could reasonably be expected to prevent the consummation of the
transactions contemplated by this Agreement; provided, however,
that if any such breach is curable prior to the Closing Date by the Seller
Entities or Parent through the use of their commercially reasonable efforts,
for so long as the Seller Entities, following written notice with respect to
such breach from Buyer, shall be using their commercially reasonable efforts to
cure such breach, Buyer may not terminate this Agreement pursuant to this Section
12.01(e) at any time prior to the Closing Date;

(f)            by Buyer, if Seller or
any of its Affiliates shall have filed a voluntary petition under the United
States Bankruptcy Code or becomes the subject of an involuntary petition in a
case under the United States Bankruptcy Code, or otherwise seeks protection
from its or their creditors or becomes voluntarily or involuntarily the subject
of insolvency, liquidation, arrangement, receivership or similar case or
proceeding under any law or regulation;

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(g)           by Seller, if Buyer or
any of its Affiliates shall have filed a voluntary petition under the United
States Bankruptcy Code or becomes the subject of an involuntary petition in a
case under the United States Bankruptcy Code, or otherwise seeks protection
from its or their creditors or becomes voluntarily or involuntarily the subject
of insolvency, liquidation, arrangement, receivership or similar case or
proceeding under any law or regulation;

(h)           by Seller, pursuant to Section
6.07(c) hereof; provided, however, that in order for the termination
of this Agreement pursuant to this Section 12.01(h) to be deemed
effective, Seller shall have complied with Section 6.07 hereof;

(i)            by Buyer, in the event
of a Change of Recommendation pursuant to Section 6.07;

(j)            by either Seller or
Buyer, pursuant to Section 13.01 hereof;

(k)           by Seller, pursuant to Section
8.07 hereof; or

(l)            by Buyer, pursuant to
the Preamble to Article 4 or Section 6.06 hereof.

The party desiring to terminate this Agreement
pursuant to any of Sections 12.01(b) through 12.01(l) hereof
shall promptly give written notice of such termination to the other party.

12.02      General Effect of
Termination.

(a)           If this Agreement is
terminated pursuant to Section 12.01 hereof, (i) such termination shall
be without liability of any party, or any stockholder, director, officer or
employee of such party, to any other party to this Agreement, and (ii) this
Agreement shall thereafter become void and have no effect, except as otherwise
set forth in this Agreement.

(b)           In the event that this
Agreement is terminated (i) by Buyer pursuant to Sections 12.01(e), 12.01(f)
or 12.01(i) hereof or (ii) by Seller pursuant to Section 12.01(h)
hereof, Buyer, as Buyer’s sole remedy, shall be entitled to (A) receive the
Deposit Amount and (B) payment by Seller in the amount of One Million Dollars
($1,000,000) (the “Seller Termination Fee”),
(A) and (B) subject to Seller’s receipt of a quitclaim deed for the Real
Property (Seller being responsible for all recording costs and transfer or
similar taxes thereon).

(c)           In the event this
Agreement is terminated by Seller pursuant to Sections  12.01(d)
or 12.01(g) hereof, Seller shall be entitled to payment of the Deposit
Amount as liquidated damages hereunder.

(d)           If one or more material
conditions to Closing set forth in Section 10.01 or 10.02 have not been
satisfied or waived and this Agreement is terminated by Buyer pursuant to Section
12.01(b) hereof, Buyer, as Buyer’s sole remedy, shall be entitled to
receive the Deposit Amount, subject to Seller’s receipt of a quitclaim deed for
the Real Property (Seller being responsible for all recording costs and
transfer or similar taxes thereon); provided, however, that prior
to such termination Buyer shall have given Seller notice of its intent to
terminate pursuant to Section 12.01(b) and a period of at least five (5)
Business Days to satisfy such condition(s) to Closing, and Seller must have
failed to satisfy such condition(s) to Closing prior to the expiration of such
period.

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(e)           In the event Seller
shall be entitled to payment of the Deposit Amount, Escrow Agent shall deliver
the Deposit Amount to Seller as liquidated damages hereunder without demand,
deduction, offset or delay, and Buyer, on behalf of itself and its Affiliates,
as applicable, hereby covenants and agrees to execute, acknowledge and deliver
to Seller any and all instruments and documents requested by Seller in order to
legally transfer such Deposit Amount to Seller and/or evidence such
transfer.  ANY DEPOSIT AMOUNT PAID TO OR
RETAINED BY SELLER AS LIQUIDATED DAMAGES UNDER THIS AGREEMENT SHALL, EXCEPT AS
OTHERWISE SET FORTH IN THIS AGREEMENT, BE SELLER’S SOLE REMEDY IN THE EVENT
BUYER FAILS TO CLOSE THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT.  THE PARTIES HERETO EXPRESSLY AGREE AND
ACKNOWLEDGE THAT SELLER’S ACTUAL MONETARY DAMAGES IN SUCH EVENT WOULD BE
EXTREMELY DIFFICULT OR IMPRACTICABLE TO ASCERTAIN AND THAT THE LIQUIDATED
DAMAGES (I.E., THE VALUE OF THE DEPOSIT AMOUNT) STATED ABOVE REPRESENT THE
PARTIES’ REASONABLE ESTIMATE OF THE DAMAGES SELLER WOULD SUFFER AS A RESULT OF
BUYER’S FAILURE TO CLOSE THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT,
EXCEPT AS OTHERWISE SET FORTH IN THIS AGREEMENT.  THE PAYMENT OF ANY SUCH DEPOSIT AMOUNT BY
BUYER TO SELLER AS LIQUIDATED DAMAGES IS NOT INTENDED AS A FORFEITURE OR
PENALTY, BUT IS INTENDED TO CONSTITUTE LIQUIDATED DAMAGES TO SELLER.

12.03      Cure Rights.  Notwithstanding anything to the contrary
provided herein, neither party shall exercise any remedy under this Agreement
as a result of a breach or default hereunder by the other until such party has
given the defaulting party notice of the alleged breach or default and a period
of at least five (5) business days to cure the alleged default.

ARTICLE
13

MISCELLANEOUS

13.01      Casualty and
Condemnation; Risk of Loss.

(a)           In the event that
between the Execution Date and the Closing there is any Non-Material (as
defined herein) loss or damage to the Acquired Assets, or any part thereof,
resulting from casualty and any business interruption therefrom attributable to
any acts or events occurring between the Execution Date and the Closing (a “Casualty Loss”), Seller shall not be deemed
in breach of this Agreement, and, at Seller’s election, either (i) Seller
shall at its cost and in a reasonable manner repair or replace such damaged
Acquired Assets prior to the Closing, or (ii) Buyer shall accept such
Acquired Assets in their then-current condition, with an abatement or reduction
in the Purchase Price in an amount reasonably necessary to repair and restore
such damaged Acquired Assets, less the amount of insurance proceeds to be
received by Buyer with respect to such damage, and Buyer and Seller shall
proceed with the Closing.  For purposes
of completing any repairs or replacements under this Section 13.01, the
Closing may be extended for a reasonable time to allow such repairs or
replacements to be made by Seller.

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(b)           In the event that
between the Execution Date and the Closing, any Non-Material portion of the
Acquired Assets is subject to a taking pursuant to the power of eminent domain,
or any proposed sale in lieu thereof (in each case, a “Taking”), Seller shall not be deemed in
breach of this Agreement and Buyer shall accept the Acquired Assets in their
then-current condition and proceed with the Closing and Buyer shall be entitled
to an assignment of all of Seller’s rights to any award in connection with such
Taking.  In the event of any such
Non-Material Taking, Seller shall not compromise, settle or adjust any claims
to such award without Buyer’s prior written consent.

(c)           For the purpose of this
Section 13.01, a Casualty Loss or a Taking shall be deemed “Non-Material” if the reasonably estimated
cost of restoration or repair of such damage or the amount of the condemnation
award with respect of such Taking shall not exceed Seven Hundred Fifty Thousand
Dollars ($750,000).

(d)           Seller agrees to give
Buyer prompt notice of any Taking or extraordinary damage or destruction of the
Acquired Assets.

(e)           If a Casualty Loss or
Taking exceeds   Seven Hundred Fifty  Thousand Dollars ($750,000), Seller shall not
be in breach of this Agreement and either of Seller or Buyer may elect to
terminate this Agreement upon written notice to the other within three (3)
Business Days after the Casualty Loss or Taking, in which case (A) Seller shall
have the right to terminate this Agreement and to consummate a transaction with
a third party for the Real Property, the Acquired Assets and the Business
without any obligation to Buyer whatsoever, and (B) the Deposit Amount shall be
returned to Buyer, as Buyer’s sole remedy, in accordance with the provisions of
Article 3 hereof, subject to Seller’s receipt of a quitclaim deed for
the Real Property (Seller being responsible for all recording costs and
transfer or similar taxes thereon) ; provided, however, in the
event Seller elects to terminate this Agreement pursuant to this Section
13.01(e), Buyer shall have five (5) Business Days from Seller’s written
notice thereof to elect by written notice to Seller in a form reasonably
satisfactory to Seller to (x) waive all rights to any Purchase Price reduction,
proceeds, awards or Damages relating to the Casualty Loss or Taking, if any,
and (y) acquire the Acquired Assets and assume the Assumed Liabilities on an “AS IS-WHERE IS” basis with no Purchase
Price reduction, proceeds, awards or Damages and with all faults related to the
Casualty Loss or Taking.  In the event
neither of Seller nor Buyer elects to terminate this Agreement pursuant to this
Section 13.01(e), Seller and Buyer shall proceed to the Closing and, at
the Closing, Seller shall assign all insurance proceeds, if any, and all rights
of Seller to any award in connection with such Casualty Loss or Taking, if any,
to Buyer, except to the extent that the relevant insurance is related to
business interruption or extraordinary expenses incurred prior to the
Closing.  If insurance proceeds in
respect of such Casualty Loss or Taking that are available for the costs of
repair and restoration of the Acquired Assets are reasonably estimated by Buyer
to be insufficient to cover the Casualty Loss or Taking, or if the Casualty
Loss or Taking is uninsured, the parties shall reduce the Purchase Price by the
amount of the estimated shortfall, as assessed by an independent third party
mutually agreed to by Seller and Buyer, in insurance proceeds available for
such costs.  Such third-party assessment
shall occur within thirty (30) days after the Casualty Loss or Taking and Buyer
and Seller shall each pay one half (1⁄2) of the third party’s fees for such
assessment.  In any case where the
Casualty Loss or Taking is insured, at the Closing the Purchase Price shall be
reduced by any deductible applicable to the insurance coverage.

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(f)            In the event of a
Casualty Loss, Seller shall, in cooperation with Buyer, promptly and diligently
file and pursue recovery of all appropriate insurance claims and to the extent
of any insurance proceeds recovered apply such proceeds to the restoration of
the Acquired Assets.  Insurance proceeds
for business interruption losses, if any, shall be applied to such losses and
shall not be counted against property casualty losses.  At the Closing, if any, subject to any
limitations in the applicable policy, Seller shall pay to Buyer any business
interruption proceeds actually received by Seller after the Execution Date for
a Casualty Loss or Taking occurring after the Execution Date, net of any
applicable premium or collection costs, or assign to Buyer the right to receive
the same.

(g)           All risk of loss or
damage to the Acquired Assets and any part thereof, including loss or damage
resulting from a Casualty Loss, Taking or any business interruption resulting
therefrom shall be borne by Buyer upon the Closing.

(h)           The provisions of this Section
13.01 supersede the provisions of any applicable statutory or decisional
law with respect to the subject matter of this Section 13.01.

13.02      Notices.  All notices, requests and other
communications to any party hereunder shall be in writing, to include facsimile
transmission, and shall be given (i) by personal delivery to the appropriate
address as set forth below, or at such other address for the party as shall
have been previously specified in writing to the other parties, (ii) by
reliable overnight courier service with confirmation to the appropriate address
as set forth below, or at such other address for the party as shall have been
previously specified in writing to the other parties, or (iii) by facsimile
transmission with confirmation to the appropriate facsimile number set forth
below, or at such other facsimile number for the party as shall have been
previously specified in writing to the other parties, with follow up copy by
reliable overnight courier service the next Business Day:

if to Buyer, to:

Salamander Innisbrook, LLC

P.O. Box 1767

Middleburg, VA 20118

Attention: 
Stuart Haney

Fax:  (540) 364-3504

with a copy to:

Ain & Bank, P.C.

1900 M Street, N.W. - Suite 600

Washington, D.C.  20036-3565

Attention: 
Sanford K. Ain, Esquire

Fax:  (202) 530-4411

 81
 

with a copy to:

DLA Piper US LLP

101 E. Kennedy Blvd., Suite 2000

Tampa, Florida 33602

Attention: 
Michael A. Bedke, Esq.

Fax:  (813) 371-1163

if to Seller, to:

GTA-IB, LLC

10 North Adger’s Wharf

Charleston, SC 
29401

Attention:  Mr.
W. Bradley Blair, II

Fax:  (843) 723-0479

with a copy to:

Parker, Poe, Adams & Bernstein L.L.P.

200 Meeting Street, Suite 301

Charleston, SC 29401

Attention: 
Matthew J. Norton, Esq.

Fax:  (843) 727-2680

All such notices, requests and other communications
shall be deemed received on the date of receipt by the recipient thereof if
received prior to 5:00 p.m. in the place of receipt and such day is a Business
Day in the place of receipt.  Otherwise,
any such notice, request or communication shall be deemed not to have been
received until the next succeeding Business Day in the place of receipt.  Any notice provided to Seller shall be deemed
simultaneously received by all Seller Entities.

13.03      Confidentiality.

(a)           The Confidentiality
Agreement shall be fully binding on Seller and Buyer.

(b)           Except as hereinafter
provided or as provided in the Confidentiality Agreement, from and after the
Execution Date, Buyer and Seller shall keep the terms, conditions and
provisions of this Agreement and all information delivered by Seller to Buyer
or by Buyer to Seller under, pursuant to or in connection with this Agreement
confidential and no party shall make any public announcements thereof unless
the Buyer or Seller, as relevant, approves the same in writing, nor shall
either disclose the terms, conditions and provisions of this Agreement, except
to their respective consultants, advisors, attorneys, accountants, engineers,
surveyors, financiers, Seller’s proposed third-party purchasers and bankers
(but only to the extent necessary to accomplish the purposes of this Agreement
and only if such party first obtains such Person’s agreement to maintain the
confidentiality of such information; provided, however, that in
the case of engineers, surveyors and other third-party consultants consulted
during the due diligence

 82
 

process, the disclosing party shall use its best
efforts to cause such Person to maintain the confidentiality of such
information) or as may be required by law or court order, or as may be required
in connection with any litigation between the parties hereto relating to this
Agreement or the transactions contemplated hereby.  Notwithstanding the foregoing, it is
acknowledged that GTA is a public company and Seller is a reporting company and
that GTA and Seller intend to make a public announcement concerning, among
other things, this transaction.  GTA and
Seller shall have the absolute right to prepare and file all necessary or
required proxy statements and other papers, documents and instruments necessary
or required in GTA’s, Parent’s or Seller’s and their respective legal counsel’s
judgment in order to enter into and consummate, among other things, the
transactions contemplated by this Agreement and to disclose the terms,
conditions and provisions of this Agreement therein to the SEC and/or similar
federal or state authorities and the public as necessary or advisable in GTA’s,
Parent’s or Seller’s and their respective legal counsel’s judgment.  The obligations of this Section 13.03
shall survive any termination of this Agreement; provided, however,
that the obligations of this Section 13.03 shall not survive the
Closing, if any, except in respect to information regarding matters set forth
in Schedule 13.03 attached hereto.

13.04      Amendments and
Modifications.  This Agreement
may be amended, modified or supplemented in any and all respects, but only by a
written instrument signed by all of the parties hereto expressly stating that
such instrument is intended to amend, modify or supplement this Agreement.

13.05      Expenses.  Except as otherwise provided in this
Agreement, all costs and expenses incurred in connection with this Agreement
shall be paid by the party incurring such cost or expense.

13.06      Attorneys’ Fees.  Should any action or other proceeding be
necessary to enforce any of the provisions of this Agreement or the various
transactions contemplated hereby, the prevailing party will be entitled to
recover its reasonable and actually incurred attorneys’ fees and expenses from
the non-prevailing party.

13.07      Successors and Assigns.  The provisions of this Agreement shall be
binding upon and inure to the benefit of the parties hereto and their
respective successors and permitted assigns; provided, however,
that the Seller Entities and Buyer may not assign, delegate or otherwise
transfer any of their rights or obligations under this Agreement without the consent
of the other parties hereto, except that Buyer may assign its rights and
delegate its duties under this Agreement in whole or in part to one or more of
its Affiliates, provided in no event shall such assignment relieve Buyer
of Buyer’s obligations hereunder.

13.08      Governing Law.  THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF FLORIDA WITHOUT REGARD TO
PRINCIPLES OF CONFLICTS OR CHOICE OF LAWS OR ANY OTHER LAW THAT WOULD MAKE THE
LAWS OF ANY OTHER JURISDICTION OTHER THAN THE STATE OF FLORIDA APPLICABLE
HERETO.

 83
 

13.09      Consent to Jurisdiction.  Each of the parties hereto (a) consents
to submit itself to the personal jurisdiction of the United States District
Court for the Middle District of Florida or of any state court located in the
13th Judicial Circuit of the State of Florida in the event any dispute
arises out of this Agreement or the transactions contemplated hereby, (b)
agrees that it will not attempt to deny or defeat such personal jurisdiction by
motion or other request for leave from any such court, and (c) agrees that it
will not bring any action relating to this Agreement or the transactions
contemplated by this Agreement in any court other than a Federal court located
in the State of Florida or a state court located in the State of
Florida.  Process in any such suit,
action or proceeding may be served on any party anywhere in the world, whether
within or without the jurisdiction of any such court.  Without limiting the foregoing, each party
agrees that service of process on such party as provided in Section 13.02
hereof shall be deemed effective service of process on such party.

13.10      WAIVER OF JURY TRIAL.  EACH OF THE PARTIES HERETO HEREBY
IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY.

13.11      Counterparts; Third Party
Beneficiaries.  This Agreement
may be signed in any number of counterparts, each of which shall be an
original, with the same effect as if the signatures thereto and hereto were
upon the same instrument.  This Agreement
shall become effective when Parent, Seller and Buyer shall have received a
counterpart hereof signed by the other parties hereto.  No provision of this Agreement is intended to
confer upon any Person other than the parties hereto any rights or remedies
hereunder except for Indemnified Parties pursuant to Article 11 hereof.

13.12      Entire Agreement.  This Agreement and the documents,
agreements, certificates, and instruments referred to herein and therein,
including the Confidentiality Agreement, constitute the entire agreement
between the parties with respect to the subject matter of this Agreement and
supersede all prior agreements and understandings, both oral and written,
between the parties with respect to the subject matter of this Agreement.

13.13      Headings.  The article, section, paragraph and other
headings contained in this Agreement are inserted for convenience of reference
only and shall not affect in any way the meaning or interpretation of this
Agreement.

13.14      Severability.  Any term or provision of this Agreement
that is held by a court of competent jurisdiction or other authority to be
invalid, void or unenforceable in any situation in any jurisdiction shall not
affect the validity or enforceability of the remaining terms and provisions
hereof or the validity or enforceability of the offending term or provision in
any other situation or in any other jurisdiction.  If the final judgment of a court of competent
jurisdiction or other authority declares that any term or provision hereof is
invalid, void or unenforceable, the parties agree that the court making such
determination shall have the power to reduce the scope, duration, area or
applicability of the term or provision, to delete specific words or phrases, or
to replace any invalid, void or unenforceable term or provision with a term or
provision that is valid and enforceable and that comes closest to expressing
the intention of the invalid or unenforceable term or provision.

 84
 

13.15      Specific Performance.  The Seller Entities and Buyer acknowledge
and agree that in the event of a material breach of this Agreement by the
Seller Entities prior to the Closing and Buyer elects to proceed with the
Closing, Buyer would be irreparably harmed and could not be made whole by
monetary damages.  Therefore, the Seller
Entities and Buyer agree that Buyer shall have the right to (i) seek
specific performance of this Agreement and injunctive or other equitable relief
as Buyer’s exclusive remedy for any such material breach (provided, however,
as a condition thereof Buyer shall file a judicial action for specific
performance in the United States District Court for the Middle District of
Florida or any state court located in the 13th Judicial Circuit of the State of Florida no
later than the Closing Date) or (ii) seek monetary damages pursuant to this
Agreement and waive Buyer’s right to seek specific performance.  Subject to Buyer’s rights pursuant to Article
11 hereof, in the event Buyer elects to seek specific performance, Buyer
shall not be entitled, and shall waive its rights, to any other remedies
available at law or at equity in relation to this Agreement.  In the event Buyer seeks a remedy other than
specific performance as aforesaid, the Seller Entities shall have the right to
consummate a transaction with a third party for the Acquired Assets, the Real
Property and the Business, including a transaction similar to the transactions
contemplated by this Agreement on terms and conditions more or less favorable
than the terms and conditions of the transactions contemplated by this
Agreement and Buyer shall be prohibited from interfering or seeking to
interfere, and shall waive its rights to interfere or seek to interfere, in any
such transaction with such third party in any respect whatsoever, including by
the filing of a lis pendens or
any other act or action seeking to encumber and/or place a lien on any of the
Acquired Assets or creating an exception to title to any of the Acquired
Assets. 

13.16      Extension; Waiver.  At any time prior to the Closing, all of
the parties hereto may mutually agree to (i) extend the time for the
performance of any of the obligations or acts of any party hereto, (ii) waive
any inaccuracies in the representations and warranties of any party contained
herein or in any document delivered hereby, (iii) waive compliance with any of
the agreements of any party contained herein, or (iv) waive any condition to
any party’s obligations hereunder.  Any agreement
on the part of a party hereto to any such extension or waiver shall be valid
only if set forth in a written instrument signed on behalf of all parties
hereto.  Except as otherwise provided in
this Agreement, no failure or delay in exercising any right, power or privilege
hereunder will operate as a waiver thereof, nor will any single or partial
exercise thereof preclude any other or further exercise of any right, power or
privilege hereunder.

13.17      Radon Disclosure.  The following notice is given to comply with
Section 404.056(5), Florida Statutes: 
Radon is a naturally occurring radioactive gas that, when it has
accumulated in a building in sufficient quantities, may present health risks to
persons who are exposed to it over time. 
Levels of radon that exceed federal and state guidelines have been found
in buildings in Florida.  Additional
information regarding radon and radon testing may be obtained from your county
public health unit.

13.18      Construction.  Unless the context of this Agreement otherwise
clearly requires, (a) references to the plural include the singular, and
references to the singular include the plural, (b) references to any gender
include the other genders, (c) the words “include,” “includes” and “including”
do not limit the preceding terms or words and shall be deemed to be followed by
the words “without limitation”, (d) the term “or” has the inclusive meaning
represented by the phrase “and/or”, (e) the terms “hereof”, “herein”, “hereunder”,
“hereto” and similar terms in this

 85
 

Agreement refer to this Agreement as a whole and not
to any particular provision of this Agreement, (f) the terms “day” and “days”
mean and refer to calendar day(s), and (g) the terms “year” and “years” mean
and refer to calendar year(s).  Unless
otherwise set forth herein, references in this Agreement to any document,
instrument or agreement (including this Agreement) (A) includes and
incorporates all exhibits, schedules and other attachments thereto, (B)
includes all documents, instruments or agreements issued or executed in
replacement thereof, and (C) means such document, instrument or agreement, or
replacement or predecessor thereto, as amended, modified or supplemented from
time to time in accordance with its terms and in effect at any given time.  All Article, Section, Exhibit and Schedule
references herein are to Articles, Sections, Exhibits and Schedules of this
Agreement, unless otherwise specified. 
This Agreement shall not be construed as if prepared by one of the
parties hereto, but rather according to its fair meaning as a whole, as if all
parties hereto had prepared it.

[REMAINDER OF THIS PAGE
INTENTIONALLY LEFT BLANK]

 86

IN WITNESS WHEREOF, the parties hereto have caused
this Agreement to be duly executed by their respective authorized officers as
of the Execution Date.

 

	
  

  	
  “GTA”

  
	
   

  	
   

  
	
   

  	
  GOLF TRUST OF AMERICA, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/W. Bradley Blair, II

  	
   

  
	
   

  	
   

  	
  Name:

  	
  W. Bradley Blair, II

  	
   

  
	
   

  	
   

  	
  Title:

  	
  President

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  “PARENT”

  
	
   

  	
   

  
	
   

  	
  GOLF TRUST OF AMERICA, L.P.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  GTA GP, Inc., its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/W. Bradley Blair, II

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
  W. Bradley Blair, II

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
  President

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  “SELLER”

  
	
   

  	
   

  
	
   

  	
  GTA-IB, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  GTA-IB Golf Resort, LLC, its Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/W. Bradley Blair, II

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
  W. Bradley Blair, II

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
  President

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  “HOLDING COMPANY”

  
	
   

  	
   

  
	
   

  	
  GTA-IB GOLF RESORT, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Golf Trust of America, L.P., its Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  GTA GP, Inc., its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/W. Bradley Blair, II

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  	
  W. Bradley Blair, II

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  	
  President

  	
   

  
																						

 

 S-1
 

 

	
  

  	
  “CONDO OWNER”

  
	
   

  	
   

  
	
   

  	
  GTA-IB CONDOMINIUM, LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
  GTA-IB Golf Resort, LLC, its Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/W. Bradley Blair, II

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
  W. Bradley Blair, II

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
  President

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  “MANAGEMENT COMPANY”

  
	
   

  	
   

  
	
   

  	
  GTA-IB MANAGEMENT, LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
  GTA-IB Golf Resort, LLC, its Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/W. Bradley Blair, II

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
  W. Bradley Blair, II

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
  President

  	
   

  
								

 

 S-2
 

 

	
  

  	
  “SI”

  
	
   

  	
   

  
	
   

  	
  SALAMANDER INNISBROOK, LLC, a
  Florida

  
	
   

  	
  limited liability company

  
	
   

  	
   

  
	
   

  	
  By:

  	
  SALAMANDER FARMS, L.L.C., as
  sole

  Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Sheila C. Johnston

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Sheila C. Johnston

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Sole Member & Manager

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  “SIC”

  
	
   

  	
   

  
	
   

  	
  SALAMANDER INNISBROOK

  
	
   

  	
  CONDOMINIUM, LLC, a Florida
  limited liability

  
	
   

  	
  company

  
	
   

  	
   

  
	
   

  	
  By:

  	
  SALAMANDER INNISBROOK, LLC, as

  
	
   

  	
   

  	
  sole Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  SALAMANDER FARMS, L.L.C., as

  
	
   

  	
   

  	
   

  	
  sole Member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/ Sheila C. Johnston

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  	
  Sheila C. Johnston

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  	
  Sole Member & Manager

  	
   

  
														

 

 S-3
 

 

	
  

  	
  “SIS”

  
	
   

  	
   

  
	
   

  	
  SALAMANDER INNISBROOK SECURITIES,

  
	
   

  	
  LLC, a Florida limited
  liability company

  
	
   

  	
   

  
	
   

  	
  By:

  	
  SALAMANDER INNISBROOK, LLC, as
  

  
	
   

  	
   

  	
  sole Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  SALAMANDER FARMS, L.L.C., as 

  
	
   

  	
   

  	
   

  	
  sole Member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/ Sheila C. Johnston

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  	
  Sheila C. Johnston

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  	
  Sole Member & Manager

  	
   

  
									

 

 S-4
 

Agreed as to Article 3:

“ESCROW AGENT”

STEWART
TITLE GUARANTY COMPANY

 

	
  By:

  	
  /s/ Wilhelmina Kightlinger

  	
   

  
	
   

  	
  Name:

  	
  Wilhelmina Kightlinger

  	
   

  
	
   

  	
  Title:

  	
  Title Agent

  	
   

  
					

 

 S-5Exhibit
10.2

June 25, 2007

AEW Targeted Securities Fund, L.P.

World Trade Center East

Two Seaport Lane

Boston, MA 022 10-2021

Attn:  Mr. Robert G. Gifford

Re:                             Golf Trust of America, Inc. – Option to Acquire
Series A Convertible Redeemable Preferred Stock

Gentlemen:

As you know, Golf Trust of
America, Inc. (the “Company”) is engaged in the implementation of the Company’s
stockholder approved plan of liquidation or a recapitalization of the
Company.  In furtherance of those
objectives, the Company is preparing to execute a sale of the Innisbrook
Resort, through its wholly-owned affiliates which own, operate and manage the
Innisbrook Resort, to Salamander Innisbrook, LLC and its affiliates pursuant to
an Asset Purchase Agreement to be dated June 25, 2007 (the “Purchase Agreement”).  In connection therewith, the Company requests
that AEW Target Securities Fund, L.P. (“AEW”) countersign below AEW’s agreement
to, and approval of, the terms of this Agreement.

1.                                      Option
Agreement.

1.1                                 AEW hereby grants the
Company the option (the “Option”), exercisable by the Company in the Company’s
sole discretion, to purchase, on or before August 1, 2007 (the “Option
Termination Date”), all 800,000 shares of the Company’s Series A Cumulative
Convertible Redeemable Preferred Stock held by AEW, including, without
limitation, all of AEW’s rights to Liquidation Preferences (as defined in the
Company’s Articles Supplementary, including, without limitation, Liquidation
Preferences in respect of any accrued and unpaid dividends) payable in respect
of such shares as of the Company’s exercise of the Option (the “Series A Shares”),
for a total price of $17,500,000 (the “Exercise Price”), subject to adjustment
as set forth on Schedule A hereto; provided,
however, that the Option shall only be exercisable by the Company in the event
that the business of the Innisbrook Resort is purchased pursuant to the
essential terms and conditions, including purchase price, of the Purchase
Agreement in the form delivered to AEW on June 20, 2007.

1.2                                 Except to the extent
expressly limited by the final clause of Section 1.1, exercise of the
Company’s purchase rights pursuant to the Option may be made at any time on or before
the Option Termination Date by delivery to AEW in the manner set forth in
Section 7 of 

this Agreement of a duly executed notice of exercise in the form set
forth in Exhibit A hereto (the “Notice”); provided that within three (3) business
days of the date the Notice is delivered to AEW, the Company shall have
delivered to AEW the Exercise Price by wire transfer or cashier’s check of
immediately available funds drawn on a United States bank.

1.3                                 Upon the Company’s
exercise of the Option and payment of the Exercise Price in accordance with the
provisions of Section 1.2, all rights of AEW pursuant to any agreements
between AEW and the Company, the Company’s Articles Supplementary or otherwise
shall terminate, and the Series A Shares shall be authorized and unissued
shares of Preferred Stock to which AEW shall no longer have any ownership
rights.

2.                                      Representations
and Warranties of AEW.

2.1                                 This Agreement has
been duly authorized, executed and delivered by or on behalf of AEW.

2.2                                 The execution and
delivery by AEW of, and the performance by AEW of its obligations under, this
Agreement shall not contravene (i) any provision of applicable law, or (ii) the
organizational documents of AEW, or (iii) any agreement or other
instrument binding upon AEW or any judgment, order or decree of any
governmental body, agency or court having jurisdiction over AEW, and no
consent, approval, authorization or order of, or qualification with, any
governmental body or agency is required for the performance by AEW of its
obligations under this Agreement.

2.3                                 AEW has, and on the
date that the Company exercises the Option (if the Option is exercised) will
have (i) good and marketable title to the Series A Shares to be sold by
AEW free and clear of all security interests, claims, liens, equities or other
encumbrances known to or arising through AEW (except for encumbrances arising
under this Agreement), and (ii) the legal right and power, and all
authorization and approval required by law, to (A) enter into this
Agreement, and to (B) sell, transfer and deliver the Series A Shares
to be sold by AEW or a security entitlement in respect of the Series A Shares.

2.4                                 Upon delivery to the
Company of certificates representing the Series A Shares to be sold by AEW,
each endorsed to the Company, or in blank, by an effective endorsement and
payable therefore by the Company pursuant to this Agreement, the Company will,
assuming the Company does not have notice of any adverse claims thereof,
acquire the Series A Shares to be sold by AEW free and clear of adverse claims.

2.5                                 AEW has not
transferred (i) any rights or interest in the Series A Shares or (ii) any
rights pursuant to its agreements with the Company (“Contract Rights”).

3.                                      Representations
and Warranties of the Company.

3.1                                 This Agreement has
been duly authorized, executed and delivered by or on behalf of the Company.

3.2                                 The execution and
delivery by the Company of, and the performance by the Company of its
obligations under, this Agreement shall not contravene the organizational
documents of the Company, or any agreement or other instrument binding upon the
Company or 

 2
 

any judgment, order or decree of any governmental body, agency or court
having jurisdiction over the Company, and no consent, approval, authorization
or order of, or qualification with, any governmental body or agency is required
for the performance by the Company of its obligations under this Agreement.

4.                                      Covenants and Agreements of AEW.  Until the
Option Termination Date, AEW shall not (i) redeem the Series A Shares, or (ii) transfer
the Series A Shares or Contract Rights unless each transferee receiving the
Series A Shares or Contract Rights enters into a binding written agreement with
the Company providing that (A) such transferee agrees to be bound by the
obligations of AEW under this Agreement, and (B) such transferee will not subsequently
transfer any of the Series A Shares or Contract Rights, without the prior
written consent of the Company.

5.                                      Expenses.
 The Company agrees to pay the reasonable
and actually incurred legal expenses of AEW associated with (i) this Agreement
and (ii) AEW’s filings with the Securities and Exchange Commission in
connection with this Agreement.

6.                                      Governing
Law.  This Agreement shall be
deemed to have been executed and delivered within the State of New York, and
the rights and obligations of the parties hereunder shall be construed and
enforced in accordance with, and governed by, the laws of the State of New York
without regard to principles of conflict of laws.  Any action or proceeding arising from or
relating to this Agreement must be brought in New York, and each party
irrevocably submits to the jurisdiction and venue of any such court in any such
action or proceeding.

7                                         Notices.  All communications pursuant to this Agreement
shall be in writing and shall be mailed, hand delivered or telecopied and
confirmed to the parties hereto as follows:

If to the Company:

Golf Trust of America, Inc.

10 North Adgers Wharf

Charleston, South Carolina  29401

Attention:  Mr. W. Bradley Blair, II

President & Chief Executive Officer

 3
 

 

	
  with a copy to:

  	
   

  
	
   

  	
   

  
	
   

  	
  Parker Poe Adams
  & Bernstein LLP

  
	
   

  	
  401 South Tryon
  Street, Suite 3000

  
	
   

  	
  Charlotte, North
  Carolina 28202

  
	
   

  	
  Facsimile: (704)
  335-4485

  
	
   

  	
  Attention: R.
  Douglas Harmon, Esq.

  
	
   

  	
   

  
	
  If to AEW:

  	
   

  
	
   

  	
   

  
	
   

  	
  AEW Targeted
  Securities Fund, L.P.

  
	
   

  	
  World Trade
  Center East

  
	
   

  	
  Two Seaport Lane

  
	
   

  	
  Boston, MA
  02210-2021

  
	
   

  	
  Attention: Mr.
  Robert G. Gifford

  
	
   

  	
   

  
	
  with a copy to:

  	
   

  
	
   

  	
   

  
	
   

  	
  Goodwin Procter
  LLP

  
	
   

  	
  Exchange Place

  
	
   

  	
  53 State Street

  
	
   

  	
  Boston, MA 02109

  
	
   

  	
  Facsimile: (617)
  523-1231

  
	
   

  	
  Attention: Laura
  C. Hodges Taylor, Esq.

  

 

Any and all notices or
other communications or deliveries required or permitted to be provided
hereunder shall be in writing and shall be deemed given and effective on the
earliest of (i) the date of transmission, (ii) the business day following the
date of mailing, if sent by U.S. nationally recognized overnight courier
service, or (iii) upon actual receipt by the party to whom such notice is
required to be given.  The address for
such notices and communications shall be as set forth above.

Any party hereto may
change the address for receipt of communications by giving written notice to
the other party.

8.                                      Successors
Assignment.  This Agreement shall
inure to the benefit of and be binding upon the parties hereto, and to their
respective successors, and no other person shall have any right or obligation
hereunder.

9.                                      Partial
Unenforceability.  The invalidity
or unenforceability of any section, paragraph or provision of this Agreement
shall not affect the validity or enforceability of any other section, paragraph
or provision hereof.  If any section, paragraph
or provision of this Agreement is for any reason determined to be invalid or
unenforceable, there shall be deemed to be made such minor changes (and only
such minor changes) as are necessary to make it valid and enforceable.

 4
 

10.                               Remedies.
 The Company, in addition to being entitled
to exercise all rights granted by law, including recovery of damages, will be
entitled to specific performance of its rights under this Agreement.  AEW agrees that monetary damages would not be
adequate compensation for any loss incurred by reason of a breach by it of the
provisions of this Agreement and hereby agrees to waive the defense in any
action for specific performance that a remedy at law would be adequate.

11.                               Entire
Agreement.  This Agreement constitutes
the entire agreement of the Company and AEW with respect to the matters
discussed herein.  Except as set forth in
this Agreement, all other agreements between the parties shall be in full force
and effect and unmodified.

12.                               Counterparts.
 This Agreement may be executed in
several counterparts with the same effect as if the parties executing the
several counterparts had all executed one counterpart.

Thank you.

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
  /s/ W. Bradley
  Blair, II

  	
   

  
	
   

  	
   

  
	
   

  	
  W. Bradley
  Blair, II

  
	
   

  	
  Chief Executive
  Officer, President and Chairman of 

  the Board of Directors of Golf Trust of America, 

  Inc.

  

 

 5
 

 

	
  AGREED TO AND APPROVED BY:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  AEW Targeted
  Securities Fund, L.P.

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  AEW TSF, L.L.C., its General Partner

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  AEW TSF, Inc., its Managing Member

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
  /s/ Robert G. Gifford

  	
   

  	
   

  	
   

  
	
  Printed Name:
  Robert G. Gifford

  	
   

  	
   

  
	
  Title: President, AEW TSF, Inc.

  	
   

  	
   

  
						

 

 6
 

EXHIBIT A

NOTICE OF EXERCISE

	
  To:

  	
   

  	
  AEW Targeted Securities Fund, L.P.

  	
   

  	
  Date:             
  , 2007

  
	
   

  	
   

  	
  World Trade Center East

  	
   

  	
   

  
	
   

  	
   

  	
  Two Seaport Lane

  	
   

  	
   

  
	
   

  	
   

  	
  Boston, MA 02210-2021

  	
   

  	
   

  
	
   

  	
   

  	
  Attn: Mr. Robert G. Gifford

  	
   

  	
   

  

 

The undersigned hereby
elects to exercise the Option granted pursuant to the attached letter agreement
between AEW Targeted Securities Fund, L.P. and Golf Trust of America, Inc. (the
“Agreement”).  Payment of the Exercise
Price shall be made in accordance with the provisions of Section 1.2 of the
Agreement.

	
   

  	
  By:

  	
   

  
	
   

  	
  Printed Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
					

 

 7

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