Document:

Exhibit 10.13

                                    AGREEMENT

     WHEREAS, Gyrodyne Company of America, Inc. ("Gyrodyne") and DPMG, Inc.
d/b/a Landmark National ("Landmark"), entered into two agreements dated April 9,
2002, the "Development Agreement" and the "Golf Operating Agreement"; and

     WHEREAS, after the monthly payments due under the Development Agreement
were exhausted in October 2004, Landmark continued to perform services under the
Development Agreement, during the period October 2004 through October 2006 (the
"Past Services"); and

     WHEREAS, Gyrodyne is desirous of maintaining a relationship with Landmark
in the future and to have Landmark provide consulting services (the "Future
Services") to Gyrodyne in connection with the Eminent Domain Case (as defined
below); and

     WHEREAS, Landmark has asserted that it may be entitled to certain
additional payments as a result of the condemnation of the property subject to
the Development Agreement (the "Condemnation Claim"); and

     WHEREAS, Gyrodyne wants to terminate its obligations to Landmark under the
Development Agreement and the Golf Operating Agreement (the "Termination"); and

     WHEREAS, the parties wish to resolve all claims they have against each
other and to enter into an agreement for the Future Services;

     NOW, Gyrodyne and Landmark hereby agree as follows:

     1. In consideration of: (a) Landmark's Past Services, (b) Landmark agreeing
to provide the Future Services, and (c) Landmark agreeing to the Termination,
Gyrodyne shall pay to Landmark the sum of Three Million and 08/100
($3,000,000.08) Dollars payable as follows:

          A. Two Million ($2,000,000) Dollars upon execution of this Agreement;
and

<PAGE>

          B. One Million ($1,000,000.08) Dollars in Thirty Six (36) equal
monthly installments of Twenty Seven Thousand Seven Hundred Seventy Seven
Dollars and Seventy Eight Cents ($27,777.78) commencing on March 1, 2007 and
ending on February 1, 2010, regardless of the date the Eminent Domain Case is
resolved. These payments shall be due on the first business day of each month.

     2. Upon execution of this Agreement, the Development Agreement and the Golf
Operating Agreement are hereby terminated and shall have no further force and
effect.

     3. Landmark agrees to act as Gyrodyne's consultant for use in the eminent
domain proceeding captioned Gyrodyne Company of America, Inc. -against- The
State University of New York at Stony Brook for the People of the State of New
York, Claim No. 112279, and any and all related proceedings (the "Eminent Domain
Case"). Landmark's agreement to act as a consultant for Gyrodyne in the Eminent
Domain Case will be hereinafter referred to as the "Consulting Retention." As
part of the Consulting Retention, Landmark shall consult with and advise the
attorneys, officers and employees of Gyrodyne concerning the Eminent Domain Case
as reasonably requested. Landmark's services shall also include the review of
pertinent documents, as well as consultation and advice concerning land
planning, economic feasibility studies, coordinating with project engineers and
any other matters relating to the Eminent Domain Case. Landmark further agrees
that it shall not be entitled to receive any additional compensation for its
performance under the Consulting Retention. The term of the Consulting Retention
shall commence upon execution of this Agreement and shall terminate upon the
earlier of February 1, 2010 or the completion of the Eminent Domain Case
(including any appeals or subsequent proceedings on remand). The Consulting
Retention shall not be assignable by Landmark, but shall be assignable by

                                       2
<PAGE>

Gyrodyne. Landmark acknowledges that in the course of the Consulting Retention
it may acquire knowledge of confidential and proprietary information belonging
to Gyrodyne. Landmark shall not at any time, whether during or after its
employment with Gyrodyne, disclose to any person (other than Gyrodyne, as
consented to by Gyrodyne or as may be ordered by a court of competent
jurisdiction) or use for its own account any confidential or proprietary
information of Gyrodyne.

     4. Upon execution of this Agreement, Landmark shall execute and deliver to
Gyrodyne the Release attached hereto as Exhibit "A."

     5. Upon execution of this Agreement, Gyrodyne shall execute and deliver to
Landmark the Release attached hereto as Exhibit "B."

     6. Gyrodyne and Landmark agree that the execution of this Agreement does
not constitute an admission by any party of the validity of any allegations that
may have been presented in a lawsuit.

     7. The terms of this Agreement shall be held in strict confidence and used
only to carry out the obligations of this Agreement, and will not be disclosed
to anyone other than the parties, their officers, directors, staff, employees,
representatives and agents who may need to know such information to carry out
the obligations of this Agreement or to perform their responsibilities in
connection with the parties' internal operations and proceedings, as required by
law, or in response to a request from a government agent, state or federal. The
parties recognize that as publicly traded companies they will be required to
disclose certain terms of this Agreement. The contents of any such disclosures
will be substantially the same as those contained in Exhibit "C" hereto.

                                       3
<PAGE>

     8. Landmark and Gyrodyne further represent that they have not transferred,
assigned, sold or otherwise encumbered any of their rights pursuant to the
Development Agreement and the Golf Operating Agreement.

     9. No party shall be deemed to have waived any of the provisions of this
Agreement unless such waiver is in writing and is signed by the party against
which enforcement of the waiver is sought.

     10. The parties to this Agreement acknowledge and agree that this Agreement
constitutes the entire understanding of the parties with respect to its subject
matter and that no representations, statements, or stipulations contrary to the
provisions of this Agreement whether verbal or in writing regarding such subject
matter are valid or binding, except that an amendment or modification of this
Agreement shall be effective if, and only if, it is in writing and signed by
both of the parties.

     11. If any provision or provisions of this Agreement shall be held by any
court or other tribunal of competent jurisdiction to be invalid or
unenforceable, such provision or provisions shall be enforced to the maximum
extent permissible and the remaining portions of this Agreement shall remain in
full force and effect.

     12. This Agreement may be executed in separate counterparts, both of which
taken together shall constitute one and the same instrument.

     13. This Agreement shall be governed by, and construed in accordance with,
the laws of the State of New York.

     14. If any action is commenced to enforce the terms of this Agreement, the
Court may award the prevailing party its costs and reasonable attorneys' fees
incurred in connection with any such action. This remedy is in addition to any
other legal or equitable remedy which may be available to any party under New
York law.

                                       4
<PAGE>

     15. Facsimile signatures below shall be deemed original signatures.

Dated: New York, New York
       February 12, 2007

GYRODYNE COMPANY OF AMERICA, INC.            DPMG, INC. d/b/a LANDMARK NATIONAL

By: /s/ Stephen V. Maroney                   By: /s/ Gerald G. Barton
   ----------------------------                 ---------------------------
    Name:  Stephen V. Maroney                    Name:  Gerald G. Barton
    Title: President                             Title: President

                                       5
<PAGE>

                                    EXHIBIT A
                                    ---------

                                 GENERAL RELEASE
                                 ---------------

     TO ALL TO WHOM THESE PRESENTS SHALL COME OR MAY CONCERN, know that DPMG,
INC., d/b/a Landmark National, as Releasor, in consideration of One Dollar
($1.00) and other good and valuable consideration received from Gyrodyne Company
of America, Inc., as Releasee, the receipt and sufficiency whereof is hereby
acknowledged, do hereby release and forever discharge said Releasee, as well as
Releasee's respective subsidiaries, divisions, parent corporations, successor
corporations, predecessor corporations, affiliated corporations, present and
former officers, directors, employees, shareholders, principals, attorneys,
consultants, agents and assigns from any and all actions, causes of action,
suits, debts, dues, sums of money, accounts, reckonings, bonds, bills,
specialties, covenants, contracts, controversies, agreements, promises,
variances, trespasses, damages, judgments, extents, executions, claims and
demands whatsoever, in law, admiralty or equity, which Releasor, as well as,
Releasor's respective subsidiaries, divisions, parent corporations, successor
corporations, predecessor corporations, affiliated corporations, present and
former officers, directors, employees, shareholders, agents and assigns had, now
have or hereafter can, shall or may have against the Releasee whatsoever from
the beginning of time to the date of this RELEASE.

     Whenever the text hereof requires, the use of singular number shall include
the appropriate plural number.

     The effect of this GENERAL RELEASE shall be governed by the laws of the
State of New York without regard to its conflict of laws rules.

     Notwithstanding anything herein to the contrary, nothing herein shall
release or affect in any way any party's rights or obligations under the
Agreement.

                                       6
<PAGE>

     IN WITNESS WHEREOF, Releasor has caused this GENERAL RELEASE to be executed
by it duly authorized officer on this 9th day of February, 2007.

                                        DPMG, INC. d/b/a Landmark National

                                        By: /s/ Gerald G. Barton
                                           -----------------------------
                                            Name:
                                            Title:

STATE OF Maryland            )
                             ) ss.
COUNTY OF Prince Georges     )

     On February 9, 2007 before me, personally came Gerald G. Barton, to me
known and known to me to be the individual who executed the foregoing GENERAL
RELEASE, who, by me duly sworn, did depose and say that deponent is the
President of DPMG, INC. d/b/a Landmark National.

     In Witness Whereof, I hereunto set my hand and official seal.

                                       /s/ Georgene A. Feather
                                       -----------------------------------
                                       Notary Public
                                       My Commission Expires: 10-1-2007

                                       7
<PAGE>

                                    EXHIBIT B
                                    ---------

                                 GENERAL RELEASE
                                 ---------------

     TO ALL TO WHOM THESE PRESENTS SHALL COME OR MAY CONCERN, know that GYRODYNE
COMPANY OF AMERICA, INC., as Releasor, in consideration of One Dollar ($1.00)
and other good and valuable consideration received from DPMG, INC. d/b/a
Landmark National, as Releasee, the receipt and sufficiency whereof is hereby
acknowledged, do hereby release and forever discharge said Releasee, as well as
Releasee's respective subsidiaries, divisions, parent corporations, successor
corporations, predecessor corporations, affiliated corporations, present and
former officers, directors, employees, shareholders, principals, attorneys,
consultants, agents and assigns from any and all actions, causes of action,
suits, debts, dues, sums of money, accounts, reckonings, bonds, bills,
specialties, covenants, contracts, controversies, agreements, promises,
variances, trespasses, damages, judgments, extents, executions, claims and
demands whatsoever, in law, admiralty or equity, which Releasor, as well as,
Releasor's respective subsidiaries, divisions, parent corporations, successor
corporations, predecessor corporations, affiliated corporations, present and
former officers, directors, employees, shareholders, agents and assigns had, now
have or hereafter can, shall or may have against the Releasee whatsoever from
the beginning of time to the date of this RELEASE.

     Whenever the text hereof requires, the use of singular number shall include
the appropriate plural number.

     The effect of this GENERAL RELEASE shall be governed by the laws of the
State of New York without regard to its conflict of laws rules.

     Notwithstanding anything herein to the contrary, nothing herein shall
release or affect in any way any party's rights or obligations under the
Agreement.

                                       8
<PAGE>

     IN WITNESS WHEREOF, Releasor has caused this GENERAL RELEASE to be executed
by it duly authorized officer on this 9th day of February, 2007.

                                            GYRODYNE COMPANY OF
                                            AMERICA, INC.

                                            By: /s/ Stephen V. Maroney
                                               ----------------------------
                                               Name:  Stephen V. Maroney
                                               Title: President

STATE OF New York         )
                          ) ss.
COUNTY OF Suffolk         )

     On February 9, 2007 before me, personally came Stephen V. Maroney, to me
known and known to me to be the individual who executed the foregoing GENERAL
RELEASE, who, by me duly sworn, did depose and say that deponent is the
President of Gyrodyne Company of America, Inc.

     In Witness Whereof, I hereunto set my hand and official seal.

                                          /s/ Lynn Ierardi
                                          ---------------------------
                                          Notary Public
                                          My Commission Expires: 2/22/11

                                       9Exhibit 10.14

                       FIRST AMENDMENT TO CONTRACT OF SALE

     This AGREEMENT ("Agreement") is made as of the 1st day of February, 2007
between FRANK M. PELLICANE REALTY, LLC and PELICAN REALY, LLC, each as to a 50%
interest, with offices at 2233 Nesconset Highway, Suite 206, Lake Grove, New
York 11755 ("Seller") and GYRODYNE COMPANY OF AMERICA, INC., with offices at 1
Flowerfield, Suite 24, Saint James, New York 11780 ("Purchaser").

                                   WITNESSETH:
                                   -----------

     WHEREAS, Seller and Purchaser entered into a Contract of Sale ("Contract")
dated the 12th day of October, 2006, for purposes of completing the sale of the
premises known as 1-6,8,9, & 11 Medical Drive and 5380 Nesconset Highway, Port
Jefferson, New York (collectively, the "Premises"); and

     WHEREAS, during Purchaser's due diligence investigation of the Premises,
specifically the Phase II Environmental Site Assessment Report, certain
contaminants were discovered in the on-site sanitary waste disposal systems and
stormwater drywells of the Premises which require remediation by a qualified
licensed remediation company ("Company") as detailed in a Phase II Environmental
Site Assessment Report dated the 15th day of December, 2006 by FREUDENTHAL &
ELKOWITZ CONSULTING GROUP, INC. ("Environmental Report").

     WHEREAS, the parties desire to modify certain provisions of the Contract as
set forth below.

     NOW, THEREFORE, based on the mutual promises of the parties, and other good
and valuable consideration, the receipt of which is hereby acknowledged, the
parties agree as follows:

     1.   Seller shall be responsible for all costs associated with the
          remediation of the contaminated on-site sanitary waste disposal
          systems and stormwater drywells at the Premises, as outlined in the
          Environmental Report. The remediation of the Premises shall be
          performed pursuant to all State and Local governmental regulations and
          the Seller shall have the right to engage a Company of its choice to
          complete the required work and agrees to do so within ten (10) days
          from the date of this Agreement. Upon completion of all necessary
          work, Seller shall provide Purchaser with a "No Further Action Letter"
          from the Department of Health Services, County of Suffolk or other
          similar documentation evidencing that the remediation has been
          satisfactorily completed.

     2.   The parties agree that the payments due to the Company engaged by the
          Seller to perform the work for the above remediation shall be
          structured as follows: Seller shall pay all costs to complete all
          required work and remediation of the Premises up to $56,000.00 prior
          to Closing. If the cost to complete the remediation of the Premises

<PAGE>

          exceeds $56,000.00, the Purchaser agrees to advance to Seller that
          portion of the remaining cost as the Company shall require to be paid
          prior to the Closing. Purchaser shall advance such funds upon three
          (3) business days' written demand from Seller, enclosing the invoice
          of the Company, by check of Purchaser payable to the Company. In
          exchange for such payment, Seller deliver to Purchaser a Demand Note
          and Mortgage in the amount of said advance, which Demand Note shall be
          due and payable at Closing in the form of an adjustment to the
          Purchase Price. In the event that the Contract is terminated, then the
          Demand Note shall be payable upon five (5) days written demand by
          Purchaser to Seller. Furthermore, the parties agree that said Mortgage
          shall be held in escrow by the Purchaser's attorney and not recorded
          unless the Contract is terminated AND the Seller does not remit
          payment in full of said Demand Note within five (5) days of receipt of
          written notice for same. In the event of default in payment of the
          Demand Note, same shall bear interest at the rate of ten percent (10%)
          per annum from the date when payment became due.

     3.   Purchaser and Seller agree that the Closing shall take place on or
          before fifteen (15) days from the date the remediation is completed
          (which shall be deemed to be the date of the delivery to Purchaser of
          the No Further Action Letter) at the offices of Astoria Federal
          Savings and Loan Association, 2000 Marcus Avenue, Lake Success, New
          York 11042.

     4.   The parties agree that Purchaser's right to terminate the Contract
          under Section 36 thereof has expired; and this Contract shall remain
          in full force and effect and the Deposit shall become non-refundable
          except in the event of the Seller's default or as set forth in the
          Contract.

     5.   Except as amended by this Agreement, the Contract is unmodified and is
          in full force and effect and is hereby ratified and confirmed in all
          respects.

     6.   This Agreement may not be amended, further modified, supplemented or
          terminated unless same is in writing and executed by the Purchaser and
          Seller.

                            [SIGNATURE PAGE FOLLOWS]

<PAGE>

     IN WITNESS WHEREOF, this Agreement has been duly executed by the parties
hereto as of the day and year first written above.

SELLER:
PELICAN REALTY, LLC

/s/ Vincent J. Pellicane
----------------------------------------
BY: VINCENT J. PELLICANE, MEMBER

FRANK M. PELLICANE REALTY, LLC

/s/ Theodora Pellicane
----------------------------------------
BY: THEODORA PELLICANE, AS EXECUTRIX OF
THE ESTATE OF FRANK M. PELLICANE, MEMBER

PURCHASER:
GYRODYNE COMPANY OF AMERICA, INC.

/s/ Stephen V. Maroney
----------------------------------------
STEPHEN V. MARONEY, PRESIDENT

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