Document:

<PAGE>

                                                                   EXHIBIT 10.7

================================================================================

                                    FORM OF

                            EQUITYHOLDERS AGREEMENT

                                 BY AND AMONG

                              GOTHAM GOLF CORP.,

                               GOTHAM GOLF LLC,

                             GOTHAM PARTNERS, L.P.

                        FLORIDA GOLF ASSOCIATES, L.P.,

                        FLORIDA GOLF PROPERTIES, INC.,

                                      AND

                         CERTAIN EQUITYHOLDERS OF EACH

                            DATED AS OF [        ]

================================================================================

<PAGE>

                               TABLE OF CONTENTS

<TABLE>
<S>               <C>                                                      <C>
ARTICLE I

   CERTAIN DEFINITIONS                                                     PAGE
                                                                           ----
   Section 1.1    Definitions.............................................    1
   Section 1.2    Construction............................................    4

ARTICLE II

   BOARD OF DIRECTORS
   Section 2.1    Composition of the Corporation Board....................    5
   Section 2.2    Removal and Replacement of Directors....................    5
   Section 2.3    Removal of Founders Director by Shareholders............    5

ARTICLE III

   OTHER AGREEMENTS
   Section 3.1    Right of Co-Sale........................................    5
   Section 3.2    Structure of Redemptions................................    6

ARTICLE IV

   TRANSFER RESTRICTIONS
   Section 4.1    Restrictions on Transfers...............................    7
   Section 4.2    Affiliate Transfers.....................................    8
   Section 4.3    Pledge to a Loan Bank...................................    8
   Section 4.4    Void Transfers..........................................    8
   Section 4.5    Open-Market Trades......................................    8

ARTICLE V

   REGISTRATION RIGHTS
   Section 5.1.   Demand Registrations....................................    8
   Section 5.2.   Piggy-Back Registration.................................    9
   Section 5.3.   Termination of Registration Obligations.................   10
   Section 5.4.   Registration Procedures.................................   11
   Section 5.5.   Registration Expenses...................................   14
   Section 5.6.   Indemnification; Contribution...........................   15

ARTICLE VI

   TERMINATION
   Section 6.1    Termination.............................................   17

ARTICLE VII

   MISCELLANEOUS
   Section 7.1    Counterparts............................................   17
   Section 7.2    Governing Law...........................................   17
</TABLE>

                                       i

<PAGE>

<TABLE>
<CAPTION>
                                                                           PAGE
                                                                           ----
<C>                <S>                                                     <C>
   Section 7.3     Jurisdiction and Forum.................................  17
   Section 7.4     Entire Agreement.......................................  17
   Section 7.5     Expenses...............................................  17
   Section 7.6     Notices................................................  18
   Section 7.7     Successors and Assigns.................................  19
   Section 7.8     Headings; Definitions..................................  19
   Section 7.9     Amendments and Waivers.................................  19
   Section 7.10    Severability...........................................  20
   Section 7.11    Interpretation.........................................  20
   Section 7.12    Specific Performance...................................  20
   Section 7.13    No Third-Party Beneficiaries...........................  20
</TABLE>

                                      ii

<PAGE>

   This EQUITYHOLDERS AGREEMENT, dated as of [           ], 2002 (this
"AGREEMENT"), is entered into by and among (i) Gotham Golf Corp., a Delaware
corporation (the "CORPORATION"), in its individual capacity and in its capacity
as a Limited Partner of Gotham Golf Partners, L.P., a Delaware limited
partnership (the "PARTNERSHIP"), (ii) Gotham Golf, LLC, a single-member
Delaware limited liability company and wholly owned subsidiary of the
Corporation (the "GENERAL PARTNER"), in its individual capacity and in its
capacity as general partner of the Partnership, (iii) Gotham Partners, L.P., a
Delaware limited partnership ("GOTHAM"), individually and on behalf of its
Controlled Affiliates, each in its capacity as a shareholder of the
Corporation, (iv) Florida Golf Associates, L.P., a Virginia limited partnership
("FGA"), (v) Florida Golf Properties, Inc., a Virginia corporation ("FGPI"),
and (vi) certain Limited Partners of the Partnership and shareholders of the
Corporation as identified on EXHIBIT A (each a "FOUNDER", collectively
"FOUNDERS", and together with Gotham, FGA, FGPI and their respective Controlled
Affiliates, the "EQUITYHOLDERS").

                                   RECITALS

   WHEREAS, the Partnership, Gotham, FGA, FGPI and certain other Persons have
entered into that certain Agreement and Plan of Merger and Contribution, dated
as of February 13, 2002 (the "MERGER AGREEMENT"), which provides, among other
things, that Gotham, FGA, FGPI and certain of Gotham's Affiliates shall
contribute their respective rights, titles and interests in the Partnership to
the Corporation, which in turn shall contribute certain of these rights, titles
and interests to the General Partner, in exchange for the Common Stock of the
Corporation;

   WHEREAS, in connection with those matters, the partners of the Partnership
have resolved to amend and restate their agreement of limited partnership in
the form of the Third Amended and Restated Agreement of Limited Partnership of
Gotham Golf Partners, L.P. (the "PARTNERSHIP AGREEMENT");

   WHEREAS, the execution of this Agreement is a condition of the obligation of
the parties to the Merger Agreement to consummate the transactions contemplated
thereby; and

   WHEREAS, the Corporation, the Partnership and the Equityholders desire to
establish in this Agreement certain terms and conditions concerning their
holdings of Partnership Units and Common Stock and concerning provisions
related to the Equityholders' relationship with and investment in the
Partnership and the Corporation, as the case may be, immediately following the
consummation of the transactions contemplated by the Merger Agreement.

   NOW, THEREFORE, in consideration of the premises and the covenants and
agreements contained herein, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, and intending to be
legally bound hereby, the parties hereto agree as follows:

                                   ARTICLE I

                              CERTAIN DEFINITIONS

   Section 1.1 DEFINITIONS.  As used in this Agreement, the following terms
shall have the respective meanings set forth below:

   "AFFILIATE" shall have the meaning set forth in the Partnership Agreement.

   "AGREEMENT" shall have the meaning set forth in the Preamble.

   "BANK" shall mean any bank whose deposits are insured under the Federal
Deposit Insurance Act, as amended.

                                      1

<PAGE>

   "BANK DEMAND RIGHT" shall have the meaning set forth in Section 5.1.

   "BLACKOUT PERIOD" shall have the meaning set forth in Section 5.1.

   "BUSINESS DAY" shall have the meaning set forth in the Partnership Agreement.

   "COMMON STOCK" shall mean the common stock, par value $0.01 per share, of
the Corporation.

   "COMMON STOCK EQUIVALENTS" shall mean shares of Common Stock issuable upon
redemption of the Partnership Units.

   "CONTROL" (including terms with correlative meanings such as "CONTROLLED",
"CONTROLLING", "CONTROLLED BY" and "UNDER COMMON CONTROL") shall mean, with
respect to any Person, the possession, directly or indirectly, of (i) greater
than 51% of the economic interests of a Person and (ii) the power to direct or
cause the direction of the management policies of that Person, whether through
ownership of voting securities or otherwise.

   "CORPORATION" shall have the meaning set forth in the Preamble.

   "CORPORATION BOARD" shall have the meaning set forth in Section 2.1.

   "CORPORATION INTEREST" shall mean, with respect to any Person, such Person's
percentage ownership (direct and indirect) of the outstanding Common Stock at
the time of measurement, including (i) that number of shares of Common Stock
for which such Person's Partnership Units can be redeemed pursuant to the
Partnership Agreement and (ii) that number of shares of Common Stock arising
from Transfers from another Equityholder to such Person, but in any case, shall
not include any Market Shares owned (directly or indirectly) by such Person.

   "DEMAND REGISTRATION" shall have the meaning set forth in Section 5.1.

   "DEMAND REQUEST" shall have the meaning set forth in Section 5.1.

   "DEMAND SHARES" shall have the meaning set forth in Section 5.1.

   "DIRECTOR" shall mean one or more of the members of the Corporation Board,
as the context may require.

   "EFFECTIVE PERIOD" shall have the meaning set forth in Section 5.4.

   "EQUITYHOLDERS" shall have the meaning set forth in the Preamble.

   "FAIR MARKET VALUE" shall mean, with respect to any Person's Common Stock or
Partnership Units redeemable for Common Stock, the average of the daily market
price for the Common Stock or the Common Stock issued upon redemption of the
Partnership Units, as the case may be, for the ten (10) consecutive trading
days immediately preceding the relevant time of measurement. The market price
for each such trading day shall be: (i) if the Common Stock is listed or
admitted to trading on any securities exchange or inter-dealer quotation system
of a registered securities association, the closing price, regular way, on such
day or, if no such sale takes place on such day, the average of the closing bid
and asked prices on such day; (ii) if the Common Stock is not listed or
admitted to trading on any securities exchange or the inter-dealer quotation
system of a registered securities association, the last reported sale price on
such day or, if no sale takes place on such day, the average of the closing bid
and asked prices on such day, as reported by a reliable quotation source
designated by the General Partner, in its sole discretion, or (iii) if the
Common Stock is not listed or admitted to trading on any securities exchange or
the inter-dealer quotation system of a registered securities association and no
such last reported sale price or closing bid and asked prices are available,
the average of the reported high bid and low asked prices on such day, as
reported by a reliable quotation source designated by the General Partner, in
its sole

                                      2

<PAGE>

discretion, or, if there shall be no bid and asked prices on such day, the
average of the high bid and low asked prices, as so reported, on the most
recent day (not more than ten (10) days prior to the date in question) for
which prices have been so reported; PROVIDED that if there are no bid and asked
prices reported during the ten (10) days prior to the date in question, the
Fair Market Value of the Common Stock shall be determined by the General
Partner acting in good faith on the basis of such quotations and other
information as it considers appropriate.

   "FAMILY" shall mean, with respect to a particular Equityholder, such
Equityholder's estate and heirs and current and former spouse(s), parents,
parents-in-law, children, children-in-law, siblings, nephews, nieces and
grandchildren and any trust, entity or estate, all of the beneficiaries and/or
actual and beneficial owners of which consist solely of such Equityholder or
such Equityholder's current or former spouse(s), parents, parents-in-law,
children, children-in-law, siblings, nephews, nieces and grandchildren.

   "FGA" shall have the meaning set forth in the Preamble.

   "FGPI" shall have the meaning set forth in the Preamble.

   "FOUNDER" AND "FOUNDERS" shall have the meanings set forth in the Preamble.

   "FOUNDERS DIRECTOR" shall have the meaning set forth in Section 2.1.

   "GENERAL PARTNER" shall have the meaning set forth in the Preamble.

   "GOTHAM" shall have the meaning set forth in the Preamble.

   "GOTHAM DEMAND RIGHT" shall have the meaning set forth in Section 5.1.

   "GOVERNMENTAL ENTITY" shall mean any federal, state or local political
subdivision or other governmental agency or instrumentality, foreign or
domestic.

   "LIMITED PARTNER" shall have the meaning set forth in the Partnership
Agreement.

   "LOAN BANK" shall have the meaning set forth in Section 4.1(a).

   "MARKET SHARES" shall mean Common Stock purchased by a Person through an
Open-Market Trade.

   "MAXIMUM NUMBER" shall have the meaning set forth in Section 5.2.

   "MERGER AGREEMENT" shall have the meaning set forth in the Recitals.

   "OPEN-MARKET TRADE" shall mean any purchase or sale on (i) a securities
exchange or inter-dealer quotation system on which or through which the Common
Stock is traded or (ii) the over-the-counter market.

   "OPTION" shall have the meaning set forth in Section 3.1(b).

   "OTHER HOLDER" shall have the meaning set forth in Section 5.2.

   "PARTNERSHIP" shall have the meaning set forth in the Preamble.

   "PARTNERSHIP AGREEMENT" shall have the meaning set forth in the Recitals.

   "PARTNERSHIP UNITS" shall have the meaning set forth in the Partnership
Agreement.

                                      3

<PAGE>

   "PARTY" shall mean each of the parties hereto and any Persons who become a
party hereto in accordance with Section 4.2.

   "PERMITTED TRANSFERS" shall have the meaning set forth in Section 4.1.

   "PERSON" shall mean any individual, partnership, limited liability company,
firm, corporation, association, joint venture, trust or other entity or any
Governmental Entity.

   "PIGGY-BACK REGISTRATION" shall have the meaning set forth in Section 5.2.

   "PIGGY-BACK REQUEST" shall have the meaning set forth in Section 5.2.

   "PROHIBITED SALE" shall have the meaning set forth in Section 3.1(b).

   "PURCHASER" shall have the meaning set forth in Section 3.1(a).

   "PROSPECTIVE SELLER" shall have the meaning set forth in Section 3.1(a).

   "REDEMPTION RIGHT" shall have the meaning set forth in the Partnership
Agreement.

   "REGISTRABLE SHARES" shall have the meaning set forth in Section 5.1.

   "SEC" shall mean the Securities and Exchange Commission.

   "SECURITIES ACT" shall mean the Securities Act of 1933, as amended.

   "SUBSIDIARY" shall mean, when used with respect to any Person, any Affiliate
of such Person that is Controlled by such Person.

   "TOTAL CORPORATION INTEREST" shall mean, with respect to any Person, the sum
of (i) such Person's Corporation Interest and (ii) any Market Shares owned
(directly or indirectly) by such Person (expressed as a percentage of the
outstanding Common Stock at the time of measurement).

   "TRANSFER" shall mean, in verb or noun form, any direct or indirect sale,
assignment, gift, encumbrance, hypothecation, mortgage, tender, exchange, any
other disposition by law or otherwise or other derivative transaction that has
the effect of materially changing the economic benefits and risks of ownership.

   Section 1.2  CONSTRUCTION.   Unless the context requires otherwise: (a) the
gender (or lack of gender) of all words used in this Agreement includes the
masculine, feminine and neuter; (b) references to Articles and Sections refer
to Articles and Sections of this Agreement; (c) references to Exhibits refer to
the Exhibits attached to this Agreement; (d) references to laws refer to such
laws as they may be amended from time to time, and references to particular
provisions of a law include any corresponding provisions of any succeeding law;
(e) references to money refer to legal currency of the United States of
America; (f) the word "including" means "including, without limitation"; (g)
wherever the words "in its sole discretion", "in the General Partner's
discretion" (including, with correlative meanings, the terms "absolute
discretion" or "individual discretion" or similar words or phrases), as applied
to decisions, determinations, judgments, actions, undertakings or exercises of
power and/or authority by the General Partner or the Corporation (whether on
behalf of the Partnership or otherwise), shall be interpreted to mean that (i)
the General Partner or the Corporation (as the case may be) may decide, make
determinations, adjudge, act, undertake undertakings or exercise its power
and/or authority with respect to such matters without reference to its
fiduciary or other duties, whether arising under law, equity or otherwise owing
to the Partnership, or the partners and Limited Partners thereof or any other
Persons, other than contractual duties arising on account hereof and (ii) the
Founders, in their capacity as Limited Partners of the

                                      4

<PAGE>

Partnership, shall be deemed to have consented to and/or approved all such
matters without any further action on their or the General Partner's part; and
(h) all capitalized terms defined herein are equally applicable to both the
singular and plural forms of such terms. For the avoidance of doubt, nothing
contained in this Section 1.2 shall be deemed to be a waiver by any
Equityholder or as an admission by the General Partner, in connection with any
claims for breach of fiduciary duty against the General Partner for any acts or
omissions occurring after the date hereof.

                                  ARTICLE II

                              BOARD OF DIRECTORS

   Section 2.1 COMPOSITION OF THE CORPORATION BOARD.  Each of the Equityholders
shall, and shall cause its Controlled Affiliates to, make nominations and vote
their respective Total Corporation Interest, so that the Corporation shall be
managed by a board of directors (the "CORPORATION BOARD") that, subject to the
Corporation's Certificate of Incorporation and Bylaws (in each case, as amended
from time to time), shall be comprised of seven (7) Persons, including, one (1)
individual designated by those Founders who have a Corporation Interest greater
than zero, acting as a single group (the "FOUNDERS DIRECTOR"). The Founders
Director shall serve as a Director until his or her successor is duly elected
and qualified or until his or her earlier resignation or removal. The Founders
shall, among themselves, establish the terms and conditions for designating the
Founders Director and, if no such agreement is reached, the designee required
by this Section 2.1 shall be designated by that certain Founders Agreement,
dated as of the date hereof, by and among the Founders.

   Section 2.2 REMOVAL AND REPLACEMENT OF DIRECTORS.  Each Equityholder shall,
and shall cause its Affiliates to, vote their respective Total Corporation
Interest to remove the Founders Director at the request of the Founders, acting
as a single group, at any time and for any reason (or for no reason). Subject
to the Corporation's Certificate of Incorporation and Bylaws, as amended from
time to time, should the Founders Director be unwilling or unable to continue
to serve, or otherwise cease to serve (including by reason of his or her
involuntary removal or at the expiration of any applicable term of office),
then each of the Equityholders shall, and shall cause its Affiliates to, make
nominations and vote their respective Total Corporation Interest to fill the
resulting vacancy on the Corporation Board by a Person designated by the
Founders, as provided in Section 2.1.

   Section 2.3 REMOVAL OF FOUNDERS DIRECTOR BY SHAREHOLDERS.  None of the
Equityholders or their Controlled Affiliates shall participate in, nor shall
they cooperate with, any effort, or execute any resolution proposed by
shareholders of the Corporation other than the Equityholders, to remove the
Founders Director so long as the Founders Director is either John Caporaletti
or R. Daniel Mays.

                                  ARTICLE III

                               OTHER AGREEMENTS

   Section 3.1 RIGHT OF CO-SALE.

   (a) None of the Equityholders nor their respective Affiliates (each, a
"PROSPECTIVE SELLER") shall Transfer any part or all of its Corporation
Interest to any Person unless the prospective transferee (the "PURCHASER")
offers to purchase from each other Equityholder on terms no less favorable than
those offered to the Prospective Seller up to a number of shares of Common
Stock such that, in the case of a Transfer of a Person's Corporation Interest,
if each Equityholder accepts such offer in full, the ratio of the aggregate
number of shares of Common Stock and Common Stock Equivalents directly or
indirectly held by the Prospective Seller immediately before such Transfer to
the aggregate number of shares of Common Stock and Common Stock Equivalents
directly or indirectly held by the Prospective Seller immediately after such
Transfer shall be equal to the ratio of the aggregate number of shares of
Common Stock and Common Stock Equivalents directly or indirectly held by the
other Equityholders immediately before such Transfer to the aggregate number of
shares of Common Stock and

                                      5

<PAGE>

Common Stock Equivalents directly or indirectly held by such Equityholders
immediately after such Transfer. The Prospective Seller shall send to each
other Equityholder a written notice of the Purchaser's offer to purchase shares
of Common Stock (including Common Stock Equivalents that are redeemed for
Common Stock) pursuant to this Section 3.1 at least 30 days prior to the
closing of any sale of shares of Corporation Interests by any Prospective
Seller. Such other Equityholders may accept the Purchaser's offer in whole or
in part and shall evidence its acceptance of the Purchaser's offer by sending a
notice of acceptance to the Prospective Seller and the Purchaser within 30 days
after receipt of the notice of the Purchaser's offer. An Equityholder that does
not accept the Purchaser's offer (in whole or in part) in accordance with the
foregoing sentence shall be deemed to have rejected the Purchaser's offer.

   (b) If a Prospective Seller Transfers any Corporation Interest to any Person
in contravention of the preceding Section 3.1(a) (a "PROHIBITED SALE"), each
other Equityholder shall have the option (the "OPTION") to sell to such
Prospective Seller up to a number of shares of Common Stock equal to the number
of shares that such Equityholder would have had the right to sell in connection
with the Prohibited Sale had such Prospective Seller and such Purchaser
complied with the terms of this Agreement. The price per share of Common Stock
that the Prospective Seller shall pay to each Equityholder in the event any
such Equityholder exercises its Option shall be equal to the price per share of
Common Stock paid to the Prospective Seller in the Prohibited Sale. An Option
may be exercised by an Equityholder within 30 days after it has received notice
or otherwise become aware of the Prohibited Sale, and may be exercised in whole
or in part. The Prospective Seller shall reimburse each Equityholder for any
reasonable expenses, including attorneys' fees, in exercising an Option.

   (c) The Corporation and the Partnership shall not consummate or facilitate
the consummation of any Transfer of Corporation Interest that is subject to
this Section 3.1 unless the prospective transferee simultaneously consummates
its corresponding purchase from each of the Equityholders that has exercised
its right to participate in such Transfer.

   (d) In the event that any Equityholder elects not to sell the full number of
shares of Common Stock that it is entitled to sell pursuant to paragraph (a) or
(b) above, the unexercised portion of its right to participate in such a sale
shall be allocated to and among the other Equityholders on a pro rata basis
according to their holdings of Common Stock (and Partnership Units redeemable
for Common Stock) or as such other Equityholders otherwise agree to allocate
such unexercised portion. An Equityholder may exercise its foregoing right to
sell an increased number of shares of Common Stock in whole or in part. In the
event that the Equityholders do not elect to sell the full number of shares of
Common Stock that they are entitled to sell pursuant to paragraphs (a), (b) and
(d), (i) such remaining unexercised portion may be sold by the Prospective
Seller to the Purchaser on terms no more favorable to the Prospective Seller
than those originally proposed, and (ii) such sale must take place during the
period ending 45 days after delivery of the notice required to be sent to the
Equityholders pursuant to Section 3.1(a).

   (e) Anything to the contrary herein notwithstanding, it is acknowledged and
agreed that Sections 3.1(a), (b) and (c) shall not apply to (i) Transfers of
Common Stock by the Corporation to any Person, (ii) Transfers of Partnership
Units by the Partnership, (iii) Transfers by Equityholders to any of their
Affiliates, (iv) Transfers from an Equityholder to any other Equityholder, or
(v) Open-Market Trades of Common Stock, and (vi) distributions of Common Stock
by Gotham or its Affiliates to their respective limited partners or beneficial
owners.

   Section 3.2 STRUCTURE OF REDEMPTIONS.  At the request of any Equityholder,
the General Partner shall use its reasonable commercial efforts to structure
any redemption on account of the exercise of an Equityholder's Redemption Right
as a purchase of such Equityholder's interest in the Partnership by the
Partnership. For purposes of clarity, it is acknowledged and agreed that,
irrespective of whether a redemption is structured as a purchase by the
Partnership or as a purchase by the General Partner, the General Partner shall
determine, in its sole discretion, whether the Redemption Amount is the Cash
Amount or the GGC Shares Amount (each as defined in the Partnership Agreement).

                                      6

<PAGE>

                                  ARTICLE IV

                             TRANSFER RESTRICTIONS

   Section 4.1 RESTRICTIONS ON TRANSFERS.  (a) Except as otherwise provided
herein (including Article III), and, with respect to John Caporaletti, subject
to the Employment Agreement between the Partnership and John Caporaletti, dated
as of the date hereof, for a period ending 18 months after the date hereof,
each Founder agrees that he or she shall not Transfer or commit to Transfer
(including engaging in any derivative or hedging transaction (such as
short-selling or buying or selling options) that has the effect of changing the
economic benefits or risks of ownership of) any of his or her Corporation
Interests or Partnership Units. The foregoing notwithstanding, each Founder may
engage in the following Transfers (the "PERMITTED TRANSFERS"):

      (1) subject to paragraph (c) of this Section 4.1 and Section 4.2, each
   Founder may Transfer all or any portion of his or her Common Stock or
   Partnership Units to any of his or her Controlled Affiliates;

      (2) subject to applicable law and the Partnership Agreement, each of FGA,
   FGPI, Stephen J. Garchik, the Sydne Michael Garchik Trust, the Jessica
   Katherine Garchik Trust, the Michael Ross Garchik Trust, the Matthew Jay
   Katzman 1996 Trust and the David Eric Katzman 1997 Trust shall not be
   restricted in any way from Transferring all or any portion of their Common
   Stock or Partnership Units;

      (3) subject to paragraph (c) of this Section, each Founder may Transfer
   all or any portion of his or her Common Stock or Partnership Interest to (a)
   any other Limited Partner, or (b) such Founder's Family;

      (4) subject to paragraph (c) of this Section, in the event that, pursuant
   to clauses (i), (ii)(B) and (ii)(C) of Section 5.1.E of the Partnership
   Agreement, a Tax Loan (as such term is defined in the Partnership Agreement)
   is not made to an Equityholder, then any such Equityholder that otherwise
   would have been entitled to a Tax Loan under the Partnership Agreement on
   account of a sale of assets by the Partnership shall have the right to
   Transfer that portion of its Common Stock that it then owns in an amount
   equal to the number of shares of Common Stock having a Fair Market Value
   less than or equal to the Tax Loan that otherwise would have been made but
   for the application of clauses (i), (ii)(B) and (ii)(C) of Section 5.1.E of
   the Partnership Agreement; and

      (5) subject to Section 4.3, any Founder may pledge as collateral for
   loans, including loans provided by any Bank (any such Bank that provides
   such loan hereinafter referred to as the "LOAN BANK") up to an amount equal
   to the difference between (A) two-thirds (66 2/3%) of the Fair Market Value
   (measured as of the time of the pledge) of his or her Corporation Interests
   and (B) any of his or her outstanding debt to the Partnership, the
   Corporation, the General Partner or any other Person (including any other
   Loan Bank), secured by Corporation Interests and/or Partnership Units.

   For purposes of clarity, it is acknowledged and agreed that this Section
4.1(a) constitutes an agreement in respect of pledges and Transfers as
contemplated by Section 11.1.B of the Partnership Agreement.

      (b) In the event of a foreclosure by the Loan Bank, a subsequent Transfer
   of Common Stock shall only be permitted hereunder if the Loan Bank becomes a
   party to this Agreement, but only for purposes of Article V, by executing an
   adoption agreement in substantially the form of EXHIBIT B; PROVIDED that
   EXHIBIT B shall be revised to reflect that the Loan Bank's obligation is
   limited to the matters described in Article V.

      (c) If any Founder desires to Transfer all or any portion of his or her
   Corporation Interests pursuant to clauses (1), (3), (4) or (5) of Section
   4.1(a), such Transfer shall be permitted only if, after giving effect to
   such Transfer: (X) two-thirds (66 2/3%) or less of the Fair Market Value
   (measured as of the time of the Transfer) of such Founder's remaining
   Corporation Interest remains subject to any lien including as collateral to
   or security for any outstanding debt to the Partnership, the Corporation,
   the General Partner, a Loan Bank or any other Person and (Y) in the case of
   clauses (3), (4) and (5) of Section 4.1(a) hereof, the transferee executes
   an Assumption Agreement in the form of EXHIBIT C.

                                      7

<PAGE>

   Section 4.2 AFFILIATE TRANSFERS.  If any Equityholder desires to Transfer
all or any portion of its Corporation Interest to a Controlled Affiliate, such
Transfer shall be permitted hereunder only if the transferee executes an
adoption agreement substantially in the form of EXHIBIT B.

   Section 4.3 PLEDGE TO A LOAN BANK.  If any Founder pledges all or any
portion of his or her Corporation Interests, Common Stock or Partnership Units
to a Loan Bank pursuant to clause (5) of Section 4.1(a), and the Loan Bank
forecloses or is reasonably expected to foreclose on the loan, at such time
such Founder shall be deemed to have exercised his or her Redemption Right
under Section 8.6 of the Partnership Agreement for any Partnership Units
collateralizing the pledge in advance of any Transfer of any Corporation
Interest or Common Stock to the Loan Bank on account of such foreclosure. In
advance of entering into any pledge arrangement as contemplated by this Section
4.1, the subject Founder shall inform the subject Loan Bank in writing of the
restrictions contained herein.

   Section 4.4 VOID TRANSFERS.  Any purported Transfer of all or any portion of
a Corporation Interest shall be void if: (1) such Transfer is not explicitly
permitted hereby; (2) such Transfer would violate or otherwise require any
registration or similar action or undertaking under any of the Securities Act
of 1933, the Securities Exchange Act of 1934, the Investment Company Act of
1940, the Investment Advisors Act of 1940 (collectively, the "SECURITIES ACTS")
or any regulations promulgated under any of the Securities Acts; or (3) such
Transfer would result in the Partnership being deemed a "publicly traded
partnership" as defined under Section 7704(b) of the Internal Revenue Code of
1986, as amended. The provisions hereof with respect to Corporation Interests
shall apply equally to any rights or options to purchase, or securities
convertible into or exchangeable for, Corporation Interests.

   Section 4.5 OPEN-MARKET TRADES.  Anything contained herein to the contrary
notwithstanding (including any restrictions in Article III and Article IV),
following the consummation of the transactions contemplated by the Merger
Agreement, subject to applicable securities laws, (i) each Equityholder and its
Affiliates may make Open-Market Trades of Common Stock or any other equity
interest without restriction, and (ii) any purchase or sale of Market Shares
shall not be subject to any restrictions contained herein.

                                   ARTICLE V

                              REGISTRATION RIGHTS

   Section 5.1 DEMAND REGISTRATIONS.  (a) (i) Gotham may, on its own behalf and
on behalf of its Controlled Affiliates (the "GOTHAM DEMAND RIGHT"), at any time
after the date hereof and on an unlimited number of occasions but not more
frequently than once during any nine-month period, and (ii) separately, subject
to Section 5.3, any Loan Bank may, on its own behalf (the "BANK DEMAND RIGHT"),
at any time following the foreclosure of a pledge collateralized by a Founder's
Corporation Interests and consequential Transfer of Common Stock to the Loan
Bank, on not more than three (3) separate occasions in the aggregate and not
more frequently than once during any nine-month period, require the Corporation
to file a registration statement under the Securities Act in respect of all or
a portion of the Common Stock then held by Gotham and its Controlled Affiliates
or the Loan Bank, as the case may be (the "REGISTRABLE SHARES"), by delivering
to the Corporation written notice stating that such right is being exercised,
specifying the number of shares of Common Stock to be included in such
registration (the shares subject to such request, the "DEMAND SHARES") and
describing the intended method of distribution thereof, which may include an
underwritten offering (a "DEMAND REQUEST"). With respect to any Demand Request
or any registration of Demand Shares on account thereof, the Corporation may
condition its compliance with its obligations hereunder on Gotham's and its
Controlled Affiliates' or the Loan Bank's, as the case may be, agreeing in
writing to keep confidential all matters related hereto. Upon receiving a
Demand Request, the Corporation shall (i) use reasonable best efforts to file
as promptly as reasonably practicable a registration statement on such form as
the Corporation, in its sole discretion, may reasonably deem appropriate
(provided that the Corporation shall not be obligated to register any
securities on a "shelf" registration statement

                                      8

<PAGE>

or otherwise to register securities for offer or sale on a continuous or
delayed basis), providing for the registration of the sale of such Demand
Shares pursuant to the intended method of distribution (a "DEMAND
REGISTRATION") and (ii) after the filing of an initial version of the
registration statement, use reasonable best efforts to cause such registration
statement to be declared effective under the Securities Act as promptly as
practicable after the date of filing of such registration statement.

   (b) Notwithstanding anything in this Agreement to the contrary, the
Corporation shall be entitled to postpone and delay, for reasonable periods of
time, but in no event more than an aggregate of 180 days during any 12-month
period (a "BLACKOUT PERIOD"), the filing or effectiveness of any Demand
Registration if the Corporation shall determine that any such filing or the
offering of any Registrable Shares would (i) in the good faith judgment of the
Corporation Board, impede, delay or otherwise interfere with any pending or
contemplated material acquisition, disposition, corporate reorganization or any
other transaction involving the Corporation, (ii) based upon advice from the
Corporation's investment banker or financial advisor, adversely affect any
pending or contemplated financing, offering or sale of any class of securities
by the Corporation or any of its Affiliates or (iii) in the good-faith judgment
of the Corporation Board, require disclosure of material non-public information
(other than information relating to an event described in clauses (i) or (ii)
above) that, if disclosed at such time, would be harmful to the best interests
of the Corporation and its equityholders; PROVIDED, HOWEVER, that the
Corporation shall give written notice to Gotham (on its behalf and its
Controlled Affiliates) or the subject Loan Bank, as the case may be, of its
determination to postpone or delay the filing of any Demand Registration; and
PROVIDED, FURTHER, that in the event that the Corporation proposes to register
Common Stock, whether or not for sale for its own account, during a Blackout
Period, Gotham and its Controlled Affiliates or the Loan Bank, as the case may
be, shall have the right to exercise their respective rights under Section 5.2
of this Agreement with respect to such registration, subject to the limitations
contained in this Agreement on the exercise of such rights. Upon notice by the
Corporation to Gotham and its Controlled Affiliates or the Loan Bank, as the
case may be, of any such determination, such persons shall keep the fact of any
such notice strictly confidential, and during any Blackout Period, promptly
halt any offer, sale, trading or Transfer by it of any Common Stock for the
duration of the Blackout Period set forth in such notice (or until such
Blackout Period shall be earlier terminated in writing by the Corporation) and
promptly halt any use, publication, dissemination or distribution of the Demand
Registration, each prospectus included therein, and any amendment or supplement
thereto by it for the duration of the Blackout Period set forth in such notice
(or until such Blackout Period shall be earlier terminated in writing by the
Corporation) and, if so directed by the Corporation, will deliver to the
Corporation any copies then in its possession of the prospectus covering such
Registrable Shares.

   (c) In connection with an underwritten offering, if the managing underwriter
or co-managing underwriter reasonably and in good faith shall have advised the
Corporation that, in its opinion, the number of Demand Shares subject to a
Demand Request exceeds the number that can be sold in such offering, then the
Corporation shall include in such registration the number of Demand Shares
that, in the opinion of such managing underwriter or underwriters, can be sold
in such offering.

   (d) In connection with any underwritten offering, the managing underwriter
for such Demand Registration shall be selected by the Corporation, PROVIDED
that such managing underwriter shall be a nationally recognized investment
banking firm and shall be reasonably acceptable to Gotham (on its own behalf
and on behalf of its Controlled Affiliates) and the Loan Bank, as applicable.
The Corporation may, at its option and in its sole discretion, select a
nationally recognized investment banking firm to act as co-managing underwriter.

   (e) Nothing in this Article V shall affect or supersede any of the transfer
restrictions set forth in Article IV hereof or any of the other provisions of
this Agreement.

   Section 5.2 PIGGY-BACK REGISTRATION.  (a) If, at any time following (i) the
exercise of a Gotham Demand Right or (ii) the foreclosure of a pledge
collateralized by a Founder's Corporation Interests and consequential Transfer
of Common Stock to the Loan Bank, the Corporation proposes to register any
Common Stock under the Securities Act on its behalf or on behalf of any of its
equityholders, on a form and in a manner that would permit

                                      9

<PAGE>

registration of the Registrable Shares (other than in connection with dividend
reinvestment plans, rights offerings or a registration statement on Form S-4 or
S-8 or any similar successor form), the Corporation shall give reasonably
prompt written notice to (A) the Founders (but only in the case of the exercise
by Gotham of a Gotham Demand Right) and (B) the Loan Bank, of the Corporation's
intention to do so, which notice shall be given to such persons not less than
fifteen (15) Business Days prior to the contemplated filing date for such
registration statement. Upon the written election of (i) the Founders (but only
in the case of the exercise by Gotham of a Gotham Demand Right) or (ii) the
Loan Bank (in either case, a "PIGGY-BACK REQUEST"), given to the Corporation
within ten (10) Business Days following the receipt of any such written notice
(which election shall specify the number of the Registrable Shares intended to
be disposed of by the Founders or the Loan Bank, as the case may be), the
Corporation shall include in such registration statement (a "PIGGY-BACK
REGISTRATION"), subject to the provisions of this Section 5.2 and, in the case
of a registration on behalf of any of the Corporation's equityholders, subject
to the rights of such equityholders, such number of the Registrable Shares as
shall be set forth in such Piggy-Back Request; PROVIDED, HOWEVER, that in the
case of a Piggy-Back Request by any Founders, the number of Registrable Shares
available for registration on account of such Piggy-Back Request shall not
exceed a number of shares of Common Stock such that, if each Founder exercised
its Piggy-Back Request in full, the ratio of the aggregate number of shares of
Common Stock and Common Stock Equivalents directly or indirectly held by such
Founder immediately before the subject Piggy-Back Registration to the aggregate
number of shares of Common Stock and Common Stock Equivalents directly or
indirectly held by such Founder immediately after such Piggy-Back Registration
shall be equal to the ratio of the aggregate number of shares of Common Stock
and Common Stock Equivalents directly or indirectly held by Gotham and its
Controlled Affiliates immediately before a Demand Registration to the aggregate
number of shares of Common Stock and Common Stock Equivalents directly or
indirectly held by Gotham and its Controlled Affiliates immediately after such
Demand Registration. In the event any Founder elects to submit a Piggy-Back
Request for less than the full number of shares of Common Stock that it is
entitled to request pursuant to this Section 5.2, the unexercised portion of
its right to so request shall be allocated to and among the other Founders on a
pro rata basis according to their holdings of Common Stock and Common Stock
Equivalents, or as such other Founders otherwise agree to allocate such
unexercised portion. A Founder may exercise its Piggy-Back Request in whole or
in part. Any registration effected under this Section 5.2 shall decrease the
obligations of the Corporation to effect a Demand Registration in respect of a
Bank Demand Right required under Section 5.1(a) by one.

   (b) In the event that the Corporation proposes to register Common Stock in
connection with an underwritten offering, and a nationally recognized
investment banking firm selected by the Corporation to act as managing
underwriter thereof reasonably and in good faith has advised the Corporation or
any other holder of Common Stock intending to offer Common Stock in the
offering (each, an "OTHER HOLDER") that, in its opinion, the inclusion in the
registration statement of some or all of the Registrable Shares sought to be
registered by Gotham (and its Controlled Affiliates), the Founders or the Loan
Bank would adversely affect the price or success of the offering, then the
Corporation shall include in such registration statement such number of shares
of Common Stock that the Corporation was advised can be sold in such offering
without such an effect (the "MAXIMUM NUMBER") as follows and in the following
order of priority: (A) FIRST, such number of shares of Common Stock as the
Corporation intended to be registered and sold by the Corporation if such
registration was initiated by the Corporation or, if such registration is on
behalf of any Other Holders, such number of shares of Common Stock as such
Other Holders intended to be registered and sold, and (B) SECOND, if and to the
extent that the number of shares of Common Stock to be registered under clause
(A) is less than the Maximum Number, such number of shares of Common Stock as
Gotham and its Controlled Affiliates, the Loan Bank, the Corporation (if such
registration was not initiated by the Corporation) and any Other Holders (or
additional Other Holders), as the case may be, shall have intended to register
that, when added to the number of shares of Common Stock to be registered under
clause (A), is less than or equal to the Maximum Number on a pro rata basis
according to the total number of shares of Common Stock intended to be
registered by each such Person.

   Section 5.3 TERMINATION OF REGISTRATION OBLIGATIONS.  Anything in this
Agreement to the contrary notwithstanding, if at any time the Corporation shall
obtain a written opinion of legal counsel to the effect that the Registrable
Shares may be publicly offered for sale in the United States by Gotham and its
Controlled

                                      10

<PAGE>

Affiliates or the Loan Bank without restriction as to manner of sale and amount
of securities sold and without registration under the Securities Act, the
Corporation shall no longer be obligated to file or maintain a registration
statement with respect to the Registrable Shares pursuant to this Agreement,
unless at a later date Gotham or the Loan Bank, as the case may be, delivers to
the Corporation an opinion of counsel to Gotham or the Loan Bank, as the case
may be, which opinion is reasonably satisfactory in form and substance to
counsel to the Corporation, that registration is then required as a result of a
change in applicable law.

   Section 5.4 REGISTRATION PROCEDURES.  (a) In connection with each
registration statement prepared pursuant to this Article V, and in accordance
with the intended method or methods of distribution of the Registrable Shares
as described in such registration statement, the Corporation shall, as soon as
reasonably practicable and to the extent practicable:

      (i) prepare and file with the SEC a registration statement on an
   appropriate registration form of the SEC and use reasonable efforts to cause
   such registration statement to become and remain effective promptly, which
   registration statement shall comply as to form in all materials respects
   with the requirements of the applicable form and include all financial
   statements required by such form to be filed therewith; PROVIDED that before
   filing a registration statement or prospectus or any amendments or
   supplements thereto, the Corporation shall furnish to separate counsel
   selected by each of Gotham (on its own behalf and on behalf of its
   Controlled Affiliates) and the Loan Bank (on its own behalf) draft copies of
   all such documents proposed to be filed at least ten (10) Business Days (in
   the case of a Demand Registration) or seven (7) days (in the case of any
   other registration) prior to such filing, which documents will be subject to
   the reasonable review and comment of Gotham or the Loan Bank and their
   respective agents and representatives and the underwriters, if any, and the
   Corporation shall not file any registration statement in respect of a Demand
   Registration or amendment or supplement thereto to which Gotham, the Loan
   Bank or the underwriters, if any, shall reasonably object;

      (ii) furnish separately to Gotham, the Loan Bank, and the underwriters,
   if any, at least one conformed copy of the registration statement and each
   post-effective amendment or supplement thereto (including all schedules and
   exhibits but excluding all documents incorporated or deemed incorporated
   therein by reference) and such number of copies of the registration
   statement and each amendment or supplement thereto and the summary,
   preliminary, final, amended or supplemented prospectuses included in such
   registration statement as Gotham, the Loan Bank or such underwriter may
   reasonably request in order to facilitate the public sale or other
   disposition of the Registrable Shares being sold by Gotham, the Loan Bank
   (the Corporation hereby consents to the use in accordance with the U.S.
   securities laws of such registration statement (or post-effective amendment
   thereto) and each such prospectus (or preliminary prospectus or supplement
   thereto) by Gotham, the Loan Bank and the underwriters, if any, in
   connection with the offering and sale of the Registrable Shares covered by
   such registration statement or prospectus);

      (iii) use reasonable efforts to keep such registration statement
   effective for the earlier of (A) 60 days and (B) such time as all of the
   securities covered by the registration statement have been disposed (the
   "EFFECTIVE PERIOD"); prepare and file with the SEC such amendments,
   post-effective amendments and supplements to the registration statement and
   the prospectus as may be necessary to maintain the effectiveness of the
   registration for the Effective Period and to cause the prospectus (and any
   amendments or supplements thereto) to be filed;

      (iv) use reasonable best efforts to register or qualify the Registrable
   Shares covered by such registration statement under such other securities or
   "Blue Sky" laws of such jurisdictions in the United States as are reasonably
   necessary, keep such registrations or qualifications in effect for so long
   as the registration statement remains in effect, and do any and all other
   acts and things which may be reasonably necessary to enable Gotham, the Loan
   Bank or any underwriter to consummate the disposition of the Registrable
   Shares in such jurisdictions; PROVIDED, HOWEVER, that in no event shall the
   Corporation be required to qualify to do business as a foreign corporation
   in any jurisdiction where it would not, but for the requirements of this
   subparagraph (iv), be required to be so qualified; to execute or file any
   general consent to service of process under the laws of any jurisdiction; to
   take any action that would subject it to service of

                                      11

<PAGE>

   process in suits other than those arising out of the offer and sale of the
   securities covered by the registration statement; or to subject itself to
   taxation in any jurisdiction where it would not otherwise be obligated to do
   so, but for this paragraph (iv);

      (v) use reasonable best efforts to cause the Registrable Shares to be
   registered with or approved by such other governmental agencies or
   authorities as may be reasonably necessary to enable Gotham and its
   Controlled Affiliates and the Loan Bank to consummate the disposition of the
   Registrable Shares;

      (vi) use reasonable best efforts to cause all Registrable Shares covered
   by such registration statement to be listed on the principal securities
   exchange on which the Common Stock is then listed, or if no similar
   securities are then so listed, cause all such Registrable Shares to be
   listed on a United States national securities exchange or secure designation
   of each such Registrable Share as a Nasdaq National Market "national market
   system security" within the meaning of Rule 11 Aa2-1 of the Securities Act
   or secure National Association of Securities Dealers Automated Quotation
   authorization for such shares and, without limiting the generality of the
   foregoing, use reasonable efforts to take such actions as may be required by
   the Corporation as the issuer of such Registrable Shares in order to
   facilitate the registration of at least one market maker as such with
   respect to such shares with the National Association of Securities Dealers,
   Inc.;

      (vii) promptly notify Gotham, the Loan Bank and the managing underwriter
   or underwriters, if any, after becoming aware thereof, (A) when the
   registration statement or any related prospectus or any amendment or
   supplement thereto has been filed, and, with respect to the registration
   statement or any post-effective amendment, when the same has become
   effective, (B) of any request by the SEC or any United States state
   securities authority for amendments or supplements to the registration
   statement or the related prospectus or for additional information, (C) of
   the issuance by the SEC of any stop order suspending the effectiveness of
   the registration statement or the initiation of any proceedings for that
   purpose, (D) of the receipt by the Corporation of any notification with
   respect to the suspension of the qualification of the Registrable Shares for
   sale in any jurisdiction or the initiation of any proceeding for such
   purpose or (E) within the Effective Period of the happening of any event or
   the existence of any fact which makes any statement in the registration
   statement or any post-effective amendment thereto, prospectus or any
   amendment or supplement thereto, or any document incorporated therein by
   reference untrue in any material respect or which requires the making of any
   changes in the registration statement or post-effective amendment thereto or
   any prospectus or amendment or supplement thereto so that they will not
   contain any untrue statement of a material fact or omit to state any
   material fact required to be stated therein or necessary to make the
   statements therein, in light of the circumstances under which they were
   made, not misleading;

      (viii) during the Effective Period, use its reasonable best efforts to
   obtain, as promptly as practicable, the withdrawal of any order enjoining or
   suspending the use or effectiveness of the registration statement or any
   post-effective amendment thereto or the lifting of any suspension of the
   qualification of any of the Registrable Shares for sale in any jurisdiction;

      (ix) deliver promptly to Gotham, the Loan Bank and the managing
   underwriters, if any, copies of all correspondence between the SEC and the
   Corporation, its counsel or auditors and all memoranda relating to
   discussions with the SEC or its staff with respect to the registration
   statement and permit Gotham and the Loan Bank to do such investigation, with
   respect to information contained in or omitted from the registration
   statement as each deems reasonably necessary for the purpose of conducting
   customary due diligence with respect to the Corporation, PROVIDED any such
   investigation shall not interfere unreasonably with the Corporation's
   business;

      (x) if applicable, use reasonable efforts to provide and cause to be
   maintained a transfer agent and registrar for all such Registrable Shares
   covered by such registration statement not later than the effective date of
   such registration statement;

      (xi) cooperate with Gotham, the Loan Bank and the managing underwriter or
   underwriters, if any, to facilitate the timely preparation and delivery of
   certificates representing such Registrable Shares to be sold

                                      12

<PAGE>

   under the registration statement in a form eligible for deposit with the
   Depository Trust Corporation not bearing any restrictive legends and not
   subject to any stop transfer order with any transfer agent, and cause such
   Registrable Shares to be issued in such denominations and registered in such
   names as the managing underwriters, if any, may request in writing or, if
   not an underwritten offering, in accordance with the instructions of Gotham,
   the Loan Bank, in each case at least two (2) Business Days prior to any sale
   of Registrable Shares;

      (xii) in the case of an underwritten offering, use reasonable efforts to
   enter into an underwriting agreement customary in form and scope for
   underwritten secondary offerings of the nature contemplated by the
   applicable registration statement;

      (xiii) use reasonable efforts to obtain an opinion from the Corporation's
   counsel and a "cold comfort" letter from the Corporation's independent
   public accountants (and, if necessary, any other independent certified
   public accountants of any Subsidiary of the Corporation or of any business
   acquired by the Corporation for which financial statements and financial
   data is, or is required to be, included in the registration statement) in
   customary form and covering such matters as are customarily covered by such
   opinions and "cold comfort" letters in connection with an offering of the
   nature contemplated by the applicable registration statement;

      (xiv) not later than the effective date of the applicable registration
   statement, provide a CUSIP number for all Registrable Shares;

      (xv) in connection with any underwritten offering of Registrable Shares,
   provide reasonable assistance to the underwriters in the marketing of such
   Registrable Shares, including by making reasonably available its employees
   and personnel and by participating reasonably in road shows; and

      (xvi) use reasonable efforts to provide to counsel to Gotham (and its
   Controlled Affiliates), the Loan Bank and to the managing underwriters, if
   any, no later than the time of filing of any document which is to be
   incorporated by reference into the registration statement or prospectus
   (after the initial filing of such registration statement), copies of any
   such document.

   (b) In the event that the Corporation would be required, pursuant to clause
(vii)(E) of Section 5.4(a) above, to notify Gotham, the Loan Bank or the
managing underwriter or underwriters, if any, of the happening of any event
specified therein, the Corporation shall, subject to the provisions of Section
5.1(b) hereof, as promptly as practicable, prepare and furnish to Gotham, the
Loan Bank and to each such underwriter a reasonable number of copies of a
prospectus supplemented or amended so that, as thereafter delivered to
purchasers of Registrable Shares that have been registered pursuant to this
Agreement, such prospectus shall not contain an untrue statement of a material
fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading. Gotham and the Loan Bank shall,
upon receipt of any notice from the Corporation pursuant to Section
5.4(a)(vii)(E) hereof, use their respective reasonable best efforts to cause
any sales or placement agent or agents for the Registrable Shares and the
underwriters, if any, to forthwith discontinue disposition of the Registrable
Shares until such Person shall have received copies of such amended or
supplemented prospectus and, if so directed by the Corporation, to destroy or
to deliver to the Corporation all copies then in its possession of the
prospectus (prior to such amendment or supplement) covering such Registrable
Shares as soon as practicable after Gotham's or the Loan Bank's, as the case
may be, receipt of such notice.

   (c) Each of Gotham and the Loan Bank separately shall furnish to the
Corporation in writing such information regarding Gotham or the Loan Bank, as
the case may be, and their respective intended method of distribution of the
Registrable Shares as the Corporation may from time to time reasonably request
in writing, but only to the extent that such information is relevant in order
for the Corporation to comply with its obligations under all applicable
securities and other laws and to ensure that the prospectus relating to such
Registrable Shares conforms to the applicable requirements of the Securities
Act and the rules and regulations thereunder. Each of Gotham and the Loan Bank
separately shall notify the Corporation as promptly as practicable of any
inaccuracy

                                      13

<PAGE>

or change in information previously furnished to the Corporation or of the
occurrence of any event, in either case as a result of which any prospectus
relating to the Registrable Shares contains or would contain an untrue
statement of a material fact or omits to state any material fact required to be
stated therein or necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading, and promptly furnish
to the Corporation any additional information required to correct and update
any previously furnished information or required so that such prospectus shall
not contain an untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary to make the statements therein,
in light of the circumstances under which they were made, not misleading.

   (d) (i) Each of Gotham (and its Controlled Affiliates), the applicable
Founders (and their Controlled Affiliates) and the Loan Bank, as the case may
be, shall not effect any public sale or distribution of any Registrable Shares,
including any sale pursuant to Rule 144 under the Securities Act, and not
effect any such public sale or distribution of any other equity security of the
Corporation or of any security convertible into or exchangeable or exercisable
for any equity security of the Corporation (in each case, other than as part of
such underwritten public offering) during the 10 days prior to, and during the
60 day period (or such longer period as Gotham, the applicable Founders and the
Loan Bank agree with the underwriter of such offering) beginning on, the
consummation of any underwritten public offering of the Registrable Shares
covered by a registration statement referred to in Section 5.2, if any of and
to the extent that Registrable Shares (or any other equity security of the
Corporation or any security convertible into or exchangeable or exercisable for
any equity security of the Corporation owned by any of the foregoing) of Gotham
(and/or its Controlled Affiliates'), the Founders (and/or their Controlled
Affiliates) or the Loan Bank, as the case may be, are being sold thereunder.

   (ii) The Corporation hereby agrees that if it receives a request pursuant to
Section 5.1 or 5.2 for registration of Registrable Shares in an underwritten
offering, and if the registration made pursuant to that request is not
withdrawn or abandoned, the Corporation shall not Transfer or otherwise dispose
of any Common Stock, any other equity security of the Corporation or any
security convertible into or exchangeable for any equity security of the
Corporation until the earlier of (A) 60 days after the effective date of such
registration statement and (B) such time as all of the Registrable Shares
covered by such registration statement have been distributed, other than (x) as
part of such underwritten offering, (y) pursuant to a registration statement on
Form S-8 or Form S-4 under the Securities Act or any successor or similar form
or (z) in one or more private transactions that would not interfere with the
method of distribution contemplated by such registration statement.

   (e) In the case of any registration under Section 5.1 pursuant to an
underwritten offering, or in the case of a registration under Section 5.2 if
the Corporation has entered into an underwriting agreement in connection
therewith, all shares of Common Stock to be included in such registration shall
be subject to the applicable underwriting agreement and no Person may
participate in such registration unless such Person agrees to sell such
Person's securities on the basis provided therein and completes and executes
all questionnaires, indemnities, underwriting agreements and other documents
(other than powers of attorney) which must be executed in connection therewith,
and provides such other information to the Corporation or the underwriter as
may be reasonably requested to register such Person's Common Stock.

   Section 5.5 REGISTRATION EXPENSES.  In the case of any Demand Registration
by Gotham (on behalf of itself or its Affiliates) and related Piggy-Back
Request by Founders, the Corporation shall bear all costs, fees and expenses,
including, agent fees and commissions, underwriting discounts and commissions,
and fees and disbursements of counsel and accountants, in connection with any
registration of any Registrable Shares pursuant to Article V. Notwithstanding
the foregoing, the Loan Bank shall bear its proportionate share of costs, fees
and expenses, including, agent fees and commissions, underwriting discounts and
commissions, and fees and disbursements of counsel and accountants, in
connection with any registration of any Registrable Shares pursuant to Article
V in which Gotham or the Founders also participate, and the full amount of such
costs, fees and expenses in connection with any other registration of any
Registrable Shares pursuant to Article V.

                                      14

<PAGE>

   Section 5.6 INDEMNIFICATION; CONTRIBUTION.  (a) The Corporation shall, and
it hereby agrees to, indemnify and hold harmless Gotham and its Controlled
Affiliates, the Loan Bank and their respective directors, officers, employees
and Controlling Persons, if any, and each underwriter, its partners, directors,
officers, employees and controlling Persons, if any, in any offering or sale of
the Registrable Shares, against any losses, claims, damages or liabilities,
actions or proceedings (whether commenced or threatened) in respect thereof and
expenses (including attorneys' fees) (collectively, "CLAIMS") to which each
such indemnified party may become subject, insofar as such Claims (including
any amounts paid in settlement effected with the consent of the Corporation as
provided herein), or actions or proceedings in respect thereof, arise out of or
are based upon an untrue statement or alleged untrue statement of a material
fact contained in any registration statement, or any preliminary or final
prospectus contained therein, or any amendment or supplement thereto, or any
document incorporated by reference therein, or arise out of or are based upon
any omission or alleged omission to state therein a material fact required to
be stated therein or necessary to make the statements therein, in light of the
circumstances in which they were made, not misleading, and the Corporation
shall, and it hereby agrees to, reimburse periodically Gotham and its
Controlled Affiliates, the Loan Bank or any such underwriter for any legal or
other out-of-pocket expenses reasonably incurred by them in connection with
investigating or defending any such Claims; PROVIDED, HOWEVER, that the
Corporation shall not be liable to any such Person in any such case to the
extent that any such Claims arise out of or are based upon an untrue statement
or alleged untrue statement or omission or alleged omission made in such
registration statement, or preliminary or final prospectus, or amendment or
supplement thereto, in reliance upon and in conformity with information
furnished to the Corporation by such Person or any underwriter or
representative of such Person expressly for use therein, or by such Person's
failure to furnish the Corporation, promptly upon request, with the information
with respect to such Person, or any underwriter or representative of such
Person, or such Person's intended method of distribution, that is the subject
of the untrue statement or omission or if the Corporation shall sustain the
burden of proving that such Person or such underwriter sold securities to the
Person alleging such Claims without sending or giving, at or prior to the
written confirmation of such sale, a copy of the applicable prospectus
(excluding any documents incorporated by reference therein) or of the
applicable prospectus, as then amended or supplemented (excluding any documents
incorporated by reference therein), if the Corporation had previously furnished
copies thereof to Gotham, the Loan Bank or such underwriter, and such
prospectus corrected such untrue statement or alleged untrue statement or
omission or alleged omission made in such registration statement.

   (b) Each of Gotham, the applicable Founders and the Loan Bank shall
separately (i.e., not on a joint or severable basis) (i) indemnify and hold
harmless the Corporation, its directors, officers, employees, Affiliates and
Controlling Persons, if any, and each underwriter, its partners, officers,
directors, employees and Controlling Persons, if any, in any offering or sale
of Registrable Shares, against any Claims to which each such indemnified party
may become subject, and only to the extent that such Claims (including any
amounts paid in settlement as provided herein), or actions or proceedings in
respect thereof, arise out of or are based upon an untrue statement or alleged
untrue statement of a material fact contained in such registration statement,
or any preliminary or final prospectus contained therein, or any amendment or
supplement thereto, or any document incorporated by reference therein, or arise
out of or are based upon any omission or alleged omission to state therein a
material fact required to be stated therein or necessary to make the statements
therein not misleading, in each case only to the extent that such untrue
statement or alleged untrue statement or omission or alleged omission was made
in reliance upon and in conformity with written information furnished to the
Corporation by Gotham, the applicable Founders or the Loan Bank, as the case
may be, expressly for use therein, and (ii) reimburse the Corporation for any
legal or other out-of-pocket expenses reasonably incurred by the Corporation in
connection with investigating or defending any such Claim.

   (c) Promptly after receipt by an indemnified party under Section 5.6(a) or
Section 5.6(b) of written notice of the commencement of any action or
proceeding for which indemnification under Section 5.6(a) or Section 5.6(b) may
be requested, such indemnified party shall notify such indemnifying party in
writing of the commencement of such action or proceeding; but the omission so
to notify the indemnifying party shall not relieve it from any liability which
it may have to any indemnified party in respect of such action or proceeding
hereunder unless the indemnifying party was materially prejudiced by such
failure of the indemnified party to

                                      15

<PAGE>

give such notice, and in no event shall such omission relieve the indemnifying
party from any other liability it may have to such indemnified party. In case
any such action or proceeding shall be brought against any indemnified party
and it shall notify an indemnifying party of the commencement thereof, such
indemnifying party shall be entitled to participate therein and, to the extent
that it shall determine, jointly with any other indemnifying party similarly
notified, to as sume the defense thereof, with counsel reasonably satisfactory
to such indemnified party, and, after notice from the indemnifying party to
such indemnified party of its election so to assume the defense thereof, such
indemnifying party shall not be liable to such indemnified party for any legal
or any other expenses subsequently incurred by such indemnified party in
connection with the defense thereof other than reasonable costs of
investigation; PROVIDED, HOWEVER, that (i) if the indemnifying party fails to
take reasonable steps necessary to defend diligently the action or proceeding
within 20 days after receiving notice from such indemnified party that the
indemnified party believes it has failed to do so; (ii) if such indemnified
party who is a defendant in any action or proceeding which is also brought
against the indemnifying party reasonably shall have concluded that there may
be one or more legal defenses available to such indemnified party which are not
available to the indemnifying party; or (iii) if representation of both parties
by the same counsel is otherwise inappropriate under applicable standards of
professional conduct, then, in any such case, the indemnified party shall have
the right to assume or continue its own defense as set forth above (but with no
more than one firm of counsel for all indemnified parties in each jurisdiction)
and the indemnifying party shall be liable for any expenses therefor (including
any such reasonable counsel's fees). If the indemnifying party is not entitled
to, or elects not to, assume the defense of a claim, it will not be obligated
to pay the fees and expenses of more than one counsel for each indemnified
party with respect to such claim. The indemnifying party will not be subject to
any liability for any settlement made without its consent, which consent shall
not be unreasonably withheld or delayed. No indemnifying party shall, without
the prior written consent of the indemnified party, compromise or consent to
entry of any judgment or enter into any settlement agreement with respect to
any action or proceeding in respect of which indemnification is sought under
Section 5.6(a) or Section 5.6(b) (whether or not the indemnified party is an
actual or potential party thereto), unless such compromise, consent or
settlement includes an unconditional release of the indemnified party from all
liability in respect of such claim or litigation, does not subject the
indemnified party to any material injunctive relief or other material equitable
remedy and does not include a statement or admission of fault, culpability or a
failure to act, by or on behalf of the indemnified party.

   (d) Gotham, the applicable Founders, the Loan Bank and the Corporation agree
that if, for any reason, the indemnification provisions contemplated by
Sections 5.6(a) or 5.6(b) hereof are unavailable to or are insufficient to hold
harmless an indemnified party in respect of any Claims referred to therein,
then each indemnifying party shall contribute to the amount paid or payable by
such indemnified party as a result of such Claims in such proportion as is
appropriate to reflect the relative fault of, the indemnifying party, on the
one hand, and the indemnified party, on the other hand, with respect to such
offering of securities. The relative fault of such indemnifying party and
indemnified party shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or omission
or alleged omission to state a material fact relates to information supplied by
such indemnifying party or by such indemnified party, and the parties' relative
intent, knowledge, access to information and opportunity to correct or prevent
such statement or omission. If, however, the allocation in the second preceding
sentence is not permitted by applicable law, then each indemnifying party shall
contribute to the amount paid or payable by such indemnified party in such
proportion as is appropriate to reflect not only such relative faults, but also
the relative benefits of the indemnifying party and the indemnified party, as
well as any other relevant equitable considerations. The parties hereto agree
that it would not be just and equitable if contributions pursuant to this
Section 5.6(d) were to be determined by pro rata allocation or by any other
method of allocation which does not take into account the equitable
considerations referred to in the preceding sentences of this Section 5.6(d).
The amount paid or payable by an indemnified party as a result of the Claims
referred to above shall be deemed to include (subject to the limitations set
forth in Section 5.6(c) hereof) any legal or other fees or expenses reasonably
incurred by such indemnified party in connection with investigating or
defending any such action, proceeding or claim. No Person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act)
shall be entitled to contribution from any Person who was not guilty of such
fraudulent misrepresentation.

                                      16

<PAGE>

                                  ARTICLE VI

                                  TERMINATION

   Section 6.1 TERMINATION.  (a) With respect to any obligations of Gotham and
its Controlled Affiliates related hereto, this Agreement shall terminate and
any obligations of Gotham (and, to the extent applicable, the obligations of
any of its Controlled Affiliates) shall cease in their entirety, become void
and have no effect immediately after Gotham's Total Corporation Interest is
less than 11.25% of the issued and outstanding Common Stock; PROVIDED, HOWEVER,
that the Gotham Demand Right (and the related Founder's rights under Section
5.2) shall persist until Gotham's Total Corporation Interests is less than 5%
of the issued and outstanding Common Stock.

   (b) Upon termination in accordance with this Section 6.1, this Agreement
shall become void and have no effect; PROVIDED, HOWEVER, that such termination
shall not relieve any Party of any liability for any breach of this Agreement
that occurred prior to such termination.

                                  ARTICLE VII

                                 MISCELLANEOUS

   Section 7.1 COUNTERPARTS.  This Agreement may be executed in one or more
counterparts, all of which shall be considered one and the same agreement, and
shall become effective when one or more counterparts have been signed by each
of the Parties and delivered (including by facsimile) to the other Parties.

   Section 7.2 GOVERNING LAW.  THIS AGREEMENT SHALL BE GOVERNED IN ALL
RESPECTS, INCLUDING VALIDITY, INTERPRETATION AND EFFECT, BY THE LAWS OF THE
STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED AND TO BE PERFORMED WHOLLY
WITHIN SUCH STATE WITHOUT GIVING EFFECT TO THE CHOICE OF LAW PRINCIPLES OF SUCH
STATE.

   Section 7.3 JURISDICTION AND FORUM.  Each Party hereto (a) consents to
submit itself to the personal jurisdiction of the Court of Chancery or other
Courts of the State of Delaware in the event any dispute arises out of this
Agreement or the transactions contemplated by this Agreement; (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; (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 the Court of Chancery or other Courts of the
State of Delaware, and each of the parties irrevocably waives the right to
trial by jury; (d) agrees to waive any bonding requirement under any applicable
law, in the case any other party seeks to enforce the terms by way of equitable
relief; (e) irrevocably consents to service of process by first class certified
mail, return receipt requested, postage prepaid, to the address at which such
Party is to receive notice; and (f) to the extent that any Party has or
hereafter may acquire any immunity from jurisdiction of any court or from any
legal process (whether through service or notice, attachment prior to judgment,
attachment in aid of execution, execution or otherwise) with respect to itself
or its property, irrevocably waives such immunity in respect of its obligations
with respect to this Agreement.

   Section 7.4 ENTIRE AGREEMENT.  This Agreement and the Partnership Agreement
constitute the entire agreement between the Parties with respect to the subject
matter hereof and there are no agreements, understandings, representations or
warranties between the parties other than those set forth or referred to
herein. This Agreement is not intended to confer upon any person not a Party
hereto any rights or remedies hereunder.

   Section 7.5 EXPENSES.  Except as set forth in this Agreement, all legal and
other costs and expenses incurred in connection with this Agreement and the
transactions contemplated by this Agreement shall be paid by the Party
incurring such costs and expenses; PROVIDED, HOWEVER, that in the event that
any dispute arises out of this Agreement or the transactions contemplated by
this Agreement, the non-prevailing Party in such dispute

                                      17

<PAGE>

shall pay all reasonable legal fees and other reasonable costs and expenses
incurred by the prevailing Party in connection with investigating, prosecuting
and/or defending such dispute.

   Section 7.6 NOTICES.  All notices and other communications to be given to
any Party hereunder shall be sufficiently given for all purposes hereunder if
in writing and delivered by hand, courier or overnight delivery service or
three days after being mailed by certified or registered mail, return receipt
requested, with appropriate postage prepaid, or when received in the form of a
telegram or facsimile and shall be directed, if to a Party hereunder, to the
address or facsimile number set forth below (or at such other address or
facsimile number as such Party shall designate by like notice):

   (a) If to Gotham:

      Gotham Partners, L.P.
      110 East 42nd Street
      New York, New York 10017
      Attention:   David S. Klafter, Esq.,
                   General Counsel
      Facsimile:   (212) 286-1133

      With a copy to:

      Wachtell, Lipton, Rosen & Katz
      51 West 52nd Street
      New York, New York 10019
      Attention:   Adam O. Emmerich
      Facsimile:   (212) 403-2000

   (b) If to the Partnership:

      Gotham Golf Partners, L.P.
      575 East Chocolate Avenue
      Hershey, PA 17033
      Attention:   President
      Facsimile:   (717) 520-4249

      With a copy to:

      Hale and Dorr, LLP
      1445 Pennsylvania Avenue, N.W.
      Washington, District of Columbia 20004
      Attention:   Steven S. Snider, Esq.
      Facsimile:   (202) 942-8484

      And to:

      Gotham Partners, L.P.
      110 East 42nd Street
      New York, New York 10017
      Attention:   David S. Klafter, Esq.,
                   General Counsel
      Facsimile:   (212) 286-1133

                                      18

<PAGE>

      If to FGA or FGPI:

      Stephen J. Garchik
      9001 Congressional Court
      Potomac, Maryland 20854
      Attention:   Stephen J. Garchik
      Facsimile:  (301) 365-9184

      With a copy to:

      Hale and Dorr, LLP
      1445 Pennsylvania Avenue, N.W.
      Washington, District of Columbia 20004
      Attention:   Steven S. Snider, Esq.
      Facsimile:   (202) 942-8484

   (c) If to the Founders:

      To the address and fax set forth on EXHIBIT A

      With a copy to:

      Hale and Dorr, LLP
      1445 Pennsylvania Avenue, N.W.
      Washington, District of Columbia 20004
      Attention:   Steven S. Snider, Esq.
      Facsimile:   (202) 942-8484

   (d) If to the Corporation:

      Gotham Golf Corp.
      [insert address]

      With a copy to:

      [Insert name and address]

   SECTION 7.7 SUCCESSORS AND ASSIGNS.  This Agreement shall be binding upon
and inure to the benefit of the Parties and their respective permitted
successors and permitted assigns; PROVIDED, HOWEVER, that no Party will assign
its rights or delegate any or all of its obligations under this Agreement
without the express prior written consent of each other Party.

   SECTION 7.8 HEADINGS; DEFINITIONS.  The section and article headings
contained in this Agreement are inserted for convenience of reference only and
will not affect the meaning or interpretation of this Agreement. All references
to Sections or Articles contained herein mean Sections or Articles of this
Agreement unless otherwise stated. All capitalized terms defined herein are
equally applicable to both the singular and plural forms of such terms.

   SECTION 7.9 AMENDMENTS AND WAIVERS.  This Agreement may not be modified or
amended except by an instrument or instruments in writing signed by all
Parties. Any Party may, only by an instrument in writing,

                                      19

<PAGE>

waive compliance by the other Parties with any term or provision of this
Agreement on the part of such other Parties to be performed or complied with.
The waiver by any Party of a breach of any term or provision of this Agreement
shall not be construed as a waiver of any subsequent breach. Except as
otherwise expressly provided herein, no failure to exercise, delay in
exercising or single or partial exercise of any right, power or remedy by any
Party, and no course of dealing between the Parties, shall constitute a waiver
of any such right, power or remedy.

   SECTION 7.10 SEVERABILITY.  If any provision of this Agreement shall be held
invalid, illegal or unenforceable, the validity, legality or enforceability of
the other provisions of this Agreement shall not be affected thereby, and there
shall be deemed substituted for the provision at issue a valid, legal and
enforceable provision as similar as possible to the provision at issue.

   SECTION 7.11 INTERPRETATION.  In the event an ambiguity or question of
intent or interpretation arises with respect to this Agreement, this Agreement
shall be construed as if it was drafted jointly by the Parties, and no
presumption or burden of proof shall arise favoring or disfavoring any Party by
virtue of the authorship of any provisions of this Agreement.

   SECTION 7.12 SPECIFIC PERFORMANCE.  The Parties agree that irreparable
damage would occur in the event that any Party fails to consummate the
transactions contemplated by this Agreement in accordance with the terms of
this Agreement and that the Parties shall be entitled to specific performance
in such event, in addition to any other remedy at law or in equity, including
temporary restraining orders or temporary or permanent injunctions.

   SECTION 7.13 NO THIRD-PARTY BENEFICIARIES.  Neither this Agreement nor any
provision hereof is intended to confer upon any person other than the parties
hereto any rights or remedies hereunder except for Indemnitees that are not
parties hereto.

                                      20

<PAGE>

   IN WITNESS WHEREOF, each of the undersigned has caused this Agreement to be
duly executed and delivered on the date first set forth above.

                                          GOTHAM GOLF CORP.

                                          By:________________________________
                                             William A. Ackman
                                             Chairman, Board of Directors

                                          GOTHAM GOLF, LLC

                                          By:________________________________
                                             [name]
                                             [title]

                                          GOTHAM PARTNERS, L.P.

                                          By: Section H Partners, L.P.,
                                                its general partner

                                          By: Karenina Corporation,
                                                a general partner of Section H
                                            Partners, L.P.

                                          By:________________________________
                                             William A. Ackman
                                             President

                                          FLORIDA GOLF ASSOCIATES, L.P.

                                          By: GGP, Inc.,
                                                its general partner

                                          By:________________________________
                                             Stephen J. Garchik
                                             President

                                      21

<PAGE>

                                          FLORIDA GOLF PROPERTIES, INC.

                                          By:________________________________
                                             John Caporaletti
                                             President

                                          _____________________________________
                                          R. Daniel Mays

                                          _____________________________________
                                          Stephen J. Garchik

                                          _____________________________________
                                          John Caporaletti

                                          _____________________________________
                                          Michael S. Armel

                                          _____________________________________
                                          Allen DePuy

                                          _____________________________________
                                          Andrew Bonus

                                          _____________________________________
                                          Daniel Stonionis

                                          _____________________________________
                                          William F. Leahy

                                          GOTHAM PARTNERS III, L.P.

                                          By: Section H Partners, L.P.,
                                                its general partner

                                          By: Karenina Corporation,
                                                a general partner of Section H
                                            Partners, L.P.

                                          By:________________________________
                                          William A. Ackman
                                          President

                                          SYDNE MICHELLE GARCHIK TRUST

                                          By:________________________________
                                             Sandy R. Garchik, Trustee

                                      22

<PAGE>

                                          JESSICA KATHERINE GARCHIK TRUST

                                          By:________________________________
                                             Sandy R. Garchik, Trustee

                                          MICHAEL ROSS GARCHIK TRUST

                                          By:________________________________
                                             Sandy R. Garchik, Trustee

                                          MATTHEW J. KATZMAN 1996 TRUST

                                          By:________________________________
                                             Stephen J. Garchik, Trustee

                                          DAVID ERIC KATZMAN 1997 TRUST

                                          By:________________________________
                                             Stephen J. Garchik, Trustee

                                      23

<PAGE>

                                   EXHIBIT A

                                 FOUNDERS LIST

                               John Caporaletti

                              Stephen J. Garchik

                                R. Daniel Mays

                                      24

<PAGE>

                                   EXHIBIT B

                              ADOPTION AGREEMENT

   This Adoption Agreement ("ADOPTION") is executed pursuant to the terms of
the Equityholders Agreement by and among by and among Gotham Golf Corp., a
Delaware corporation, Gotham Golf, LLC, a Delaware limited liability company,
Gotham Partners, L.P., a Delaware limited partnership, Florida Golf Associates,
L.P., a Virginia limited partnership, Florida Golf Properties, Inc., a Virginia
corporation, Florida Golf Properties, L.P., a Florida limited partnership and
certain other persons described therein, dated as of [          ], 2002, as
amended to date, a copy of which is attached hereto (the "EQUITYHOLDERS
AGREEMENT"), by the transferee ("TRANSFEREE") executing this Adoption. By the
execution of this Adoption, the Transferee agrees as follows:

   1. ACKNOWLEDGMENT.  Transferee acknowledges that Transferee is acquiring
certain [describe securities acquired] (the "SUBJECT SECURITIES") from
[identity of Transferor] (the "TRANSFEROR"), pursuant to clause (1) of Section
4.1(a) of the Equityholders Agreement and subject to the terms and conditions
of the Equityholders Agreement. In addition, Transferee (i) acknowledges that
the Subject Securities may be encumbered by a security interest granted to the
Partnership, the General Partner or the Corporation and (ii) agrees that the
Subject Securities shall remain subject to any such security interest unless
otherwise released by the Partnership, the General Partner or the Corporation,
as applicable. Capitalized terms used herein without definition are defined in
the Equityholders Agreement.

   2. AGREEMENT.  Transferee (i) agrees that the Subject Securities acquired by
Transferee shall be bound by and subject to the terms of the Equityholders
Agreement in the same capacity as the Transferor was bound by such agreement
and (ii) hereby joins in, and agrees to be bound by, the Equityholders
Agreement in that same capacity with the same force and effect as if it were
originally a party thereto.

   3. NOTICE.  Any notice required by the Equityholders Agreement shall be
given to Transferee at the address listed beside Transferee's signature below.

   EXECUTED AND DATED on this ____ day of ________ , ____ .

                                          TRANSFEREE:

                                          By:
                                             -----------------------------------

                                          NOTICE:

                                          Address:

                                          --------------------------------------

                                          --------------------------------------

                                          Telecopy:
                                                  ------------------------------

                                      25

<PAGE>

                                   EXHIBIT C

                             ASSUMPTION AGREEMENT

   This Assumption Agreement ("ASSUMPTION") is executed pursuant to the terms
of the Equityholders Agreement by and among by and among Gotham Golf Corp., a
Delaware corporation, Gotham Golf, LLC, a Delaware limited liability company,
Gotham Partners, L.P., a Delaware limited partnership, Florida Golf Associates,
L.P., a Virginia limited partnership, Florida Golf Properties, Inc., a Virginia
corporation, Florida Golf Properties, L.P., a Florida limited partnership and
certain other persons described therein, dated as of [        ], 2002, as
amended to date, a copy of which is attached hereto (the "EQUITYHOLDERS
AGREEMENT"), by the transferee ("TRANSFEREE") executing this Assumption. By the
execution of this Assumption, the Transferee agrees as follows:

   1. ACKNOWLEDGMENT.  Transferee acknowledges that Transferee is acquiring
certain [describe securities acquired] (the "SUBJECT SECURITIES") from
[identity of Transferor] (the "TRANSFEROR"), pursuant to clauses (3), (4) and
(5) of Section 4.1(a) of the Equityholders Agreement and subject to the terms
and conditions of the Equityholders Agreement. In addition, Transferee (i)
acknowledges that the Subject Securities may be encumbered by a security
interest granted to the Partnership, the General Partner or the Corporation and
(ii) agrees that the Subject Securities shall remain subject to any such
security interest unless otherwise released by the Partnership, the General
Partner or the Corporation, as applicable. Capitalized terms used herein
without definition are defined in the Equityholders Agreement.

   2. AGREEMENT.  Transferee agrees that it shall not Transfer the Subject
Securities (including, for the purposes hereof, pledging the Subject Securities
as collateral for loans), unless otherwise agreed to in writing by the General
Partner, acting in its sole discretion. The foregoing notwithstanding, if and
to the extent that Transferee has been admitted as a limited partner of the
Partnership, nothing contained herein shall limit such Transferee's ability to
exercise his or her rights pursuant to Section 8.6 of the Partnership Agreement.

   3. NOTICE.  Any notice required by the Equityholders Agreement shall be
given to Transferee at the address listed beside Transferee's signature below.

   EXECUTED AND DATED on this  ____ day of ________ , ____ .

                                          TRANSFEREE:

                                          By:
                                             -----------------------------------

                                          NOTICE:

                                          Address:

                                          --------------------------------------

                                          --------------------------------------

                                          Telecopy:
                                                 -------------------------------

                                      26<PAGE>

                                                                   Exhibit 10.10

                              EMPLOYMENT AGREEMENT
                              --------------------

         THIS EMPLOYMENT AGREEMENT (the "AGREEMENT"), made this       day of
                                         ---------              -----
      , 2002, is entered into by GOTHAM GOLF PARTNERS, L.P., a Delaware limited
------
partnership with its principal place of business at 575 East Chocolate Avenue,
Hershey, Pennsylvania 17033 (the "PARTNERSHIP"), GOTHAM GOLF CORP., a Delaware
                                  -----------
corporation with its principal place of business at 575 East Chocolate Avenue,
Hershey, Pennsylvania 17033 ("GGC"), and JOHN CAPORALETTI, residing at
                              ---
                     (the "EMPLOYEE").
---------------------      --------

         WHEREAS, the Partnership has employed the Employee under the terms of
an Employment Agreement dated January 1, 1999 (the "PRIOR AGREEMENT");
                                                    ---------------

         WHEREAS, the Partnership and the Employee have agreed to enter into
this new Employment Agreement (the "AGREEMENT"), which shall replace and
                                    ---------
supersede the Prior Agreement in all respects, effective as of the Effective
Date (as defined in the Agreement and Plan of Merger and Contribution, dated as
of February 13, 2002, as amended (the "MERGER AGREEMENT"), by and among First
                                       ----------------
Union Real Estate Equity and Mortgage Investments, an Ohio business trust, that
certain Ohio trust, declared as of October 1, 1996, by Adolph Posnick, trustee,
First Union Management, Inc., a Delaware corporation, the Partnership, GGC, GGC
Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of GGC,
Florida Golf Properties, Inc., a Florida corporation and the sole general
partner of the Partnership, and Florida Golf Associates, L.P., a Virginia
limited partnership); capitalized terms used but not defined herein shall have
the meaning ascribed to them in the Merger Agreement;

         WHEREAS, the Partnership desires to continue to employ the Employee,
and the Employee desires to continue to be employed by the Partnership on the
terms and conditions of the Agreement; and

         WHEREAS, GGC desires to employ the Employee, and the Employee desires
to be employed by GGC on the terms and conditions of the Agreement.

         NOW, THEREFORE, in consideration of the premises, mutual covenants,
agreements and promises contained herein and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged by
the parties hereto, and intending to be legally bound hereby, the parties agree
as follows:

     1. Term of Employment. The GGC and the Partnership hereby agree to employ
        ------------------
the Employee, and the Employee hereby accepts employment with GGC and the
Partnership, upon the terms set forth in this Agreement, for the period
commencing on the date hereof (the Effective Date of the Merger) (the
"COMMENCEMENT DATE") and ending on the expiration of the Term of this Agreement
 -----------------
(as defined below), unless sooner terminated in accordance with the provisions
of Section 4 (the "EMPLOYMENT PERIOD"). Each 12-month period ending on the
                   -----------------
anniversary of the Commencement Date is referred to herein as an "EMPLOYMENT
                                                                  ----------
YEAR." The "TERM OF THIS AGREEMENT" shall initially be the period beginning on
----        ----------------------
the Commencement Date and ending on the fifth (5th) anniversary thereof. The
Employee's employment by GGC shall cease upon the Employee's termination of
employment with the Partnership pursuant to Section 4.

<PAGE>

     2. Title; Capacity. The Employee shall serve as President and Chief
        ---------------
Operating Officer of the Partnership and President and Chief Operating Officer
of GGC. The Employee shall be based at the Partnership's headquarters at 575
East Chocolate Avenue, Hershey, Pennsylvania 17033. The Employee shall be
subject to the supervision of, and shall have such authority as is delegated to
him by, the Executive Committee of the Partnership and the Executive Committee
of GGC.

         The Employee hereby accepts such employment and agrees to undertake the
duties and responsibilities inherent in such positions. The Employee agrees to
devote his entire business time, attention and energies to the business and
interests of the Partnership and GGC during the Employment Period.

     3. Compensation and Benefits.
        -------------------------

     3.1 Salary. The Partnership shall pay the Employee, in monthly
         ------
installments, an annual base salary (the "BASE SALARY") of Three Hundred
                                          -----------
Thousand Dollars ($300,000), in accordance with the Partnership payroll
policies, for each Employment Year during the Term of this Agreement. The
Employee's Base Salary shall be increased annually by a percentage equal to the
CPI (as defined below) during the full calendar year preceding such Employment
Year. "CPI" shall mean the Consumer Price Index--all items for the Washington,
       ---
D.C. metropolitan area published by the U.S. Bureau of Labor Statistics.

     3.2 Fringe Benefits. The Employee shall be entitled to four (4) weeks of
         ---------------
paid vacation during each Employment Year in accordance with the Partnership's
vacation policy. The Employee shall be entitled to the benefits indicated on
Schedule A to this Agreement, as well as such other benefits as the Partnership
----------
establishes and makes available to all of its employees.

     3.3 Reimbursement of Expenses. The Partnership shall reimburse the Employee
         -------------------------
for all reasonable travel, entertainment and other expenses incurred or paid by
the Employee in connection with, or related to, the performance of his duties,
responsibilities or services under this Agreement (collectively, the
"EXPENSES"), upon presentation by the Employee of documentation, expense
 --------
statements, vouchers and/or such other supporting information as the Partnership
may reasonably request. This reimbursement of Expenses shall be in addition to
the automobile benefit described in Schedule A hereto.
                                    ----------

     3.4 Stock Options. On the Commencement Date, GGC shall grant the Employee
         -------------
options to purchase shares of GGC under the Gotham Golf Corp. 2002 Stock Option
Plan as set forth in the Gotham Golf Partners, L.P. Consent of Executive
Committee and Partners dated February 12, 2002. Such options shall vest in equal
installments on the first four anniversaries of the Commencement Date and
otherwise be issued pursuant to the terms of GGC's Stock Option Plan.
Notwithstanding the immediately preceding sentence, all such options shall
immediately vest and become exercisable upon the occurrence of (a) a Change in
Control (as defined below), (b) a termination of the Employee's employment by
the Employee for Good Reason or (c) a termination of the Employee's employment
by the Partnership without Cause. For purposes of this Section 3.4, "CHANGE IN
                                                                     ---------
CONTROL" shall mean a change in a majority of the members of
-------

<PAGE>

the Board within any one-year period as a result of a contested proxy contest at
a time that GGC owns more than 50% of the interests in the Partnership.

     3.5 Transaction Bonus. On the Commencement Date, GGC shall pay the Employee
         -----------------
a bonus of $1,214,308 less any applicable income and withholding taxes.

     3.6 Partnership Interests. Notwithstanding anything in any other agreement
         ---------------------
between the Partnership or GGC, on one hand, and the Employee, on the other
hand, to the contrary, except as otherwise set forth in this Section 3.6, the
Employee's Partnership Interests, as defined in the Third Amended and Restated
Agreement of Limited Partnership of Gotham Golf Partners, L.P. (the "GGP
                                                                     ---
PARTNERSHIP AGREEMENT") and as set forth in Exhibit A to the GGP Partnership
---------------------
Agreement, (a) shall be subject to forfeiture upon any termination of the
Employee's employment hereunder and (b) may not be directly or indirectly sold,
assigned, encumbered, mortgaged, tendered, exchanged or disposed of in any other
manner that has the effect of changing the economic benefits or risks of
ownership (including by way of any derivative or hedging transaction, such as
short-selling or buying or selling options, that has the effect of changing the
economic benefits or risks of ownership) (each of (a) and (b) the
"RESTRICTIONS") until the Restrictions lapse in accordance with the terms of
 ------------
this Section 3.6. The Restrictions shall lapse with respect to one-fourth of the
Partnership Interests on each of the first four anniversaries of the
Commencement Date, so long as the Employee has remained continuously employed
hereunder through each of such vesting dates; provided, however, that the
                                              --------  -------
Restrictions shall immediately lapse upon the occurrence of a termination of the
Employee's employment (a) by the Employee for Good Reason, (b) by the
Partnership without Cause or (c) on account of the Employee's death or
disability.

     4. Employment Termination. The employment of the Employee by the
        ----------------------
Partnership pursuant to this Agreement shall terminate upon the occurrence of
any of the following (upon which termination the employment of the Employee by
GGC shall also terminate):

     4.1 Expiration of the Employment Period in accordance with Section 1;

     4.2 At the election of GGC, for cause, immediately upon written notice by
the Partnership to the Employee. For the purposes of this Section 4.2, "CAUSE"
                                                                        -----
shall mean only (a) the conviction of the Employee of, or the entry of a
pleading of guilty or nolo contendere by the Employee to, any felony
                      ---------------
committed during the Term of this Agreement involving moral
turpitude or dishonesty that is harmful to the Partnership, or (b) gross
negligence or willful misconduct in the course of his employment described
herein; provided, however, that the Partnership may terminate the Employee
        --------  -------
pursuant to subsection (b) above only if (i) the Partnership
has provided the Employee with written notice of its intention to terminate and
of the grounds for such termination within thirty (30) days after the
Partnership learns of such event, and (ii) the Employee either (x) has not,
within thirty (30) days following receipt of such notice, cured such event or
(y) if such event cannot be cured within such thirty (30) day period, has not
taken all reasonable steps to cure promptly after notice;

     4.3 Upon the death or 30 days after the disability of the Employee. As used
in this Agreement, the term "DISABILITY" shall have the meaning provided in the
                             ----------
Partnership's long-term disability policy applicable to the Employee;

<PAGE>

     4.4 At the election of the Employee, for Good Reason (as defined below),
immediately upon written notice by the Employee to the Partnership, which notice
shall identify in reasonably explicit detail the Good Reason upon which the
termination is based. For the purposes of this Section 4.4, "GOOD REASON" for
                                                             -----------
termination shall mean, without the prior written consent of the Employee, (a)
if the position of Chief Executive Officer of the Partnership and/or GGC becomes
available and an individual other than the Employee is offered such position,
(b) a material breach by the Partnership of the terms of this Agreement, which
breach is not remedied by the Partnership within thirty (30) days following
written notice from the Employee to the Partnership notifying it of such breach,
(c) without limiting the generality of the foregoing, a failure to provide the
Executive the transaction bonus set forth in Section 3.5 within five (5)
business days after the Commencement Date, (d) without the prior written consent
of the Executive or the consent of the Founders Director, as defined in the
Equityholders' Agreement, a change in the business purpose of the Partnership to
a business purpose substantially different from than that described in clause
(i) and (ii) of GGC's Amended and Restated Certificate of Incorporation, or (e)
the relocation of the Employee's place of work more than 25 miles from the
Partnership's current headquarters;

     4.5 At the election of the Employee, with or without Cause, upon not less
than thirty (30) days' prior written notice of termination;

     4.6 At the election of the Partnership, without Cause, immediately upon
written notice by the Partnership to the Employee.

     5. Effect of Termination.
        ---------------------

     5.1 Termination for Cause or at Election of the Employee. In the event the
         ----------------------------------------------------
Employee's employment is terminated for Cause pursuant to Section 4.2 or at the
election of the Employee upon not less than thirty (30) days' prior written
notice of termination pursuant to Section 4.5, the Partnership shall pay to the
Employee the compensation and benefits otherwise payable to him under Section 3
through the last day of his actual employment by the Partnership. The
Partnership and GGC shall have no further obligations to the Employee and the
Employee shall have no further rights, including, without limitation, rights to
any compensation, whatsoever under this Agreement.

     5.2 Termination for Death or Disability. If the Employee's employment is
         -----------------------------------
terminated by death or because of disability pursuant to Section 4.3, the
Employee shall be paid the compensation and benefits payable to him under
Section 3 through the last day of his actual employment by the Partnership, and,
in lieu of any other compensation or benefits otherwise payable to him pursuant
to Section 3 with respect to the remainder of the Employment Period, the
Employee shall be entitled to all payments payable to him pursuant to the terms
of the Partnership's long-term disability or life insurance policy applicable to
the Employee.

     5.3 Termination for Good Reason or Without Cause. If the Employee's
         --------------------------------------------
employment is terminated by the Employee for Good Reason pursuant to Section 4.4
or by the Partnership without cause pursuant to Section 4.6, the Employee shall
be entitled to: (i) his base salary as severance pay in one lump-sum payment for
the longer of (a) the remainder of the Term of this Agreement or (b) one (1)
year from the date of termination; (ii) fringe benefits for the

<PAGE>

longer of (a) the remainder of the Term of this Agreement, or (b) one (1) year
from the date of termination; and (iii) within 120 days following the
termination date, the Employee shall have a right to acquire all of the
Partnership's direct and indirect ownership interest in Monroe Valley Golf Club
("MVGC"), located in Jonestown, Pennsylvania pursuant to a right of first offer
  ----
(the "FIRST OFFER RIGHT"). The principal terms of the First Offer Right are set
      -----------------
forth on Schedule B.
         ----------

     5.4 Survival. The provisions of this Section 5 shall survive the
         --------
termination or expiration of this Agreement.

     5.5 Severance Offset. The Employee hereby grants the Partnership and GGC a
         ----------------
right to offset against the outstanding principal and accrued interest balance
on any debt owing to GGC, the Partnership or any of the controlled affiliates by
the Employee any amount payable pursuant to Section 5.3 (less any applicable
income and withholding taxes).

     6. Non-Compete.
        -----------

     6.1 During the term of the Employee's employment by the Partnership or GGC
hereunder, and if and only if (i) the Employee shall have been terminated by the
Partnership or GGC for cause or (ii) the Employee shall have voluntarily
terminated his employment without Good Reason, then for a period of one (1) year
after such termination, the Employee shall not, directly or indirectly, alone or
as an employee, agent, advisor, salesman, independent contractor, lender,
consultant, owner, partner, joint venturer, officer, director or stockholder or
in any other capacity, enter into, engage in, plan, organize, aid, assist, own,
manage, operate, control, participate in, become employed by, consult with,
perform services for, obtain a material financial or proprietary interest in, or
otherwise become associated in any capacity with, any business or person that
might be deemed to compete with or be deemed to be setting up to compete with
the Partnership, GGC and/or any of their subsidiaries ("OWNING ENTITY") (i)
                                                        -------------
within one hundred fifty (150) miles of any golf course managed by the
Partnership or GGC or owned by any Owning Entity, and (ii) in any line of
business that is substantially the same as any line of business described in
clause (i) and (ii) of Article III of GGC's Amended and Restated Certificate of
Incorporation.

     6.2 The Employee covenants and agrees that, during the term of the
Employee's employment with the Partnership or GGC hereunder and for one year
after the termination of the Employee's employment for any reason, the Employee
shall not (x) solicit business on behalf of the Employee or any other person
from any client or customer of the Partnership or GGC, or otherwise directly or
indirectly divert or interfere with or attempt to divert or interfere with the
business or the clients or customers of the Partnership or GGC or (y) directly
or indirectly hire, recruit, solicit or induce, or attempt to induce, an
employee or employees of the Partnership or GGC to terminate their employment,
or otherwise cease their relationship with, the Partnership or GGC.

     6.3 The Employee acknowledges and agrees that the breach of the provisions
of this Section 6 will cause irreparable injury to the Partnership and GGC,
inadequately compensable in damages. Accordingly, in addition to such other
rights and remedies as the Partnership or GGC may have under this Agreement, at
law or in equity with respect to any breach or threatened breach of this
Agreement, the Partnership and GGC shall be entitled to injunctive

<PAGE>

relief against the breach or threatened breach of any of the provisions of this
Section 6, it being acknowledged and agreed that any such breach or threatened
breach will cause irreparable injury to the Partnership and GGC and that money
damages will not provide an adequate remedy to the Partnership or GGC.

     6.4 The Partnership, GGC and the Employee agree and stipulate that the
provisions of this Section 6 are fair and reasonable in light of all of the
facts and circumstances of the relationship between the Partnership, GGC and the
Employee, and the Employee hereby expressly waives any objection to or defense
in respect of the geographical scope and/or duration of the restriction
contained in this Section 6. The Employee acknowledges and agrees that the scope
and duration of these restrictions are reasonable and warranted in order to
protect the Partnership's and GGC's legitimate business interests and rights and
that the Employee's experience and capabilities are such that the Employee will
not be prevented from earning a livelihood in the Employee's area of expertise
as a result of the limited restrictions provided herein. In furtherance and not
in derogation of the provisions of this Section 6, the Partnership, GGC and the
Employee agree that, notwithstanding the foregoing, in the event that a court
should decline to enforce any of the provisions of this Section 6, such
provision or provisions shall be deemed to be modified to preserve the
Employee's restrictions under this Section 6 to the maximum extent, in time,
geography and scope, which the court shall find enforceable.

     6.5 The provisions of this Section 6 shall survive the termination of this
Agreement.

     7. Proprietary Information and Indemnification.
        -------------------------------------------

     7.1 Proprietary Information. The Employee shall not, without the prior
         -----------------------
written consent of the Partnership, use, divulge, disclose or make accessible to
any other person, firm, partnership, corporation or other entity any
Confidential Information (as hereinafter defined) pertaining to the business of
the Partnership or any of its affiliates, except (i) while employed by the
Partnership, in the business of or for the benefit of the Partnership, or (ii)
when required to do so by a court of competent jurisdiction, by any governmental
agency having supervisory authority over the business of the Partnership, or by
any administrative body or legislative body (including a committee thereof) with
purported or apparent jurisdiction to order the Employee to divulge, disclose or
make accessible such information. For purposes of this Section 7, "Confidential
Information" shall mean non-public information concerning the Partnership's
financial data, strategic business plans, product development (or other
proprietary product data), customer lists, information relating to suppliers and
methods of production and management, marketing plans and other non-public,
proprietary confidential information of the Partnership, its affiliates or its
customers, that, in any case, is not otherwise available to the public, provided
                                                                        --------
that Confidential Information does not include information that (a) was
previously, is currently or becomes generally available to the public or (b) was
available to the Employee on a non-confidential basis or subsequently becomes
available to the Employee on a non-confidential basis, and provided further that
                                                           -------- -------
the source of such information is not bound by a confidentiality agreement
concerning that information.

     7.2 Indemnification. The Employee shall be indemnified and held harmless to
         ---------------
the fullest extent permitted by law, as stated more fully in Schedule C to this
                                                             ----------
Agreement.

<PAGE>

     7.3 Survival. The provisions of this Section 7 shall survive the
         --------
termination of this Agreement.

     8. Litigation Fees and Expenses. Notwithstanding any provision of law or
        ----------------------------
rule of court to the contrary, in the event of any dispute between the
Partnership and/or GGC, on the one hand, and the Employee, on the other hand,
concerning or relating to this Agreement that results in litigation, the
unsuccessful party as determined by a court of competent jurisdiction shall
reimburse the prevailing party for all reasonable attorneys' fees and expenses
incurred by the prevailing party in prosecuting or defending such action.

     9. Notices. Any notices or other communications required or permitted
        -------
hereunder shall be sufficiently given if delivered personally or sent by
telecopy machine, Federal Express or other recognized overnight courier,
registered or certified mail, postage prepaid, addressed as follows or to such
other address of which the parties may have given notice:

      To the Employee:          John Caporaletti
                                Gotham Golf Partners, L.P.
                                575 East Chocolate Avenue
                                Hershey, Pennsylvania  17033
                                (717) 312-0420 (fax)

      With a copy to:           Steven S. Snider, Esq.
                                Hale and Dorr LLP
                                1455 Pennsylvania Ave., N.W., Suite 1000
                                Washington, D.C.  20004
                                (202) 942-8484 (fax)

     If to the Partnership, addressed to the Partnership at the following
     address:

                                Gotham Golf Partners, L.P.
                                575 East Chocolate Avenue
                                Hershey, Pennsylvania  17033
                                (717) 520-4249 (fax)

     With a copy to:            William F. Leahy, Esquire
                                Gotham Golf Partners, L.P.
                                16850 Sudley Road
                                Centreville, Virginia  20120
                                (703) 830-5026 (fax)

     and to:                    Adam O. Emmerich, Esq.
                                Wachtell, Lipton, Rosen & Katz
                                51 W. 52nd Street
                                New York, NY  10019-6150
                                (212) 403-2000 (fax)

Unless otherwise specified herein, such notices or other communications shall be
deemed to be effective: (a) one (1) business day after deposit with the courier
if sent by Federal Express or

<PAGE>

other recognized overnight delivery service; or (b) upon receipt if accomplished
by hand delivery or by telecopied delivery. Any party may, from time to time, by
notice in writing served upon the other party, in the same manner as prescribed
in this Section, designate a different mailing address or a different or
additional person to which all such notices are thereafter to be addressed.

     10. Pronouns. Whenever the context may require, any pronouns used in this
         --------
Agreement shall include the corresponding masculine, feminine or neuter forms,
and the singular forms of nouns and pronouns shall include the plural, and vice
versa.

     11. Entire Agreement. This Agreement constitutes the entire agreement
         ----------------
between the parties and supersedes all prior agreements and understandings,
whether written or oral, relating to the subject matter of this Agreement,
including, but not limited to, the Prior Agreement dated January 1, 1999. No
representation, inducement, promise, understanding, condition or warranty not
set forth herein has been made or relied upon by any party hereto.

     12. Amendment. This Agreement may be amended or modified only by a written
         ---------
instrument executed by the Partnership, GGC and the Employee.

     13. Governing Law. This Agreement shall be construed, interpreted and
         -------------
enforced in accordance with the laws of the State of Delaware.

     14. Successors and Assigns. Subject to the terms of Section 4.6, this
         ----------------------
Agreement shall be binding upon and inure to the benefit of the parties and
their respective successors and assigns, including any partnership or other
entity with which or into which the Partnership or GGC may be merged or which
may succeed to its assets or business, provided, however, that the obligations
                                       --------  -------
of the Employee are personal and shall not be assigned by him.

     15. Miscellaneous.
         -------------

     15.1 No delay or omission by the Partnership in exercising any right under
this Agreement shall operate as a waiver of that or any other right. A waiver or
consent given by the Partnership on any one occasion shall be effective only in
that instance and shall not be construed as a bar to or waiver of any right on
any other occasion.

     15.2 The captions of the sections of this Agreement are for convenience of
reference only and in no way define, limit or affect the scope or substance of
any section of this Agreement. No provision of this Agreement shall be
interpreted or construed against any party hereto solely because such party or
its legal representative drafted such provision. Wherever the word "INCLUDE,"
                                                                    -------
"INCLUDES" or "INCLUDING" is used in this Agreement, it shall be deemed to be
 --------      ---------
followed by the words "WITHOUT LIMITATION."
                       ------------------

     15.3 In case any provision of this Agreement shall be invalid, illegal or
otherwise unenforceable, the validity, legality and enforceability of the
remaining provisions shall in no way be affected or impaired thereby.

<PAGE>

     15.4 This Agreement may be executed in two or more counterparts, and by
facsimile, each of which shall be deemed to be an original, but all of which
shall constitute one and the same agreement.

     15.5 Neither this Agreement nor any provision hereof is intended to confer
upon any person other than the parties hereto any rights or remedies hereunder.

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the day and year set forth above.

                         GOTHAM GOLF PARTNERS, L.P.,
                         a Delaware limited partnership

                         By:
                            -------------------------------------------------
                             Name:
                             Title:

                         GOTHAM GOLF CORP.,
                         a Delaware corporation

                         By:
                            -------------------------------------------------
                              Name: William A. Ackman
                              Title:  Chairman, Board of Directors

                         JOHN CAPORALETTI

                         ----------------------------------------------------
                         John Caporaletti

<PAGE>

                                   SCHEDULE A

                                 FRINGE BENEFITS

Term Life Insurance Policy in the principal amount of $1,000,000.

Automobile privileges in accordance with the Partnership's current policies with
respect to provision of automobile benefits. 100% family medical insurance
coverage paid by the Partnership, such coverage to be similar to coverage
provided to other officers of the Partnership at a similar level as the
Employee.

Long-Term Disability Insurance

Cellular telephone and wireless email

Sick Leave in accordance with Partnership sick-leave policy as in effect from
time to time.

<PAGE>

                                   SCHEDULE B

                                FIRST OFFER RIGHT

    The Employee shall have a right of first offer (a "FIRST OFFER RIGHT") to
                                                       -----------------
acquire all of the Partnership's direct and indirect ownership interest in
Monroe Valley Golf Club ("MVGC"), located in Jonestown, Pennsylvania, on the
                          ----
terms set forth below. Within 120 days following the Employee's employment
termination date, the Partnership shall offer MVGC for sale to the Employee at
an arm's-length price as determined by the Board, in its sole discretion (the
"ASKING PRICE"). The Employee will be required to accept or decline this offer
 ------------
within 30 days, and if the Employee does not do so he shall be deemed to have
declined such offer. If the Employee declines to purchase MVGC for the Asking
Price, the Partnership may subsequently sell MVGC to any third party, provided
                                                                      --------
that if the price offered to such third party is less than 92.5% of the Asking
Price, the Partnership must first provide the Employee with a new opportunity to
acquire MVGC at the price offered to such third party. The Employee would be
required to accept or decline any such offer within 20 days, and if the Employee
did not do so he would be deemed to have declined such offer. Notwithstanding
the foregoing, if a binding agreement for the sale of MVGC has not been entered
into by the Partnership by the second anniversary of the Employee's termination
of employment, the Board shall retain two accredited independent appraisers to
determine the fair market value of MVGC, and, before the 60th day following the
second anniversary of the Employee's termination of employment, MVGC will be
offered for sale to the Employee for the average of the two appraisal values
stated by the independent appraisers. The Employee shall accept or decline this
offer within 20 days. If the Employee does not accept the offer within such
period, the Partnership shall be under no further obligation to offer MVGC for
sale to the Employee or any other party, and shall be free to sell MVGC to any
party at any price at any time, without restriction. If the Employee purchases
MVGC, Section 6 of the Agreement shall not be violated by either (a) the
continued operation of MVGC or (b) the Employee's solicitation for employment of
individuals employed at MVGC at the time of such purchase. Notwithstanding
anything in this Agreement or this Schedule C to the contrary, the Partnership
shall have no obligation pursuant to this First Offer Right if the Employee has
violated his obligations pursuant to Section 6 of this Agreement.

<PAGE>

                                   SCHEDULE C

                            INDEMNIFICATION AGREEMENT

     This Indemnification Agreement (the "AGREEMENT") is entered into as of the
                                          ---------
     day of          ,  2002 ("AGREEMENT"), by and among GOTHAM GOLF CORP., a
-----       ---------          ---------
Delaware corporation (the "CORPORATION"), GOTHAM GOLF PARTNERS, L.P., a Delaware
                           -----------
limited partnership (the "PARTNERSHIP"), and JOHN CAPORALETTI ("INDEMNITEE").
                          -----------                           ----------
     WHEREAS, the interpretations of statutes, regulations, charter and bylaws
regarding indemnification of directors and officers and limitation of liability
of directors and officers are too uncertain to provide them with adequate,
reliable knowledge of risks to which they may be exposed by virtue of serving as
directors and officers of a corporation; and

     WHEREAS, damages sought by class-action plaintiffs in some cases amount to
substantial dollar amounts and, whether or not the case is meritorious, the cost
of defending these suits is enormous with few individual directors and officers
having the resources to sustain such legal costs or a judgment in favor of the
plaintiffs even in cases where the defendant was neither culpable nor profited
personally to the detriment of the corporation; and

     WHEREAS, it is generally recognized that the issues in controversy in such
litigation are usually related to the knowledge, motives and intent of the
director or officer and that he is usually the only witness with firsthand
knowledge of the essential facts or of exculpating circumstances who is
qualified to testify in his defense regarding matters of such subjective nature,
and that the long period of time which normally and usually elapses before such
suits can be disposed of can extend beyond the normal time for retirement for a
director or officer, with the result that he, after retirement, or in the event
of his death, his spouse, heirs, executors, administrators, as the case may be,
may be faced with limited ability, undue hardship and an intolerable burden in
launching and maintaining a proper and adequate defense of such party or his
estate against claims for damages; and

         WHEREAS, the charter and bylaws of the Corporation and the rules and
regulations governing the Corporation allow it to indemnify and hold harmless
their management personnel and their affiliates and each of their respective
officers, directors, partners and employees for losses, claims, damages,
expenses or liabilities incurred by such persons by reason of any action,
omission to act or decision made by any such persons in connection with the
business of the Corporation; and

     WHEREAS, the Board of Directors (as defined in Article I hereto) has
concluded that it is reasonable, prudent and necessary for the Corporation
contractually to obligate itself to indemnify Indemnitee in reasonable and
adequate manner to the fullest extent permitted by applicable law, to assume for
itself maximum liability for expenses and damages in connection with claims
lodged against them for their decisions and actions and to provide for the
advancement of expenses incurred by Indemnitee;

     WHEREAS, as set forth in Section VIII hereof, it is in the interests of the
parties hereto that the Partnership have the same indemnification obligations to
Indemnitee as the indemnification obligations of the Corporation to Indemnitee;
and

<PAGE>

     WHEREAS, Indemnitee is willing to serve, for or on behalf of the
Corporation on the condition that they be so indemnified;

     NOW, THEREFORE, in consideration of the mutual promises made herein and
other good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, the parties hereto, intending to be legally bound, agree as
follows:

                                   WITNESSETH

                                       I.
                                   DEFINITIONS

     For purposes of this Agreement, the following terms shall have the meanings
set forth below:

     A. "BOARD OF DIRECTORS" shall mean the board of directors of the
         ------------------
Corporation.

     B. "CHANGE IN CONTROL" shall mean:
         -----------------

     (i) the acquisition by an individual, entity or group (within the meaning
of Section 13(d)(3) or 14(d)(2) of the Exchange Act) (a "Person") of beneficial
ownership of any capital stock of the Corporation if, after such acquisition,
such Person beneficially owns (within the meaning of Rule 13d-3 promulgated
under the Exchange Act) 20% or more of either (x) the then-outstanding shares of
common stock of the Corporation (the "Outstanding Corporation Common Stock") or
(y) the combined voting power of the then-outstanding securities of the
Corporation entitled to vote generally in the election of directors (the
"Outstanding Corporation Voting Securities"); provided, however, that for
                                              --------  -------
purposes of this subsection (i), the following acquisitions shall not constitute
a Change in Control: (A) any acquisition directly from the Corporation
(excluding an acquisition pursuant to the exercise, conversion or exchange of
any security exercisable for, convertible into or exchangeable for common stock
or voting securities of the Corporation, unless the Person exercising,
converting or exchanging such security acquired the security directly from the
Corporation or an underwriter or agent of the Corporation), (B) any acquisition
by any employee benefit plan (or related trust) sponsored or maintained by the
Corporation or any corporation controlled by the Corporation, or (C) any
acquisition by any corporation pursuant to a Business Combination (as defined
below) which complies with clauses (x) and (y) of subsection (iii) of this
definition; or

     (ii) such time as the Continuing Directors (as defined below) do not
constitute a majority of the Board (or, if applicable, the Board of Directors of
a successor corporation to the Corporation), where the term "Continuing
Director" means at any date a member of the Board (x) who was a member of the
Board on the date of the initial adoption of this Plan by the Board or (y) who
was nominated or elected subsequent to such date by at least a majority of the
directors who were Continuing Directors at the time of such nomination or
election or whose election to the Board was recommended or endorsed by at least
a majority of the directors who were Continuing Directors at the time of such
nomination or election; provided, however, that there shall be excluded from
                        --------  -------
this clause (y) any individual whose initial assumption of office occurred as a
result of an actual or threatened election contest with respect to the election
or removal of

<PAGE>

directors or other actual or threatened solicitation of proxies or consents, by
or on behalf of a person other than the Board; or

     (iii) the consummation of a merger, consolidation, reorganization,
recapitalization or share exchange involving the Corporation or a sale or other
disposition of all or substantially all of the assets of the Corporation (a
"Business Combination"), unless, immediately following such Business
Combination, each of the following two conditions is satisfied: (x) all or
substantially all of the individuals and entities who were the beneficial owners
of the Outstanding Corporation Common Stock and Outstanding Corporation Voting
Securities immediately prior to such Business Combination beneficially own,
directly or indirectly, more than 50% of the then-outstanding shares of common
stock and the combined voting power of the then-outstanding securities entitled
to vote generally in the election of directors, respectively, of the resulting
or acquiring corporation in such Business Combination (which shall include,
without limitation, a corporation which as a result of such transaction owns the
Corporation or substantially all of the Corporation's assets either directly or
through one or more subsidiaries) (such resulting or acquiring corporation is
referred to herein as the "Acquiring Corporation") in substantially the same
proportions as their ownership of the Outstanding Corporation Common Stock and
Outstanding Corporation Voting Securities, respectively, immediately prior to
such Business Combination and (y) no Person (excluding the Acquiring Corporation
or any employee benefit plan (or related trust) maintained or sponsored by the
Corporation or by the Acquiring Corporation) beneficially owns, directly or
indirectly, 20% or more of the then-outstanding shares of common stock of the
Acquiring Corporation, or of the combined voting power of the then-outstanding
securities or such corporation entitled to vote generally in the election of
directors (except to the extent that such ownership existed prior to the
Business Combination).

     C. "DISINTERESTED DIRECTOR" shall mean a director of the Corporation who
         ----------------------
neither is nor was a party to the Proceeding in respect of which indemnification
or advance of expenses is being sought by Indemnitee.

     D. "EXPENSES" shall mean, without limitation, expenses of Proceedings
         --------
including all attorneys' fees, retainers, court costs, transcript costs, fees of
experts, accounting and witness fees, travel expenses, duplicating costs,
printing and binding costs, telephone charges, postage, delivery service fees,
and all other disbursements or expenses of the types customarily incurred in
connection with prosecuting, defending, preparing to prosecute or defend,
investigating or being or preparing to be a witness or party in a Proceeding.

     E. "GOOD FAITH" shall mean with respect to a particular Indemnitee, such
         ----------
Indemnitee having acted in a manner Indemnitee reasonably believed to be in or
not opposed to the best interests of the Corporation, and, with respect to any
criminal Proceeding, such Indemnitee having acted in a certain manner without
reasonable cause to believe his conduct was unlawful.

     F. "LIABILITIES" shall mean liabilities of any type whatsoever, including,
         -----------
without limitation, any judgments, fines, ERISA liabilities, excise taxes and
penalties, penalties and amounts paid in settlement (including all interest,
assessments and other charges paid or payable in connection with or in respect
of such judgments, fines, penalties or amounts paid in settlement) in connection
with the investigation, defense, settlement or appeal of any Proceeding or any
claim, issue or matter therein.

<PAGE>

     G. "OFFICIAL STATUS" describes the status of a person who is or was a
         ---------------
director or officer of the Corporation, or a member of any committee of the
Board of Directors, and the status of a person who, while a director or officer
of the Corporation, is or was serving at the request of the Corporation as a
director, officer, partner, member, trustee, employee or agent of another
foreign or domestic corporation, partnership, limited liability company or
partnership, joint venture, trust, employee benefit plan or other entity.

     H. "PROCEEDING" includes any threatened, pending or completed action, suit,
         ----------
arbitration, alternative dispute resolution mechanism, investigation,
administrative hearing or any other actual, threatened or completed proceeding
whether civil, criminal, administrative or investigative, including, without
limitation, any proceeding arising out of or relating to acts or omissions with
respect to any and all related transactions, filings and other actions, whether
or not such acts or omissions occurred prior or subsequent to the formation of
the Corporation prior to or subsequent to the date of this Agreement (including,
without limitation, matters relating to the registration statement and the proxy
statement prospectus included therein filed by the Corporation with the
Securities and Exchange Commission on [DATE], and any amendment or supplement
thereto and suit by Indemnitee seeking to enforce Indemnitee's rights under this
Agreement).

     I. "VOTING SECURITIES" shall mean any securities of an entity whose holder
         -----------------
or holders are entitled to vote generally in the election of the Board of
Directors.

                                       II.
                                TERM OF AGREEMENT

     This Agreement shall continue until, and terminate with respect to
Indemnitee upon the later of:

          1. 10 years after the date that such Indemnitee shall have ceased to
     serve as a director, officer, partner, member, trustee, employee or agent
     of the Corporation or of any other corporation, partnership, limited
     liability company or partnership, joint venture, trust, employee benefit
     plan or other entity which such Indemnitee served at the request of the
     Corporation, or

          2. The final termination of any Proceeding then pending in respect of
     which such Indemnitee is granted rights of indemnification of Liabilities
     or advancement of Expenses hereunder and of any Proceeding commenced by
     such Indemnitee pursuant to Section IV.F (or, if no appeal is made, Section
     IV.E) of this Agreement relating thereto.

This Agreement shall be binding upon the Corporation and its successors and
assigns and shall inure to the benefit of Indemnitee and his heirs, executors
and administrators.

                                      III.
                  SERVICES BY INDEMNITEE, NOTICE OF PROCEEDINGS
                              AND DEFENSE OF CLAIM

     A. AGREEMENT TO SERVE. Indemnitee shall serve and/or continue to serve, at
the will of the Corporation or under separate contract, if such exists, as a
director or officer of the Corpo-

<PAGE>

ration. This Agreement does not create any additional right for Indemnitee to
serve as a director or officer other than at the will of the Corporation or as
otherwise provided by separate contract. Indemnitee's resignation as a director
shall not constitute a breach of this Agreement.

     B. NOTICE OF PROCEEDINGS. Indemnitee shall notify the Corporation promptly
in writing upon being served with any summons, citation, subpoena, complaint,
indictment, information or other document relating to any Proceeding or matter
which may be subject to indemnification of Liabilities or advancement of
Expenses covered hereunder, but Indemnitee's omission to so notify the
Corporation shall not relieve the Corporation from any liability which it may
have to Indemnitee under this Agreement except (i) with respect to Expenses
incurred by or on behalf of Indemnitee with respect to such Proceeding prior to
such notice or (ii) if such omission otherwise materially prejudices the rights
of the Corporation (including, without limitation, the Corporation having lost
any significant substantive or procedural rights with respect to the defense of
any Proceeding). If such omission does materially prejudice the rights of the
Corporation, the Corporation shall be relieved from liability under this
Agreement to the extent of such prejudice; but such omission will not relieve
the Corporation from any liability which it may owe to Indemnitee otherwise than
under this Agreement.

     C. DEFENSE OF CLAIMS. The Corporation will be entitled to participate at
its own expense in any Proceeding of which it has notice. The Corporation,
jointly with any other indemnifying party similarly notified of any Proceeding,
will be entitled to assume the defense of Indemnitee therein, with counsel
reasonably satisfactory to such Indemnitee; provided, however, that the prior
                                            --------  -------
written consent of Indemnitee shall be required for the Corporation to assume
the defense of Indemnitee in a Proceeding (i) if there has been a Change in
Control in the Corporation, or (ii) if Indemnitee has reasonably concluded that
there may be a conflict of interest between the Corporation and such Indemnitee,
or between one Indemnitee and another, with respect to any Proceeding and has
provided written notice thereof to the Corporation. After receipt of written
notice from the Corporation to Indemnitee of the Corporation's election to
assume the defense of such Indemnitee in any Proceeding (including pending such
Indemnitee's written consent to such assumption), the Corporation will not be
liable to such Indemnitee under this Agreement for any Expenses subsequently
incurred by such Indemnitee in connection with the defense thereof, other than
as otherwise provided below. Indemnitee shall have the right to employ his own
counsel in any such Proceeding, but the fees and Expenses of such counsel
incurred after receipt of written notice from the Corporation of its assumption
of the defense thereof shall be at the expense of such Indemnitee unless:

          1. The employment of counsel by such Indemnitee has been authorized by
     the Corporation; or

          2. The Corporation shall not in fact have employed counsel to assume
     the defense of such Indemnitee in such Proceeding, or such counsel has not
     in fact assumed such defense, or such counsel is not acting in connection
     therewith with reasonable diligence; and in each such case the fees and
     expenses of such Indemnitee's counsel shall be advanced by the Corporation
     pursuant to Article V.

     D. SETTLEMENT OF CLAIMS. The Corporation shall not settle any Proceeding in
any manner which would impose any liability, penalty or limitation on Indemnitee
without the writ

<PAGE>

ten consent of such Indemnitee; provided, however, that such Indemnitee shall
                                --------  -------
not unreasonably withhold, delay or condition consent to any proposed
settlement. Unless there has been a Change in Control, the Corporation shall not
be liable to indemnify Indemnitee under this Agreement or otherwise for any
amounts paid in settlement of any Proceeding effected by such Indemnitee without
the Corporation's written consent. The Corporation shall not unreasonably
withhold, delay or condition its consent to any proposed settlement.

                                      IV.
                                 INDEMNIFICATION

     A. IN GENERAL. The Corporation shall indemnify Indemnitee against any and
all Expenses and Liabilities: (i) as provided in this Agreement, (ii) to the
fullest extent consistent with applicable law in effect on the date hereof and
to such greater extent as applicable law may hereafter from time to time permit,
(iii) for any acts or omissions which occurred prior to Indemnitee becoming a
director of the Corporation, or establishing any formal relationship with the
Corporation. The rights of Indemnitee provided under the preceding sentence
shall include, but shall not be limited to, the rights set forth in this Article
IV. It is expressly agreed and understood that the Corporation's indemnification
to Indemnitee shall be absolute, total and unconditional with respect to any
activity or event, including without limitation the preparation or distribution
of any proxy statement, which occurs prior to the date of commencement of
Indemnitee's service as a director of the Corporation and no process or
procedure shall be needed to establish or confirm such indemnification, except
as may be required by applicable law (provided Indemnitee is notified
appropriately by the Corporation). If any Proceeding arising from any such
action or event is brought against Indemnitee, Indemnitee shall be entitled to
separate independent counsel selected by Indemnitee, with the Expenses thereof
paid by the Corporation.

     B. INDEMNIFICATION OF A PARTY TO A PROCEEDING. Indemnitee shall be entitled
to the rights of indemnification provided in this Section IV.B if, by reason of
his Official Status, he is, or is threatened to be made, a party to any
Proceeding. In accordance with this Section IV.B, Indemnitee shall be
indemnified against all Expenses and Liabilities actually incurred by him or on
his behalf in connection with such Proceeding or any claim, issue or matter
therein, if Indemnitee acted in Good Faith; provided, however, that, if
                                            --------  -------
applicable law so provides, no indemnification against such Expenses and
Liabilities shall be made in respect of any claim, issue or matter in a
Proceeding brought by or in the right of the Corporation as to which a final,
nonappealable judgment has been issued by a court of competent jurisdiction that
Indemnitee is liable to the Corporation, unless and to the extent that such
court shall determine that such indemnification may be made.

     C. INDEMNIFICATION FOR EXPENSES OF WITNESS. Notwithstanding any other
provision of this Agreement, to the extent that Indemnitee, by reason of such
Indemnitee's Official Status, has prepared to serve or has served as a witness
in any Proceeding, such Indemnitee shall be indemnified against all Expenses
actually and reasonably incurred by or for him in connection therewith and that
are not otherwise reimbursed.

     D. SPECIFIC LIMITATIONS ON INDEMNIFICATION. Notwithstanding anything in
this Agreement to the contrary, the Corporation shall not be obligated under
this Agreement to make any payment to Indemnitee for indemnification with
respect to any Proceeding:

<PAGE>

          1. To the extent that payment is actually made to such Indemnitee
     under any insurance policy or is made to such Indemnitee by the Corporation
     otherwise than pursuant to this Agreement.

          2. If a court in such Proceeding has entered a judgment or other
     adjudication which is final and has become nonappealable and established
     that a claim of such Indemnitee for such indemnification relates to acts or
     omissions of such Indemnitee which are material to the matter giving rise
     to the Proceeding and which were not committed or omitted in Good Faith.

          3. If there has been no Change in Control, for Liabilities in
     connection with Proceedings settled without the consent of the Corporation
     (unless such consent was unreasonably withheld, delayed or conditioned),
     provided, however, that the consent of Indemnitee will not be required with
     --------  -------
     respect to any Liability for which such Indemnitee is not entitled to
     indemnification. If there has been a Change in Control, the Corporation
     shall be liable for Liabilities in connection with Proceedings settled
     without the consent of the Corporation.

          4. For an accounting of profits made from the purchase or sale by such
     Indemnitee of securities of the Corporation within the meaning of Section
     16(b) of the Securities Exchange Act of 1934 or similar provisions of any
     federal, state or local statute or regulation.

          5. For any liability of Indemnitee in connection with insider trading,
     as defined under the United States securities laws or similar provisions of
     any state or local statute or regulation.

     E. Determination of Good Faith.

          1. Indemnitee will not be deemed to have acted in Good Faith if such
     is proven by clear and convincing evidence by the Corporation in one of the
     forums listed below. Such Indemnitee subject to a claim by the Corporation
     that he has not acted in Good Faith shall be entitled to select from among
     the following forums in which the validity of the Corporation's claim will
     be heard:

               (a) The Disinterested Directors, which shall make such
          determination by majority vote;

               (b) The shareholders of the Corporation, which shall make such
          determination by majority vote; or

               (c) A panel of three arbitrators, one of whom is selected by the
          Corporation, another of whom is selected by such Indemnitee and the
          last of whom is selected by the first two arbitrators so selected.

          2. As soon as practicable, and in no event later than thirty (30) days
     after written notice of such Indemnitee's choice of forum pursuant to this
     Section IV.E, the Corporation shall, at its own expense, submit to the
     selected forum in

<PAGE>

     such manner as such Indemnitee or such Indemnitee's counsel may reasonably
     request, its claim that such Indemnitee is not entitled to indemnification,
     and the Corporation shall act in the utmost good faith to assure such
     Indemnitee a complete opportunity to defend against such claim. The fees
     and Expenses of the selected forum in connection with making the
     determination contemplated hereunder shall be paid by the Corporation, and,
     to the extent Indemnitee is found not to have a right to indemnification
     hereunder, by Indemnitee. If the Corporation shall fail to submit the
     matter to the selected forum within thirty (30) days after such
     Indemnitee's written notice or if the forum so empowered to make the
     determination shall have failed to make the requested determination within
     thirty (30) days after the matter has been submitted to it by the
     Corporation, the requisite determination that such Indemnitee has the right
     to indemnification shall be deemed to have been made.

     F. RIGHT TO APPEAL. Notwithstanding a determination by any forum listed in
Section IV.E above that Indemnitee is not entitled to indemnification with
respect to a specific Proceeding, such Indemnitee shall have the right to apply
to the court in which that Proceeding is or was pending, or to any other court
of competent jurisdiction, for the purpose of enforcing such Indemnitee's right
to indemnification pursuant to this Agreement. Indemnitee and the Corporation
shall be precluded from asserting that the procedures and presumptions of this
Agreement are not valid, binding and enforceable. Indemnitee and the Corporation
further agree to stipulate in any such judicial proceeding that each is bound by
all the provisions of this Agreement and is precluded from making any assertion
to the contrary.

     G. DIRECTORS' AND OFFICERS' LIABILITY INSURANCE. In addition to the
indemnification protection provided to Indemnitee by the other sections of this
Agreement, the Corporation shall also purchase and maintain Directors' and
Officers' Liability Insurance, at its expense and in amounts that are subject to
such terms as shall be determined by the Board of Directors of the Corporation,
to protect Indemnitee against any expense, liability or loss incurred by it or
him in any such capacity, or arising out of his status as an Indemnitee.

                                      V.

                             ADVANCEMENT OF EXPENSES

     A. ADVANCEMENT OF EXPENSES. The Corporation shall advance to Indemnitee all
Expenses incurred or to be incurred by or for him in connection with (i) any
Proceeding for which such Indemnitee may be entitled to indemnification pursuant
to Article IV above, except with respect to any Proceeding under Section IV.E or
Section IV.F involving such Indemnitee, and (ii) any other action between the
Corporation and such Indemnitee involving the interpretation or enforcement of
the rights of such Indemnitee under this Agreement, in advance of the final
disposition of such Proceeding or other action, provided that such Indemnitee
executes and submits an undertaking to repay Expenses advanced in the form of
Exhibit A attached hereto (the "Undertaking").

     B. PROCEDURE FOR ADVANCEMENT. The Corporation shall advance Expenses
pursuant to subsection A above within ten (10) business days after the receipt
by the Corporation of an

<PAGE>

Undertaking. Indemnitee hereby agrees to repay any Expenses advanced hereunder
if it shall ultimately be determined by a court of competent jurisdiction that
such Indemnitee is not entitled to be indemnified against such Expenses. Any
advances and the undertaking to repay pursuant to this Article V shall be
unsecured and interest free.

                                       VI.

                 PRESUMPTIONS AND EFFECT OF CERTAIN PROCEEDINGS

     A. BURDEN OF PROOF. To the extent consistent with applicable law, in making
a determination with respect to entitlement to indemnification of Liabilities
and advancement of Expenses hereunder, including a determination pursuant to
Section IV.F, the person or persons or entity making such determination shall
consider Indemnitee's right to such entitlement de novo and such Indemnitee
                                                -- ----
shall not be prejudiced by reason of a prior determination that such Indemnitee
is not entitled to indemnification. The person or persons making such
determination shall also presume that Indemnitee is entitled to indemnification
and advancement of Expenses under this Agreement, which presumption the
Corporation shall have the burden of proof to overcome.

     B. EFFECT OF OTHER PROCEEDINGS. The termination of any Proceeding or of any
claim, issue or matter therein, by judgment, order, settlement or conviction, or
upon a plea of nolo contendere or its equivalent, shall not of itself affect the
               ---- ----------
right of Indemnitee to indemnification or create a presumption that such
Indemnitee did not act in Good Faith.

     C. ACTIONS OF OTHERS. The knowledge and/or actions, or failure to act, of
any director, officer, agent or employee of the Corporation (other than
Indemnitee) shall not be imputed to Indemnitee for purposes of determining the
right to indemnification under this Agreement.

                                      VII.

                NON-EXCLUSIVITY, SUBROGATION AND MISCELLANEOUS

     A. NON-EXCLUSIVITY. The rights of Indemnitee hereunder shall not be deemed
exclusive of any other rights to which such Indemnitee may at any time be
entitled under any provision of law, regulation, the Corporation's charter,
bylaws, vote of shareholders, resolution of directors or otherwise and, to the
extent that during the term of this Agreement the rights of the then existing
directors and officers are more favorable to such directors and officers than
the rights currently provided to Indemnitee under this Agreement, Indemnitee
shall be entitled to the full benefits of such more favorable rights.

     B. SUBROGATION. In the event of any payment under this Agreement, the
Corporation shall be subrogated to the extent of such payment to all of the
rights of recovery of Indemnitee to whom such payment is made. Indemnitee shall
execute all documents required and take all action necessary to secure such
rights, including execution of such documents as are necessary to enable the
Corporation to bring suit to enforce such rights.

     C. NOTICES. All notices, requests, demands and other communications
hereunder shall be in writing and shall be deemed to have been duly given if (i)
delivered by hand and receipted for by the party to whom said notice or other
communication shall have been directed,

<PAGE>

when received, or (ii) mailed by certified or registered mail with postage
prepaid, on the third business day after the date on which it is so mailed:

      If to Indemnitee, addressed to Indemnitee at the following address:

      John Caporaletti
      Gotham Golf Partners, L.P.
      575 East Chocolate Avenue
      Hershey, Pennsylvania  17033
      (717) 520-4249 (fax)

      With a copy to:

      Steven S. Snider, Esq.
      Hale and Dorr LLP
      1455 Pennsylvania Ave., N.W.
      Suite 1000
      Washington, D.C.  20004
      (202) 942-8484 (fax)

      If to the Corporation, addressed to the Corporation at the
      following address:

      Gotham Golf Corp.
      575 East Chocolate Avenue
      Hershey, Pennsylvania  17033

      If to the Partnership, addressed to the Partnership at the
      following address:

      Gotham Golf Partners, L.P.
      575 East Chocolate Avenue
      Hershey, Pennsylvania  17033

or to such other address as may have been furnished to Indemnitee by the
Corporation or to the Corporation by Indemnitee, as the case may be.

     D. GOVERNING LAW. THE PARTIES AGREE THAT THIS AGREEMENT SHALL BE GOVERNED
BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE SUBSTANTIVE LAWS OF THE
STATE OF DELAWARE WITHOUT REGARD TO ITS CHOICE OF LAW RULES.

     E. ENTIRE AGREEMENT. This Agreement constitutes the entire agreement and
understanding between the parties hereto in reference to the subject matter
hereof; provided, however, that the parties acknowledge and agree that the
        --------- -------
charter and bylaws of the Corporation may contain provisions on
the subject matter hereof and that this Agreement is not intended to, and does
not, limit the rights or obligations of the parties hereto pursuant to such
instruments.

<PAGE>

     F. SUCCESSORS AND ASSIGNS. The rights, benefits, responsibilities and
obligations arising hereunder shall inure to the benefit of and be binding upon
the parties hereto and their respective heirs, executors, assigns, successors,
affiliates, agents, and representatives.

     G. AMENDMENT OF AGREEMENT AND SCHEDULES. No amendment, alteration,
rescission or replacement of this Agreement or any provision hereof shall (i) be
effective as to Indemnitee or the Corporation unless executed in writing by
Indemnitee affected thereby and the Corporation if affected thereby or (ii) be
effective as to Indemnitee with respect to any action or inaction by such
Indemnitee in Indemnitee's Official Status prior to such amendment, alteration,
rescission or replacement.

     H. TITLES. The titles to the articles and sections of this Agreement are
inserted for convenience or reference only and should not be deemed a part
hereof or affect the construction or interpretation of any provisions hereof.

     I. INVALIDITY OF PROVISIONS. Every provision of this Agreement is
severable, and the invalidity or unenforceability of any term or provision shall
not affect the validity or enforceability of the remainder of this Agreement.

     J. PRONOUNS AND PLURALS. Whenever the context may require, any pronoun used
in this Agreement shall include the corresponding masculine, feminine or neuter
forms, and the singular form of nouns, pronouns and verbs shall include the
plural and vice versa.

     K. SEVERABILITY. If any provision or provisions of this Agreement shall be
held to be invalid, illegal or unenforceable for any reason whatsoever:

          1. the validity, legality and enforceability of the remaining
     provisions of this Agreement (including, without limitation, each portion
     of any Article of this Agreement containing any such provision held to be
     invalid, illegal or unenforceable, that is not itself invalid, illegal or
     unenforceable) shall not in any way be affected or impaired thereby; and

          2. to the fullest extent possible, the provisions of this Agreement
     (including, without limitation, each portion of any Article of this
     Agreement containing any such provision held to be invalid, illegal or
     unenforceable, that is not itself invalid, illegal or unenforceable) shall
     be construed so as to give effect to the intent manifested thereby.

     L. COUNTERPARTS. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which
together constitute one agreement binding on all the parties hereto.

                                      VIII.

                           OBLIGATIONS OF PARTNERSHIP

     The Partnership shall have the same obligations to Indemnitee as the
obligations of the Corporation hereunder, the Partnership hereby acknowledging
and confirming to Indemnitee (a) that the services of Indemnitee as a director
and/or an officer of the Corporation are important and valuable to the
Partnership because of the Corporation's status as general partner of the

<PAGE>

Partnership, and (b) that the business and affairs of the Corporation are
conducted primarily through, and the assets of the Corporation are owned
primarily by, the Partnership. Without limiting the other provisions of this
Agreement, Indemnitee shall be entitled to indemnification and to his other
rights hereunder with respect to matters arising in the conduct of the affairs
of the Corporation.

<PAGE>

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the day and year first above written.

                             GOTHAM GOLF CORP.,
                             a Delaware corporation

                             By:
                                ----------------------------------------------
                                  Name:  William A. Ackman
                                  Title:  Chairman, Board of Directors

                             GOTHAM GOLF PARTNERS, L.P.,

                             a Delaware limited partnership

                             By:
                                ----------------------------------------------
                                   Name:
                                   Title:

                             JOHN CAPORALETTI

                             -------------------------------------------------
                             John Caporaletti

<PAGE>

                                    EXHIBIT A

                 FORM OF UNDERTAKING TO REPAY EXPENSES ADVANCED

         Re:      Undertaking to Repay Expenses Advanced

Ladies and Gentlemen:

      Pursuant to the Indemnification Agreement dated as of the      day of
                                                                ----
            , 2002 by and among Gotham Golf Corp. (the "CORPORATION"), Gotham
------------                                            -----------
Golf Partners, L.P (the "PARTNERSHIP") and Indemnitee, the undersigned is
                         -----------
Indemnitee and is thereby entitled to advancement of expenses in connection with
[DESCRIPTION OF PROCEEDING] (the "PROCEEDING"). Terms used herein and not
                                  ----------
otherwise defined shall have the meanings specified in the Indemnification
Agreement.

     I am subject to the Proceeding by reason of my Official Status or by reason
of actions allegedly taken or omitted by me in such capacity. During the period
of time to which the Proceeding relates I was [(NAME OF POSITION HELD)] of the
Partnership. Pursuant to Section V of the Indemnification Agreement, the
Corporation is obligated to advance to me Expenses that are reasonably incurred
by or for me in connection with the Proceeding, provided that I execute and
submit to the Corporation an Undertaking in which I undertake to (i) repay the
Corporation for any Expenses paid by it on my behalf if it shall be ultimately
determined that I am not entitled to be indemnified by the Corporation against
such Expenses, within 30 days of such ultimate determination, and (ii)
reasonably evidence the Expenses incurred by or for me.

     [DESCRIPTION OF EXPENSES INCURRED OR TO BE INCURRED BY OR FOR INDEMNITEE]

     This letter shall constitute my undertaking to repay to the Corporation any
Expenses paid by it on my behalf in connection with the Proceeding if it is
ultimately determined that I am not entitled to be indemnified by the
Corporation with respect to such Expenses as set forth above.

                                    -------------------------------
                                    Signature

<PAGE>

                                    --------------------------------
                                    Name

                                    ---------------------------------
                                    Date

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00042-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00042-of-00352.parquet"}]]