Document:

Exhibit 10.4

RECORDATION
REQUESTED BY:

Patriot Bank

1815 Little Road

Trinity, FL 34655

WHEN
RECORDED MAIL TO:

Patriot Bank

1815 Little Road

Trinity, FL 34655

This Mortgage prepared by:

Name:  Diane Caruso, Loan Administrator

Company:  Patriot Bank

Address:  1815 Little Road, Trinity, FL
34655

MORTGAGE

THIS MORTGAGE dated April 10,
2007, is made and executed between GTA-IB Condominium, LLC, a Florida Limited
Liability, whose address is 701 Brickell Avenue, Suite 3000, Miami, FL
33131 (referred to below as “Grantor”) and Patriot Bank, whose address is 1815
Little Road, Trinity, FL 34655 (referred to below as “Lender”).

GRANT OF MORTGAGE.  For valuable consideration,
Grantor mortgages to Lender all of Grantor’s right, title, and interest in and
to the following described real property, together with all existing or
subsequently erected or affixed buildings, improvements and fixtures; all
easements, rights of way, and appurtenances; all water, water rights,
watercourses and ditch rights (including stock in utilities with ditch or
irrigation rights); and all other rights, royalties, and profits relating to
the real property, including without limitation all minerals, oil, gas,
geothermal and similar matters, (the “Real Property”)
located in Pinellas County, State of Florida:

See See Exhibit “A”, which is attached to this
Mortgage and made a part of this Mortgage as if fully set forth herein.

The Real Property or its address
is commonly known as 36750 US Hwy 19N, lnnisbrook, Palm Harbor, FL 34684.  The Real Property tax identification number
is 25/27/15/43096/000/3010-25/27/15/43101/000/1040-25/27/15/43114/000/2001.

Grantor presently assigns
to Lender all of Grantor’s right, title, and interest in and to all present and
future leases of the Property and all Rents from the Property.  In addition, Grantor grants to Lender a
Uniform Commercial Code security interest in the Personal Property and Rents.

THIS MORTGAGE, INCLUDING THE
ASSIGNMENT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL
PROPERTY, IS GIVEN TO SECURE (A) PAYMENT OF THE INDEBTEDNESS AND
(B) PERFORMANCE OF ANY AND ALL OBLIGATIONS UNDER THE NOTE IN THE ORIGINAL
PRINCIPAL AMOUNT OF $1,200,000.00, THE RELATED DOCUMENTS, AND THIS
MORTGAGE.  THIS MORTGAGE IS GIVEN AND
ACCEPTED ON THE FOLLOWING TERMS:

GRANTOR’S WAIVERS.  Grantor waives all rights or defenses arising
by reason of any “one action” or “anti-deficiency” law, or any other law which
may prevent Lender from bringing any action against Grantor, including a claim
for deficiency to the extent Lender is otherwise entitled to a claim for
deficiency, before or after Lender’s commencement or completion of any
foreclosure action, either judicially or by exercise of a power of sale.

GRANTOR’S REPRESENTATIONS AND
WARRANTIES.  Grantor
warrants that: (a) this Mortgage is executed at Borrower’s request and not at
the request of Lender; (b) Grantor has the full power, right, and authority to
enter into this Mortgage and to hypothecate the Property; (c) the provisions of
this Mortgage do not conflict with, or result in a default under any agreement
or other instrument binding upon Grantor and do not result in a violation of
any law, regulation, court decree or order applicable to Grantor; (d) Grantor
has established adequate means of obtaining from Borrower on a continuing basis
information about Borrower’s financial condition; and (e) Lender has made no
representation to Grantor about Borrower (including without limitation the
creditworthiness of Borrower).

PAYMENT AND PERFORMANCE.  Except as otherwise provided in this
Mortgage, Borrower shall pay to Lender all Indebtedness secured by this
Mortgage as it becomes due, and Borrower and Grantor shall strictly perform all
Borrower’s and Grantor’s obligations under this Mortgage.

POSSESSION AND MAINTENANCE OF THE
PROPERTY.  Borrower and
Grantor agree that Borrower’s and Grantor’s possession and use of the Property
shall be governed by the following provisions:

Possession and Use.  Until the occurrence of an Event of Default,
Grantor may (1) remain in possession and control of the Property; (2) use,
operate or manage the Property; and (3) collect the Rents from the Property.

Duty to Maintain.  Grantor shall maintain the Property in
tenantable condition and promptly perform all repairs, replacements, and
maintenance necessary to preserve its value.

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

Nuisance, Waste.  Grantor shall not cause, conduct or permit
any nuisance nor commit, permit, or suffer any stripping of or waste on or to
the Property or any portion of the Property. 
Without limiting the generality of the foregoing, Grantor will not
remove, or grant to any other party the right to remove, any timber, minerals
(including oil end gas), coal, clay, scoria, soil, gravel or rock products
without Lender’s prior written consent.

Removal of Improvements.  Grantor shall not demolish or remove any
Improvements from the Real Property without Lender’s prior written
consent.  As a condition to the removal
of any Improvements, Lender may require Grantor to make arrangements
satisfactory to Lender to replace such Improvements with Improvements of at
least equal value.

Lender’s Right to Enter.  Lender and Lender’s agents and
representatives may enter upon the Real Property at all reasonable times to
attend to Lender’s interests and to inspect the Real Property for purposes of
Grantor’s compliance with the terms and conditions of this Mortgage.

Subsequent Liens.  Grantor shall not allow any subsequent liens
or mortgages on all or any portion of the Property without the prior written
consent of Lender.

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

Duty to Protect.  Grantor agrees neither to abandon or leave
unattended the Property.  Grantor shall
do all other acts, in addition to those acts set forth above in this section,
which from the character and use of the Property are reasonably necessary to
protect and preserve the Property.

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DUE ON SALE - CONSENT BY LENDER.  Lender may, at Lender’s option, declare
immediately due and payable all sums secured by this Mortgage upon the sale or
transfer, without Lender’s prior written consent, of all or any part of the
Real Property, or any interest in the Real Property.  A “sale or transfer” means the conveyance of
Real Property or any right, title or interest In the Real Property; whether
legal, beneficial or equitable; whether voluntary or involuntary; whether by
outright sale, deed, installment sale contract, land contract, contract for
deed, leasehold interest with a term greater than three (3) years, lease-option
contract, or by sale, assignment, or transfer of any beneficial interest in or
to any land trust holding title to the Real Property, or by any other method of
conveyance of an interest in the Real Property. 
If any Grantor is a corporation, partnership or limited liability
company, transfer also includes any change in ownership of more than
twenty-five percent (25%) of the voting stock, partnership interests or limited
liability company interests, as the case may be, of such Grantor.  However, this option shall not be exercised
by Lender if such exercise is prohibited by federal law or by Florida law.

TAXES AND LIENS.  The following provisions relating to the
taxes and liens on the Property are part of this Mortgage:

Payment.  Grantor shall pay when due (and in all events
prior to delinquency) all taxes, payroll taxes, special taxes, assessments,
water charges and sewer service charges levied against or on account of the
Property, and shall pay when due all claims for work done on or for services
rendered or material furnished to the Property. 
Grantor shall maintain the Property free of any liens having priority
over or equal to the interest of Lender under this Mortgage, except for those
liens specifically agreed to in writing by Lender, and except for the lien of
taxes and assessments not due as further specified in the Right to Contest
paragraph.

Right to Contest.  Grantor may withhold payment of any tax,
assessment, or claim In connection with a good faith dispute over the
obligation to pay, so long as Lender’s interest in the Property is not
jeopardized.  If a lien arises or is
filed as a result of nonpayment, Grantor shall within fifteen (15) days after
the lien arises or, if a lien Is filed, within fifteen (15) days after Grantor
has notice of the filing, secure the discharge of the lien, or if requested by
Lender, deposit with Lender cash or a sufficient corporate surety bond or other
security satisfactory to Lender in an amount sufficient to discharge the lien
plus any costs and reasonable attorneys’ fees, or other charges that could
accrue as a result of a foreclosure or sale under the lien.  In any contest, Grantor shall defend itself
and Lender and shall satisfy any adverse judgment before enforcement against
the Property.  Grantor shall name Lender
as an additional obligee under any surety bond furnished in the contest
proceedings.

Evidence of Payment.  Grantor shall upon demand furnish to Lender
satisfactory evidence of payment of the taxes or assessments and shall
authorize the appropriate governmental official to deliver to Lender at any
time a written statement of the taxes and assessments against the Property.

Notice of Construction.  Grantor shall notify Lender at least fifteen
(15) days before any work is commenced, any services are furnished, or any
materials are supplied to the Property, if any mechanic’s lien, materialmen’s
lien, or other lien could be asserted on account of the work, services, or
materials and the cost exceeds $5,000.00.  Grantor will upon request of Lender furnish to
Lender advance assurances satisfactory to Lender that Grantor can and will pay
the cost of such improvements.

PROPERTY DAMAGE INSURANCE.  The following provisions relating to insuring
the Property are a part of this Mortgage:

Maintenance of Insurance.  Grantor shall procure and maintain policies
of fire Insurance with standard extended coverage endorsements on a replacement
basis for the full insurable value covering all Improvements on the Real
Property in an amount sufficient to avoid application of any coinsurance
clause, and with a standard mortgagee clause in favor of Lender.  Grantor shall also procure and maintain
comprehensive general liability insurance in such coverage amounts as Lender
may request with Lender being named as additional insureds in such liability
insurance policies.  Additionally,
Grantor shall maintain such other insurance, including but not limited to
hazard, business interruption and boiler insurance as Lender may require.  Policies shall be written by such insurance
companies and in such form as may be reasonably acceptable to Lender.  Grantor shall deliver to Lender certificates
of coverage from each insurer containing a stipulation that coverage will not
be cancelled or diminished without a minimum of thirty (30) days’ prior written
notice to Lender and not containing any disclaimer of the insurer’s liability
for failure to give such notice.  Each
insurance policy also shall include an endorsement providing that coverage in
favor of Lender will not be impaired in any way by any act, omission or default
of Grantor or any other person.  Should
the Real Property be located in an area designated by the Director of the
Federal Emergency Management Agency as a special flood hazard area, Grantor
agrees to obtain and maintain Federal Flood Insurance, if available, within 45
days after notice is given by Lender that the Property is located in a special
flood hazard area, for the full unpaid principal balance of the loan and any
prior liens on the property securing the loan, up to the maximum policy limits
set under the National Flood Insurance Program, or as otherwise required by
Lender, and to maintain such insurance for the term of the loan.

Application of Proceeds.  Grantor shall promptly notify Lender of any
loss or damage to the Property if the estimated cost of repair or replacement
exceeds $5,000.00.  Lender may make proof
of loss if Grantor fails to do so within fifteen (15) days of the casualty.  Whether or not Lender’s security is impaired,
Lender may, at Lender’s election, receive and retain the proceeds of any
insurance and apply the proceeds to the reduction of the Indebtedness, payment
of any lien affecting the Property, or the restoration and repair of the
Property.  If Lender elects to apply the
proceeds to restoration and repair, Grantor shall repair or replace the damaged
or destroyed Improvements in a manner satisfactory to Lender.  Lender shall, upon satisfactory proof of such
expenditure, pay or reimburse Grantor from the proceeds for the reasonable cost
of repair or restoration if Grantor is not in default under this Mortgage.  Any proceeds which have not been disbursed
within 180 days after their receipt and which Lender has not committed to the
repair or restoration of the Property shall be used first to pay any amount
owing to Lender under this Mortgage, then to pay accrued interest, and the
remainder, if any, shall be applied to the principal balance of the
Indebtedness.  If Lender holds any
proceeds after payment in full of the Indebtedness, such proceeds shall be paid
to Grantor as Grantor’s interests may appear.

 3
 

Grantor’s Report on Insurance.  Upon request of Lender, however not more than
once a year, Grantor shall furnish to Lender a report on each existing policy
of insurance showing: (1) the name of the insurer; (2) the risks
insured; (3)  the amount of the policy; (4) the property insured, the
then current replacement value of such property, and the manner of determining
that value; and (5) the expiration date of the policy.  Grantor shall, upon request of Lender, have
an independent appraiser satisfactory to Lender determine the cash value
replacement cost of the Property.

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

WARRANTY; DEFENSE OF TITLE.  The following provisions relating to
ownership of the Property are a part of this Mortgage:

Title.  Grantor warrants that:  (a) Grantor holds good and marketable title
of record to the Property in fee simple, free and clear of all liens and
encumbrances other than those set forth In the Real Property description or in
any title insurance policy, title report, or final title opinion issued In
favor of, and accepted by, Lender in connection with this Mortgage, and (b)
Grantor has the full right, power, and authority to execute and deliver this
Mortgage to Lender.

Defense of Title.  Subject to the exception in the paragraph
above, Grantor warrants and will forever defend the title to the Property
against the lawful claims of all persons. 
In the event any action or proceeding is commenced that questions Grantor’s
title or the interest of Lender under this Mortgage, Grantor shall defend the
action at Grantor’s expense.  Grantor may
be the nominal party in such proceeding, but Lender shall be entitled to
participate in the proceeding and to be represented in the proceeding by
counsel of Lender’s own choice, and Grantor will deliver, or cause to be
delivered, to Lender such instruments as Lender may request from time to time
to permit such participation.

Compliance With Laws.  Grantor warrants that the Property and
Grantor’s use of the Property complies with all existing applicable laws,
ordinances, and regulations of governmental authorities.

Survival of Representations and
Warranties.  All
representations, warranties, and agreements made by Grantor in this Mortgage
shall survive the execution and delivery of this Mortgage, shall be continuing
in nature, and shall remain in full force and effect until such time as
Borrower’s Indebtedness shall be paid in full.

CONDEMNATION.  The following provisions relating to condemnation
proceedings are a part of this Mortgage:

Proceedings.  If any proceeding in condemnation is filed,
Grantor shall promptly notify Lender in writing, and Grantor shall promptly
take such steps as may be necessary to defend the action and obtain the award.  Grantor may be the nominal party in such
proceeding, but Lender shall be entitled to participate in the proceeding and
to be represented in the proceeding by counsel of its own choice, and Grantor
will deliver or cause to be delivered to Lender such instruments and
documentation as may be requested by Lender from time to time to permit such
participation.

Application of Net Proceeds.  If all or any part of the Property is
condemned by eminent domain proceedings or by any proceeding or purchase in lieu
of condemnation, Lender may at its election require that all or any portion of
the net proceeds of the award be applied to the Indebtedness or the repair or
restoration of the Property.  The net
proceeds of the award shall mean the award after payment of all reasonable
costs, expenses, and attorneys’ fees incurred by Lender in connection with the
condemnation.

IMPOSITION OF TAXES, FEES AND
CHARGES BY GOVERNMENTAL AUTHORITIES.  The following provisions relating to
governmental taxes, fees and charges are a part of this Mortgage:

Current Taxes, Fees and Charges.  Upon request by Lender, Grantor shall execute
such documents in addition to this Mortgage and take whatever other action is
requested by Lender to perfect and continue Lender’s lien on the Real Property.  Grantor shall reimburse Lender for all taxes,
as described below, together with all expenses incurred in recording,
perfecting or continuing this Mortgage, including without limitation all
intangible personal property taxes, documentary stamp taxes, fees, and other
charges for recording or registering this Mortgage.

Taxes.  The following shall constitute taxes to which
this section applies:  (1) a
specific tax, including without limitation an intangible personal property tax,
upon this type of Mortgage or upon all or any part of the Indebtedness secured
by this Mortgage; (2) a specific tax on Borrower which Borrower is
authorized or required to deduct from payments on the Indebtedness secured by
this type of Mortgage; (3) a tax on this type of Mortgage chargeable
against the Lender or the holder of the Note; and (4) a specific tax on
all or any portion of the Indebtedness or on payments of principal and interest
made by Borrower.

 4
 

Subsequent Texas.  If any tax to which this section applies is
enacted subsequent to the data of this Mortgage, this event shall have the same
effect as an Event of Default, and Lender may exercise any or all of its
available remedies for an Event of Default as provided below unless Grantor
either (1) pays the tax before It becomes delinquent, or (2) contests
the tax as provided above in the Taxes and Liens section and deposits with
Lender cash or a sufficient corporate surety bond or other security
satisfactory to Lender.

SECURITY AGREEMENT; FINANCING
STATEMENTS.  The
following provisions relating to this Mortgage as a security agreement are a
part of this Mortgage:

Security Agreement.  This instrument shall constitute a Security
Agreement to the extent any of the Property constitutes fixtures, and Lender
shall have all of the rights of a secured party under the Uniform Commercial
Code as amended from time to time.

Security Interest.  Upon request by Lender, Grantor shall take
whatever action is requested by Lender to perfect and continue Lender’s
security interest in the Rents and Personal Property.  In addition to recording this Mortgage in the
real property records, Lender may, at any time and without further
authorization from Grantor, file executed counterparts, copies or reproductions
of this Mortgage as a financing statement. 
Grantor shall reimburse Lender for all expenses incurred in perfecting
or continuing this security interest. 
Upon default, Grantor shall not remove, sever or detach the Personal
Property from the Property.  Upon
default, Grantor shall assemble any Personal Property not affixed to the
Property in a manner and at a place reasonably convenient to Grantor and Lender
and make it available to Lender within three (3) days after receipt of
written demand from Lender to the extent permitted by applicable law.

Addresses.  The mailing addresses of Grantor (debtor) and
Lender (secured party) from which information concerning the security interest
granted by this Mortgage may be obtained (each as required by the Uniform
Commercial Code) are as stated on the first page of this Mortgage.

FURTHER ASSURANCES;
ATTORNEY-IN-FACT.  The
following provisions relating to further assurances and attorney-in-fact are a
part of this Mortgage:

Further Assurances.  At any time, and from time to time, upon
request of Lender, Grantor will make, execute and deliver, or will cause to be
made, executed or delivered, to Lender or to Lender’s designee, and when
requested by Lender, cause to be filed, recorded, refiled, or rerecorded, as
the case may be, at such times and in such offices and places as Lender may
deem appropriate, any and all such mortgages, deeds of trust, security deeds,
security agreements, financing statements, continuation statements, instruments
of further assurance, certificates, and other documents as may, in the sole
opinion of Lender, be necessary or desirable In order to effectuate, complete,
perfect, continue, or preserve (1) Borrower’s and Grantor’s obligations
under the Note, this Mortgage, and the Related Documents, and (2) the
liens and security interests created by this Mortgage as first and prior liens
on the Property, whether now owned or hereafter acquired by Grantor.  Unless prohibited by law or Lender agrees to
the contrary in writing, Grantor shall reimburse Lender for all costs and
expenses incurred in connection with the matters referred to in this paragraph.

Attorney-in-Fact.  If Grantor fails to do any of the things
referred to in the preceding paragraph, Lender may do so for and in the name of
Grantor and at Grantor’s expense.  For
such purposes, Grantor hereby irrevocably appoints Lender as Grantor’s
attorney-in-fact for the purpose of making, executing, delivering, filing,
recording, and doing all other things as may be necessary or desirable, in
Lender’s sole opinion, to accomplish the matters referred to In the preceding
paragraph.

FULL PERFORMANCE.  If Borrower and Grantor pay all the
Indebtedness when due, and Grantor otherwise performs all the obligations
imposed upon Grantor under this Mortgage, Lender shall execute and deliver to
Grantor a suitable satisfaction of this Mortgage and suitable statements of
termination of any financing statement on file evidencing Lender’s security
interest in the Rents and the Personal Property.  Grantor will pay, if permitted by applicable
law, any reasonable termination fee as determined by Lender from time to time.

EVENTS OF DEFAULT.  Each of the following, at Lender’s option,
shall constitute an Event of Default under this Mortgage:

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

Default on Other Payments.  Failure of Grantor within the time required
by this Mortgage to make any payment for taxes or insurance, or any other
payment necessary to prevent filing of or to effect discharge of any lien.

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

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

 5
 

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

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

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

Breach of Other Agreement.  Any breach by Borrower or Grantor under the
terms of any other agreement between Borrower or Grantor and Lender that is not
remedied within any grace period provided therein, including without limitation
any agreement concerning any indebtedness or other obligation of Borrower or
Grantor to Lender, whether existing now or later.

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

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

Insecurity.  Lender in good faith believes itself
insecure.

RIGHTS AND REMEDIES ON DEFAULT.  Upon the occurrence of an Event of Default
and at any time thereafter, Lender, at Lender’s option, may exercise any one or
more of the following rights and remedies, in addition to any other rights or
remedies provided by law:

Accelerate Indebtedness.  Lender shall have the right at its option
without notice to Grantor to declare the entire Indebtedness immediately due
and payable, including any prepayment penalty which Grantor would be required
to pay.

UCC Remedies.  With respect to all or any part of the
Personal Property, Lender shall have all the rights and remedies of a secured
party under the Uniform Commercial Code.

Collect Rents.  Lender personally, or by Lender’s agents or
attorneys, may enter into and upon all or any part of the Property, and may
exclude Grantor, Grantor’s agents and servants wholly from the Property.  Lender may use, operate, manage and control
the Property.  Lender shall be entitled
to collect and receive all earnings, revenues, rents, issues, profits and
income of the Property and every part thereof, all of which shall for all
purposes constitute property of Grantor. 
After deducting the expenses of conducting the business thereof, and of
all maintenance, repairs, renewals, replacements, alterations, additions,
betterments and improvements and amounts necessary to pay for taxes,
assessments, insurance and prior or other property charges upon the Property or
any part thereof, as well as just and reasonable compensation for the services
of Lender.  Lender shall apply such
monies first to the payment of the principal of the Note, and the interest
thereon, when and as the same shall become payable and second to the payment of
any other sums required to be paid by Grantor under this Mortgage.

Appoint Receiver.  In the event of a suit being Instituted to
foreclose this Mortgage, Lender shall be entitled to apply at any time pending
such foreclosure suit to the court having jurisdiction thereof for the
appointment of a receiver of any or all of the Property, and of all rents,
incomes, profits, issues and revenues thereof, from whatsoever source.  The parties agree that the court shall
forthwith appoint such receiver with the usual powers and duties of receivers
in like cases.  Such appointment shall be
made by the court as a matter of strict right to Lender and without notice to
Grantor, and without reference to the adequacy or inadequacy of the value of
the Property, or to Grantor’s solvency or any other party defendant to such
suit.  Grantor hereby specifically waives
the right to object to the appointment of a receiver and agrees that such
appointment shall be made as an admitted equity and as a matter of absolute
right to Lender, and consents to the appointment of any officer or employee of
Lender as receiver.  Lender shall have
the right to have a receiver appointed to take possession of all or any part of
the Property, with the power to protect and preserve the Property, to operate
the Property preceding foreclosure or sale, and to collect the Rents from the
Property and apply the proceeds, over and above the cost of the receivership,
against the Indebtedness.  The receiver
may serve without bond if permitted by law. 
Lender’s right to the appointment of a receiver shall exist whether or
not the apparent value of the Property exceeds the Indebtedness by a
substantial amount.  Employment by Lender
shall not disqualify a person from serving as a receiver.

 6
 

Judicial Foreclosure.  Lender may obtain a judicial decree
foreclosing Grantor’s interest in all or any part of the Property.

Deficiency Judgment.  If permitted by applicable law, Lender may
obtain a judgment for any deficiency remaining in the indebtedness due to
Lender after application of all amounts received from the exercise of the
rights provided in this section.

Tenancy at Sufferance.  If Grantor remains in possession of the
Property after the Property is sold as provided above or Lender otherwise
becomes entitled to possession of the Property upon default of Grantor, Grantor
shall become a tenant at sufferance of Lender or the purchaser of the Property
and shall, at Lender’s option, either (1) pay a reasonable rental for the
use of the Property, or (2) vacate the Property immediately upon the
demand of Lender.

Other Remedies.  Lender shall have all other rights and
remedies provided in this Mortgage or the Note or available at law or in
equity.

Sale of the Property.  To the extent permitted by applicable law,
Borrower and Grantor hereby waive any and all right to have the Property
marshalled.  In exercising its rights and
remedies, Lender shall be free to sell all or any part of the Property together
or separately, in one sale or by separate sales.  Lender shall be entitled to bid at any public
sale on all or any portion of the Property.

Notice of Sale.  Lender shall give Grantor reasonable notice
of the time and place of any public sale of the Personal Property or of the
time after which any private sale or other intended disposition of the Personal
Property is to be made.  Reasonable
notice shall mean notice given at least ten (10) days before the time of the
sale or disposition.  Any sale of the
Personal Property may be made in conjunction with any sale of the Real
Property.

Election of Remedies.  Election by Lender to pursue any remedy shall
not exclude pursuit of any other remedy, and an election to make expenditures
or to take action to perform an obligation of Grantor under this Mortgage,
after Grantor’s failure to perform, shall not affect Lender’s right to declare
a default and exercise its remedies. 
Nothing under this Mortgage or otherwise shall be construed so as to
limit or restrict the rights and remedies available to Lender following an
Event of Default, or in any way to limit or restrict the rights and ability of
Lender to proceed directly against Grantor and/or Borrower and/or against any
other co-maker, guarantor, surety or endorser and/or to proceed against any
other collateral directly or indirectly securing the Indebtedness.

Attorneys’ Fees; Expenses.  If Lender institutes any suit or action to
enforce any of the terms of this Mortgage, Lender shall be entitled to recover
such sum as the court may adjudge reasonable as attorneys’ fees at trial and
upon any appeal.  Whether or not any
court action is involved, and to the extent not prohibited by law, all
reasonable expenses Lender incurs that in Lender’s opinion are necessary at any
time for the protection of its interest or the enforcement of its rights shall
become a part of the Indebtedness payable on demand and shall bear interest at
the Note rate from the date of the expenditure until repaid.  Expenses covered by this paragraph include,
without limitation, however subject to any limits under applicable law, Lender’s
reasonable attorneys’ fees and Lender’s legal expenses, whether or not there is
a lawsuit, including reasonable attorneys’ fees and expenses for bankruptcy
proceedings (including efforts to modify or vacate any automatic stay or
injunction), appeals, and any anticipated post-judgment collection services,
the cost of searching records, obtaining title reports (including foreclosure
reports), surveyors’ reports, and appraisal fees and title insurance, to the
extent permitted by applicable law. 
Grantor also will pay any court costs, in addition to all other sums
provided by law.

NOTICES.  Any notice required to be given under this
Mortgage, including without limitation any notice of default and any notice of
sale shall be given in writing, and shall be effective when actually delivered,
when actually received by telefacsimile (unless otherwise required by law),
when deposited with a nationally recognized overnight courier, or, if mailed,
when deposited in the United States mail, as first class, certified or
registered mail postage prepaid, directed to the addresses shown near the
beginning of this Mortgage.  Any party
may change its address for notices under this Mortgage by giving written notice
to the other parties, specifying that the purpose of the notice is to change
the party’s address, For notice purposes, Grantor agrees to keep Lender
informed at all times of Grantor’s current address.  Unless otherwise provided or required by law,
if there is more then one Grantor, any notice given by Lender to any Grantor Is
deemed to be notice given to all Grantors.

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

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

Annual Reports.  If the Property is used for purposes other
than Grantor’s residence, Grantor shall furnish to Lender, upon request, a
certified statement of net operating income received from the Property during
Grantor’s previous fiscal year in such form and detail as Lender shall
require.  “Net operating income” shall
mean all cash receipts from the Property less all cash expenditures made in
connection with the operation of the Property.

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

 7
 

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

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

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

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

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

Merger.  There shall be no merger of the interest or
estate created by this Mortgage with any other interest or estate in the
Property at any time held by or for the benefit of Lender in any capacity,
without the written consent of Lender.

Successors and Assigns.  Subject to any limitations stated in this
Mortgage on transfer of Grantor’s interest, this Mortgage shall be binding upon
and inure to the benefit of the parties, their successors and assigns.  If ownership of the Property becomes vested
in a person other than Grantor, Lender, without notice to Grantor, may deal
with Grantor’s successors with reference to this Mortgage and the Indebtedness
by way of forbearance or extension without releasing Grantor from the
obligations of this Mortgage or liability under the Indebtedness.

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

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

DEFINITIONS.  The following capitalized words and terms
shall have the following meanings when used in this Mortgage.  Unless specifically stated to the contrary,
all references to dollar amounts shall mean amounts in lawful money of the
United States of America.  Words and
terms used in the singular shall include the plural, and the plural shall
include the singular, as the context may require.  Words and terms not otherwise defined in this
Mortgage shall have the meanings attributed to such terms in the Uniform
Commercial Code:

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

Default.  The word “Default” means the Default set
forth in this Mortgage in the section titled “Default”.

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

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

Grantor.  The word “Grantor” means GTA-IB Condominium,
LLC.

Guaranty.  The word “Guaranty” means the guaranty from
guarantor, endorser, surety, or accommodation party to Lender, including
without limitation a guaranty of all or part of the Note.

 8
 

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

Improvements.  The word “Improvements” means all existing
and future improvements, buildings, structures, mobile homes affixed on the
Real Property, facilities, additions, replacements and other construction on
the Reel Property.

Indebtedness.  The word “Indebtedness” means all principal,
interest, and other amounts, costs and expenses payable under the Note or
Related Documents, together with all renewals of, extensions of, modifications
of, consolidations of and substitutions for the Note or Related Documents and
any amounts expended or advanced by Lender to discharge Grantor’s obligations
or expenses incurred by Lender to enforce Grantor’s obligations under this
Mortgage, together with interest on such amounts as provided in this Mortgage.

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

Mortgage.  The word “Mortgage” means this Mortgage
between Grantor and Lender.

Note.  The word “Note” means the promissory note
dated April 10, 2007, in the original principal
amount of $1,200,000.00 from Borrower to Lender, together with all
renewals of, extensions of, modifications of, refinancings of, consolidations
of, and substitutions for the promissory note or agreement.  The final maturity date of the Note is
April 10, 2010.  NOTICE TO GRANTOR: THE NOTE CONTAINS A VARIABLE INTEREST RATE.

Personal Property.  The words “Personal
Property” mean all equipment, fixtures, and other articles of personal property
now or hereafter owned by Grantor, and now or hereafter attached or affixed to
the Real Property; together with all accessions, parts, and additions to, all
replacements of, and all substitutions for, any of such property; and together
with all proceeds (including without limitation all insurance proceeds and
refunds of premiums) from any sale or other disposition of the Property.

Property.  The word “Property” means collectively the
Real Property and the Personal Property.

Real Property.  The words “Real Property” mean the real
property, interests and rights, as further described in this Mortgage.

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

Rents.  The word “Rents” means all present and future
rents, revenues, income, issues, royalties, profits, and other benefits derived
from the Property.

 9
 

GRANTOR ACKNOWLEDGES
HAVING READ ALL THE PROVISIONS OF THIS MORTGAGE, AND GRANTOR AGREES TO ITS
TERMS.

	
  GRANTOR:

  
	
   

  
	
  GTA-IB CONDOMINIUM, LLC

  
	
   

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

  
	
   

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

  
	
  BY: GTA, GP, INC., ITS GENERAL PARTNER

  
	
   

  
	
   

  
	
  By:

  	
   

  	
  /s/ R. Keith Wilt

  	
   

  
	
   

  	
   

  	
  R. Keith Wilt, Vice President

  
	
   

  	
   

  	
  GTA, GP, Inc.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  WITNESSES:

  
	
   

  
	
   

  
	
  x 

  	
  /s/ Amity M. Mank

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  x

  	
   /s/ Karen Johnson-Mahorney

  	
   

  
						

 

LIMITED LIABILITY COMPANY
ACKNOWLEDGMENT

	
  STATE OF FLORIDA

  	
  )

  	
   

  
	
   

  	
  )

  	
  SS

  
	
  COUNTY OF PINELLAS

  	
  )

  	
   

  

 

The foregoing
instrument was acknowledged before me this 10th day of April, 2007 by
R. Keith Wilt, Vice President: W. Bradley Blair II, President of
Golf Trust of America, LP, member (or agent), on behalf of GTA-lB Condominium,
LLC, a limited liability company.  They
are personally known to me or have produced
                                                   
as identification and did / did not take an oath.

	
  

  	
  /s/ Amity M. Mank

  
	
   

  	
  (Signature of
  Person Taking Acknowledgment)

  
	
   

  	
   

  
	
   

  	
  Amity M. Mank

  
	
   

  	
  (Name of
  Acknowledger Typed or Printed or Stamped)

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  (Title or Rank)

  
	
   

  	
   

  
	
   

  	
  DD 542752

  
	
   

  	
  (Serial Number,
  if any)

  

 

 10

EXHIBIT “A”

Apartment
No. 301 of Innisbrook Condominium No. 15, Lodge No. 15,
according to the Declaration of Condominium recorded in O.R. Book 3948,
Paged 593, Public Records of Pinellas County, Florida, together with all
of its appurtenances according to the Declaration and being further described
in Condominium Plat Book 12, Pages 94 and 95, together with an
undivided 7.15% share in the common elements appurtenant thereto.  Said Declaration is amended in O.R.
Book 4245, Page 1097, O.R. Book 4376, Page 340, O.R. Book
4504, Page 901, O.R. Book 5034, Page 162, O.R. Book 5245,
Page 1348, O.R. Book 8156, Page 772, O.R. Book 10378,
Page 1381, O.R. Book 10511, Page 1357, O.R. Book 10619,
Page 1302, O.R. Book 11103, Page 587, O.R. Book 12146,
Page 2572, O.R. Book 12146, Page 2580, O.R. Book 13722,
Page 932, O.R. Book 15263, Page 1856 and 15423, Page 1651, all
of the Public Records of Pinellas County, Florida

Parcel
#25/27/15/43096/000/3010

Unit
Nos. 2001 and 2003, Innisbrook Condominium No. 28, Lodge No. 28, according to
the Declaration of Condominium thereof, as recorded in O.R. Book 6128, Page
1526, Public Records of Pinellas County, Florida, together with all of its
appurtenances according to the Declaration and being further described in
Condominium Plat Book 88, Page 80, together with an undivided 13.98% share in
the common elements appurtenant thereto. Said Declaration is amended in O.R.
Book 8156, Page 772, O.R. Book 10378, Page 1381, O.R. Book 10511, Page 1357,
O.R. Book 10619, Page 1302, O.R. Book 11103, Page 587, O.R. Book 12146, Page
2572, O.R. Book 12146, Page 2580, O.R. Book 13722, Page 932, O.R. Book 15263,
Page 1856 and 15423, Page 1651, all of the Public Records of Pinellas County,
Florida.

Parcel
#25/27/15/43101/000/1040

Apartment
No. 104 of Innisbrook Condominium No. 20, Lodge No. 20, according to the
Declaration of Condominium recorded in O.R. Book 4087, Page 521, Public Records
of Pinellas County, Florida, together with all of its appurtenances according
to the Declaration and being further described in Condominium Plat Book 15,
Page 79 and 80, together with an undivided 2.41% share in the common elements
appurtenant thereto. Said Declaration is amended in O.R. Book 4068, Page 420,
O.R. Book 4245, Page 1097, O.R. Book 4376, Page 340, O.R. Book 4504, Page 901,
O.R. Book 5034, Page 162, O.R. Book 5245, Page 1348, O.R. Book 8156, Page 772,
O.R. Book 10378, Page 1381, O.R. Book 10511, Page 1357, O.R. Book 10619, Page
1302, O.R. Book 11103, Page 587, O.R. Book 12146, Page 2572, O.R. Book 12146,
Page 2580, OR. Book 13722, Page 932, O.R. Book 15263, Page 1856 and 15423, Page
1651, all of the Public Records of Pinellas County, Florida.

Parcel
#25/27/15/43114/000/2001Exhibit 10.1

BUSINESS LOAN AGREEMENT

	
  Principal 

  $1,200,000.00

  	
  Loan
  Date 

  04-10-2007

  	
  Maturity
  

  04-10-2010

  	
  Loan No
  

  7000407.

  	
  Call /
  Coll

  	
  Account

  	
  Officer
  

  KJM

  	
  Initials

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

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

  

 

	
  Borrower:

  	
   

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

  Condominium, LLC 

  701 Brickell Avenue, Suite 3000 

  Miami, FL 33131

  	
   

  	
  Lender:

  	
   

  	
  Patriot Bank 

  1815 Little Road 

  Trinity, FL 34655

  

 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 2
 

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

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

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

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

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

Financial Statements.  Furnish Lender with the following:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 3
 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 4
 

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

Insecurity.  Lender in good faith believes itself
insecure.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 5
 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 6
 

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

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

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

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

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

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

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

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

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

	
  BORROWER:

  
	
   

  
	
  GTA-IB, LLC

  
	
   

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

  
	
   

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

  
	
  By:

  	
   

  	
  GTA, GP, INC., ITS GENERAL PARTNER

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
  /s/ R. Keith Wilt

  	
   

  
	
   

  	
   

  	
  R. Keith Wilt, Vice President

  	
   

  
	
   

  	
   

  	
  GTA, GP, INC.

  	
   

  
	
   

  
	
   

  
	
  GTA-IB GOLF RESORT, LLC

  
	
   

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

  
	
  BY:

  	
   

  	
  GTA, GP, INC., ITS GENERAL PARTNER

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
  /s/ R. Keith Wilt

  	
   

  
	
   

  	
   

  	
  R. Keith Wilt, Vice President

  
	
   

  	
   

  	
  GTA, GP, INC.

  
	
   

  
	
   

  
	
  GTA-IB CONDOMINIUM, LLC

  
	
   

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

  
	
   

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

  
	
  BY:

  	
   

  	
  GTA, GP, INC., ITS GENERAL PARTNER

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
  /s/ R. Keith Wilt

  	
   

  
	
   

  	
   

  	
  R. Keith Wilt, Vice President

  
							

                                                                                                             

 7
 

 

	
  LENDER:

  
	
   

  
	
  PATRIOT BANK

  
	
   

  
	
   

  
	
  By:

  	
   

  	
  /s/ Karyn J. Mahorney

  	
   

  
	
   

  	
   

  	
  Karyn J. Mahorney, VICE PRESIDENT

  

 

 8

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