Document:

Exhibit
10.29.2

LOAN SATISFACTION
AND TERMINATION OF ASSIGNMENT OF DEFENSE AND ESCROW AGREEMENT

WHEREAS,
Golf Trust of America, L.P. (“GTA”) and
Elk Funding, L.L.C. (“Elk Funding”)
entered into that certain Loan Agreement dated July 15, 2004 (the “Loan Agreement”) pursuant to which
Elk Funding made a loan to GTA in the amount of Two Million and No/100 Dollars
($2,000,000) as evidenced by Promissory Note A (“Note
A”) in the amount of Seven Hundred Thousand and No/100 Dollars
($700,000) and Promissory Note B (“Note B”) in
the amount of One Million Three Hundred Thousand and No/100 Dollars
($1,300,000), both dated July 15, 2004 (the Loan Agreement, Note A and Note B
are collectively referred to herein as the “Loan
Documents”);

WHEREAS,
Note B was previously satisfied and terminated by mutual agreement of the
parties;

WHEREAS,
Note A is secured by that certain Assignment of Defense and Escrow Agreement
between GTA and Elk Funding, dated July 15, 2004, assigning to Elk Funding a
security interest in the Defense and Escrow Agreement among GTA and others
dated July 15, 2004;

WHEREAS,
in consideration of the satisfaction of Note A, the Defense and Escrow
Agreement is being amended simultaneously herewith to waive GTA’s rights
pursuant to that agreement to receive certain payments from the sale of a
parcel of real property known as Parcel F;

WHEREAS,
in further consideration of the satisfaction of Note A, GTA will consent to the
extension of the closing deadline and all other terms of and under that certain
Second Amendment to Amended and Restated Agreement for Sale and Purchase of
Real Property – Parcel F  between Golf
Host Resorts, LLC (“Golf Host”) and Parcel F,
L.L.C. (the “Second Amendment”);

WHEREAS,
in further consideration of the satisfaction of Note A, GTA will waive any and
all rights it now has or may have pursuant to the Parcel F Agreement, including
any amendments or extensions thereof, to receive reimbursement of its legal
fees related the sale of Parcel F; and

WHEREAS,
the parties hereto desire to terminate the Loan Agreement, declare Note A paid
in full and satisfied, and to release each other from any further obligations
under the Loan Documents.

NOW,
THEREFORE, KNOW ALL MEN BY THESE PRESENTS that:

1.                                       Elk
Funding does hereby consent to the First Amendment to the Defense and Escrow
Agreement.

 

2.             At such time as Golf Host receives the sum of Seven
Hundred Ten Thousand and No/100 Dollars ($710,000) pursuant to the terms of
Section 2 of the Second Amendment:

 

a.               the
debt evidenced by Note A shall be deemed to have been paid in full and satisfied.

 

b.              the
Loan Documents shall be deemed to be terminated and neither party shall have
any further obligations under any of the Loan Documents.

 

c.               the  Assignment of Defense and Escrow Agreement and
the security interest created therein shall be deemed to be terminated.

 

[Signature page
follows]

 

IN
WITNESS WHEREOF, the undersigned has hereunto set its hand and seal this 28th
day of December, 2006.

 

	
  WITNESSES:

  	
   

  	
  Elk Funding, L.L.C.

  
	
   

  	
   

  	
   

  
	
  /s/ Brandi
  McClung

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Robert Geimer

  	
   

  
	
  /s/ Mellany
  Williamson

  	
   

  	
   

  	
  Its:

  	
  Vice PresidentExhibit 10.2.2

FIRST AMENDMENT TO
DEFENSE AND ESCROW AGREEMENT

This
First Amendment to Defense and Escrow Agreement is made this 28th day of
December 2006 by and among (i) Golf Host Resorts, LLC (formerly Golf Host
Resorts, Inc.), a Delaware limited liability company (“Borrower”), (ii) GTA-IB,
LLC, a Florida limited liability company (“GTA-IB”), (iii) Golf Trust of
America, L.P., a Delaware limited partnership (“Lender”), (iv) Golf Trust of
America, Inc., a Maryland corporation (“GTA Parent”) and (v) Chicago Title
Insurance Company (“Escrow Agent”). 
GTA-IB, Lender and GTA Parent shall be referred to collectively as “GTA”
in this Agreement.

WITNESSETH

WHEREAS,
Borrower, GTA and Escrow Agent entered into that certain Defense and Escrow
Agreement (the “Agreement”) dated as of July 15, 2004 (the “Agreement”); and

WHEREAS,
GTA has consented to the release to Borrower of Seven Hundred Ten Thousand and
No/100 Dollars ($710,000) held in escrow in respect to the Purchase Agreement
(as defined below); and

WHEREAS,
Borrower, GTA and Escrow Agent wish to amend the Agreement; and

NOW,
THEREFORE, KNOW ALL MEN BY THESE PRESENTS that Borrower, GTA and Escrow Agent
agree to amend said Agreement as follows:

1.                                       Section
5.1 is deleted in its entirety and the following is substituted therefor:

5.1                                Closing
Date and Disbursements.  On the date
of the sale of Parcel F to a third party (the “Closing Date”) pursuant to a
purchase and sale agreement (the “Purchase Agreement”), Escrow Agent shall
disburse a portion of the Proceeds as follows:

(i)                                FIRST, in the event
Parcel F, LLC, as purchaser under that certain Amended and Restated Agreement
for Sale and Purchase of Real Property—Parcel F, between Borrower and Parcel F,
LLC, dated June 29, 2004 (as amended), is entitled to and actually receives the
return of its Earnest Money deposit in the maximum amount of Two Hundred
Thousand and No/100 Dollars ($200,000) pursuant to the terms of that certain
Second Amendment to Amended and Restated Agreement for Sale and Purchase of
Real Property—Parcel F, dated December 28, 2006, then Borrower shall receive
Two Hundred Thousand and No/100 Dollars ($200,000) or such other amount equal
to the portion of the Earnest Money deposit returned to Parcel F, LLC.

(ii)                                 SECOND,
Ninety Thousand Dollars ($90,000) to GTA-IB (or GTA-IB’s designee), in respect
of fees and related costs, including without limitation, attorneys’ fees,
incurred by GTA-IB in connection with GTA-IB’s negotiation, preparation and
review of any iteration of a Parcel F Development Agreement, whether incurred
before or after the Effective Date (the “Parcel F Development
Agreement”),

 

by and among GTA-IB,
Borrower and Bayfair Innisbrook, L.L.C., a Florida limited liability
corporation or any other purchaser (subject to the provisions of Section 8.2(b)
of the Settlement Agreement) to be consented to by Lender in writing, and all
other documents attached thereto, regardless whether such agreement is
ultimately executed or is effective.

(iii)                          THIRD, Three Hundred Thousand
Dollars ($300,000) to Borrower (i.e., Golf Host Resorts, LLC); and

(iv)                             FOURTH,
to Borrower (or Borrower’s designee) in the following amounts: (a) an amount
respecting the reasonable and actually incurred attorneys’ fees and related
costs paid or payable to Borrower’s Counsel in connection with the defense of
the Lawsuits, which amount shall not exceed Two Million Four Hundred Thousand
Dollars ($2,400,000) in the aggregate for such attorneys fees and related costs
incurred for the period from June 30, 2002 through the Effective Date (the “Maximum
Amount”); and (b) any reasonable and actually incurred attorneys fees and
related costs paid or payable to Borrower’s Counsel in connection with the
defense of the Lawsuits which are incurred after the Effective Date, which
amount (as described in this subpart (b) of Section 5.1) shall not be subject
to any maximum limitation. 
Notwithstanding anything to the contrary in this Agreement, the
Settlement Agreement or the Operational Benefits Agreement, in the event that
Borrower (or its affiliates) recover attorneys’ fees and related costs (or a
portion thereof) from the Plaintiffs of the Lawsuits, such recovered amount
shall be fully disclosed to GTA-IB and shall automatically reduce the Maximum
Amount dollar for dollar to the extent received.

2.                                       Except
as modified herein, the Agreement shall remain unchanged and in full force and
effect.  Each and every term, covenant
and condition of the Agreement is hereby incorporated herein such that the
Agreement and this Modification shall be read and construed as one instrument.

IN WITNESS WHEREOF, the undersigned have executed this
Modification as of the date first above written.

	
  WITNESSES:

  	
   

  	
  BORROWER

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Golf Host Resorts, LLC, a Delaware limited

  
	
   

  	
   

  	
  liability company

  
	
  /s/ Brandi
  McClung

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: 

  	
  /s/ Robert Geimer

  	
   

  
	
  /s/ Mellany
  Williamson

  	
   

  	
   

  	
  Name:

  	
  Robert Geimer

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  GTA-IB

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  GTA-IB, LLC, a Florida limited liability

  
	
   

  	
   

  	
  company

  
	
  /s/ Tracy S.
  Clifford

  	
   

  	
   

  	
   

  
											

 

 

 

	
  

  	
   

  	
   

  	
   

  	
  By:

  	
  /s/ W. Bradley Blair, II

  	
   

  
	
  /s/ Lorraine
  McKenna

  	
   

  	
   

  	
   

  	
   

  	
  Name:

  	
  W. Bradley Blair, II

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  	
  President

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  LENDER

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Golf Trust of America, L.P., a Delaware

  
	
   

  	
   

  	
   

  	
   

  	
  corporation

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  By: GTA GP, Inc., a Maryland corporation,

  
	
   

  	
   

  	
   

  	
   

  	
  its general partner

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  /s/ Tracy S.
  Clifford

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  By:

  	
  /s/ W. Bradley Blair, II

  	
   

  
	
  /s/ Lorraine
  McKenna

  	
   

  	
   

  	
   

  	
   

  	
  Name:

  	
  W. Bradley Blair, II

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  	
  President

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  GTA Parent

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Golf Trust of America, Inc., a Maryland

  
	
   

  	
   

  	
   

  	
   

  	
  corporation

  
	
  /s/ Tracy S.
  Clifford

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  By:

  	
  /s/ W. Bradley Blair, II

  	
   

  
	
  /s/ Lorraine
  McKenna

  	
   

  	
   

  	
   

  	
   

  	
  Name:

  	
  W. Bradley Blair, II

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  	
  President

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ESCROW AGENT

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Chicago Title
  Insurance Company

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

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