Document:

THIS  AGREEMENT  is  made  on  August  20,  2005

BETWEEN

          Dominion  Estates  Pty  Ltd  (administrator  appointed)  (ACN  072 221
          375) of 13 Malcolm Court, Mount Waverley, 3149

                                                        (the "continuing party")

AND       Global  Realty  Development  Corp  (formerly  known  as  Australian
          Agriculture  and  Property Development Corporation) of 11555 Heron Bay
          Boulevard, Suite 200, Coral Springs, Florida 33076, USA

                                                        (the "substitute party")

AND       Mount  Rozier  Estates  (Pty)  Ltd  (Company  Registration  No.
          2003/02214/07)  of  Farm  5A,  Sir Lowrys Pass Village, Somerset West,
          Western Cape, South Africa

                                                          (the "retiring party")

WHEREAS

A.   Under  an  agreement  dated  28  February  2005  between the retiring party
     as  borrower  and  the  continuing  party  as  lender  (the 'contract') the
     continuing  party  at  the  request  of the retiring party has provided the
     retiring  party with financial accommodation for the purposes stated in the
     contract.

B.   The  parties  to  this  agreement  have  agreed  that  with effect from the
     date  of  this  agreement  (the  'effective  date')  the  contract shall be
     novated.

C.   To  better  secure  payment  of  the financial accommodation the substitute
     party has agreed to provide a Promissory Note which will be returned to the
     substitute party when the financial accommodation has been paid in full.

IT  IS  AGREED:

1.   Novation

     1.1 With effect on and from the effective date:

               1.1.1 the  substitute  party  shall  be  substituted  for  the
                    retiring  party  under  the contract as if it had originally
                    been  a party to the contract instead of the retiring party,

                                        1
<PAGE>

                    and  all references in the contract to the retiring party in
                    any  capacity  shall  be  read and construed as if they were
                    references to the substitute party; and

1.1.2     the  substitute party shall be bound by and comply with the provisions
of  the  contract binding upon the retiring party and shall enjoy all the rights
and  benefits  of  the  retiring  party  under  the  contract.

2.   Indemnity

     2.1  The  retiring  party  agrees  with  the  substitute party to indemnify
          and  keep  indemnified  the  substitute  party  from  and  against any
          liability  incurred by the substitute party as a result of any action,
          demand,  claim  or  proceeding  against  the  substitute  party by the
          continuing  party  under or in respect of the contract relating to any
          act or omission of the retiring party prior to the effective date.

     2.2  The  substitute  party  agrees  with  the  retiring party to indemnify
          and keep indemnified the retiring party from and against any liability
          incurred  by  the  retiring  party  as a result of any action, demand,
          claim or proceeding against the retiring party by the continuing party
          under or in respect of the contract relating to any act or omission of
          the substitute party on or after the effective date.

3.   Release  of  Retiring  Party

     3.1  With  effect  on  and  from  the  effective  date the continuing party
          releases  the  retiring  party  from  all  its  obligations  under the
          contract  and  all  actions,  claims  or  proceedings that it may have
          against  the  retiring  party  under  or  in  respect  of the contract
          relating  to any act or omission of the retiring party on or after the
          effective date.

4.   Conditions

     Notwithstanding  that  the  effective  date  may  have  passed,  the
     provisions  of  clause  2  of  this agreement shall have no force or effect
     until  the  continuing  party  shall have certified that it has received in
     form  and  substance satisfactory to it a legal opinion from an attorney at
     law  in  the  jurisdiction  applying for each of the retiring party and the
     substitute  party  certifying  the  manner  of  execution  as being legally
     binding on the party concerned.

                                        2
<PAGE>

5.   Representations  and  Warranties

     5.1  Each  of  the  retiring  party  and  the  substitute  party represents
          and warrants to the continuing party and to each other that:

          5.1.1 status:  it  is  a  corporation  validly existing under the laws
               of the country in which it is incorporated;

          5.1.2 corporate  power  and  authorisations:  it  has  the  corporate
               power  to  enter  into  and  perform  its  obligations under this
               agreement  and  has  taken  all  necessary  corporate  action  to
               authorise  the  execution,  delivery  and  performance  of  this
               agreement;

          5.1.3 agreement  binding:  this  agreement  is  its  valid and binding
               obligation  enforceable  against it in accordance with its terms;
               and

          5.1.4 no  winding  up  or  execution:  no  application  or  order  has
               been  made for the winding up or liquidation of it; no action has
               been  taken  to  seize  or  take possession of any of its assets;
               there  are  no unsatisfied judgments against it and it is able to
               pay its debts as they fall due.

          5.2  Reliance  The  retiring  party  and  the  substitute  party
               acknowledge  that  the  continuing  party  has  entered into this
               agreement  in  reliance  on the representations and warranties in
               clause 5(1).

6.   Expenses

          6.1  All  parties  shall  bear  their  own expenses in relation to the
               preparation, execution and completion of this agreement; and

          6.2  The  substitute  party  shall  reimburse  the  continuing  party
               for its costs and expenses of and relating to the enforcement of,
               or  preservation  of  any rights under, this agreement, including
               legal costs and expenses on a full indemnity basis.

7.   Governing  law  and  jurisdiction

                                        3
<PAGE>

7.1     This agreement shall be governed by and construed in accordance with the
laws  of  Victoria  and  each  of  the  parties  submits  to  the  non-exclusive
jurisdiction  of  its  courts.

8.   Counterparts

     This  agreement  may  be  executed  in  any  number of counterparts. All of
     such  counterparts  taken  together  shall  be deemed to constitute the one
     instrument.

9.   Currency

     Repayment  of  the  financial  accommodation  shall  be  made in Australian
     dollars.

EXECUTED  AS  AN  AGREEMENT

Executed  by DOMINION ESTATES        )
PTY LTD (ADMINISTRATORS              )
APPOINTED) ACN 072 221 375           )
by  being  signed by its joint
administrator SALVATORE ALGERI
in the presence of

 /s/  Tom  Fitzgerald      /s/  Salvatore  Algeri
 --------------------      -----------------------
 Tom  Fitzgerald           Salvatore  Algeri

  Tom  Fitzgerald

Executed  by  GLOBAL  REALTY           )
DEVELOPMENT  CORP  by  being           )
signed  by its Chief                   )
Financial  officer
ROGER  CHARLES  DAVIS  in  the
presence  of     )

 /s/  Roger  Charles  Davis
 --------------------------
Roger  Charles  Davis

                                        4
<PAGE>

Executed  by  MOUNT ROZIER             )
ESTATES (PTY) LTD by being             )
signed by ADAM MAUERBERGER             )
in  his  capacity  as  director
duly  authorised  in  the
presence  of

                                        5
<PAGE>
                                TABLE OF CONTENTS

1.     NOVATION...........................................     1
2.     INDEMNITY..........................................     2
3.     RELEASE  OF  RETIRING  PARTY.......................     2
4.     CONDITIONS.........................................     2
5.     REPRESENTATIONS  AND  WARRANTIES...................     2
6.     EXPENSES...........................................     3
8.     GOVERNING  LAW  AND  JURISDICTION..................     3
9.     COUNTERPARTS.......................................     3

                                        6
<PAGE>

                                     BETWEEN

               Dominion Estates Pty Ltd (administrator appointed)
                                (ACN 072 221 375)

                                       AND

                         Global Realty Development Corp

                                       AND

                              Mount Rozier Estates

                              --------------------
                              NOVATION OF CONTRACT
                              --------------------

                                MONAHAN + ROWELL
                                -----------------------
                                                LAWYERS

                                    Level 31
                               525 Collins Street
                              Melbourne  Vic  3000
                              Tel:  (03) 8624 2008
                              Fax:  (03) 8624 2031
                                 Ref:  SOH:50194SECURITY AGREEMENT
                               ------------------

     AGREEMENT,  dated  as of August 20, 2005, between GLOBAL REALTY DEVELOPMENT
CORP,  its  successors and assigns, a Delaware corporation, having its principal
offices  at  11555 Heron Bay Boulevard, Suite 200, Coral Springs, Florida 33076,
USA (hereinafter referred to as the "Debtor"), and Sapphire Developments Limited
and/or  its  successors and assignees, having its principal offices at 60 Market
Square,  P.O.  Box  364,  Belize  City,  Belize  (hereinafter referred to as the
"Secured  Party").  The term Debtor shall refer collectively to all subsidiaries
of  Debtor  whether  wholly  or  majority  owned  by  Debtor.

                              W I T N E S S E T H:
                              --------------------

     WHEREAS, as of the date of this Agreement, the Secured Party agreed to loan
to  Debtor Three Million Two Hundred Thousand Australian dollars (AUD$3,200,000)
in  the  aggregate, which is evidenced by a Secured Promissory Note (the "Note")
in  such  amount  as  attached  hereto  as  Exhibit  A;  and

     WHEREAS,  in  order  to induce the Secured Party to accept the Note, Debtor
has  agreed  to  secure  payment  of  the  Note  by  the  provision of shares of
restricted common stock of the Debtor (the "Collateral") within ninety (90) days
of  the  date hereof in accordance with the provisions of the certain Pledge and
Escrow  Agreement  entered  into  simultaneously  herewith,  a  copy of which is
annexed hereto as Exhibit B. All capitalized terms used herein and not otherwise
defined  shall have the meanings as defined in the Uniform Commercial Code as in
effect in the State of New York (the "UCC");

     NOW THEREFORE, in consideration of Ten Dollars ($10.00), and other valuable
consideration,  the receipt and sufficiency of which is hereby acknowledged, the
parties hereto agree as follows:

        1.    OBLIGATIONS. The term "Obligation" as used in this Agreement shall
mean  all  principal  and interest due or to become due under the aforesaid Note
due or to become due, now existing or hereafter arising.

        2.    CREATION  OF  THE  SECURITY  INTEREST. Debtor or its designee (the
("Pledging  Party") hereby grants to the Secured Party a first priority security
interest in all of the right, title and interest of the Pledging Party in and to
the  Collateral,  to the extent available, to secure the full and prompt payment
and  performance  of  all  of  the Obligations. In the event that certain of the
Collateral  is  encumbered  prior to the date hereof by a validly filed security
interest  held  by an unaffiliated third party, the Pledging Party hereby grants
to the Secured Party a general security interest on such Collateral.

<PAGE>

        3.    DEBTOR'S  OBLIGATIONS  TO PAY. Debtor shall pay and perform all of
the  Obligations  of  Debtor  to  the  Secured  Party as the same may become due
according to their terms. Debtor shall be liable for, and shall reimburse to the
Secured  Party,  all  expenses,  including  reasonable attorneys' fees and state
filing  fees  incurred  or  paid  in  connection  with establishing, perfecting,
maintaining,  protecting or enforcing any of Secured Party's rights and remedies
hereunder.

        4.    INTENTIONALLY LEFT BLANK.

        5.    FILING  AND  RECORDING. Debtor, at its own cost and expense, shall
execute and deliver to Secured Party any financing statements, and shall procure
for  Secured  Party any other documents, necessary or appropriate to protect the
security  interest  granted  to  Secured  Party hereunder against the rights and
interests  of  third  parties,  and shall cause the same to be duly recorded and
filed  in all places necessary to perfect the security interest of Secured Party
in  the  Collateral.  In  the  event that any recording or re-filing thereof (or
filing  of  any  statements  of  continuation  or  assignment  of  any financing
statement)  is  required to protect and preserve such security interest, Debtor,
at  its  own  cost  and  expense,  shall cause the same to be re-recorded and/or
re-filed  at the time and in the manner requested by Secured Party. The Pledging
Party  hereby  authorizes  Secured  Party  to  file  or  re-file  any  financing
statements  or  continuation  statements  with  respect to the security interest
granted  pursuant  to  this  Agreement  which  at  any  time  may be required or
appropriate, although the same may have been executed only by Secured Party, and
to  execute  such  financing  statement  on  behalf  of  the Pledging Party. The
Pledging  Party  hereby  irrevocably  designates  Secured  Party,  its  agents,
representatives  and  designees, as agent and at-torney-in-fact for the Pledging
Party for the aforesaid purposes.

        6.    DEFAULT. The occurrence of any one or more of the following events
(hereinafter  referred  to  as  "Events  of Default") shall constitute a default
hereunder, whether such occurrence is voluntary or involuntary or comes about or
is  effected  by  operation  of  law  or  pursuant  to or in compliance with any
judgment,  decree  or order of any court or any order, rule or regulation of any
administrative or governmental authority:

          (a)      If   the   Debtor  shall  default  in   the  payment  of  any
          principal or interest due under the Note;

          (b)      If  Debtor  shall  admit  in  writing  its  inability  to pay
          its  debts  generally  as  they  become  due;  file  a  peti-tion  for
          relief  under  the  bankruptcy laws or a petition to take advantage of
          any  insolvency act; make an assign-ment for the benefit of creditors;
          commence  a  proceeding  for  the  appointment of a receiver, trustee,
          liquidator  or  conservator  of itself or the whole or any substantial
          part of its property; file a petition or answer seeking reorganization
          or  arrangement or similar relief under the Federal Bankruptcy Laws or
          any other applicable law or statute of the United States or any State;
          or  if Debtor shall be adjudged a bankrupt or insolvent, or a court of
          competent  jurisdiction  shall  enter  any  order,  judgment or decree
          appointing a receiver, trustee, liquidator or con-servator of Debtor

<PAGE>
          or  of  the whole or any substantial part of the property of Debtor or
          approves  a  petition  filed  against Debtor seeking reorganization or
          similar  relief  under  the  Federal  Bankruptcy  Laws  or  any  other
          ap-plicable  law  or  statute  of  the  United  States or any State or
          similar  laws  promulgated  in  the  Commonwealth of Australia; or if,
          under  the  provisions  of  any  other  law  for  the relief or aid of
          debtors,  a  court  of competent juris-diction shall assume custody or
          control  of  Debtor  or  the  whole  or  any  substantial  part of its
          property;  or  if there is commenced against Debtor any proceeding for
          any  of  the  foregoing relief; or if Debtor by any act indi-cates its
          consent  to,  approval  of, or acquiescence in any such proceeding; or

          (c)      If,  without the prior written consent  of the Secured Party,
          all  or  any  part  of  the  Collateral  shall be sold, transferred or
          assigned,  or shall be further encumbered, hypothecated, mortgaged, or
          made subject to any other lien or security interest which: (1) did not
          exist  at  the  time  of  this  Security  Agreement;  and  (2) was not
          disclosed  in  writing  to the Secured Party prior to the date of this
          Security  Agreement;  provided,  however,  that  with  respect  to any
          encumbrance,  hypothecation,  mortgage,  or  other  lien  or  security
          interest,  that  either (i) such encumbrance, hypothecation, mortgage,
          or  other  lien  or  security  interest is not removed within ten (10)
          business  days  of  the  occurrence  of  such  event, or (ii) that the
          Collateral  has  not been replaced with an equivalent number of shares
          of the Pledgor that are free and clear of all encumbrances, mortgages,
          liens or other security interests within ten (10) business days of the
          occurrence of such event.

        7.    RIGHTS AND REMEDIES. Upon the occurrence of an Event of Default or
any  applicable  grace  period, the Obligations shall immediately become due and
payable  in  full  without notice or demand. Secured Party shall have all rights
and  remedies  provided by the Uniform Commercial Code in effect in the State of
New  York  on  the  date  hereof.  In  addition  to,  or in conjunction with, or
substitution  for  such  rights  and remedies, Secured Party may at any time and
from and after the oc-currence of an Event of Default hereunder:

          (a)      foreclose  the  se-curity  interest  created  herein  by  any
          available judicial procedure, or take possession of the Collateral, or
          any  portion  thereof,  with  or  without  judicial  process,  and the
          Pledging Party agrees not to resist or interfere therewith;

          (b)      sell  or  otherwise  dispose  of  all  or  any  part  of  the
          Collateral  in the Pledging Party's name or in its own name, or in the
          name of such party as Secured Party may designate, either at public or
          private  sale  (at  which  Secured  Party  shall  have  the  right  to
          purchase), for cash or for credit, with or without re-presentations or
          warranties,  and  upon  such other terms as Secured Party, in its sole
          reasonable  discretion, may deem advisable; and ten (10) days' written
          notice  of such public sale date or dates after which private sale may
          occur,  or  such  lesser  period  of time in the case of an emergency,
          shall constitute reasonable notice hereunder;

<PAGE>
          (c)     execute  and  deliver  documents  of  title,  certificates  of
          origin,  or  other  evidence  of  payment,  shipment or storage of any
          Collateral  or  proceeds  on behalf of and in the name of the Pledging
          Party;

          (d)      remedy  any  default  by  Debtor  hereunder,  without waiving
          such  default,  and  any   moneys  expended  in   so  doing  shall  be
          chargeable  with  interest  to  Debtor  and  added  to the Obligations
          secured hereby; and

          (e)      apply for an injunction  to restrain  a breach or threatened
          breach of this Agreement by Debtor;

          (f)      If  after  the  Event  of  the  Default, Secured  Party shall
          foreclose  upon  the security interest in the Collateral, Debtor shall
          pay to Secured Party, as compensation reasonable attorneys' fees.

        8.    CUMULATIVE  RIGHTS  All  rights,  remedies  and  powers granted to
Secured  Party  herein,  or  in  any  instrument  or document related hereto, or
provided or implied by law or in equity shall be cumulative and may be exercised
singly or concurrently on any one or more occasions.

        9.    DEBTOR'S  REPRESENTATIONS  AND WARRANTIES Debtor hereby represents
and warrants to Secured Party that:

          (a)      Neither  the  execution  nor  the delivery of this Agreement,
          nor  the  consummation  of  the   transactions  here-in  contemplated,
          nor  compliance  with  the  provisions hereof, will violate any law or
          regulation,  or  any  order  or  decree  of  any court of governmental
          authority,  or  will  conflict  with,  or  result in the breach of, or
          constitute  a  default  under, any indenture, mortgage, deed or trust,
          agreement  or  other instrument to which Debtor is a party or by which
          Debtor  may  be  bound, or result in the creation or imposition of any
          lien, claim or encumbrance upon any property of Debtor;

          (b)      Debtor  and/or  the  Pledging  Party, as the case may be, has
          or  shall  have  the  power  to  execute,  deliver  and  perform   the
          provisions  of  this  Agreement  and  all  instruments  and  documents
          delivered  or to be delivered pursuant hereto, and has taken or caused
          to  be  taken  all  necessary  or appropriate actions to authorize the
          execution,  delivery  and  performance  of this Agreement and all such
          instruments and documents;

          (c)      Debtor  and/or  the  Pledging Party,  as  the case may be, is
          or  shall  be  the  legal  and equitable owner of the Collateral, free
          and clear of all security interests, liens, claims and encumbrances of
          every  kind  and  nature,  except as would be disclosed by a search of
          public records;

<PAGE>

          (d)      No  default  exists,  and  no  event  which  with  notice  or
          the  passage  of  time,  or  both,  would  constitute  a default under
          the  Collateral by any party thereto, and there are no offsets, claims
          or defenses against the obligations evidenced by the Collateral.

        10.    NOTICES. Any notice or demand required or permitted to be made or
given  hereunder shall be deemed sufficiently given or made if given by personal
service or by certified or registered mail, return receipt requested, addressed,
if  to  Secured  Party, at Secured Party's address first above written, or if to
Debtor,  at  Debtor's  address  first above written. Either party may change its
address by like notice to the other party.

        11.    MODIFICATION  AND  WAIVER.  No  modification  or  waiver  of  any
provision  of  this  Agreement,  and  no  consent by Secured Party to any breach
thereof  by  Debtor, shall be effective unless such modification or waiver shall
be  in writing and signed by Secured Party, and the same shall then be effective
only  for  the  period  and on the conditions and for the specific instances and
purposes  specified  in  such  writing.  No course of dealing between Debtor and
Secured  Party in exercising any rights or remedies hereunder shall operate as a
waiver or preclude the exercise of any other rights or remedies hereunder.

        12.    BINDING EFFECT. This Agreement shall be binding upon and inure to
the  benefit  of  the  parties  hereto  and  their  respective heirs, executors,
administrators, successors and assigns.

        13.    MISCELLANEOUS.  This  Agreement  shall be construed in accordance
with  and  shall be governed by the laws of the State of New York without giving
effect to conflict of law principles thereof.

     IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as
of  the  date  first  above  written.
SECURED  PARTY:

SAPPHIRE  DEVELOPMENTS  LIMITED
BY: /S/  PETER  SPRING
    ------------------
NAME:  PETER  SPRING

TITLE:  VICE-PRESIDENT

DEBTOR:

<PAGE>

GLOBAL  REALTY  DEVELOPMENT  CORP

BY: /S/  ROGER  CHARLES  DAVIS
    --------------------------

NAME:  ROGER  CHARLES  DAVIS

POSITION:

..................................
Signature of Witness

..................................
(Print) Full Name of Witness

.................................
Address of Witness

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00090-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00090-of-00352.parquet"}]]