Document:

Exhibit 10.1.4  

Exhibit A  

 SCHEDULE OF PARTNERS,

ALLOCATION OF PARTNERSHIP UNITS, PERCENTAGE INTERESTS

AND THE AGREED UPON VALUE OF NON-CASH CAPITAL CONTRIBUTIONS  

	Date Admitted
 
	 	Name and address of partners
	 	Value of non-

cash capital

contribution
	 	Partnership

units issued
	 	Approx.

Percentage

Interests
	 	Federal ID #

	05/22/1998	 	Eagle Ridge Resort LLC

37 West 57th Street, 12th Floor

New York, NY 10019	 	$	1,198,750	 	35,794	 	0.48	%	52-2099405
	

02/04/1997	
 	

GTA LP, Inc. 14 North Adger's

Wharf Charleston, SC 29401	
 	
$	

—	
 	

7,357,604	
 	

99.32	
%	

58-2290326
	

02/04/1997	
 	

GTA GP, Inc. 14 North Adger's

Wharf Charleston, SC 29401	
 	
$	

—	
 	

15,184	
 	

0.20	
%	

58-2290217
	 	 	 	 	 	 	 	
	 	
	 	 
	

Total Common OP Units	
 	
 	

 	
 	

7,408,582	
 	

100.00	
%	

 
	 	 	 	 	 	 	 	
	 	
	 	 
	

 	
 	

GTA LP, Inc.

14 North Adger's Wharf

Charleston, SC 29401	
 	
$	

20,000,000	
 	

800,000	
 	

100	
%Exhibit 10.31  

AMENDMENT TO LOAN AGREEMENT  

        THIS AMENDMENT TO LOAN AGREEMENT (this "Amendment") is made
effective as of July 15, 2004, by and between GTA-IB, LLC, a Florida limited liability company
("GTA-IB"), and GOLF TRUST OF AMERICA, L.P., a Delaware limited partnership (the
"Lender"). 

R E C I T A L S  

        A.    Reference is made to that certain Loan Agreement (the "Agreement") dated
as of June 20, 1997, by and between the Lender and Golf Host Resorts, Inc., a Colorado corporation (the "Prior Borrower"). Capitalized
terms used without definition in this Amendment shall have the meanings assigned to such terms in the Agreement. 

        B.    Pursuant to that certain Settlement Agreement dated as of July 15, 2004 by and among (i) the Prior Borrower,
(ii) Golf Hosts, Inc., a Florida corporation, (iii) Golf Host Management, Inc., a Delaware corporation, (iv) Golf Host Condominium, Inc., a Delaware
corporation, (v) Golf Host Condominium, LLC, a Delaware limited liability company, (vi) GTA-IB and (vii) Lender (the "Settlement
Agreement"), the Prior Borrower has been released from its obligations under the Agreement and GTA-IB has agreed to undertake these obligations under the Agreement. 

        C.    GTA-IB and the Lender acknowledge and agree that the Borrower is in default of its obligations under the
Agreement, as described in the Settlement Agreement, and that such default shall not be deemed to be cured or waived under this Amendment. Nothing herein shall eliminate or restrict the Lender's right
to take all action under the Agreement and at law with respect to such default. 

        D.    In furtherance of the Settlement Agreement, GTA-IB and Lender have agreed to amend the Agreement on the terms
and conditions set forth herein. 

        NOW, THEREFORE, in consideration of the covenants and conditions herein contained, the parties hereto agree as follows: 

        1.     Defined Terms. In Section 1.1, the defined term below is hereby amended and restated as follows: 

        "Borrower" means GTA-IB, LLC, a Florida limited liability company, and any successor thereto, or assignee thereof, as
permitted by the terms of this Agreement." 

        2.     Interest on Additional Interest Amount. Section 2.1(d) of the Agreement is hereby deleted in its entirety. 

        3.     Section 2.3. Section 2.3 of the Agreement is hereby amended and restated as follows: 

        "2.3 Tranche I Loan Interest. Notwithstanding any other term of this Agreement, Borrower shall have no obligation to accrue
or pay Interest or any other interest to Borrower on or related to the Tranche I Loan at any time. 

        (a)   Base Interest. Borrower shall have no obligation to accrue or pay Base Interest at any time. 

        (b)   Deleted.

        (c)   Participating Interest. Borrower shall have no obligation to accrue or pay Participating Interest at any time. 

        (d)   Deleted.

        (e)   Record-keeping. Borrower shall utilize an accounting system for the Property in accordance with its usual and customary
practices and in accordance with GAAP which will accurately record all Gross Revenue. Borrower shall retain all accounting records for 

each
Fiscal Year conforming to such accounting system until at least five (5) years after the expiration of such Fiscal Year." 

        4.     Section 2.4. Section 2.4 of the Agreement is hereby amended and restated as follows: 

        "2.4  Tranche II Loan Interest. Notwithstanding any other term of this Agreement, Borrower shall have no obligation to accrue or pay
Interest or any other interest to Lender on or related to the Tranche II Loan at any time." 

        5.     Section 2.6. Section 2.6 of the Agreement is hereby deleted in its entirety. 

        6.     Section 6.1. Section 6.1 of the Agreement is hereby deleted in its entirety. 

        7.     Section 6.8. The second sentence of Section 6.8 of the Agreement is hereby deleted. 

        8.     Section 6.9(e). The first sentence of Section 6.9(e) of the Agreement is hereby deleted. 

        9.     Section 6.10(a). Section 6.10(a) of the Agreement is hereby amended and restated as follows: 

        "(a) Borrower
shall utilize, or cause to be utilized, an accounting system for the Property in accordance with its usual and customary practice, and in accordance with GAAP.
The books of account and all other records relating to or reflecting the operation of the Property shall be kept at either the Property or Borrower's offices. Such books and records shall be available
to Lender and its representatives for examination, audit, inspection and transcription." 

        10.   Section 6.10(b). Section 6.10(b) of the Agreement is hereby amended and restated as follows: 

        "(b) Borrower
shall furnish to Lender within thirty (30) days of the end of each Fiscal Quarter unaudited financial statements for the Fiscal Quarter and year to
date, together with the same information for the comparable prior Fiscal Quarter and year to date, including the following: results of operations, a balance sheet, statements of cash flows and
statement of changes in owner's equity. If Lender requests, Borrower shall provide reviewed financial statements for such Fiscal Quarter at Borrower's expense. Each quarterly report shall also include
a narrative explaining any deviation in any major revenue or expense category or operating expenses (by category) of more than ten percent (10%) from the amounts set forth on the Annual Budget,
together with, if appropriate a revised Annual Budget, which budget shall be subject to Lender's review and approval as provided in Section 6.9." 

        11.   Section 6.20. Section 6.20 of the Agreement is hereby deleted in its entirety. 

        12.   Section 16.17. Section 16.17 of the Agreement is hereby amended and restated as follows: 

        "16.17  Interest Rate Limitation. It is the intent of Borrower and Lender in the execution of this Agreement and the other Loan Documents
that the Loans be interest free on all amounts and at all times." 

        13.   Construction. Except as expressly amended by this Amendment, the Agreement shall remain in full force and effect. 

        14.   Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 

        15.   Counterparts. This Amendment may be executed in counterparts, each of which shall be an original and all of which
counterparts taken together shall constitute one and the same agreement. 

[Signature
page attached] 

        IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered as of the date first above written. 

GTA-IB: 

GTA-IB, LLC,

a Florida limited liability company 

	By:	 	/s/  W. BRADLEY BLAIR, II      
	 	 
	Its:	 	President
	 	 
	
Lender:	
 	

 
	

GOLF TRUST OF AMERICA, L.P.,

a Delaware limited partnership	
 	

 
	

By: GTA GP, Inc., a Maryland corporation

Its: General Partner	
 	

 
	

By:	
 	

/s/  W. BRADLEY BLAIR, II      
	
 	

 
	Its:	 	PresidentExhibit 10.32  

PROMISSORY NOTE  

	$39,240,000	 	 	 	Charleston, South Carolina

July 15, 2004

        FOR
VALUE RECEIVED, GTA-IB, LLC, a Florida limited liability company
("Borrower"), promises to pay to the order of GOLF TRUST OF AMERICA, L.P., a Delaware limited
partnership ("Lender"), or its registered assigns the principal amount of Thirty-Nine Million Two Hundred Forty Thousand Dollars
($39,240,000), or if less, the aggregate unpaid and outstanding principal amount of the Loan advanced by Lender to Borrower pursuant to the Loan Agreement dated as of June 20, 1997, by and
among Borrower and Lender (as amended, supplemented or otherwise modified from time to time, being the "Loan Agreement"), on June 19, 2027.
Borrower also promises to satisfy its other obligations under the Loan Agreement (capitalized terms not defined herein being given the meanings defined therein). 

        This
Note is Borrower's "Note" and is issued pursuant to and entitled to the benefits of the Loan Agreement, to which reference is hereby made for a more complete statement of the terms
and conditions under which the Loan evidenced hereby was made and is to be repaid. This Note is made in connection with, and is secured by, among other instruments, the Loan Documents. 

        All
payments of principal in respect of this Note shall be made in lawful money of the United States of America in same day funds at Golf Trust of America, Inc., 10 North Adger's
Wharf, Charleston, South Carolina 29401, or at such other place as shall be designated in writing for such purpose in accordance with the terms of the Loan Agreement. Lender hereby agrees, by its
acceptance hereof, that before disposing of this Note or any part hereof it will make a notation hereon of the date to which a payment hereon has been paid; provided,
however, that the failure to make a notation of any payment made on this Note shall not limit or otherwise affect the obligations of Borrower hereunder with respect to payments
of principal of this Note. 

        Whenever
any payment on this Note shall be stated to be due on a day which is not a Business Day, such payment shall be made on the next succeeding Business Day. 

        This
Note may not be prepaid, in whole or in part, prior to the Maturity Date, except as provided in Section 2.9 of the Loan Agreement. 

        THIS NOTE AND THE RIGHTS AND OBLIGATIONS OF BORROWER AND LENDER HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE
INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK), WITHOUT REGARD TO CONFLICTS OF LAWS
PRINCIPLES.

        Upon
the occurrence of an Event of Default, the unpaid balance of the principal amount of this Note may become, or may be declared to be, due and payable in the manner, upon the
conditions and with the effect provided in the Loan Agreement. 

        The
terms of this Note are subject to amendment only in the manner provided in the Loan Agreement. 

        No
reference herein to the Loan Agreement and no provision of this Note or the Loan Agreement shall alter or impair the obligations of Borrower, which are absolute and unconditional, to
pay the principal of this Note at the place, at the respective times, and in the currency herein prescribed. 

        Borrower
promises to pay all costs and expenses, including reasonable attorneys' fees, all as provided in the Loan Agreement, incurred in the collection and enforcement of this Note.
Borrower and any endorsers of this Note hereby consent to renewals and extensions of time at or after the 

 

maturity
hereof, without notice, and hereby waive diligence, presentment, protest, demand and notice of every kind and, to the full extent permitted by law, the right to plead any statute of
limitations as a defense to any demand hereunder. 

        IN
WITNESS WHEREOF, Borrower has caused this Note to be duly executed and delivered by its officer thereunto duly authorized as of the date and at the place first written above. 

	 	 	GTA-IB, LLC,
 a Florida limited liability company
	

 	
 	

By:	

/s/  W. BRADLEY BLAIR, II      

	 	 	Title: President

2

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