MANAGEMENT AGREEMENT (Innisbrook Resort)Management Agreement • July 29th, 2004 • Golf Trust of America Inc • Real estate investment trusts • Florida
THIS MANAGEMENT AGREEMENT (this “Agreement”) is made as of this 15th day of July, 2004 (the “Effective Date”), by and between WESTIN MANAGEMENT COMPANY SOUTH, a Delaware corporation (“Westin”), and GTA-IB, LLC, a Florida limited liability company (“Owner”).
FACILITY MANAGEMENT AGREEMENT FOR THE WESTIN INNISBROOK GOLF RESORTFacility Management Agreement • July 29th, 2004 • Golf Trust of America Inc • Real estate investment trusts • South Carolina
THIS FACILITY MANAGEMENT AGREEMENT FOR THE WESTIN INNISBROOK GOLF RESORT (this “Golf Agreement”) is entered into and effective as of July 15, 2004 (the “Effective Date”), by and among (i) WESTIN MANAGEMENT COMPANY SOUTH, a Delaware corporation (“Hotel Manager”), (ii) TROON GOLF L.L.C., a Delaware limited liability company (“Golf Manager”) (each, a “Party” and together, the “Parties”), and (iii) for the limited purposes described below, GTA-IB, LLC, a Florida limited liability company (“Owner”).
LOAN AGREEMENTLoan Agreement • July 29th, 2004 • Golf Trust of America Inc • Real estate investment trusts • Florida
This Agreement applies to that certain loan (the “Loan”) from Lender to Borrower in the amount of $2,000,000 evidenced by that certain Promissory Note A in the amount of $700,000 and that certain Promissory Note B in the amount of $1,300,000 each of even date herewith (“Note A” and “Note B” respectively and, collectively, the “Note”). The terms “Loan Documents” and “Obligations,” as used in this Agreement, are defined in Note A and Note B, respectively. Note A is non-recourse to Borrower as provided therein and is secured by that certain Assignment of Defense and Escrow Agreement (the “Assignment”) from Borrower to Lender of even date herewith. Notwithstanding anything contained in any Loan Document to the contrary, Note B is full recourse to Borrower and is secured by (i) the Assignment, and (ii) those certain two Mortgage, Assignment of Rents, Security Agreement and Fixture Filing agreements executed by Borrower for the benefit of Lender encumbering certain real and personal property
