FIRST AMENDMENT TO DEFENSE AND ESCROW AGREEMENTDefense and Escrow Agreement • January 4th, 2007 • Golf Trust of America Inc • Real estate investment trusts
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.
LOAN SATISFACTION AND TERMINATION OF ASSIGNMENT OF DEFENSE AND ESCROW AGREEMENTAnd Escrow Agreement • January 4th, 2007 • Golf Trust of America Inc • Real estate investment trusts
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”);
