MODIFICATION AND REAFFIRMATION OF GUARANTY AND ENVIORNMENTAL INDEMNITY AGREEMENT (NOV 2006)

Exhibit 10.4


MODIFICATION AND REAFFIRMATION OF GUARANTY AND ENVIRONMENTAL INDEMNITY AGREEMENT
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     THIS MODIFICATION AND REAFFIRMATION OF GUARANTY AND ENVIRONMENTAL INDEMNITY
AGREEMENT is executed as of the 22nd day of November, 2006, by MALCOLM J. WRIGHT
having  an  office  at 550 Biltmore Way, Suite 700, Coral Gables, Florida 33134,
and AMERICAN LEISURE HOLDINGS, INC., a Nevada corporation (collectively, jointly
and  severally, the "Guarantor"), in favor of STANFORD INTERNATIONAL BANK, LTD.,
having an office at No. 11, Pavilion Drive, St. Johns, Antigua, West Indies (the
"Lender").

                                WITNESSETH, THAT:
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     WHEREAS,  the  Lender  has  previously  extended  a  $8,000,000.00  loan
(hereinafter  referred  to  as  the "Existing Loan"), to REEDY CREEK ACQUISITION
COMPANY,  LLC,  a  Florida limited liability company (hereinafter referred to as
"Borrower"),  and

     WHEREAS,  the Existing Loan is evidenced by a Promissory Note dated July 8,
2005  in the amount of $7,150,000.00 as amended by that certain Renewed, Amended
and  Increased  Promissory  Note  dated  January  4,  2006  in  the  amount  of
$8,000,000.00  and secured by: (i) that certain Mortgage and Security Agreement,
recorded  in  Official Records Book 2855, at Page 1243 (the "Mortgage"); (ii) an
Assignment of Leases, Rents and Profits, recorded in Official Records Book 2855,
Page  1280 (the "Assignment"); and (iii) a UCC-1 Financing Statement recorded in
Official  Records  Book  2855, Page 1291 (the "Financing Statement"); all of the
foregoing  modified  by  that certain Mortgage Modification Agreement and Future
Advance Certificate recorded in Official Records Book 3034, at Page 2915, all of
the  foregoing  instruments  being  filed  amongst the Public Records of Osceola
County,  Florida;  and (iv) other loan documents executed in connection with the
Existing  Loan  (the  "Existing  Loan  Documents");  and

     WHEREAS,  the  Guarantor  has  previously guaranteed the prompt payment and
performance  of  the Existing Loan, pursuant to the terms that certain Unlimited
Continuing  and  Unconditional  Guaranty executed by the Guarantor dated July 8,
2005  and  as  modified  and  reaffirmed  by  that  certain  Modification  and
Reaffirmation  of  Guaranty  and Environmental Indemnity Agreement dated the 5th
day  of  January,  2006  (collectively,  the  "Guaranty"),  and

     WHEREAS,  the  Guarantor has previously agreed to indemnify and hold Lender
harmless  from  any  environmental damage, pursuant to the terms of that certain
Environmental  Indemnity  Agreement  dated  July  8,  2005  and  as modified and
reaffirmed  by  that  certain  Modification  and  Reaffirmation  of Guaranty and
Environmental  Indemnity  Agreement  dated  the  5th  day  of  January,  2006
(collectively,  the "Indemnity Agreement") in connection with the Existing Loan,
and

     WHEREAS,  the Borrower has requested the Lender to modify the Existing Loan
by  granting  a $4,300,000.00 future advance so as to increase the Existing Loan
to  $12,300,000.00  (the  "New  Loan"),  and  as  a  condition  precedent to the

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modification  of  the  Existing  Loan,  the Lender has required the Guarantor to
modify  and  reaffirm  the  terms  of  the  Guarantor's  Guaranty  and Indemnity
Agreement  with  regard  to  the  New  Loan,  and

     WHEREAS,  under  the  New  Loan the Borrower has executed certain documents
modifying  the  Existing  Loan  Documents  including but not limited to a Second
Renewed, Amended and Increased  Promissory Note in the amount of $12,300,000.00,
a