Exhibit 10.29.2
LOAN SATISFACTION AND TERMINATION
OF ASSIGNMENT OF DEFENSE AND ESCROW AGREEMENT
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
”);
WHEREAS, Note B was previously
satisfied and terminated by mutual agreement of the
parties;
WHEREAS, Note A is secured by that
certain Assignment of Defense and Escrow Agreement between GTA and
Elk Funding, dated July 15, 2004, assigning to Elk Funding a
security interest in the Defense and Escrow Agreement among GTA and
others dated July 15, 2004;
WHEREAS, in consideration of the
satisfaction of Note A, the Defense and Escrow Agreement is being
amended simultaneously herewith to waive GTA’s rights
pursuant to that agreement to receiv
