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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
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