<PAGE>
                                                                   EXHIBIT 10.29

                     DEED OF TRUST, ASSIGNMENT OF LEASES AND
                            RENTS, AND FIXTURE FILING

THIS DEED OF TRUST SECURES CREDIT IN THE MAXIMUM AMOUNT OF $2,080,000, TOGETHER
WITH INTEREST THEREON AND OTHER AMOUNTS HEREIN DESCRIBED. INTEREST ON THE AMOUNT
SECURED HEREBY MAY FLUCTUATE FROM TIME TO TIME.

         THE PARTIES TO THIS DEED OF TRUST, ASSIGNMENT OF LEASES AND RENTS, AND
FIXTURE FILING, made this 4th day of December, 2002 are Concorde Blackhawk
Corporation, a Colorado corporation (the "Grantor") having its office at 3290
Lien Street, Rapid City, South Dakota 57702, the Public Trustee of Gilpin County
(the "Trustee") and First National Bank, as Lender (the "Beneficiary") having
its offices at 909 St. Joseph Street, Rapid City, South Dakota, 57701.

                                ARTICLE 1. GRANT

         1.1 GRANT. Upon the terms and conditions in this Deed of Trust, Grantor
irrevocably grants, bargains, sells, conveys, assigns, mortgages and warrants to
Trustee in Trust, with the Power of Sale, all of Grantor's right, title and
interest, whether now owned or hereafter acquired, in all of the real property
located in the County of Gilpin, State of Colorado described on "Exhibit A"
attached hereto and made a part hereof (the "Real Estate") including and
together with, without limitation:

         (a) all right, title and interest of Grantor whether now owned or
hereafter acquired, in or to any real property lying within the right of way of
any street, open or proposed, which adjoins any of said Real Estate and any and
all sidewalks, parking ramps, bridges, elevated walkways, tunnels and alleys
adjacent to, connecting or used in connection with any of said Real Estate;

         (b) all right, title and interest of Grantor whether now owned or
hereafter acquired, in or to, all buildings, structures and all other
improvements and fixtures that are, or that may be hereafter erected or placed
on, or in, the Real Estate (collectively, the "Improvements");

         (c) all right, title and interest of Grantor as lessor, sublessor,
licensor, concessionaire, franchisor or similar party under all leases,
subleases, licenses, concessions, franchises and other use or occupancy
agreements now or hereafter relating to any of the Real Estate;

         (d) all present and future rents, issues, products, earnings, revenues,
payments, profits, royalties and other proceeds and income of the Real Estate,
and of any activities conducted thereon or in connection therewith
(collectively, the "Rents");

         (e) all tenements, easements, hereditaments and appurtenances now, or
hereafter, belonging to or in any way appertaining to the Real Estate and/or the
Rents and the reversion and reversions, remainder and remainders thereof and all
the estate, right, title, interest or other claim


<PAGE>


which Grantor now has or hereafter may acquire of, in and to the Real Estate,
the Rents and/or any part thereof, with the appurtenances thereto (collectively,
the "Other Interests"); and

         (f) the Personal Property which is referred to in the Security
Agreement.

         The Real Estate, the Rents and the Other Interests are hereinafter
collectively referred to as the "Real Property".

         TO HAVE AND TO HOLD the Real Property, properties, rights and
privileges hereby conveyed or assigned, or intended so to be, unto Trustee, and
its successors and assigns, in fee simple forever for the uses and purposes
herein set forth subject only to Permitted Encumbrances (as defined in the Loan
Agreement).

                         ARTICLE 2. OBLIGATIONS SECURED

         2.1 OBLIGATIONS SECURED. Grantor makes this Deed of Trust for the
purpose of securing the following obligations (collectively, the "Obligations"):

         (a) Payment when due, whether at stated maturity, by required
prepayment, declaration, acceleration, demand or otherwise (including payment of
amounts that would become due but for the operation of the automatic stay under
Section 362 (a) of the Bankruptcy Code, 11 U.S.C. Section 362(a)), of:

                  (i) the principal sum which is, at any time, advanced and
         unpaid under the Loan (as defined in the Loan Agreement), not to exceed
         Two Million Eighty Thousand Dollars ($2,080,000.00) at any one time;

                  (ii) interest and other charges accrued on said principal sum,
         or accrued on interest and other charges then outstanding under the
         Loan (all including, without limitation, interest and other charges
         that would accrue on such obligations, but for the filing of a petition
         in bankruptcy with respect to Grantor); and

                  (iii) any other obligations of Grantor under the Note referred
         to below; all according to the terms of that certain Promissory Note
         dated concurrently herewith made by Grantor and payable to the order of
         First National Bank, Rapid City, South Dakota (herein referred to as
         either the "Lender" or the "Beneficiary"), according to the terms and
         provisions of said Note, and all renewals, extensions, amendments,
         restatements, replacements, substitutions and other modifications
         thereof (hereinafter collectively referred to as the "Note").

         (b) Payment and performance of every obligation, covenant, promise and
agreement of Grantor herein contained or incorporated herein by reference,
including any sums paid or advanced by Beneficiary (which are defined below)
pursuant to the terms hereof.

         (c) Payment of the expenses and costs incurred or paid by Beneficiary
in the preservation and enforcement of the rights and remedies of Beneficiary
and the duties and liabilities of Grantor hereunder, including, but not by way
of limitation, reasonable attorney's


<PAGE>


fees, court costs, witness fees, expert witness fees, collection costs, and
reasonable costs and expenses paid by Beneficiary in performing for Grantor's
account any obligation of said Grantor.

         (d) Payment of additional sums and interest thereon which may hereafter
be loaned to Grantor pursuant to the Loan Agreement when evidenced by a
Promissory Note or Note which recites that this Deed of Trust is security
therefor.

         (e) Performance and payment of every obligation, warranty,
representation, covenant, agreement and promise of Grantor contained in that
certain Loan Agreement (the "Loan Agreement") executed concurrently, or
substantially concurrent, herewith by Grantor, and Beneficiary in its capacity
as the Lender, as well as performance and payment of every obligation, warranty,
representation, covenant, agreement and promise of Grantor contained in all
extensions, renewals, amendments, restatements and other modifications of the
Loan Agreement.

         2.2 FUTURE ADVANCES. This Deed of Trust is given for the purpose of
securing, among other things, loan advances which the Beneficiary may make to or
for Grantor pursuant and subject to the terms and provisions of the Loan
Agreement. The parties hereto intend that, in addition to any other debt or
obligation secured hereby, this Deed of Trust shall secure unpaid balances of
loan advances made after this Deed of Trust is delivered to the office of the
County Recorder of Gilpin County, Colorado, whether made pursuant to an
obligation of Beneficiary or otherwise, such advances shall be secured to the
same extent as if such future advances were made on the date hereof, although
there may be no advance made at the time of execution hereof and although there
may be no indebtedness outstanding at the time any advance is made. Such loan
advances may or may not be evidenced by the Note executed pursuant to the Loan
Agreement.

         2.3 OBLIGATIONS. The term "Obligations" is used herein in its broadest
and most comprehensive sense and shall be deemed to include, without limitation,
all protective advances and all sums advanced to protect the Property or the
lien of this Deed of Trust or otherwise disbursed or incurred under the terms of
the Documents (as defined in the Loan Agreement), all interest and charges,
prepayment charges (if any), late charges and loan fees at any time accruing or
assessed on any of the Obligations. 2.4 INCORPORATION. All terms of the
Obligations and the documents evidencing such obligations are incorporated
herein by this reference. All persons who may have or acquire an interest in the
Property (which is defined by the Security Agreement), or any portion thereof,
shall be deemed to have notice of the terms of the Obligations, which terms
include without limitation, provisions which:

         (a) provide that the rate of interest on one or more Obligations may
vary from time to time; and

         (b) permit borrowing, repayment and reborrowing.


<PAGE>


                   ARTICLE 3. ASSIGNMENT OF LEASE AND PAYMENTS

         3.1 ASSIGNMENT. Grantor hereby irrevocably assigns to mortgagee all of
Grantor's right, title and interest in, to and under:

         (a) all leases, subleases, licenses, concessions, franchises and other
use or occupancy agreements now or hereafter relating to the Real Property and
all renewals, extensions, amendments, restatements and other modifications
thereof (all of which are collectively referred to herein as the "Leases"); and

         (b) the Rents and, to the extent not included within the Rents, all
present and future rents, issues, products, earnings, revenues, payments,
profits, royalties and other proceeds and income of the Real Property and of any
activities conducted thereon; (all of which are collectively referred to herein
as the "Payments") except in each case those Leases and Payments that are not
assignable as a matter of law. Upon and during the continuance of any Default
(as defined by Article 7 below), Beneficiary shall be entitled to receive
pursuant to the foregoing assignment, and Grantor shall be obligated to deliver
to Beneficiary or its designee, (including any receiver), any and all Payments
collected by Grantor which remain in the possession or control of Grantor,
whether or not commingled with other funds of Grantor, and whether collected by
Grantor before or after the occurrence of the Default.

         3.2 GRANT OF LICENSE. Beneficiary confers upon Grantor a license
("License") to collect and retain the Payments as they become due and payable,
until the occurrence of a Default (as hereinafter defined). Upon a Default, the
License shall be automatically revoked and Beneficiary may collect and apply the
Payments pursuant to Article 7 below, without notice and without taking
possession of the Real Property. Grantor hereby irrevocably authorizes and
directs the lessees under the Leases to rely upon and comply with any notice or
demand by Beneficiary for the payment to Beneficiary of any rental or other sums
which may at any time become due under the Leases, or for the performance of any
of the lessees' undertakings under the Leases, and the lessees shall have no
right or duty to inquire as to whether any Default has actually occurred or is
then existing hereunder. Grantor hereby relieves the lessees from any liability
to Grantor by reason of relying upon and complying with any such notice or
demand by Beneficiary.

         3.3 EFFECT OF ASSIGNMENT. The foregoing irrevocable assignment alone
shall not cause Beneficiary to be:

         (a) a mortgagee in possession;

         (b) responsible or liable for the control, care, management or repair
of the Real Property, or for performing any of the terms, agreements,
undertakings, obligations, representations, warranties, covenants and conditions
of the Leases;

         (c) responsible or liable for any waste committed on the Real Property,
by the lessees under any of the Leases or any other parties;


<PAGE>


         (d) responsible or liable for any dangerous or defective condition of
the Real Property; or

         (e) responsible or liable for any negligence in the management, upkeep,
repair or control of the Real Property resulting in loss or injury or death to
any lessee, licensee, employee, invitee or other person. Beneficiary shall not
directly or indirectly be liable to Grantor or any other person as a consequence
of:

                  (i) the exercise or failure to exercise any of the rights,
         remedies or powers granted to Beneficiary hereunder; or

                  (ii) the failure or refusal of Beneficiary to perform or
         discharge any obligation, duty or liability of Grantor arising under
         any of the Leases, except to the extent the license granted to Grantor
         under Section 3.2 is revoked.

         3.4 REPRESENTATIONS AND WARRANTIES. Grantor represents and warrants
that:

         (a) to Grantor's knowledge, all existing Leases are in full force and
effect and are enforceable in accordance with their respective terms, and, to
Grantor's knowledge, no breach, default or event which would constitute a breach
or default after notice or the passage of time, or both, exists under any
existing Leases on the part of any party;

         (b) no rent or other payment under any existing Lease has been paid by
any lessee for more than one (1) month in advance; and

         (c) to Grantor's knowledge, none of the Grantor's interests under any
of the Leases has been transferred or assigned.

         3.5 COVENANTS. For all leases were Grantor is lessor the Grantor
covenants and agrees at Grantor's sole cost and expense to:

         (a) perform the lessor's obligations contained in the Leases and
enforce by all available remedies performance by the lessees of the obligations
of the lessees contained in the Leases in accordance with past practice and in
any event, in accordance with prudent business judgment; and

         (b) execute and record (or cause to be executed and recorded) such
additional assignments of any Lease or specific subordinations of any Lease to
this Deed of Trust, in form and substance acceptable to Beneficiary, as
Beneficiary may reasonably request. Grantor shall not, without Beneficiary's
prior written consent or as otherwise permitted by any provision of the Loan
Agreement:

                  (i) execute any other assignment relating to any of the
         Leases; or


<PAGE>

         (ii) subordinate or agree to subordinate any of the Leases to pay any
other mortgage or encumbrance. Any such action in violation of this Section 3.5
shall be null and void.

                            ARTICLE 4. FIXTURE FILING

         4.1 FIXTURE FILING. As to all of the Personal Property set forth in the
Security Agreement dated as of the date hereof which is or which hereafter
becomes a "fixture" under applicable law, this Deed of Trust constitutes a
fixture filing under C.R.S. Section 4-9-502 of Colorado version of UCC Article
9, as it may be amended or re-codified from time to time. The address of
Beneficiary from which information may be obtained concerning the security
interest granted hereunder and the mailing address of Grantor are as follows:

Beneficiary:

         First National Bank
         909 St. Joseph Street
         Rapid City, South Dakota 57701
         Attention: Todd Christoffer, Branch President

Grantor:

         Concorde Blackhawk Corporation
         3290 Lien Street
         Rapid City, South Dakota 57702
         Attention: Jerry L. Baum, President and Chief Executive Officer

         4.2 REPRESENTATIONS AND WARRANTIES. Grantor represents and warrants
that (subject to Permitted Encumbrances and except as set forth in the Loan
Agreement):

         (a) Grantor has good title to the Fixtures; and

         (b) Grantor has not previously assigned or encumbered the Fixtures, and
no financing statement covering any of the Fixtures has been delivered to any
person or entity other than Beneficiary.

         4.3 RIGHTS OF MORTGAGEE. In addition to Beneficiary's rights as a
"Secured Party" under the UCC, Beneficiary may, but shall not be obligated to,
at any time without notice (except as provided below) and at the expense of
Grantor:

         (a) give notice to any person of Beneficiary's rights hereunder and
enforce such rights at law or in equity;

         (b) insure, protect, defend and preserve the Fixtures or any rights or
interests of Beneficiary therein; and

<PAGE>

         (c) inspect the Fixtures at reasonable times and upon reasonable prior
notice. Notwithstanding the above, in no event shall Beneficiary be deemed to
have accepted any property other than cash in satisfaction of any obligation of
Grantor to Beneficiary unless Beneficiary shall make an express written election
of said remedy under the UCC, or other applicable law.

         4.4 RIGHTS OF MORTGAGEE ON DEFAULT. Upon the occurrence of a Default
under this Deed of Trust, then in addition to all of Beneficiary's rights as a
"Secured Party" under the UCC or otherwise at law:

         (a) Beneficiary may:

                  (i) without prior notice (except as otherwise required by
         applicable law), enter upon the Property or other place where any of
         the Fixtures may be located and take possession of, and/or collect any
         or all of the Fixtures, and store the same at locations acceptable to
         Beneficiary at Grantor's expense; and/or

                  (ii) upon ten (10) days' prior written notice to Grantor sell,
         assign, or otherwise dispose of, and deliver, at any place or in any
         lawful manner, all or any part of the Fixtures and bid and become
         purchaser at any such sales; and

         (b) Beneficiary may, for the account of Grantor and at Grantor's
expense:

                  (i) upon ten (10) days' prior written notice to Grantor,
         operate, use, consume, sell or dispose of the Fixtures as Beneficiary
         reasonably deems appropriate for the purpose of performing any or all
         of the Obligations;

                  (ii) upon ten (10) days prior written notice to Grantor, enter
         into any agreement, compromise, or settlement, including insurance
         claims, which Beneficiary may reasonably deem desirable or proper with
         respect to any of the Fixtures;

                  (iii) endorse, collect and receive any right to payment of
         money owing to Grantor under or from the Fixtures; and

                  (iv) endorse and deliver evidences of title for, and receive,
         enforce and collect by legal action or otherwise, all indebtedness and
         obligations now or hereafter owing to Grantor in connection with or on
         account of any or all of the Fixtures.

         4.5 POWER OF ATTORNEY. Grantor hereby irrevocably appoints Beneficiary
as Grantor's attorney-in-fact (such agency being coupled with an interest), and
as such attorney-in fact Beneficiary may, without the obligation to do so, in
Beneficiary's name, or in the name of Grantor, prepare, execute and file or
record financing statements, continuation statements, applications for
registration and like papers necessary to create, perfect or preserve any of
Beneficiary's security interests and rights in or to any of the Fixtures as set
forth in this Deed of Trust, and, upon and during the continuance of a Default
hereunder, take any other action

<PAGE>


required of Grantor; provided, however, that Beneficiary as such
attorney-in-fact shall be accountable only for such funds as are actually
received by Beneficiary.

           ARTICLE 5. PROTECTION OF SECURITY OF DEED OF TRUST; RELEASE

         5.1 PROTECTION OF SECURITY OF DEED OF TRUST. To protect the security of
this Deed of Trust, Grantor agrees that by execution of this Deed of Trust and
the Note secured thereby, that if Grantor fails to perform the covenants and
agreements contained in this Deed of Trust, or if any action or proceeding is
commenced which materially adversely affects the Beneficiary's interest in the
Property, as determined by Beneficiary in good faith, then Beneficiary, at
Beneficiary's option, with notice to Grantor if required by law, may make such
appearances, disburse such sums and take such action as is necessary to protect
Beneficiary's interest, including, but not limited to paying:

         (a) any general or special taxes or ditch or water assessments levied
or accruing against the Real Property

         (b) the premiums on any insurance necessary to protect any improvements
comprising part of the Real Property;

         (c) sums due on any prior lien or encumbrance on the Property;

         (d) if the Property is a leasehold or is subject to a lease, all sums
due under such lease;

         (e) the reasonable costs and expenses of defending, protecting and
maintaining the Property and Beneficiary's interest in the Property, including
repair and maintenance costs and expenses, costs and expenses of protecting and
securing the Property, receiver's fees and expenses, inspection fees, appraisal
fees, court costs, reasonable attorneys fees and costs, reasonable fees and
costs of an attorney in the employment of the Beneficiary or of the holder of
the certificate of purchase;

         (f) all other costs and expenses allowable by the evidence of debt or
this Deed of Trust;

         (g) such other costs and expenses which may be authorized by a court of
competent jurisdiction.

         Grantor hereby assigns to Beneficiary any right Grantor may have by
reason of any prior encumbrance on the Property or by law or otherwise to cure
any default under said prior encumbrance.

         Any amounts disbursed by Beneficiary pursuant to this Section 5.1 with
interest thereon, shall become additional indebtedness of Grantor secured by
this Deed of Trust. Such amounts shall be payable upon notice from Beneficiary
to Grantor requesting payment thereof (provided Grantor has received
documentation, reasonably satisfactory to it, evidencing the payment or
incurrence of such indebtedness or expense by Beneficiary), and Beneficiary may
bring suit to

<PAGE>


collect any amounts so disbursed plus interest at the rate stated in the
instrument evidencing the debt secured by this Deed of Trust. Nothing in this
Deed of Trust shall require Beneficiary to incur any expense or take any action
hereunder.

         5.2 RELEASE OF DEED OF TRUST. The Beneficiaries of this Deed of Trust
shall, when all of the Obligations secured by this Deed of Trust have been paid
in full, deliver a request for reconveyance and cancellation of indebtedness to
the Trustee. The Trustee shall reconvey, without warranty, the estate held by
the Trustee in the Property.

                   ARTICLE 6. RIGHTS AND DUTIES OF THE PARTIES

         6.1 CERTAIN REPRESENTATIONS AND WARRANTIES OF GRANTOR. Grantor
represents, warrants and covenants that:

         (a) This Deed of Trust creates a first priority mortgage lien and/or,
to the extent applicable, a first priority security interest on the Real
Property and all of the Property which is in addition to the Real Property,
subject only to Permitted Encumbrances (as defined in the Loan Agreement); and

         (b) Grantor has no interest in any real property, not encumbered
hereby, which is utilized in any material manner in connection with the use
and/or operation of the Real Property, or which is necessary and required for
the use and operation of said Real Property.

         (c) Grantor is, and agrees to remain, in compliance with all material
agreements, recorded or unrecorded, under which it is bound with the City of
Black Hawk, Gilpin County, Colorado.

         (d) Grantor acknowledges that the Property is in a number of special
districts, and represents that it is presently in material compliance, and
agrees to remain in material compliance with the ordinances, rules, regulations,
and other directives of all such districts. Grantor further represents that is
has paid all taxes and other impositions levied by such districts, which are
currently due and payable, except for those taxes and fees, if any, which are
currently being disputed in good faith by Borrower, or are to be prorated and
payable upon the Closing, and that it will in the future continue to make such
payment.

         6.2 PAYMENT OF OBLIGATIONS. Grantor shall pay when due, or cause to be
paid when due:

         (a) the principal of, and interest on, the indebtedness evidenced by
the Note;

         (b) all charges, fees and other sums as provided in the Documents (as
defined in the Loan Agreement) including, without limitation, all reasonable
costs, fees and expenses of this Deed of Trust incurred by Beneficiary in
connection with any Default;

         (c) the principal of, and interest on, any future advances secured by
this Deed of Trust; and

<PAGE>

         (d) the principal of, and interest on, any other indebtedness secured
by this Deed of Trust.

         6.3 COMPLIANCE WITH LAWS. Grantor shall comply in all material respects
with all applicable material existing and future laws, rules, regulations,
orders, ordinances and requirements of all applicable governmental authorities,
and with all recorded covenants and restrictions affecting the Real Property.

         6.4 MAINTENANCE OF PROPERTY. Except as otherwise permitted in the Loan
Agreement and except to the extent that any of the following would be prohibited
under, or would constitute a violation of, the terms and conditions of the Loan
Agreement, Grantor agrees:

         (a) to properly care for and keep said Property in good condition and
repair;

         (b) not to remove, demolish or substantially alter the Property, except
upon the prior written consent of Beneficiary;

         (c) to complete promptly and in a good and workmanlike manner any
building or other improvement which may be constructed on the Real Property, and
to pay when due all claims for labor performed and materials furnished therefor
(subject to Grantor's right to contest the validity or amount of mechanic's
and/or materialman's liens in accordance with the Loan Agreement);

         (d) not to commit or permit any waste or deterioration of the Property
(ordinary wear and tear, casualty and condemnation excepted);

         (e) not to commit, suffer or permit any act to be done, or condition to
exist, in or upon said Property in material violation of any law, covenant,
condition or restriction now, or hereafter, affecting said Property (including
any which require alteration or improvement thereof);

         (f) to keep and maintain all grounds, sidewalks, roads, parking and
landscaped areas situated on the Property in good order and repair;

         (g) not to drill or extract or enter into any lease for the drilling
for or extraction of oil, gas or other hydrocarbon substances or any mineral, of
any kind or character on or from the Property or any part thereof;

         (h) not to apply for any subdivision, change in zoning, change in land
use regulation, or inclusion within a general improvement district or similar
assessment mechanism, with regard to any portion of the Real Property without
the prior written consent of Beneficiary; and

         (i) except as otherwise permitted in the Loan Agreement, to do all
other acts, in a timely and proper manner, which, from the character or use of
the Property, may be reasonably necessary to maintain and preserve its value,
the specific enumerations herein not excluding the general.

<PAGE>

         6.5 INSURANCE. During the continuance of this Deed of Trust, Grantor
shall maintain insurance as required by the Loan Agreement.

         6.6 TAXES AND ASSESSMENTS. Grantor shall pay all taxes, assessments and
other governmental charges or levies affecting said Property, or any part
thereof, in the manner required by the Loan Agreement except such taxes,
assessments and other governmental levies as are being contested in good faith
in the manner provided in the Loan Agreement.

         6.7 LIEN CLAIMS. If any mechanic's lien or materialman's lien shall be
recorded, filed or suffered to exist against the Property or any interest
therein by reason of any work, labor, services or materials supplied, furnished
or claimed to have been supplied and furnished in connection with any work of
improvement upon the Property, said lien or claim shall be paid, released or
otherwise discharged of record to the extent required by, and in accordance with
the Loan Agreement.

         6.8 EASEMENTS. If an easement or other incorporeal right other than a
Permitted Encumbrance (collectively, an "Easement") constitutes any portion of
the Real Property, Grantor shall not amend, change, terminate or modify such
Easement, or any right thereto or interest therein, without the prior written
consent of Beneficiary, which consent shall not be unreasonably withheld,
conditioned or delayed by Beneficiary, and any such amendment, change,
termination or modification without such prior written consent shall be deemed
void and of no force or effect. Grantor agrees to perform all obligations and
agreements with respect to said Easement and shall not take any action or omit
to take any action which would effect or permit the termination thereof. Upon
receipt of notice, or otherwise becoming aware, of any default or purported
default under any Easement, by any party thereto, Grantor shall promptly notify
Beneficiary in writing of such default or purported default and shall deliver to
Beneficiary copies of all notices, demands, complaints or other communications
received or given by Grantor with respect to any such default or purported
default.

         6.9 PERFORMANCE BY BENEFICIARY. Should Grantor fail to make any payment
or perform any act which it is obligated to make or perform hereunder or under
the Loan Agreement, then Beneficiary, at its election, upon giving reasonable
notice to Grantor, and without releasing Grantor from any obligation hereunder,
may make such payment or perform such act and incur any liability, or expend
whatever amounts, in its reasonable discretion, it may deem necessary therefor.
All sums reasonably incurred or expended by Beneficiary, under the terms hereof,
shall become due and payable by Grantor to Beneficiary, on the next interest or
installment payment date under the Note secured hereby and shall bear interest
until paid at an annual percentage rate equal to the Default Rate expressed in
the Note. In no event shall such payment or performance of any such act by
Beneficiary be construed as a waiver of the default occasioned by Grantor's
failure to make such payment(s) or perform such act(s).

         6.10 ACTIONS AFFECTING PROPERTY. Grantor promises and agrees that if,
during the existence of this Deed of Trust, there shall be commenced or pending
any suit or action affecting said Property, or any part thereof, or the title
thereto, or if any adverse claim for or against said Property, or any part
thereof, be made or asserted, it will appear in and defend any

<PAGE>


such matter purporting to affect the security of this Deed of Trust and will pay
all its costs and damages arising because of such action.

         6.11 EMINENT DOMAIN. Any award of damages in connection with any
condemnation or similar actions in regard to said Property, or any part thereof,
shall be:

         (a) if a Default exists, paid directly to Beneficiary and shall be
retained by Beneficiary or released to Grantor by Beneficiary; or

         (b) if no Default exists, paid directly to Grantor; all in accordance
with the Loan Agreement.

         6.12 SUBROGATION. To the extent that any sums advanced by Beneficiary
are used to pay any outstanding lien, charge or prior encumbrance against the
Property, such sums shall be deemed to have been advanced by Beneficiary at the
request of Grantor and Beneficiary shall be subrogated to any and all rights and
liens held by any owner or holder of such outstanding liens, charges and prior
encumbrances, regardless of whether said liens, charges or encumbrances are
released.

         6.13 PARTIAL OR LATE PAYMENT. By accepting payment of any sum secured
hereby after its due date, Beneficiary does not waive its right either to
require prompt payment, when due, of all other sums so secured or to declare
Default, as herein provided, for failure to so pay.

         6.14 RIGHT OF BENEFICIARY TO APPEAR. If, during the existence of this
Deed of Trust, there shall be commenced or pending any suit or action affecting
the Property, or any part thereof, or the title thereto, or if any adverse claim
for or against the Property, or any part thereof, shall be made or asserted,
which claim or claims, individually or in the aggregate, would materially
adversely effect Beneficiary's rights and security under this Deed of Trust,
Beneficiary (unless such suit, action or claim is being contested in good faith
by Grantor and Grantor shall have established and maintained adequate reserves
in accordance with generally accepted accounting principles for the full payment
and satisfaction of such suit or action if determined adversely to Grantor), may
appear or intervene in the suit or action and retain counsel therein and defend
same, or otherwise take such action therein as they may be advised, and, with
Grantor's prior written consent, which consent shall not be unreasonably
withheld, conditioned or delayed, may settle or compromise same or the adverse
claim; and in that behalf and for any of the purposes may pay and expend such
sums of money as the Beneficiary may deem to be reasonably necessary and Grantor
shall reimburse Beneficiary for such sums expended, together with accrued
interest thereon, at the Interest Rate which is defined in the Note (provided
Grantor has received documentation, reasonably satisfactory to it, evidencing
the payment or incurrence of such indebtedness or expense by Beneficiary).

         6.15 RELEASES, EXTENSIONS, MODIFICATIONS AND ADDITIONAL SECURITY.
Without notice to or the consent, approval or agreement of any persons or
entities having any interest at any time in the Property or in any manner
obligated under the Obligations ("Interested Parties"), Beneficiary may, from
time to time, release any person or entity from

<PAGE>


liability for the payment or performance of any Obligation, take any action or
make any agreement extending the maturity or otherwise altering the terms or
increasing the amount of any Obligation, or accept additional security or
release all or a portion of the Property and other security for the Obligations.
None of the foregoing actions shall release or reduce the personal liability of
any of said Interested Parties, or release or impair the priority of the lien of
this Deed of Trust upon the Property.

         6.16 RIGHT OF INSPECTION. Beneficiary, its agents and employees, may
enter the Real Property at any reasonable time, upon reasonable advance notice,
for the purpose of inspecting the Real Property and ascertaining Grantor's
compliance with the terms hereof.

                          ARTICLE 7. DEFAULT PROVISIONS

         7.1 DEFAULT. For all purposes hereof, the term "Default" shall mean the
existence of any Event of Default as defined by the Loan Agreement.

         7.2 RIGHTS AND REMEDIES. At any time after and during the continuance
of a Default, Beneficiary shall have all the following rights and remedies (in
addition to (and without limiting) any rights and remedies that are available
hereunder, or under applicable law):

         (a) With or without notice, to declare all Obligations immediately due
and payable;

         (b) With or without notice, and without releasing Grantor from any
Obligation, and without becoming a mortgagee in possession, to cure any breach
or Default of Grantor and, in connection therewith, to enter upon the Real
Property and do such acts and things as Beneficiary or Trustee deems necessary
or desirable to protect the security hereof, including, without limitation:

                  (i) to appear in and defend any action or proceeding
         purporting to affect the security of this Deed of Trust or the rights
         or powers of Beneficiary;

                  (ii) to pay, purchase, contest or compromise any encumbrance,
         charge, lien or claim of lien which, in the sole reasonable judgment of
         Beneficiary or Trustee, is or may be senior in priority to this Deed of
         Trust, the judgment of Beneficiary or Trustee being conclusive as
         between the parties hereto;

                  (iii) to obtain insurance;

                  (iv) to pay any premiums or charges with respect to insurance
         required to be carried under the Loan Documents; and

                  (v) to employ counsel, accountants, contractors and other
         appropriate persons;

         (c) To commence and maintain an action or actions in any court of
competent jurisdiction to foreclose this Deed of Trust or to obtain specific
enforcement of the covenants of Grantor hereunder, and Grantor agrees that such
covenants shall be specifically enforceable by

<PAGE>


injunction or any other appropriate equitable remedy and that for the purposes
of any suit brought under this subparagraph, Grantor waives the defense of
laches and any applicable statute of limitations;

         (d) To apply to a court of competent jurisdiction for and obtain
appointment of a receiver of the Real Property as a matter of strict right and
without regard to the adequacy of the security for the repayment of the
Obligations, the existence of a declaration that the Obligations are immediately
due and payable, or the filing of a notice of default, and Grantor hereby
consents to such appointment;

         (e) To enter upon, possess, manage and operate the Real Property or any
part thereof, to take and possess all documents, books, records, papers and
accounts of Grantor or the then owner of the Real Property, to make, terminate,
enforce or modify Leases of the Real Property upon such terms and conditions as
Beneficiary deems proper, to make repairs, alterations and improvements to the
Real Property as necessary, in Beneficiary's sole judgment, all to protect or
enhance the security hereof;

         (f) Beneficiary may foreclose this Deed of Trust with respect to
Property which consists solely of real property, either by judicial action or
through the Trustee. If the Beneficiary elects to foreclose on the Property
through the Trustee, foreclosure will be initiated by Beneficiary filing its
notice of election and demand for sale with the Trustee. Upon the filing of such
notice of election and demand for sale, the Trustee shall promptly comply with
all notice and other requirements of the laws of Colorado then in force with
respect to such sales, and shall give four weeks (or such shorter time as may be
allowed by applicable law at such time as notice is required to be so given)
public notice of the time and place of such sale by advertisement weekly in some
newspaper of general circulation then published in Gilpin County in which the
Property is located. The actual place of sale shall be specified in the notice
of sale. At the conclusion of any foreclosure sale, the officer conducting the
sale shall execute and deliver to the purchaser at the sale a certificate of
purchase which shall describe the property sold to such purchaser and shall
state that upon the expiration of the applicable periods for redemption, the
holder of such certificate will be entitled to a deed to the property described
in the certificate. After the expiration of all applicable periods of
redemption, unless the property sold has been redeemed by Grantor, the officer
who conducted such sale shall, upon request, execute and deliver an appropriate
deed to the holder of the certificate of purchase or the last certificate of
redemption, as the case may be, and such deed shall operate to divest Grantor
and all persons claiming under Grantor of all right, title and interest, whether
legal or equitable, in the property described in the deed. Nothing in this
Section 7.2(f) dealing with foreclosure procedures or specifying particular
actions to be taken by the Beneficiary or by the Trustee or any similar officer
shall be deemed to contradict or add to the requirements and procedures now or
hereafter specified by Colorado law, and any such inconsistency shall be
resolved in favor of Colorado law applicable at the time of foreclosure;

         (g) To resort to and realize upon the security hereunder and any other
security now or later held by Beneficiary and/or Trustee concurrently or
successively and in one or several consolidated or independent judicial actions
or lawfully taken non-judicial proceedings, or both, and to apply the proceeds
received upon the Obligations all in such order and manner as Beneficiary
determines in its sole discretion;

<PAGE>


         (h) Upon sale of the Real Property pursuant to the power of sale
granted herein or at any judicial or non-judicial foreclosure, Beneficiary may
credit bid (as determined by Beneficiary in its sole and absolute discretion)
all or any portion of the Obligations. In determining such credit bid,
Beneficiary may, but is not obligated to, take into account all or any of the
following:

                  (i) appraisals of the Real Property as such appraisals may be
         discounted or adjusted by Beneficiary in its sole and absolute
         underwriting discretion;

                  (ii) expenses and costs incurred by Beneficiary with respect
         to the Real Property prior to foreclosure;

                  (iii) expenses and costs which Beneficiary anticipates will be
         incurred with respect to the Real Property after foreclosure, but prior
         to resale, including, without limitation, costs of structural reports
         and other due diligence, costs to carry the Real Property prior to
         resale, costs of resale (e.g. commissions, attorneys' and paralegals'
         fees, and taxes), costs of any hazardous materials cleanup and
         monitoring, costs of deferred maintenance, repair, refurbishment and
         retrofit, costs of defending or settling litigation affecting the Real
         Property, and lost opportunity costs (if any), including the time value
         of money during any anticipated holding period by Beneficiary;

                  (iv) declining trends in real property values generally and
         with respect to properties similar to the Real Property;

                  (v) anticipated discounts upon resale of the Real Property as
         a distressed or foreclosed property;

                  (vi) the fact of additional collateral (if any), for the
         Obligations; and

                  (vii) such other factors or matters that Beneficiary (in its
         sole and absolute discretion) deems appropriate.

                  In regard to the above, Grantor acknowledges and agrees that:
         (1) Beneficiary is not required to use any or all of the foregoing
         factors to determine the amount of its credit bid; (2) this Section
         does not impose upon Beneficiary any additional obligations that are
         not imposed by law at the time the credit bid is made; (3) the amount
         of Beneficiary's credit bid need not have any relation to any
         loan-to-value ratios specified in the Loan Documents or previously
         discussed between Grantor and Beneficiary; and (4) Beneficiary's credit
         bid may be (at Beneficiary's sole and absolute discretion) higher or
         lower than any appraised value of the Real Property.

         (i) The rights and remedies of Beneficiary and/or Trustee upon the
occurrence of one or more Defaults (whether such rights and remedies are
conferred by statute, by rule of law, by this Deed of Trust, by any Document, as
defined in the Loan Agreement, or otherwise) may be exercised by Beneficiary
and/or Trustee, in the sole discretion of Beneficiary, either

<PAGE>


alternatively, concurrently, or consecutively in any order. The exercise by
Beneficiary and/or Trustee of any one or more of such rights and remedies shall
not be construed to be an election of remedies nor a waiver of any other rights
and remedies Beneficiary might have unless, and limited to the extent that,
Beneficiary shall so elect or so waive by an instrument in writing delivered to
Grantor. Without limiting the generality of the foregoing, to the extent that
this Deed of Trust covers both Real Property and Personal Property, Beneficiary
and/or Trustee may, in the sole discretion of Beneficiary, either alternatively,
concurrently, or consecutively in any order:

                  (i) proceed as to both the Real Property and Personal Property
         in accordance with Beneficiary's and Trustee's rights and remedies in
         respect of the Real Property; or

                  (ii) proceed as to the Real Property in accordance with
         Beneficiary's and Trustee's rights and remedies in respect of the Real
         Property and proceed as to the Personal Property in accordance with
         Beneficiary's and Trustee's rights and remedies in respect of the
         Personal Property.

         If Beneficiary should elect to proceed as to both the Real Property and
Personal Property collateral in accordance with Beneficiary's and/or Trustee's
rights and remedies in respect to the Real Property:

                  (i) all, or any portion of, the Real Property and all, or any
         portion of, the Personal Property may be sold, in the manner and at the
         time(s) and place(s) provided in this Deed of Trust, in one lot, or in
         separate lots consisting of any combination or combinations of Real
         Property and Personal Property, as the Beneficiary may reasonably
         elect, in the sole discretion of Beneficiary.

                  (ii) Grantor acknowledges and agrees that a disposition of the
         Personal Property collateral in accordance with Beneficiary's rights
         and remedies in respect of Real Property, as herein above provided, is
         a commercially reasonable disposition of said collateral.

         If Beneficiary should elect to proceed as to the Personal Property
collateral in accordance with Beneficiary's rights and remedies with respect to
personal property, Beneficiary shall have all the rights and remedies conferred
on a secured party by the UCC.

         7.3 APPLICATION OF PROCEEDS. All sums received by Beneficiary or
Trustee, shall be applied in payment of the Obligations in the order set forth
by the Loan Agreement; provided, however, Beneficiary and/or Trustee shall have
no liability for funds not actually received by Beneficiary.

         7.4 NO CURE OR WAIVER. Neither Beneficiary's nor any receiver's entry
upon and taking possession of all or any part of the Real Property, nor any
collection of rents, issues, profits, insurance proceeds, condemnation proceeds
or damages, other security or proceeds of other security, or other sums, nor the
application of any collected sum to any Obligation, nor the exercise or failure
to exercise of any other right or remedy by Beneficiary or Trustee, or any
receiver, shall cure or waive any breach, Default or notice of default under
this Deed of Trust, or

<PAGE>


nullify the effect of any notice of default or sale (unless all Obligations then
due have been paid and performed and Grantor has cured all other defaults), or
impair the status of the security, or prejudice Beneficiary in the exercise of
any right or remedy, or be construed as an affirmation by Beneficiary of any
tenancy, lease or option or a subordination of the lien of this Deed of Trust.

         7.5 PAYMENT OF COSTS, EXPENSES AND ATTORNEY'S AND PARALEGALS' FEES.
Grantor agrees to pay to Beneficiary and Trustee immediately and upon demand all
reasonable costs and expenses incurred by Beneficiary and expenses incurred by
the Trustee in connection with the exercise of the rights and remedies provided
for herein and/or in any of the other Documents (including, without limitation,
court costs, appraisal fees and reasonable attorneys' and paralegals' fees,
whether incurred in litigation or not, and all whether internal costs, external
costs or both) with interest from the date such amounts are demanded hereunder
until said sums have been paid, at the Default Rate set forth by the Loan
Agreement.

         7.6 POWER TO FILE NOTICES AND CURE DEFAULTS. Grantor hereby irrevocably
appoints Beneficiary and/or Trustee, and their successors and assigns, as its
attorney-in-fact, which agency is coupled with an interest,

         (a) to execute and/or record any notices of completion, cessation of
labor, or any other notices that Beneficiary deems in good faith are appropriate
to protect Beneficiary's interest,

         (b) upon the issuance of a deed pursuant to the foreclosure of this
Deed of Trust or power of sale granted herein, or the delivery of a deed in lieu
of foreclosure, to execute all instruments of assignment or further assurance
with respect to the Leases and Payments in favor of the grantee of any such
deed, as may be necessary or desirable for such purpose, and

         (c) to prepare, execute and file or record financing statements,
continuation statements, applications for registration and like papers necessary
to create, perfect or preserve Beneficiary's security interests and rights in or
to any of the Personal Property and any other property or interests securing the
payment and the performance of the Obligations; and

         (d) upon the occurrence of an event, act or omission which with notice
or passage of time or both, would constitute a Default and during the
continuance of such Default, Beneficiary or Trustee may perform any obligation
of Grantor hereunder, provided that:

                  (i) Beneficiary as such attorney-in-fact shall only be
         accountable for such funds as are actually received by Beneficiary; and

                  (ii) Beneficiary and Trustee shall not be liable to Grantor or
         any other person or entity for any failure to act under this Section.

<PAGE>

                       ARTICLE 8. MISCELLANEOUS PROVISIONS

         8.1 ADDITIONAL PROVISIONS. The Documents contain or incorporate by
reference the entire agreement of the parties with respect to matters
contemplated herein and supersede all prior negotiations. The Documents grant
further rights to Beneficiary and contain further agreements and affirmative and
negative covenants by Grantor which apply to this Deed of Trust and to the
Property and such further rights and agreements are incorporated herein by this
reference.

         8.2 MERGER. No merger shall occur as a result of Beneficiary's
acquiring any other estate in, or any other lien on, the Property unless
Beneficiary consents to a merger in writing.

         8.3 WAIVER OF MARSHALING RIGHTS. Grantor, for itself and for all
parties claiming through or under Grantor, and for all parties who may acquire a
lien on or interest in the Property, hereby waives all rights to have the
Property and/or any other property which is now or later may be security for any
Obligation ("Other Property") marshaled upon any foreclosure of this Deed of
Trust or on a foreclosure of any Other Property. Beneficiary shall have the
right to sell, and any court in which foreclosure proceedings may be brought
upon and during the continuance of a Default, shall have the right to order a
sale of, the Real Property and any or all of the Personal Property or Other
Property as a whole or in separate parcels, in any order that Beneficiary may
designate.

         8.4 WAIVER OF RIGHTS OF REDEMPTION AND REINSTATEMENT. Grantor, for
itself and for all parties claiming through or under Grantor, and for all
parties who may acquire a lien on or interest in the Property, hereby waives any
and all rights of redemption and reinstatement under law and under any order or
decree of foreclosure of this Deed of Trust, and all such rights of redemption
and reinstatement of Grantor and of all other persons, are and shall be deemed
to be hereby waived to the full extent permitted by the provisions of the
applicable law.

         8.5 EXERCISE OF REMEDIES. Notwithstanding any of the terms or
provisions contained in this Deed of Trust (or in any of the other Documents),
if at any time after the occurrence of a Default and subsequent declaration of
said Default by Lender under any of the Documents (but prior to the time (if
any) that said Default has been cured to the satisfaction of Beneficiary),
Beneficiary or Trustee has commenced to exercise one or more of its remedies
provided for herein (or provided in any of the other Loan Documents or available
at law or in equity), Beneficiary will not be precluded from continuing to
exercise all of its rights and remedies upon said Default (notwithstanding the
fact that Grantor may have cured, attempted to cure or be in the process of
curing said Default). It is the intention of the parties hereto that (to the
extent permitted by law) once Beneficiary or Trustee has commenced to exercise
one or more of its rights or remedies (upon a Default), said Default cannot be
cured, unless Beneficiary expressly agrees in writing to accept said cure and to
cease the exercise of said rights and remedies.

         8.6 RULES OF CONSTRUCTION. The term: (1) "Real Property" means all and
any part of the Real Property and any interest in the Real Property; (2)
"Personal Property"

<PAGE>


means all and any part of the Personal Property and any interest in the Personal
Property; and (3) "Property" means all and any part of the Property and any
interest in the Property.

         8.7 SUCCESSORS IN INTEREST. The terms, covenants, and conditions herein
contained shall be binding upon and inure to the benefit of the successors and
assigns of the parties hereto; provided, however, that this section does not
waive or modify any restrictions on transfer contained herein or in any of the
other Documents.

         8.8 GOVERNING LAW. This Deed of Trust shall, in all respects, be
governed by and construed in accordance with the internal laws of the State of
Colorado and applicable federal law. All references herein to the "UCC" shall be
to the Uniform Commercial Code as enacted in the State of Colorado.

         8.9 NOTICES. All notices, reports, demands, requests and other
communications authorized or required under this Deed of Trust to be given to
Grantor or Beneficiary, shall be given in the manner and to the addresses
specified in the Loan Agreement for the giving of notices. Grantor shall forward
to Beneficiary, without delay, any notices, letters or other communications
delivered to the Real Property or to Grantor naming Beneficiary, "Lender" or any
similar designation as addressee, or which could reasonably be deemed to affect
the ability of Grantor to perform its obligations to Beneficiary under the Note,
the Loan Agreement or any other Loan Documents.

         8.10 MAXIMUM INDEBTEDNESS; FUTURE ADVANCES. This Deed of Trust shall
secure not only existing indebtedness but also such future advances, whether
such advances are obligatory or to be made at the option of Beneficiary, or
otherwise, to the same extent as if such future advances were made on the date
of the execution of this Deed of Trust.

         8.11 SEVERABILITY. If any provision or obligation under this Deed of
Trust shall be determined by a court of competent jurisdiction to be invalid,
illegal or unenforceable, that provision shall be deemed severed from the Deed
of Trust and the validity, legality and enforceability of the remaining
provisions or obligations shall remain in full force as though the invalid,
illegal or unenforceable provision had never been a part of the Deed of Trust.

         8.12 TIME. Time is of the essence of each and every term of this Deed
of Trust.


    [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK, SIGNATURE PAGE TO FOLLOW.]


<PAGE>


       IMPORTANT: READ BEFORE SIGNING. THE TERMS OF THIS AGREEMENT SHOULD
            BE READ CAREFULLY BECAUSE ONLY THOSE TERMS IN WRITING ARE
       ENFORCEABLE. NO OTHER TERMS OR ORAL PROMISES NOT CONTAINED IN THIS
          WRITTEN CONTRACT CAN BE LEGALLY ENFORCED. YOU MAY CHANGE THE
         TERMS OF THIS AGREEMENT ONLY BY ANOTHER WRITTEN AGREEMENT.

         IN WITNESS WHEREOF, Grantor has executed this Deed of Trust as of the
day and year set forth above.

                                    GRANTOR:

                                    CONCORDE BLACKHAWK CORPORATION,
                                    A COLORADO CORPORATION



                                    By:  /s/ JERRY L. BAUM
                                        -------------------------------
                                          Jerry L. Baum, President and
                                          Chief Executive Officer


STATE OF SOUTH DAKOTA       )
                            )s.s.
County of Pennington        )

         Subscribed and sworn before me this 4th day of December, 2002 by
Jerry L. Baum, President and Chief Executive Officer, Concorde Blackhawk
Corporation.
         WITNESS my hand and official seal.

         My Commission Expires:
                                                       /s/ PEGGY MAIER
                                                       --------------------
                                                       Notary Public


<PAGE>


                                    EXHIBIT A

LEGAL DESCRIPTION