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**EXHIBIT 10.2

                                 LEASE AGREEMENT
                                  (Commercial)
                                 ICE RINK TRACT**

     THIS LEASE  AGREEMENT  is made and entered  into to be  effective as of the
22nd day of  April,  1994,  by and  between  the TOWN OF  JACKSON,  a  Municipal
Corporation of the State of Wyoming,  of P.O. Box 1687,  Jackson,  Wyoming 83001
("Landlord"),  and SNOW KING RESORT CENTER, INC., a Wyoming corporation, of P.O.
Box SKI, Jackson, Wyoming 83001 ("Tenant").

                                   WITNESSETH:

     WHEREAS,  Landlord is the owner of that certain parcel of real property and
improvements  described  generally as the Ice Rink Tract,  as more  particularly
described  on Exhibit  "A"  attached  hereto and by this  reference  made a part
hereof (the "Leased Premises"), reserving unto the Landlord the right to exclude
the cemetery access roadway which shall be for mutual use by Landlord and Tenant
and Snow King Resort, Inc., as the "SKI Shelter Tenant"; and

     WHEREAS,  the parties hereto desire to enter into a written lease agreement
providing the terms,  covenants and  conditions  for the occupancy of the Leased
Premises by Tenant; and

     WHEREAS,  the  parties  agree that any other  leases  between  the  parties
concerning this property are revoked and are superseded by this document.

     NOW,  THEREFORE,  in  consideration  of the mutual  covenants,  agreements,
undertakings and benefits to the parties, the parties agree as follows:

     1. Lease Of Leased Premises.  Landlord agrees to lease to Tenant and Tenant
agrees to lease from Landlord the Leased  Premises,  including  that part of the
improvements  thereon outlined in red on Exhibit "B" attached hereto,  according
to the terms and conditions of this Lease.

     2. Term Of Lease.  The term of the Lease shall be for a term of thirty (30)
years,  commencing  June 1, 1993 and  terminating  May 31,  2023  unless  sooner
terminated or extended under the provisions of the Lease.

     3. Rent And Payment.  Tenant  covenants and agrees to pay Landlord,  during
the term of the Lease, as follows:

          (a)  Base  Rent.  Tenant  shall  pay on the  first  day of each  month
     commencing  February 1, 1994, for five monthly  payments  (through June 30,
     1994),  the sum of Thirty Three  Thousand Two Hundred and Fifty six Dollars
     ($33,256.00) each month.  Thereafter,  Tenant shall pay on the first day of
     each  month  commencing  on July 1,  1994,  a sum  equal to  principal  and
     interest  payments  required to amortize and retire over a thirty (30) year
     period a loan from Wyoming Farm Loan Board in an initial  principal  amount
     not to exceed One Million Six Hundred  Sixty-Three  Thousand  Five  Hundred
     Dollars ($1,663,500.00) with an interest rate of eight and one-half percent
     (8  1/2%)  per  annum  but not to  exceed  Twelve  Thousand  Seven  Hundred
     Ninety-One Dollars ($12,791.00) per month or such lesser amount as shall be
     required from time to time to amortize the loan obtained for the purpose of
     building the indoor ice skating facility on the Ice Rink Tract as described
     above. In the event the Town, in its sole discretion,  refinances this loan
     and obtains a lower rate of  interest,  the Tenant shall be allowed to have
     its rate of interest lowered to the same.

          Tenant shall have the right to pay the  principal  balance on the loan
     from the Wyoming Farm Loan Board (in the initial  amount of One Million Six
     Hundred and Sixty Three Thousand Five Hundred  Dollars  ($1,663,500.00)  as
     evidenced on the loan amortization schedule attached hereto as Exhibit "E",
     at any time during the term of this .lease without  penalty of any kind. If
     Tenant exercises this option of prepayment,  the base rent shall be reduced
     to One Hundred  Dollars  ($100.00)  per month,  commencing  the month after
     payment in full has been made.

          (b)  Supplemental  Rent. Based on Gross Revenue in accordance with the
     schedule  attached  hereto as Exhibit "D" and by this reference made a part
     hereof.  Gross  Revenue  shall  include not only those  revenues  listed on
     Exhibit "D" but any and all revenues  derived from the facilities or use of
     facilities  constructed or based upon the leased  premises after  deducting
     therefrom only sales and use or like taxes.  Tenant shall keep accurate and
     complete  accounting records kept in accordance with applicable  accounting
     standards.  Tenant shall  provide to Landlord an  accounting  for all Gross
     Revenues  within ninety (90) days of the close of each calendar year during
     the term of this Lease or within ninety (90) days following the termination
     of this  Lease,  whichever  date is later.  At the time of  delivery of the
     annual  accounting,  Tenant shall also tender any and all supplemental rent
     due and owing as evidenced by the  accounting  provided.  Landlord shall be
     entitled to, at Landlord's  expense,  have conducted or conduct an audit of
     Tenant's  books and records to  determine  the  accuracy of the  accounting
     provided  by  Tenant.  In the event  such  audit  shall  reveal  additional
     supplemental  rent due, Tenant shall immediately pay such supplemental rent
     but Tenant shall have the option of  requesting,  at Tenant's  expense,  an
     independent  third  party audit to confirm the amount due. In the event the
     audit shall  reveal  supplemental  rent  underpayment  of greater than five
     percent (5%) of the total  supplemental rent paid for that year, all audits
     shall be conducted at the expense of Tenant.  This  requirement for payment
     of  supplemental  rent shall survive the  termination  of the Lease for the
     purposes of collecting  supplemental rent due and owing through the date of
     termination of this Lease.

          (c) Additional  Rent. In addition to the rent required of Tenant under
     subparagraphs (a) and (b), Tenant shall be required to pay the sum of Sixty
     Four  Thousand  Seventy  Five  Dollars  ($64,075.00),  which  the  Landlord
     acknowledges  has previously been paid by Tenant.  In addition,  the Tenant
     shall be required to pay the principal sum of One Hundred and Seventy Three
     Thousand Eight Hundred and Forty Three Dollars  ($173,843.00) plus interest
     on said  principal  amount at a base rate of eight and one half  percent (8
     1/2%) per annum,  based upon an  amortization  schedule  attached hereto as
     Exhibit "E", which monthly payment shall commence June 1, 1993 and continue
     for the  following  one  hundred and twenty  months.  Tenant has a right of
     prepayment on this principal balance at any time without penalty.

          In addition to the rent  required of Tenant,  Tenant  shall be jointly
     and severally  responsible with Snow King Resort,  Inc. (the Tenant for the
     Ski Shelter premises) for paying, in regular monthly installments,  1/120th
     monthly,  of the  total  amount  of  additional  rent  for the Ski  Shelter
     building and premises.

          The additional  rental  payments due under this Lease  Agreement shall
     terminate  with the 120th monthly  rental  installment  and  thereafter the
     rental  installments  shall revert to those rentals  reserved in paragraphs
     33(a) and (b) of this Lease.

          Rent payments shall commence in accordance with the foregoing schedule
     and shall  continue  each month  thereafter,  and shall be made  payable to
     Landlord as follows:  Town of Jackson,  Wyoming,  P.O.  Box 1687,  Jackson,
     Wyoming 83001 until directed otherwise.

     4.  Security For Rental  Payments.  The Tenant shall  provide the following
security for the rental payments described in section 3(a), (b) and (c):

          (a)  S K  Land,  a  Wyoming  Limited  Liability  Company,  hereinafter
     referred to as "S K Land", will be a guarantor of all rental payments.  S K
     Land shall submit a financial  statement to the Landlord at the time of the
     execution  of this  Agreement.  The  parties  acknowledge  that S K Land is
     purchasing  real  property  legally  described in Exhibit "F", and commonly
     known as the "Love Property" under a real estate contract. This property is
     hereinafter referred to as the "Love Property". S K Land agrees to promptly
     pay when due all  indebtedness  on this real estate  contract,  and pay the
     remaining  indebtedness thereon on or before February 1, 1995. On or before
     February 1, 1995, Tenant, at its option,  shall do either of the following,
     described as (1) or (2) :

               (1) S K Land shall utilize the Love  Property as  collateral  for
          the obligations of this lease, with Landlord as Mortgagee and with the
          amount  being  mortgaged  equal to one (1) year's  lease  base  rental
          payments,  excluding only  supplemental  rent.  Landlord agrees it may
          take a second  position  behind  any bank on this  mortgage.  S K Land
          agrees to this encumbrance on the Love Property, on or before February
          1, 1995.

               (2) Tenant  shall  provide to Landlord an  irrevocable  Letter of
          Credit  that may be drawn on a bank in Teton  County,  Wyoming,  in an
          amount equal to one (1) year's lease base rental  payments,  excluding
          only  supplemental  rent.  Draws  on the  Letter  of  Credit  shall be
          conditioned  upon Tenant's  failure to pay rental  payments within ten
          (10) days of written notice of default.  Landlord shall be entitled to
          draw on the Letter of Credit to make rental  payments  not paid within
          the  applicable  cure period and the Letter of Credit shall be renewed
          and increased after any such draw to the original  principal amount of
          the letter.  This Letter of Credit shall be renewed  annually not less
          than  thirty (30) days prior to each  anniversary  date of the initial
          commencement  date of the  term of  this  lease  until  all  terms  in
          condition (c) of this section are in full compliance.

          (b) In the event of default,  pursuant to Section  19,  Tenant  agrees
     that Landlord shall retain as its sole and separate  property,  any and all
     fixtures  Tenant  has placed  and/or  installed  in the Ice Rink  facility,
     including but not limited to all assets listed on Exhibit "G".

          (c) On or before September 15, 1996, Snow King Resort, Inc., a Wyoming
     corporation,  shall, at the Tenant's option, either become the guarantor of
     all Tenant's  obligations as defined in this lease or shall, by assignment,
     become the Tenant of this lease, and be responsible,  with Snow King Resort
     Center,  Inc., for all the  obligations of the Tenant as described  herein.
     Snow King Resort,  Inc.  hereby agrees to become a guarantor of all Tenants
     obligations  or to accept an assignment of lease and to become  responsible
     for Tenant's  obligations under this lease on or before September 15, 1996.
     At such time, S K Land shall be released  from further  liability in regard
     to this lease.

     5. Late Rent  Charges.  In the event the monthly rent payments are not paid
within ten (10) days of the due date,  a late charge of two percent  (2%) of the
delinquent  payment  shall  be paid by  Tenant.  Additionally,  said  late  rent
payments  shall  automatically  accrue  interest at an interest rate of eighteen
percent (18%) from the due date,  which accrual of interest shall continue until
the rent payment,  together with accrued interest,  is paid. Such interest shall
begin to accrue  automatically  on all delinquent rent payments (not paid within
the ten (10) day grace period) and shall be payable on demand  without notice to
Tenant.

     6. Use Of The  Leased  Premises.  The use of the Leased  Premises  shall be
restricted  to  skating  activities,  conventions,  exhibit  hall  and  food and
beverage  services  only and  other  events if  approved  by the  Landlord.  Any
nonskating event with a projected  attendance of 500 or more is deemed a special
event,  requiring  the Tenant to obtain a special  event plan as prepared by the
Landlord.  The  Tenant  will  present  the  special  event  plan  to the  Police
Department  and the Fire  Marshall.  Both of these  departments  need to respond
within five (5) working days to the Tenant as to whether the plan is approved or
denied or if there are measures needed to mitigate any impacts.  If the Landlord
has not  responded  within  five (5)  days,  the  event is  deemed  approved  as
presented.  If either the Police  Department or Fire  Marshall  denies the event
within the five day period,  it is deemed  denied.  Tenant  must submit  seating
plans or other  arrangements of the room with the special event plan. The events
known as the Fireman's Ball,  Christmas  Bazaar,  Halloween Party, the Snow King
Hill Climb and New Year's  Eve Party are deemed  approved,  subject to review by
the Police and Fire Marshall for conformance  with their rules and  regulations.
Tenant shall use and allow the use of the Leased  Premises only for the purposes
not prohibited by the laws, regulations,  covenants and ordinances of the United
States, State of Wyoming, Teton County and the Town of Jackson.

     Tenant shall have the right, so long as Tenant has a valid license from the
Town of Jackson,  to sell alcoholic and/or malt beverages in specific  locations
from within and upon the Leased Premises in accordance with all conditions which
apply to any license,  and must adhere with all applicable  laws of the state of
Wyoming  and  ordinances  of the Town of  Jackson as they may exist from time to
time.

     Tenant is authorized to sublease specific portions of the Ice Rink building
to Snow King Resort, Inc., with specific  authorization to sell alcoholic and/or
malt  beverages.  Any such sublease  shall  require  approval of the Landlord in
writing and shall  require that the  sublessee  have a valid liquor  license and
that all  operations of the sublessee  shall be strictly in accordance  with all
applicable  rules,  regulations,  ordinances and statutes of the Town of Jackson
and the State of Wyoming as they may exist from time to time.

     There will be the following restrictions  associated with the dispensing of
liquor:

          (a) The  licensee  will not be allowed to sell  package  liquor to the
     public for off premises consumption.

          (b) During standard operating  functions,  which would be ice skating,
     and operation as a ski shelter,  the applicant will be allowed to sell beer
     and wine only.

          (c) Full liquor service be allowed at banquets, parties,  conventions,
     or special events only.

          (d) The licensee will not operate as a bar or lounge at any time.

          (e) Applicant and Council agree to attach the above conditions on this
     lease for the reason that this  facility  will allow minors in both the ski
     shelter area and the ice rink area.

     Tenant  acknowledges that the indoor ice skating rink facility is part of a
winter sports complex,  including a ski shelter facility. Tenant shall share the
use of all common entry ways, hallways, walkways, parking areas and driveways on
a square footage prorata basis with Snow King Resort, Inc., as tenant of the Ski
Shelter  facility.  All costs of maintenance,  utilities and other such expenses
for  common  area or jointly  used  spaces  shall be shared on a prorata  square
footage  basis  between  Tenant  hereunder  and the  tenants  from  time to time
occupying the remainder of the winter sports complex.

     7. Acceptance Of Leased Premises.  Taking possession of the Leased Premises
by Tenant shall be conclusive  evidence as against the Tenant that such premises
are in good and satisfactory condition when possession of same was taken. Tenant
has  inspected  the Leased  Premises  and accepts the same in "as is"  condition
subject only to completion of construction and "punch list" items, if any.

     8.  Subordination  To  Mortgage.  This  Lease  shall be and is hereby  made
subordinate  to any mortgages or other  security  instruments,  which may now or
hereafter  encumber the Leased  Premises,  and to all  renewals,  modifications,
consolidations,  replacements  and  extensions  thereof.  This  clause  shall be
self-operative  and no further  instrument of subordination  need be required by
any mortgagee or security holder. Tenant shall, at Landlord's request,  promptly
execute  any  appropriate  estoppel  certificate,   subordination  agreement  or
instrument that Landlord may reasonably request in this regard.

     9. Taxes And  Assessments.  Landlord shall pay all real estate taxes,  real
estate assessments,  and any and all other governmental charges,  assessments or
taxes payable in respect to the Leased  Premises or any part thereof  during the
term of this Lease. Tenant shall be liable for taxes levied against its personal
property, trade fixtures and other property placed by Tenant in, on or about the
Leased Premises.

     10.  Utilities.  Tenant  shall  pay for the use of all the  water,  sewage,
electrical, gas, telephone, cable television, garbage and other utility services
to or used by and in connection with the Leased Premises, which charges shall be
reasonably  apportioned  between Tenant and Snow King Resort, Inc. as Tenant for
the Ski Shelter Improvements depicted on Exhibit "B". Tenant shall establish and
maintain all utilities accounts in its name.

     11. Repair And Maintenance.  Tenant  acknowledges  that the Leased Premises
will be in good repair and working  order.  Tenant  shall,  at its sole expense,
except for all Warranty work for new  construction or equipment,  which shall be
assigned or accrue to the benefit of Tenant,  maintain the interior and exterior
of the Leased Premises (including, without limitation, all electrical,  plumbing
and mechanical systems) in as good order and repair as it was at the date of the
commencement of this Lease, reasonable wear and tear excepted.  Tenant shall not
knowingly  commit or willingly  permit to be committed any act or thing contrary
to  the  rules  and   regulations   of  any   federal,   state,   municipal   or
quasi-governmental   authority.   If  the  Landlord  determines,   in  its  sole
discretion,  that the facility is not being properly  maintained,  it shall give
notice to Tenant in writing to repair and/or  maintain the premises.  The Tenant
shall have 48 hours in which to correct any minor deficiencies (small repairs or
cleaning  inadequacies) and thirty (30) days for larger repairs.  If the repairs
and maintenance are not performed to Landlord's satisfaction within the required
time  period,  Landlord  may employ  another  person or entity to repair  and/or
maintain all or any part of the premises and the Tenant shall be responsible for
the payment of all  expenses and costs  related to said repair and  maintenance,
which if not paid, shall be deemed a default pursuant to Section 20, below.

     Tenant shall permit  Landlord,  or its  representatives,  to inspect at any
time the Leased  Premises  and to make  improvements  to the Leased  Premises as
Landlord may now or hereafter deem to be necessary  and/or  appropriate  for the
Leased Premises. All such improvements shall be done, so far as practicable,  to
avoid  interference  with  Tenant's  occupancy  and use of the Leased  Premises,
provided  that  Tenant  shall not be entitled to  compensation  for  unavoidable
interference with its occupancy and use.

     12.  Alterations.  Landlord  shall  have the right at any time to enter the
Leased  Premises to make such  additions,  repairs or alterations as it may deem
necessary or property for the safety,  improvement or preservation of the Leased
Premises.

     Tenant shall make no  alterations  in or  additions to the Leased  Premises
without first obtaining the written  consent of the Landlord,  and all additions
or improvements made by Tenant shall be deemed a part of the Leased Premises and
permanent  structure  thereon and shall remain upon and be surrendered  with the
Leased Premises at the termination of this Lease by lapse of time or otherwise.

     13.  Insurance.  Landlord  shall  maintain  fire  and  extended  "all-risk"
coverage  insurance upon the Leased  Premises,  which shall include the Ice Rink
facility and the Ski Shelter  facility.  Such insurance shall be maintained with
an insurance company  authorized to do business in Wyoming in an amount not less
than Three Million Five Hundred Thousand Dollars ($3,500,000.00) during the term
of the Lease for both premises.

     Tenant shall maintain at its expense fire and extended  coverage  insurance
on all of its personal  property,  including trade fixtures and on all additions
and improvements made by Tenant not required to be insured by Landlord.

     Tenant  shall,  at  Tenant's  expense,  maintain  a policy or  policies  of
comprehensive  general liability  insurance with the premiums thereon fully paid
on or before due date,  issued by and binding upon an  insurance  company with a
Best  Rating  Guide A plus Class 15 Rating,  such  insurance  to afford  minimum
protection   of  not  less  than  a  single   limit  of  One   Million   Dollars
($1,000,000.00)  in  respect  to  personal  injury  and/or  death to one or more
persons and for property damage.  The insurance policy shall name Landlord as an
additional  insured  and shall cover all risks  incident to Tenant's  use of the
Leased Premises and business in connection therewith.

     Tenant shall furnish Landlord with certificates and copies of all insurance
policies to be  maintained  by Tenant with  evidence of payment of the  premiums
thereon.  All such  insurance  policies shall contain a clause or endorsement to
the effect that they may not be terminated or materially amended during the term
of this Lease except after fifteen (15) days written notice thereof to Landlord.

     14. Assignment. Sublease And Mortgage By Tenant. Tenant shall not assign or
create a  security  interest  in,  pledge or  encumber  this Lease or the Leased
Premises,  in whole or in part,  or sublet  the  whole or permit  the use of the
whole or any part thereof by any sub-tenant, licensee or concessionaire,  unless
Tenant first  obtains  Landlord's  written  consent,  which  consent will not be
unreasonably  withheld.  In  the  event  of  any  such  assignment,  subletting,
licensing or granting of a concession, Tenant shall never-the-less remain liable
for the  performance  of all the terms,  conditions  and covenants of this Lease
(including, without limitation, the covenant to pay rent).

     15. Required Subleases.  Notwithstanding the provisions of paragraph 15 and
in recognition of  contributions  made by the public and public entities towards
the  construction  of the  winter  sports  complex  contemplated  by this  Lease
Agreement,  Tenant  shall be  required  as a  condition  of this  Lease to offer
subleases which have been approved in writing by Landlord as follows:

          (a) Jackson Youth  Skating.  Inc.  Tenant shall make  available to and
     offer to Jackson Youth  skating,  Inc.  (JYS) or its  successor  non-profit
     corporation or organization a sublease for the purpose of making  available
     to the  youth of the Town of  Jackson  and  Teton  County  the ice  skating
     facility  contemplated  to be a part of the winter sports  complex which is
     the subject of this lease, including the following terms and conditions.

               i) The sublease shall require that for each year of the sublease,
          Landlord  will maintain high quality ice from October 22 through March
          22 ("the Skating Season") whether or not Subtenant exercises its right
          as  specified  below with the dates  being  subject to  adjustment  on
          agreement between Landlord, Tenant and Subtenant.

               ii) During each skating  Season,  JYS shall agree to pay not less
          than Twenty  Thousand  Dollars  ($20,000.00)  for ice time during that
          skating Season and JYS shall have the priority right to use of the ice
          time  during the periods  from 4:00 p.m. to 8:00 p.m. on each  weekday
          during the  Skating  Season and from 9:00 a.m.  to 12:00 p.m.  on each
          Saturday and Sunday during the Skating Season  provided that on ninety
          (90) days  notice to JYS,  Tenant  shall  have the  right  during  the
          Skating Season to eliminate the  availability  of ice time on four (4)
          weekend days specified in writing by Tenant provided that Tenant shall
          then grant to JYS the option of rescheduling  its time on such weekend
          days to other weekend days of JYS's choice at times  designated by JYS
          between 9:00 a.m. and 8:00 p.m.

               iii) JYS shall  notify  Tenant of the times it elects to  reserve
          for a season by the  latter  of 1) the  proceeding  October  1; and 2)
          twenty (20) days after JYS's  notification by Tenant in writing of the
          need for JYS to make its election,  provided in turn that if JYS fails
          to make a timely  designation,  Tenant  will  notify JYS in writing of
          that failure and JYS shall then have another ten (10) days in which to
          make the designation.

               iv)  Payments for ice time to be made by JYS shall be made at the
          end of each  month  for  which  ice  time is  reserved.  All ice  time
          reserved by JYS shall be paid for  regardless of use unless  alternate
          use is arranged in advance by JYS.

               v) The ice time  rental  payable by JYS shall not  exceed  eighty
          percent (80%) of the  reasonable  public rate  established  by Tenant,
          taking into  consideration  the  scheduling  and amount of ice time in
          question and the demand for  comparable  ice time in Jackson  Hole. In
          the  event  Tenant  and JYS fail to  agree  on the base  rate or rates
          payable  by JYS by the  15th  day of  July  preceding  the  season  in
          question,  Landlord  shall  designate an  arbitrator to make a binding
          decision with respect to the rate to be charged.

               vi) The  provision  with  regard  to  rental  for ice time may be
          amended at any time by  agreement  between  Tenant and  Subtenant  for
          "current"  or "next"  season  provided  that  Landlord  shall be given
          notice in advance of the proposed amendment and shall have thirty (30)
          days  from the date of  receipt  of  notice  in  which to  reject  the
          proposed amendment.

               vii) All  additional  subleases  for skating  facilities  or uses
          shall  require the  granting  to bona fide  members of JYS of a twenty
          percent  (20%)  discount  on such  items  as skate  sharpening,  skate
          rentals and purchases of skating-related items.

               viii) JYS shall  have the right to sell or lease  advertising  on
          the boards  surrounding  the hockey rink,  the ice, the Zamboni and on
          the  scoreboard/clock.  The net proceeds from all such rental  charges
          shall be used to pay rental for ice time. The Landlord  and/or Tenant,
          in  Landlord's  discretion,  may  have its  logos  or  other  signs in
          locations through the complex without compensation to JYS.

               ix) The sublease may include such other terms and  conditions  as
          the parties specifically, including Landlord, shall mutually agree.

     Other than as stated  above,  Tenant  shall not sublease any portion of the
property,  whether the interior or the exterior of the  property,  including the
erection of temporary structures,  without the written approval of the Landlord,
which approval will not be unreasonably  withheld.  Any approved  sublessee must
have a valid liquor license prior to the sale of any alcoholic or malt beverage.

     16. Signs.  Tenant shall have the right to erect and maintain  signs in, on
or about the Leased  Premises,  provided,  that same shall comply with governing
laws,  regulations,  covenants  and  ordinances of the United  states,  state of
Wyoming,  County of Teton and the Town of Jackson. All such signs must, however,
be approved in advance in writing by the Landlord.

     17. Tenant's Covenants. Tenant covenants that it shall:

          (a) During each skating  season,  Tenant shall provide  skating to the
     public for one public  session two week days per week  between the hours of
     8:00 p.m.  and 10:00  p.m.,  with an option  for a third  night  based upon
     demand determined by the Landlord.  Tenant shall have the right at any time
     to increase  public  skating.  During each  skating  season,  Tenant  shall
     provide at least three (3) hours  skating to the public each  Saturday  and
     Sunday  during the 1:00 p.m. to 10:00 p.m.  time period each day except for
     the four weekend days as defined in Section 15(a)(ii).  In addition to said
     four  weekends,  the public  skating may be eliminated due to the Christmas
     bazaar weekend, the Halloween party weekend and the Firemen's Ball weekend.
     To  accommodate  the  needs of the  Landlord,  the  Tenant  will add  three
     additional  week days or weekends to the skating season to accommodate  for
     these three additional events.  This requirement may be excused in the sole
     discretion of the Landlord. Tenant shall cause to be published a dependable
     schedule for public skating at the beginning of each skating season.

          (b) The Landlord has the authority to prohibit parking that interferes
     with safe and  appropriate  use of the center and retains the right to sign
     and enforce parking  regulations for public safety,  access and appropriate
     use.  The Tenant is required  to direct and  control all public  parking to
     conform to the regulations and requirements of the Landlord.

          (c) Comply with all laws, orders,  regulations,  rules, ordinances and
     covenants of any state or federal  statute or local ordinance or regulation
     applicable to Tenant and/or its use of the Leased Premises.

          (d) Give to Landlord  prompt written  notice of any accident,  fire or
     damage occurring on or to the Leased Premises.

          (e) Keep the Leased Premises  sufficiently  heated to prevent freezing
     of pipes, waterlines and fixtures.

          (f) Keep the Leased Premises  orderly,  clean,  sanitary and free from
     objectionable odors and insects, vermin, pets, pests and nuisances.

          (g) Do  all  things  reasonable  possible  to  prevent  filing  of any
     mechanics' or other liens  against the Leased  Premises or any part thereof
     by reason of work,  labor,  services or  materials  furnished or claimed to
     have been furnished to Tenant, or anyone holding the Leased Premises or any
     part  thereof,  through  or under  Tenant.  If any such lien shall be filed
     against  the Leased  Premises,  Tenant  shall  either  cause the same to be
     discharged  of record  within twenty (20) days after the date of the filing
     of same,  or if the  Tenant,  in  Tenant's  discretion  and in good  faith,
     determines the lien should be contested, Tenant shall furnish such security
     as may be necessary or required to prevent any foreclosure against Tenant's
     or  Landlord's  interest in the Leased  Premises.  If Tenant  shall fail to
     discharge  such  lien  within  such  period,  or fail to  furnish  adequate
     security,  then in  addition  to any other  right of  remedy  of  Landlord,
     Landlord may but shall not be  obligated  to  discharge  the lien either by
     paying the amount  claimed to be due or by procuring  the discharge of such
     lien by obtaining  security or in any other manner.  available to Landlord.
     Nothing herein  contained  shall imply any consent or agreement on the part
     of  Landlord  to subject  Landlord's  interest  in the Leased  Premises  to
     liability under any mechanics' or other lien law.

          (h) Repay Landlord,  as additional rent, on demand, all sums disbursed
     or  deposited  by Landlord  pursuant  to the  provisions  of this  section,
     including  Landlord's  costs,   expenses  and  reasonable  attorneys'  fees
     incurred by Landlord in connection therewith.

          (i) Permit no one other than employees,  agents, servants and business
     invitees to remain in or loiter upon the Leased Premises.

          (j)  Comply  with all  reasonable  rules and  regulations  that may be
     established, from time to time, by Landlord. Tenant covenants that it shall
     not do or suffer to be done anything  objectionable  to the fire  insurance
     companies,  whereby the fire insurance or any other  insurance now in force
     or hereafter to be placed on the Leased  Premises or any part thereof shall
     become void or suspended,  or be rated as a more hazardous risk than at the
     date when Tenant receives possession  hereunder.  In the event of breach of
     this covenant, in addition to all other remedies of Landlord,  Tenant shall
     pay to Landlord as additional rent any increase in insurance premiums.

     18. Landlord's  Covenants Of Quiet Enjoyment.  The Landlord  covenants that
the Tenant,  upon paying the rentals and  performing the covenants upon its part
to be performed  herein,  shall peacefully and quietly have, .hold and enjoy the
Leased Premises during the term hereof.

     19. Damage Or Destruction To Leased Premises.  If the Leased Premises shall
be  damaged by fire,  the  elements,  unavoidable  accident  or other  casualty,
without the fault or  negligence  of Tenant,  or Tenant's  servants,  employees,
agents, visitors,  licensees,  invitees or sub-tenants,  and the Leased Premises
are not thereby  rendered  untenantable in whole or in part,  Landlord shall, at
its expense, cause such damage to be repaired, and the rent shall not be abated.
If,  by  reason  of such  occurrence,  the  Leased  Premises  shall be  rendered
untenantable  only in part,  Landlord  shall  promptly  cause  the  damage to be
repaired  and  the  rent,  during  such  period  of  repair,   shall  be  abated
proportionately to the portion of the Leased Premises rendered untenantable. If,
by reason of such  occurrence,  the Leased  Premises  shall be  rendered  wholly
untenantable,  Landlord  shall cause such  damage to be  repaired  and the rent,
during  such  period of  repair,  shall be abated  in whole.  There  shall be no
extension of the term of this Lease by reason of such abatement. Notwithstanding
the  foregoing  provisions,  if the Leased  Premises  shall be  rendered  wholly
untenantable  by reason of such  occurrence  and the Leased  Premises  cannot be
repaired  within six (6) months  from the date such damage  occurs,  Landlord or
Tenant shall, at their option, have the right to declare the balance of the term
of this Lease to be null and void.

     If any such damage or destruction occurring to the Leased Premises, whether
partial or complete, shall occur as the result of the fault or any negligence of
Tenant or Tenant's servants,  employees, agents, business invitees, licensees or
sub-tenants,  there shall be no  apportionment  or  abatement of rent during the
term of this Lease.

     20.  Default  By Tenant.  The Tenant  agrees to  observe  and  perform  the
conditions  and  covenants set forth in this Lease,  and further  agrees that if
default be made in the payment of any rent and such  payment  default  continues
for ten (10) days  following the due date for such  payment,  or if Tenant shall
fail to observe or perform any of the other  conditions  or  covenants  and such
other default shall continue for more than thirty (30) days after written notice
of such default, then and in that event, and as often as the same may happen, it
shall be lawful for Landlord, at its election,  with or without previous notice,
to  terminate  this  Lease or to  re-enter  and  repossess  itself of the Leased
Premises without termination, with or without legal proceeding, using such force
as may be necessary,  and to remove therefrom any personal property belonging to
Tenant  without  prejudice to any claim for rent or for breach of the  covenants
hereof,  or without being guilty of any manner of trespass or forcible entry and
detainer.  The foregoing described rights shall be non-exclusive and shall be in
addition to any and all of the rights and remedies Landlord may have pursuant to
governing law.

     21. Payment After  Termination.  No payments of money by Tenant to Landlord
after the  termination  of this Lease,  in any manner or after the giving of any
notice by Landlord  to Tenant  shall  reinstate,  continue or extend the term of
this  Lease or affect any notice  given to Tenant  prior to the  payment of such
money.

     22.  Abandonment Of Leased Premises.  If Tenant shall abandon or vacate the
Leased  Premises  before  the  end of the  term of this  Lease,  or if  Landlord
re-enters  the Leased  Premises  without  termination,  the Landlord may, at its
option and without notice to Tenant,  enter the Leased Premises,  and re-let the
same,  or any  part  thereof,  as it may see fit,  without  thereby  voiding  or
terminating  this Lease,  and,  for the purpose of such  reletting,  Landlord is
authorized to make any repairs,  changes,  alterations or additions in or to the
Leased  Premises,  as may, in the sole  discretion of Landlord,  be necessary or
desirable for the purpose of such re-letting,  and if a sufficient sum shall not
be realized from such  re-letting  each month to equal the monthly  rental under
the provisions of this Lease, then Tenant agrees to pay such deficiency.

     23.  Indemnification.  Tenant shall indemnify Landlord and save it harmless
from and against any and all claims, actions, damages,  liability and expense in
connection with loss of life, personal injury or damage to property occurring in
or about, or arising out of or from the Leased  Premises and adjacent  sidewalks
and loading areas,  or the occupancy or use of the Leased  Premises by Tenant or
its  sub-tenants,  or  occasioned  who11y or in part by any act or  omission  of
Tenant, its agents, licensees, business invitees, concessionaires,  contractors,
customers, employees or sub-tenants.

     In case Landlord  shall be made a party to any  litigation  commenced by or
against  Tenant,  its agents,  licensees,  business  invitees,  concessionaires,
contractors,  customers, employees or sub-tenants, Tenant shall protect and hold
Landlord  harmless and shall pay all costs,  expenses and reasonable  attorneys'
fees incurred or paid by Landlord in connection with such litigation.

     24.  Attorneys'  Fees. In the event either party shall find it necessary to
obtain  the  services  of an  attorney  to  enforce  any  of the  covenants  and
conditions  of  this  Lease,   the   prevailing   party  shall  be  entitled  to
reimbursement for all costs and expenses,  including reasonable attorneys' fees,
whether or not litigation is commenced.

     25.  Trade  Fixtures.  Trade  fixtures  installed  by Tenant in the  Leased
Premises  shall  remain the  property  of the Tenant and shall be removed at any
time by it on or  before  the  termination  of this  Lease  by  lapse of time or
otherwise.  Any damage caused to the Leased  Premises that is the result of such
removal shall be repaired by Tenant at its expense.  Any such trade fixtures not
removed at or prior to the  termination  shall  become the property of Landlord.
Lighting fixtures, whether or not installed by Tenant, shall not be removable at
the expiration or earlier  termination of this lease,  and shall become the sole
property of Landlord.

     26.  Landlord's  Access.  Landlord  and  its  agents,  employees  or  other
representatives  may enter the  Leased  Premises  at any  reasonable  time after
reasonable  notice for the  purpose of (a)  inspecting  the Leased  Premises  to
ascertain  Tenant's  compliance with the terms and conditions of this Lease, (b)
in order  to make  repairs,  additions  or  alterations  as the  Landlord  deeds
necessary,  (c) to post notices of non-responsibility under mechanics' lien law,
(d) to exhibit the Leased Premises for sale, lease or mortgage financing, or (e)
for any other reasonable purposes.

     27.  Notices.  Any notices  required or  permitted to be given or served by
either  party to the other  shall be  deemed  to have been duly  given or served
there if in writing and forwarded by certified  mail,  postage  prepaid,  return
receipt  requested,  to the respective  addresses set forth below.  Such notices
shall be deemed given upon mailing of sale.

      Tenant:

                  Snow King Resort Center, Inc.
                  P.O. Box SKI
                  Jackson, Wyoming 83001

      Landlord:

                  Town of Jackson
                  P.O. Box 1687
                  Jackson, Wyoming 83001

     28. Amendment Or Modification.  Tenant  acknowledges and agrees that it has
not relied upon any  statement,  representation,  agreement or warranty,  except
such as are expressly  stated herein,  and that no amendment or  modification of
this Lease shall be valid or binding unless expressed in writing and executed by
the parties hereto in the same manner as the execution of this Lease.

     29. Memorandum Of Lease. The parties may execute a shortform  memorandum of
this Lease in recordable form,  which may, at either parties' option,  be placed
of record in the Teton County real estate records.

     30. No  Partnership.  No  partnership  or joint  venture is created by this
Lease.  The Landlord and Tenant  shall be construed to be that  relationship  of
landlord and tenant only.

     31. Miscellaneous. Time is of the essence.

     No waiver of any breach of one or more of the  conditions  or  covenants in
this Lease by Landlord  shall be deemed to imply or  constitute  a waiver of any
succeeding pr other breach hereunder.

     This Lease and its provisions shall be construed and enforced in accordance
with and pursuant to governing Wyoming law.

     The headings used in this Lease are for convenience  only and are not to be
used in its construction.

     Whenever  used,  the  singular  shall  include the  plural,  the plural the
singular and the use of any gender shall include all genders.

     If there is more than one person  comprising  the  Tenant,  the  covenants,
agreements,  undertakings  and  obligations  hereunder  shall be the  joint  and
several obligations of all such persons.

     This Lease may be executed in multiple counterparts, each of which shall be
deemed to be an original.

     IN WITNESS  WHEREOF,  the  parties  hereto have  executed  this Lease to be
effective as of the day and year first above written.

                                          LANDLORD:

                                          TOWN OF JACKSON, a Municipal
                                          Corporation

                                          By: /s/ Jeff L. Crabtree
                                              Mayor

ATTEST:

By:   /s/ Town Clerk
      Town Clerk

                                          TENANT:

                                          SNOW KING RESORT CENTER, a
                                          Wyoming corporation

                                          By:  /s/ Manuel B. Lopez
                                               President

ATTEST:

By:   /s/ Secretary
      Secretary

                                          S K LAND LIMITED LIABILITY
                                          COMPANY

                                          By:  /s/ Manuel B. Lopez
                                               Managing Partner

ATTEST:

By:   /s/ Secretary
      Secretary

                                          SNOW KING RESORT, INC.

                                          By:  /s/ Manuel B. Lopez
                                               President
ATTEST:

By:   /s/ Secretary
      Secretary
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