the Tidelands Lease.
B.
LANDLORD AND TENANT ACKNOWLEDGE THAT TENANT MAY DESIRE TO EXECUTE
A TIDELANDS LEASE OR LEASES ON TERMS AND CONDITIONS ACCEPTABLE TO TENANT
IN
TENANT'S SOLE DISCRETION (A "NEW TIDELANDS LEASE"), PURSUANT TO WHICH TENANT
SHALL LEASE FROM THE STATE OF MISSISSIPPI SOME OR ALL OF THAT PORTION OF THE
REAL PROPERTY AND RIGHTS, WHETHER FEE, LITTORAL OR RIPARIAN, THEREIN IN THE
TIDELANDS OR OTHER LANDS LYING BENEATH THE WATERS CONTIGUOUS TO THE PREMISES OR
ANY LEASED PROPERTY, SUBJECT TO THE OWNERSHIP, JURISDICTION AND PUBLIC TRUST OF
THE STATE OF MISSISSIPPI (THE "NEW TIDELANDS AREA").
THROUGHOUT THE LEASE TERM,
TENANT SHALL HAVE THE SOLE AND EXCLUSIVE RIGHT TO OBTAIN AND MAINTAIN NEW
TIDELANDS LEASES, SHALL OWN AND HAVE SOLE AND EXCLUSIVE RIGHTS TO ALL RIPARIAN
AND LITTORAL RIGHTS ASSOCIATED WITH THE NEW TIDELANDS AREA, AND SHALL BE
RESPONSIBLE FOR PAYMENT OF ALL RENT THEREUNDER.
2.9
PROHIBITION ON ACQUIRING AFTER ACQUIRED PROPERTY:
LANDLORD,
WHETHER IN LANDLORD'S NAME OR IN THE NAME OF SKRMETTA, ANY MEMBER OF LANDLORD,
ANY FAMILY MEMBER (PARENTS, SIBLINGS, CHILDREN, GRANDCHILDREN OR
GREAT-GRANDCHILDREN) OF SKRMETTA, ANY TRUST OR ENTITY ESTABLISHED BY SKRMETTA OR
HIS FAMILY MEMBER OR MEMBERS (PARENTS, SIBLINGS, CHILDREN, GRANDCHILDREN OR
GREAT-GRANDCHILDREN) OR UNDER SKRMETTA'S DIRECTION OR CONTROL OR ANY TRUST OR
ENTITY IN WHICH SKRMETTA HAS A FINANCIAL OR PECUNIARY INTEREST, OR IN THE NAME
OF ANY TRUSTEE, OWNER, PARTNER, SHAREHOLDER, MEMBER, OFFICER, MANAGER, AGENT OR
DIRECTOR OF ANY SUCH ENTITY, SHALL NOT ACQUIRE OR LEASE ANY AFTER ACQUIRED
PROPERTY UNLESS SUCH AFTER ACQUIRED PROPERTY IS MADE PART OF THE PREMISES UNDER
THIS LEASE BY AN AMENDMENT HERETO.
AT THE SETTLEMENT ON THE ACQUISITION OF OR
UPON EXECUTION OF A LEASE FOR ANY AFTER ACQUIRED PROPERTY BY LANDLORD, LANDLORD
AND TENANT SHALL EXECUTE AND DELIVER AN AMENDMENT TO THIS LEASE AMENDING THE
DESCRIPTION OF THE PREMISES TO BE THE PREMISES AS THEN DEFINED UNDER THIS LEASE
AT THE DATE OF SETTLEMENT AND THE AFTER ACQUIRED PROPERTY.
FROM AND AFTER THE
SETTLEMENT OR LEASE EXECUTION DATE, THE AFTER ACQUIRED PROPERTY THAT IS
INCORPORATED INTO THE DEFINITION OF "PREMISES" PURSUANT TO THIS SECTION 2.9A
SHALL BE SUBJECT TO THE TERMS, COVENANTS AND CONDITIONS OF THIS LEASE,
INCLUDING, BUT NOT LIMITED TO, BEING SUBJECT TO RENT PURSUANT TO SECTION 3.1
BELOW..
ANY VIOLATION BY LANDLORD OF THIS SECTION 2.9 SHALL BE A BREACH HEREOF
AND SHALL ENTITLE TENANT TO EXERCISE ANY REMEDY SET FORTH IN THIS LEASE.
2.10
LEASED PROPERTY:
IF TENANT LEASES PROPERTY WITHIN THE WATERFRONT
AREA PURSUANT TO AN EXISTING LEASE OR A NEW LEASE, SUCH PROPERTY SHALL BE
INCLUDED IN THE GAMING SITE.
11
ARTICLE 3
RENT
3.1
RENT:
COMMENCING ON THE COMMENCEMENT DATE AND CONTINUING
THROUGHOUT THE LEASE TERM, TENANT SHALL PAY TO LANDLORD RENT (THE "RENT") FOR
EACH MONTH EQUAL TO FIVE PERCENT (5%) OF THE ADJUSTED GAMING WIN FOR THAT MONTH.
3.2
PAYMENT OF RENT:
RENT SHALL BE PAID MONTHLY IN ARREARS ON OR
BEFORE THE TWENTIETH (20TH) DAY OF THE FOLLOWING MONTH, AT WHICH TIME TENANT
SHALL