Document:

EXHIBIT 4.50

 

FIRST AMENDMENT TO FEE
AND LEASEHOLD DEED OF TRUST,

ASSIGNMENT OF LEASES AND
RENTS,

SECURITY AGREEMENT AND
FIXTURE FILING

 

This First Amendment to Fee and Leasehold Deed of
Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing (“First
Amendment”) dated as of march 2, 2005 is between BLACK HAWK GAMING &
DEVELOPMENT COMPANY, INC., a Colorado corporation, having an office at 240 Main
Street, Black Hawk, Colorado 80422 (“Black Hawk”), BLACK HAWK/JACOBS
ENTERTAINMENT, LLC, a Colorado limited liability corporation, having an office
at 240 Main Street, Black Hawk, Colorado 80422 (“Black Hawk/Jacobs”) and GILPIN
HOTEL VENTURE, a Colorado joint venture, having an office at 240 Main Street,
Black Hawk, Colorado 80422 (“Gilpin”), each as a grantor, assignor and debtor
(Black Hawk, Black Hawk/Jacobs and Gilpin, collectively in such capacities and
together with any successors in such capacities, the “Grantors” and each a “Grantor”)
and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association
having an office at 213 Court Street, Suite 703, Middletown, CT 06457, in its
capacity as trustee pursuant to the Indenture (as hereinafter defined), as
beneficiary, assignee and secured party (in such capacities and together with
any successors in such capacities, the “Beneficiary”).

 

RECITALS

 

A.                                   Jacobs
Entertainment, Inc., a Delaware corporation formerly known as Gameco, Inc. (the
“Issuer”), certain of its Subsidiaries (as defined in the Indenture), the
Grantors and the Beneficiary have entered into that certain Indenture, dated as
of February 8, 2002, supplemented by the First Supplemental Indenture, dated as
of February 22, 2002, the Second Supplemental Indenture, dated as of June 14,
2002, the Third Supplemental Indenture, dated as of June 4, 2003, the Fourth
Supplemental Indenture dated as of the date hereof and the Fifth Supplemental
Indenture dated as of the date hereof (collectively, as amended, amended and
restated, supplemented, or otherwise modified heretofore or from time to time
hereafter, the “Indenture”), pursuant to which the Issuer has issued its 11
7/8% Senior Secured Notes due 2009 in the aggregate principal amount of
$125,000,000 (the “Old Notes”).

 

B.                                     The
Indenture contemplated that the Issuer may, after the date of the Indenture,
issue Additional Notes (as defined in the Indenture) and Exchange Notes (as
defined in the Indenture; the Exchange Notes, together with the Additional
Notes and the Old Notes, the “Notes”), in each case, pursuant to the provisions
of the Indenture.  Pursuant to the Fourth
Supplemental Indenture, Issuer shall increase the aggregate principal
indebtedness under the Indenture by the issuance of Additional Notes in the
original principal amount of Twenty Three Million and No/100ths Dollars ($23,000,000.00)
(the “First Additional Notes”), thereby raising the total amount of Notes
issued under the Indenture to an aggregate principal amount of One Hundred
Forty Eight Million and No/100ths Dollars ($148,000,000.00).

 

C.                                     In
connection with the Indenture and the Notes issued thereunder, Grantors have
executed that certain Fee and Leasehold Deed of Trust, Assignment of Leases and
Rents, Security Agreement and Fixture Filing (as amended, amended and restated,
supplemented, or otherwise modified from time to time, the “Deed of Trust”),
dated as of February 22, 2002, and recorded February 22, 2002 in Book 747 at
Page 441 of the real estate records of the Clerk and Recorder of Gilpin County,
Colorado.

 

D.                                    Black
Hawk, Black Hawk/Jacobs and Gilpin continue to own or hold the interests in the
Mortgaged Property (as defined in the Deed of Trust) that are described in the
Deed of Trust.

 

E.                                      
The Issuer owns, directly or through its Subsidiaries, all of the issued and
outstanding shares of each Grantor.

 

 

F.                                      The
Deed of Trust is given by each Grantor to the Trustee for the benefit of the
Beneficiary and for the benefit of the Holders of the Notes (collectively, the “Secured
Parties”) to secure the payment and performance of all of the Secured
Obligations (as defined in the Deed of Trust).

 

G.                                     Each
Grantor will receive substantial benefits from the issuance of the First
Additional Notes and is therefore willing to enter into this First Amendment.

 

H.                                    Beneficiary
and Grantors desire to modify the terms of the Deed of Trust as set forth
below.

 

AGREEMENT

 

NOW, THEREFORE, in
consideration of the foregoing premises and the agreements, provisions and
covenants herein contained, Borrower and Lender agree as follows:

 

1.                                      Recitals
Incorporation. The recitals set forth above are hereby incorporated
into this First Amendment as material parts thereof and not simply as mere
recitals.

 

2.                                      Definitions.
 Except
as modified herein all capitalized terms used herein shall have the meanings
ascribed thereto in the Deed of Trust or, if not defined in the Deed of Trust,
in the Indenture.

 

3.                                      Secured
Indebtedness.

 

a.                                       The
reference to $125,000,000 on the title page of the original Deed of Trust is
hereby amended and replaced with $148,000,000.

 

b.                                      Section
2.4 of the Deed of Trust is hereby amended by deleting the section in its
entirety and substituting the following:

 

SECTION 2.4.  Future Advances.  This Deed of Trust shall secure future
advances.  The maximum aggregate amount
of all advances of principal under the Indenture (which advances are obligatory
to the extent the conditions set forth in the Indenture relating thereto are
satisfied) that may be outstanding hereunder at any time is $148,000,000 plus
interest thereon, collection costs, sums advanced for the payment of taxes,
assessments, maintenance and repair charges, insurance premiums and any other
reasonable costs incurred to protect the security encumbered hereby or the Lien
hereof, reasonable expenses incurred by the Beneficiary by reason of any
default by any Grantor under the terms hereof, together with all other sums
secured hereby.

 

4.                                      Modification/Ratification.
Except as modified hereby, all other terms, powers, provisions and obligations
of the Deed of Trust shall remain unimpaired and shall not be changed or
modified by this First Amendment and shall continue in full force and effect
and are hereby ratified and confirmed. To the extent of any conflict between
this First Amendment and the Deed of Trust, this First Amendment shall control
and the Deed of Trust is hereby amended to the extent of any such conflict.

 

5.                                      No
Novation.  This First Amendment
constitutes a confirmation and amendment of the original Deed of Trust and, to
the maximum extent authorized by law, all covenants and obligations of Grantors
and all rights of Beneficiary in the Mortgaged Property shall relate back to
the date of the original Deed of Trust. 
This First Amendment, in any event, shall constitute the present grant
of the Property, in trust with power of sale, to the Trustee for the benefit of
the Beneficiary upon its execution by the Grantors and each of them, upon and
incorporating the terms and covenants of the Deed of Trust, to secure payment
of the Notes and performance of all of the Secured Obligations.

 

2

 

6.                                      Counterparts.  This First Amendment may be executed in as
many counterparts as necessary or convenient, and by the different parties on
separate counterparts each of which, when so executed, shall be deemed an
original but all such counterparts shall constitute but one and the same
agreement.

 

The parties hereto
have executed this First Amendment or have caused the same to be executed by
their duly authorized representatives as of the date first above written.

 

 

GRANTORS:

 

BLACK HAWK GAMING & DEVELOPMENT COMPANY, INC., a Colorado
corporation

 

 

	
  By:

  	
  /s/ Stephen R. Roark

  	
   

  
	
   

  	
  Stephen R. Roark,

  
	
   

  	
  President

  

 

GILPIN HOTEL VENTURE, a Colorado joint venture partnership

 

By:                              BLACK
HAWK GAMING & DEVELOPMENT COMPANY, INC., a Colorado corporation,

Its Joint Venture Partner

 

 

	
  By:

  	
  /s/ Stephen R. Roark

  	
   

  
	
   

  	
  Stephen R. Roark,

  
	
   

  	
  President

  

 

By:                              GILPIN
VENTURES, INC., a Colorado corporation

Its Joint Venture
Partner

 

 

	
  By:

  	
  /s/ Stephen R. Roark

  	
   

  
	
   

  	
  Stephen R. Roark,

  
	
   

  	
  President

  

 

 

BLACK HAWK/JACOBS ENTERTAINMENT, LLC, a Colorado limited liability
company

 

By:                              BLACK
HAWK GAMING & DEVELOPMENT COMPANY, INC., a Colorado corporation,

Its Manager

 

 

	
   

  	
  By:

  	
  /s/ Stephen R. Roark

  	
   

  
	
   

  	
   

  	
  Stephen R. Roark,

  
	
   

  	
   

  	
  President

  

 

3

 

BENEFICIARY:

 

WELLS FARGO BANK, NATIONAL ASSOCIATION

 

 

	
  By:

  	
  /s/ Joseph P. O’Donnell

  	
   

  
	
  Name: Joseph P. O’Donnell

  
	
  Title: Assistant Vice President

  

 

4

 

	
  State of Connecticut

  	
  )

  
	
   

  	
  ) ss.

  
	
  County of Middlesex

  	
  )

  

 

The foregoing instrument was acknowledged before me this 25th
day of February, 2005 by Joseph P. O’Donnell as Assistant Vice President of
Wells Fargo Bank, National Association.

 

Witness my hand and official seal.

 

My commission expires:  February
28, 2007

 

	
  [SEAL]

  	
  /s/ William Kotkosky

  	
   

  
	
   

  	
  Notary Public

  	
   

  
				

 

 

	
  State of Colorado

  	
  )

  
	
   

  	
  ) ss.

  
	
  City & County of Denver

  	
  )

  

 

The foregoing instrument was acknowledged before me this 25th
day of February, 2005 by S.R. Roark as CFO of Jacobs Entertainment, Inc., a
Delaware corporation.

 

Witness my hand and official seal.

 

My commission expires:  1/15/07

 

 

	
  [SEAL]

  	
  /s/ Kathy A. Baldwin

  	
   

  
	
   

  	
  Notary Public

  	
   

  
				

 

 

	
  State of Colorado

  	
  )

  
	
   

  	
  ) ss.

  
	
  City & County of Denver

  	
  )

  

 

 

The foregoing instrument was acknowledged before me this 25th
day of February, 2005 by Stephen R. Roark as President of Black Hawk Gaming
& Development Company, Inc., a Colorado corporation.

 

Witness my hand and official seal.

 

My commission expires:  1/15/07

 

 

	
  [SEAL]

  	
  /s/ Kathy A. Baldwin

  	
   

  
	
   

  	
  Notary Public

  	
   

  
				

 

5

 

	
  State of Colorado

  	
  )

  
	
   

  	
  ) ss.

  
	
  City & County of Denver

  	
  )

  

 

The foregoing instrument was acknowledged before me this 25th
day of February, 2005 by Stephen R. Roark as President of Black Hawk Gaming
& Development Company, Inc., a Colorado corporation, and as President of
Gilpin Ventures, Inc., a Colorado corporation, the joint venture partners of
Gilpin Hotel Venture, a Colorado joint venture partnership.

 

Witness my hand and official seal.

 

My commission expires:  1/15/07

 

 

	
  [SEAL]

  	
  /s/ Kathy A. Baldwin

  	
   

  
	
   

  	
  Notary Public

  	
   

  
				

 

 

	
  State of Colorado

  	
  )

  
	
   

  	
  ) ss.

  
	
  City & County of Denver

  	
  )

  

 

The foregoing instrument was acknowledged before me this 25th
day of February, 2005 by Stephen R. Roark as President of Black Hawk Gaming
& Development Company, Inc., a Colorado corporation, the Manager of Black
Hawk/Jacobs Entertainment LLC, a Colorado limited liability company.

 

Witness my hand and official seal.

 

My commission expires:  1/15/07

 

 

	
  [SEAL]

  	
  /s/ Kathy A. Baldwin

  	
   

  
	
   

  	
  Notary Public

  	
   

  
				

 

6EXHIBIT 4.51

 

	
  APN Nos.:

  	
  007-271-02

  
	
   

  	
  007-271-03

  
	
   

  	
  007-271-04

  
	
   

  	
  007-271-05

  
	
   

  	
  007-271-06

  
	
   

  	
  007-271-07

  
	
   

  	
  007-271-08

  
	
   

  	
  007-271-09

  
	
   

  	
  007-271-10

  
	
   

  	
  007-271-11

  
	
   

  	
  007-271-13

  

 

Prepared by
and when

recorded mail to:

 

Milbank,
Tweed, Hadley & McCloy, LLP

601 South Figueroa Street, 30th Floor

Los Angeles, California 90017

Attn:  Matthew S. Meza, Esq.

 

FIRST AMENDMENT TO FEE AND
LEASEHOLD DEED OF TRUST,

ASSIGNMENT OF LEASES AND RENTS,

SECURITY AGREEMENT AND FIXTURE FILING

 

This First
Amendment to Fee and Leasehold Deed of Trust, Assignment of Leases and Rents,
Security Agreement and Fixture Filing (“First Amendment”) dated as of March 2,
2005 is between GOLD DUST WEST CASINO, INC., a Nevada corporation, having an
office at 444 Vine Street, Reno, Nevada 89505, as trustor, assignor and debtor,
(in such capacities and together with any successors in such capacities, the “Trustor”)
and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association
having an office at 213 Court Street, Suite 703, Middletown, CT 06457, in its
capacity as trustee pursuant to the Indenture (as hereinafter defined), as
beneficiary, assignee and secured party (in such capacities and together with
any successors in such capacities, the “Beneficiary”).

 

RECITALS

 

A.                                   Jacobs
Entertainment, Inc., a Delaware corporation formerly known as Gameco, Inc. (the
“Issuer”), certain of its Subsidiaries (as defined in the Indenture), the
Trustor and the Beneficiary have entered into that certain Indenture, dated as
of February 8, 2002, supplemented by the First Supplemental Indenture, dated as
of February 22, 2002, the Second Supplemental Indenture, dated as of June 14,
2002, the Third Supplemental Indenture, dated as of June 4, 2003, the Fourth
Supplemental Indenture dated as of the date hereof and the Fifth Supplemental
Indenture dated as of the date hereof (collectively, as amended, amended and
restated, supplemented, or

 

 

otherwise modified heretofore
or from time to time hereafter, the “Indenture”), pursuant to which the Issuer
has issued its 11 7/8% Senior Secured Notes due 2009 in the aggregate principal
amount of $125,000,000 (the “Old Notes”).

 

B.                                     The
Indenture contemplated that the Issuer may, after the date of the Indenture,
issue Additional Notes (as defined in the Indenture) and Exchange Notes (as
defined in the Indenture); with the Exchange Notes, the Additional Notes and
the Old Notes being collectively referred to herein as the “Notes”, in each
case, pursuant to the provisions of the Indenture.  Pursuant to the Fourth Supplemental
Indenture, Issuer shall increase the aggregate principal indebtedness under the
Indenture by the issuance of Additional Notes in the original principal amount
of Twenty Three Million and No/100ths Dollars ($23,000,000.00) (the “First
Additional Notes”), thereby raising the total amount of Notes issued under the
Indenture to an aggregate principal amount of One Hundred Forty Eight Million
and No/100ths Dollars ($148,000,000.00).

 

C.                                     In
connection with the Indenture and the Notes issued thereunder, Grantors have
executed that certain Fee And Leasehold Deed of Trust, Assignment of Leases and
Rents, Security Agreement and Fixture Filing (as amended, amended and restated,
supplemented, or otherwise modified from time to time, the “Deed of Trust”),
dated as of February 22, 2002, and recorded February 22, 2002 as Document
Number 2655562, in the real estate records of the County Recorder of Washoe
County, Nevada.  The Deed of Trust
encumbers, among other things, the real property which is described by Exhibit “A”
attached hereto, and incorporated by reference herein (the “Land”).

 

D.                                    Trustor
continues to own or hold the interests in the Land and the other Trust Property
(as defined in the Deed of Trust) that are described in the Deed of Trust.

 

E.                                      The
Issuer owns, directly or through its Subsidiaries, all of the issued and
outstanding shares of Trustor.

 

F.                                      The
Deed of Trust is given by Trustor to the Trustee for the benefit of the
Beneficiary and for the benefit of the Holders of the Notes (collectively, the “Secured
Parties”) to secure the payment and performance of all of the Secured
Obligations (as defined in the Deed of Trust).

 

G.                                     Trustor
will receive substantial benefits from the issuance of the First Additional
Notes and is therefore willing to enter into this First Amendment.

 

H.                                    Beneficiary
and Trustor desire to modify the terms of the Deed of Trust for the purpose,
among other things, of: (i) providing record notice of the First Supplemental
Indenture, Second Supplemental Indenture, Third
Supplemental

 

2

 

Indenture, Fourth Supplemental Indenture and
Fifth Supplemental Indenture, all referred to by Recital A above (collectively,
the “Supplemental Indentures”) and the First Additional Notes; (ii) confirming
that the Deed of Trust secures payment and performance under the Supplemental
Indentures and the First Additional Notes (in addition to all other obligations
secured thereby); and (iii) to the extent that the Deed of Trust may not secure
payment and performance under the Supplemental Indentures and First Additional
Notes, amending the Deed of Trust to so secure such payment and performance;
all as set forth below (collectively, the “Deed of Trust Modifications”).

 

AGREEMENT

 

NOW,
THEREFORE, in consideration of the foregoing premises and the agreements,
provisions and covenants herein contained, Borrower and Lender agree as
follows:

 

1.                                      Recitals
Incorporation. The recitals set forth above are hereby incorporated
into this First Amendment as material parts thereof and not simply as mere
recitals.

 

2.                                      Definitions.
 Except as modified herein all capitalized terms used herein shall
have the meanings ascribed thereto in the Deed of Trust or, if not defined in
the Deed of Trust, in the Indenture.

 

3.                                      Secured
Indebtedness.

 

(a)                                  All
references to “125,000,000” on the title page of the original Deed of Trust are
hereby amended and replaced with “148,000,000.”

 

(b)                                 Section
2.4 of the Deed of Trust is hereby amended by deleting the section in its      entirety
and substituting the following:

 

SECTION 2.4.  Future Advances.  This Deed of Trust shall secure future
advances.  The maximum aggregate amount
of all advances of principal under the Indenture (which advances are obligatory
to the extent the conditions set forth in the Indenture relating thereto are
satisfied) that may be outstanding hereunder at any time is $148,000,000 plus
interest thereon, collection costs, sums advanced for the payment of taxes,
assessments, maintenance and repair charges, insurance premiums and any other
reasonable costs incurred to protect the security encumbered hereby or the Lien
hereof, reasonable expenses incurred by the Beneficiary by reason of any

 

3

 

default by Trustor under the terms hereof,
together with all other sums secured hereby.

 

4.                                      Modification/Ratification.
Except as modified hereby (which modifications made hereby expressly include
the Deed of Trust Modifications referred to by Recital H above), all other
terms, powers, provisions and obligations of the Deed of Trust shall remain
unimpaired and shall not be changed or modified by this First Amendment and
shall continue in full force and effect and are hereby ratified and confirmed.
To the extent of any conflict between this First Amendment and the Deed of
Trust, this First Amendment shall control and the Deed of Trust is hereby
amended to the extent of any such conflict.

 

5.                                      No
Novation.  This First Amendment
constitutes a confirmation and amendment of the original Deed of Trust and, to
the maximum extent authorized by law, all covenants and obligations of Trustor
and all rights of Beneficiary in the Mortgaged Property shall relate back to
the date of the original Deed of Trust. 
This First Amendment, in any event, shall constitute the present grant
of the Trust Property, in trust with power of sale, to the Trustee for the
benefit of the Beneficiary upon its execution by Trustor, upon and
incorporating the terms and covenants of the Deed of Trust, to secure payment
of the Notes and performance of all of the Secured Obligations.

 

6.                                      Counterparts.  This First Amendment may be executed in as
many counterparts as necessary or convenient, and by the different parties on
separate counterparts each of which, when so executed, shall be deemed an
original but all such counterparts shall constitute but one and the same
agreement.

 

4

 

The parties hereto have executed this First Amendment or have caused
the same to be executed by their duly authorized representatives as of the date
first above written.

 

	
  TRUSTOR:

  	
  BENEFICIARY:

  
	
   

  	
   

  
	
  GOLD DUST WEST CASINO, INC.,

  a Nevada corporation

  	
  WELLS FARGO BANK, NATIONAL

  ASSOCIATION, as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Stephen R. Roark

  	
   

  	
  By:

  	
  /s/ Joseph P. O’Donnell

  	
   

  
	
   

  	
  Stephen R. Roark,

  	
   

  	
   

  
	
   

  	
  Vice President

  	
   

  	
  Name: Joseph P. O’Donnell

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Title: Assistant Vice
  President

  
						

 

	
  STATE OF COLORADO

  	
  )

  
	
   

  	
  ) ss

  
	
  CITY & COUNTY OF DENVER

  	
  )

  

 

This
instrument was acknowledged before me on                       ,
2005 by Stephen R. Roark as Vice President of GOLD DUST WEST CASINO, INC.

 

 

	
  /s/ Kathy A. Baldwin

  	
   

  
	
  Notary Public

  	
   

  

 

 

	
  STATE OF CONNECTICUT

  	
  )

  
	
   

  	
  ) ss

  
	
  COUNTY OF MIDDLESEX

  	
  )

  

 

This
instrument was acknowledged before me on February 28, 2005 by Joseph P. O’Donnell
as Assistant Vice President of WELLS FARGO BANK, NATIONAL ASSOCIATION.

 

 

	
  /s/ William Kotkosky

  	
   

  
	
  Notary Public

  	
   

  

 

5

 

DESCRIPTION

 

All that certain lot, piece or
parcel of land situate in the County of Washoe, State of Nevada, described as
follows:

 

PARCEL 1:  (07-271-13)

 

The North 110
feet of Lot 1, all of Lots 2, 8, 9 and 10 in Block 6 of WESTERN ADDITION, RENO,
according to the map thereof, filed in the office of the County Recorder of
Washoe County, State of Nevada on May 2, 1876.

 

PARCEL 2:  (07-271-02, 04, 06, 07, 08, 09, 10)

 

Lots 3, 4, 5 and the West
one-half of Lot 7, the South 50 feet of the North 150 feet of Lot 6 and the
South 50 feet of the North 150 feet of the East one-half of Lot 7, all in Block
6 of WESTERN ADDITION, RENO, according to the map thereof, filed in the office
of the County Recorder of Washoe County, State of Nevada on May 2, 1876.

 

PARCEL 3:  (07-271-03)

 

The Northerly 100 feet of Lot 6
and the Northerly 100 feet of the Easterly 1/2 of Lot 7 in Block 6 of WESTERN
ADDITION, RENO, according to the map thereof, filed in the office of the County
Recorder of Washoe County, State of Nevada on May 2, 1876.

 

PARCEL 4:  (07-271-11)

 

The South 100
feet of Lot 1 in Block 6 of WESTERN ADDITION, RENO, according to the map
thereof, filed in the office of the County Recorder of Washoe County, State of
Nevada on May 2, 1876.

 

PARCEL 5:  (07-271-05)

 

Beginning at a point on the
West line of Washington Street 150 feet South of the Northeast corner of Block
6, in the WESTERN ADDITION TO RENO; thence running Southerly and along the said
West line of Washington Street 60 feet to the Southeast corner of Lot 6 in
Block 6; thence Westerly at right angles 150 feet; thence Northerly at right
angles 60 feet; thence Easterly at right angles 150 feet to the place of beginning;
being the South 60 feet of Lot 6 and the East 50 feet of the South 60 feet of
Lot 7 in Block 6 of WESTERN ADDITION, RENO, according to the map thereof, filed
in the office of the County Recorder of Washoe County, State of Nevada on May
2, 1876.

 

The above metes and bounds
description appeared previously in that certain document recorded January 4,
2001 as Instrument No. 2512898.

 

EXHIBIT “A”

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