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Exhibit 10.51    
  

 
 

LEASE AGREEMENT    
  

        THIS LEASE, made this 1st day of July, 2002, by and between Terrible Herbst, Inc. (hereinafter "Lessor"), and E-T-T, Inc.
(Hereinafter "Lessee"). 

        WHEREAS,
Lessor leases the Property described below pursuant to that certain Lease dated June 30, 2002 between Lessor and Centennial Acquisitions, LLC (hereinafter "Property
Owner"), a copy of which is attached hereto as Exhibit "A" and incorporated herein by reference. 

        WITNESSETH:
that the Lessor in consideration of the rent herein specified to be paid by the Lessee, and the covenants and conditions herein mentioned, does hereby lease, let and demise,
unto Lessee, and the Lessee does hereby rent from the Lessor that certain real property necessary for parking, along with improvements thereto, to wit, approximately 4,000 square feet of building
space to be used as and for a casino, bar and related uses (Hereinafter the "Property") situated in the County of Clark, State of Nevada, whose street address is 670 US Highway 95, Searchlight, Nevada
89046 and which is set forth in the floorplan and site plan, both of which are attached hereto as Exhibit "A". 

        TO
HAVE AND TO HOLD the same unto the said Lessee, its successors and assigns for the period and upon the terms and conditions hereinafter set forth. 

        THIS
INDENTURE OF LEASE is made by the Lessor and accepted by the Lessee upon each of the following terms and conditions, namely: 

        1.    TERM:    This Lease shall be a twenty (20) year lease commencing on the first day of operations at the
casino by the Lessee. 

        2.    RENTAL:    The Lessee agrees to pay to the Lessor as rental for the Property the sum of Fifteen Thousand Dollars
($15,000.00) per month on the first of each month for the duration of said lease. 

        3.    RIGHTS & TITLE:    Lessee agrees that buildings and improvements hereafter located or erected on premises
at any time during the term of his Lease, or extension thereof, shall be and remain property of Lessor and Lessee shall have no title, rights or interest in said buildings and improvements other than
such interest granted hereby. 

        4.    QUIET POSSESSION:    Lessor hereby covenants, warrants, and agrees that at all times during the term hereof,
provided Lessee is not in default hereunder, Lessee shall have the full, peaceful and quiet possession of the Property, and, further that Lessor has full right and power to make and enter into this
lease. 

        5.    TAXES AND UTILITY CHARGES:    Lessee agrees to pay all real taxes, and assessments which may be levied against
the improvements thereon and any personal property and trade fixtures located therein and will pay charges for light, power and other public utilities used by it in connection with the use of the
Property. 

        6.    ALTERATIONS:    The Lessee agrees that before commencing any construction work on said premises or making any
alterations on improvements placed upon the Property that he will notify Lessor in order that a notice of non-responsibility may be posted on the Property and recorded in accordance with
the provisions of the Mechanic's Lien Law of the State of Nevada. 

        7.    REQUIREMENTS FOR ALTERATIONS:    Lessee covenants and agrees that such alterations and/or changes shall be at
his sole cost and expense and that prior written consent of the Lessor shall be obtained therefore; and provided that such changes and alterations shall conform with building 

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codes and zoning regulations now or hereinafter legally effective, and promulgated by the State, County or Municipal authorities. 

        8.    REPAIRS:    Lessee agrees, at his cost and expense, to maintain and keep in good order, condition and repair the
service station and all ancillary buildings or improvements to be constructed thereon by Lessee and all fixtures and equipment, including visible plumbing and electrical fixtures. The Lessee agrees to
keep the Property clean and to have no nuisance, unsightly rubbish, or to commit or cause to
be committed by its employees, and/or sub-tenants, any violation of the laws, rules or regulations of the State, County or Municipal Board of Health or appropriate sanitary agency. 

        9.    TITLE TO FIXTURES:    All fixtures and other property and materials installed in the building on the Property by
the Lessee shall be and remain the property of the Lessee, and at the expiration of the Lease, the Lessee may, within thirty (30) days, remove from said premises all of such fixtures, property,
and materials, provided that all expenses connected with the removal thereof shall be at the expense of the Lessee. The Lessee further agrees to repair at his sole expense all damage that may result
from the removal of such building, fixtures and other property and to restore the Property to the condition in which they were prior to the start of construction and that no building or improvements
placed upon said premises by Lessee shall be removed during the term of this Lease or extension thereof without the consent of Lessor first had and obtained. 

        10.    LIABILITY AND FIRE INSURANCE:    The Lessor shall require the Lessee to carry, maintain and have in full force
and effect fire, workmen's compensation, public liability, and product liability insurance with a recognized insurance company authorized to transact business in the State of Nevada for the benefit of
the Lessor and Lessee, and for the protection of all persons who may suffer injury while in, on or about the Property. Said policy shall carry an amount of coverage for injury to one person in any one
accident in the sum of One Hundred Thousand Dollars ($100,000.00) and for more injury to more than one person in any one accident in the sum of Three Hundred Thousand Dollars ($300,000.00). Lessor
shall be furnished with copies of said policies and all endorsements thereto. 

        The
Lessee shall carry insurance against loss by destruction of the Property caused by fire, explosion or other action of the elements, except loss caused by earthquake, equal to ninety
per cent (90%) of the value of the improvements. 

        11.    COMPLIANCE WITH THE LAW:    The Lessee shall conduct his business in such manner as will comply with all
requirements of all State, Federal, County and Municipal authorities, appertaining to the business conducted upon the Property, and Lessee shall not permit the Property to be used for any unlawful
purposes. 

        12.    DEFAULT:    In the event Lessee shall be in default in the payment of any rent herein reserved, or in the
performance of any of the covenants or conditions of this Lease to be kept and performed by the Lessee, and such default continue for thirty (30) days from and after service upon the Lessee of
written notice of such default, signed by the Lessor or their duly authorized agents, then and in any such event, the Lessor may, at their option declare this Lease terminated and repossess themselves
of the Property and take such action or pursue such remedy as may be permitted under the law of the State of Nevada. However, if Lessee commences the necessary work to cure said default before the
expiration of the thirty (30) days, but the work takes in excess of thirty days, then Lessor shall not be allowed to declare this Lease terminated. 

        13.    LIENS:    The Lessee agrees that he will, at all times, save the Lessor and keep it blameless and the Property
free and harmless of and from any liability on account of or in respect to any mechanic's liens or liens in the nature thereof, for work and labor done, or materials furnished at the instance and
request of the Lessee, in, on or about the Property; provided, however, that the Lessee shall have the right to contest the claim of such lien, in which event the Lessee shall, at his expense, 

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furnish to the Lessor a sufficient surety bond executed by a reputable and responsible surety company, in at least double the amount of such claim of such lien, conditioned upon the diligent
prosecution of such defense, and to hold the Lessor from and clear of all loss, costs, damages, and expenses of every kind and nature, arising either directly or indirectly out of said contest, and to
pay any judgment that may be obtained forthwith upon the same being entered. 

        14.    ATTORNEY FEE:    In the event of litigation arising from default in performance of any of the provisions of
this Lease by either the Lessor or Lessee, the prevailing party in such litigation shall be entitled to receive from the other party reasonable attorney fees and costs of action incurred in connection
with said litigation. In the event that either Lessor or Lessee shall by reason of acts of omission or commission in violation of the terms of the Lease, be made a party to any litigation commenced by
a person other than the parties hereto, then such party performing the said act or suffering the said omission shall pay all costs, expenses and reasonable attorney fees incurred by the other party
which arise from or are in connection with such litigation. 

        15.    INDEMNIFICATION:    Lessee shall indemnify and hold harmless Lessor and its agents, servants, employees and
representatives from and against all claims, damages, losses and expenses, including attorneys' fees arising out of or resulting from Lessee's occupancy, provided however, that Lessor, its agents,
employees, representatives, successors, or assigns are not negligent with regards to same. This Paragraph shall have full force and effect upon execution of this Lease Agreement. 

        16.    ASSIGNMENT:    The Lessee shall not have the right to assign this Lease or hypothecate the same without first
receiving the written consent of the Lessor, which consent shall not unreasonably be withheld. Lessee shall have the right to sublet any portion of the Property, providing that the tenancy of such
sub-tenant shall be subject to all the terms, covenants and conditions of this Lease. 

        17.    WAIVER:    The waiver of either party of any of the covenants herein contained shall not be deemed a waiver of
such party's right to enforce the same or any other covenant contained herein. 

        18.    HOLDING OVER:    If the Lessee shall hold over the Property beyond the term herein specified, or any renewal
thereof, with the consent, express or implied of the Lessor such holding over shall be construed to be a month-to-month tenancy, unless otherwise mutually agreed upon. 

        19.    PHRASE INTERPRETATION:    The term "Lessor" shall include the singular, if necessary. The term "Lessee" or the
phrase "the term hereof" shall include any renewal or renewal thereof where permitted by the context hereof. 

        20.    PRINCIPAL PLACE OF BUSINESS FOR NOTICES:    Any and all notices shall be forwarded to the following addresses: 

Lessor: 

Terrible
Herbst, Inc.

Jerry Herbst

5195 Las Vegas Blvd. South

Las Vegas, Nevada 89119

Lessee:

E-T-T, Inc.

5195 Las Vegas Blvd. South

Las Vegas, Nevada 89119

Attn: Timothy Herbst, Vice President 

        21.    NO OTHER AGREEMENTS:    Both parties hereby certify and declare that neither party has made any representations
nor agreements to or with any other party in addition to, or in conflict with 

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the terms, covenants and conditions hereof, and this Lease contains all of the terms, covenants and conditions and representations between the parties upon the subject matter hereof. 

        22.    TERMINATION OF LEASE IF LEGAL PROCEEDINGS FILED:    If, at any time during the term hereof, proceedings in
bankruptcy shall be instituted by or against the Lessee and result in an adjudication of bankruptcy, or if the Lessee shall file or any creditor shall file, or any person shall file any Petition in
Bankruptcy under Chapters 10 or 11 of the Bankruptcy Act of the United States of America as such act is now in force or as same may be amended, and shall be judicially approved, or if a Receiver of
the business or assets of the Lessee shall be appointed and if such appointment be not vacated within sixty (60) days after notice thereof to Lessee, or if a general assignment is made by the
Lessee for the benefit of creditors, or any sheriff, Marshall, constable, or other duly constituted public official take possession thereof by authority of any attachment or execution proceedings, and
offer
same for sale publicly, the Lessor may, at its option, in either or any of such events, without notice to Lessee or any other person or persons, immediately recapture and take possession of the
Property and terminate this Lease with or without the process of law, such process being expressly waived by Lessee. 

        23.    CARE OF PREMISES:    Lessee agrees that it will water, cultivate, trim and keep in a neat condition any shrubs,
plants or lawn planted on the Property and will keep the parking areas and black top in a neat and clean condition and will use for parking. 

        24.    OPTION TO RENEW:    Lessee understands and acknowledges that Lessor holds interest in the Property through that
certain lease, which is attached hereto as Exhibit "B" and that Lessee's option to renew this Agreement is subject to and conditioned upon Lessor renewing Exhibit "B". So long as Lessor renews, then
the Lessee upon giving written notice to Lessor, at least sixty (60) days prior to the date of the expiration of the term aforesaid, provided he has faithfully complied with the terms hereof,
shall have the option of renewing this Lease for up to five (5) additional ten (10) year terms, subject to the same terms, covenants and conditions and agreements as contained herein
other than this paragraph. The monthly rental for each renewal term shall be determined at the time of each renewal. 

        25.    TIME IS OF ESSENCE:    Time is of the essence in this Lease and of each and every one of the provisions herein
contained. 

        26.    BINDING EFFECT:    The covenants and agreements contained in this Lease shall be binding upon the parties
hereto and upon their respective heirs, executors, administrators, successors and assigns. 

        IN
WITNESS WHEREOF, the parties have caused this Lease to be executed by their duly authorized officers as of the day and year first herein written. 

	LESSOR:

TERRIBLE HERBST, INC.	 	 
	

/s/ Jerry E. Herbst
 JERRY E. HERBST

President	
 	

 
	

LESSEE:

E-T-T, INC.	
 	

 
	

/s/ Timothy P. Herbst
 TIMOTHY P. HERBST

Vice President	
 	

 

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EXHIBIT A    
    
    LEGAL DESCRIPTION    
  

        THAT PORTION OF GOVERNMENT LOT 4 SITUATE IN THE SOUTHWEST QUARTER (SW 1/4) OF THE SOUTHWEST QUARTER (SW 1/4) OF SECTION 19, TOWNSHIP
21 SOUTH, RANGE 61 EAST, M.D.M., CLARK COUNTY, NEVADA, MORE PARTICULARLY DESCRIBED AS FOLLOWS: 

        COMMENCING
AT THE SOUTHEAST CORNER OF THE SOUTHWEST QUARTER (SW 1/4) OF THE SOUTHWEST QUARTER (SW 1/4) OF SAID SECTION 19, SAID CORNER ALSO BEING THE
CENTERLINE INTERSECTION OF TROPICANA AVENUE (PRESENTLY 100 FEET IN WIDTH) AND CAMERON STREET (PRESENTLY 60 FEET IN WIDTH); 

        THENCE
ALONG THE EAST LINE THEREOF AND THE CENTERLINE OF SAID CAMERON STREET NORTH 00 34'29" WEST, 216.25 FEET; THENCE DEPARTING SAID EAST LINE AND CENTERLINE SOUTH 89 25'31" WEST, 30.00
FEET TO THE POINT OF BEGINNING; 

        THENCE
SOUTH 89 53'19" WEST, 241.80 FEET; 

        THENCE
SOUTH 00 34'28" EAST, 166.00 FEET TO A POINT ON THE NORTH RIGHT-OF-WAY LINE OF SAID TROPICANA AVENUE; 

        THENCE
ALONG SAID NORTH RIGHT-OF-WAY LINE, NORTH 89 53'20" EAST, 216.59 FEET TO THE BEGINNING OF A CURVE CONCAVE NORTHWESTERLY, HAVING A RADIUS OF 25.00 FEET;
THENCE NORTHERLY ALONG SAID CURVE THROUGH A CENTRAL ANGEL OF 90 27'49", AN ARC DISTANCE OF 39.47 FEET TO A POINT ON THE WEST RIGHT OF WAY LINE OF SAID CAMERON STREET; 

        THENCE
ALONG SAID WEST RIGHT-OF-WAY LINE NORTH 00 34'29" WEST, 141.00 FEET TO THE POINT OF BEGINNING. 

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Exhibit 10.51

LEASE AGREEMENT

EXHIBIT A LEGAL DESCRIPTIONQuickLinks
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Exhibit 10.57    
  

 
  CODE OF ETHICS FOR PRESIDENT AND
  CHIEF EXECUTIVE OFFICER AND SENIOR FINANCIAL OFFICERS    
  

        This Code of Ethics for President and Chief Executive Officer and Senior Financial Officers (collectively, "Executives"), is designed to provide principles for
the Executives to follow in conducting the business of the Company. The Code covers a wide range of business practices and procedures. 

        Company
policy requires that its Executives observe the highest standards of business and personal ethics in the fulfillment of their duties and responsibilities to the Company.
Executives must practice honesty and integrity in every aspect of the Company business. 

        Executives
who violate the standards set forth in this Code will be subject to disciplinary action. 

        This
Code is designed to deter wrongdoing and to promote: 

	•
	compliance
with applicable governmental laws, rules and regulations;

	•
	prompt
internal reporting to an appropriate person or persons identified in the Code of violations of the Code; and

	•
	accountability
for adherence to the Code. 

The Code  

        In order to achieve the purposes set forth above, we have adopted the following principles and policies: 

        Compliance with Laws and Regulations.    Each Executive has an obligation to comply with the applicable laws, rules and
regulations governing the Company's business. We will not tolerate any activity that violates any laws, rules or regulations applicable to us. Whenever a question arises with respect to the
applicability or interpretation of any law, rule or regulation pertaining to the Company's business, the Executive shall consult with the Company's General Counsel or outside counsel. 

        Prohibition against legal and Ethical Violations.    Executives shall not knowingly participate in, or assist, any acts which
are in violation of any applicable law, rule or regulation governing the Company's business, nor any act that would violate any provision of this Code. 

        Fiduciary duties.    The Executives have certain fiduciary duties to the Company and its shareholders. They shall exercise
particular care in complying with these duties. 

        Conflicts of Interest.    Executives must fully disclose to the Board of Directors any situations, including situations
involving immediate family members, that reasonably could be expected to give rise to a conflict of interest. A conflict situation can arise when an Executive takes actions or has interests that may
make it difficult to perform his or her work for the Company objectively and effectively. A conflict of interest may exist when a Executive's private interest interferes, or appears to interfere, in
any way with the interests of the Company as a whole. The following are examples of situations (applicable to both an Executive or family member) that may present a conflict of interest: 

	•
	service
as a director of a company that is one of our material customers, suppliers or competitors, or a company whose interests could reasonably be expected
to conflict with our interests;

	•
	receipt
of personal benefits or favors (other than nominal benefits or favors) as a result of the Executive's position with the Company;

	•
	a
significant financial interest (ownership or otherwise) in any company that is one of our material customers, suppliers or competitors. (Examples of a
significant financial interest include (i) ownership of greater than 1% of the equity of a material customer, supplier or competitor or 

 

(ii) an
investment in a material customer, supplier or competitor that represents more than 5% of the total assets of the Executive; and 

	•
	any
loan or guarantee of personal obligations from, or any other financial transaction with, any company that is one of our material customers, suppliers or
competitors (other than loans from commercial lending institutions in the ordinary course of business). 

        While
such situations are not automatically prohibited, they are not desirable and may only be waived by the Board of Directors. 

        Corporate Opportunities.    Any Executive Officer that discovers a business opportunity that is in our line of business must
first present the business opportunity to our Board of Directors before pursuing the activity in his or her individual capacity. If the Board of Directors waives our right to pursue the opportunity,
then the Executive Officer may do so in his or her individual capacity. 

        Competition and Fair Dealing.    All Executives are obligated to deal fairly with our customers, suppliers and competitors.
Executives will not take unfair advantage of any person or entity through manipulation, concealment, abuse of privileged information, misrepresentation or any other unfair dealing or practice. 

        Company Records.    Executives should implement policies that will ensure that all company records are complete, accurate and
reliable in all material respects. All of the Company's books, records, accounts and financial statements must be maintained in reasonable detail, must appropriately reflect the Compmapny's
transactions and must conform both to applicable legal requirements and to the Company's system of internal controls. Company records include bookkeeping information, payroll, e-mails,
accounting and financial data, measurement and performance records, electronic data files and all other records maintained in the ordinary course of our business. Executives are responsible for
understanding and complying with our document retention policy. 

        Accuracy of Financial Reports and other Public Communications.    The Executives shall at all times exercise diligence and
thoroughness in the preparation and review of the financial records and reports of the Company. The Executives must also ensure full, fair, accurate, timely and understandable disclosure in reports
and documents that the Company files with, or submits to, the SEC and in other
public communications made by the Company. Executives should be on guard for, and promptly report, evidence of improper financial reporting. Executives must be aware of the requirements of Regulation
FD and must make every effort to ensure that our public disclosures comply with those requirements. 

        Compliance with Insider Trading Laws.    Executives are strictly prohibited from trading in our stock or other securities, or
the stock or other securities of any other company, while in possession of material, nonpublic information about the company or the other company. In addition, Executives are strictly prohibited from
recommending, "tipping" or suggesting that anyone else buy or sell our stock or other securities, or the stock or securities of any other company, on the basis of material, nonpublic information. For
more information, please refer to our securities trading policy and procedures. 

Reporting Violations of the Code  

        Executives have a duty to report any known or suspected violation of this Code, including any violation of laws, rules, regulations or policies applicable to us,
to the General Counsel, or his designee. If the Executive does not feel comfortable reporting the conduct to the General Counsel, or his designee or does not get a satisfactory response, he or she may
contact any member of the Board of Directors. 

        Any
Executive found to have violated this Code, shall be subject to disciplinary measures up to and including dismissal. 

-2-

 

        All
questions and reports of known or suspected violations of the law or this Code will be treated with sensitivity and discretion. We will protect each Executive's confidentiality to
the extent possible consistent with the law and our need to investigate each report. We strictly prohibit retaliation against an Executive who, in good faith, seeks help or reports known or suspected
violations. 

Waivers of the Code  

        Waivers of this Code will be granted on a case-by-case basis and only in extraordinary circumstances. Waivers may be obtained only from
our Board of Directors and will be promptly disclosed to the public. 

Compliance Policy  

        Any and all modifications or waivers of this Code shall be disclosed within five business days after the modification or waiver on a Form 8-K. 

Conclusion  

        This Code Ethics contains general guidelines for conducting the business of the Company consistent with the highest standards of business ethics. Please contact
the General Counsel or his designee with any questions about these guidelines. Each Executive is separately responsible for his or her actions. 

-3-

QuickLinks

Exhibit 10.57

CODE OF ETHICS FOR PRESIDENT AND CHIEF EXECUTIVE OFFICER AND SENIOR FINANCIAL OFFICERS

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