Document:

Exhibit
10.37

ENVIRONMENTAL
INDEMNITY AGREEMENT

ENVIRONMENTAL
INDEMNITY AGREEMENT, dated as of November __, 2006 (as amended, restated,
replaced, supplemented or otherwise modified from time to time, this “Agreement”),
made by PH FEE OWNER LLC, a Delaware limited liability company (“Fee Owner”),
and OPBIZ, L.L.C., a Nevada limited liability company (“OpBiz” and,
together with Fee Owner, individually or collectively as the context indicates,
“Borrower”), each having an address at 3667 Las Vegas Boulevard South,
Las Vegas, Nevada 89109, in favor of COLUMN FINANCIAL, INC., a Delaware
corporation (together with its successors and assigns, collectively, “Lender”),
having an address at 11 Madison Avenue, New York, New York 10010 and other
Indemnified Parties (defined below).

RECITALS:

WHEREAS,
pursuant to that certain Promissory Note, dated as of the date hereof (as the
same may be amended, restated, replaced, supplemented, or otherwise modified
from time to time, the “Note”), executed by Borrower, and payable to the order
of Lender in the original principal amount of up to $820,000,000, Borrower is
indebted, and may from time to time be further indebted, to Lender with respect
to a loan (the “Loan”) made pursuant to that certain Loan Agreement,
dated as of the date hereof (as amended, restated, replaced, supplemented, or
otherwise modified from time to time, the “Loan Agreement”), between
Borrower and Lender, which Loan is secured (in part) by that certain Deed of
Trust, Security Agreement, Assignment of Leases and Rents, Financing Statement
and Fixture Filing, dated as of the date hereof (as amended, restated,
replaced, supplemented, or otherwise modified from time to time, the “Security
Instrument”), and further evidenced, secured or governed by other
instruments and documents executed in connection with the Loan (together with
the Note, the Loan Agreement and Security Instrument, collectively, the “Loan
Documents”);

WHEREAS,
Lender is unwilling to make the Loan unless Borrower agrees to provide the
indemnification, representations, warranties, covenants and other matters
described in this Agreement for the benefit of the Indemnified Parties;

WHEREAS,
Borrower is entering into this Agreement to induce Lender to make the Loan.

NOW,
THEREFORE, in consideration of the premises and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
Borrower hereby represents, warrants, covenants and agrees for the benefit of
the Indemnified Parties as follows:

1.             Environmental Representations and Warranties.  Borrower represents and warrants that, except
as otherwise disclosed by that certain Phase I environmental report prepared by
LandAmerica Assessment Corporation, dated September 13, 2006, (or Phase II
environmental report, if required by Lender) with respect to the Property
delivered to Lender by Borrower in connection with the origination of the Loan
(hereinafter referred to as the “Environmental Report”), to Borrower’s
knowledge; (a) there are no Hazardous Substances (defined below) or underground
storage tanks in, on, or under the Property, except those that are both (i) in
compliance with all applicable Environmental Laws (defined below) and with
permits

issued pursuant thereto and (ii) disclosed to Lender
in writing pursuant to the Environmental Report; (b) there are no past, present
or threatened Releases (defined below) of Hazardous Substances in, on, under or
from the Property which have not been fully remediated as required by
Environmental Laws in accordance with Environmental Law; (c) no written notice
or other such communication exists from any Person (including but not limited
to a Governmental Authority) relating to any threat of any Release of Hazardous
Substances migrating to the Property; (d) there is no past or present material
non-compliance with Environmental Laws, or with permits issued pursuant
thereto, in connection with the Property which has not been fully remediated as
required by Environmental Laws; (e) no written notice or other such
communication exists from any Person (including but not limited to a
Governmental Authority) relating to a Release of Hazardous Substances or
Remediation (defined below) thereof, of liability of any Person pursuant to any
Environmental Law, any other environmental conditions in connection with the
Property, or any actual or potential administrative or judicial proceedings in
connection with any of the foregoing; and (f) Borrower has delivered to Lender,
in writing, any and all information relating to conditions in, on, under or
from the Property and all information that is contained in files and records of
Borrower relating to environmental conditions at the Property, including but
not limited to any reports relating to Hazardous Substances in, on, under or
from the Property.

2.             Environmental  Covenants.  Borrower covenants and agrees that: (a) all
uses and operations on or of the Property, whether by Borrower or any other
Person (subject to commercially reasonable efforts by Indemnitor to the extent
relating to the acts or omissions of Persons that are not Affiliates of
Borrower), shall be in compliance with all Environmental Laws and permits
issued pursuant thereto; (b) there shall be no Releases of Hazardous Substances
in, on, under or from the Property, except those that are (i) in compliance
with all Environmental Laws and with permits issued pursuant thereto and (ii)
fully disclosed to Lender in writing; (c) there shall be no Hazardous
Substances in, on, or under the Property, except those that are (i) in
compliance with all Environmental Laws and with permits issued pursuant thereto
and (ii) fully disclosed to Lender in writing; (d) Borrower shall keep the
Property free and clear of all liens and other encumbrances imposed pursuant to
any Environmental Law, whether due to any act or omission of Borrower or any
other Person (the “Environmental Liens”); (e) Borrower shall, at its
sole cost and expense, fully and expeditiously cooperate in all activities
pursuant to Section 3 of this Agreement, including, but not limited
to, providing all relevant information and making knowledgeable persons
available for interviews upon request; (f) Borrower shall, at its sole cost and
expense, perform any environmental site assessment or other investigation of
environmental conditions in connection with the Property pursuant to any
reasonable written request of Lender made in the event that Lender reasonably
and in good faith believes that Hazardous Substances or other environmental
hazards exist on the Property in violation of Environmental Law (including, but
not limited to, sampling, testing and analysis of soil, water, air, building
materials, and other materials and substances whether solid, liquid or gas),
and share with Lender the reports and other results thereof, and Lender and the
other Indemnified Parties shall be entitled to rely on such reports and other
results thereof; (g) Borrower shall, at its sole cost and expense, comply with
all reasonable written requests of Lender made in the event that Lender
reasonably and in good faith believes that Hazardous Substances or other
environmental hazards exist on the Property in violation of Environmental Law
to (i) effectuate Remediation of any condition (including, but not limited to,
a Release of a Hazardous Substance) required by Environmental Laws in, on,
under or from the Property; (ii) comply with any Environmental

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Law; (iii) comply with any directive from any
Governmental Authority; and (iv) take any other reasonable action necessary or
appropriate for protection of human health or the environment when required by
Environmental Law or supported by the opinion of a qualified technical
consultant; (h) Borrower shall not take any action, and shall use commercially
reasonable efforts not to allow any tenant or other user of the Property to
take any action with respect to Hazardous Substances, that materially increases
the dangers to human health or the environment on the Property, poses an
unreasonable risk of harm to any Person (whether on or off the Property),
impairs the value of the Property, is contrary to any requirement of any
insurer of the Property, constitutes a public or private nuisance, constitutes
waste, or violates any covenant, condition, agreement or easement applicable to
the Property; and (i) Borrower shall promptly notify Lender in writing of (A)
any presence or Releases of Hazardous Substances in, on, under, or from the
Property, (B) any material non-compliance with any Environmental Laws related
in any way to the Property, (C) any actual Environmental Lien, (D) any required
or proposed Remediation of Hazardous Substances relating to the Property and
(E) any written notice or other such communication of which Borrower becomes
aware from any source whatsoever (including, but not limited to, a Governmental
Authority) relating in any way to Hazardous Substances affecting the Property
or Remediation thereof, liability of Borrower pursuant to any Environmental Law
related to the Property, other environmental conditions pertaining to Hazardous
Substances in connection with the Property, or any actual or potential
administrative or judicial proceedings in connection with anything referred to
in this Agreement.

3.             Indemnified Rights/Cooperation and Access.  In the event that any Indemnified Party has
reason to believe that a Release or a material violation of Environmental Law
exists on the Property that, in the reasonable discretion of the Indemnified
Party, endangers any tenants or other occupants of the Property or their guests
or the general public or materially and adversely affects the value of the
Property, upon reasonable notice from Lender or such Indemnified Party,
Borrower shall, at Borrower’s expense, promptly cause an engineer or consultant
reasonably satisfactory to Lender and such Indemnified Party to conduct an
environmental assessment or audit (the scope of which shall be determined in
the reasonable discretion of Lender and/or such Indemnified Party) and take any
samples of soil, groundwater or other water, air, or building materials or any
other invasive testing reasonably requested by Lender and promptly deliver to
Lender and such Indemnified Party the results of any such assessment, audit,
sampling or other testing; provided, that if such results are not
delivered to Lender and such Indemnified Party within a reasonable period or if
any Indemnified Party has reason to believe that a Release or material
violation of Environmental Law exists on the Property that, in the reasonable
judgment of the Indemnified Party, endangers any tenant or other occupant of
the Property or their guests or the general public or may materially and
adversely affect the value of the Property, upon reasonable notice to Borrower,
Lender or such Indemnified Party and any other Person designated by Lender or
such Indemnified Party, including, but not limited to, any receiver, any
representative of a Governmental Authority, and any environmental consultant,
shall have the right, but not the obligation, to enter upon the Property at all
reasonable times (with reasonable notice to Indemnitor) to assess any and all
aspects of the environmental condition of the Property and its use, including
but not limited to, conducting any environmental assessment or audit (the scope
of which shall be determined in the reasonable discretion of Lender and/or such
Indemnified Party) and taking samples of soil, groundwater or other water, air,
or building materials, and reasonably conducting other invasive testing.  Borrower shall cooperate with and provide the
Indemnified Parties and any such Person designated by the Indemnified Parties
with

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access to the Property and the Indemnified Parties
shall minimize interference with use of and activities of tenants on the
Property.

4.             Indemnification. 
Borrower covenants and agrees, jointly and severally, at its sole cost
and expense, to protect, defend, indemnify, release and hold Indemnified
Parties harmless from and against any and all Losses (defined below) imposed
upon or incurred by or asserted against any Indemnified Parties and directly or
indirectly arising out of or in any way relating to any one or more of the
following: (i) any presence of any Hazardous Substances in, on, above, or under
the Property; (ii) any past, present or threatened Release of Hazardous
Substances in, on, above, under or from the Property; (iii) any activity by
Borrower, any Person affiliated with Borrower, and any tenant or other user of
the Property in connection with any actual, proposed or threatened use,
treatment, storage, holding, existence, disposition or other Release,
generation, production, manufacturing, processing, refining, control,
management, abatement, removal, handling, transfer or transportation to or from
the Property of any Hazardous Substances at any time located in, under, on or
above the Property in violation of Environmental Laws; (iv) any activity by
Borrower, any Person affiliated with Borrower, and any tenant or other user of
the Property in connection with any actual or proposed Remediation of any
Hazardous Substances at any time located in, under, on or above the Property,
whether or not such Remediation is voluntary or pursuant to court or
administrative order, including, but not limited to, any removal, remedial or
corrective action; (v) any past, present or threatened non-compliance or
violations of any Environmental Laws (or permits issued pursuant to any
Environmental Law) in connection with the Property or operations thereon,
including, but not limited to, any failure by Borrower, any Person affiliated
with Borrower, and any tenant or other user of the Property to comply with any
order of any Governmental Authority in connection with any Environmental Laws;
(vi) the imposition, recording or filing or the threatened imposition,
recording or filing of any Environmental Lien encumbering the Property; (vii)
any administrative processes or proceedings or judicial proceedings in any way
connected with any matter addressed in this Agreement; (viii) any past, present
or threatened injury to, destruction of or loss of natural resources in any way
connected with the Property, including, but not limited to, costs to
investigate and assess such injury, destruction or loss; (ix) any acts of
Borrower, any Person affiliated with Borrower, and any tenant or other user of
the Property in arranging for disposal or treatment, or arranging with a transporter
for transport for disposal or treatment, of Hazardous Substances at any
facility or incineration vessel containing Hazardous Substances; (x) any acts
of Borrower, any Person affiliated with Borrower, and any tenant or other user
of the Property in accepting any Hazardous Substances for transport to disposal
or treatment facilities, incineration vessels or sites from which there is a
Release, or a threatened Release of any Hazardous Substance which causes the
incurrence of costs for Remediation; (xii) any personal injury, wrongful death,
or property or other damage arising from the presence of or a Release of
Hazardous Substances at the Property under any statutory or common law or tort
law theory, including, but not limited to, damages assessed for private or
public nuisance or for the conducting of an abnormally dangerous activity on or
near the Property; and (xiii) any misrepresentation or inaccuracy in any
representation or warranty or breach or failure to perform any covenants or
other obligations pursuant to this Agreement.

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5.             Duty to Defend and Attorneys and Other Fees and
Expenses.  Upon written request by
any Indemnified Party, Borrower shall defend any claim, action or proceeding (a
“Claim”) that is brought against any Indemnified Party (if requested by
any Indemnified Party, in the name of the Indemnified Party), at Borrower’s
sole cost and expense, by attorneys and other professionals reasonably approved
by such Indemnified Party (it being understood that counsel selected by
Borrower’s insurance carrier shall be deemed to be acceptable to such
Indemnified Party, and such counsel may also represent Borrower in such
investigation, action or proceeding). 
Notwithstanding the foregoing, any Indemnified Parties may, in their
sole and absolute discretion, engage their own attorneys and other
professionals to defend or assist them, and, at the option of Indemnified
Parties, their attorneys shall control the resolution of any Claim, provided
that no compromise or settlement shall be entered without Borrower’s consent,
which consent shall not be unreasonably withheld.  Upon demand, Borrower shall pay or, in the
sole and absolute discretion of the Indemnified Parties, reimburse, the
Indemnified Parties for the payment of reasonable fees and disbursements of
attorneys, engineers, environmental consultants, laboratories and other
professionals in connection therewith.

6.             Certain Definitions.  Any capitalized term utilized herein shall
have the meaning as specified in the Loan Agreement, unless such term is
otherwise specifically defined herein. 
As used in this Agreement, the following terms shall have the following
meanings:

“Environmental Law”
means any present and future laws, statutes, ordinances, rules, regulations and
the like, as well as common law, of any applicable jurisdiction relating to
protection of human health and safety or the environment, relating to Hazardous
Substances, relating to liability for or costs of other actual or threatened
danger to human health and safety, the environment or similar issues, including
(without limitation) any present and future laws, statutes ordinances, rules,
regulations, permits or authorizations and the like, as well as common law,
that (a) condition transfer of property upon a negative declaration or other
approval of a Governmental Authority of the environmental condition of the
Property; (b) require notification or disclosure of Releases of Hazardous
Substances or other environmental condition of the Property to any Governmental
Authority or other Person, whether or not in connection with transfer of title
to or interest in property; (c) impose conditions or requirements in connection
with permits or other authorization for lawful activity; (d) relate to
nuisance, trespass or other causes of action related to the Property, in each
case to the extent related to Hazardous Substances; or (e) relate to wrongful
death, personal injury, or property or other damage in connection with any
physical condition or use of the Property, in each case to the extent related
to Hazardous Substances, and including (without limitation) the Resource
Conservation and Recovery Act, 42 U.S.C. § 6901 et seq., as amended; the
Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C.
§ 9601 et seq., as amended; the Toxic Substances Control Act, 15 U.S.C. § 2601
et seq., as amended; the Oil Pollution Act, 33 U.S.C. § 2701 et seq., as
amended; the Clean Air Act, 42 U.S.C. § 7401 et seq., as amended; the Hazardous
Material Transportation Act, 49 U.S.C. § 1801 et seq.; the Federal Water
Pollution Control Act, 33 U.S.C. § 1251 et seq.; the Occupational Safety and
Health Act, 29 U.S.C. § 651 et seq.; the Nevada Hazardous Materials law (NRS
Chapter 459); the Nevada Solid Waste/Disposal of Garbage or Sewage law (NRS
444.440 to 444.650, inclusive); the Nevada Water Controls/Pollution law (NRS
Chapter 445A); the Nevada Air Pollution law (NRS Chapter 445B); the

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Nevada Cleanup of
Discharged Petroleum law (NRS 590.700 to 590.920, inclusive); the Nevada
Control of Asbestos law (NRS 618.750 to 618.850, inclusive); the Nevada
Appropriation of Public Waters law (NRS 533.324 to 533.4385, inclusive); and
the Nevada Artificial Water Body Development Permit law (NRS 502.390).

“Hazardous Substances”
shall mean any and all substances (whether solid, liquid or gas) defined,
listed, or otherwise classified as pollutants, hazardous wastes, hazardous
substances, hazardous materials, extremely hazardous wastes, or words of
similar meaning or regulatory effect under any present or future Environmental
Laws or that is reasonably likely to have a negative impact on human health or
the environment, including, but not limited to, petroleum and petroleum
products, asbestos and asbestos-containing materials, polychlorinated
biphenyls, lead, radon, mold, mycotoxins, microbial matter, airborne pathogens
(naturally occurring or otherwise), radioactive materials, flammables and
explosives, but excluding substances of kinds and in amounts ordinarily and
customarily used or stored in properties similar to the Property for the
purposes of cleaning or other maintenance or operations by Borrower and/or any
tenants or licensees at the Property and otherwise in compliance with all
applicable Environmental Laws.

“Indemnified Parties”
shall mean Lender, any Person who is or will have been involved in the
servicing of the Loan, any Person in whose name the encumbrance created by the
Security Instrument is or will have been recorded, Persons who may hold or
acquire or will have held a full or partial interest in the Loan (including,
but not limited to, investors or prospective investors in the Securities, as
well as custodians, trustees and other fiduciaries who hold or have held a full
or partial interest in the Loan for the benefit of third parties) as well as
the respective directors, officers, shareholders, partners, employees, agents,
servants, representatives, contractors, subcontractors, affiliates,
subsidiaries, participants, successors and assigns of any and all of the
foregoing (including, but not limited to, any other Person who holds or
acquires or will have held a participation or other full or partial interest in
the Loan, whether during the term of the Loan or as a part of or following a
foreclosure of the Loan and any successors by merger, consolidation or acquisition
of all or a substantial portion of Lender’s assets and business).

“Legal Action”
shall mean any claim, suit or proceeding, whether administrative or judicial in
nature.

“Losses” includes
any losses, damages, costs, fees, expenses, claims, suits, judgments, awards,
liabilities (including, but not limited to, strict liabilities), obligations,
debts, diminutions in value, fines, penalties, charges, costs of Remediation
(whether or not performed voluntarily), amounts paid in settlement, foreseeable
and unforeseeable consequential damages, litigation costs, attorneys’ fees,
engineers’ fees, environmental consultants’ fees, and investigation costs
(including, but not limited to, costs for sampling, testing and analysis of
soil, water, air, building materials, and other materials and substances
whether solid, liquid or gas), of whatever kind or nature, and whether or not
incurred in connection with any judicial or administrative proceedings,
actions, claims, suits, judgments or awards.

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“Release” includes,
but is not limited to, any release, deposit, discharge, emission, leaking,
leaching, spilling, seeping, migrating, injecting, pumping, pouring, emptying,
escaping, dumping, disposing, growing or other movement of Hazardous Substances
in violation of Environmental Laws.

“Remediation” includes,
but is not limited to, any response, remedial, removal, or corrective action;
any activity to clean up, detoxify, decontaminate, contain or otherwise
remediate any Hazardous Substance; any actions to prevent, cure or mitigate any
Release of any Hazardous Substance; any action to comply with any Environmental
Laws or with any permits issued pursuant thereto; any inspection,
investigation, study, monitoring, assessment, audit, sampling and testing,
laboratory or other analysis, or evaluation relating to any Hazardous
Substances or to anything referred to herein.

7.             Unimpaired Liability.  The liability of Borrower under this
Agreement shall in no way be limited or impaired by, and Borrower hereby
consents to and agrees to be bound by, any amendment or modification of the
provisions of the Note, the Loan Agreement, the Security Instrument or any of
the other Loan Documents.  In addition,
the liability of Borrower under this Agreement shall in no way be limited or
impaired by (a) any extensions of time for performance required by the Note,
the Loan Agreement, the Security Instrument or any of the other Loan Documents,
(b) any sale or transfer of all or part of the Property, (c) except as provided
herein, any exculpatory provision in the Note, the Loan Agreement, the Security
Instrument or any of the other Loan Documents limiting Lender’s recourse to the
Property or to any other security for the Note, or limiting Lender’s rights to
a deficiency judgment against Borrower, (d) the accuracy or inaccuracy of the
representations and warranties made by Borrower or any other Person under the
Note, the Loan Agreement, the Security Instrument or any of the other Loan
Documents or herein, (e) the release of Borrower or any other Person from
performance or observance of any of the agreements, covenants, terms or
conditions contained in any of the other Loan Documents by operation of law,
Lender’s voluntary act, or otherwise, (f) the release or substitution in whole
or in part of any security for the Note, or (g) Lender’s failure to record the
Security Instrument or file any UCC financing statements (or Lender’s improper
recording or filing of any thereof) or to otherwise perfect, protect, secure or
insure any security interest or lien given as security for the Note; and, in
any such case, whether with or without notice to Borrower and with or without
consideration.

8.             Enforcement.  Indemnified Parties may enforce the
obligations of Borrower without first resorting to, or exhausting any security
or collateral under, or without first having recourse pursuant to, the Note,
the Loan Agreement, the Security Instrument, or any of the other Loan Documents
or any of the Property, through foreclosure proceedings or otherwise; provided,
that nothing herein shall inhibit or prevent Lender from suing on the Note,
foreclosing, or exercising any power of sale under, the Security Instrument, or
exercising any other rights and remedies thereunder.  This Agreement is not collateral or security
for the debt of Borrower pursuant to the Loan, unless Lender expressly elects
in writing to make this Agreement additional collateral or security for the
debt of Borrower pursuant to the Loan, which Lender is entitled to do in its
sole and absolute discretion.  It is not necessary
for an Event of Default to have occurred for any Indemnified Party to exercise
their rights pursuant to this Agreement. 
Notwithstanding any provision of the Loan Agreement, the obligations
pursuant to this Agreement are exceptions to any non-recourse or exculpation
provision of the Loan Agreement 

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and Borrower is
fully and personally liable for such obligations, and such liability is not
limited to the original or amortized principal balance of the Loan or the value
of the Property.

9.             Survival. 
The obligations and liabilities of Borrower under this Agreement shall
fully survive indefinitely notwithstanding any termination, satisfaction,
assignment, entry of a judgment of foreclosure, exercise of any power of sale,
or delivery of a deed in lieu of foreclosure of the Security Instrument.  Notwithstanding the foregoing or any
provisions of this Agreement to the contrary, the liabilities and obligations
of the Indemnitor hereunder shall terminate five (5) years after payment in
full of all principal and interest due on the Loan except with respect to any
outstanding obligations.  The liabilities
and obligations of Borrower hereunder shall not apply to the extent that
Borrower proves that such liabilities and obligations arose solely from
Hazardous Substances that: (a) were not present on or a threat to the Property
prior to the date that Lender or its nominee acquired title to the Property,
whether by foreclosure, exercise of power of sale or otherwise and (b) were not
the result of any act or negligence of Borrower or any of Borrower’s
affiliates, agents or contractors.

10.           Interest.  Any amounts payable to any Indemnified
Parties under this Agreement shall become immediately due and payable on demand
and, if not paid within five (5) days of such demand therefor, shall bear
interest at the Default Rate.

11.           WAIVERS.  BORROWER HEREBY WAIVES (I) ANY RIGHT OR CLAIM
OF RIGHT TO CAUSE A MARSHALING OF BORROWER’S ASSETS OR TO CAUSE LENDER OR OTHER
INDEMNIFIED PARTIES TO PROCEED AGAINST ANY OF THE SECURITY FOR THE LOAN BEFORE
PROCEEDING UNDER THIS AGREEMENT AGAINST BORROWER; (II) AND RELINQUISHES ALL
RIGHTS AND REMEDIES ACCORDED BY APPLICABLE LAW TO INDEMNITORS OR GUARANTORS,
EXCEPT ANY RIGHTS OF SUBROGATION WHICH BORROWER MAY HAVE, PROVIDED THAT THE
INDEMNITY PROVIDED FOR HEREUNDER SHALL NEITHER BE CONTINGENT UPON THE EXISTENCE
OF ANY SUCH RIGHTS OF SUBROGATION NOR SUBJECT TO ANY CLAIMS OR DEFENSES
WHATSOEVER WHICH MAY BE ASSERTED IN CONNECTION WITH THE ENFORCEMENT OR
ATTEMPTED ENFORCEMENT OF SUCH SUBROGATION RIGHTS INCLUDING, WITHOUT LIMITATION,
ANY CLAIM THAT SUCH SUBROGATION RIGHTS WERE ABROGATED BY ANY ACTS OF LENDER OR
OTHER INDEMNIFIED PARTIES; (III) THE RIGHT TO ASSERT A COUNTERCLAIM, OTHER THAN
A MANDATORY OR COMPULSORY COUNTERCLAIM, IN ANY ACTION OR PROCEEDING BROUGHT
AGAINST OR BY LENDER OR OTHER INDEMNIFIED PARTIES UNDER OR PURSUANT TO THIS
AGREEMENT; (IV) NOTICE OF ACCEPTANCE HEREOF AND OF ANY ACTION TAKEN OR OMITTED
IN RELIANCE HEREON; (V) PRESENTMENT FOR PAYMENT, DEMAND OF PAYMENT, PROTEST OR
NOTICE OF NONPAYMENT OR FAILURE TO PERFORM OR OBSERVE, OR OTHER PROOF, OR
NOTICE OR DEMAND; AND (VI) ALL HOMESTEAD EXEMPTION RIGHTS AGAINST THE
OBLIGATIONS HEREUNDER AND THE BENEFITS OF ANY STATUTES OF LIMITATIONS OR
REPOSE.  NOTWITHSTANDING ANYTHING TO THE
CONTRARY CONTAINED HEREIN, BORROWER HEREBY AGREES TO POSTPONE THE EXERCISE OF
ANY RIGHTS OF SUBROGATION WITH RESPECT TO ANY COLLATERAL SECURING THE LOAN
UNTIL THE LOAN SHALL HAVE BEEN PAID IN FULL.

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12.           Subrogation.  Borrower shall take any and all reasonable actions,
including institution of legal action against third parties, necessary or
appropriate to obtain reimbursement, payment or compensation from such Persons
responsible for the presence of any Hazardous Substances at, in, on, under or
near the Property or otherwise obligated by law to bear the cost.  Indemnified Parties shall be and hereby are
subrogated to all of Borrower’s rights now or hereafter in such claims.

13.           Representations and Warranties.  Borrower represents and warrants that:

(a)           it has the full power and authority
to execute and deliver this Agreement and to perform its obligations hereunder;
the execution, delivery and performance of this Agreement by Borrower has been
duly and validly authorized; and all requisite action has been taken by
Borrower to make this Agreement valid and binding upon Borrower, enforceable in
accordance with its terms;

(b)           its execution of, and compliance
with, this Agreement is in the ordinary course of business of Borrower and will
not result in the breach of any term or provision of the charter, by-laws,
partnership or trust agreement, or other governing instrument of Borrower or
result in the breach of any term or provision of, or conflict with or
constitute a default under, or result in the acceleration of any obligation
under, any agreement, indenture or loan or credit agreement or other instrument
to which Borrower or the Property is subject, or result in the violation of any
law, rule, regulation, order, judgment or decree to which Borrower or the
Property is subject;

(c)           to the best of Borrower’s knowledge,
there is no action, suit, proceeding or investigation pending or threatened
against it which, either in any one instance or in the aggregate, may result in
any material adverse change in the business, operations, financial condition,
properties or assets of Borrower, or in any material impairment of the right or
ability of Borrower to carry on its business substantially as now conducted, or
in any material liability on the part of Borrower, or which would draw into
question the validity of this Agreement or of any action taken or to be taken
in connection with the obligations of Borrower contemplated herein, or which
would be likely to impair materially the ability of Borrower to perform under
the terms of this Agreement;

(d)           it does not believe, nor does it have
any reason or cause to believe, that it cannot perform each and every covenant
contained in this Agreement;

(e)           to the best of Borrower’s knowledge,
no approval, authorization, order, license or consent of, or registration or
filing with, any governmental authority or other person, and no approval,
authorization or consent of any other party is required in connection with this
Agreement; and

(f)            this Agreement constitutes a valid,
legal and binding obligation of Borrower, enforceable against it in accordance
with the terms hereof.

14.           No Waiver.  No delay by any Indemnified Party in
exercising any right, power or privilege under this Agreement shall operate as
a waiver of any such privilege, power or right.

 9
 

15.           Notice of Legal Actions.  Borrower shall, within five business days of
receipt thereof, give written notice to Lender of (a) any written notice,
advice or other such communication from any Governmental Authority or from any
other source whatsoever with respect to Hazardous Substances on, from or
affecting the Property, and (b) any legal action brought against such party or
related to the Property, with respect to which Borrower may have liability
under this Agreement.

16.           Examination of Books and Records.  Indemnified Parties and their accountants
shall have the right to examine the records, books, management and other papers
of Borrower which reflect upon its financial condition, at the Property or at
the office regularly maintained by Borrower where the books and records are
located.  Indemnified Parties and their
accountants shall have the right to make copies and extracts from the foregoing
records and other papers.  In addition,
at reasonable times and upon reasonable notice, Indemnified Parties and their
accountants shall have the right to examine and audit the books and records of
Borrower pertaining to the income, expenses and operation of the Property
during reasonable business hours at the office of Borrower where the books and
records are located.

17.           Transfer of Loan.  Lender may, at any time, sell, transfer or
assign the Note, the Loan Agreement, the Security Instrument, this Agreement
and the other Loan Documents, and any or all servicing rights with respect
thereto, or grant participations therein or issue securities evidencing a
beneficial interest in a rated or unrated public offering or private placement
(collectively, “Securities”). 
Lender may forward to each purchaser, transferee, assignee, servicer,
participant or investor in Securities or any credit rating agency rating such
Securities (each of the foregoing entities, an “Investor”) and each
prospective Investor, all documents and information which Lender now has or may
hereafter acquire relating to Borrower and the Property, whether furnished by
Borrower, any guarantor or otherwise, as Lender determines necessary or
desirable.  Borrower shall cooperate with
Lender in connection with any transfer described in this Section 17,
including, without limitation, the delivery of an estoppel certificate required
in accordance with the Loan Agreement and/or in such form, substance and detail
as Lender, such Investor or prospective Investor may reasonably require and
such other documents as may be reasonably requested by Lender.  Borrower shall also furnish, and Borrower
hereby consents to Lender furnishing to such Investors or such prospective
Investors, any and all information concerning the financial condition of
Borrower and any and all information concerning the Property and the Leases as
may be requested by Lender, any Investor or any prospective Investor in
connection with any sale, transfer or participation interest.

18.           Taxes.  Borrower has filed all federal, state,
county, municipal, and city income and other tax returns required to have been
filed by it and has paid all taxes and related liabilities which have become
due pursuant to such returns or pursuant to any assessments received by
it.  Borrower has any knowledge of any
basis for any additional assessment in respect of any such taxes and related
liabilities for prior years.

19.           Notices.  All notices, demands, requests, consents,
approvals or other communications (any of the foregoing, a “Notice”)
required, permitted, or desired to be given hereunder shall be in writing sent
by facsimile or by registered or certified mail, postage prepaid, return
receipt requested, or delivered by hand or reputable overnight courier
addressed to the party to be so notified at its address hereinafter set forth,
or to such other address as such party

 10
 

may hereafter specify in accordance with the
provisions of this Section 19. 
Any Notice shall be deemed to have been received: (a) three (3) days
after the date such Notice is mailed, (b) on the date of sending by facsimile
if sent during business hours on a Business Day (otherwise on the next Business
Day), (c) on the date of delivery by hand if delivered during business hours on
a Business Day (otherwise on the next Business Day), and (d) on the next
Business Day if sent by an overnight commercial courier, in each case addressed
to the parties as follows:

	
  If to Borrower:

  	
  3667 Las Vegas
  Boulevard South

  Las Vegas, Nevada 89109

  Attention: Mark Helm, Esq.

  Facsimile No.: (702) 785-5936

  
	
   

  	
   

  
	
  with a copy to:

  	
  Greenberg
  Traurig, LLP

  200 Park Avenue

  New York, NY 10166

  Attention: Joseph F. Kishel, Esq.

  Facsimile No. (212) 801-6400

  
	
   

  	
   

  
	
  If to Lender:

  	
  Column
  Financial, Inc.

  11 Madison Avenue

  New York, New York 10010

  Attention: Michael May

  Facsimile No. (212) 352-8106

  
	
   

  	
   

  
	
  with a copy to:

  	
  Column
  Financial, Inc.

  One Madison Avenue

  New York, New York 10010

  Legal and Compliance Department

  Attention: Casey McCutcheon, Esq.

  Facsimile No. (917) 326-8433

  
	
   

  	
   

  
	
  and a copy to:

  	
  Fried, Frank,
  Harris, Shriver & Jacobson LLP

  
	
   

  	
  One New York
  Plaza

  
	
   

  	
  New York, New
  York 10004

  
	
   

  	
  Attention:
  Jonathan Mechanic, Esq.

  
	
   

  	
  Facsimile No.:
  (212) 859-4000

  
	
   

  	
   

  

20.           Duplicate Originals; Counterparts.  This Agreement may be executed in any number
of duplicate originals and each duplicate original shall be deemed to be an
original.  This Agreement may be executed
in several counterparts, each of which counterparts shall be deemed an original
instrument and all of which together shall constitute a single Agreement.  The failure of any party hereto to execute this
Agreement, or any counterpart hereof, shall not relieve the other signatories
from their obligations hereunder.

21.           No Oral Change.  This Agreement, and any provisions hereof,
may not be modified, amended, waived, extended, changed, discharged or terminated
orally or by any act or failure to act on the part of Borrower or any
Indemnified Party, but only by an agreement in

 11
 

writing signed by the party against whom enforcement
of any modification, amendment, waiver, extension, change, discharge or termination
is sought.

22.           Headings, Etc. The headings
and captions of various paragraphs of this Agreement are for convenience of
reference only and are not to be construed as defining or limiting, in any way,
the scope or intent of the provisions hereof.

23.           Number and Gender/Successors and
Assigns.  All pronouns and any
variations thereof shall be deemed to refer to the masculine, feminine, neuter,
singular or plural as the identity of the Person or Persons referred to may
require.  Without limiting the effect of
specific references in any provision of this Agreement, the term “Borrower”
shall be deemed to refer to each and every Person comprising an Borrower from
time to time, as the sense of a particular provision may require, and to
include the heirs, executors, administrators, legal representatives, successors
and assigns of such Borrower, all of whom shall be bound by the provisions of
this Agreement, provided that no obligation of any Borrower may be assigned
except with the written consent of Lender. 
Each reference herein to Lender shall be deemed to include its
successors and assigns.  This Agreement
shall inure to the benefit of Indemnified Parties and their respective
successors and assigns forever.

24.           Release of Liability.  Any one or more parties liable upon or in
respect of this Agreement may be released without affecting the liability of
any party not so released.

25.           Rights Cumulative.  The rights and remedies herein provided are
cumulative and not exclusive of any rights or remedies which Lender has under
the Note, the Security Instrument, the Loan Agreement or the other Loan
Documents or would otherwise have at law or in equity.

26.           Inapplicable Provisions.  If any term, condition or covenant of this
Agreement shall be held to be invalid, illegal or unenforceable in any respect,
this Agreement shall be construed without such provision.

27.           Governing Law; Submission to
Jurisdiction.  This Agreement shall
be governed by and construed in accordance with the laws of the State of New
York (without giving effect to choice of law principles) and the applicable
laws of the United States of America. 
Any legal suit, action or proceeding against Borrower or Lender arising
out of or relating to this Agreement may, at Lender’s option, be instituted in
any Federal or State court in the City of New York, County of New York,
pursuant to Section 5-1402 of the New York General Obligations Law, and
Borrower waives any objections which it may now or hereafter have based on
venue and/or forum non conveniens of any such suit, action or proceeding, and
Borrower and hereby irrevocably submits to the jurisdiction of any such court
in any suit, action or proceeding. 
Borrower does hereby designate and appoint:

	
  

  	
  National Registered Agents Inc.

  
	
   

  	
  875 Avenue of the Americas Suite 501

  
	
   

  	
  New York New York 10001

  

 12
 

as its authorized agent
to accept and acknowledge on its behalf service of any and all process which
may be served in any such suit, action or proceeding in any Federal or State
court in New York, New York, and agrees that service of process upon said agent
at said address and written notice of said service mailed or delivered to
Borrower in the manner provided herein shall be deemed in every respect
effective service of process upon Borrower in any such suit, action or
proceeding in the State of New York.

28.           Miscellaneous.

(a)           Wherever pursuant to this Agreement
(i) Lender exercises any right given to it approve or disapprove, (ii) any
arrangement or term is to be satisfactory to Lender, or (iii) any other
decision or determination is to be made by Lender, the decision of Lender to
approve or disapprove, all decisions that arrangements or terms are
satisfactory or not satisfactory and all other decisions and determinations
made by Lender, shall be in the sole and absolute discretion of Lender and
shall be final and conclusive, except as may be otherwise expressly and
specifically provided herein.

(b)           Wherever
pursuant to this Agreement it is provided that Borrower pay any costs and
expenses, such costs and expenses shall include, but not be limited to, legal
fees and disbursements of Lender, whether retained firms, the reimbursements
for the expenses of the in-house staff or otherwise.

29.           Joint and Several Liability.  Notwithstanding any other provision of this
Agreement, the liability of each Borrower under this Agreement shall be joint
and several.

[NO FURTHER TEXT
ON THIS PAGE]

 

 13

IN
WITNESS WHEREOF, Borrower has caused this Agreement to be duly executed and
delivered as of the date first above written.

	
  

  	
  PH FEE OWNER LLC, a Delaware limited liability
  company 

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  OPBIZ, L.L.C., a Nevada limited liability company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:Exhibit
10.38

COLLATERAL
ASSIGNMENT OF TIMESHARE PROJECT PROCEEDS 

COLLATERAL ASSIGNMENT OF TIMESHARE PROJECT PROCEEDS, dated as of November 30, 2006 (this
“Assignment”), made by PH
FEE OWNER LLC, a Delaware limited liability company (“Fee Owner”), and
OPBIZ, L.L.C., a Nevada limited liability company (“OpBiz”) and TSP
OWNER LLC a Delaware limited liability company (“TSP Owner” and,
together with Fee Owner, individually or collectively as the context indicates,
“Assignor”), each having its principal place of business at 3667 Las
Vegas Boulevard South, Las Vegas, Nevada 89109, in favor of COLUMN FINANCIAL,
INC., a Delaware corporation having an address at 11 Madison Avenue, New York,
New York 10010 (together with its successors and/or assigns, “Assignee”).  Capitalized terms used but not defined herein
shall have the meanings assigned such terms in that certain Loan Agreement,
dated as of the date hereof, between Fee Owner and OpBiz (collectively, “Borrower”),
collectively, as borrower, and Assignee, as lender (as amended, restated,
replaced, supplemented or otherwise modified from time to time, the “Loan Agreement”).

1.             Assignment. 
For good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged by Assignor, Assignor hereby assigns, grants,
delivers and transfers to Assignee, as additional security for the full and
timely repayment of the Loan made pursuant to the Loan Agreement and timely
performance of all obligations of Borrower under the Loan Documents, all of
Assignor’s right, title and interest, whether now owned or hereafter acquired,
now existing or hereafter arising, in and to any and all Timeshare Project
Proceeds (such right, title and interest being collectively referred to herein
as the “Collateral”).  The
assignment hereunder of the Collateral is intended, to the fullest extent
permitted by law, to be an absolute assignment from Assignor to the Assignee
and not merely the passing of a security interest.  As used herein, “Collateral Agreement(s)”
shall mean any documents, now or hereafter existing, pursuant to which Assignee
is entitled to receive Timeshare Project Proceeds.

2.             Loan Documents. 
TSP Owner  hereby approves of the
Loan Documents and the terms thereof, and covenants and agrees to be bound and
to abide by the terms thereof governing the Timeshare Project, the Timeshare
Project Property and the Timeshare Project Proceeds, including without
limitation, Section 5.2.11 of the Loan Agreement.

3.             Defense of Claims.  TSP Owner covenants and agrees to appear in
and defend, at Assignor’s sole cost and expense, any action or proceeding
arising under, growing out of or in any manner connected with the Collateral or
the obligations, duties or liabilities of
Assignor under the Collateral Agreements, and to pay all reasonable costs and
expenses of Assignee, including, without limitation, reasonable attorneys’ fees
and costs and expenses, in any such action or proceeding in which Assignee may
appear.

4.             Remedies. 
Should Assignor fail to make any payment or to do any act required of
Assignor pursuant to this Assignment and such failure shall continue beyond any
applicable notice and cure period, then, Assignee (or its designee or nominee)
may (but without obligation to do so and without releasing Assignor or any
other Person from any obligation under the Collateral Agreements or this
Assignment) make or do the same, after giving notice to Assignor of its
intention to so make or do, in such manner and to such extent as Assignee (or
its designee or nominee) may deem necessary to protect the security hereof and
thereof, including

specifically, without limiting the generality of the
foregoing, the right to appear in and defend any action or proceeding
purporting to affect the security hereof or the rights or powers of Assignee
and also the right to perform and discharge each and every obligation, covenant
and agreement of Assignor in respect of the Collateral, and in exercising any
such powers to pay necessary costs and expenses, employ counsel and incur and
pay reasonable attorneys’ fees and costs and expenses.  Any curing by Assignee of Assignor’s default
in respect of the Collateral shall not be construed as an assumption by
Assignee of any or all obligations, covenants and agreements of Assignor
relating to the Collateral, as the case may be. 
Assignee (or its designee or nominee) may exercise all rights and
remedies contained herein and in the Loan Documents and without regard for the
adequacy of security for the obligations of Borrower hereby secured, either in
person or by agent with or without bringing any action or proceeding and
exercise all rights in respect of the Collateral and do any acts that Assignee
(or its designee or nominee) deems proper to protect the security hereof, and upon the occurrence of such event Assignor
shall not exercise any further rights in respect of the Collateral to the
extent such exercise would in any way interfere with, diminish, frustrate or
inhibit (i) any exercise of Assignee of its remedies in connection with the
Collateral, (ii) any right of Assignee with respect to the Collateral, (iii)
the value of the Collateral or (iv) otherwise adversely affect the Collateral
or the purposes of this Agreement.  No
commission of any act authorized by this Section 6 shall be deemed to
cure or waive any default, or to waive, modify or affect any notice of an Event
of Default, under the Loan Agreement, or to invalidate any act done pursuant to
such notice.  Assignee shall not
by any act (except by a written instrument), delay, indulgence, omission or
otherwise be deemed to have waived any right or remedy hereunder or to have
acquiesced in any Event of Default or in any breach of any of the terms and
conditions hereof.  No failure to
exercise, nor any delay in exercising, on the part of Assignee any right, power
or privilege hereunder shall operate as a waiver thereof.  No single or partial exercise of any right,
power or privilege hereunder shall preclude any other or further exercise
thereof or the exercise of any other right, power or privilege.  A waiver by Assignee of any right or remedy
hereunder on any one occasion shall not be construed as a bar to any right or
remedy which Assignee otherwise has on any future occasion.  The rights and remedies herein provided are cumulative,
may be exercised singularly or concurrently, and are not exclusive of any
rights or remedies provided by law.

5.             Performance of Assignor’s Obligations.  Assignor shall pay
immediately upon demand all reasonable sums expended by Assignee under the
authority hereof together with interest thereon at the Default Rate and such
payment obligation shall be secured hereby.

6.             Representations and Warranties.  Assignor represents and warrants that:

(a)           Assignor
will benefit from Assignee’s making the Loan to Borrower.

(b)           a
true and correct copy of each Collateral Agreement in effect on the date hereof
has been delivered to Assignee and, none of the foregoing has been amended,
modified or otherwise changed in any material respect and all of the foregoing
are in full force and effect;

(c)           it
has the full power, right and authority to assign its interest in the
Collateral;

 2
 

(d)           it
has not transferred, assigned, granted a security interest in or otherwise
encumbered its interest in and to the Collateral other than in favor of
Assignee;

(e)           no
security agreement, financing statement or other document is on file or of
record in any public office with respect to the Collateral, other than in favor
of Assignee; and

(f)            it
has not performed any act or executed any instrument that might prevent
Assignee from operating under any of the terms and conditions hereof, or that
would limit Assignee in such operation.

7.             Counterparty Cooperation.  Assignor shall immediately notify the
Counterparties of this Assignment and authorize and direct the Counterparties
to, unless directed otherwise by Assignee, pay all Timeshare Project Proceeds
directly to Assignee in accordance with the instructions set forth on Schedule-1.

8.             No Obligation of Assignee.  Assignee shall not be obligated to perform or
discharge, nor does it hereby undertake to perform or discharge, any
obligation, duty or liability of Assignor under the Collateral Agreements or otherwise in respect of the
Collateral by reason of this Assignment. 
Should Assignee incur any loss, cost, claim, demand, expense, liability
or damage under the Collateral Agreements or otherwise in connection with the
Collateral, or by reason of this Assignment, or in the defense against any such
claims or demands, the amount thereof, including reasonable costs and expenses
and reasonable attorneys’ fees, together with interest thereon at the Default
Rate, shall be secured hereby and Assignor shall reimburse Assignee therefor
immediately upon demand.

9.             Release.  Upon the payment in full of the Debt and
performance in full of all of Borrower’s obligations under the other Loan
Documents, this Assignment shall become and
be void and of no effect and, upon request, at Assignor’s sole cost and
expense, Assignee will confirm such termination in writing or deliver an
assignment in lieu of termination.

10.           Power of Attorney.  Assignor hereby irrevocably constitutes and
appoints Assignee as its attorney-in-fact, which power is coupled with an
interest, and is deemed to be non-cancelable, with full power of substitution,
to, in Assignee’s own name and capacity, or in the name and capacity of
Assignor, but only for so long as an Event of Default has occurred and is
continuing, take any action and to execute any instrument which Assignee may
deem reasonably necessary or advisable to accomplish the purposes of this
Assignment, including, without limitation, to (a) receive, indorse and collect
all instruments made payable to Assignor representing any interest payment,
dividend, or other distribution in respect of the Collateral or any part
thereof and to give full discharge for the same, (b) demand, receive and
enforce all rights of Assignor under the Agreements (c) modify, supplement and
terminate the Collateral Agreements, in such manner as Assignee shall elect
(except to the extent such modification or supplementation would materially
increase the obligations of Assignor thereunder), (d) give appropriate
releases, receipts for or on behalf of Assignor in connection with the
Collateral Agreements, and (e) file, pursue, receive payment and acquittances
for or otherwise compromise each and every claim Assignor has or may have
against a Counterparty for payment or otherwise under Collateral Agreements,
all in the name, place and stead of Assignor or in Assignee’s name,

 3
 

with the same force and effect as Assignor could have
if this Assignment had not been made. Assignor authorizes any Person to rely
exclusively on the certificate of an officer of Assignee or its successor with
respect to any matters set forth therein and hereby waives and releases any claim
Assignor may have against such Person for its reliance. Assignor hereby agrees
to deliver to Assignee, immediately upon Assignee’s written demand, all
instruments and documents as Assignee may reasonably require in order to permit
and evidence Assignee’s succession to the right, title and interest of Assignor
in and to the Collateral as provided herein (which succession shall only be
effective for so long as an Event of Default has occurred and is continuing).
Assignor acknowledges and agrees that the power of attorney herein granted is
coupled with an interest and is irrevocable.

11.           Trial By Jury Waived.  ASSIGNEE AND ASSIGNOR HEREBY KNOWINGLY,
VOLUNTARILY AND INTENTIONALLY WAIVE TO THE FULLEST EXTENT PERMITTED BY LAW ANY
RIGHTS THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED
HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS ASSIGNMENT, OR
ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN)
OR ACTIONS OF THE ASSIGNEE OR ASSIGNOR IN CONNECTION HEREWITH OR THEREWITH.
ASSIGNOR ACKNOWLEDGES AND AGREES THAT IT HAS RECEIVED FULL AND SUFFICIENT
CONSIDERATION FOR THIS PROVISION (AND EACH OTHER PROVISION OF TJIS ASSIGNMENT)
AND THAT THIS PROVISION IS A MATERIAL INDUCEMENT FOR ASSIGNEE ENTERING INTO
THIS ASSIGNMENT AND EACH OTHER LOAN DOCUMENT.

12.           CONSENT TO JURISDICTION.  ANY LEGAL SUIT, ACTION OR PROCEEDING. AGAINST
(I) ANY PARTY COMPRISING ASSIGNOR OR (II) ASSIGNEE ARISING OUT OF OR RELATING
TO THIS ASSIGNMENT MAY AT ASSIGNEE’S OPTION BE INSTITUTED IN ANY FEDERAL OR
STATE COURT IN THE CITY OF NEW YORK, COUNTY OF NEW YORK, PURSUANT TO SECTION 5-1402
OF THE NEW YORK GENERAL OBLIGATIONS LAW AND ASSIGNOR WAIVES ANY OBJECTIONS
WHICH IT MAY NOW OR HEREAFTER HAVE BASED ON VENUE AND/OR FORUM NON CONVENIENS
OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND ASSIGNOR HEREBY IRREVOCABLY SUBMITS
TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING.  EACH PARTY COMPRISING ASSIGNOR DOES HEREBY
DESIGNATE AND APPOINT:

National Registered
Agents, Inc.

875 Avenue of the American

Suite 501

New York, New York 10001

AS ITS AUTHORIZED AGENT TO ACCEPT AND ACKNOWLEDGE ON
ITS BEHALF SERVICE OF ANY AND ALL PROCESS WHICH MAY BE SERVED IN ANY SUCH SUIT,
ACTION OR PROCEEDING IN ANY FEDERAL OR STATE COURT IN NEW YORK, NEW YORK, AND
AGREES THAT SERVICE OF PROCESS UPON SAID AGENT AT SAID ADDRESS AND NOTICE OF
SAID SERVICE MAILED OR DELIVERED TO ASSIGNOR IN THE MANNER PROVIDED HEREIN SHALL
BE DEEMED IN EVERY RESPECT

 4
 

EFFECTIVE SERVICE OF PROCESS UPON ASSIGNOR IN ANY SUCH
SUIT, ACTION OR PROCEEDING IN THE STATE OF NEW YORK.  EACH PARTY COMPRISING ASSIGNOR (I) SHALL
GIVE PROMPT NOTICE TO ASSIGNEE OF ANY CHANGED ADDRESS OF ITS AUTHORIZED AGENT
HEREUNDER, (II) MAY AT ANY TIME AND FROM TIME TO TIME DESIGNATE A
SUBSTITUTE AUTHORIZED AGENT WITH AN OFFICE IN NEW YORK, NEW YORK (WHICH
SUBSTITUTE AGENT AND OFFICE SHALL BE DESIGNATED AS THE PERSON AND ADDRESS FOR
SERVICE OF PROCESS), AND (III) SHALL PROMPTLY DESIGNATE SUCH A SUBSTITUTE
IF ITS AUTHORIZED AGENT CEASES TO HAVE AN OFFICE IN NEW YORK, NEW YORK OR IS
DISSOLVED WITHOUT LEAVING A SUCCESSOR.

13.           Governing Law, Entire Agreement,
etc.  THIS ASSIGNMENT SHALL BE DEEMED
TO BE A CONTRACT MADE UNDER AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK,
EXCEPT TO THE EXTENT THAT THE VALIDITY OR PERFECTION OF ANY SECURITY INTEREST
HEREUNDER, OR REMEDIES HEREUNDER, IN RESPECT OF ANY PARTICULAR COLLATERAL ARE
GOVERNED BY THE LAWS OF A JURISDICTION OTHER THAN THE STATE OF NEW YORK. THIS
ASSIGNMENT CONSTITUTES THE ENTIRE UNDERSTANDING AMONG THE PARTIES HERETO WITH
RESPECT TO THE SUBJECT MATTER HEREOF AND THEREOF AND SUPERSEDE ANY PRIOR
AGREEMENTS, WRITTEN OR ORAL, WITH RESPECT THERETO.

14.           Further Assurances.  Assignor agrees to execute and deliver, in
recordable form if necessary, any and all documents and instruments requested
by the assignee to give effect to the terms and provisions of this Assignment.

15.           Severability.  Any provision of this Assignment which is
prohibited or unenforceable in any jurisdiction shall, as to such provision and
such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions of this Assignment or affecting the validity or enforceability
of such provision in any other jurisdiction.

16.           Execution in Counterparts,
Effectiveness, etc.  This Assignment
may be executed in any number of counterparts, each of which shall be effective
only upon delivery and thereafter shall be deemed an original, and all of which
shall be taken to be one and the same instrument, for the same effect as if all
parties hereto had signed the same signature page. Any signature page of this
Assignment may be detached from any counterpart of this Assignment without
impairing the legal effect of any signatures thereon and may be attached to
another counterpart of this Assignment identical in form hereto but having
attached to it one or more additional signature pages.

17.           Notices.  All notices, consents, approvals and requests
required or permitted hereunder shall be given in writing and shall be
effective for all purposes if (i) hand delivered, (ii) sent by certified or
registered United States mail, postage prepaid, return receipt requested, (iii)
sent by expedited prepaid delivery service, either commercial or United States
Postal Service, with proof of attempted delivery, or (iv) sent by facsimile
(with answer back acknowledged), in each case addressed as follows (or at such
other address and person as shall

 5
 

be designated from time to time by any party hereto,
as the case may be, in a notice to the other parties hereto in the manner
provided for in this Section 19):

If to Assignee:                                                                 Column
Financial, Inc.

11 Madison Avenue, 9th Floor

New York, New York 10010

Attention:  Michael May - Director

Facsimile No.:  (212) 352-8106

with a copy to:                                                                 Column
Financial, Inc.

One Madison Avenue

New York, New York 10010

Legal and Compliance Department

Attention:  Casey McCutcheon, Esq. 

Facsimile No.:  (917) 326-8433

and a copy to:                                                                    Fried,
Frank, Harris, Shriver & Jacobson LLP 

One New York Plaza 

New York, New York 10004 

Attention:  Jonathan L. Mechanic, Esq.

Facsimile No.:  (212) 859-4000

If to any
Assignor:                                           c/o
OpBiz, L.L.C.

3667 Las Vegas Boulevard South

Las Vegas, Nevada 89109

Attention:  Mark Helm, Esq.

Facsimile No.:  (702) 785-5936

With a copy to:                                                             Greenberg
Traurig LLP

200 Park Avenue

New York, New York 10166

Attention:  Joseph F. Kishel, Esq.

Facsimile No.:  (212) 805-9238

A notice shall be deemed to have been given, (i) in
the case of hand delivery, at the time of delivery, (ii) in the case of registered
or certified mail, when delivered or the first attempted delivery on a Business
Day,  (iii) in the case of expedited
prepaid delivery, upon the first attempted delivery on a Business Day, or (iv)
in the case of facsimile, upon sender’s receipt of a machine generated
confirmation of successful transmission after advice by telephone to recipient
that a facsimile notice is forthcoming.

18.           Modification.  This Assignment may not be modified, amended
or terminated except by a written agreement executed by all of the parties
hereto.

19.           Successors and Assigns.  This Assignment shall be binding upon and
shall inure to the benefit of Assignor and Assignee and their respective
successors and assigns.

 6
 

20.           Assignability.  Assignee shall have the right to assign this
Assignment and the obligations hereunder only in connection with the assignment
of the Loan.  The parties hereto
acknowledge that following the execution and delivery of this Assignment,
Assignee may sell, transfer and assign this Assignment, the Loan and the other
Loan Documents.  All references to “Assignee” hereunder shall be
deemed to include the assigns of Assignee and the parties hereto acknowledge
that actions taken by Assignee hereunder may be taken by Assignee’s agents and
by the agents of the assigns of Assignee.

23.           Secondary Market Transactions.  TSP Owner hereby covenants and agrees to be
bound and to abide by the terms of Section 9.1 and 9.2 of the Loan Agreement.

REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

 

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IN
WITNESS WHEREOF, Assignor and Assignee have duly executed this Assignment on
the day and year first written above.

 

	
  

  	
  ASSIGNOR:

  
	
   

  	
   

  
	
   

  	
   

  
	
  

  	
  OPBIZ, L.L.C., a Nevada limited liability company

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  FEE OWNER:

  
	
   

  	
   

  
	
   

  	
  PH FEE OWNER LLC, a Delaware limited liability
  company

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TSP OWNER:

  	
   

  
	
   

  	
   

  
	
   

  	
  TSP OWNER LLC, a Delaware limited liability company

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
					

 

Schedule-1

Bank Name: KeyBank, N.A.

ABA Number: 021-300-077

Account Name: PH Fee Owner LLC and OpBiz, L.L.C. Cash Management Account, f/b/o

Column Financial Inc., and its successors and assigns, as secured party

Account Number: 327825049676

Note: For deposit in Timeshare Project Proceeds Account

 

	
  

  	
  ASSIGNEE:

  
	
   

  	
   

  
	
   

  	
  COLUMN FINANCIAL, INC., 

  
	
   

  	
  a Delaware corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00120-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00120-of-00352.parquet"}]]