Document:

Intellectual Property License Agreement, dated as of December 14, 2004

 Exhibit 10.108 
  
 INTELLECTUAL PROPERTY LICENSE AGREEMENT 
  
 This Intellectual Property License Agreement (“Agreement”) is dated as of the 14th day of December, 2004, by and among WYNN RESORTS HOLDINGS, LLC, a Nevada Limited Liability Company (hereinafter
“Holdings”), WYNN RESORTS, LIMITED, a Nevada corporation (hereinafter “Limited”) and Wynn Las Vegas, LLC, a Nevada limited liability company (hereinafter “Licensee”). Holding and Limited are
collectively referred to herein as “Licensor”. 
  
 RECITALS 
  
 A. Holdings is the owner or exclusive
licensee with the right to license and/or sublicense certain marks and works as defined herein that are listed and described in attached Schedule A, and is the licensee of other third party rights and works as defined herein that are listed
and described in attached Schedule B, and certain trade secrets, data and know-how that are listed and described in attached Schedule C (hereinafter, collectively, the “Holdings Intellectual Property”). 
  
 B. Limited is the sole member of Holdings and is the owner of certain trade
secrets, data, know-how and other intangible property that are listed and described in attached Schedule C (hereinafter, collectively the “Limited Intellectual Property”). The Holdings Intellectual Property and the Limited
Intellectual Property are collectively referred to herein as the “Licensed Property.” 
  
 C. Holdings is the Sole member of Licensee, which was established to own and operate one or more hotel casino resorts in Las Vegas, Nevada (the
“Las Vegas Operations”). 
  
 D. In order to
successfully design, build, market, advertise, promote and operate the Las Vegas Operations, Licensee desires to license the Licensed Property from Licensor pursuant to the terms and conditions set forth in this Agreement. 
  
 Now, therefore, in consideration of the foregoing and the mutual promises contained herein,
the parties have agreed as follows: 
  

	 	1.	License. Licensor hereby grants the following licenses to Licensee at the location specified herein. 

  

	 	1.01	Licensor grants to Licensee a nonexclusive license and/or nonexclusive sublicense to use the marks listed in Schedule A, attached hereto, in connection with the operation,
advertising, promotion, distribution and services of the Las Vegas Operations. Licensor in its reasonable discretion, by written notice to Licensee, may add additional marks to Schedule A, provided that Licensee is not charged a fee for the
use of such marks. In addition, Schedule A shall be deemed to exclude any marks that have been abandoned. The foregoing licenses granted in this Paragraph 1.01 shall hereinafter be known as the “Trademark License.”

	 	1.02	Licensor grants Licensee a non-exclusive sublicense to the works listed in Schedule B, attached hereto, in connection with the operation, advertising, promotion, distribution
and services of the Las Vegas Operations. The foregoing licenses granted in this Paragraph 1.02 shall hereinafter be known as the “Copyright and Persona License.” 

  

	 	1.03	Licensor grants to Licensee a non-exclusive license to use the data, trade secrets and know-how listed in Schedule C, attached hereto, developed by Licensor and its
employees, officers, directors and representatives, and such future items as may be provided from time to time for use in connection with the operation, advertising, promotion, distribution and services of the Las Vegas Operations. Licensor shall
pay all costs associated with the development of such data, trade secrets and know-how and shall also be responsible for providing Licensee updates or upgrades to such materials. Licensee shall reimburse all installation and/or training costs
incurred by licensor in connection with providing Licensee such information. The foregoing license shall hereinafter be known as the “Trade Secret and Know How License.” 

  

	 	1.04	Licensee shall not have the right to grant sublicenses hereunder. 

  

	 	1.05	Notwithstanding the foregoing, Licensee shall have the right to permit persons other than Licensee to produce and manufacture promotional products or the packaging thereof for
Licensee consistent with the quality standards and other requirements of this Agreement. Licensee will identify its products and manufacturers for the products to Licensor upon request. Licensee agrees that any person or entity permitted to
manufacture such products shall be prohibited from manufacturing, producing, selling, distributing, or shipping products other than to Licensee or Licensor. Licensee further agrees to enforce such prohibition at its own expense and upon reasonable
demand by Licensor. 

  

	 	2.	License Term and Location. 

  

	 	2.01	This Agreement shall be effective as of December 14, 2004, and shall continue as to all non-expired and non-terminated locations, or until otherwise terminated under the provisions
of this Agreement. 

  

	 	2.02	This Agreement is specific to Licensee’s operations located in Las Vegas, Nevada, but shall include the right to use the Licensed Property in all advertising, promotion and
marketing materials worldwide and in any and all media now known or hereafter devised. 

  

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	 	3.	Quality Control. 

  

	 	3.01	Licensee agrees that the facilities, amenities, services and goods covered by this Agreement will be of exceptional quality and that such amenities, services and products will be
designed, manufactured, sold and distributed in full and complete compliance with all applicable laws. To this end, Licensee shall, upon Licensor’s written request, permit Licensor to inspect and approve the facilities and, upon Licensor’s
written request, any and all advertising, promotion, public relations material, merchandise, or promotional products (“Product Sample”) before manufacture or production. Any Product Sample that contains any of the Licensed Property
submitted to Licensor, if any, shall be deemed approved unless Licensor disapproves the same in writing within thirty (30) days after receipt by Licensor. In the event that Licensor notifies Licensee in writing that it disapproves of any particular
use of the Licensed Property, whether or not it had been previously submitted to Licensor for approval or approved by Licensor, Licensee shall promptly phase out and cease such usage. 

  

	 	3.02	All promotional items and products manufactured or assembled outside of the United States shall be marketed in accordance with prevailing U.S. Customs and Federal Trade Commission
laws, rules and regulations and other applicable laws, rules and regulations. To the extent that Licensor’s obligations for quality control with and from its third party licensors may vary from time to time, Licensee agrees to accept and
comply, upon reasonable written notice, with such quality control provisions as may be required under Licensor’s license agreements with third parties from whom Licensor has obtained the rights to the Licensed Property.

  

	 	3.03	Licensee acknowledges that providing substandard services or products would have an adverse effect upon the reputation of Licensor and any third party from whom Licensor has
obtained the rights, including but not limited to the parties to the agreements listed on Schedule B. Accordingly, Licensee agrees not to offer amenities or facilities of less than the highest quality standards or to sell defective products
(seconds) which bear the marks of the Licensed Property. 

  

	 	3.04	 Licensee agrees to operate the Las Vegas Operations in a manner which meets or exceeds the following minimum quality standards: (a) the business shall be operated
in compliance with all applicable local, state and federal laws and regulations, including, but not limited to, health, safety, fire and business codes, tax laws, gaming laws and labor codes; (b) the business shall maintain all applicable 

  

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 business licenses, including, but not limited to, business, alcohol, and gaming; (c) the business shall
be conducted in a professional and reputable manner reasonably free from consumer complaints; (d) the premises shall be maintained in a pristine manner, consistently neat, clean and in proper repair and décor, in a highly sanitary condition,
and all food and beverage services shall maintain the highest possible rating for cleanliness established by the governing entity for the site; (e) the business shall be operated in a manner that does not tarnish or diminish the value of the
goodwill represented by the Licensed Property; and (f) the business shall be operated in a manner that does not adversely affect the goodwill or reputation of Licensor and its affiliates or the ability of Licensor and its affiliates to obtain or
maintain licenses from any regulatory authority including the Nevada Gaming Commission. 
  

	 	3.05	Licensor (directly or through its authorized agents) shall have the right to inspect the premises upon reasonable notice, at any time. If, at any time, Licensee fails to operate the
Las Vegas Operations in conformity with the quality standards set forth herein, Licensor shall notify Licensee in writing of any such deficiency. Licensee shall have ten (10) days within which to cure such deficiency. If Licensee falls to cure any
such failure, then Licensor may, at its option (a) cure the failure and charge Licensee for the expense of doing so, or (b) terminate this Agreement. In the event that the cure cannot be accomplished within ten (10) days, but Licensee has made a
good faith effort to effect the cure, Licensor may extend the period to cure for a reasonable time, at Licensor’s sole and absolute discretion. 

  

	 	4.	Goodwill. All goodwill arising from the use of the Licensed Property shall inure to the benefit of Licensor, or the party from whom Licensor obtained its rights.

  

	 	5.	Use of Licensed Property and Persona. 

  

	 	5.01	Licensee shall comply, within a period not to exceed thirty (30) days, with the conditions set forth by Licensor, in writing, from time to time, with respect to the style,
appearance and manner of use of the Licensed Property and any trade secrets, data and know-how provided to Licensee pursuant to this Agreement. Licensee may not make any use of the Licensed Property that is not in compliance with this Agreement,
unless Licensee obtains the prior written permission of Licensor. Licensor may, at its option, require that Licensee, at Licensee’s cost, place a notice or notices acceptable to Licensor of Licensor’s respective registration of the marks,
works or persona rights. 

  

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	 	5.02	Upon Licensor’s written request, Licensee shall provide Licensor, for prior approval, copies of all print advertisements and marketing materials containing any of the Licensed
Property prior to printing, publishing or distribution. Licenser shall not unreasonably withhold approval of such advertisements or marketing materials, and any disapproval shall specify the basis for such disapproval. In the event that Licensor
does not approve or disapprove of such use within thirty (30) days of receipt, the use shall be deemed to be approved. In the event that Licensor notifies Licensee in writing that it disapproves of any particular print advertisements or marketing
materials containing any of the Licensed Property, whether or not they had been previously submitted to Licensor for approval or approved by Licensor, Licensee shall promptly phase out and cease such usage. 

  

	 	5.03	Licensee agrees not to use any of the Licensed Property in connection with any other trademark or service mark not owned by Licensor without the express written permission of
Licensor. Licensor shall not unreasonably withhold approval of such use, and any disapproval shall be in writing specifying the basis for the disapproval. In the event that Licensor does not approve or disapprove such request within thirty (30) days
of receipt, such request shall be deemed approved. 

  

	 	5.04	Licensee will not permit any person or entity that leases, subleases or rents any portion of the Las Vegas Operations, to use any of the Licensed Property without a written
agreement and the express written consent of Licensor. 

  

	 	6.	Termination. 

  

	 	6.01	Failure to comply with any term hereof shall constitute a breach of this Agreement. Upon any breach, the non-breaching party shall provide written notice to the breaching party,
describing the nature of the breach. Except as provided in Paragraph 6.03 herein, the breaching party shall have ten (10) days within which to cure the breach. If the breach is not cured within that period of time, the non-breaching party may elect
to terminate this Agreement. Termination of the Agreement is effective upon receipt by the breaching party of the written notice of termination. 

  

	 	6.02	 Licensor may terminate this Agreement: (a) upon the occurrence of any default by Licensee or any third party licensee under any promissory note, indenture, loan
agreement or other instrument or evidence of indebtedness; or (b) if Licensee, any approved third party licensee, or any third party manufacturer permitted under Section 1.05 of this Agreement materially breaches this license and 

  

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fails to cure the breach upon ten (10) days notice from Licensor; or (c) if Licensee or any approved third party licensee becomes insolvent or bankrupt; or
(d) if Licensee fails to continuously operate one or more hotel casino resorts in Las Vegas, Nevada for a period of ninety (90) days after December 31, 2005 for any reason other than renovation, reconstruction, or rebuilding of the premises, or any
substantial portion thereof. 
  

	 	6.03	Licensee acknowledges that Licensor and its affiliated companies conduct businesses that are subject to and exist because of privileged gaming licenses issued by governmental
authorities. Licensee agrees that in the event any such privileged license is suspended or revoked, or Licensor in good faith deems that this Agreement, or any past, present or future activity or relationship of Licensee, or Licensee’s
officers, directors, employees, agents or representatives, jeopardizes any such privileged license, or the gaming business activities of Licensor, or its affiliated companies, then Licensor shall have the right to terminate this Agreement upon ten
(10) days written notice to Licensee, approved third party licensee or any other licensee, describing the nature of the activity or individuals and/or relationships creating the problem for the privileged license. 

  

	 	6.04	This Agreement shall terminate concurrent with the termination of any agreement between Licensor and any third party for the license of any of the Licensed Property, including but
not limited to, termination of any of the agreements listed on Schedule B. 

  

	 	6.05	This Agreement shall automatically terminate if (i) Limited ceases to own, directly or indirectly, all of the member’s interests in Licensee, or (ii) Limited ceases to have the
ability to direct or cause the direction of the management and policies of Licensee. 

  

	 	7.	Indemnification. 

  

	 	7.01	 Licensee agrees to obtain, or cause to be obtained, prior to the opening of its first casino resort hotel, insurance which provides personal injury and property
damage and product liability coverage for any and all claims, suits, losses and damages arising out of the operation of Licensee’s premises and sale of promotional merchandise, including coverage for any claims, suits, losses or damage arising
out of negligence concerning the design, manufacture, distribution and sale of such promotional merchandise, from an insurance company, acceptable to Licensor, providing coverage and defense. The coverage for each occurrence shall be at least Five
(5) Million ($5,000,000) Dollars with the deductible or self-insurance retention not greater than 

  

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$100,000 or such in such other amounts as Licensor may advise Licensee. Licensee shall maintain or cause to be maintained public policy coverage during the
term of this Agreement. Licensor shall be named as an additional insured and shall receive notice of any cancellation of insurance from the insurance carrier not less than 30 days prior to effective date of such cancellation. 
  

	 	7.02	Licensor shall defend, indemnify and hold Licensee and all of Licensee’s directors, officers, employees, agents, affiliates, and assigns (collectively, the “Licensed
Protected Parties”) harmless from and against any demands, claims and losses arising from any third party claim alleging infringement of Licensed Property. 

  

	 	7.03	Licensee shall defend, indemnify and hold Licensor and its directors, officers, employees, agents and affiliates (collectively, “Licensor’s Protected Parties”)
harmless from and against any and all demands, claims, losses or damages by reason of premise liability or product defect or negligent design or manufacture by or for Licensee, or arising from Licensee’s operation of the Las Vegas Operations.

  

	 	8.	Notices. Except as otherwise sat forth herein, any notices, statements or payments required to be made or given under this Agreement shall hand delivered or sent via
registered mail, postage prepaid, to the following persons and addresses which may change or be modified at any time in writing by the receiving parties. 

  

			
	To Holdings:	  	Wynn Resorts Holdings, LLC
	 	  	3131 Las Vegas Boulevard South
	 	  	Las Vegas, Nevada 89109
	 	  	Attn: Legal Department
		
	To Limited:	  	Wynn Resorts, Limited
	 	  	3131 Las Vegas Boulevard South
	 	  	Las Vegas, Nevada 89109
	 	  	Attn: Legal Department
		
	To Licensee:	  	Wynn Las Vegas, LLC
	 	  	3131 Las Vegas Boulevard South
	 	  	Las Vegas, Nevada 89109
	 	  	Attn: Legal Department

  

	 	9.	Miscellaneous. 

  

	 	9.01	 The parties each represent and warrant to the other that their own officer, or other duly authorized representative executing this Agreement, has the full power and
authority to do so on their behalf. 

  

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	 	9.02	This Agreement shall be construed without regard to the rule of presumption requiring construction against the party who drafted the agreement, or caused it to be drafted. Neither
party shall be deemed to be the drafting party. The parties hereto shall, and they hereby do, waive trial by jury with respect to any action brought by a party hereto against the other party or to any other matter arising out of or in any way
connected with the Licensed Property. 

  

	 	9.03	The parties agree that they have each read and understand this Agreement; they understand its content and meaning; and they have executed it of their own free will in accordance
with their own judgment, after having the opportunity to obtain the advice of counsel and having actually received the advice of counsel. The parties acknowledge that they have not been coerced, influenced or induced to execute this Agreement by any
improper action. 

  

	 	9.04	To facilitate the execution of this Agreement by the parties, Licensee may execute it in counterparts, and the signature transmitted by facsimile shall have the same force and
effect as the original signature. 

  

	 	9.05	This Agreement shall be subject to, governed by and construed according to the laws of the State of Nevada or, where applicable, United States federal law. Any dispute regarding or
relating to this Agreement shall be exclusively adjudicated in a court of competent jurisdiction in the State of Nevada. 

  

	 	9.06	No term or provision hereof shall be construed to be waived by either party, and no breach excused by either party, unless such waiver or consent in writing, signed on behalf of the
party against whom the waiver is asserted. No consent by either party to, or waiver of, a breach by either party, whether express or implied, will constitute consent to, waiver of, or excuse of any other, different, or subsequent breach by either
party. 

  

	 	9.07	This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior negotiations and agreements unless otherwise
provided. Each party acknowledges and agrees by executing this Agreement that it is not relying upon any representation or promise whatsoever that is not contained herein and that any such representation or promise is acknowledged to be immaterial.
Accordingly, each party to this Agreement waives the defense or claims of fraud in inducement or mistake of law or fact to any claim arising out of, based on, or related to this Agreement, except with respect to the express representations set forth
in this Agreement. 

  
 [signature page to
follow] 
  

 8 

 In Witness Whereof, the parties have caused this Agreement to be duly executed as of the day and year
first above written 
  

									
	WYNN RESORTS, LIMITED
		
	By:	 	 /s/ Marc H. Rubinstein

	 	 	Marc Rubenstein,
	 	 	Senior Vice President
	
	WYNN RESORTS HOLDINGS, LLC
			
	 	 	By:	 	Wynn Resorts, Limited,
	 	 	 	 	a Nevada corporation,
	 	 	 	 	its sole member
				
	 	 	 	 	By:	 	 /s/ Marc H. Rubinstein

	 	 	 	 	 	 	Marc Rubenstein,
	 	 	 	 	 	 	Senior Vice President
	
	WYNN LAS VEGAS, LLC
			
	 	 	By:	 	Wynn Resorts Holdings, LLC,
	 	 	 	 	a Nevada limited liability company,
				
	 	 	 	 	By:	 	Wynn Resorts, Limited,
	 	 	 	 	 	 	a Nevada corporation,
	 	 	 	 	 	 	its sole member
					
	 	 	 	 	 	 	By:	 	/s/ Marc H. Rubinstein
	 	 	 	 	 	 	 	 	Marc Rubenstein,
	 	 	 	 	 	 	 	 	Senior Vice President

  
 Signature page
- Intellectual Property License Agreement 
  

 9RESIDENTIAL MORTGAGE PROGRAM AGREEMENT

            This Residential Mortgage Program Agreement ("this Agreement") is
entered into as of November 18, 2004 between Homestead Funding Corp., a New York
business corporation having its chief executive office at 8 Airline Drive,
Albany, NY 12205, ("Homestead") and First Niagara Bank, a federal savings
association having its chief executive office at 6950 South Transit Road, P.O.
Box 514, Lockport, NY 14095-0514, ("First Niagara").

                                   Background

            1. Homestead is a mortgage banker engaged in the business of
extending to consumers credit that, in the case of any consumer, is a mortgage
loan secured by a first lien on a one-to-four family dwelling occupied by that
consumer or is a home equity loan or line of credit secured by a second lien on
that dwelling created at the same time as that first lien (any mortgage loan
secured by a first lien of that type together with any home equity loan or line
of credit secured by a second lien of that type on the dwelling covered by the
first lien being "Residential Mortgage Credit").

            2. First Niagara is engaged in the business of extending or
purchasing Residential Mortgage Credit.

            3. Homestead and First Niagara (together "the Parties" and each a
"Party") wish to undertake a program under which in the counties of the State of
New York identified on Exhibit A attached to this Agreement (together "the
Program Counties") Homestead will identify itself as conducting business under

<PAGE>

the name First Niagara Mortgage as a representative of First Niagara and will
extend Residential Mortgage Credit to be purchased by First Niagara ("First
Niagara Portfolio Residential Mortgage Credit") and Residential Mortgage Credit
to be purchased by parties other than First Niagara (the "Program").

                                    Agreement

            Homestead and First Niagara agree as follows:

            1. Use of Name First Niagara Mortgage and Logo of First Niagara.
Subject to the provisions of a Service Mark License Agreement to be entered into
between the Parties in the form of Exhibit B attached to this Agreement,
Homestead will, except to the extent prohibited by applicable law or First
Niagara and subject to Homestead's first obtaining the consent of First Niagara,
(a) conduct business under the name First Niagara Mortgage in the Program
Counties and (b) cause the name First Niagara Mortgage and the logo of First
Niagara to appear on (i) all signage at offices of Homestead located in the
Program Counties, (ii) all stationery used by Homestead at those offices or
otherwise in the conduct of the Program ("Program Stationery"), (iii) all
advertising and other promotional material in any medium used by Homestead in
the conduct of the Program or otherwise in the Program Counties ("Marketing")
and (iv) all forms of applications, rate sheets and other documents used by
Homestead in the conduct of the Program or otherwise in the Program Counties
("Program Documentation"). For example, Homestead will (a) cause telephones at
offices of Homestead located in the Program Counties other than the principal

                                      -2-
<PAGE>

office of Homestead to be answered with the name First Niagara Mortgage, (b)
cause telephones at the principal office of Homestead to be answered, to the
extent practicable, with the name First Niagara Mortgage or a variation of that
name and (c) cause officers and employees of Homestead to identify themselves as
employees of First Niagara Mortgage in their dealings with potential applicants
and applicants for and recipients of Residential Mortgage Credit.

            2. Identification of Homestead as Representative of First Niagara.
Whenever Homestead uses the name First Niagara Mortgage or the logo of First
Niagara (for example, on (a) any signage at any office of Homestead located in
the Program Counties, (b) any Program Stationery, (c) any Marketing or (d) any
Program Documentation), Homestead will conspicuously identify itself as a
representative of First Niagara.

            3. Availability of Homestead Employees at First Niagara Banking
Offices. Homestead will, at times and otherwise as agreed upon by the Parties,
cause qualified employees of Homestead to be located at or otherwise be
available to customers and potential customers of banking offices of First
Niagara located in the Program Counties for the purpose of promoting and
originating applications for Residential Mortgage Credit.

            4. Underwriting. Underwriting of applications for First Niagara
Portfolio Residential Mortgage Credit taken by Homestead in the conduct of the
Program or otherwise in the Program Counties, whether taken at offices of
Homestead or banking offices of First Niagara or otherwise, will be underwritten
by employees of First Niagara, who may be located at offices of Homestead. If
located at offices of Homestead, those employees will be under the control of
First Niagara at all times but may be under day-to-day operational supervision
of Homestead.

                                      -3-
<PAGE>

            5. Promotion and Development of Types of Residential Mortgage
Credit. In the conduct of the Program, Homestead (a) will use commercially
reasonable efforts to promote, through Marketing and otherwise, in the Program
Counties all types of Residential Mortgage Credit offered by First Niagara,
whether or not constituting First Niagara Portfolio Residential Mortgage Credit,
and (b) may promote, through Marketing and otherwise, in the Program Counties
other types of Residential Mortgage Credit. Homestead will cooperate with First
Niagara in developing new types of Residential Mortgage Credit to be offered by
First Niagara.

            6. Offering and Promotion of Other Products and Services. In the
conduct of the Program, Homestead will use commercially reasonable efforts to
promote, through Marketing and otherwise, products and services offered by First
Niagara other than Residential Mortgage Credit (for example, deposit accounts,
commercial mortgage loans and home equity loans and lines of credit not
constituting Residential Mortgage Credit) as agreed upon by the Parties and for
compensation agreed upon by the Parties. Except for Residential Mortgage Credit
and products and services directly related to Residential Mortgage Credit (for
example, title insurance), Homestead will not, without first obtaining the
consent of First Niagara in writing (which will not be unreasonably withheld by
First Niagara), offer or promote, through Marketing or otherwise, in the conduct
of the Program or otherwise in the Program Counties any product or service (for
example, a home equity loan or line of credit) offered by any party other than
First Niagara.

                                      -4-
<PAGE>

            7. Cooperation by Parties. The Parties will cooperate in (a)
obtaining, making, giving or doing, and maintaining in full force and effect,
each authorization, approval, permit, consent, franchise and license from,
registration and filing with, declaration, report and notice to and other act by
or relating to any court, agency or other governmental body necessary for the
execution, delivery and performance by the Parties of this Agreement or the
conduct of the Program and (b) to the fullest extent allowed by and in
accordance with applicable law, sharing information about potential applicants
and applicants for and recipients of Residential Mortgage Credit.

            8. Approval of Marketing. All Marketing used at banking offices of
First Niagara located in the Program Counties must be approved by First Niagara
before being undertaken by Homestead. All other Marketing must be approved in
concept by First Niagara before being undertaken by Homestead.

            9. Payment for Signage, Program Stationery, Marketing and Program
Documentation. Homestead will pay for (a) all signage at offices of Homestead
located in the Program Counties not deemed necessary by First Niagara, (b) all
Program Stationery other than Program Stationery initially ordered for the
conduct of the Program, (c) all Marketing other than Marketing consisting of
free-standing newspaper inserts that are approved by First Niagara and advertise
or otherwise promote both Residential Mortgage Credit and other products and
services offered by First Niagara (together "Newspaper Inserts") and (d) all
Program Documentation. First Niagara will pay for (a) all signage at offices of

                                      -5-
<PAGE>

Homestead located in the Program Counties other than signage not deemed
necessary by First Niagara, (b) all Program Stationery initially ordered for the
conduct of the Program and (c) all Newspaper Inserts.

            10. Sale and Purchase of Residential Mortgage Credit. If, in the
judgment of First Niagara, any Residential Mortgage Credit extended by
Homestead, whether or not extended in the conduct of the Program and whether or
not originated in the Program Counties, (a) is of a type identified on Exhibit C
attached to this Agreement, (b) is of a type offered by First Niagara at the
time that Residential Mortgage Credit is extended, (c) provides for credit terms
(for example, terms relating to interest and other charges) offered by First
Niagara at the time that Residential Mortgage Credit is extended and (d) meets
underwriting standards of FNMA or FHLMC or any other prudent investor that
provides Residential Mortgage Credit like that Residential Mortgage Credit,
Homestead will sell that Residential Mortgage Credit to First Niagara, and First
Niagara will buy that Residential Mortgage Credit from Homestead, for a purchase
price determined as provided in that Exhibit C, with that purchase and sale to
be consummated and the purchase price to be paid consistent with industry
practices (usually 20 to 40 days after the closing for that Residential Mortgage
Credit). That purchase and sale will be subject to the provisions of the
Correspondent Lending Agreement to be entered into between the Parties in the
form of Exhibit D attached to this Agreement.

            11. [CONFIDENTIAL TREATMENT REQUESTED FROM THE SECURITIES AND
EXCHANGE COMMISSION AND FILED SEPARATELY THEREWITH]

                                      -6-
<PAGE>

            12. [CONFIDENTIAL TREATMENT REQUESTED FROM THE SECURITIES AND
EXCHANGE COMMISSION AND FILED SEPARATELY THEREWITH]

            13. [CONFIDENTIAL TREATMENT REQUESTED FROM THE SECURITIES AND
EXCHANGE COMMISSION AND FILED SEPARATELY THEREWITH]

            14. [CONFIDENTIAL TREATMENT REQUESTED FROM THE SECURITIES AND
EXCHANGE COMMISSION AND FILED SEPARATELY THEREWITH]

            15. Compliance with Applicable Law. In the conduct of the Program
and otherwise in the conduct of its business, each Party will comply with
applicable law (for example, to the extent applicable to that Party, any statute
or regulation relating to doing business under an assumed name, licensing,
disclosure or fair lending, such as (a) the federal Equal Credit Opportunity Act
and its implementing regulation, Regulation B of the Board of Governors of the
Federal Reserve System, (b) the federal Truth in Lending Act and its
implementing regulation, Regulation Z of the Board of Governors of the Federal
Reserve System, (c) the federal Real Estate Settlement Procedures Act and its
implementing regulation, Regulation X of the Department of Housing and Urban
Development, (d) Section 130 of the General Business Law of the State of New
York, (e) Article 12-D of the Banking Law of the State of New York, (f) Section
296-a of the Executive Law of the State of New York, (g) Part 38 of the General
Regulations of the Banking Board of the State of New York, (h) Part 41 of the
General Regulations of the Banking Board of the State of New York and (i) Part

                                      -7-
<PAGE>

410 of the Superintendent's Regulations of the Superintendent of Banks of the
State of New York). For example, Homestead will comply with applicable law in
connection with its dealings with potential applicants and applicants for and
recipients of Residential Mortgage Credit, such as (a) the provision of services
or information, whether as to the availability of Residential Mortgage Credit,
application procedures or credit standards or otherwise, and the encouragement
or discouragement of inquiries about or applications for Residential Mortgage
Credit, (b) the making of disclosures, (c) the charging of fees and (d) the
retention of records. Homestead will, at its own expense, take all steps
required, whether by First Niagara or otherwise, to correct any violation of
applicable law in the conduct of the Program or otherwise in the conduct of its
business, whether discovered in an audit or quality control procedure conducted
by First Niagara, an examination conducted by the Banking Department of the
State of New York, the Office of Thrift Supervision or any other federal or
state agency or other governmental body or otherwise.

            16. Audit and Quality Control. Homestead will allow First Niagara,
in accordance with First Niagara's usual auditing and quality control procedures
and schedules, at times agreed upon by the Parties and, unless requested by
Homestead, at First Niagara's expense, to audit the compliance of Homestead with
applicable law in the conduct of the Program or otherwise in the conduct of its
business and to conduct quality control procedures with respect to (a)
applications for Residential Mortgage Credit originated by Homestead in the
conduct of the Program or otherwise and (b) Residential Mortgage Credit extended
by Homestead in the conduct of the Program or otherwise.

                                      -8-
<PAGE>

            17. Privacy and Customer Information Security. In the conduct of the
Program, Homestead will be bound by the provisions of the form of letter
attached to this Agreement as Exhibit E.

            18. Offers of Employment. Homestead will make bona fide offers of
employment to employees of First Niagara or Hudson River Mortgage Corp. who are
engaged primarily in the origination but not the underwriting or other
processing of applications for Residential Mortgage Credit at offices of First
Niagara or Hudson River Mortgage Corp. located in the Program Counties and whose
employment by First Niagara or Hudson River Mortgage Corp. is terminated as a
result of the commencement of the Program.

            19. Effectiveness of Agreement. This Agreement will take effect only
upon (a) the consummation of the merger of Hudson River Bankcorp, Inc. into
First Niagara Financial Group, Inc., (b) the obtaining by Homestead of any
approval from the Banking Department of the State of New York required for the
execution, delivery and performance by Homestead of this Agreement and the
conduct by Homestead of the Program and (c) the obtaining by First Niagara of
any approval from the Office of Thrift Supervision required for the execution,
delivery and performance by First Niagara of this Agreement and the conduct by
First Niagara of the Program.

            20. Representations and Warranties of Homestead. Homestead
represents and warrants to First Niagara that (a) Homestead is and will remain
duly organized, validly existing and in good standing under the law of the State
of New York, duly authorized to do business and in good standing under the law
of each other jurisdiction in which Homestead conducts business and a registered

                                      -9-
<PAGE>

seller and servicer in good standing with the Federal National Mortgage
Association and the Federal Home Loan Mortgage Corporation, (b) the execution,
delivery and performance by Homestead of this Agreement and the conduct by
Homestead of the Program and other business of Homestead (i) are within the
power and authority of Homestead, (ii) do not and will not violate the
certificate of incorporation or the by-laws of Homestead, applicable law, any
judgment or order of any court, agency or other governmental body or any
agreement or instrument to which Homestead is a party or by which Homestead is
bound and (iii) have been duly authorized by all necessary corporate action of
Homestead and (c) except for any approval by the Banking Department of the State
of New York contemplated by clause (b) of Section 19 of this Agreement, each
authorization, approval, permit, consent, franchise and license from,
registration and filing with, declaration, report and notice to and other act by
or relating to any court, agency or other governmental body necessary for the
execution, delivery and performance by Homestead of this Agreement or the
conduct by Homestead of the Program or other business of Homestead has been duly
obtained, made, given or done and is in full force and effect.

            21. Representations and Warranties of First Niagara. First Niagara
represents and warrants to Homestead that (a) First Niagara is and will remain
duly organized, validly existing and in good standing under the federal law of
the United States, (b) the execution, delivery and performance by First Niagara
of this Agreement and the conduct by First Niagara of the Program and other
business of First Niagara relating to Residential Mortgage Credit (i) are within
the power and authority of First Niagara, (ii) do not and will not violate the
federal stock charter or the by-laws of First Niagara, applicable law, any

                                      -10-
<PAGE>

judgment or order of any court, agency or other governmental body or any
agreement or instrument to which First Niagara is a party or by which First
Niagara is bound and (iii) have been duly authorized by all necessary corporate
action of First Niagara and (c) except for any approval by the Office of Thrift
Supervision contemplated by clause (c) of Section 19 of this Agreement, each
authorization, approval, permit, consent, franchise and license from,
registration and filing with, declaration, report and notice to and other act by
or relating to any court, agency or other governmental body necessary for the
execution, delivery and performance by First Niagara of this Agreement or the
conduct by First Niagara of the Program or other business of First Niagara
relating to Residential Mortgage Credit has been duly obtained, made, given or
done and is in full force and effect.

            22. Indemnification. Each Party (the "Indemnifying Party") will
indemnify the other Party against each liability, cost and expense (for example,
attorney's fees and disbursements) imposed on, incurred by or asserted against
the other Party as a direct or indirect result of (a) the breach of any
representation or warranty made by the Indemnifying Party in Section 20 or 21 of
this Agreement, (b) any failure of the Indemnifying Party to perform any
obligation of the Indemnifying Party under this Agreement or (c) any act or
omission of the Indemnifying Party or any officer, employee or other agent of
the Indemnifying Party in the conduct of the Program. The obligations of each
Party under the preceding sentence will survive the end of the Program.

                                      -11-
<PAGE>

            23. End of Program. The Program will continue until ended in
accordance with this section. Either Party may at any time with or without any
cause give to the other Party a notice of intention to end the Program (a
"Notice of Intention"). After a Notice of Intention is given by either Party to
the other Party, there will be a period during which the Parties will cooperate
to wind down and end the Program (the "Transition Period"). [CONFIDENTIAL
TREATMENT REQUESTED FROM THE SECURITIES AND EXCHANGE COMMISSION AND FILED
SEPARATELY THEREWITH] During the Transition Period, the Parties will cooperate
to, by the end of the Transition Period unless an earlier date is agreed upon by
the Parties, (a) end the conduct of business by Homestead under the name First
Niagara Mortgage, (b) end the use of the name First Niagara Mortgage and the
logo of First Niagara on (i) signage at offices of Homestead located in the
Program Counties, (ii) Program Stationery, (iii) Marketing and (iv) Program
Documentation, (c) end the presence of employees of Homestead at and their other
availability to customers and potential customers of banking offices of First
Niagara located in the Program Counties, (d) end the linkage of technological
services (for example, electronic mail, website linking and other online
computer services) used by the Parties in the conduct of the Program, (e) end
the identification of telephone numbers used by Homestead in the conduct of the
Program or otherwise in the Program Counties using the name First Niagara
Mortgage and (f) otherwise end the Program. Each Party will pay its own expenses
in connection with the winding down and ending of the Program, except that (a)
if the Transition Period is triggered by a Notice of Intention given by First
Niagara, First Niagara will pay the cost of changing signage at offices of

                                      -12-
<PAGE>

Homestead located in the Program Counties to eliminate the name First Niagara
Mortgage and the logo of First Niagara unless that Notice of Intention specifies
that it is given because of a breach of any representation or warranty made by
Homestead in Section 20 of this Agreement or any failure of Homestead to perform
any obligation of Homestead under this Agreement, identifies that breach or
failure and is accompanied by an affidavit of an officer of First Niagara
specifying evidence of that breach or failure, in which case Homestead will pay
that cost, or (b) if the Transition Period is triggered by a Notice of Intention
given by Homestead, Homestead will pay that cost unless that Notice of Intention
is a Special Notice of Intention or it specifies that it is given because of a
breach of any representation or warranty made by First Niagara in Section 21 of
this Agreement or any failure of First Niagara to perform any obligation of
First Niagara under this Agreement and identifies that breach or failure and is
accompanied by an affidavit of an officer of Homestead specifying evidence of
that breach or failure, in which case First Niagara will pay that cost. During
the Transition Period, neither Party will (a) solicit any officer or employee of
the other Party for employment or make any offer of employment to any officer or
employee of the other Party or (b) solicit any person it knows or should know is
a customer of the other Party for any Residential Mortgage Credit. Whether
before or after the end of the Transition Period, Homestead will not solicit for
any Residential Mortgage Credit any person who is obligated on any Residential
Mortgage Credit for which First Niagara provides servicing.

            24. Notices. Each notice relating to this Agreement given by either
Party to the other Party (a) must be in writing, (b) must be sent by
first-class, certified or registered mail or a nationally recognized overnight
courier service, (c) must be addressed to the address of the other Party for
purposes of this Agreement, (d) will be considered to have been given when
deposited in the mail with proper postage or accepted by the post office or

                                      -13-
<PAGE>

overnight courier service for delivery and (e) will be considered to have been
received upon the earlier of its actual receipt by the Party to which it is
being sent or three days after being deposited or accepted as described in this
sentence. The address of each Party for purposes of notices under this Agreement
will be the address for that Party shown at the beginning of this Agreement,
except that, if the other Party receives from that Party a notice specifying
another address as the address of that Party for those purposes, the address of
that Party for those purposes will be the address specified in the most recent
notice received by the other Party from that Party specifying an address for
purposes of this Agreement.

            25. Relationship Between Parties. Neither this Agreement nor the
conduct of the Program will create any fiduciary or agency relationship or the
relationship of joint venturers, partners or similar entities between the
Parties. Neither Party will be (a) liable for any indebtedness or other
obligation of the other Party or (b) authorized to make any contract,
representation or warranty, or to create any indebtedness or other obligation,
on behalf of the other Party. No officer, employee or other agent of either
Party will be considered to be an officer, employee or other agent of the other
Party.

            26. Benefit. This Agreement is for the benefit of, is and will be
binding on and will be enforceable by each Party and each successor and assignee
of each Party.

            27. Assignments. Neither Party may assign any obligation under or
right or remedy under or arising as a result of this Agreement without first
obtaining the written consent of the other Party. Any assignment of any
obligation under or right or remedy arising under or as a result of this

                                      -14-
<PAGE>

Agreement made by either Party without first obtaining the written consent of
the other Party will be ineffective.

            28. Entire Agreement. This Agreement contains the entire agreement
between the Parties with respect to its subject matter and supersedes each
action that has been taken, each course of conduct that has been pursued and
each oral, written or other agreement and representation that has been made by
or on behalf of either Party with respect to its subject matter.

            29. Modifications and Waivers. No action that has been or is taken,
no course of conduct that has been or is pursued and no agreement or
representation that has been or is made other than in writing by or on behalf of
either Party will modify or terminate this Agreement, impair any obligation of
either Party under this Agreement or impair or waive any right or remedy of
either Party under or arising as a result of this Agreement. Any modification of
this Agreement or waiver of any right or remedy of either Party under or arising
as a result of this Agreement will be effective only if it is made in a writing
that is signed by the Parties and specifically refers to that modification or
waiver, except that First Niagara may unilaterally change Exhibit C attached to
this Agreement at any time as to applications for Residential Mortgage Credit
accepted by Homestead more than seven days after the date First Niagara gives
notice of that change to Homestead.

                                      -15-
<PAGE>

            30. Exercise of Rights and Remedies. No exercise by either Party of
any right or remedy under or arising as a result of this Agreement will prevent
the exercise by that Party of any other right or remedy under or arising as a
result of this Agreement.

            31. Ineffectiveness. Whenever possible, each provision of this
Agreement will be interpreted to be effective under applicable law. But, if any
provision of this Agreement is ineffective under applicable law, it will be
treated as changed to meet the minimum requirements of that law, or, if it is
not treated as changed to do so, it will be ineffective only to the extent that
it does not meet those minimum requirements, and the rest of it will remain
effective.

            32. Governing Law. This Agreement is governed by and will be
interpreted in accordance with the law of the State of New York with regard to
conflicts of law principles that would require the application of any other law.

            33. Headings. Headings are used in this Agreement for convenience
only and will not affect its interpretation.

            34. WAIVER OF TRIAL BY JURY. EACH PARTY GIVES UP ANY RIGHT IT MAY
HAVE TO A TRIAL BY JURY IN ANY LAWSUIT BY EITHER PARTY AGAINST THE OTHER PARTY
INVOLVING THIS AGREEMENT, THE PROGRAM OR ANY MATTER RELATING TO THIS AGREEMENT
OR THE PROGRAM.

                                      -16-
<PAGE>

                                        HOMESTEAD FUNDING CORP.

                                        By
                                           -------------------------------------
                                                                           Title

                                        FIRST NIAGARA BANK

                                        By
                                           -------------------------------------
                                                                           Title

                                      -17-

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