Document:

Exhibit 10.20

FIRST AMENDMENT

TO THE SPHERION CORPORATION

DEFERRED COMPENSATION PLAN

(As Amended and Restated Effective January 1, 2005)

THIS
FIRST AMENDMENT to the Spherion Corporation Deferred
Compensation Plan (the “Plan”) is made on this 10th day of January, 2007, by
Spherion Corporation, a Delaware corporation (the “Company”);

W I T N E S S E T H:

WHEREAS,
Article IX of the Plan provides that the Company has the right to amend the
Plan at any time; and

WHEREAS,
the Company now desires to amend the Plan to permit participants to defer
annual bonuses to the Plan;

NOW,
THEREFORE, the Plan hereby is amended, effective as of
January 1, 2007, as follows:

1.             By amending the last sentence of
Section 1.12 to read as follows:

Compensation includes
annual (but not quarterly) bonuses earned on and after January 1, 2007.

2.             By
amending Section 3.2(c) to read as follows:

(c)           Amount.  A Participant may elect to defer his
Compensation payable in each regular paycheck in 1 percent increments, up to a
maximum of 50 percent (or such other maximum percentage and/or amount, if any,
established by the Administrative Committee from time-to-time).

3.             By
adding the following Section 3.2A to the Plan:

3.2A        Annual Bonus Deferrals.  Effective January 1, 2007, Participants
may elect to defer up to 80% of each annual bonus, beginning with the annual
bonus payable in respect of the Company’s fiscal year beginning January 1,
2007.  Generally, a Participant must make
an election to defer any part of an annual bonus at least 6 months before the
end of the Controlling Company’s fiscal year with respect to which the bonus is
paid, or upon such earlier date as may be established by the Administrative
Committee.  The Administrative Committee
shall establish such rules and procedures regarding bonus deferral elections as
it deems necessary to satisfy the requirements of Section 409A of the Code.

3.                                       Except
as specifically amended hereby, the Plan shall remain in full force and effect
as prior to this Amendment.

IN WITNESS WHEREOF,
the Company has caused its duly authorized officer to execute this Sixth
Amendment on the date first above written.

	
  

  	
  SPHERION CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Stephen Karp

  
	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
  Vice PresidentExhibit
10.2

AMENDED AND RESTATED

GROUND LEASE

Between

SKRMETTA MS, LLC

as
Landlord

and

BTN,
INC.,

as Tenant

AMENDED AND RESTATED GROUND LEASE

Between SKRMETTA MS, LLC,

as Landlord,

and BTN, INC., as Tenant

TABLE OF CONTENTS

	
  

  	
   

  	
   

  	
   

  	
  Page

  	
   

  
	
  ARTICLE 1
  DEFINITIONS

  	
   

  	
  1

  	
   

  
	
  1.1

  	
   

  	
  Adjusted Gaming Win

  	
   

  	
  1

  	
   

  
	
  1.2

  	
   

  	
  After Acquired Property

  	
   

  	
  2

  	
   

  
	
  1.3

  	
   

  	
  Affiliate of Tenant

  	
   

  	
  2

  	
   

  
	
  1.4

  	
   

  	
  Barge

  	
   

  	
  2

  	
   

  
	
  1.5

  	
   

  	
  Building Service
  Equipment

  	
   

  	
  2

  	
   

  
	
  1.6

  	
   

  	
  Commencement Date

  	
   

  	
  2

  	
   

  
	
  1.7

  	
   

  	
  Effective Date

  	
   

  	
  2

  	
   

  
	
  1.8

  	
   

  	
  Existing Lease

  	
   

  	
  2

  	
   

  
	
  1.9

  	
   

  	
  Force
  Majeure Event

  	
   

  	
  2

  	
   

  
	
  1.10

  	
   

  	
  Gaming Operations

  	
   

  	
  2

  	
   

  
	
  1.11

  	
   

  	
  Gaming Site

  	
   

  	
  3

  	
   

  
	
  1.12

  	
   

  	
  Gross
  Gaming Win

  	
   

  	
  3

  	
   

  
	
  1.13

  	
   

  	
  Improvements

  	
   

  	
  3

  	
   

  
	
  1.14

  	
   

  	
  Initial
  Acquisition Property

  	
   

  	
  3

  	
   

  
	
  1.15

  	
   

  	
  Landlord’s
  Estate

  	
   

  	
  3

  	
   

  
	
  1.16

  	
   

  	
  Lease
  Term

  	
   

  	
  3

  	
   

  
	
  1.17

  	
   

  	
  Lease
  Year

  	
   

  	
  3

  	
   

  
	
  1.18

  	
   

  	
  Leased Property

  	
   

  	
  3

  	
   

  
	
  1.19

  	
   

  	
  New Lease

  	
   

  	
  3

  	
   

  
	
  1.20

  	
   

  	
  Premises

  	
   

  	
  4

  	
   

  
	
  1.21

  	
   

  	
  Prime
  Rate

  	
   

  	
  4

  	
   

  
	
  1.22

  	
   

  	
  Property

  	
   

  	
  4

  	
   

  
	
  1.23

  	
   

  	
  Tenant’s
  Estate

  	
   

  	
  4

  	
   

  
	
  1.24

  	
   

  	
  Tidelands
  Property

  	
   

  	
  4

  	
   

  
	
  1.25

  	
   

  	
  Trade
  Fixtures

  	
   

  	
  4

  	
   

  
	
  1.26

  	
   

  	
  Waterfront
  Area

  	
   

  	
  4

  	
   

  
	
  ARTICLE
  2 DEMISE, POSSESSION, TERM,
  OPTIONS TO EXTEND

  	
   

  	
  5

  	
   

  
	
  2.1

  	
   

  	
  Demise
  of Premises

  	
   

  	
  5

  	
   

  
	
  2.2

  	
   

  	
  Acquisition
  of the Initial Acquisition Property by Landlord

  	
   

  	
  5

  	
   

  
	
  2.3

  	
   

  	
  Term

  	
   

  	
  7

  	
   

  
	
  2.4

  	
   

  	
  Possession

  	
   

  	
  7

  	
   

  
	
  2.5

  	
   

  	
  Additions
  to the Premises:

  	
   

  	
  7

  	
   

  
	
  2.6

  	
   

  	
  Termination
  Right on One Year’s Notice:

  	
   

  	
  9

  	
   

  
	
  2.7

  	
   

  	
  Gaming
  Law Invalid

  	
   

  	
  10

  	
   

  
	
  2.8

  	
   

  	
  Tidelands
  Lease:

  	
   

  	
  10

  	
   

  
	
  2.9

  	
   

  	
  Prohibition
  on Acquiring After Acquired Property

  	
   

  	
  11

  	
   

  

 

 i
 

 

	
  2.10

  	
   

  	
  Leased Property

  	
   

  	
  11

  	
   

  
	
  ARTICLE
  3 RENT

  	
   

  	
  12

  	
   

  
	
  3.1

  	
   

  	
  Rent

  	
   

  	
  12

  	
   

  
	
  3.2

  	
   

  	
  Payment
  of Rent

  	
   

  	
  12

  	
   

  
	
  3.3

  	
   

  	
  Audits

  	
   

  	
  12

  	
   

  
	
  3.4

  	
   

  	
  Last
  Year’s Rent

  	
   

  	
  12

  	
   

  
	
  3.5

  	
   

  	
  Lump Sum Payment

  	
   

  	
  12

  	
   

  
	
  3.6

  	
   

  	
  Supplemental Rent
  Payment

  	
   

  	
  13

  	
   

  
	
  ARTICLE
  4 PAYMENT OF IMPOSITIONS AND
  UTILITY CHARGES

  	
   

  	
  13

  	
   

  
	
  4.1

  	
   

  	
  Impositions

  	
   

  	
  13

  	
   

  
	
  4.2

  	
   

  	
  Apportionment

  	
   

  	
  13

  	
   

  
	
  4.3

  	
   

  	
  Right
  to Contest

  	
   

  	
  13

  	
   

  
	
  4.4

  	
   

  	
  Utility
  Charges

  	
   

  	
  14

  	
   

  
	
  ARTICLE
  5 USE

  	
   

  	
  14

  	
   

  
	
  5.1

  	
   

  	
  Permitted
  Use

  	
   

  	
  14

  	
   

  
	
  5.2

  	
   

  	
  Compliance
  with Law

  	
   

  	
  14

  	
   

  
	
  5.3

  	
   

  	
  Waste

  	
   

  	
  14

  	
   

  
	
  5.4

  	
   

  	
  Required
  Gaming Operations

  	
   

  	
  14

  	
   

  
	
  ARTICLE
  6 IMPROVEMENTS

  	
   

  	
  15

  	
   

  
	
  6.1

  	
   

  	
  Construction
  of Improvements

  	
   

  	
  15

  	
   

  
	
  6.2

  	
   

  	
  Demolition
  of Improvements and Construction of New Improvements

  	
   

  	
  15

  	
   

  
	
  6.3

  	
   

  	
  Permits
  and Easements

  	
   

  	
  15

  	
   

  
	
  6.4

  	
   

  	
  Ownership
  of Improvements

  	
   

  	
  16

  	
   

  
	
  6.5

  	
   

  	
  Removal
  of Trade Fixtures

  	
   

  	
  16

  	
   

  
	
  ARTICLE
  7 MECHANICS’ LIENS

  	
   

  	
  17

  	
   

  
	
  7.1

  	
   

  	
  Mechanics’
  Liens

  	
   

  	
  17

  	
   

  
	
  7.2

  	
   

  	
  Contests

  	
   

  	
  17

  	
   

  
	
  ARTICLE
  8 INSURANCE AND INDEMNITY

  	
   

  	
  17

  	
   

  
	
  8.1

  	
   

  	
  Required
  Insurance

  	
   

  	
  17

  	
   

  
	
  8.2

  	
   

  	
  Required
  Terms

  	
   

  	
  18

  	
   

  
	
  8.3

  	
   

  	
  Partial
  Release of Liability and Waiver of Subrogation

  	
   

  	
  18

  	
   

  
	
  8.4

  	
   

  	
  Indemnity

  	
   

  	
  18

  	
   

  
	
  8.5

  	
   

  	
  Business
  Interruption Insurance

  	
   

  	
  18

  	
   

  
	
  ARTICLE
  9 MAINTENANCE, REPAIR, AND
  RESTORATION OF DAMAGE

  	
   

  	
  18

  	
   

  
	
  9.1

  	
   

  	
  Tenant’s
  Duty to Maintain and Repair

  	
   

  	
  18

  	
   

  
	
  9.2

  	
   

  	
  Tenant’s
  Duty to Restore Insured Damage to Improvements

  	
   

  	
  19

  	
   

  
	
  9.3

  	
   

  	
  Tenant’s
  Option Following Damage to the Improvements Near the End of the Lease Term
  and/or Following Uninsured Damage to the Improvements

  	
   

  	
  19

  	
   

  
	
  9.4

  	
   

  	
  Insurance
  Proceeds

  	
   

  	
  20

  	
   

  
	
  9.5

  	
   

  	
  Interruption
  of Gaming Operations

  	
   

  	
  20

  	
   

  
	
  ARTICLE
  10 CONDEMNATION

  	
   

  	
  21

  	
   

  
	
  10.1

  	
   

  	
  Definitions

  	
   

  	
  21

  	
   

  
	
  10.2

  	
   

  	
  Total
  Taking

  	
   

  	
  22

  	
   

  
	
  10.3

  	
   

  	
  Partial
  Taking

  	
   

  	
  22

  	
   

  
	
  10.4

  	
   

  	
  Temporary
  Taking

  	
   

  	
  22

  	
   

  
	
  10.5

  	
   

  	
  Apportionment
  of Award

  	
   

  	
  22

  	
   

  

 

 ii
 

 

	
  10.6

  	
   

  	
  General

  	
   

  	
  23

  	
   

  
	
  ARTICLE
  11 DEFAULT AND REMEDIES

  	
   

  	
  23

  	
   

  
	
  11.1

  	
   

  	
  Events
  of Tenant’s Default

  	
   

  	
  23

  	
   

  
	
  11.2

  	
   

  	
  Landlord’s
  Remedies

  	
   

  	
  24

  	
   

  
	
  11.3

  	
   

  	
  Landlord’s
  Default and Tenant’s Remedies

  	
   

  	
  24

  	
   

  
	
  ARTICLE
  12 TERMINATION

  	
   

  	
  25

  	
   

  
	
  12.1

  	
   

  	
  Surrender
  on Termination

  	
   

  	
  25

  	
   

  
	
  12.2

  	
   

  	
  Recognition
  of Tenant’s Subtenants

  	
   

  	
  26

  	
   

  
	
  12.3

  	
   

  	
  Removal
  of Trade Fixtures

  	
   

  	
  26

  	
   

  
	
  12.4

  	
   

  	
  Tenant’s
  Quitclaim

  	
   

  	
  26

  	
   

  
	
  ARTICLE
  13 ASSIGNMENT AND
  SUBLETTING

  	
   

  	
  26

  	
   

  
	
  13.1

  	
   

  	
  Assignment
  by Tenant

  	
   

  	
  26

  	
   

  
	
  13.2

  	
   

  	
  Permitted
  Assignee Defined

  	
   

  	
  27

  	
   

  
	
  13.3

  	
   

  	
  Subletting

  	
   

  	
  27

  	
   

  
	
  ARTICLE
  14 TRANSFER OF PREMISES BY
  LANDLORD

  	
   

  	
  27

  	
   

  
	
  14.1

  	
   

  	
  Transfer
  by Landlord

  	
   

  	
  27

  	
   

  
	
  14.2

  	
   

  	
  Tenant’s
  Right of First Refusal:

  	
   

  	
  28

  	
   

  
	
  ARTICLE
  15 LEASEHOLD MORTGAGES

  	
   

  	
  29

  	
   

  
	
  15.1

  	
   

  	
  Right
  to Encumber Tenant’s Estate:

  	
   

  	
  29

  	
   

  
	
  15.2

  	
   

  	
  Notice

  	
   

  	
  30

  	
   

  
	
  15.3

  	
   

  	
  Leasehold
  Mortgagee’s Rights and Obligations Prior to Foreclosure

  	
   

  	
  30

  	
   

  
	
  15.4

  	
   

  	
  Termination

  	
   

  	
  30

  	
   

  
	
  15.5

  	
   

  	
  Leasehold
  Mortgagee’s Rights and Obligations following a Foreclosure

  	
   

  	
  31

  	
   

  
	
  15.6

  	
   

  	
  Non-Liability
  of Leasehold Mortgagee

  	
   

  	
  32

  	
   

  
	
  15.7

  	
   

  	
  No
  Restriction on Assignment

  	
   

  	
  32

  	
   

  
	
  15.8

  	
   

  	
  New
  Lease

  	
   

  	
  32

  	
   

  
	
  15.9

  	
   

  	
  Covenant
  of Cooperation

  	
   

  	
  33

  	
   

  
	
  15.10

  	
   

  	
  No
  Amendment

  	
   

  	
  33

  	
   

  
	
  15.11

  	
   

  	
  No
  Merger

  	
   

  	
  33

  	
   

  
	
  15.12

  	
   

  	
  Certain
  Obligations of Leasehold Mortgagee in Possession

  	
   

  	
  33

  	
   

  
	
  15.13

  	
   

  	
  Designees
  and Nominees

  	
   

  	
  33

  	
   

  
	
  15.14

  	
   

  	
  Tenant’s
  Rejection of Lease in Bankruptcy

  	
   

  	
  34

  	
   

  
	
  ARTICLE
  16 ENVIRONMENTAL

  	
   

  	
  35

  	
   

  
	
  16.1

  	
   

  	
  Landlord’s
  Representations

  	
   

  	
  35

  	
   

  
	
  16.2

  	
   

  	
  Covenant
  to Comply with Environmental Laws

  	
   

  	
  35

  	
   

  
	
  16.3

  	
   

  	
  Tenant
  Indemnity

  	
   

  	
  35

  	
   

  
	
  16.4

  	
   

  	
  Landlord
  Obligations:

  	
   

  	
  36

  	
   

  
	
  16.5

  	
   

  	
  Definition
  of Environmental Laws

  	
   

  	
  37

  	
   

  
	
  16.6

  	
   

  	
  Definition
  of Hazardous Material

  	
   

  	
  37

  	
   

  
	
  16.7

  	
   

  	
  Exclusive
  Provisions

  	
   

  	
  38

  	
   

  
	
  ARTICLE
  17 GENERAL PROVISIONS

  	
   

  	
  38

  	
   

  
	
  17.1

  	
   

  	
  Estoppel
  Certificates

  	
   

  	
  38

  	
   

  
	
  17.2

  	
   

  	
  Holding
  Over

  	
   

  	
  38

  	
   

  
	
  17.3

  	
   

  	
  Notices

  	
   

  	
  38

  	
   

  
	
  17.4

  	
   

  	
  Attorney’s
  Fees

  	
   

  	
  39

  	
   

  
	
  17.5

  	
   

  	
  No
  Merger

  	
   

  	
  39

  	
   

  

 

 iii
 

 

	
  17.6

  	
   

  	
  Arbitration

  	
   

  	
  39

  	
   

  
	
  17.7

  	
   

  	
  Quiet
  Enjoyment

  	
   

  	
  40

  	
   

  
	
  17.8

  	
   

  	
  No
  Partnership

  	
   

  	
  40

  	
   

  
	
  17.9

  	
   

  	
  Captions

  	
   

  	
  40

  	
   

  
	
  17.10

  	
   

  	
  Duplicate
  Originals; Counterparts

  	
   

  	
  40

  	
   

  
	
  17.11

  	
   

  	
  Time
  of the Essence

  	
   

  	
  40

  	
   

  
	
  17.12

  	
   

  	
  Severability

  	
   

  	
  40

  	
   

  
	
  17.13

  	
   

  	
  Interpretation

  	
   

  	
  41

  	
   

  
	
  17.14

  	
   

  	
  Successors
  Bound

  	
   

  	
  41

  	
   

  
	
  17.15

  	
   

  	
  No
  Waiver

  	
   

  	
  41

  	
   

  
	
  17.16

  	
   

  	
  Covenant
  of Fair Dealing

  	
   

  	
  41

  	
   

  
	
  17.17

  	
   

  	
  Delays

  	
   

  	
  41

  	
   

  
	
  17.18

  	
   

  	
  Integration

  	
   

  	
  41

  	
   

  
	
  17.19

  	
   

  	
  Memorandum
  of Lease

  	
   

  	
  42

  	
   

  
	
  17.20

  	
   

  	
  Limit
  on Tenant’s Liability

  	
   

  	
  42

  	
   

  
	
  17.21

  	
   

  	
  Limit on Landlord’s Liability

  	
   

  	
  42

  	
   

  

 

	
  Exhibit “A” - Legal
  Description of Demised Premises

  	
   

  
	
  Exhibit “A-1” -
  Plan of the Waterfront Area

  	
   

  
	
  Exhibit “B” -
  Initial Acquisition Property

  	
   

  
	
  Exhibit “C” -
  Permitted Exceptions

  	
   

  
	
  Exhibit “D” -
  Existing Leases

  	
   

  
	
  Exhibit “E” -
  Memorandum of Lease

  	
   

  

 

 iv

AMENDED AND RESTATED

GROUND LEASE

THIS GROUND LEASE is made as of the last date executed by any party
hereto (the “Execution Date”) but intended to be effective as of the Effective
Date (as defined below), by and among SKRMETTA MS, LLC, an Mississippi limited
liability company (“Landlord”), and BTN, INC., a Mississippi corporation (“Tenant”).

BACKGROUND

Raphael Skrmetta, an individual (“Skrmetta”) and Mississippi-I Gaming,
L.P., a Mississippi limited partnership (“Former Tenant”) entered into a
certain Ground Lease dated October 19, 1993, as amended on October 19, 1993,
November 2, 1993 and June 12, 2000 (collectively, the “Prior Lease”), by and
through which Skrmetta leased to Former Tenant all that certain real property
described below as Premises.

On or about August, 2000 (the “Assignment Date”), Former Tenant
assigned all of its right, title and interest in and to the Premises and any
and all Improvements (as defined below) located on the Premises to Tenant and
Tenant assumed all of Former Tenant’s obligations under the Prior Lease
accruing after and relating to the period from and after the Assignment Date.

Prior to the Execution Date, Skrmetta transferred one-half of his
right, title and interest in and to the Premises to Alfreda D. Skrmetta, and
then, for himself and as curator for Alfreda D. Skrmetta, immediately conveyed
all of the right, title and interest in and to the Premises to Landlord,
Landlord having been determined by the Mississippi Gaming Commission to be
suitable.

Landlord and Tenant desire to amend and restate the Prior Lease in its
entirety to incorporate certain amendments and additions thereto as agreed by
Landlord and Tenant.

NOW, THEREFORE, Landlord and Tenant, for and in consideration of the
Premises and the covenants and conditions set forth herein, and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, and intending to be legally bound hereby, agree to amend and
restate the Prior Lease in its entirety (such amended and restated Prior Lease
hereinafter referred to as the “Lease”).

ARTICLE 1 

DEFINITIONS

1.1           Adjusted
Gaming Win:  As used herein, the term
“Adjusted Gaming Win” shall mean, for the applicable period, the positive
difference, if any, derived by subtracting from the Gross Gaming Win all
federal, state and local gaming taxes and fees paid by Tenant during the
applicable period related to Tenant’s Gaming Operations within the Gaming Site
during such period.

1.2           After
Acquired Property:  As used herein,
the term “After Acquired Property” shall mean any property acquired or leased
by Landlord within the Waterfront Area, including, but not limited to the
Initial Acquisition Property, property acquired by Landlord pursuant to Section
2.5 of this Lease and property acquired or leased by Landlord pursuant to
Section 2.9 of this Lease.

1.3           Affiliate
of Tenant:  As used herein, the term “Affiliate
of Tenant” shall mean (i) any person or entity who directly or indirectly owns
five percent (5%) or more of the stock, partnership or other beneficial
interest in Tenant, if Tenant is a corporation, partnership or other entity,
(ii) any corporation, partnership or other entity of which five percent (5%) or
more of the stock, partnership or other beneficial interest or which is owned
directly or indirectly by Tenant, and (iii) any corporation, partnership or
entity of which five percent (5%) or more of the stock, partnership or other
beneficial interest is owned directly or indirectly by any person or entity
that owns five percent (5%) or more of the stock, partnership or other
beneficial interest of Tenant, if Tenant is a corporation, partnership or other
entity.

1.4           Barge:  As used herein,
the term “Barge” shall mean any gaming vessel, structure or floating platform
that is temporarily or permanently moored in the Tidelands Property, including
any ingress or egress platforms, gang planks or other systems that are attached
to such vessel, structure or platform and provide permanent egress from such
vessel, structure or platform to land. 
Barge shall not include any dock or pier that was constructed by
Skrmetta on or adjacent to the Premises.

1.5           Building
Service Equipment:  As used herein
the term “Building Service Equipment” shall
mean all fixtures, machinery, equipment and personal property (excluding Trade
Fixtures) used in the operation and maintenance of the Improvements.

1.6           Commencement
Date: As used herein, the term “Commencement Date” shall mean the Effective
Date.

1.7           Effective
Date:  As used herein, the term “Effective
Date” shall mean January 1, 2007.

1.8           Existing Lease:  As used herein, the term “Existing Lease”
shall mean one or more of the leases described on Exhibit “D” attached
hereto and incorporated herein.

1.9           Force Majeure Event:  As
used herein, the term “Force Majeure Event” shall mean an act of God, labor
stoppage, job action or strike, material shortage, adverse weather conditions,
including, but not limited to hurricane or tropical storm.

1.10         Gaming
Operations:  As used herein, the term
“Gaming Operations” shall mean gaming machines,
gaming tables, poker tables, or any other type of gaming game format, in any
combination, as defined, approved and regulated by the Mississippi Gaming
Commission.

 2
 

1.11         Gaming
Site:  As used herein, the term “Gaming
Site” shall mean, collectively, the Premises, Tidelands Property and all Leased
Property located within the Waterfront Area.

1.12         Gross Gaming Win:  As used herein, the term “Gross
Gaming Win” shall mean, for the period in question, adjusted gross revenue
generated from Gaming Operations within the Gaming Site, as reported on the
monthly gaming revenue reconciliation returns filed with the Mississippi State
Tax Commission.

1.13         Improvements:  As used herein, the term “Improvements”
shall mean all improvements (including, without limitation, the Improvements
described in Section 6.1), structures, buildings, interior improvements,
landscaping, paving, pipes, conduits, roads, walkways, fixtures, fencing,
on-site utility lines, and all apparatus, machinery, devices, fixtures,
appurtenances, and equipment (excluding Trade Fixtures, as defined in Section
1.27), and all alterations and additions thereto and replacements thereof which
have been erected by Skrmetta or Prior Tenant or which have been or may be
erected or installed on the Premises by the by Tenant whether before or after
the Effective Date, regardless of how such Improvements are affixed to the
Premises.  The term “Improvements” shall not
include any Barge or any gaming equipment or other personal property of Tenant,
which shall be and remain at all times the sole personal property of Tenant.

1.14         Initial Acquisition Property:  As used
herein, the term “Initial Acquisition Property” shall mean that certain real
property described in Exhibit “B” attached hereto and made a part
hereof.

1.15         Landlord’s Estate:  As used herein, the term “Landlord’s
Estate” shall mean all of Landlord’s right, title and interest in, under and to
this Lease and the Property.

1.16         Lease Term:  As used herein, the term “Lease
Term” shall mean the term of this Lease as described in Section 2.3.

1.17         Lease Year:  As used herein, the term “Lease
Year” shall mean (i) the period from the Commencement Date through and
including December 31 of the then current year, (ii) each complete, successive
twelve (12) month period thereafter during the Lease Term, and (iii) the period
commencing January 1 immediately following expiration of the final complete
twelve (12 ) month Lease Year during the Lease Term and continuing through and
including the final day of the Lease Term.

1.18         Leased
Property:  As used herein, the term “Leased
Property” shall mean the property leased by Tenant pursuant to the Existing
Leases or pursuant to any New Lease.

1.19         New
Lease:  As used herein, the term “New
Lease” shall mean any lease entered into between Tenant and the owner, other
than Landlord, of any upland property within the Waterfront Area.

 3
 

1.20         Premises:  As used herein, the term “Premises” shall
mean that certain real property, the southerly parcel of which is commonly
known as 676 Bayview Avenue, Biloxi, Harrison County, Mississippi, as more
particularly described on Exhibit “A” attached hereto and made a part
hereof, together with (i) all buildings, structures and improvement existing on
such real property as of October 31, 1993, (ii) all easements, licenses, rights
and privileges appurtenant thereto (including, without limitation, all right,
title and interest of Landlord in, under and to the land lying in the streets
and roads abutting such real property to the central lines thereof), (iii) any
dock or pier that was constructed by Landlord on or adjacent to the Premises as
of October 19, 1993, (iv) the and (iv) any After Acquired Property added to the
Premises.  The term “Premises” shall not
include the Improvements or any Barge (which are the exclusive property of
Tenant) or any rights to minerals lying beneath the surface of such real
property (but Landlord shall have no right to extract any minerals from the
surface of the Premises without Tenant’s prior written consent in Tenant’s sole
and absolute discretion).  For purposes
of this Lease, whenever the term “Premises” is used herein it shall mean and
include the Initial Acquisition Property from and after the date such property
is acquired by Landlord pursuant to Section 2.2 below and all After Acquired
Property from and after the date such property is acquired or leased by
Landlord or any Landlord party pursuant to Sections 2.5 or 2.9 below.

1.21         Prime Rate:  As used herein, the term “Prime
Rate” shall mean the prime rate as published in the Wall Street Journal on the
relevant financing closing date.

1.22         Property:  As used herein, the term “Property” shall
mean the Premises and the Improvements.

1.23         Tenant’s Estate:  As used herein, the term “Tenant’s
Estate” shall mean all of Tenant’s right, title and interest in, under and to
this Lease and the Property.

1.24         Tidelands Property:  As used herein, the term “Tidelands
Property” shall mean the total area of Tidelands Area (as defined in Section
2.8 below) and New Tidelands Area (as defined in Section 2.8 below) leased by
Tenant pursuant to a Tidelands Lease or a New Tidelands Lease.

1.25         Trade Fixtures:  As used herein, the term “Trade
Fixtures” shall mean anything affixed to the Property by Tenant or any
subtenant, licensee or invitee thereof for purposes of trade, manufacture,
ornament or commercial use, if the removal thereof can be effected without
irreparable injury to the Property.

1.26         Waterfront Area:  As used herein, the term “Waterfront
Area” shall mean and refer to the land shaded in blue and light blue on Exhibit
“A-1” attached hereto and incorporated herein.

 4
 

ARTICLE 2

DEMISE,
POSSESSION, TERM, OPTIONS TO EXTEND

2.1           Demise of Premises:  Landlord hereby leases to Tenant,
and Tenant hereby leases from Landlord, the Premises for the Lease Term upon
the terms and conditions contained in this Lease.  Tenant’s lease of the Premises shall be
subject only to those exceptions to Landlord’s fee title described on Exhibit
“C” attached hereto and made a part hereof (the “Permitted Exceptions”).  Landlord warrants and represents to Tenant
that Landlord is the owner in fee simple absolute of the Premises free and
clear of any liens, encumbrances, leases, rights of use or occupancy or any
other rights or privileges, other than the Permitted Exceptions.

2.2           Acquisition of the Initial Acquisition Property by
Landlord:  Within sixty (60) days from the Execution
Date, Landlord shall acquire the Initial Acquisition Property on the following
terms:

A.            The purchase price
shall be $12,800,000.

B.            Title
to the Initial Acquisition Property shall be good and marketable, subject only
to the terms, covenants and conditions of any applicable Tidelands Lease and
those easements, covenants and restrictions reasonably acceptable to Landlord.  If there are any mortgages recorded against
the Initial Acquisition Property that Tenant does not intend to cause such
mortgages to be released or discharged upon the sale of the Initial Acquisition
Property, Tenant shall cause such mortgages to be converted to Leasehold Mortgages,
such mortgages to be subordinated to any purchase money mortgage given by
Landlord to either a third party lender or Tenant pursuant to Section 2.2C(i)
or Section 2.2D(i), as applicable, below.

C.            Landlord
may finance the acquisition through financing from third party lending sources,
on those terms and conditions acceptable to such lending source, provided,
however, that the following shall apply:

(i)            Any
mortgage(s) given by Landlord to secure any loan shall only encumber Landlord’s
fee title to or leasehold interest in the Initial Acquisition Property and not
Tenant’s Estate or title to the Improvements or Tenants Trade Fixtures or
personal property.

(ii)           In
no event shall Landlord obtain a mortgage from any party that would jeopardize
Tenant’s gaming license and any and all such lenders shall be subject to all
suitability and other requirements existing under the applicable gaming
regulations.

(iii)          Any
such Lender shall execute and deliver to Tenant a subordination,
non-disturbance and attornment agreement in form and substance reasonably
acceptable to Tenant and such lender.

 5
 

(iv)          Immediately
following settlement on such financing, Landlord shall give Tenant a copy of
any mortgage or other security document recorded or filed against the Initial
Acquisition Property and/or the Premises or any part thereof.

D.            Landlord,
at Landlord’s option may finance the acquisition through Rent credits
determined as follows:

(i)            the
aggregate net purchase price to be financed shall accrue interest at the
floating rate of the Prime Rate plus three percentage points per annum.  Such obligation shall be evidenced by a
promissory note and secured by a mortgage/deed of trust (collectively, the “Loan
Documents”), which shall be recorded against the Initial Acquisition Property,
and which shall include all remedies available to a commercial lender to secure
repayment of the loan.

(ii)           While
this Lease remains in full force and effect, Tenant shall receive a credit
against Rent due under this Lease equal to forty percent (40%) of the monthly
Rent payable pursuant to Section 3.1 below, which amount shall be credited
against interest and principal due under the Loan Documents until all accrued
and unpaid interest and all principal due under the Loan Documents is paid in
full, at which time Rent with no credit shall be due and payable pursuant to
Section 3.1 below, subject to the terms of this Lease.  The Loan evidenced by the Loan Documents may
be pre-paid at any time without any prepayment penalty.

(iii)          If
this Lease terminates prior to payment to Tenant of the full amount due under
the Loan Documents, Landlord shall make payments of principal and interest
monthly in the same amount as if the Rent credit calculated pursuant to Section
2.2D(ii) above were still in full force and effect, until the total of all
principal and accrued interest due under the Loan Documents is paid in full;
provided, however, that if such Lease termination occurs as a result of Tenant
exercising its affirmative right to terminate as specifically permitted under
this Lease, Landlord shall have the right to stay the payment of principal and
interest accruing under the Loan Documents for a period of no more than twelve
(12) months from the date of Lease termination in order to sell the Initial
Acquisition Property, in which event the full amount of outstanding principal
and accrued interest shall be paid in full at the settlement of such sale, or
relet the Premises, in which event, upon the earlier of either the commencement
of rental payments under such new lease or the thirteenth month following the
Lease termination date, payments of principal and interest under the Loan
Documents shall recommence.

E.             Closing
costs for this transaction shall be borne by the party customarily bearing such
costs in real estate transactions in Biloxi, Harrison County, Mississippi.

F.             At
the settlement, Landlord and Tenant shall execute and deliver an amendment to
this Lease amending the description of the Premises to be the Premises as
described in Exhibit “A” attached hereto and the Initial Acquisition
Property.  Landlord warrants and
represents to Tenant that, following the acquisition of the Initial Acquisition
Property, Landlord will be the owner in fee simple absolute of the Premises

 6
 

as then
described, free and clear of any liens, encumbrances, leases, rights of use or
occupancy or any other rights or privileges, other than this Lease.  From and after the settlement, the Initial
Acquisition Property that is owned by Landlord and that is incorporated into
the definition of “Premises” pursuant to this Section 2.2F shall be subject to
the terms, covenants and conditions of this Lease, including, but not limited
to, being subject to Rent pursuant to Section 3.1 below.

2.3           Term:  The term of this Lease shall be for
eighty-six (86) years commencing on the Commencement Date and ending at
midnight on the eighty-sixth (86th) anniversary of the Commencement Date or upon the sooner termination of
this Lease according to its terms, whichever first occurs.

2.4           Possession:  Possession of the Premises has
been delivered by Landlord to Tenant, free and clear of all tenancies or
occupants (other than the rights of Tenant under the Prior Lease).  Tenant is hereby entitled to exercise all of
the rights and privileges of the tenant under this Lease (including, without
limitation, the preparation of the Premises for the conduct of Tenant’s
continued Gaming Operations, including the demolition, alteration and
construction of improvements in accordance with Article 6).  Tenant shall indemnify and hold Landlord
harmless from and against all losses, costs, claims and damages (including
attorneys’ fees) arising from or relating in any manner to Tenant’s possession,
occupancy and use of the Premises from and after the Effective Date.

2.5           Additions to the Premises:

A.            If
Tenant desires to acquire any part of the Waterfront Area, from time to time,
in one or more transactions, Tenant shall have the right to do so; provided,
however, that if Tenant, in Tenant’s sole and absolute
discretion, desires to develop a facility in which gaming operations will be
conducted on such portion of the Waterfront Area, whether or not such
development is an expansion of the Improvements on the Premises, Tenant shall
engage Landlord in good faith discussions and negotiations whether Landlord, in
Landlord’s sole discretion, will acquire such property from Tenant.  If, based on such discussions and
negotiations, Landlord decides not to acquire such property, such property
shall not be included in the Premises or the Gaming Site.  If, based on such discussions and
negotiations, Landlord decides to acquire such property, the following shall
apply:

(i)            Landlord
shall be obligated to acquire the parcel from Tenant at Tenant’s cost, not to
exceed the fair market value of the parcel as set forth in an appraisal of such
parcel prepared by an independent appraiser indicating the fair market value of
the parcel (the “Appraisal”).

(ii)           Landlord
may finance the acquisition of the through financing from third party lending
sources, on those terms and conditions acceptable to such lending source,
provided, however, that the following shall apply:

(a)           Any
mortgage(s) given by Landlord to secure any loan shall only encumber Landlord’s
fee title to or leasehold interest in the specific parcel

 7
 

acquired
by Landlord in this specific transaction and not Tenant’s Estate or title to
the Improvements or Tenants Trade Fixtures or personal property.

(b)           In no event shall Landlord obtain a mortgage from any
party that would jeopardize Tenant’s gaming license and any and all such
lenders shall be subject to all suitability and other requirements existing
under the applicable gaming regulations.

(c)           Any such Lender shall execute and deliver to Tenant a
subordination, non-disturbance and attornment agreement in form and substance
reasonably acceptable to Tenant and such lender.

(d)           Immediately
following settlement on such financing, Landlord shall give Tenant a copy of
any mortgage or other security document recorded or filed against the After
Acquired Property and/or the Premises or any part thereof.

(iii)          Landlord,
at Landlord’s option may finance the acquisition of the parcel through Rent
credits determined as follows:

(a)           the
aggregate net purchase price to be financed shall accrue interest at the
floating rate of the Prime Rate plus three percentage points per annum.  Such obligation shall be evidenced by a
promissory note and secured by a mortgage/deed of trust (collectively, the “Loan
Documents”), which shall be recorded against the After Acquired Property, and
which shall include all remedies available to a commercial lender to secure
repayment of the loan.

(b)           While
this Lease remains in full force and effect, Tenant shall receive a credit
against Rent due under this Lease equal to forty percent (40%) of the monthly
Rent payable pursuant to Section 3.1 below, which amount shall be credited
against interest and principal due under the Loan Documents until all accrued
and unpaid interest and all principal due under the Loan Documents is paid in
full, at which time Rent with no credit shall be due and payable pursuant to
Section 3.1 below, subject to the terms of this Lease.  The Loan evidenced by the Loan Documents may
be pre-paid at any time without any prepayment penalty.

(c)           If
this Lease terminates prior to payment to Tenant of the full amount due under
the Loan Documents, Landlord shall make payments of principal and interest
monthly in the same amount as if the Rent credit calculated pursuant to Section
2.5A(iii)(b) above were still in full force and effect, until the total of all
principal and accrued interest due under the Loan Documents is paid in full;
provided, however, that if such Lease termination occurs as a result of Tenant
exercising its affirmative right to terminate as specifically permitted under
this Lease, Landlord shall have the right to stay the payment of principal and
interest accruing under the Loan Documents for a period of no more than twelve
(12) months from the date of Lease termination in order to sell the After
Acquired Property, in which event the full amount of outstanding principal and
accrued interest shall be paid in full at the settlement of such

 8
 

sale,
or relet the Premises, in which event, upon the earlier of either the
commencement of rental payments under such new lease or the thirteenth month
following the Lease termination date, payments of principal and interest under
the Loan Documents shall recommence.

(iv)          At
the settlement on the acquisition of the parcel by Landlord, Landlord and
Tenant shall execute and deliver an amendment to this Lease amending the
description of the Premises to be the Premises as then defined under this Lease
at the date of settlement and the property acquired by Landlord pursuant to
this Section 2.5.  Landlord warrants and
represents to Tenant that, following the acquisition of the After Acquired
Property, Landlord will be the owner in fee simple absolute of the Premises as
then described, free and clear of any liens, encumbrances, leases, rights of
use or occupancy or any other rights or privileges, other than this Lease.  From and after the Settlement, the property
acquired by Landlord pursuant to this Section 2.5 that is incorporated into the
definition of “Premises” pursuant to this Section 2.5A(iv) shall be subject to
the terms, covenants and conditions of this Lease, including, but not limited
to, being subject to Rent pursuant to Section 3.1 below.

(v)           If Landlord acquires
the Initial Acquisition Property and any property pursuant to this Section 2.5
and utilizes in any two or more of such transactions financing from Tenant as
contemplated by either Section 2.2D and/or Section 2.5A(iii), all such
financings shall be accumulated and the Rent credit provided to Tenant pursuant
to Section 2.2D(ii) and/or Section 2.5A(iii)(b), as applicable, shall
collectively not exceed forty percent (40%) of Rent due each month, such credit
to be apportioned between all outstanding loans on a pro-rata basis until each
loan is paid in full.

B.            Subject
to the Lease terms contained herein, Tenant shall have the right to acquire and
develop any property outside of the Waterfront Area in any manner whatsoever.

2.6           Termination Right on One Year’s Notice:

A.            In
consideration of Tenant’s termination right provided under this Section,
Landlord shall be entitled to retain the Two Million Dollar ($2,000,000) sum
previously paid by Tenant to Landlord. 
In consideration for Landlord’s immediate right to retain such sum,
notwithstanding any other term or condition of this Lease to the contrary,
Tenant shall have the right at any time during the Lease Term (whether during
the initial term or any extended term) to terminate this Lease effective on any
anniversary of the Commencement Date by giving Landlord written notice of such
termination at least three hundred sixty-five (365) days prior to the effective
date of such termination.  Upon any such
termination, (i) all rent and other sums due under this Lease shall be paid by
Tenant through such termination date, (ii) this Lease shall expire and
terminate, and neither Landlord nor Tenant shall have any further obligations
hereunder, except for those which have accrued prior to the date of such
termination and those which expressly survive any termination under the terms
of this Lease.

 9
 

B.            If
Tenant exercises its right under this Section 2.6 with a termination date on or
before the date which is six (6) years from the date that Landlord acquires fee
title to the Initial Acquisition Property, Landlord shall have the option,
exercisable by delivery of written notice to Tenant no later than sixty (60)
days prior to such Lease termination date, to require Tenant to purchase from
Landlord the Initial Acquisition Property for the following applicable purchase
price:

(i)            If
the purchase of the Initial Acquisition Property was financed through a third
party lender pursuant to Section 2.2C, the purchase price shall be equal to
$12,800,000; or

(ii)           if
the purchase of the Initial Acquisition Property was financed through Tenant
pursuant to Section 2.2D, the purchase price shall be equal to the lesser of
$12,800,000 or the fair market value of the Initial Acquisition Property on the
date of such exercise based upon an appraisal of the Initial Acquisition
Property prepared by an independent third party appraiser.

Settlement on such purchase shall occur no later than sixty (60) days
following the date this Lease terminates at the date, time and place determined
by Tenant in written notice to Landlord delivered no later than ten (10)
calendar days prior to such settlement. 
Closing costs for this transaction shall be borne by the party
customarily bearing such costs in real estate transactions in Biloxi, Harrison
County, Mississippi.

2.7           Gaming Law Invalid:  Notwithstanding any other term or
condition of this Lease to the contrary, and in addition to and separate from
the termination right described in Section 2.6, in the event that Tenant is
unable to conduct Gaming Operations within the Gaming Site because it is unable
to obtain and maintain all necessary governmental licenses, because any
necessary governmental license expires and cannot be renewed or is revoked,
because the all or any portion of the Gaming Site becomes ineligible for Gaming
Operations, because the applicable enabling legislation permitting gaming is
amended, suspended, or revoked by the applicable legislative body, or because
any such enabling legislation is held invalid by a court of competent
jurisdiction, then Tenant may elect, at Tenant’s sole and absolute discretion,
to terminate this Lease, effective immediately, by giving written notice of
such termination to Landlord.  Upon any
such termination, (i) all rent and other sums due under this Lease shall be
prorated as of such termination date and paid by Tenant, (ii) this Lease shall
expire and terminate, and (iii) neither Landlord not Tenant shall have any
further obligations hereunder, except for those which have accrued prior to the
date of such termination and those which expressly survive any termination
under the terms of this Lease.

2.8           Tidelands Lease:

A.            Landlord
and Tenant acknowledge that Tenant has obtained and is currently maintaining a
tidelands lease (the “Tidelands Lease”) pursuant to which the State of
Mississippi has leased to Tenant certain real property and rights, whether fee,
littoral or riparian, therein in the tidelands or other lands lying beneath the
waters contiguous to the Premises, subject to the ownership, jurisdiction and
public trust of the

 10
 

State
of Mississippi (“Tidelands Area”), such lease being on the terms and conditions
acceptable to Tenant.  Tenant, as the
lessee thereunder, shall be responsible for payment of all rent under the
Tidelands Lease and Tenant shall have the sole and exclusive right to obtain
and maintain the Tidelands Lease.  

B.            Landlord
and Tenant acknowledge that Tenant may desire to execute a tidelands lease or
leases on terms and conditions acceptable to Tenant  in Tenant’s sole discretion (a “New Tidelands
Lease”), pursuant to which Tenant shall lease from the State of Mississippi
some or all of that portion of the real property and rights, whether fee,
littoral or riparian, therein in the tidelands or other lands lying beneath the
waters contiguous to the Premises or any Leased Property, subject to the
ownership, jurisdiction and public trust of the State of Mississippi (the “New Tidelands
Area”).  Throughout the Lease Term,
Tenant shall have the sole and exclusive right to obtain and maintain New
Tidelands Leases, shall own and have sole and exclusive rights to all riparian
and littoral rights associated with the New Tidelands Area, and shall be
responsible for payment of all rent thereunder.

2.9           Prohibition on Acquiring After Acquired Property:  Landlord,
whether in Landlord’s name or in the name of Skrmetta, any member of Landlord,
any family member (parents, siblings, children, grandchildren or
great-grandchildren) of Skrmetta, any trust or entity established by Skrmetta
or his family member or members (parents, siblings, children, grandchildren or
great-grandchildren) or under Skrmetta’s direction or control or any trust or
entity in which Skrmetta has a financial or pecuniary interest, or in the name
of any trustee, owner, partner, shareholder, member, officer, manager, agent or
director of any such entity, shall not acquire or lease any After Acquired
Property unless such After Acquired Property is made part of the Premises under
this Lease by an amendment hereto.  At
the settlement on the acquisition of or upon execution of a lease for any After
Acquired Property by Landlord, Landlord and Tenant shall execute and deliver an
amendment to this Lease amending the description of the Premises to be the
Premises as then defined under this Lease at the date of settlement and the
After Acquired Property.  From and after
the settlement or lease execution date, the After Acquired Property that is
incorporated into the definition of “Premises” pursuant to this Section 2.9A
shall be subject to the terms, covenants and conditions of this Lease,
including, but not limited to, being subject to Rent pursuant to Section 3.1
below..  Any violation by Landlord of
this Section 2.9 shall be a breach hereof and shall entitle Tenant to exercise
any remedy set forth in this Lease.

2.10         Leased Property:  If Tenant leases property within the
Waterfront Area pursuant to an Existing Lease or a New Lease, such property
shall be included in the Gaming Site.

 11

ARTICLE 3 

RENT

3.1           Rent:  Commencing on the Commencement Date and
continuing throughout the Lease Term, Tenant shall pay to Landlord rent (the “Rent”)
for each month equal to five percent (5%) of the Adjusted Gaming Win for that
month.

3.2           Payment of Rent:  Rent shall be paid monthly in
arrears on or before the twentieth (20th) day of the following month, at which time Tenant shall deliver to
Landlord Tenant’s calculation of the for Gaming Operations at the Gaming Site
actually received by Tenant during the applicable month, certified as true and
correct in all material respects by Tenant, and the Rent due for such
month.  All Rent shall be paid in lawful
money of the United States to Landlord at its address set forth for notices in
Section 17.3, or to such other place as Landlord may designate from time to
time in writing, without abatement, deduction, offset or prior demand
therefore, except as otherwise expressly provided in this Lease.  Rent shall be prorated in the event of
earlier termination of the Lease Term as provided in this Lease.

3.3           Audits:  Tenant shall provide Landlord with copies of
all gaming revenue reports filed by Tenant with the State of Mississippi during
the Lease Term.  Landlord reserves the
right to conduct an independent audit of Tenant’s records regarding Tenant’s
Gaming Operations at the Gaming Site to ascertain the accuracy of any monthly
financial report submitted by Tenant. 
The independent audit, with respect to any one monthly financial report,
may be conducted at any time within ninety (90) days of Landlord’s receipt of
such Statement and may be conducted by a certified public accounting firm of
Landlord’s choice.  If any such
independent audit correctly shows that the audited monthly financial report
resulted in an underpayment of Rent of more than five percent (5%) of the Rent
actually due, then Tenant shall pay the cost of such audit.  Otherwise, the cost of such audit shall be
paid by Landlord.  Notwithstanding
anything contained in this Lease to the contrary, if Landlord does not notify
Tenant in writing within ninety (90) days of Landlord’s receipt of such
statement that Landlord is conducting an audit pursuant to this Section 3.3,
Landlord’s audit rights with respect to such statement shall lapse.

3.4           Last Year’s Rent:  Notwithstanding anything
contained in this Lease to the contrary, if Tenant or its assignee remains in
possession of the Premises and this Lease is in full force and effect on the
last day of the 85th year during the Lease Term, Tenant shall be entitled to a
credit of $2,000,000 against Rent due for the last twelve (12) month period of
the Lease Term.

3.5           Lump Sum Payment:  In addition
to Rent due hereunder, on or before the fifth day after the Execution Date,
Tenant shall pay to Landlord a one-time, lump sum payment as complete and full
satisfaction of all outstanding obligations of Tenant under the Prior Lease, in
the amount of $630,414.00, which amount for purposes of this Lease shall not be
deemed Rent.

 12
 

3.6           Supplemental Rent
Payment:  In addition to Rent due
under Section 3.1 above, Tenant shall pay to Landlord, on or before the fifth day after the Execution Date, a lump sum payment
equal to the extent by which, and only in the event, Rent due under Section 3.1
above for the period commencing on January 1, 2007 through and including
February 14, 2007, is less than the rent that would have been payable for the
same period if the same were calculated pursuant to sections 3.1 and 3.4 of the
Prior Lease.

ARTICLE 4 

PAYMENT OF IMPOSITIONS AND UTILITY CHARGES

4.1           Impositions:  Tenant shall pay and discharge or
cause to be paid and discharged promptly as the same become due and before
delinquency all “Impositions” coming due during the Lease Term.  The Term “Impositions” as used herein shall
mean all real property, taxes, assessments, Levies, fees and other charges
(including the annual installments of principal and interest required to pay
any general or special assessments for public improvements), which are levied
or assessed against, or with respect to the use of, all or any portion of the
Property, but shall not include any (i) estate, succession, inheritance,
transfer, gift, franchise or similar taxes assessed against Landlord or (ii)
taxes on Landlord’s income from the Property or other sources, including any
business, income or profits taxes assessed against Landlord.  Any Impositions required to be paid by Tenant
which relate to a tax year during which the Commencement Date or the Lease
expiration date or sooner termination of this Lease occurs shall be prorated
between Landlord and Tenant as of the commencement or termination of this
Lease, as the case may be.  If the law
permits payment of any Imposition in installments, Tenant may utilize the
permitted installment method over the maximum period of time allowed by law,
and Tenant shall be required to pay before delinquency only the installments
coming due during the Lease Term, together with any interest thereon.

4.2           Apportionment:  In the event that the Property is
not separately taxed or assessed with respect to any Imposition, then such
imposition levied shall be apportioned between the Property and such other
property with which it is assessed in such manner that Tenant shall pay only
that portion of any such Imposition fairly allocable to the Property.

4.3           Right to Contest:  Tenant shall have the right (but
not the obligation) to pay under protest or to contest or otherwise review by
appropriate legal or administrative proceedings, or in such other manner as
Tenant may desire, any Imposition which Tenant is required to pay pursuant to
the provisions of this Article.  Any such
contest or other proceeding shall be conducted solely at Tenant’s expense and
free of expense to Landlord.  Tenant
shall indemnify Landlord against any and all loss, cost, expense or damage
resulting from any such contest or other proceeding.  At the request of Tenant, Landlord shall join
in any contest or other proceedings which Tenant may desire to bring pursuant
to this Section; provided, however, that Tenant shall pay all of Landlord’s
costs and expenses arising from such joinder. 
Within ten (10) days after the final determination of the amount due
from Tenant for such imposition, Tenant shall pay the amount so determined to
be due, together will all costs, expenses and interest.

 13
 

4.4           Utility Charges:  All water, gas, electricity and
other public utilities used upon or furnished to the Property during the Lease
Term shall be promptly paid by Tenant prior to delinquency.

ARTICLE 5 

USE

5.1           Permitted Use:  Subject to the requirements of
Section 5.4 below, Tenant may use the Premises, or permit the Premises to be
used, for the following purposes:

A.            Development
of one or more of the following on the Property as is elected by Tenant, of a
design and capacity elected by Tenant, all to the extent allowed by and in
conformance with applicable law (a “Gaming Operation”): (i) a riverboat gaming
vessel; (ii) a dockside gaming vessel; or (iii) a land-based casino.

B.            Development
and operation of any facilities that are related to, necessary for the
operation of, or compatible with and enhance any Gaming Operation conducted on
the Property, including parking areas, entertainment and lodging facilities,
food and beverage service and facilities, passenger ticketing facilities,
docking facilities, storage and maintenance facilities (including fueling
facilities for any riverboat vessel); and

C.            Any
other activity or use which is not prohibited by the Mississippi Gaming
Commission, provided that Tenant satisfies the requirements of minimum gaming
operations as set forth in Section 5.4 of this Lease.

5.2           Compliance with Law:  Tenant shall comply with all laws
and regulations of governmental authorities with respect to its use of the
Property.  Tenant shall have the right,
at its own cost and expense, to contest or review by legal and/or
administrative proceeding the validity or legality of any such law or
regulation.  During such contest or
review, Tenant may refrain from complying therewith provided that compliance
therewith may legally be so held in abeyance without subjecting Landlord to any
liability, civil or criminal, for Tenant’s failure so to comply.

5.3           Waste:  Tenant shall not commit or permit waste on
the Property nor shall Tenant remove any earth, rocks, gravel, minerals or the
like from the Premises except to the extent reasonably necessary for the
construction of Improvements.

5.4           Required Gaming Operations.  Throughout
the Lease Term, subject to (i) Force Majeure, (ii) applicable gaming
regulations, and (iii) the terms of this Lease, Tenant shall establish or cause
its Affiliate(s) to establish and, subject to this Section 5.4 and Section 9.5
below, shall continuously operate within the Gaming Site Gaming Operations
consisting of not less than 1100 gaming positions, not less than 900 of which
shall be slot machines positions, using the then current industry standards in
Mississippi as to the number of gaming positions per table or multiple-user
machine game, which may change from time to time, as Tenant, in its sole
discretion shall determine.  The mix,
type, bet denomination, table or parlay minimum, location and the hours of
operation

 14
 

during
any particular day while the Improvements and/or any Barge may be legally open
for business, or any other operational decisions shall be determined in the
sole and absolute discretion of Tenant, including, but not limited to, closing
certain portions of the Gaming Facility in order to maintain, repair and
replace any fixtures, improvements or equipment, closing any gaming positions
as required by the Mississippi Gaming Commission for audit purposes, or not
fully staffing certain table games at times when customer needs are reduced;
provided, however, that hours of operation shall be in compliance with all
applicable regulations of the Mississippi Gaming Commission.

ARTICLE 6 

IMPROVEMENTS

6.1           Construction of Improvements:  Tenant may
(i) demolish and remove all Improvements existing on the Premises as of the
Effective Date, subject to Section 12.1 with respect to the end of the Lease
term, with all salvage belonging to Tenant and without any obligation to
reimburse Landlord for the cost or value of the Improvements so demolished, and
(ii) design, engineer, construct, maintain and operate Improvements upon the
Premises to enable Tenant to conduct the uses described in Sections 5.1A and B.

6.2           Demolition of Improvements and Construction of New
Improvements:  Landlord and Tenant acknowledge that (i) the
Improvements constructed on the Premises may outlive their economic lives or
usefulness prior to the expiration of the Lease Term, or (ii) the effective use
of the Premises as contemplated by this Lease may require the demolition of
Improvements, the reconstruction or refurbishing of Improvements, or (iii)
Tenant may desire to construct additional or different Improvements (including
buildings and related on-site and off-site improvements) upon the Premises in
addition to those described in Section 6.1. 
Therefore, at any time and from time to time during the Lease Term, Tenant
shall have the right (but not the obligation) to do any or all of the
following, and all salvage resulting therefrom shall belong to Tenant.

A.            Demolish
and remove any Improvements;

B.            Replace,
alter, relocate, reconstruct or add to any Improvements in whole or in part;

C.            Construct
or otherwise make any new and additional Improvements as Tenant may choose on
any part of the Property; or

D.            Modify
or change the contour or grade, or both, of the Premises.

6.3           Permits and Easements:  Tenant may
apply for and secure from any governmental authority having jurisdiction of the
Property any approvals, permits or licenses required for the development and
use of the Property for the purposes permitted by this Lease.  Tenant shall have the right to grant or convey
in form required by such governmental authority dedications of portions of the
Premises for public use and/or rights of way or easements for poles or conduits
for gas, electricity, water, telephone, storm and sanitary sewer lines and for
other utility, municipal or special district services

 15
 

which
may be required by governmental authorities as a condition to granting any such
approval, permit or license or which otherwise may be necessary in connection
with constructing improvements on the Premises. 
Tenant may enter into agreements restricting use or granting easements
over the Premises or obtain zoning changes, variances or use permits where
necessary in connection with constructing improvements on the Premises.  Landlord shall upon request by Tenant execute
or join in the execution of any application for such agreements, approvals,
permits or licenses and agrees jointly with Tenant to make such necessary
dedications as may be required by appropriate governmental agencies or by
requisite utility districts and/or companies as a condition to the construction
of such improvements.  In the event
Tenant wishes to sublease a portion of the Premises in a manner requiring the
subdivision of the premises and the recordation of a subdivision or parcel map
or the taking of any similar measures legally to effect such subdivision,
Landlord shall join Tenant in executing all documents necessary to effect such
subdivision so long as Tenant pays all costs and expenses arising by reason of
such subdivision.  All fees in connection
with such agreements, approvals, permits or licenses shall be paid by
Tenant.  Nothing contained herein shall
be deemed to impose upon Landlord any liability to any governmental authority
arising from any breach of any agreement or application executed by or on
behalf of Landlord pursuant to this Section and, in connection therewith,
Tenant shall indemnify and hold Landlord harmless from any loss, cost, expense
or claim against Landlord by any such governmental agency arising from any such
breach.

6.4           Ownership of Improvements:  All Improvements
constructed or installed upon the Premises by Tenant at any time during the
Lease Term or any extension thereof, which are and remain real property, are
and shall be the property of Tenant. 
Tenant shall have the right, but not the obligation, prior to the
expiration of the Lease Term or earlier termination of this Lease, to demolish
all Improvements, with all salvage belonging to Tenant and without any
obligation to repair or restore the Improvements or to reimburse Landlord for
the cost or value of the Improvements so demolished; provided, however, that
upon the expiration of the Term of this Lease or earlier termination of this
Lease by Landlord or Tenant pursuant to the terms of this Lease, the terms of
Section 12.1 below shall govern and control the disposition of the
Improvements.  If Tenant demolishes the
Improvements and does not construct any replacement Improvements in place
thereof, Tenant shall clear all demolition debris from the Premises, repair damage
caused during the demolition activity and level grade the Premises.

6.5           Removal of Trade Fixtures:  Tenant and
any subtenant concessionaire, licensee or invitee shall have the right to
remove any or all Trade Fixtures installed by it in any Improvements or in any
Tidelands Property.  Upon written request
from Tenant, Landlord shall from time to time execute and deliver any
instrument that may be required by any equipment supplier, vendor, lessor
and/or lender whereby Landlord waives and/or releases any rights it may have or
acquire with respect to any Trade Fixtures Tenant or any subtenant,
concessionaire, licensee or invitee may affix to the Improvements and agreeing
that the same do not constitute realty and are not the property of
Landlord.  If, during the removal of any
Trade Fixtures from the Improvements, the Premises is damaged, Tenant shall
repair any damage to the Premises caused thereby.

 16
 

ARTICLE 7 

MECHANICS’ LIENS

7.1           Mechanics’ Liens:  Tenant covenants and agrees to
keep the Property free and clear of and from any and all mechanics’,
materialmen’s and other liens of record for work or labor done, services
performed, or materials, appliances or power contributed, used or furnished in
the construction of any Improvements upon the Premises or any alterations,
repairs or additions thereto which Tenant may make.

7.2           Contests:  Tenant may, at its sole cost and expense,
contest any lien of the nature set forth in this Article.  In the event of any such contest, Tenant
shall indemnify Landlord against all loss, cost, expense and damage resulting
therefrom.  In the event Tenant contests
any such lien and sustains an adverse determination, Tenant shall nevertheless
not be in default if it satisfies the indebtedness in question within ten (10)
days after actual final determination by the court or administrative agency
involved.

ARTICLE 8 

INSURANCE AND INDEMNITY

8.1           Required Insurance:  Tenant shall, at its sole cost and
expense, procure and maintain the following specific insurance at all times
during the Lease Term:

A.            A
policy or policies of comprehensive general liability insurance, including
umbrella policies, naming Landlord as additional insured, against loss or other
liability to third parties for bodily injury, death or property damage
occurring on or about, or resulting from an occurrence on or about, the
Property with combined limit of not less than Three Million Dollars
($3,000,000.00) each occurrence and Five Million Dollars ($5,000,000.00) in the
aggregate.  The minimum limits of such
policies of liability insurance shall be reasonably increased from time to time
by reason of economic conditions making such protection inadequate, but shall
not exceed the amount of coverage then commonly carried for similar property
and improvements located in Harrison County, Mississippi.  If the parties are unable to agree on the
amount by which the minimum coverage required of Tenant is to be increased, the
controversy shall be resolved by arbitration according to the procedure set
forth in Section 17.6.  Landlord may not
request a change in the limits of Tenant’s liability insurance more often than
once in any five (5) year period.

B.            A
policy or policies of standard fire and extended coverage property damage
insurance (including coverage for wind, hail and flood damage, provided that
such coverage is available at rates which, in the exercise of Tenant’s sole
business determination are commercially reasonable), naming Landlord as
additional insured or loss payee (as its interest may appear), in an amount
equal to not less than ninety percent (90%) of the full replacement value of
the Improvements with loss payable in accordance with the provisions of Section
9.4.  Whenever any alterations or
improvements are in the course of construction, the insurance required by this

 17
 

subparagraph,
to the extent appropriate, shall be carried by Tenant in builder’s risk form
written on a completed value basis, insuring against loss to the extent of at
lease ninety percent (90%) of the replacement value of that which is being
covered.

8.2           Required Terms:  All policies provided for herein
shall be with financially responsible insurance companies authorized to do
business in the State of Mississippi. 
Each such policy shall provide that the policy cannot be canceled
without thirty (30) days prior written notice to Landlord.  Certificates of insurance evidencing these
policies shall be delivered to Landlord. 
Tenant shall, at least ten (10) days prior to the expiration of such
policies, furnish Landlord with renewals certificates or binders showing no
lapse in coverage.

8.3           Partial Release of Liability and Waiver of
Subrogation:  Landlord and Tenant release each other and
their respective agents, contractors and employees, and Landlord releases
Tenant’s subtenants, from any claims for damage to any persons or property that
are caused by or result from risks insured against under any insurance policy
or policies required by this Article which are in force at the time of such
damage, but only to the extent such claims are covered by such insurance.  This release shall be in effect with respect
to any loss only so long as the applicable insurance policy(s) contain a clause
to the effect that this release shall not affect the right of the named insured
to recover under such policies.  Tenant
shall cause each insurance policy obtained by it to provide that the insurance
company waives all rights of recovery by way of subrogation against either or
both Landlord and Tenant in connection with any damage covered by such policy
so long as a waiver of subrogation is available and can be obtained without
unreasonable additional cost.

8.4           Indemnity:  Tenant shall defend with competent counsel,
indemnify and hold Landlord harmless from all liability, costs and expenses
arising by reason of any injury or death to any person or persons, or damage to
property of any person or persons, including without limitation, Tenant and
Tenant’s servants, agents, employees, contractors and subtenants from any cause
or causes whatsoever (other than causes of liability, costs, and expenses
within Landlord’s control or resulting from the fault of Landlord or its
agents, contractors or employees or which are Claims subject to Section  16.4) occurring in or upon the Property
during the Lease Term.

8.5           Business Interruption Insurance.  Tenant shall
have no obligation whatsoever to obtain or maintain during the Lease Term
business interruption insurance, whether for the benefit of Landlord or Tenant.

ARTICLE 9

MAINTENANCE,
REPAIR, AND

RESTORATION OF DAMAGE

9.1           Tenant’s Duty to Maintain and Repair:  During the
Lease Term, Tenant shall, at its sole cost and expense, (i) keep and maintain
the Property in good order and repair (ordinary wear and tear excepted), and
(ii) make any and all repairs, alterations or

 18
 

improvements
to the Property which may be required by any law or other governmental
regulation.  Landlord shall have no
obligation to make any repairs, alterations or improvements to the Property
during the Lease Term.  Nothing contained
in this Section shall be construed as limiting any right given elsewhere in this
Lease to Tenant or obligating Tenant to alter, modify, demolish, remove or
replace any Improvements, or as limiting provisions relating to Condemnation or
to damage to the Improvements.

9.2           Tenant’s Duty to Restore Insured Damage to
Improvements:  Subject to Section 9.5 below, if any
Improvements are damaged by fire or other peril covered by the insurance
required to be carried by Tenant pursuant to Section 8.1B, then Tenant shall
either (i) restore the Improvements so damaged to the condition that existed
prior to such damage, but only to the extent reasonably practicable and
permitted by law, or (ii) demolish all or any of the Improvements and construct
additional or replacement Improvements, but only so long as the Improvements
following such work of demolition and replacement are sufficient to permit
Tenant to comply with Section 5.4 above. 
Such work of restoration or replacement shall be commenced and completed
within a reasonable period of time, subject to reasonable delays associated
with adjustment or settlement of insurance claims, Force Majeure, licensing
requirements and procurement of new subtenants, if necessary.

9.3           Tenant’s Option Following Damage to the Improvements
Near the End of the Lease Term and/or Following Uninsured Damage to the Improvements:  If (i) any
Improvements are damaged by any peril that is not covered by the insurance
required to be carried by Tenant pursuant to Section 8.1B, or (ii) the
estimated cost to repair the Improvements damaged by any peril exceed
twenty-five percent (25%) of the then estimated replacement cost of all
Improvements then existing on the Property as determined by Tenant in Tenant’s
reasonable business judgment, or (iii) such damage occurs within ten (10) years
of the end of the Lease Term, then Tenant shall have the option to do any of
the following:

A.            Tenant
may elect to terminate this Lease.  To
exercise any such option to terminate, Tenant must give Landlord written notice
of its election to terminate within sixty (60) days from the date of such damage.  Upon the termination date set forth in said
notice:  (i) all rent and other sums due
pursuant to this Lease shall be prorated as of such termination date and paid
by Tenant;  (ii) this Lease shall expire
and terminate;  and (iii) neither
Landlord nor Tenant shall have any further obligations hereunder, except for
those which have accrued prior to the date of such termination and those which
expressly survive any termination under the terms of this Lease.  In the event Tenant terminates the Lease pursuant
to this Section, Tenant shall at its sole expense prior to the date of such
termination either (i) demolish and remove all damaged Improvements, repairing
damage caused during the demolition activity, if any, and level grading the
Premises,  or (ii) restore the damaged
Improvements only to the extent necessary to avoid any violation of any law,
and Tenant shall indemnify and hold Landlord harmless from any mechanics’ liens
or other liabilities resulting from such work.

B.            Tenant
shall have the right to continue this Lease in effect and to demolish the
damaged Improvements without the obligation to restore or replace such

 19
 

damaged
Improvements with any replacement Improvements, subject to the payment of Rent
as provided in Section 9.5 below.

9.4           Insurance Proceeds:  All insurance proceeds payable on
account of  any damage to the Property
shall be paid as follows:

A.            If
a Leasehold Mortgage is in existence, than all insurance proceeds shall be paid
to the Leasehold Mortgagee for application according to the terms of the
Leasehold Mortgage, and any remaining proceeds shall be paid to Tenant to be
applied toward the cost of replacing or restoring the Property to the extent
required by this Article.

B.            If
there is no Leasehold Mortgage in existence, then all insurance proceeds shall
be paid to Tenant and may be applied by Tenant toward the restoration or
replacement of the Improvements or the restoration of the Premises and any
insurance proceeds not utilized for such purpose may be retained by Tenant.

C.            Notwithstanding
the foregoing, if this Lease is terminated by Tenant pursuant to Section 9.3A,
all insurance proceeds payable as a result of such damage shall be applied in
the following order of priority:  (i)
first, to the payment of all expenses incurred by Tenant, or Landlord in the
event Tenant has the obligation to do so and fails to do so, in completing the
demolition of the Improvements, clearing all demolition debris from the
Premises, repairing damage caused during the demolition activity, if any, and level
grading the Premises; (ii) second, to the satisfaction and payment of any
Leasehold Mortgage; and (iii) the remainder of insurance proceeds, if any,
shall be paid to Landlord.

9.5           Interruption of Gaming Operations.  If, as a
result of a casualty event or Force Majeure, Gaming Operations at the Gaming
Site are interrupted, the following shall apply:

A.            If
the Gaming Operations are partially interrupted, Tenant’s obligation under
Section 5.4 above shall abate to the extent of such interruption.  In such event, Tenant will use all reasonable
efforts and due diligence to restore Gaming Operations at the Gaming Site to
the level required under Section 5.4 above as soon as practical.

B.            If
Gaming Operations at the Gaming Site are substantially interrupted, Tenant will
use all reasonable efforts and due diligence to restore Gaming Operations at
the Gaming Site to the level required under Section 5.4 above as soon as
practical.  In such event, Rent due under
this Lease shall abate for the period of such interruption; provided, however,
Tenant shall pay Landlord the following sums in lieu of Rent during the period
of such interruption:

(i)            For
the first ninety (90) days such interruption continues, no Rent or other
payment will be due from Tenant.

 20

(ii)           From and after the ninety-first (91st) day of such interruption until the earlier of (a)
the date Tenant may legally resume and actually does resume full Gaming
Operations at the Gaming Site, or (b) the date which is eighteen (18) months
from the commencement of such interruption, Tenant shall pay Landlord the
annual payment of $1,250,000, pro-rated for the period such payment is actually
due under this Lease.

(iii)          From and after the eighteenth (18th) month of such interruption until the date Tenant may
legally resume and actually does resume full Gaming Operations at the Gaming
Site, Tenant shall pay Landlord the annual payment of $2,500,000, pro-rated for
the period such payment is actually due under this Lease.

C.            Upon
commencement of full Gaming Operations at the Gaming Site following the
occurrence of a casualty event or Force Majeure, Rent pursuant to Section 3.1
above shall resume and be thereafter due and payable as provided in Article 3.

D.            If Section 9.5B
becomes applicable, Rent credits applicable under Section 2.2D(ii) and/or
2.5A(iii)(b) shall abate until such time as rental payments pursuant to Section
9.5B commence, with forty percent (40%) of the amounts due pursuant to Section
9.5B(ii) or (iii), as applicable, being credited against principal and interest
due under the applicable Loan Documents, and full credit, as provided under
Section 2.2D(ii) and/or 2.5A(iii)(b) resuming when Rent under Section 3.1
recommences.

ARTICLE 10 

CONDEMNATION

10.1         Definitions:  As used in this Lease, the following
terms shall have the following meanings:

A.            The
term “Condemnation” shall mean (i) any permanent taking by the exercise of the
power of eminent domain, whether by legal proceedings or otherwise, by any
person or entity having the legal power to do so, (ii) a voluntary sale or
transfer by Landlord to any condemnor, either under threat of condemnation or
while legal proceedings for condemnation are pending, or (iii) any permanent
taking by inverse condemnation.

B.            The
term “Total Taking” shall mean a Condemnation of (i) all or substantially all
of the Property or (ii) any portion of the Property which leaves remaining a
balance which, in Tenant’s reasonable judgment, may not be economically
operated for the purpose the property was operated prior to the Date of Taking.

C.            The
term “Partial Taking” shall mean a Condemnation of a portion of the Property
which does not constitute a “Total Taking”.

D.            The
term “Date of Taking” shall mean the date that the condemnor takes possession
of the property being condemned; and

 21
 

E.             The
term “Award” shall mean all compensation, sums or anything of value awarded,
paid or received on or because of a Total Taking, a Partial Taking or a
temporary taking of the Property.

10.2         Total Taking:  If during the Lease Term there occurs
a Total Taking, (i) this Lease shall terminate on the Date of Taking, (ii) all
obligations hereunder shall be prorated to that date, (iii) neither Landlord
nor Tenant shall have any further obligations hereunder, except for those which
have accrued prior to the date of such termination and those which expressly
survive any termination under the terms of this Lease.

10.3         Partial Taking:  If during the Lease Term there
occurs a Partial Taking, the following shall apply:

A.            This
Lease shall terminate as to the portion so taken and shall remain in full force
and effect as to the portion remaining.

B.            Tennant
shall, at its sole cost and with reasonable diligence, commence and complete
the restoration of the portion of the Property not taken (to the extent then
permitted by law) to a condition which is economically viable, architecturally
complete and suitable for the uses permitted by this Lease.

C.            Effective
as of the Date of Taking, if such taking would, under Mississippi Gaming
Commission Regulations or under any law or regulation of the City of Biloxi
prohibit Tenant from operating the minimum gaming positions as required under
Section 5.4, the minimum gaming positions that may be legally and practically
operated at the Premises as newly configured shall be maximum gaming positions
that may be legally operated on the newly configured Premises under Mississippi
Gaming Commission Regulations and under applicable City of Biloxi laws and
regulations.

10.4         Temporary Taking:  If there occurs a temporary taking
of all or any part of the Property during the Lease Term, (i) this Lease shall
not be affected in any way, (ii) Tenant shall continue to pay and perform all
of the obligations payable or legally performable by Tenant hereunder, and
(iii) any Award made as a result of said temporary taking shall be paid solely
to Tenant.

10.5         Apportionment of Award:  Any Award
made as a result of Total Taking or Partial Taking shall be paid as follows:

A.            Landlord
shall receive that portion of any Award made for that part of the Premises
taken (valued as unimproved and encumbered by this Lease);

B.            Tenant
shall receive that portion of any Award made for a taking of any Improvements,
Tenant’s Trade Fixtures and/or Tenant’s personal property, Building Service
Equipment (as defined below) and that portion of any Award made for taking
Tenant’s Estate (including any so-called “leasehold bonus value”);

C.            The
remainder of the Award, if any, shall be allocated as follows:  (i) Tenant shall receive the portion of the
Award (if any) payable for restoration of the

 22
 

Improvements
and any Building Service Equipment, a taking of Tenant’s personal property
and/or Trade Fixtures, for interruption of Tenant’s business, for Tenant’s
relocation costs, and/or for loss of Tenant’s goodwill; (ii) the portion of the
Award payable as severance damages upon a Partial Taking (if any) shall be
equitably apportioned between Landlord and Tenant so that Tenant receives the
portion of such severance damages which is fairly attributable to any
impairment of Tenant’s use of the portion of the Property not taken during the
then remainder of the Lease Term; and (iii) any Award of attorneys’ fees and
expenses and/or court costs made in any Condemnation proceeding shall be
received by the party (ies) who paid or incurred the expense in question.  Tenant shall be solely liable for any portion
of the Award that my be payable to subtenants and any sublease of the Premises.

10.6         General:  Each party hereto shall be responsible for
representing its own interest (at its own cost) in any proceeding or
negotiation regarding any Condemnation or any Award.  To the extent possible, Landlord and Tenant
shall  together make one combined claim
for an Award (including severance damages if applicable) and shall cooperate to
maximize the total amount of the Award. 
Issues between Landlord and Tenant which must be resolved to implement
the provisions of this Article shall be joined in any pending Condemnation
proceeding, to the extent permissible under then applicable law, to the end
that multiplicity of actions shall be avoided. 
Any dispute between Landlord and Tenant arising under this Article which
is not so joined in a Condemnation proceeding shall be determined by
arbitration pursuant to the arbitration provisions contained in Section 17.6.

ARTICLE 11 

DEFAULT AND REMEDIES

11.1         Events of Tenant’s Default:  Tenant shall
be in default under this Lease if any of the following occurs:

A.            Tenant
shall have failed to pay Rent or any other charge or obligation of Tenant
requiring the payment of money under the terms of this Lease within fifteen
(15) days after receipt of written notice from Landlord that such obligation is
due and unpaid; or

B.            Tenant
shall have failed to perform any term, covenant or condition of this Lease to
be performed by Tenant, except those requiring the payment of money, and Tenant
shall have failed to cure same within sixty (60) days after written notice from
Landlord, delivered in accordance with the provisions of this Lease, where such
failure could reasonably be cured within said sixty (60) day period; provided,
however, that where such failure could not reasonably be cured within said
sixty (60) day period, that Tenant shall not be in default unless  it has failed to promptly commence and
thereafter continue to make diligent and reasonable efforts to cure such
failure as soon as practicable; or

 23
 

C.            Tenant
shall have made a general assignment of its assets for the benefit of its
creditors; or

D.            A
court shall have made or entered any decree or order with respect to Tenant or
Tenant shall have submitted to or sought a decree or order (or a petition or
pleading shall have been filed in connection therewith) which: (i) grants or
constitutes (or seeks) an order for relief, appointment of a trustee, or
confirmation of a reorganization plan under the bankruptcy laws of the United
States: (ii) approves as properly filed (or seeks such approval of) a petition
seeking liquidation or reorganization under said bankruptcy laws or any other
debtor’s relief law or statute of the United States or any state thereof; or
(iii) otherwise directs (or seeks) the winding up or liquidation of Tenant; and
such petition, decree or order shall have continued in effect for a period of
ninety (90) or more consecutive days; or

E.             The
sequestration or attachment of, or execution or other levy on, Tenant’s Estate
or the Premises or any Improvements located thereon shall have occurred and
Tenant shall have failed to obtain a return or release of such property within
thirty (30) days thereafter, or prior to sale pursuant to such levy, whichever
first occurs.

11.2         Landlord’s Remedies:  In the event of Tenant’s default
pursuant to Section 11.1, Landlord shall have the following remedies:

A.            Landlord
may, at Landlord’s election, keep this Lease in effect and enforce all of its
rights and remedies under the Lease, including the right to recover the Rent
and other sums as they become due by appropriate legal action; and

B.            Landlord
may, at Landlord’s election, terminate this Lease by giving Tenant written notice
of termination.  On the giving of the
notice, in accordance with the terms of this Lease, all of Tenant’s right in
the Property shall terminate.  Promptly
after notice of termination, Tenant shall surrender and vacate the Property in
broom-clean condition and, subject to Section 12.3 below, with all of Tenant’s
Trade Fixtures and personal property removed, and Landlord may re-enter and
take possession of the Property; provided, however, that (i) Landlord shall not
eject any subtenant of Tenant then occupying space within the Property pursuant
to a valid sublease executed by Tenant who is not then in default, (ii)
Landlord shall recognize the rights of such subtenants as provided in Section
13.3.  This Lease may also be terminated
by a judgment specifically providing for termination.

C.            Landlord
shall use its best efforts with all due diligence to mitigate any damages
resulting from any such default by Tenant (including, without limitation, the
prompt reletting of the Premises in whole or in part for the remainder of the
Lease Term on reasonable terms and conditions), and Tenant shall not in any
event be liable for any damages reasonably mitigatable by Landlord.  Landlord waives any right of distraint,
distress for rent or Landlord’s lien that may arise at law.

11.3         Landlord’s Default and Tenant’s Remedies:  In the event
Landlord fails to perform any of its obligations under this Lease and fails to
cure such default within sixty

 24
 

(60)
days after written notice from Tenant specifying the nature of such default
where such default could reasonably be cured within said sixty (60) day period,
or fails to commence such cure within said sixty (60) day period and thereafter
continuously with due diligence prosecute such cure to completion where such
default could not reasonably be cured with said sixty (60) day period, then
Tenant shall have the following remedies:

A.            Tenant
may proceed in equity or at law to compel Landlord to perform its obligations
and/or to recover damages proximately caused by such failure to perform (except
to the extent Tenant has waived its right to damages resulting from injury to
person or damage to property as provided herein).

B.            Tenant
may cure any default of Landlord at Landlord’s cost and deduct the cost of such
cure from the next installments of Rent and any other amounts payable under
this Lease.

ARTICLE 12 

TERMINATION

12.1         Surrender on Termination:  Upon
termination of this Lease for any cause, subject to Section 11.2B of this
Lease, Tenant shall quit and surrender the Premises to Landlord, without delay,
in good order, condition and repair, ordinary wear and tear excepted.  Upon such termination of this Lease at the
end of the Term, at Landlord’s option, Landlord shall (a) acquire the
Improvements at Tenant’s actual, non-depreciated cost, upon payment of which
title to the Improvements on the Premises shall automatically vest in Landlord
without the execution of any further instrument, or (b) require that Tenant
remove the Improvements, at Tenant’s sole cost and expense, in which event
Tenant, within sixty (60) days after receipt of written notice from Landlord
that Landlord does not intend to acquire the Improvements, shall notify
Landlord in writing whether Tenant intends to complete such demolition and
removal.  If Tenant notifies Landlord
that Tenant intends to complete such demolition and removal, Tenant shall have
a period, not to exceed ninety (90) days after the end of the Lease term, in
which post-lease period no Rent or other sums shall be due from Tenant under
this Lease, to complete such demolition and removal.  If Tenant demolishes the Improvements, all
salvage shall belong to Tenant and without any obligation to repair or restore
the Improvements or to reimburse Landlord for the cost or value of the
Improvements so demolished; provided, however, that title to such Improvements
existing on the Premises on the date which is ninety (90) days after the end of
the Lease Term shall vest in Landlord and the same shall become the property of
Landlord without notice or execution of further instruments and without cost,
expense or obligation of any kind or nature to Landlord or Tenant.  If Tenant demolishes the Improvements, Tenant
shall clear all demolition debris from the Premises, repair damage caused
during the demolition activity and level grade the Premises.  If Tenant notifies Landlord prior to the end
of the sixty (60) day notice period set forth in this Section 12.1 that Tenant
does not intend to demolish the Improvements, title to such Improvements
existing on the Premises at the end of the Lease Term shall vest in Landlord
and the same shall become the property of Landlord without notice or execution
of further instruments and without cost, expense or

 25
 

obligation
of any kind or nature to Landlord or Tenant. 
In no event shall the provisions hereof impose any obligation upon
Tenant to replace Improvements that are demolished or removed or to restore
and/or reconstruct Improvements following any damage or condemnation unless
Tenant is required to do so by Article 9 or Article 10.

12.2         Recognition of Tenant’s Subtenants:  If this
Lease is terminated for any reason prior to the expiration of the Lease Term,
Tenant shall assign to Landlord all of Tenant’s rights in and to any subleases
affecting the Property and Landlord shall recognize all subtenants of Tenant
who are not then in Default under the terms of their respective subleases as
provided in Section 13.3.

12.3         Removal of Trade Fixtures:  Upon
termination of this Lease, Tenant may remove or cause to be removed all Trade
Fixtures installed in the Improvements and all personal property of
Tenant.  If, during the removal of any
Trade Fixtures from the Improvements, the Premises is damaged, Tenant shall
repair any damage to the Premises caused thereby.  Any Trade fixtures that are not removed from
the Improvements within six (6) months after the date of any termination of
this Lease shall thereafter shall belong to Landlord without the payment of any
consideration.

12.4         Tenant’s Quitclaim:  Upon the expiration of the Lease
Term, or any sooner termination of this Lease, Tenant agrees to execute,
acknowledge and deliver to Landlord a proper instrument in writing, releasing
and quitclaiming to Landlord all right, title and interest of Tenant in and to
the Premises and the Improvements and personal property of Tenant, if any,
remaining on the Premises at the later of the end of the Lease Term or the
expiration of the post-lease term demolition and removal period as may be
applicable pursuant to Section 12.1 above.

ARTICLE 13 

ASSIGNMENT AND SUBLETTING

13.1         Assignment by Tenant:  Tenant shall
have the following rights to assign or otherwise transfer Tenant’s Estate:

A.            Tenant
shall have the absolute right to assign or otherwise transfer all or part of
Tenant’s Estate so long as the assigning Tenant and its assignee both agree to
become personally liable for the full and faithful performance of the Tenant’s
obligations under this Lease and the assignee acquires all necessary licenses
to continue the gaming operation then being conducted on the Premises.

B.            Tenant
shall also have the right to assign or other-wise transfer all or part of
Tenant’s Estate to (i) any person(s) or entity(s) with the prior written
consent of Landlord, which consent shall not be unreasonably withheld or
delayed, or (ii) a “Permitted Assignee” (as defined below) without Landlord’s
consent.  If Tenant so assigns or
transfers Tenant’s Estate pursuant to this Section 13.1B, then Tenant shall be
released from all further liability under this Lease arising or accruing after
the effective date of such assignment.

 26
 

C.            No
assignment or transfer by Tenant pursuant to this Section 13.1 shall be
effective unless (i) Tenant shall have given Landlord reasonable notice of the
proposed assignment or transfer and, if applicable, appropriate documentation
as evidence that the proposed assignee or transferee qualifies as a Permitted
Assignee, and (ii) the proposed assignee or transferee shall have agreed in
writing to assume and perform all obligations of Tenant under this Lease
arising after the date of transfer.

13.2         Permitted Assignee Defined:  As used
herein, the term “Permitted Assignee” shall mean (i) any Affiliate of Tenant,
or (ii) any person or entity whose tangible net worth on the date of assignment
(computed according to generally accepted accounting principles) is greater
than the then equivalent (adjusted for changes in the purchasing power of the
dollar during the Lease Term) of Ten Million Dollars ($10,000,000) in 1993.

13.3         Subletting:  Tenant shall have the absolute and
unrestricted right to sublease all or any part of the Property during the Lease
Term to any person(s) or entity(s) for uses consistent with the uses permitted
by this Lease, and Landlord shall recognize the rights of each such person or
entity under its respective sublease so long as it is not in default under such
sublease: provided, however, that no sublease to a subtenant to conduct Gaming
Operations at the Property may be made without Landlord’s prior written consent
(not to be unreasonably withheld or delayed). 
No sublease shall release Tenant from primary liability for all
obligations of Tenant under this Lease. 
Upon written request by Tenant, Landlord shall execute with each such
subtenant a recognition and non-disturbance agreement in form reasonably satisfactory
to Tenant in substance providing that in the event this Lease is terminated,
Landlord will recognize the rights of such subtenant under its sublease so long
as such subtenant is not in default, all so long as each of the following is
satisfied:

A.            The
term of the sublease does not exceed the Lease Term, as it may be extended;

B.            The
sublease contains a provision reasonably satisfactory to Landlord requiring the
subtenant to attorn to (and pay sublease rent to) Landlord if Tenant defaults
under this Lease; and

C.            Tenant
shall have submitted to landlord a true copy of the sublease.

ARTICLE 14 

TRANSFER OF PREMISES BY LANDLORD

14.1         Transfer by Landlord:  Subject to
the restrictions set forth in this Section, to the right of first refusal of
Tenant set forth in Section 14.2, and to Tenant’s prior written consent (not to
be unreasonably withheld or delayed), Landlord may assign and transfer all of
Landlord’s Estate at any time during the Lease Term, but only if such assignee
shall have (A) currently in force all licenses, permits and approvals
(including, without limitation, gaming licenses and liquor licenses) required
for Tenant’s

 27
 

uninterrupted
use, operation, possession and occupancy of the Property in Tenant’s
then-current manner and Tenant’s exercise of all its rights and privileges
under this Lease, and (B) by written agreement, agreed to (i) recognize Tenant
under this Lease, (ii) assume the obligations of Landlord imposed herein, and
(iii) be bound by each and every term hereof, including, without limitation,
the terms of Section 14.2 whereby Tenant has a continuing right of first
refusal to purchase Landlord’s Estate. 
In no event shall Landlord have the right to transfer or otherwise
assign (a) less than all of Landlord’s Estate without Tenant’s prior written
consent, which consent may be refused in Tenant’s sole and absolute discretion,
and any such transfer without Tenant’s consent shall be voidable by Tenant, or
(b) any right, title or interest in Landlord’s Estate if such transfer or
assignment would, directly or indirectly, impair, suspend, increase the cost of
or otherwise interfere with Tenant’s possession, occupancy, use or operation of
the Property to any extent; whether in its then-current manner or in any other
manner permitted under this Lease (including, without limitation, any transfer
or assignment to any person or entity that does not then hold all full, final,
properly issued and valid licenses required of such person or entity to permit
Tenant’s Gaming Operations from and at the Property).

14.2         Tenant’s Right of First Refusal:  If at any
time during the Lease Term (as the same may be extended), Landlord shall desire
to transfer Landlord’s Estate, then Landlord shall first offer to Tenant the
opportunity to purchase Landlord’s Estate by giving Tenant written notice of
the terms upon which it would be willing to sell Landlord’s Estate (“Landlord’s
First Offer”).  Tenant shall have the
exclusive right to purchase Landlord’s Estate upon the terms and conditions
stated in Landlord’s First Offer, which Tenant may exercise only by giving
written notice to Landlord of Tenant’s exercise of said right within thirty
(30) days following the date of receipt by Tenant of Landlord’s First
Offer.  If Tenant timely exercises its
right, it shall purchase Landlord’s Estate on the terms and conditions
contained in Landlord’s First Offer. 
However, in the event Tenant does not so accept Landlord’s First Offer
within said thirty (30) day period, then Landlord may sell Landlord’s Estate to
any third party for the same purchase price contained in Landlord’s First Offer
and otherwise on the same terms and conditions contained in Landlord’s First
Offer so long as such sale and transfer is consummated within one hundred
twenty (120) days after delivery to Tenant of Landlord’s First Offer.  If, within said one hundred twenty day (120)
period, Landlord receives a bona fide offer from a third party to purchase
Landlord’s Estate for a price less than that contained in Landlord’s First
Offer, or Landlord shall receive a bona fide offer from a third party to
purchase Landlord’s Estate for the price contained in Landlord’s First Offer
and not otherwise on the same terms and conditions contained in Landlord’s
First Offer and Landlord desires to accept such offer, then Landlord shall give
written notice to Tenant setting forth the terms of such offer and the fact
that Landlord is willing to accept such offer (“Landlord’s Second Notice”).  Tenant shall have the right to purchase
Landlord’s Estate at the price and upon the terms and conditions stated in
Landlord’s Second Notice exercisable by giving written notice to Landlord of
Tenant’s exercise of such right within fifteen (15) days following the day that
Tenant receives Landlord’s Second Notice. 
In the event that Tenant shall elect to so purchase Landlord’s Estate,
then it shall do so upon the terms and conditions contained in Landlord’s
Second Notice.  If Tenant does not notify
Landlord of its agreement to purchase Landlord’s Estate upon such terms within
said fifteen (15) day period, then Landlord may sell Landlord’s Estate to any
third party

 28
 

in
strict accordance with the terms and conditions contained in Landlord’s Second
Notice.  If Landlord’s Estate has not
been sold and transferred after one hundred twenty (120) days have passed since
Tenant shall have received Landlord’s First Offer, then any election by
Landlord to assign and sell Landlord’s Estate shall be deemed a new
determination to do so and shall be subject to all of the procedures set forth
in this Section.  Notwithstanding the
election of Tenant not to exercise the right of first refusal contained in this
Section, the provisions of this Section shall continue to apply to any
successor in interest of Landlord. 
Notwithstanding anything contained herein, the provision of this
Section 14.2 shall not apply to any transfer among the members of Landlord
existing on the Execution Date or the transfer by such members to any family
trust or Limited Liability Company permitted by the terms of Operating
Agreement of the Landlord in effect on the Execution Date so long as the rights
granted to Tenant in such Operating Agreement are adhered to.

ARTICLE 15

LEASEHOLD
MORTGAGES

15.1         Right to Encumber Tenant’s Estate:  Tenant may
at any time and from time to time during the Lease Term encumber Tenant’s
Estate by one or more mortgages, deeds of trust or other proper instruments as
security for the repayment of such loan(s) as Tenant may desire, without having
Landlord consent to or join in the execution of such instrument.  Tenant represents and warrants to Landlord
that as of the Effective Date, there are no Leasehold Mortgages recorded
against the Improvements or Tenant’s interest in the Prior Lease.  Any such encumbrance shall be referred to
herein as a “Leasehold Mortgage”, and the holder of any Leasehold Mortgage
shall be referred to as a “Leasehold Mortgagee”.  Immediately following settlement on
such financing, Landlord shall give Tenant a copy of any mortgage or other
security document recorded or filed against the Initial Acquisition Property
and/or the Premises or any part thereof. 
Any Leasehold Mortgage shall be subject
to all of the covenants and conditions of this Lease.  Any Leasehold Mortgage shall provide that the
Leasehold Mortgagee shall be subrogated to any and all of the rights of
Landlord under this Lease in the event the Leasehold Mortgagee cures a default
by Tenant.  If Leasehold Mortgagee does
not cure a default by Tenant under this Lease and as a result of such default,
this Lease is terminated by Landlord, or in the event Tenant shall terminate
this Lease in accordance with any specific right to do so under this Lease,
Leasehold Mortgagee acknowledges and agrees that neither the Landlord nor the
Premises shall be liable for nor shall title to the Premises be affected by the
lien of the Leasehold Mortgagee from and after the effective date of any such
termination.

B.            Any Leasehold
Mortgage shall include the following provisions:

(i)            The Leasehold
Mortgagee shall specifically acknowledge that insurance proceeds received in
the event of any damage to the Premises shall be applied as provided in Section
9.4(C) of this Lease.

 29

(ii)           The Leasehold
Mortgagee shall provide to Landlord a copy of any notice of default delivered
to Tenant under the applicable Leasehold Mortgage.

15.2         Notice:  Tenant shall give written notice of any
Leasehold Mortgage to Landlord and shall forward to Landlord a copy of any
instrument evidencing such Leasehold Mortgage along with copies of all other
loan documents recorded against Tenant’s leasehold interest within thirty (30)
days after the recording thereof.  Tenant
shall include with such written notice the address of the Leasehold Mortgagee
or its designee to which copies of notices should be mailed.  After having been notified of the existence
of a Leasehold Mortgage, Landlord shall deliver to the Leasehold Mortgagee
thereunder or its designee at such address a duplicate copy of all notices
delivered by Landlord to Tenant under the terms of this Lease.  Such duplicate copies shall be delivered to
the Leasehold Mortgagee concurrently with the delivery of the notices to
Tenant.

15.3         Leasehold Mortgagee’s Rights and Obligations Prior to
Foreclosure:  Any Leasehold Mortgagee may, but shall not be
required to unless and until the Leasehold Mortgage is foreclosed, pay any of
the rent due under this Lease, procure and maintain any insurance, pay any
Impositions, make any repairs or improvements, and do any other act required of
Tenant by the terms of this Lease in order to cure a default of Tenant, prevent
a forfeiture of the Lease, or otherwise protect its security interest in Tenant’s
Estate.  In this regard, the Leasehold
Mortgagee, pursuant to the terms of its Leasehold Mortgage and for purposes of
protecting its security interest in Tenant’s Estate, may enter into possession
of the Property, collect rents due from subtenants of Tenant, and otherwise
perform such acts as the Leasehold Mortgagee may deem necessary to so protect
its security.  Any such payment or act by
the Leasehold Mortgagee shall be as effective hereunder as if done by Tenant,
and may be done by the Leasehold Mortgagee without assuming the obligations of
Tenant under this Lease and without causing a default under this Lease, and
Landlord shall accept such payment or act by or at the instance of any
Leasehold Mortgagee as if the same had been made by Tenant.  Subject to compliance by a Leasehold
Mortgagee with the provisions of Section 15.4, no default shall be deemed to
exist under this Lease if proceedings shall in good faith have been commenced
by the Leasehold Mortgagee to rectify Tenant’s default and such proceedings are
prosecuted by the Leasehold Mortgagee to completion with diligence and
continuity.

15.4         Termination.  Notwithstanding anything to the
contrary in this Lease, Landlord may terminate this Lease because of a default
hereunder only after Landlord has delivered to each Leasehold Mortgagee a
written notice specifying such default and:

(a)           Such
default is a failure by Tenant to pay any funds to Landlord or its nominee,
successor or assigns, and no Leasehold Mortgagee cures such default within
sixty (60) days after the expiration of Tenant’s cure period; or

(b)           In
the event of any other default hereunder susceptible to being cured by a
Leasehold Mortgagee, no Leasehold Mortgagee commences within sixty (60) days
after the expiration of Tenant’s cure period the work of curing such default
and

 30
 

carrying
same to completion with all reasonable dispatch.  If such default cannot be cured by a
Leasehold Mortgagee without such Leasehold Mortgagee obtaining possession of
the Property or title to Tenant’s Estate, a Leasehold Mortgagee commencing and
thereafter pursuing to completion proceedings to obtain possession and/or to
foreclose the lien held by such Leasehold Mortgagee or diligently proceeding to
obtain title to Tenant’s Estate by deed or assignment in lieu of foreclosure
shall be deemed to satisfy the foregoing requirement that such Leasehold
Mortgagee commences within thirty (30) days after obtaining such possession or
such title the work of curing such default and carries the same to completion
with all reasonable dispatch; or

(c)           In
the event of a default of this Lease that is not susceptible to being cured by
a Leasehold Mortgagee, such default shall be deemed to be cured if within one
hundred twenty (120) days after the expiration of Tenant’s cure period, a
Leasehold Mortgagee shall have commenced foreclosure or other appropriate
proceedings in the nature thereof and such Leasehold Mortgagee shall thereafter
diligently prosecute such proceedings to completion; or

(d)           Notwithstanding
anything to the contrary in this Section 15.4, if a Leasehold Mortgagee has not
cured any default within the time periods prescribed above, Landlord’s right to
terminate this Lease shall be suspended so long as the following are true:

(i)            the Leasehold Mortgagee is
proceeding diligently pursuant to any of the provisions of this Section 15.4;
and

(ii)           Landlord is receiving rental payments
hereunder either as a result of such Leasehold Mortgagee continuing the minimum
Gaming Operations as provided in Section 5.4 above or, if such Leasehold
Mortgagee is not legally able under Mississippi Gaming Commission regulations
to continue such minimum Gaming Operations at the Premises, such Leasehold
Mortgagee pays to Landlord monthly Rent in an amount equal to the average
monthly Rent paid under this Lease for the twelve (12) month period immediately
prior to the Event of Default by Tenant.

(e)           Nothing
herein contained shall be deemed to require any Leasehold Mortgagee to continue
with such foreclosure or any other proceedings, or once having obtained
possession of the Property to continue in possession thereof, but the failure
of a Leasehold Mortgagee to pay make rental payments as provided in this Lease
shall give Landlord the right to exercise its remedy rights under this Lease.

15.5         Leasehold Mortgagee’s Rights and Obligations
following a Foreclosure:  Should a Leasehold Mortgagee or its designee
acquire Tenant’s Estate as a result of a foreclosure, a deed or assignment in
lieu of foreclosure, or a sale under a Leasehold Mortgage pursuant to a power
of sale contained therein, such Leasehold Mortgagee or designee shall acquire
Tenant’s Estate subject to all of the provisions of this Lease (specifically
including options to purchase, rights of first refusal and the provisions of
this Article 15); provided, however that such Leasehold Mortgagee or designee
shall have no liability under this Lease except during such time as it owns
Tenant’s Estate and only

 31
 

with
respect to any loss, damage, injury or liability resulting from its own (i)
negligence, (ii) willful misconduct, or (iii) act or omission constituting a
breach under this Lease.

15.6         Non-Liability of Leasehold Mortgagee:  Except as
may be required by a Leasehold Mortgagee pursuant to Section 15.4 above in
order to maintain the Lease in full force and effect, a Leasehold Mortgagee
shall not be obligated to perform Tenant’s obligations under this Lease unless
and until the Leasehold Mortgagee acquires Tenant’s Estate by foreclosure or
other similar proceedings.

15.7         No Restriction on Assignment: 
Notwithstanding anything to the contrary contained in this Lease, this
Lease may be transferred or assigned without Landlord’s consent as a result of
a foreclosure, a deed or assignment in lieu of foreclosure or a sale under the
Leasehold Mortgage pursuant to a power of sale contained therein.  Notwithstanding the provisions of Section
13.1, if a Leasehold Mortgagee or any other person acquires Tenant’s Estate as
a result of a sale under the Leasehold Mortgage pursuant to a power of sale
contained therein, a judgment of foreclosure, or by deed or other instrument in
lieu of foreclosure, such Leasehold Mortgagee or other person shall have the
privilege of assigning or transferring Tenant’s Estate to any other person(s)
or entity(s) without the prior consent of Landlord, provided, however, that
there shall be delivered to Landlord in due form for recording (i) a duplicate
original of the instrument of assignment, and (ii) an instrument of assumption
by the transferee of all of Tenant’s obligations under this Lease, and the
Leasehold Mortgagee or other person who so acquired Tenant’s Estate through
foreclosure proceedings shall be relieved of any further liability under the
Lease from and after the effective date of such transfer.

15.8         New Lease:  Upon termination of this Lease by Landlord on
Tenant’s default hereunder, or upon a Leasehold Mortgagee’s acquisition of
Tenant’s Estate by way of foreclosure or otherwise, at any Leasehold Mortgagee’s
request given within sixty (60) days of such termination or acquisition
Landlord shall enter into a new lease of the Premises with such Leasehold
Mortgagee, effective as of the date of such termination or acquisition (but
with the same relative priority as this Lease with regard to encumbrances on
the Premises) for the remainder of the Lease Term and at the same Rent and upon
the same terms and conditions contained in this Lease (including the option to
purchase and right of first refusal set forth herein); provided, however, that
the tenant under such lease shall have the right to assign its interest in such
lease on the terms set forth in Section 15.7 hereof.  The Leasehold Mortgagee shall pay all costs,
fees, expenses and legal fees incurred by Landlord in connection with the
execution of such new lease.  Following
the termination of this Lease by Landlord on Tenant’s default and until each
Leasehold Mortgagee has failed within sixty (60) days to demand a new lease,
Landlord shall not alter or in any way demolish any Improvements on the
Property, nor modify or terminate any subleases. At the time of the execution
and delivery of any new lease pursuant to this Section 15.8, Landlord shall
execute and deliver to the party executing such new lease as the tenant, a quit
claim grant deed to the improvements, if any, on the Property that are the
property of Landlord and a quit claim bill of sale to the furnishings,
fixtures, furniture, equipment, and personal property thereon, if any, that are
the property of Landlord, both of which documents shall be effective as of the
effective date of such new lease.  Concurrent
with the delivery of such quit claim grant deed and the quit claim bill

 32
 

of
sale, Landlord shall deliver to the new tenant under such new lease an
assignment of Landlord’s rights under all subleases and sub-subleases affecting
any portion of the Property and memorandum of such new lease in recordable
form.  In the event that a nominee or
designee of any Leasehold Mortgagee shall be the tenant under such new lease,
such designee or nominee shall, at its election, have the right to continue its
lien against such new lease and the improvements located on the Property as
well as all fixtures and personal property located thereon to secure payment of
its then existing outstanding indebtedness.

15.9         Covenant of Cooperation:  Landlord
covenants and agrees to execute any documents reasonably required by any lender
making a Leasehold Mortgage to effectuate the foregoing so long as Landlord
assumes no liability whatsoever thereunder and this Lease shall remain prior to
any such Leasehold Mortgage.

15.10       No Amendment:  So long as any Leasehold Mortgage
is in effect and Landlord has been given notice of its existence, then this
Lease will not be voluntarily canceled, surrendered, terminated, amended,
modified or in any manner altered, or any provision hereof waived or deferred
by Tenant, without the prior written consent of all Leasehold Mortgagees
(except as otherwise provided or permitted under their respective Leasehold
Mortgages).  Landlord and Tenant covenant
and agree to cooperate in including in this Lease by suitable amendment, from
time to time, any provision which may reasonably be requested by any proposed
Leasehold Mortgagee for the purpose of implementing the mortgagee protection
provisions contained in this Lease and allowing such Leasehold Mortgagee reasonable
means to protect or preserve the lien of the Leasehold Mortgage on the
occurrence of a default by Tenant hereunder. 
Landlord and Tenant each agree to execute and deliver (and to
acknowledge, if necessary, for recording purposes) any document necessary to
effect any such amendment; provided, however, that any such amendment shall in
no event affect the term or rent under this Lease or otherwise adversely affect
any rights of Landlord or Tenant hereunder in any material respect.

15.11       No Merger:  So long as there is a Leasehold Mortgage in
effect, Tenant’s Estate will not merge with Landlord’s Estate by reason of the
fact that (i) Tenant’s Estate is acquired by Landlord, or (ii) Landlord’s
Estate is acquired by Tenant.

15.12       Certain Obligations of Leasehold Mortgagee in
Possession.  Notwithstanding anything to the contrary in
this Lease, after any party who is a Leasehold Mortgagee has obtained or holds
title to this Lease or possession of the Property by foreclosure or deed in
lieu of foreclosure, then no requirement or covenant contained in this Lease
requiring Tenant for any purpose to post a bond or provide any other security
shall be applicable or enforceable against any such party.

15.13       Designees and Nominees:  All
references in this Lease to a mortgagee or beneficiary under a deed or trust or
a Leasehold Mortgagee shall be construed to also refer to any such mortgagee’s,
beneficiary’s or Leasehold Mortgagee’s designee or nominee.

 33
 

15.14       Tenant’s Rejection of Lease in Bankruptcy:  If Tenant
shall reject this Lease pursuant to Section 365 (a) of the Bankruptcy Code, 11
U.S.C. § 365(a), then Landlord shall serve on each Leasehold Mortgagee written
notice of such rejection, together with a statement of all sums at the time due
under this Lease (without giving effect to any acceleration), and of all other
defaults under this Lease then known to Landlord (the “Rejection Notice”).  Leasehold Mortgagee shall have the right, but
not the obligation, to serve on Landlord within twenty (20) days after service
of the Rejection Notice a notice (the “Assumption Notice”) that the Leasehold
Mortgagee elects to (a) assume this Lease and (b) cure all defaults outstanding
thereunder (x) in accordance with Section 15.4(a) of this Lease as to defaults
in the payment of money, and (y) in accordance with Sections 15.4(b), (c) or
(d) of this Lease as to other defaults; provided, that Leasehold Mortgagee’s
failure to give an Assumption Notice within said twenty (20) day period shall
be deemed to be Leasehold Mortgagee’s election not to assume this Lease;
provided further, that in the event that the cure periods set forth in Section
15.4 would give to Leasehold Mortgagee less than thirty (30) days from the
receipt by Leasehold Mortgagee of such Rejection Notice to make or commence
such cure, then Leasehold Mortgagee shall have thirty (30) days from receipt by
Leasehold Mortgagee from Landlord of such Rejection Notice to cure defaults
described in Section 15.4(a) and to commence the cure of non-monetary defaults
described in Sections 15.4(b), (c) and (d) and complete such cures in
accordance with such Section (collectively, the “Bankruptcy Cure Periods”).  If Leasehold Mortgagee serves the Assumption
Notice, then, as between the Landlord and Leasehold Mortgagee (1) the rejection
of the Lease by Tenant shall not constitute a termination of this Lease, (2)
the Leasehold Mortgagee assumes the obligations of Tenant under this Lease
without any instrument of assignment or transfer from the Tenant and (3)
Leasehold Mortgagee shall consummate the assumption of the Lease by curing all
defaults (susceptible of being cured by Leasehold Mortgagee) under the Lease by
outstanding as of the date of rejection or arising or accruing from such date
to the date of assumption in accordance with the bankruptcy cure Periods.  Tenant acknowledges that in the event
Leasehold Mortgagee serves the Assumption Notice, then the Leasehold Mortgagee’s
rights under this Lease following an assumption of the Lease by Leasehold
Mortgagee shall be free and clear of all rights, claims and encumbrances of or
in respect of Tenant.

The above notwithstanding, in the event that Landlord
fails to give Leasehold Mortgagee the Rejection Notice, Landlord shall have no
liability to Leasehold Mortgagee or Tenant under this Lease or otherwise for
such failure to give the Rejection Notice or any consequences resulting
therefrom, and such failure shall not constitute or be deemed to be a breach
hereof or a default hereunder.

Notwithstanding any provision of this Lease, if
Tenant shall have rejected this Lease pursuant to Section 365(a) of the
Bankruptcy Code, 11 U.S.C. § 365(a), then as between Landlord and Leasehold
Mortgagee this Lease shall remain in full force and effect until the earlier to
occur of the following:  (i) Landlord
shall have given the Rejection Notice provided for above and Leasehold
Mortgagee shall have failed to give timely the Assumption Notice or, having
given the Assumption Notice, shall have failed to cure within the Bankruptcy
Cure Periods any defaults required to be cured hereunder, or (ii) Leasehold
Mortgagee shall have served on Landlord a notice of Leasehold

 34
 

Mortgagee’s
election not to assume this Lease.  If
Leasehold Mortgagee does not assume this Lease or, after assuming the same
fails to fulfill the terms hereof, Landlord shall have the right to terminate
this Lease as provided herein and in the event of such termination, all rights
of Leasehold Mortgagee in the Premises and the Improvements shall cease and be
of no further force and effect.

ARTICLE 16 

ENVIRONMENTAL

16.1         Landlord’s Representations:  Except as
disclosed in writing to Tenant by Landlord prior to the Effective Date or as
disclosed in writing to Tenant in any consultant’s report prior to the
Effective Date, Landlord warrants and represents (i) no Hazardous Material (as
defined in Section 16.6) is present on the Premises or the soil, surface water
or groundwater thereof; (ii) no underground storage tanks or asbestos
containing building materials are present on the Premises; and (iii) no action,
proceeding or claim is pending or threatened concerning the Premises concerning
any Hazardous Material or pursuant to any environmental law (as defined in
Section 16.5).  Landlord has delivered to
Tenant all reports and environmental assessments of the Premises conducted at
the request of or otherwise available to Landlord, and Landlord has complied
with all environmental disclosure obligations imposed upon Landlord by
applicable law with respect to this transaction.

16.2         Covenant to Comply with Environmental Laws:  Within the
time permitted by applicable law, Tenant, at its sole cost, shall perform or
cause to be performed, any investigation, remediation, removal action or
detoxification of the Premises, and shall comply with any Environmental Law,
relating to any Hazardous Material released, disposed, discharged or emitted on
or about the Premises during the Lease Term by Tenant or Tenant’s employees or
agents.  Within the time permitted by
applicable law, Landlord, at its sole cost, shall perform or cause to be
performed, any investigation, remediation, removal action or detoxification of
the Premises and shall comply with any Environmental Law relating to any
Hazardous Material present at any time on or about the Premises or the soil,
air, improvements, groundwater or surface water thereof, except to the extent
that such Hazardous Material is released, discharged or emitted on or about the
Premises during the Lease Term by Tenant or Tenant’s employees or agents.

16.3         Tenant Indemnity:  Tenant shall indemnify, defend
with counsel reasonably acceptable to Landlord, and hold harmless Landlord, its
employees, agents, contractors, stockholders, partners, officers, directors,
successors, personal representatives, and assigns (collectively the “Landlord
Indemnitees”) from and against all claims, actions, suits, proceedings,
judgments, losses, costs, personal injuries, damages, liabilities,
deficiencies, fines, penalties, attorneys’ fees, consultants’ fees,
investigations, detoxifications, remediations, removals and expenses of every
type and nature (“Claims”), to the extent caused by the release, disposal,
discharge or emission of Hazardous Materials on or about the Premises during
the Lease Term by Tenant or Tenant’s employees or agents.  Notwithstanding anything to the contrary in
this Lease,

 35
 

Tenant
shall have no other liability, responsibility or duty to reimburse Landlord
with respect to any Hazardous Material on or about the Premises or any
Environmental Law regarding the Premises or the soil, air, improvements,
groundwater or surface water thereof.

16.4         Landlord Obligations:

A.            Landlord
shall undertake, control and complete, at Landlord’s sole cost and expense and
to Tenant’s reasonable satisfaction, the extent required by applicable
Environmental Laws, investigation and remediation of any and all Hazardous
Materials in, on or under the Premises or about the Premises or about the
Premises to the extent caused by Hazardous Materials now and heretofore in, on
or under the Premises (i) known to Landlord as of April 9, 1993, or (ii)
disclosed by any environmental reports existing as of such date with respect to
the Premises or any portion thereof.

B.            If
any court or governmental agency orders Landlord to investigate or remediate
any Hazardous Materials located in, on, under or about the Premises, Landlord
shall comply with such order at its sole cost without contribution from Tenant,
except to the extent that the presence of such Hazardous Materials was caused
by Tenant or persons under Tenant’s control.

C.            Landlord
shall indemnify, defend with counsel reasonably acceptable to Tenant, and hold
harmless Tenant, its employees, agents, contractors, stockholders, partners,
officers, directors, successors, subtenants, personal representatives and
assigns (collectively the “Tenant Indemnitees”) from and against all Claims (as
defined in Section 16.3) arising from or relating to compliance with the order
of any court or governmental agency regarding Hazardous Materials present at
any time on or about the Premises; except to the extent that the foregoing
actually results from (i) the release, disposal, discharge or emission of
Hazardous Materials on or about the Premises, during the Lease Term by Tenant
or Tenant’s employees or agents or (ii) the act or omission of any other party
(other than Landlord or persons under Landlord’s control) who places,
transports, discharges or releases Hazardous Materials to the surface of the
Premises after Tenant has the exclusive right to occupy the Premises.  Landlord’s foregoing indemnification shall
include liability for any and all costs incurred by Tenant in connection with
any such court or governmental agency, including, without limitation, attorneys’
and consultants’ fees, but shall not include any liability for any lost profits
or other consequential damages incurred by Tenant.

D.            At
such time as Tenant, at its cost and expense, undertakes the demolition of
those structures presently located on the Premises, Landlord shall, in
compliance with applicable Environmental Laws, remove and dispose of any and
all asbestos located in the structures being demolished.  Landlord shall coordinate such removal
activities with Tenant’s demolition and construction activities.  Prior to Tenant’s awarding a demolition
contract with respect to existing structures on the Premises, Tenant, its
consultants and Landlord shall identify the location of all asbestos in such
structures.  As part of its demolition
contract award process, Tenant shall require contract applicants to state the
amount of their bid for demolition, assuming there was no asbestos

 36
 

in the
structures to be demolished.  Tenant
shall then identify all parts of such structures which will be removed and
disposed of by Landlord in accordance with its obligations concerning asbestos
removal described above.  Tenant shall
then require applicants to state the amount of their bid for demolition,
excluding the obligation to demolish and remove such identified portions of the
structures.  If the applicant to which
Tenant awards the demolition contract reduces its bid as a result of Landlord’s
removal and disposal of such identified portions of the structures, Tenant
shall pay Landlord an amount equal to such cost savings.  Such payment shall constitute payment in full
for Landlord’s asbestos removal and disposal activities hereunder.

E.             Notwithstanding
the foregoing provisions of this Section 16.4, in the event that any claims (as
defined in Section 16.3) arise during the Lease Term with respect to Hazardous
Materials on or about the Premises that have actually resulted directly from
the release, disposal, discharge or emission of Hazardous Materials in the Back
Bay of Biloxi by parties other than Landlord or Tenant, Landlord and Tenant
shall each bear fifty percent (50%) of all costs to remediate, remove or
otherwise deal with such Hazardous Materials in accordance with Environmental
Laws, and Landlord and Tenant shall both join in any resulting litigation and
shall each bear fifty percent (50%) of all costs (including attorneys’ and
consultant’s fees) of such litigation.

F.             Landlord
shall perform all of its investigative, remediation and other obligations under
this Section 16.4 in a manner which will minimize interference with and
disruption of the operations of Tenant.

16.5         Definition of Environmental Laws:  As used
herein “Environmental Laws” shall mean all local, state or federal laws,
statutes, ordinances, rules, regulations, judgments, injunctions, stipulations,
decrees, orders, permits, approvals, treaties or protocols now or hereafter
enacted, issued or promulgated by any governmental authority which relate to
any Hazardous Material or to the use, handling, transportation, production,
disposal, discharge, release, emission, sale or storage of , or the exposure of
any person to, a Hazardous Material.

16.6         Definition of Hazardous Material:  The term “Hazardous
Material” shall mean any material or substance that is now or hereafter
prohibited or regulated by any law or that is now or hereafter designated by
any governmental authority to be radioactive, toxic, hazardous or otherwise a
danger to health, reproduction or the environment, including, without
limitation, (i) oil and petroleum products, (ii) explosives, (iii) radioactive
substances and materials, (iv) hazardous, ultra-hazardous or toxic substances
or wastes, (v) asbestos, (vi) urea formaldehyde, (vii) polychlorinated
biphenyls and transformers or other equipment which contain fluid containing
polychlorinated biphenyls, (viii) radon gas, and (ix) chemicals, materials or
substances now or hereafter defined or included in the definition of “hazardous
substances”, “hazardous waste”, “hazardous materials”, or “toxic substances”,
or words of similar import, under any law, including, not limited to, the
Comprehensive Environmental Response, Compensation and Liability Act of 1980 as
now or hereafter amended (“CERCLA”), the Hazardous Materials Transportation
Act, as now or hereafter amended, the Resource Conservation Recovery Act, as
now or hereafter amended, the Federal

 37
 

Water
Pollution Control Act, as now or hereafter amended, the Clean Air Act, as now
or hereafter amended, the Occupational Safety and Health Act, as now or
hereafter amended, and similar laws now or hereafter enacted.

16.7         Exclusive Provisions:  This Article
16 constitutes the entire agreement between Landlord and Tenant regarding
Hazardous Materials and Environmental Laws. 
No other provision of this Lease shall be deemed to apply thereto.

ARTICLE 17

GENERAL
PROVISIONS

17.1         Estoppel Certificates:  Each party
agrees/promptly following request by the other to execute and deliver to the
other an estoppel certificate, (i) certifying that this Lease is unmodified and
in full force and effect, or, if modified, stating the nature of such
modification and certifying that this Lease, as so modified, is in full force
and effect and the date to which the rent and other charges are paid in
advance, if any; and (ii) acknowledging that, to the responding party’s
knowledge, there are not any uncured defaults on the part of either party
hereunder, or, if there exist any such uncured defaults, stating the nature of
such uncured defaults; and (iii) evidencing the status of the Lease as may be
required either by a lender making a loan to be secured by Tenant’s Estate or
by a purchaser of the Premises or Tenant’s Estate.  A party’s failure to deliver an estoppel
certificate as required herein within twenty (20) days following receipt of
written request therefor shall be conclusive upon such party that as of the
date of said request (i) this Lease is in full force and effect, without
modification; (ii) there are no uncured defaults under this Lease on the part
of either party; and (iii) no Rent more than one monthly installment thereof
has been paid in advance, all except as may otherwise be set forth in such request.

17.2         Holding Over:  This Lease shall terminate without
further notice on the last day of the Lease Term.  Any holding over by Tenant after such date
shall not constitute a renewal or extension of this Lease or give Tenant any
rights in or to the Property except as expressly provided herein.  Any holding over after such date with the
consent of Landlord shall be construed to be a tenancy from month to month, at
the same Rental (pro-rated) due as of the last month of the Lease Term, and
shall otherwise be on the terms and conditions herein specified insofar as
applicable.

17.3         Notices:  Any notice required or desired to be given
pursuant to this Lease shall be in writing with copies directed as below
indicated and shall be personally served or, in lieu of personal service, by
depositing same in the United State mail, postage prepaid, certified  or registered mail with request for return
receipt, in which latter event such notice shall be deemed delivered
seventy-two (72) hours after same shall have been so deposited in the United
States mail, or when actually delivered (if earlier), and if such notice shall
be addressed to Landlord, the address of Landlord is:

 38
 

Raphael
Skrmetta, Managing Member

Skrmetta MS, LLC

501 Destrehan Avenue

Harvey, Louisiana 70058

with a duplicate copy to:

Eric
Skrmetta

117 Sena Drive

Metarie, Louisiana 70005

and if addressed to Tenant, the address of Tenant is:

BTN,
Inc,

676 Bayview Avenue

Biloxi, MI 39530

ATTN:  General Manager

with a duplicate copy to:

General
Counsel

Penn National Gaming, Inc.

825 Berkshire Boulevard

Wyomissing, PA  19610

Either Landlord or Tenant may change its respective
addresses by giving written notice to the other in accordance with the
provisions of this Section.

17.4         Attorney’s Fees:  In the event either party shall
bring any action, arbitration or legal proceeding for an alleged breach of any
provision of this Lease, to recover rent, to terminate this Lease or to
enforce, protect, determine or establish any term, covenant or condition of
this Lease or the rights or obligations hereunder of either party, the
prevailing party, in addition to whatever other relief it may be entitled to,
shall be entitled to recover from the non-prevailing party reasonable attorneys’
fees and expenses and court costs.

17.5         No Merger:  The voluntary or other surrender of this
Lease by Tenant, or a mutual cancellation thereof, shall not work a merger and
shall, at the option of Landlord, operate as an assignment to Landlord of any
and/or all subleases of subtenants.

17.6         Arbitration:  Any question, dispute or
controversy specifically required to be determined by arbitration under any
term or provision of this Lease (and only such questions, disputes or
controversies) shall be determined pursuant to the provisions of this
Section.  Either Landlord or Tenant may
initiate such proceedings by giving written notice to the other stating an
intention to arbitrate, the issue to be arbitrated, and the relief sought.  Such arbitration shall be conducted pursuant
to the provisions of the laws of the State of Mississippi then in force, with
the rules of procedure to be those of the American

 39
 

Arbitration
Association or its successor insofar as said rules of procedure do not conflict
with the laws of the State of Mississippi then in force.  Once notice to arbitrate has been given,
Landlord and Tenant shall jointly, within fifteen (15) days of such notice,
select one arbitrator, or if they cannot agree on one arbitrator then each
shall select an arbitrator within twenty (20) days of delivery of said notice,
and the two arbitrators selected shall designate the third arbitrator within
twenty-five (25) days of delivery of said notice.  The three arbitrators shall convene as soon
as practicable and offer Landlord and Tenant the opportunity to present their
cases.  If any party to the arbitration,
after being duly notified, fails to appear, participate or produce evidence at
an arbitration hearing, the arbitrator(s) may make an award based solely on the
evidence actually presented.  The
arbitrators shall, by majority vote, make such award and decision as is
appropriate and in accord with the terms of this Lease, and such award shall be
binding upon Landlord and Tenant and enforceable in a court of law.  The cost of arbitration shall be borne by
Landlord and Tenant as determined by the arbitrators.  In the event either party fails to appoint an
arbitrator or the two arbitrators fail to select a third arbitrator within the
time required by this Section, then upon application of either party, the
arbitrator shall be appointed by the American Arbitration Association or if
there be no American Arbitration Association or it shall refuse to perform this
function, then at the request of either Landlord or Tenant such arbitrator
shall be appointed by the then senior judge of the Chancery Court of the State
of Mississippi for the Second Judicial District of the County of Harrison.

17.7         Quiet Enjoyment:  Landlord covenants that Landlord
has full right to make this Lease and that Tenant shall have quiet and peaceful
possession of the Premises as against Landlord and any person claiming the same
by, through or under Landlord.

17.8         No Partnership:  It is agreed that nothing
contained in this Lease shall be deemed or construed as creating a partnership,
joint venture, unincorporated association, or other similar relationship
between Landlord and Tenant, or cause Landlord to be responsible in any way for
the debts or obligations of Tenant. 
Neither the method of computing rent nor any other provision contained
in this Lease nor any acts of the parties hereto shall be deemed to create any
relationship between Landlord and Tenant other than the relationship of
landlord and tenant.

17.9         Captions:  The captions used in this Lease are for the
purpose of convenience only and shall not be construed to limit or extend the
meaning of any part of this Lease.

17.10       Duplicate Originals; Counterparts:  Any executed
copy of this Lease shall be deemed an original for all purposes.  This Lease may be executed in one or more
counterparts, each of which shall be deemed to be an original, but all of which
taken together shall constitute one and the same Lease.

17.11       Time of the Essence:  Time is of the essence of this
Lease.

17.12       Severability:  In the event any one or more of
the provisions contained herein shall for any reason be held to be invalid,
illegal or unenforceable in any respect,

 40
 

every
other provision of this Lease shall remain and subsist in full force and
effect, and this Lease shall be construed as if such invalid, illegal or
unenforceable provision had not been contained herein.

17.13       Interpretation:  The language in all parts of this
Lease shall in all cases be construed as a whole according to its fair meaning
and not strictly for or against either Landlord or Tenant.  This Lease is the result of negotiations
among and has been reviewed by the parties and their respective counsel.  Accordingly, this Lease shall be deemed to be
the product of both parties hereto, and no ambiguity shall be construed in
favor of or against either party.  In the
event that Landlord or Tenant is comprised of more than one person or entity,
all covenants, obligations and liabilities of Landlord and Tenant shall be the
joint and several covenants, obligations and liabilities of all such persons
and entities comprising Landlord and Tenant, respectively.  When the context of this Lease requires, a
reference to one gender includes the other genders, a partnership, a
corporation and a joint venture, and the singular includes the plural.  The validity, construction, effect,
performance and enforcement of this Lease shall be governed in all respects by
the laws of the State of Mississippi.

17.14       Successors Bound:  The covenants and agreements
contained in this Lease shall be binding upon and shall inure to the benefit of
the parties hereto and their respective heirs, successors, and permitted
assigns, all subject to the limitations contained in Articles 13 and 14.

17.15       No Waiver:  The waiver by Landlord or tenant of any
breach of any term, covenant or condition herein contained shall not be deemed
to be a waiver of such term, covenant or condition or any subsequent breach of
the same or any other term, covenant or condition herein contained.

17.16       Covenant of Fair Dealing:  Each party
hereto agrees to act reasonably and in good faith with respect to the
performance and fulfillment of the terms of each and every covenant and
condition contained in this Lease.

17.17       Delays:  Any prevention, delay or stoppage due to
strikes, lockouts, inclement weather, labor disputes, acts of God, inability to
obtain labor, materials or fuels or reasonable substitute therefor,
governmental restrictions, regulations, controls, action or inaction, civil
commotion, fire or other casualty, and other causes beyond  the reasonable control of the party obligated
to perform shall excuse the performance, for a period equal to the period of
any said prevention, delay or stoppage, of any obligation hereunder.

17.18       Integration:  This Lease and all exhibits hereto
constitute the entire agreement between the parties, and there are no
agreements or representations between the parties except as expressed
herein.  Without limiting the generality
of the foregoing sentence, in the event of any conflict between the terms and
conditions of this Lease and the terms and conditions of that certain Agreement
to Lease Property in Biloxi, Mississippi, dated April 9, 1993, between
Boomtown, Inc. and Landlord, this Lease shall

 41
 

control.  Except as otherwise provided herein, no
subsequent change or addition to this Lease shall be binding unless in writing
and signed by the parties hereto.

17.19       Memorandum of Lease:  Concurrently with the execution
and delivery of this Lease, Landlord and Tenant shall execute a Memorandum of
Lease in the form of Exhibit “E” attached hereto and made a part hereof
which Memorandum, when fully executed, shall be recorded in the Official
Records of Harrison County, Mississippi.

17.20       Limit on Tenant’s Liability: 
Notwithstanding anything to the contrary in this Lease, no stockholder
or partner of Tenant nor any officer, director, agent or employee of Tenant
shall have any personal liability or responsibility with respect to Tenant’s
covenants and obligations hereunder or any other document executed or delivered
in connection with the transactions contemplated by this Lease.  Recourse for all such covenants and
obligations shall be limited strictly to the corporate or partnership assets of
Tenant.  No recourse may be had against
the personal assets of any stockholder, partner, officer, director, agent or
employee of Tenant.

17.21       Limit on Landlord’s
Liability:  Notwithstanding anything to the contrary in this Lease, no member of
Landlord nor any manager, agent or employee of employee of Landlord shall have
any personal liability or responsibility with respect to Landlord’s covenants
and obligations hereunder or any other document executed or delivered in
connection with the transactions contemplated by this Lease.  Recourse for all such covenants and
obligations shall be limited strictly to the limited liability company assets
of Landlord.  No recourse may be had
against the personal assets of any member, manager, agent or employee of
Landlord.

[CONTINUED
ON THE NEXT PAGE]

 42
 

IN WITNESS WHEREOF, the parties hereto have executed
this Amended and Restated Ground Lease on the respective dates below set forth
to be effective as of the Effective Date.

	
  

  	
  LANDLORD:

  
	
   

  	
   

  
	
   

  	
  SKRMETTA
  MS, LLC, a Mississippi 

  limited liability company

  
	
  Dated:

  	
  March
  23, 2007

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Raphael Skrmetta

  	
   

  
	
   

  	
  RAPHAEL
  SKRMETTA, Manager

  
	
   

  	
   

  
	
   

  	
  TENANT:

  
	
   

  	
   

  
	
   

  	
  BTN,
  INC., 

  a Mississippi corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
  Dated:

  	
  March
  23, 2007

  	
   

  	
  By:

  	
  /s/Robert
  S. Ippolito

  	
   

  
	
   

  	
   

  
	
   

  	
  Title:

  	
  Sec/Treas

  	
   

  
							

 

 43

EXHIBIT “A”

Legal description of real property situated in the
Second Judicial District of Harrison County, Mississippi, and described as
follows:

Property in Block 1:  Commencing on
the northern side Bay View Avenue at a point marked by a rod at the intersection
of Bay View Avenue and extension of the east line of Main Street; thence N 73o
28’ E a distance of 440.7 feet along Bay View Avenue to a point marked by a
pipe; thence North 282.0 feet to a pipe; thence to the Back Bay of Biloxi,
thence westerly along Back Bay of Biloxi to a point marked by a rod on the
extension of the east line of Main Street; thence south 344.4 feet to a point
marked by a rod at the intersection of Bay View Avenue and the extension of the
east line of Main Street and the point of beginning.  Said piece of ground contains Lots 1 through
3 inclusive, Block 1, Gorenflo’s Addition, City of Biloxi, Second Judicial
District of Harrison County, Mississippi.

Property in Block 2:  Commencing at
a point in Block 2 on Bay View Avenue marked by a pipe and thence South a
Distance 230 feet along a line to a point marked by an iron pipe; thence South
0o 10’ East a distance of 150.4 feet to a point marked by a post; thence South
3o 37’ East a distance of 67.6 feet to a point marked by a post; thence South
1o 00’ West a distance of 257.5 feet to a point marked by a post; thence 89o 47’
West a distance of 130 feet to a point marked by a pipe; thence North along
Davis Street a distance of 475.3 feet to a point marked by a pipe; thence North
89o 47’ East a distance of 130 feet to a point marked by a pipe.  Said piece of ground contains Lots 3 through
11 inclusive, Block 2, Gorenflo’s Addition, Second Judicial District of
Harrison County, Mississippi.

Property in Block 3:  Commencing
at a point at the corner of Bay View Avenue and Davis Street; thence South a
distance of 652.5 feet along Davis Street to a point marked by a pipe; thence
South 89o 47’ West a distance of 128 feet to a point marked by a pipe; thence
North 0o16’ West a distance of 288.1 feet to a point marked by a post; thence
South 87o 05’ West a distance of 122.3 feet to a point marked by a post on Main
Street; thence North a distance of 60 feet along Main Street to a point marked
by a post; thence North 89o 02’ East a distance of 76 feet to a point marked by
a post; thence North 0o 04’ West a distance of 253.9 feet to a point on Bay
View Avenue marked by a pipe; thence North 72o 51’ East a distance of 184.5
feet along Bay View Avenue to the point of beginning.  Said piece of ground contains Lots 1 through
11 inclusive, Block 3, Gorenflo’s Addition, and that lot having a front on Main
Street of 60 feet and bounded formerly on the North by property of St. Johns
Catholic Church and bounded formerly on the South by a property of Bourgeois;
bounded formerly on the East by C.B. Foster Packing Company, and bounded on the
West by Main Street, located in Gorenflo’s Addition to the City of Biloxi, in
the Second Judicial District of Harrison County, Mississippi.

This property is also described as shown on the
following pages 2  and 3 of this Exhibit
“A”, and the following legal description is more expansive than the legal
description above (on this page). The description on pages 2 and 3 includes
tidelands property, part of Davis Street which has been vacated and part of Lot
12, Block 3, Gorenflo’s Addition.

 Exhibit “A” - page 1
 

The
description on the next two pages excludes property which has been dedicated to
the City of Biloxi for cul-de-sacs.

LEGAL DESCRIPTION — PARCEL “A”

For the POINT OF BEGINNING, commence at a point on
the North margin of Bay View Avenue, said point being at the intersection of
said North margin of Bay view Avenue, with the extension of the East line of
Main Street; thence run North 0o 30’07” East, for a distance of 352.72 feet to
a point at the Waters Edge in the Back Bay of Biloxi; thence run along said
Waters Edge, the following bearings and distances, to wit; North 65o 01’07”
East, 106.37 feet; North 14o 59’07” West, 79.83 feet; North 11o19’27” West,
27.44 feet; North 81o26’23” East, 94.03 feet; South 08o11’59” East, 22.25 feet;
North 81o54’06” East, 49.27 feet; North 09o13’15” West, 7.92 feet; North 75o11’01”
East, 39.18 feet; South 07o16’10” East, 25.28 feet; South 0o47’05” East, 18.55
feet; South 65o11’04” East, 89.88 feet; South 02o39’47” West, 9.06 feet; South
59o34’39” East, 35.62 feet South 89o00’25” East, 54.89 feet; thence run South
0o30’07” West, for a distance of 283.54 feet to a point on the North margin of
Bay View Avenue; thence run South 73o28”00” West, along said North margin, for
a distance of 440.97 feet to the POINT OF BEGINNING, containing 163,937 Square
Feet, or 3.76 Acres, approximately.

LEGAL DESCRIPTION — PARCEL “B” — (Tidelands)

COMMENCE at a point on the North margin of Bay View
Avenue, said point being at the intersection of said North margin with the
extension of the East margin of Main Street; thence run North 0o30’07” East,
for a distance of 352.72 feet to a point on the waters edge in the Back Bay of
Biloxi, and the POINT OF BEGINNING; thence continue North 0o30’07” East, for a
distance of 627.28 feet to a point; thence run South 89o29’53” East, for a
distance of 421.62 feet to a point; thence run South 0o30’07” West, for a
distance of 567.28 feet to a point on the waters edge in the Back Bay of
Biloxi, thence run along the waters edge, the following bearings and distances,
to wit; North 89o00’25” West, 54.89 feet, North 59o34’39” West, 35.62 feet;
North 02o39’47” East, 9.06 feet; North 65o11’04” West, 89.88 feet; North 0o47’05”
West, 18.55 feet; North 07o16’10” West, 25.28 feet; South 75o11’01” West, 39.18
feet, South 09o13’15” East, 7.92 feet; South 81o54’06” West, 49.27 feet; North
08o11’59” West, 22.25 feet; South 81o26’23” West, 94.03 feet; South 11o19’27”
East, 27.44 feet; South 14o59’07” East, 79.83 feet and South 65o01’07” West,
for a distance of 106.37 feet to the POINT OF BEGINNING, containing 222,022
Square Feet, or 5.10 Acres, approximately.

LEGAL DESCRIPTION 
— PARCEL  “C”

For the POINT OF BEGINNING, commence at the point of
intersection of the South margin of Bay View Avenue with the West margin of
Davis Street, said point being further described as the Northeast corner of Lot
2, Block 3, Gorenflo’s Addition to the City of Biloxi, Harrison County,
Mississippi, as shown on the official map or plat thereof on file and of record
in Plat Book 6, Page 16 of the Record of Plats of Harrison County, Mississippi;
from said POINT OF BEGINNING, thence run South 0o24’45”, West, for a distance
of 184.84 feet to a point; thence run South 44o43’26” East, for a

 Exhibit “A” - page 2
 

distance
of 47.89 feet to a point; thence run South 89o51’38” East, for a distance of
6.05 feet to a point on the East margin of Davis Street; thence run
Northeasterly along a curve to the left, said curve having a central angle of
78o44’12” and a radius of 50.0 feet; thence run along the arc of said curve,
for a distance of 68.71 feet to a point which bears North 51o02’40” East, 63.43
feet from the previously described point; thence run South 89o51’38” East for a
distance of 80.66 feet to a point; thence run South 0o20’38” West, for a
distance of 150.63 feet to a point; thence run South 03o12’31” East, for a
distance of  67.25 feet to a point;
thence run South 02o10’03” West, for a distance of 63.79 feet to a point;
thence run  South 01o22’27” West, for a
distance of  193.13 feet to a  point; 
thence run South 89o35’13” West, for a distance of 128.95 feet to a
point on the East Margin of Davis Street; thence along a curve to the left,
said curve having a central angle of 180o00’ and a radius of 50.0 feet; thence
run along the arc of said curve for a distance of 157.08 feet to a point on the
East margin of Davis Street; thence run South 89o 35’13” West, for a distance
of 11.21 feet to a point; thence run South 45o00’00” West, for a distance of
41.00 feet to a point; thence run South 0o24’45” West, for a distance of 71.22
feet to a point; thence run south 89o35’13” West, for a distance of 127.46 feet
to a point; thence run North 1o01’17” West, for a distance of 290.54 feet to a
point; thence run South 88o50’07” West, for a distance of 122.30 feet to a
point on the East margin of Main Street; thence run North 0o50’06” East, along
said East margin, for a distance of 60.38 feet to a point; thence run South
89o48’31” East, for a distance of 75.51 feet to a point; thence run North 0o04’33”
East, for a distance of 254.95 feet to a point on the South margin of Bay View
Avenue; thence run North 73o28’00” East, along said South margin, for a
distance of 185.49 feet to the POINT OF BEGINNING, containing 180.763 Square
Feet, or 4.15 acres approximately.

LEGAL DESCRIPTION — PARCEL “D”

For the POINT OF BEGINNING, commence at a point on
the West margin of Davis Street; said point being the Northeast corner of Lot
12, Block 3, Gorenflo’s Addition to the City of Biloxi, Harrison County,
Mississippi, as shown on the official map or plat thereof on file and of record
in Plat Book 6, Page 16 of the record of Plats or Harrison County, Mississippi;
thence run South 0o24’45” West, along said West margin, for a distance of 13.11
feet to a point; thence run South 89o57’37” West, for a distance of 127.35 feet
to a point; thence run North 0o 01’17” West, for a distance of 12.28 feet to a
point; thence run North 89o35’13” East, for a distance of 127.46 feet to the
POINT OF BEGINNING, containing 1617 Square Feet, or 0.04 Acre approximately.

Parcel E

A parcel situated in Fractional Section 28, Township
7 South, Range 9 West, City of Biloxi, Second Judicial District of Harrison
County, Mississippi, better described as follows:

Commencing at a point on the North margin of Bay View
Avenue, said point being the intersection of said North margin with the
extension of the East margin of Main Street, thence N 00o49’27” W 353.72 feet
to the Point of Beginning, thence continue N 00o49’27” W 100.28 feet, thence N
89o10’37” E 80.92 feet, thence S 16o18’38” E 56.58

 Exhibit “A” - page 3
 

feet,
thence S 63o41’36” W 106.37 feet to the Point of Beginning.  Said parcel contains 7020 square feet or 0.16
acres.

Parcel F

A parcel situated in Fractional Section 28, Township
7 South, Range 9 West, City of Biloxi, Second Judicial District of Harrison
County, Mississippi, better described as follows:

Commencing at a point on the North margin of Bay view
Avenue, said point being the intersection of said North margin with the
extension of the East margin of Main Street, thence N 00o49’27” W 453.00 feet,
thence N 89o10’37” E 307.47 feet to the Point of Beginning, thence continue N
89o10’37” E 114.15 feet, thence S 00o49’27” E 40.28 feet, thence S 89o40’04” W
54.89 feet, then N 60o54’10” W 35.62 feet thence N 01o20’16” E 9.06 feet,
thence N 66o30’35” W 31.56 feet to the Point of Beginning.  Said parcel contains 3333 square feed of 0.08
acres.

 Exhibit “A” - page 4

EXHIBIT “A-1”

PLAN OF THE WATERFRONT AREA

[map of waterfront area attached]

EXHIBIT “B”

INITIAL ACQUISITION PROPERTY

The
Initial Acquisition Property is outlined in Red on Exhibit “A-1” and shall be
more specifically described in the survey thereof being obtained by Landlord,
with the legal description thereof being appended to this Lease by an amendment
hereto once the survey is completed.

 Exhibit “B”

EXHIBIT “C”

PERMITTED EXCEPTIONS

ITEM 1.                  Any prior
reservation or conveyance, together with release of damages, of minerals of
every kind and character including, but not limited to oil, gas, sand and
gravel in, on and under subject property.

ITEM 2.                  Easements or
other uses of subject property not visible from the surface, or easements or
claims of easements, not shown by the public records.

ITEM 3.                  Subject o
riparian and/or littoral rights and title to that portion of the captioned
property which lies beneath the ordinary high water mark as established as the
date the State of Mississippi was admitted to the Union, subject to any changes
that may have occurred, all of which shall be and remain the property of Tenant
pursuant to any applicable Tidelands Lease..

ITEM 4                   Subject to
the Conditional Use Plat recorded in Plat Book 13 at page 39 and 39A on file
and of record in the Office of the Chancery Clerk of Harrison County, Second
Judicial District, Mississippi.

ITEM 5                   Subject to
the terms and conditions of this lease.

ITEM 6                   Until such
time as anticipated tidelands lease with State of Mississippi is executed and
made part of this policy by endorsement, approved by the Company, the liability
of this policy is limited to the value of said insured leasehold interest as
set forth on Schedule A of policy.

ITEM 7                   Subject to
the rights of the United States of America to protect, regulate and improve
navigation in the Gulf of Mexico and the Back Bay of Biloxi and, in connection
therewith, to establish harbor lines to regulate the construction of piers,
wharves, bulkheads or other works and the making of deposits therein.

 Exhibit “C”

EXHIBIT D

EXISTING LEASES

	
  Lease

  	
   

  	
  Date of Lease

  	
   

  	
  Commencement Date

  	
   

  	
  Initial Term

  	
   

  	
  Renewal Term

  	
   

  	
  Description of Property

  
	
  Gollott and
  Mississippi-I Gaming, L.P.

  	
   

  	
  September 22, 1994

  	
   

  	
  September 24, 1994

  	
   

  	
  10 years from the Commencement Date

  	
   

  	
  One additional term of 10 years. Such option shall
  be automatically exercised unless Lessee gives written notice to Lessor at
  least 180 days prior to expiration of Initial Term

  	
   

  	
  Block 2, Lot 2, William Gorenflo Addition in the
  City of Biloxi, Second Judicial District of Harrison County, Mississippi

  
	
  Cvitanovich and
  Mississippi-I Gaming, LP

  	
   

  	
  March 3, 1994

  	
   

  	
  March 3, 1994

  	
   

  	
  99 years from the Commencement Date

  	
   

  	
  Month-to Month Tenancy

   

  At the expiration of the Initial Term with Lessor’s
  consent, such holding over shall be deemed to have created a month-to-month
  tenancy, and subject to all the terms, covenants, conditions and agreements
  set forth in the Lease at the monthly rental last in effect

  	
   

  	
  Three parcels situated along Bay View Avenue and
  Main Street, City of Biloxi, Second Judicial District of Harrison County,
  Mississippi

  

 

 Exhibit “D”

EXHIBIT “E”

Prepared
by and, when recorded, return to:

The Law
Offices of Michael F. Cavanaugh

998 Howard Avenue

Biloxi, MS 39530

 

MEMORANDUM OF LEASE

This Memorandum of Lease  is made as of the 23rd day of March, 2007, by
and among Skrmetta MS, LLC, a Mississippi limited liability company (“Landlord”)
, and BTN, Inc.,  a Mississippi
corporation (“Tenant”).

A.                                   Raphael
Skrmetta, an individual (Skrmetta”) and Mississippi-I Gaming, L.P., a
Mississippi limited partnership (“Former Tenant”) entered into a certain Ground
Lease dated October 19, 1993, as amended on October 19, 1993, November 2, 1993
and June 12, 2000 (collectively, the “Prior Lease”), pursuant to which Skrmetta
leased to Prior Tenant and Prior Tenant leased
from Skrmetta certain real property commonly known as 676 Bayview Avenue,
Biloxi, Harrison County, Mississippi, and more particularly described on Exhibit
“A” attached to the Prior Lease.

B.                                     A Memorandum of Lease dated October 19, 1993, by and
among Skrmetta and Prior Tenant was executed and recorded in Book 262 at Page
210, and re-recorded in Book 262 at Page 359, of the Records in the Office of
the Chancery Clerk of Harrison County, Second Judicial District, Mississippi,
(the “Records”) a Memorandum of Second Amendment to Ground Lease dated November
2, 1993 by and among Skrmetta and Prior Tenant was executed and recorded in
Book 263 at Page 83 of the Records, and a Memorandum of Third Amendment to
Ground Lease dated June 12, 2000 by and among Skrmetta and Prior Tenant was
executed and recorded in Book 357, Page 309 of the Records (collectively, the “Memoranda
of Prior Lease”).

C.                                     Prior Tenant assigned all of its right, title and
interest in and to the Prior Lease and the Premises to Tenant on or about
August, 2000.

D.                                    Prior
to the date hereof, Skrmetta transferred one-half of his right, title and
interest in and to the Premises to Alfreda D. Skrmetta, and then, for himself
and as curator for Alfreda D. Skrmetta, immediately conveyed all of the right,
title and interest in and to the Premises to Landlord.

 Exhibit “E” - page 1
 

E.                                      Tenant has granted its written consent for the
assignment of the Amended Lease and transfer of premises owned by Skrmetta unto
the Landlord pursuant to the terms of the prior lease.

F.                                      Landlord and Tenant have amended and restated the
Prior Lease and desire to Amend and Restate the Memoranda of Prior Lease as
stated herein.

Now, therefore, for and in consideration of the
Premises and the Lease (as defined below) and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged and
intending to be legally bound hereby, Landlord and Tenant agree as follows:

1.             The
Memoranda of Prior Lease are hereby superseded in its entirety by this
Memorandum of Lease.

2.             Landlord
hereby leases to Tenant, and Tenant hereby leases from Landlord, that certain
real property commonly known as 676 Bayview Avenue, Biloxi, Harrison
County,  Mississippi, and more
particularly described on Exhibit “A” attached hereto and made a part
hereof, together with (i) all buildings, structures and improvements existing
on such real property as of October 19, 1993, and (ii) all easements, licenses,
rights and privileges appurtenant thereto (including, without limitation, all
right, title and interest of Landlord in, under and to the land lying in the
streets and roads abutting such real property to the central lines
thereof)  (all of which is referred to
collectively herein as the “Premises”), on the terms and conditions of that
certain Amended and Restated Ground Lease (the “Amended Lease”) dated the date
hereof by Landlord and Tenant regarding the Premises.

3.             Pursuant
to the Amended Lease, Tenant shall convey unto Landlord certain property more
particularly described in Exhibit “B” attached hereto under the terms and
conditions described in the Amended Lease, and, after completion of such
conveyance, such property described on Exhibit “B” in conjunction with the
property described in Exhibit “A” shall be collectively described as the “Premises”
under the Amended Lease.

4.             Tenant
shall be entitled to use and possess the Premises for eighty-six (86) years
commencing on the Commencement Date (as defined in the Lease) and ending at
midnight on the eighty-sixth (86th) anniversary of the Commencement Date.

5.             Tenant
shall also be entitled to terminate the Amended Lease prior to the expiration
of the Amended Lease term on the terms and conditions proved in the Amended
Lease.

6.             Landlord
hereby grants to Tenant both an option and a continuing right of first refusal
to purchase any or all right, title and interest of Landlord in, under and to
the Premises and the Amended Lease on the terms and conditions provided in the
Lease.

7.             All
capitalized terms used, but not defined, herein shall have the meanings
ascribed to them in the Amended Lease. 
The purpose of this Memorandum is to give

 Exhibit “E” - page 2
 

public
notice of the existence of the Amended Lease. 
In the event, however, of any inconsistency between this Memorandum and
the terms and conditions of the Amended Lease, the Amended Lease shall prevail

[continued on next
page]

 Exhibit “E” - page 3
 

IN WITNESS WHEREOF, the parties have executed this
Memorandum of Lease, by their duly-authorized representatives, as of the day
and year first above written.

	
  

  	
  LANDLORD:

  
	
   

  	
   

  
	
   

  	
  SKRMETTA MS, LLC, a Mississippi 

  limited liability company

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Raphael Skrmetta

  	
   

  
	
   

  	
   

  	
  RAPHAEL SKRMETTA, Manager

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TENANT:

  
	
   

  	
   

  
	
   

  	
  BTN, INC.,

  
	
   

  	
  a Mississippi corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Robert S. Ippolito

  	
   

  
	
   

  	
  Name:

  	
  Robert
  S. Ippolito

  
	
   

  	
  Title:

  	
  Sec/Treas

  	
   

  
						

 

 Exhibit “E” - page 4
 

STATE OF MISSISSIPPI

COUNTY OF HARRISON

 

Personally appeared
before me, the undersigned authority in and for the aforesaid County and State,
the within named RAPHAEL SKRMETTA, who acknowledged that he signed and
delivered the foregoing Memorandum of Lease, as Manager of Skrmetta MS, LLC, on
the day and year therein mentioned, of his own free will and voluntary act.

 

Given under my
hand and seal of office, this the 23rd day of March, 2007.

	
  

  	
  /s/ Jane Tramuta

  
	
   

  	
  NOTARY PUBLIC

  
	
   

  
	
  My commission
  Expires

  
	
  9-28-08

  	
   

  	
   

  	
   

  	
   

  
	
  [Notarial Seal]

  
						

 

 Exhibit “E” - page 5

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