Document:

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                                                                   EXHIBIT 10.57

                          NOTE SECURED BY DEED OF TRUST

$23,265,000                     Las Vegas, Nevada              December 28, 2001

      For valuable consideration, Metroflag Polo, LLC, a Nevada limited
liability company ("Promisor") does hereby promise to pay to the order of Grand
Casinos Nevada I, Inc., a Minnesota corporation ("Promisee") the principal sum
of Twenty-three Million Two Hundred Sixty-Five Thousand Dollars ($23,265,000),
together with interest thereon, from date. Interest shall accrue at the rate of
five percent (5%) per annum from the date hereof through and including June 26,
2002, and thereafter at the rate of three percent (3%) per annum. Interest only
shall be paid on the last day of each calendar month commencing January 28,
2002, and ending September 30, 2002, at which time the entire unpaid balance,
together with interest thereon, shall be due and payable unless extended as
provided in the Purchase Agreement described below.

      Both principal and interest are payable at the office of Promisee, in
Minnetonka, Minnesota, or at such place as the holder hereof may from time to
time designate in writing.

      Provided Promisor has notified Promisee in writing of such prepayment at
least ten (10) days in advance, Promisor may prepay this Note in full or in part
at any time. Any prepayment of principal must be accompanied by payment of all
interest then accrued under this Note but unpaid.

      This Note is secured by a Deed of Trust, Assignment of Leases and Rents
and Security Agreement ("Deed of Trust") of even date herewith. Should any event
of default, as hereinafter defined, occur, the whole sum of principal and
interest hereunder shall, without notice, immediately become due at the option
of the holder hereof. Any and all of the following shall constitute an event of
default hereunder:

            (a) default in payment of any installment of principal or interest
hereunder, or
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            (b) default in performance of any obligation contained herein or in
the Deed of Trust or nay other security instrument by which this Note is secured
or any guaranty hereof or thereof.

      The sale, agreement to sell, transfer, assignment, mortgage, pledge,
hypothecation or encumbrance, whether voluntary or involuntary, directly or
indirectly, of the whole or any portion of Promisor's right, title or interest
in and to the property subject to the Deed of Trust or any portion thereof,
other than encumbrances permitted under, and complying with, that Purchase
Agreement by and between Promisor and Promisee of even date, shall entitle
Promisee to accelerate the indebtedness secured hereby in the same manner as in
the case of any other default. Any lease for a term (including options to
extend) of greater than twenty (20) years shall be deemed a sale for the purpose
of this paragraph. For the purpose of this paragraph, the sale, transfer,
assignment, mortgage, pledge, hypothecation, charging or encumbrance of the
aggregate of greater than thirty percent (30%) of (a) the interests in any
partnership or limited liability company then owning such property, whether
directly or indirectly (such as by sale of stock in any corporate partner or
member) or (b) any class of stock in a corporation then owning such property,
whether directly or indirectly (such as by sale of stock in any parent
corporation) shall be deemed a sale, transfer, assignment, mortgage, pledge,
hypothecation or encumbrance, as the case may be, of an interest of Promisor in
the property subject to the Deed of Trust.

      Promisor and all others who may become liable for the payment of all or
any part of this obligation do hereby severally waive presentment for payment,
protest and demand, notice of protest, demand and dishonor, and nonpayment of
this Note and expressly agree that the maturity of this Note or any payment
hereunder may be extended from time to time, at the option of the holder hereof,
without in any way affecting the liability of each. Promisor agrees that the
holder

                                       2
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hereof may release all or part of the security for the payment thereof or
release any party liable for this obligation. Any such extension or release may
be made without notice to any of the parties and without discharging their
liability.

      Promisor promises to pay all costs incurred in collection and/or
enforcement of this Note or any part thereof or otherwise in connection
herewith, including but not limited to, reasonable attorneys' fees. In the event
of court action, all costs and such additional sums and attorneys' fees as the
court may adjudge reasonable shall be awarded to the prevailing party.

      The obligations of any party liable for the payment of all or any part of
this obligation shall be joint and several. If any term, provision, covenant or
condition of this Note, or any application thereof, should be held by a court of
competent jurisdiction to be invalid, void, or unenforceable, all provisions,
covenants and conditions of this Note and all applications thereof not held
invalid, void or unenforceable, shall continue in full force and effect and
shall in no way be affected, impaired or invalidated thereby.

      The laws of the State of Nevada shall govern the validity, construction,
performance and effect of this Note. Any action to enforce Promisor's
obligations hereunder may be brought in any court of competent jurisdiction in
the State of Nevada, and Promisor hereby consents to the jurisdiction of Nevada
courts over it.

                                        Metroflag Polo, LLC,
                                        a Nevada limited liability company

                                        By Its Member:
                                        Metro One, LLC,
                                        a Nevada limited liability company

                                        By: /s/ Brett Torino
                                           -------------------------------------
                                            Brett Torino, Manager

                                       3<PAGE>
                                                                   EXHIBIT 10.58

Assessor's Parcel No. 162-21-301-009

Send tax bills to:

Metroflag, LLC
6430 Schiello Avenue
Las Vegas, NV 87118
Attn:  Steve Macie

                              Re-Recording to correct date of
                              Deed of Trust and to attach Exhibit "B"

When recorded mail to:

Lionel Sawyer & Collins
300 S. 4th Street, Ste 1700
Las Vegas, NV 89101
Attn:  Jeff Zucker

                  DEED OF TRUST, ASSIGNMENT OF LEASES AND RENTS

                             AND SECURITY AGREEMENT

                               Metroflag Polo, LLC
                                     Trustor

                          Lawyers Title of Nevada, Inc.
                                     Trustee

                                       and

                          Grand Casinos Nevada I, Inc.
                                   Beneficiary

                            Dated: December 28, 2001
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                  DEED OF TRUST, ASSIGNMENT OF LEASES AND RENTS
                             AND SECURITY AGREEMENT

      THIS DEED OF TRUST, ASSIGNMENT OF LEASES AND RENTS AND SECURITY AGREEMENT
("DEED OF TRUST"), dated as of December 28, 2001, between Metroflag Polo, LLC, a
Nevada limited liability company ("TRUSTOR"), Lawyers Title of Nevada, Inc., a
Nevada corporation ("TRUSTEE") and Grand Casinos Nevada I, Inc., a Minnesota
corporation ("BENEFICIARY"),

                              W I T N E S S E T H:

      Trustor hereby covenants and agrees as follows:

                                    SECTION 1

                           Grant of Security Interests

      1.01. Trustor irrevocably grants, bargains, sells, transfers and assigns
to Trustee in trust, with power of sale, that improved real property in Clark
County, Nevada, further described in Exhibit A attached hereto and incorporated
herein by reference, together with all and singular the tenements, hereditaments
and appurtenances now or hereafter belonging or in any way appertaining thereto;
any easements benefiting such property; all right, title and interest of Trustor
now owned or hereafter acquired in and to any land lying within the right-of-way
of any street, open or proposed, adjoining such real property, and any and all
sidewalks, alleys and strips and gores of land adjacent to or used in connection
with such property; the reversion and reversions, remainder and remainders,
rents issues and profits of such property, and all buildings, fixtures and other
improvements now or hereafter located on or attached to or used in connection
therewith and any estate, right, title or interest Trustor may hereafter acquire
therein. (Said real property, together with said tenements, hereditaments,
appurtenances, easements, interests, reversions, remainders, rents, issues,
profits, holdings, fixtures, improvements and future interests are hereinafter
referred to as the "REAL PROPERTY." Without limiting the generality of the
foregoing, there shall be included in the Real Property any adjacent lands
included in any enclosures or occupied by buildings partly located on the
above-described property.

      1.01.1. There is hereby assigned to Beneficiary the lessor's interest in
any and all leases of the Real Property and/or Personal Property, as hereinafter
defined, or any portion thereof, now or hereafter owned or entered into by
Trustor or any other party claiming by, through or under Trustor, including, but
not limited to, those leases described in Exhibit B attached hereto and by
referenced incorporated herein, together with all rents, issues and profits
arising therefrom or in connection with the Property, as hereinafter defined, or
any portion thereof and all benefits and advantages to be derived from said
leases, together with all rights against guarantors, if any, of the lessees'
obligations under said leases. Trustor does hereby empower Beneficiary, its
agents and attorneys, to collect, sue for, settle, compromise and give
acquittance for all such rents, issues and profits. (All of said leases and any
and all interest in said leases or any guarantee thereof shall hereinafter be
referred to as the "LEASES.")

      1.02.2. The lessees under the Leases may and shall rely upon the receipt
of any notice from Beneficiary that Trustor is in default hereunder and
thereafter Beneficiary, or Beneficiary's designee, shall be paid all rents due
under the Leases until the lessees thereunder are notified otherwise in writing
by Beneficiary or until directed otherwise by a final judgment of a court of
competent jurisdiction. Trustor hereby covenants and agrees to save and hold
harmless said lessees from any and all liability, loss, costs, charges,
penalties, obligations, expenses, attorneys' fees, litigation, judgments,
damages, claims and demands of any kind whatsoever arising from, by reason of,
or in connection with such
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reliance. All amounts collected hereunder, after deducting the expenses of
operating the Property and after deducting the expenses of collection and all
other expenses incurred hereunder, including an administrative charge of ten
percent (10%) of the sums collected and attorneys' fees, shall be applied in
such manner as Beneficiary may elect in its sole and absolute discretion.
Although it is the intention of the parties that this instrument shall be a
present assignment, Beneficiary shall not exercise any of the rights or powers
conferred in this Section 1.02 until a default shall occur under this Deed of
Trust, but upon the occurrence of any such default Beneficiary shall be entitled
to all the above-mentioned rents, issues, profits, rights and privileges, and to
apply the same in its sole and absolute discretion. Trustor shall use reasonable
efforts to cause to be included as terms in all Leases hereafter executed or
renewed the provisions of the first and second sentences of this section and
Section 2.21 hereof, and to cause such leases to provide that the refusal of any
lessee under any such Lease to pay all rents due under the Leases to Beneficiary
as aforesaid to be a breach of such Lease by the lessee thereof. Nothing herein
shall be deemed to impose on Beneficiary any obligation to operate or maintain
the Property or to enforce any Lease. Trustor shall deliver to the lessees under
all presently existing Leases, upon demand therefore by Beneficiary, written
notice of the provisions of the first two sentences of this Section 1.02.2.
Notwithstanding the conveyance or transfer of title to any or all of the
Property to any lessee under any of the Leases, the lessee's leasehold estate
under such Lease shall not merge into the fee estate and the lessee shall remain
obligated under such lease as assigned by this Deed of Trust.

      1.03. Trustor grants Beneficiary, pursuant to the Nevada Uniform
Commercial Code, a present and continuing security interest in and to all of the
goods, equipment, fixtures, building materials, books and records of Trustor,
now or which may hereafter be located on or used in connection with the Real
Property, together with all contract rights, plans, specifications and other
similar documents, rights under any declaration or plan, deposits, rights to
trademarks and names of Trustor and goodwill associated therewith, general
intangibles, accounts, investment property, deposit accounts, chattel paper,
documents, letters of credit rights and instruments with respect to said Real
Property and policies of insurance arising out of or in connection with the Real
Property or the herein described property, all proceeds of any fire and/or
builders right insurance policy or any other policy insuring the Real Property
or the herein described property against any other perils, and all awards made
in eminent domain proceedings, or purchase in lieu thereof, with respect to the
Real Property or the herein described property, together with all additions to,
substitutions for, proceeds of, changes in or replacements of the whole or any
part of said personal property and this instrument shall constitute a security
agreement with respect thereto. (All of the foregoing are herein referred to as
"PERSONAL PROPERTY." The Personal Property, Real Property and Leases are
collectively referred to as the "PROPERTY.")

      1.04. This Deed of Trust is for the purpose of securing:

            (a)   Performance of each and every term, covenant and condition
                  incorporated by reference or contained herein.

            (b)   Payment of the indebtedness evidenced by one promissory note
                  (the "NOTE") of even date herewith, and any extension,
                  modification or renewal thereof, in the principal sum of
                  Twenty-three Million Two Hundred Sixty-five Thousand Dollars
                  ($23,265,000) executed by Trustor in favor of Beneficiary or
                  order.

            (c)   Payment of such additional sums as may hereafter be advanced
                  hereunder for the account of Trustor or its assigns by
                  Beneficiary, with interest thereon.

            (d)   Performance of each and every term, covenant and condition of
                  each and every instrument and agreement securing payment of
                  the Note or executed in connection therewith.
<PAGE>
                                    SECTION 2

                       Warranties and Covenants of Trustor

      2.01. Trustor represents and warrants that:

            (a)   This Deed of Trust is and will remain a valid and enforceable
                  first lien on the Property subject only to those exceptions
                  permitted under that Purchase Agreement ("PURCHASE AGREEMENT")
                  by and between Trustor and Beneficiary of even date.

            (b)   Trustor has not performed any act and is not bound by any
                  instrument which would prevent Beneficiary from enforcing this
                  Deed of Trust.

            (c)   The Note, Deed of Trust and all other instruments securing the
                  Note, and all other instruments and agreements in connection
                  therewith or the transactions in connection with which the
                  Note is given are valid and binding obligations of the parties
                  thereto, enforceable in accordance with their terms.

            (d)   Trustor is not a foreign corporation, foreign partnership,
                  foreign trust, or foreign estate (as those terms are defined
                  in the Internal Revenue Service Code of 1986, as amended, or
                  the regulations thereunder): Trustor's United States employer
                  identification number is [applied for] and Trustor's office
                  address is [see Section 4.03]. Trustor understands that the
                  certification in this clause (d) may be disclosed to the
                  Internal Revenue Service by Beneficiary and that any false
                  statement contained herein could be punished by fine,
                  imprisonment, or both. The person or persons executing this
                  Deed of Trust each declares under penalties of perjury that he
                  had examined this certification and to the best of his
                  knowledge and belief it is true, correct and complete, and
                  further declares that he has authority to sign this
                  certification on behalf of Trustor.

      2.02. Trustor shall complete in a good and workmanlike manner any building
or other improvements which may be constructed on the Property and pay when due
all claims for labor performed and materials furnished therefor. Trustor shall
comply with all laws, rules, ordinances, regulations, covenants, conditions,
restrictions, easements and agreements pertaining to the Property or Trustor's
use thereof. Trustor shall not commit or permit any waste thereon, nor commit,
suffer or permit any act to be done in or upon the Property in violation of the
law.

      2.03. Unless Trustor shall have obtained the written consent of
Beneficiary, Trustor shall not be act or omission permit any lands or
improvements not subject to the lien of this Deed of Trust to include the
Property or any part thereof in fulfillment of any governmental requirement.
Similarly, no lands or other improvements not subject to the lien of this Deed
of Trust shall be included with the Property in fulfillment of any governmental
requirement. Trustor shall not by act or omission impair the integrity of the
Property as a single zoning lot separate and apart from all other premises.

      2.04. Trustor shall at all times during the term hereof continue to
operate a shopping center on the Real Property. Trustor shall not use the
Property for any other purpose. Trustor shall not initiate or
<PAGE>
acquiesce in any change in any zoning or other land use classification now or
hereafter in effect and affecting the Property or any part thereof nor shall
Trustor otherwise change or attempt to change the use of the Property or any
portion thereof without in each case obtaining Beneficiary's prior written
consent thereto.

      2.05. Trustor will keep and maintain or cause to be kept and maintained
the Property in good order, condition and repair.

      2.06. No building, structure, fixture or other improvement shall be
erected, removed, demolished, or materially changed or altered without the prior
written consent of Beneficiary. Trustor will not remove or permit the removal of
the Personal Property or any part thereof (including renewals, replacements, and
other after acquired property) from the Real Property without the prior written
permission of Beneficiary, provided that obsolete and worn out articles may be
removed concurrently with the replacement or renewal thereof with property of at
least equal value and of equal usefulness in the operation of the Property.
Trustor will promptly notify Beneficiary of any fire or other casualty causing
damage to the Property. Trustor will promptly and in good and workmanlike manner
repair and restore any improvement which may be damaged or destroyed. Trustor
will promptly replace any lost, stolen, damaged or destroyed Personal Property.

      2.07. Trustor agrees to pay and discharge all costs, fees and expenses in
connection with this Deed of Trust, including, but not limited, to Beneficiary's
and Trustee's costs and expenses including reasonable attorneys' fees, in any
litigation with respect hereto, in connection herewith, any transactions related
hereto, the Property or any interest therein and the cost of evidence of title
and trustee's fees in connection with sale, whether completed or not, which
amounts shall become due upon demand by either Beneficiary or Trustee.

      2.08. During the existence of this trust, Trustor agrees to maintain
policies of insurance as follows:

            (a)   Insuring the improvements and Personal Property which are now
                  or shall hereafter constitute a portion of the Property
                  against loss or damage by fire, and against such other risks
                  of a similar or dissimilar nature as shall be insurable
                  against under present or future forms of special form property
                  insurance policies available to the owners of property similar
                  to the Property in Clark County, Nevada, including vandalism,
                  malicious mischief and replacement cost endorsements. Such
                  insurance shall in no event be for less than the full
                  replacement cost of said improvements and Personal Property.

            (b)   Rental value and/or business income insurance in an amount of
                  not less than twelve (12) times the total of the monthly
                  payments of principal and interest due under the Note and the
                  monthly payments on account of taxes and insurance provided
                  for in Section 2.12 hereof, whether or not such payments are
                  then being collected.

            (c)   Commercial general liability insurance assuring against loss,
                  damage or liability for injury or death to persons and loss
                  and damage to property occurring from any cause whatsoever
                  upon, in or about the Property. Such liability insurance shall
                  be for at least Two Million Dollars ($2,000,000).

            (d)   Workman's compensation insurance as required by law.
<PAGE>
            (e)   Flood insurance in form and substance satisfactory to
                  Beneficiary, provided, however, that such insurance shall not
                  be required during such periods as Trustor is able to provide
                  Beneficiary with evidence, satisfactory to Beneficiary, that
                  the Property is not within an area that has been identified by
                  the Secretary of Housing and Urban Development as having
                  special flood hazards and that such insurance is not required
                  by law.

            (f)   Any insurance required pursuant to any Lease.

            (g)   Such other insurance in such amounts and against such other
                  risks as Beneficiary may reasonably require.

            (h)   All insurance provided for herein shall be effected under
                  valid and enforceable policies, in form and substance then
                  customary in Nevada and satisfactory to Beneficiary, issued by
                  insurers of recognized responsibility approved of by
                  Beneficiary. Upon the execution of this Deed of Trust, and
                  thereafter thirty (30) days prior to the expiration dates of
                  expiring policies theretofore furnished hereunder, originals
                  of the policies, together with evidence that the premiums
                  therefor have been paid, shall be delivered to Beneficiary.
                  Without limiting the generality of the foregoing, all such
                  policies shall contain an agreement by the insurers that such
                  policies shall not be canceled or modified without at least
                  thirty (30) days' prior written notice to Beneficiary and such
                  other parties as Beneficiary may designate and shall provide
                  that any loss shall be payable to Beneficiary notwithstanding
                  (i) any act or negligence by Trustor or any lessee or other
                  occupant of the Property which might otherwise result in
                  forfeiture of said insurance; (ii) use of all or any portion
                  of the Property for purposes more hazardous than permitted by
                  such policy, (iii) any sale or other proceeding pursuant
                  hereto or (iv) any change in title to or ownership of the
                  Property or any portion thereof. All insurance with respect to
                  damage or destruction to the Property shall provide that the
                  proceeds thereof shall be payable to Beneficiary pursuant to a
                  noncontributory mortgagee endorsement satisfactory to
                  Beneficiary and all other insurance shall name Trustor and
                  Beneficiary and such other parties as Beneficiary may
                  designate as the insureds thereunder, as their respective
                  interests may appear. All proceeds payable by reason of loss
                  under any insurance policy provided for herein shall be paid
                  to Beneficiary. Upon any default hereunder, Beneficiary is
                  hereby authorized, but not required, on behalf of Trustor to
                  adjust or compromise any losses under any insurance policy
                  provided for herein.

            (i)   Trustor shall not take out separate insurance concurrent in
                  form or contributing in the event of loss with that required
                  to be maintained or suffer to be taken out separate insurance
                  which would reduce the sums payable pursuant to any policy
                  required hereunder unless Beneficiary is included thereon
                  under a standard mortgagee endorsement acceptable to
                  Beneficiary. Trustor shall immediately notify Beneficiary
                  whenever any such separate insurance is taken out and shall
                  promptly deliver to Beneficiary the policy or policies of such
                  insurance.

      2.09. Trustor immediately upon obtaining knowledge of the institution of
any proceedings for the condemnation of the Property, any part thereof, or any
interest therein, will notify Beneficiary of the pendency of such proceedings.
Beneficiary may, but shall not be required to, participate in any such
proceedings and Trustor from time to time will deliver to Beneficiary all
instruments required by it to
<PAGE>
permit such participation. Trustor shall pay all of Beneficiary's costs and
expenses, including, but not limited to, reasonable attorneys' fees, incurred in
any such proceedings. In the event of such condemnation proceedings, any award
or compensation shall be paid to Beneficiary and shall be applied, after payment
of all costs and expenses of Beneficiary and/or Trustee incurred in collecting
the same, in such manner as Beneficiary elects in its sole and absolute
discretion, without regard to whether or not its security hereunder has been
impaired. For the purposes hereof, any proceeding to acquire any interest in or
affecting the value of the Property, or seeking damages therefor, including, but
not limited to, severance or change of grade, whether by court action or
purchase in lieu thereof, shall be deemed a proceeding for condemnation and any
award for inverse condemnation shall be deemed condemnation proceeds.

      2.10. Property insurance or condemnation proceeds remaining after
payment of all costs and expenses of Beneficiary and/or Trustee in collecting
the same ("NET PROCEEDS"), shall, so long as no default shall have occurred and
be continuing hereunder, be paid, on such terms and conditions as Beneficiary
may provide, for the restoration and repair of the improvements and/or Personal
Property, as the case may be, damaged, destroyed or taken by such casualty or
condemnation. The amount of such proceeds used toward payment of the cost of
repair or restoration that is released to Trustee shall not be deemed a payment
of any indebtedness or obligation secured hereby and shall be disbursed to
Trustor under such reasonable disbursement procedures as may be prescribed by
Beneficiary to ensure the full, prompt and lien free completion of such
restoration, repair or alteration, which shall include, but are not limited to,
the following:

      (a)   Prior to commencement of the work, Trustor shall furnish to
            Beneficiary complete plans and specification for the work for
            Beneficiary's prior approval. Said plans and specifications shall
            bear the signed approval thereof by an architect licensed in the
            State of Nevada chosen by Trustor and reasonably satisfactory to
            Beneficiary ("ARCHITECT") and shall be accompanied by the
            Architect's and contractor's signed estimate of the entire cost of
            completing the work.

      (b)   Prior to commencement of the work, Trustor shall furnish to
            Beneficiary certified or photostatic copies of all permits and
            approvals required by law in connection with the commencement and
            conduct of the work.

      (c)   Trustor shall furnish to Beneficiary, prior to the commencement of
            the work, reasonable assurances that the cost of such work will be
            paid, which may include a surety bond for or guaranty of completion
            of and payment for the work, which bond or guaranty shall be:

                  (i)   issued by an institution with a net worth of no less
                        than Two Hundred Fifty Million Dollars ($250,000,000) or
                        another party acceptable to Beneficiary in its sole
                        discretion.

                  (ii)  in form satisfactory to Beneficiary, and,

                  (iii) in an amount not less than one hundred percent (100%) of
                        the Architect's and contractor's estimate of the entire
                        cost of completing the work, less the amount of Net
                        Proceeds held by Beneficiary.
<PAGE>
      (d)   Beneficiary shall not be required to make disbursements more often
            than at thirty (30) day intervals.

      (e)   Trustor shall make written request for each disbursement at least
            seven (7) days in advance and shall comply with the following
            requirements in connection with each disbursement:

                  (i)   Trustor shall deliver to Beneficiary, at the time of
                        request for a disbursement, a certificate of the
                        Architect, dated not more than ten (10) days prior to
                        the application for withdrawal of funds, setting forth
                        the following:

                              (A)   That the sum then requested to be withdrawn
                                    either has been paid by Trustor and/or is
                                    justly due to contractors, subcontractors,
                                    materialmen, engineers, architects or other
                                    Persons (whose names and addresses shall be
                                    stated) who have rendered or furnished
                                    services or materials for the work and
                                    giving a brief description of such services
                                    and materials and the principal subdivisions
                                    of categories thereof and respective amounts
                                    so paid or due to each of said Persons in
                                    respect thereof and stating the progress of
                                    the work up to the date of said
                                    certificates;

                              (B)   That the sum then requested to be withdrawn,
                                    plus all sums previously withdrawn, does not
                                    exceed the cost of the work insofar as
                                    actually accomplished up to the date of such
                                    certificate;

                              (C)   That the remainder of the Net Proceeds held
                                    by Beneficiary will be sufficient to pay in
                                    full the then estimated cost of completion
                                    of the work; and

                              (D)   That no part of the cost of the services and
                                    materials described in the foregoing
                                    Section2.10(c)(i)(A) has been or is being
                                    made the basis of the withdrawal of any
                                    funds in any previous or then pending
                                    application.

                  (ii)  Trustor shall execute and deliver to beneficiary at the
                        time of the request a certificate, dated not more than
                        10 days prior to the application for withdrawal of
                        funds, stating that, except for the amounts, if any,
                        specified in Section 2.10(c)(i)(A) to be due for
                        services or materials, there is no outstanding
                        indebtedness known which is then due or payable for
                        work, labor, services or materials in connection with
                        the work which, if unpaid, might become the basis of a
                        vendor's, mechanic's, laborer's or materialman's
                        statutory or other similar __ upon the Property of any
                        part thereof.
<PAGE>
                  (iii) Trustor shall deliver to Beneficiary at the time of the
                        request satisfactory evidence that the Property and
                        every part thereof and all materials and all property
                        describe din the certificate furnished pursuant to
                        Section 2.10(c)(i)(A) are free and clear of all
                        mortgages, liens, charges or encumbrances, except this
                        Deed of Trust and liens permitted under Section 2.17
                        hereof.

      (f)   If the work involves restoration of the exterior of any
            improvements, then within ten (10) days after the date of such
            exterior is determinable, Trustor shall deliver to Beneficiary a
            survey of the Property, showing no encroachments by the work.

      (g)   Such proceeds shall be used by Trustor only to pay or to cause to be
            paid to the Persons named in the certificate furnished pursuant to
            the foregoing Section 2.10(c)(i)(A) the respective amounts stated in
            said certificate to be due them.

      (h)   If at any time Beneficiary determines in its sole and absolute
            discretion that the remainder of the Net Proceeds held by
            Beneficiary is not sufficient to pay in full the unpaid unbonded
            cost of completion of the work, Trustor shall on demand deposit with
            Beneficiary cash in an amount equal to the difference between the
            remainder of the Net Proceeds and the cost of completion of the
            work.

Beneficiary shall not be required to make insurance or condemnation proceeds
available for restoration and repair if (x) Trustor is in default hereunder. (x)
Beneficiary, in the good faith exercise of its discretion, believes that (A)
except in the case of a condemnation subject to the next sentence below, the
remainder of the Property in question could not be restored so that the Property
as so restored would be of equal utility and value as before such damage,
destruction or taking. (B) It would not be feasible to restore the remainder of
the Property in question for use comparable to that of the Property prior to
such damage, destruction or taking. Or (C) such Property, as so restored, would
not be in full compliance with all provisions hereof or (y) the contract for
such work of restoration and repair does not provide that the same can be
completed at least three (3) months prior to the maturity of the Note or (x) a
material portion of the Lease in force immediately prior to the casualty or
condemnation shall have been cancelled, or contain any still exercisable right
to cancel, due to such damage, destruction or condemnation. All insurance and
condemnation proceeds not applied to Beneficiary's or Trustee's cost of
collecting the same or to restoration and repair as provided above shall be
retained by Beneficiary elects in its sole and absolute discretion. Any such
application, use or release shall not cure or waive any default
<PAGE>
or notice of default hereunder or invalidate any act done pursuant to such
notice. Trustor shall not be entitled to interest on any Net Proceeds held by
Beneficiary pursuant hereto.

      2.11. Trustor shall pay when due, before delinquency, all taxes,
assessments, levies, utility fees and all other fees and charges of every kind
and nature, whether of a like or different nature, imposed upon or assessed
against or which may become a lien on the Property, or any part thereof, or
arising from, by reason of or in connection therewith, the use thereof or this
Deed of Trust unless contested in good faith with reasonable security provided
to Beneficiary. In addition, Trustor shall file all required tax forms with the
appropriate governmental authorities on or before the day they become due.
Trustor will, within thirty (30) days after the due date therfor, deliver to
Beneficiary receipts evidencing payment of taxes, assessments, levies, fees and
charges as required in this Section 2.11. Beneficiary may require Trustor to
obtain and pay for a tax service satisfactory to Beneficiary in order to assure
Beneficiary such taxes are paid.

      2.12 After a default shall have occurred hereunder, Trustor shall pay to
Beneficiary or such other depository to which Beneficiary instructs Trustor to
make such payments, the amount of taxes and insurance premiums accrued since the
last date on which the same were paid. Thereafter, Trustor shall pay, in
addition to the installments payable under the Note, on the same date as such
installments are due and payable, a sum equal to one-twelfth (1/12) of
Beneficiary's estimate of annual taxes, assessments, levies, fees, charges and
insurance premiums required to be paid by Trustor hereunder. If the amount so
paid is not sufficient to pay such taxes, assessments, levies, fees, charges and
premiums when due, then Trustor will immediately pay Beneficiary or such
depository, as the case may be, on demand, amounts sufficient to pay the same.
Sums deposited by Trustor pursuant hereto shall be used to pay such taxes,
assessments, levies, fees, charges and insurance premiums when due provided that
Trustor has furnished Beneficiary with all tax statements, premium notices and
other such notices at least third (30) days prior to the date that any such
taxes, assessments, levies, fees, charges or premiums in
<PAGE>
excess of the amount then deposited with Beneficiary or such depository pursuant
hereto. In the event of any default hereunder or under any instrument or
obligation secured hereby, Beneficiary may elect, at any time thereafter, to
apply the funds deposited with it or such depository in such manner as
Beneficiary may deem desirable, in its sole and absolute discretion. Beneficiary
and any depository may commingle funds deposited hereunder with their general
funds and no interest shall accrue or be allowed on any payments made pursuant
to this section. Payments or deposits pursuant to this section, if made, shall
not be deemed to be a waiver or release of any other right or remedy available
hereunder to Beneficiary in the event of default. Transfer of title to the
Property shall automatically transfer the interest of the then Trustor in any
deposits made pursuant to this section.

      2.13 If any action or proceeding shall be instituted for any purpose
affecting the Property, any part thereof, any interest therein, title thereto or
this Deed of Trust, or should Trustor receive any notice from any governmental
agency relating to the structure, use of occupancy of the Property, Trustor will
immediately upon service thereof on or by Trustor, deliver to Beneficiary true
copies of each notice, petition, summons, complaint, notice of motion, order to
show cause and all other process, pleadings, and papers however designated,
served in any action or proceeding. Immediately upon becoming aware of any
development or other information which may materially and adversely affect the
property, business, prospects, profits or conditions (financial or otherwise) of
Trustor or the Property of the ability of Trustor to perform the obligations
secured hereby. Trustor shall notify Beneficiary of the nature of such
development or information and such anticipated effect. Without limiting the
generality of the foregoing, Trustor shall promptly notify Beneficiary of any
substantial change in the occupancy rate of the Real Property.

      2.14 Trustor promises and agrees that if during the existence of this Deed
of Trust there be commenced or pending any suit, action, arbitration, or other
proceeding affecting the
<PAGE>
Property, any part thereof, or in relating thereto, the title thereto or this
Deed of Trust, or if any adverse claim for or against said Property, or any part
thereof, be made or asserted, it will appear in and defend any such matter and
will pay all costs and damages arising because of such proceeding. Upon any
default hereunder, Beneficiary may elect to appear in any such action or
proceeding. Beneficiary shall have the option to control such action or defense,
whether or not Beneficiary elects to appear. If Beneficiary elects to appear in
any such action or proceeding, Beneficiary shall have the right to retain
counsel of its choice. Trustor shall solely responsible for any and all expenses
and costs, including, but not limited to, the reasonable fees of counsel
retained by Beneficiary, which are incurred pursuant to this section. Unless a
default occurs, Trustor and Beneficiary shall be represented by joint counsel if
not conflict of interest exists. If Beneficiary elects to appear in or control
any action or proceeding, Trustor agrees to indemnify Beneficiary against,
release Beneficiary from, and hold Beneficiary harmless from any damages,
liability, costs, expenses, litigation or claims incurred in or in connection
with such action or appearance or in the exercise of such control, except as a
result of Beneficiary's gross negligence or willful misconduct.

      2.15 Trustor will not permit or suffer the filing of any mechanics',
materialman's, or other liens against the Property, any part thereof, any
interest therein, or the revenue, rents, issues, income and profits arising
therefrom. If any lien shall be filed against the Property, any part thereof, or
any interest therein, Trustor agrees to commence a proceeding under NRS Chapter
108 to discharge the same of record within ten (10) days after the same shall
have been filed or provide a bond or other reasonable security to protect
Beneficiary's interests.

      2.16 Trustor shall take any and all such action as may be necessary to
prevent any third parties from acquiring any prescriptive easement upon, over,
or across any part of the Property, or from acquiring any rights whatsoever to
or against the Property by virtue of adverse possession.
<PAGE>
      2.17 Except as provided in Section 2.06 hereof and the Purchase Agreement,
the sale, agreement to sell, transfer, assignment, mortgage, pledge,
hypothecation or encumbrance, including, but not limited to, the granting of any
option to do any of the foregoing, whether voluntary or involuntary, by
agreement, operation of law or otherwise, of the whole or any portion of
Trustor's right, title or interest in and to the Property or any portion thereof
without the prior written consent of Beneficiary shall constitute a default
hereunder and shall entitle Beneficiary to accelerate the indebtedness secured
hereby in the same manner as in the case of any other default. Any lease for a
term concluding options to extend greater than twenty (20) years shall be deemed
a sale for the purpose of this Section 2.17. The sale, transfer, assignment,
mortgage, pledge, hypothecation, charging or encumbrance in the aggregate of
greater than thirty percent (30%) of the interests in any partnership or limited
liability company. Trustor or any parent thereof, whether directly or indirectly
(such as by sale of stock in any corporate partner or member) or the sale,
transfer, assignment, mortgage, pledge, hypothecation or encumbrance in the
aggregate of greater than thirty percent (30%) of any class of any corporate
investor's stock, whether directly or indirectly (such as by sale of stock in
any corporation owning Trustor's stock) shall also entitle Beneficiary to
accelerate the indebtedness secured hereby.

      2.18 [Intentionally deleted]

      2.19 Immediately upon becoming aware of the occurrence of any (i)
"reportable event," as such term is defined in Section 4043 of ERISA, or (ii)
"prohibited transaction" as such term is defined in Section 4975 of the Internal
Revenue Code of 1986, as amended, in connection with any pension plan or any
trust created thereunder, a written notice specifying the nature thereof, what
action Trustor is taking or proposes to take with respect thereto, and, when
known, any action taken or proposed to be taken by the Internal Revenue Service
and or the Department of Labor with respect thereto shall be delivered to
Beneficiary. Trustor will not at any time permit any pension plan maintained by
it or to which Trustor is a contributing employer to (a)
<PAGE>
engaged in any "prohibited transaction," as such term is defined in Section 4975
of the Internal Revenue Code of 1986, as amended, (b) incur any "accumulated
funding deficiency," as such term is defined in Section 302 of ERISA, whether or
not waived, or (c) terminate any such pension plan in a manner which could
result in the imposition of a lien on the Property pursuant to Section 4086 of
ERISA. Trustor shall not take any action which will cause or effect any
withdrawal complete or partial, or any resulting withdrawal liability, with
respect to any such plan. Trustor shall promptly pay all contributions to any
employee benefit plan to which it is required to pay.

      2.20 Trustor will diligently perform and observe all of the terms,
covenants and conditions of the Lease to be performed and observed by Trustor to
the end that all things shall be done which are necessary to keep unimpaired
Trustor's rights under the Leases. Trustor will promptly advise Beneficiary in
writing of the giving of any notice by the lessee under any Lease of any default
by Trustor in the performance or observance of any of the terms, covenants or
conditions thereof on the part of Trustor to be performed or observed and
Trustor will deliver to Beneficiary a true copy of each such notice. Trustor
shall enforce, short of termination thereof, the performance of each and every
term, covenant and condition of each such Lease to be performed by the lessee
thereunder. Trustor shall execute and deliver, on request of Beneficiary, such
instruments as Beneficiary may deem useful or required to permit Beneficiary
considers desirable to cure ore remedy the matter on default and preserve the
interest of Beneficiary in the Leases and the Property. Trustor will promptly
notify Beneficiary in writing of any default by the lessee under any Lease in
the performance or observance of any of the terms, covenants or conditions on
the part of said lessee to be performed or observed. Trustor shall not collect
any of the rent, income and profits arising or accruing under the Lease more
than once a month in advance, and in no event prior to the time when the same
become due under the terms thereof. Trustor will not discount any future
accruing rents. Except as provided in the Purchase
<PAGE>
Agreement. Trustor shall not execute any other assignments of the Lease or any
interest therein or any of the rents thereunder. Trustor shall not alter, modify
or change the terms of the Lease, but sufferance or otherwise, or cancel or
terminate such Lease without the prior written consent of Beneficiary. Any other
provision hereof to the contrary notwithstanding, no lien or other encumbrance
may be prior to any Lease if the result of such priority might be to allow such
Lease to be terminated without the consent of Beneficiary.

      2.21 All Leases hereafter executed are and shall be subordinate hereto and
upon any sale or deed in lieu of sale hereunder such lessees shall attorn to the
purchaser or grantee, as the case may be, and recognize the same as lessor under
said Lease as fully as if such purchaser or grantee had been named as lessor
under such Leases, but without any claim or offset against such purchaser or
grantee for any liability of any previous lessor. Such lessees, and to the
extent permitted under the terms of any existing Lease, the lessees under the
existing Lease shall from time to time during the term hereof, within ten (10)
days after demand therefor by Beneficiary, a certificate in recordable form
certifying that attached thereto is a true and correct copy of such lessee's
Lease, the term of said Lease, the date to which all rentals and other charges
have been paid, the amount of any security deposit, that no rent has been
prepaid or discounted, that such Lease is in full force and effect, and that no
defaults have occurred thereunder (or specifying the nature of such defaults)
together with such other information with respect to such Lease and or lessee as
Beneficiary may reasonably request.

      2.22 Trustor shall furnish Beneficiary within sixty (60) days after the
end of each of Trustor's fiscal years ending after (but not on) December 31,
2001, and at such other times as may reasonably be required by Beneficiary,
audited financial statements covering the operations of the Property for such
fiscal year. Said statements shall include, but need not be limited to, a
balance sheet and a statement of profit and loss satisfactorily certified by an
accounting firm deemed satisfactory by Beneficiary. Trustor's fiscal year ends
____________. The above
<PAGE>
required statements shall be in such detail as Beneficiary reasonably requests,
shall segregate income and expense attributable to the Property and shall
include the gross sales figures of any tenant paving percentage or other rental
with respect thereto.

      2.23 Trustor shall keep and maintain at an office in Las Vegas, Nevada,
complete, accurate and customary records and books of account with respect to
all of Trustor's business transactions with respect to the Property and shall
retain the same intact throughout the term hereof. Beneficiary or its
representatives shall be entitled to all reasonable times to inspect and make
copies and extracts of all such records and books of account, which right of
inspection, copying and extracting shall include the right to remove said
records and books of account from Trustor's places of business for reasonable
periods of time.

      2.24 Trustor agrees at any time and from time to time during the term
hereof and within ten (10) days after demand therefor from Beneficiary, to
execute and deliver to Beneficiary, or any party designated by Beneficiary, a
certificate in recordable form certifying the amount then due pursuant to this
Deed of Trust and the obligations secured hereby, the terms of payment thereof,
the dates to which payments have been paid, that this Deed of Trust and all
instruments and obligations secured hereby are in full force and effect and that
there are no defenses or offsets thereto, or specifying in what regards this
Deed of Trust or such obligations are not in full force and effect and the
nature of any defense or offsets thereto, together with such other information
as Beneficiary may request.

      2.25 Trustor agrees not to incorporate, or permit any other Person to
incorporate, into the Property or utilize, or permit any other Person to
utilize, on or in connection therewith, any personal property acquired under a
conditional sales contract or any other contract or agreement whereby a vendor
or lender retains title or a security interest therein.
<PAGE>
      2.26 Trustor shall execute, acknowledge and deliver to Beneficiary, and,
if applicable, cause to be executed, recorded and or filed at Trustor's cost and
expense, any and all such mortgages, assignments, transfers, assurances, control
agreements, financing statements and other instruments and documents and so such
acts as Beneficiary shall from time to time reasonably require for the better
perfecting, assuring, conveying, assigning, transferring and confirming unto
Beneficiary the property and rights herein conveyed or assigned or intended now
or hereafter so to be. Trustor hereby authorizes Beneficiary to file any and all
financing statements and amendments thereto in such form and in such locations
as Beneficiary deems necessary or appropriate in connection herewith. The
parties agree this Deed of Trust shall constitute a security agreement under the
Uniform Commercial Code and that a carbon, photographic or other reproduction of
this Deed of Trust or of a financing statement shall be sufficient as a
financing statement. Trustor represents and warrants that (a) its chief
executive office is in Las Vegas, Nevada (b) Trustor is a limited liability
company duly organized and currently existing in good standing under the laws of
the State of Nevada, and (c) Trustor has not executed, filed or authorized any
Person, other than Beneficiary, to file any financing statement or amendment
thereto with respect to all or any portion of the Property. Trustor has not
within the five (5) year period prior to the date of this Deed of Trust changed
its name, chief executive office or state of organization nor will Trustor do so
without notifying Beneficiary at least sixty (60) days in advance.

      2.27 Trustor will protect, indemnify, save harmless and defend Beneficiary
and Trustee from and against any and all liability, loss, costs, charges,
penalties, obligations, expenses, attorneys' fees, litigation, judgments,
damages, claims and demands imposed upon or incurred by or asserted against
Beneficiary and or Trustee by reason of (a) ownership by Trustee or Beneficiary
of its interest in the Property pursuant to this Deed of Trust, (b) any accident
or injury to or death of persons or loss of or damage to or loss of the use of
property occurring on or
<PAGE>
about the Property or any part thereof or the adjoining sidewalks, curbs, vaults
and vault spaces, if any, streets, alleys or ways, (c) any non-use or condition
of the Property or any part thereof or of the adjoining sidewalks, curbs, vaults
and vault spaces, if any, streets alleys or ways, (d) any failure on the part of
Trustor to perform or comply with any of the terms of this Deed of Trust or any
instrument or agreement secured hereby, (e) performance of any labor or services
or the furnishing of any materials or other property in respect of the Property
or any part thereof made or suffered to be made by or on behalf of Trustor, (f)
any negligence or tortious act on the part of Trustor or any of its respective
agents, contractors, lessees, licensees or invitees or (g) any work in
connection with any alterations, changes, new construction or demolition of the
Property, whether or not permitted hereunder. All amounts payable to Beneficiary
or Trustee, as the case may be, under this Section 2.27 shall be payable on
demand and shall be deemed indebtedness by this Deed of Trust.

      2.28 All obligations of Trustor to any of its affiliates, including, but
not limited to, any of its shareholders, partners or members, are hereby
subordinated to the obligations secured by this Deed of Trust and none of such
obligations shall be paid while any obligation secured hereby remains
unsatisfied.

                                    SECTION 3

                       Trustee's and Beneficiary's Rights

      3.01 The waiver or release by Beneficiary or Trustee of any default or of
any of the provisions, covenants and conditions hereof on the part of Trustor to
be kept and performed shall not be a waiver or release of any preceding or
subsequent breach of the same or any other provision, covenant or condition
contained herein. The subsequent acceptance of any sum in payment of any
indebtedness secured hereby or any other payment hereunder by Trustor to
Beneficiary or Trustee shall not be construed to be a waiver or release of any
proceeding
<PAGE>
breached by Trustor of any provision, covenant or condition of this Deed of
Trust other than the failure of Trustor to pay the particular sum so accepted,
regardless of Beneficiary's or Trustee's knowledge of such preceding breach at
the time of acceptance of such payment. No payment by Trustor or receipt by
Beneficiary of a lesser amount than the amount herein provided shall be deemed
to be other than on account of the earliest sums due and payable hereunder, nor
shall any endorsement or statement on any check or any letter accompanying any
check or payment be deemed an accord and satisfaction, and Beneficiary may
accept any check or payment without prejudice to Beneficiary's right to recover
the balance of such sum or pursue any other remedy provided in this Deed of
Trust. The consent by Beneficiary or Trustee to any matter or event requiring
such consent shall not constitute a waiver of the necessity for such consent to
any subsequent matter or event.

      3.02 Beneficiary shall be subrogated to the lien of any and all prior
encumbrances, liens, or charges paid or discharged from the proceeds of the loan
evidenced by the Note, and even though said prior liens may have been released
of record, the repayment of the Note shall secured by such liens on the portions
of the Property affected thereby to the extent of such payments. In
consideration of the advances made to Trustor, Trustor hereby waives and
releases all demands and causes of action for effects, payments and rentals to,
upon, and in connection with said prior indebtedness.

      3.03 Notwithstanding the right otherwise provided to Trustor to collect
rent and other payments pursuant to the Leases while Trustor is not in default
under the Note of this Deed of Trust, if there is filed any petition in
bankruptcy, by or against any lessee under any of the Leases or there is
appointed a receiver or trustee to take possession of all or a substantial
portion of the assets of such lessee or there is a general assignment by such
lessee for the benefit of creditors, or any action is taken by or against such
lessee under any state or federal insolvency law or bankruptcy act, or any
similar law now or hereafter in effect, Beneficiary is appointed a creditor
<PAGE>
of such lease and is entitled to recover on any claim or right of recover that
Trustor may have against such lessee or its received or trustee, provided,
however, that Beneficiary shall not be obligated to pursue any such claim or
right of recovery. Beneficiary may apply any such recover against any obligation
secured hereby in such manner as it may deem desirable, in its sole and absolute
discretion.

      3.04 Beneficiary may make or cause to be made reasonable entries upon and
inspection of the Property.

      3.05 Beneficiary may, at any time, by instrument in writing, appoint a
successor or successors to the trustee named herein or acting hereunder, which
instrument, executed and acknowledged by Beneficiary, and recorded in the Office
of the County Recorder, Clark County, Nevada, shall be conclusive proof of the
proper substitution of such successor trustee, who shall have all the estate,
powers, duties and trusts in the premises vested in or conferred on the original
trustee. If there be more than one trustee, either may act alone and execute
these trusts upon the request of Beneficiary and his acts shall be deemed to be
the acts of all trustees, and the recital in any conveyance executed by such
sole trustee of such requests shall be conclusive evidence thereof and of the
authority of such sole trustee to act.

      3.06 Without affecting the liability of Trustor or any other Person,
except any Person expressly released in writing, for payment of any indebtedness
secured hereby or for performance of any of the obligations or any of the terms,
covenants and conditions hereof, and without affecting the rights of Trustee and
Beneficiary with respect to any security and not expressly released in writing
at any time and from time to time, without notice of consent other than consent
of Beneficiary. Trustee and Beneficiary may:

            (a)   Release any Person liable for payment of all or any part of
                  the indebtedness or for the performance of any obligation.
<PAGE>
            (b)   Make any agreement extending the time or otherwise altering
                  the terms of payment of all or any part of said indebtedness
                  or modifying or waiving any obligation or subordinating,
                  modifying or otherwise dealing with the lien or charge hereof.

            (c)   Exercise or refrain from exercising or waive any right either
                  of them may have.

            (d)   Accept additional security of any kind.

            (e)   Release or otherwise deal with any property, real or personal,
                  securing the obligations secured hereby.

      3.07 If Trustor fails to execute, acknowledge or deliver to Beneficiary
any and all mortgages, assignments, transfers, assurances, financing statements,
maps and other instruments or documents required to be executed, acknowledged or
delivered hereunder, within fifteen (15) days after Beneficiary's demand or such
lesser period as may be provided elsewhere herein, then Trustor hereby appoints
Beneficiary as Trustor's true and lawful attorney-in-fact to act in Trustor's
name, place and stead to execute, acknowledge and deliver the same.

      3.08 Whenever under any provision of this Deed of Trust, Trustor shall be
obligated to make any payment or expenditure, or to do any act or thing, or to
incur any liability whatsoever, and Trustor fails, refuses or neglects to
perform as herein required. Beneficiary shall be entitled, but shall not be
obligated, to make any such payment or expenditure or to do any such act or
thing, or to incur any such liability, all on behalf of and at the cost and for
the account of Trustor. In such event, the amount thereof with interest thereon
at the rate provided in the Note ("Agreed Rate") shall be paid by Trustor to
Beneficiary on demand. Without limiting the generality of the foregoing, any act
or payment by Beneficiary to cure, forestall, prevent or mitigate default
hereunder shall be at the sole option of Beneficiary, shall be at the cost of
Trustor and shall be reimbursed to Beneficiary as above provided. Beneficiary
shall not be bound to inquire into the validity of any apparent or threatened
tax, assessment, adverse title, lien, encumbrance, claim or charge before making
an advance for the purpose of preventing, removing or paying the same.
Beneficiary shall be subrogated to all rights, equities and liens discharged by
any such
<PAGE>
expenditure. All funds advanced by Beneficiary pursuant to this Section 3.08 or
any other provision of this Deed of Trust for the performance of any obligation
of Trustor or to protect Beneficiary's security shall be deemed obligatory
advances regardless of the Person to whom such funds are furnished and such
advances, together with interest thereon at the Agreed Rate, shall be secured by
this Deed of Trust.

      3.09 Any default in the performance of any term, covenant or condition
contained herein or in any instrument or obligation secured hereby shall be a
default hereunder. In addition, Trustor shall be in default hereunder if (a)
Trustor shall abandon the Property, or any part thereof; (b) there is commenced
any case in bankruptcy against Trustor or if an order for relief is entered
against Trustor, or there is appointed a receiver or trustee to take possession
of any of the assets of Trustor or of the Property or Trustor applies for or
consents to such appointment, or there is a general assignment by Trustor for
the benefit of creditors, or any action is taken by or against Trustor under any
state or federal insolvency or bankruptcy act, or any similar law now or
hereafter in effect, including, without limitation, the filing of any petition
for or in reorganization, or should the Property, or any part thereof be taken
or seized under levy of execution or attachment, or Trustor admits in writing
its inability to pay its debts as they mature (c) there is (i) executed or
verified by Trustor, or any receiver of Trustor, or any attorney or agent of
Trustor, or of such receiver, a petition in bankruptcy with respect to Trustor,
irrespective of whether such petition is filed, or (ii) executed or verified by
any holder of a claim against Trustor, or an indenture trustee of such a holder,
or any attorney or agent of such holder or indenture trustee, any petition in
bankruptcy against Trustor, irrespective of whether such petition is filed; (d)
the board of directors or managers of any corporate or limited liability company
Trustor votes to seek any kind of relief under any bankruptcy, insolvency or
similar law; (e) there is passed any law which renders payment by Trustor of any
or all taxes levied upon this Deed of Trust or the Property or performance of
any other term, covenant or condition hereof, or any obligation
<PAGE>
secured hereby, unlawful, usurious, inoperative, void or voidable, or which
prohibits Beneficiary from exercising any of its rights hereunder or under any
other instrument or agreement to which Trustor is a party or by which it is
bound; (f) any representation, warranty, statement, certificate, schedule or
report made by or on behalf of Trustor herein or in connection herewith is
incorrect, false, or misleading in any material respect; (g) Trustor should
dissolve, liquidate or terminate; (h) the priority of the security interest
created hereby is impaired; (i) any license or permit necessary for operation of
the Property or any portion thereof is revoked or any proceeding to revoke the
same is commenced or threatened; (j) Trustor defaults under any obligation to or
agreement with Beneficiary; or (k) there occurs any event which results in the
acceleration of the maturity of the indebtedness of Trustor to others under any
indenture, agreement or undertaking. If Trustor consists of more than one
Person, the occurrence of any of the foregoing events with respect to any one or
more of such Persons shall constitute a default hereunder. Similarly, if Trustor
is a partnership or joint venture, the occurrence of any of the events
enumerated above with regard to any general partner or joint venturer shall
constitute a default hereunder. Trustor shall give Beneficiary prompt notice of
the occurrence of any default hereunder.

      3.10 The collection of rents and the application thereof by Beneficiary or
any receiver obtained by Beneficiary shall not cure or waive any default or
notice thereof, or invalidate any act of Beneficiary pursuant thereto. In the
exercise of the powers herein granted Beneficiary, Beneficiary shall not be
deemed to have affirmed any Lease or subordinate the lien hereof thereto not
shall any liability be asserted or enforced against Beneficiary, all such
liability being hereby expressly waived and released by Trustor. Neither
Beneficiary nor any receiver shall be obligated to perform or discharge any
obligation, duty or liability under any Lease or under or by reason of the
assignment contained in this Deed of Trust and Trustor shall and does hereby
agree to protect, indemnify, save harmless and defend Beneficiary and such
receiver from and against any and all liability, loss, costs, charges,
penalties, obligations, expenses, attorneys' fees,
<PAGE>
litigation, judgments, damages, claims and demands which they may or might incur
by reason of, arising from, or in connection with the Leases, such assignment,
any alleged obligations or undertakings on their part to perform or discharge
any of the terms, covenants or agreements contained in the Leases, any alleged
affirmative of or subordination to the Leases, or any action taken by
Beneficiary or such receiver pursuant to any provision of this Deed of Trust.
Without limiting the generality of the foregoing, no security deposited by the
lessee with the lessor under the terms of any Lease hereby assigned has been
transferred to Beneficiary, and Beneficiary assumes no liability for any
security so deposited.

      3.11 In the event of any default hereunder or in the performance of any of
the obligations secured hereby, Beneficiary may exercise any and all of its
rights provided hereunder or by law. Without limiting the generality of the
foregoing, any Personal Property may, at the sole and absolute option of
Beneficiary, (i) be sold hereunder, (ii) be sold pursuant to the Uniform
Commercial Code of the State of Nevada, or (iii) be dealt with by Beneficiary in
any other manner provided by statute, law or equity. Without limiting the
foregoing, Beneficiary may require Trustor to assemble the Personal Property and
make it available to Beneficiary at a place to be designated by Beneficiary. In
the event of a default, Beneficiary shall be the attorney-in-fact of Trustor
with respect to any and all matters pertaining to the Property with full power
and authority to give instructions with respect to the collection and remittance
of payments, to endorse checks, to enforce the rights and remedies of Trustor,
and to execute on behalf of Trustor and in Trustor's name any instruction,
agreement or other writing required therefor. This power shall be irrevocable
and deemed to be a power coupled with an interest. Beneficiary may, in its sole
discretion, appoint Trustee as the agent of Beneficiary for the purpose of
disposition of the Personal Property in accordance with the Uniform Commercial
Code. Trustor acknowledges and agrees that a disposition of the Personal
Property in accordance with Beneficiary's rights and remedies in respect to real
property as hereinabove provided is a commercially reasonable
<PAGE>
disposition thereof. Trustor acknowledges and agrees that the fact that the
price obtained at a private sale may be less than the price which might have
been obtained at a public sale does not render a private sale unreasonable even
if Beneficiary accepts the first offer received and does not offer the subject
property to more than one offeree.

      3.12 In the event of any default hereunder or in the performance of the
obligations secured hereby, Beneficiary may, to the full extent permitted by
law, in addition to all other rights and remedies, forthwith after any such
default enter upon and take possession of the Property, complete any buildings
or other improvements under construction, construct new improvements and make
modifications to and/or demolish any of the foregoing. In connection therewith
Beneficiary shall have the power to file any and all notices and obtain any and
all permits and licenses which Beneficiary, in its sole and absolute discretion,
deems necessary or appropriate, including, but not limited to, the filing of
notices of complete and the obtaining of certificates of occupancy. Beneficiary
shall also have the right to receive all of the rents, issues and profits of the
Property, overdue, due or to become due, and to apply the same, after payment of
all necessary charges and expenses, including attorneys' fees, on account of the
indebtedness secured hereby. Beneficiary may do any and all of the foregoing in
its own name or in the name of Trustor and Trustor hereby irrevocably appoints
Beneficiary as its attorney-in-fact for such purposes. Beneficiary may also, at
any time after such default, apply to any court of competent jurisdiction for
the appointment of a receiver and Trustor agrees that such appointment shall be
made upon a prima facie showing of a claimed default without reference to any
offsets or defenses against such default and without regard to whether any
portion of the Property is in danger of being lost, removed, injured or
destroyed or of waste, whether income from the Property is in danger of being
lost or whether the Property is or may become insufficient to discharge the
obligations secured by this Deed of Trust. Such receiver shall have all rights
and powers provided Beneficiary pursuant to this section or otherwise provided
hereunder or by law. Said receiver may borrow monies and issue certificates
therefor. Said certificates shall be a lien on the Property, subordinate only to
this Deed of Trust and the Leases, provided, however, that should any of
<PAGE>
said certificates be acquired by Beneficiary the amount thereof shall constitute
additional indebtedness secured hereby. Such receiver may lease all or any
portion of the Property on such terms and for such a term (which may extend
beyond the terms of such receiver's appointment and/or if Beneficiary so
consents, sale of the Property hereunder) as such receiver may deem appropriate
in its sole and absolute discretion. The entering upon and taking possession of
the property pursuant to this section and the collection of the rents, issues
and profits therefrom shall not cure or waive any default or notice of default
hereunder or invalidate any act of Beneficiary pursuant thereto.

      3.13 Should default me made by Trustor in payment or performance of any
indebtedness or other obligation of agreement secured hereby and or in
performance of any agreement herein or should Trustor otherwise be in default
hereunder. Beneficiary may, subject to NRS 107.080 declare all sums secured
hereby immediately due by delivery to Trustee of a written notice of breach and
election to sell (which notice Trustee shall cause to be recorded and mailed as
required by law) and shall surrender to Trustee this Deed of Trust and the Note.

      3.14 After three (3) months shall have elapsed following recordation of
any such notice of breach, Trustee shall sell the property subject hereto at
such time and at such place in the State of Nevada as Trustee, in its sole
discretion, shall deem best to accomplish the objects of these trusts, having
first given notice of such sale as then required by law. In the conduct of any
such sale Trustee may act itself or through any auctioneer, agent or attorney.
The place of sale may be either in the county in which the property to be sold,
or any part hereof, is situated, or at an office in the Trustee located in the
State of Nevada.

            (a)   Upon the request of Beneficiary or if required by law Trustee
                  shall postpone Sale of all or any portion of said property or
                  interest therein by public announcement at the time fixed by
                  said notice of sale, and shall thereafter postpone said sale
                  from time to time by public announcement at the time
                  previously appointed.

            (b)   At the time of sale so fixed, Trustee shall sell the property
                  so advertised or any part thereof or interest therein either
                  as a whole or in separate parcels, as Beneficiary may
                  determine in its sole and absolute discretion, to the highest
                  bidder for cash in lawful money of the United States, payable
                  at time of sale, and
<PAGE>
                  shall deliver to such purchaser a deed or deeds or other
                  appropriate instruments conveying the property so sold, but
                  without covenant or warranty, express implied. Beneficiary and
                  Trustee may bid and purchase at such sale. To the extent of
                  the indebtedness secured hereby. Beneficiary need not bid for
                  cast at any sale of all or any portion of the Property
                  pursuant hereto, but the amount of any successful bid by
                  Beneficiary shall be applied in reduction of said
                  indebtedness. Trustor hereby agrees, if it is then still in
                  possession, to surrender, immediately and without demand,
                  possession of said property to any purchaser.

      3.15 Trustee shall apply the proceeds of any such sale to payment of
expenses of sale and all charges and expenses of Trustee and of these trusts,
including cost of evidence of title and Trustee's fee in connection with sale,
all sums expended under the terms hereof, not then repaid, with accrued interest
at the Agreed Rate, all other sums then secured hereby, and the remainder, if
any, to the Person or Persons legally entitled thereto.

      3.16 Beneficiary, from time to time before Trustee's sale, may rescind any
notice of breach and election to sell by executing, delivering and causing
Trustee to record a written notice of such rescission. The exercise by
Beneficiary of such right of rescission shall not constitute a waiver of any
breach or default then existing or subsequently occurring, or impair the right
of Beneficiary to execute and deliver to Trustee, as above provided, other
notices of breach and election to sell, nor otherwise affect any term, covenant
or condition hereof or under any obligation secured hereby or any of the rights,
obligations or remedies of the parties thereunder.

                                   SECTION 4

                                  Miscellaneous

      4.01 Upon receipt of written request from Beneficiary reciting that all
sums secured hereby have been paid and upon surrender of this Deed of Trust and
the Note secured hereby to Trustee for cancellation and upon payment of its
fees. Trustee shall reconvey without warranty the property then held hereunder.
The recitals in such reconveyance may be described in general terms as "the
person or persons legally entitled thereto."
<PAGE>
      4.02 Trustor, for itself and for all Persons hereafter claiming through or
under it or who may at any time hereafter become holders of liens junior to the
lien of this Deed of Trust, hereby expressly waives and releases all rights to
direct the order in which any of the Property or any interest therein shall be
sold in the event of any sale or sales pursuant hereto and to have any of the
Property and or any other property now or hereafter constitute security for any
of the indebtedness secured hereby or any interest therein marshaled upon any
sale under this Deed of Trust or of any other security for any of said
indebtedness.

      4.03 Any and all notices and demands to Trustor or to Beneficiary,
required or desired to be given hereunder shall be in writing and shall be given
by deposit in the United States mail, certified or registered, postage prepaid,
return receipt requested or if made by Federal Express or other similar delivery
service keeping records of deliveries and attempted deliveries or made by
telecopy. Service by United States Mail or by Federal Express or other similar
delivery service shall shall be conclusively deemed made on the first business
day delivery is attempted or upon receipt, whichever is sooner; provided,
however, that service of any notice of breach or notice of sale as required by
law will, if mailed, be effective on the date of mailing. Facsimile
transmissions received during business hours during a business day shall be
deemed received on such business day. Facsimile transmissions received at any
other time shall be deemed received on the next business day.

      Any notice or demand to Beneficiary shall be addressed to Beneficiary at
Grand Casinos Nevada 1, Inc., 130 Cheshire Lane, Minnetonka, Minnesota 55305,
Attention Chief Financial Officer, Telecopy No. (   )             , with a copy
to Maslon Edelman Borman & Brand, LLP, 3300 Wells Fargo Center, 90 South Seventh
Street, Minneapolis, Minnesota 55402, Attention Neil I. Sell, Esq., Telecopy No.
(   )                .
<PAGE>
      Any notice or demand to Trustor shall be addressed to Trustor at Metroflag
BP, LLC, c/o Flag Luxury Properties, LLC, 1370 Avenue of the Americas, 29th
Floor, New York, New York 10019, Attention Paul C. Kavanos, Telecopy No. (     )
                , with a copy to Greenberg Traurig, P.A., 1221 Brickell Avenue,
Miami, Florida 33131, Attention Juan P. Loumiet, Esq., Telecopy No. (    )     ;
and, Gordon & Silver, Ltd., 3960 Howard Hughes Parkway, 9th Floor, Las Vegas,
Nevada 89109, Attention Steve Yoken, Esq., Telecopy No. (   )           .

      Any party hereto may change its address for the purpose of receiving
notices or demands as herein provided by a written notice given in the manner
aforesaid to the other party hereto, which notice of change of address shall not
become effective, however, until the actual receipt thereof by the other party.
Whenever any law requires Beneficiary to give reasonable notice of any act,
election, or event, or proposed act, election, or event, said requirement shall
be deemed complied with if Beneficiary gives Trustor ten (10) days written
notice as herein provided. Information concerning the security interest may be
obtained from Beneficiary at the above address.

      4.04 This Deed of Trust applies to, inures to the benefit of, and binds
all parties hereto, their heirs, legatees, devisees, administrators, executors,
successors and assigns.

      4.05 Trustee accepts these trusts when this Deed of Trust, duly executed
and acknowledged, is made a public record as provided by law.

      4.06 Where any provision in this Deed of Trust refers to action to be
taken by Trustor, or which Trustor is prohibited from taking, such provision
shall be applicable whether such action is taken directly or indirectly by
Trustor.
<PAGE>
      4.07 If any term, provision, covenant or condition of this Deed of Trust,
or any application thereof, should be held by a court of competent jurisdiction
to be invalid, void, or unenforceable, all provisions, covenants and conditions
of this Deed of Trust and all applications thereof not held invalid, void or
unenforceable, shall continue in full force and effect and shall in no way be
affected, impaired or invalidated thereby. If the lien of this Deed of Trust is
invalid or unenforceable as to any part of the Property, or if the lien is
invalid or unenforceable as to any part of the indebtedness secured hereby, the
unsecured or partially unsecured portion of such indebtedness shall be
completely paid prior to the payment of the remaining and secured or partially
secured portion of such indebtedness, and all payments made on such
indebtedness, whether voluntary or under foreclosure or other enforcement action
or procedure, shall be considered to have been first paid on and applied to the
full payment of that portion of such indebtedness which is not secured or fully
secured by the lien of this Deed of Trust.

      4.08 In the event that Trustor shall consist of more than one Person then
and in such event all of such Persons shall be jointly and severally liable
hereunder.

      4.09 The laws of the State of Nevada shall govern the validity,
construction, performance and effect of this Deed of Trust.

      4.10 This Deed of Trust shall be construed in accordance with its intent
and without regard to any presumption or other rule requiring construction
against the party causing the same to be drafted.
<PAGE>
      4.11 The various rights, options, elections and remedies of Beneficiary
and Trustee hereunder shall be cumulative and no one of them shall be construed
as exclusive of any other, or of any right, option, election or remedy provided
in any agreement or by law.

      4.12 Time is of the essence of this Deed of Trust and all of the terms,
provisions, covenants and conditions hereof.

      4.13 Whenever any provision of this Deed of Trust requires Beneficiary's
consent or approval, unless otherwise specifically provided, the same may be
granted or withheld by Beneficiary in its sole and absolute discretion.

      4.14 EACH OF TRUSTOR AND BENEFICIARY BY ITS ACCEPTANCE OF HIS DEED OF
TRUST IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING
OR COUNTERCLAIM WHETHER BASED ON CONTRACTOR OR OTHERWISE ARISING OUT OF OR
RELATING TO THE NOTE. THIS DEED OF TRUST OR ANY INSTRUMENT OR AGREEMENT SECURED
HEREBY OR RELATED THERETO OR THE ACTIONS OF TRUSTOR OR BENEFICIARY IN THE
NEGOTIATION ADMINISTRATION PERFORMANCE OR ENFORCEMENT THEREOF.

      4.15 In this Deed of Trust, whenever the context so requires any gender
includes the others, and the singular number includes the plural and vice-versa
the term Beneficiary shall include any future holder, including pledges of the
Note secured hereby and the term Trustor shall mean the original signator hereof
the successors and assigns thereof and any future owners of any interest in the
Property or any portion thereof. In the event the ownership of any or all
portion of such property becomes vested in a Person other than the signator
hereof, Beneficiary may,
<PAGE>
without notice to such signator, deal with such successor or successors with
reference to this Deed of Trust and to indebtedness hereby secured in the same
manner as with the signator, without in any way vitiating or discharging such
signator's liability hereunder or upon the indebtedness hereby secured. In this
Deed of Trust , the use of words such as "including" or "such as" shall not be
deemed to limit the generality of the term or clause to which they have
reference, whether or not non-limiting language (such as "without limitation,"
or "but not limited to," or words of similar import) is used with reference
thereto, but rather shall be deemed to refer to all other items or matters that
could reasonably fall within the broadest possible scope of such general
statement term or matter. The captions appearing at the commencement of the
sections hereof are descriptive only and for convenience in reference to this
Deed of Trust and in no way whatsoever define, limit or describe the scope or
intent of this Deed of Trust, nor in any way affect this Deed of Trust. As used
in this Deed of Trust the term "Person" means any individual, partnership,
limited partnership, corporation, limited liability company, joint stock
company, trust, unincorporated association, joint venture or other entity and
any government and any political subdivision and agency thereof.

      4.16 Where not inconsistent with the above, the following covenants, Nos.
1, 2 (full replacement value); 3, 4 (Agreed Rate); 5, 6, 7 (a reasonable
percentage); 8 and 9 of NRS 107.030 are hereby adopted and made a part of this
Deed of Trust.
<PAGE>
         IN WITNESS WHEREOF, Trustor has executed this Deed of Trust the day and
year first above written.

                                     Metroflag Polo, LLC
                                     a Nevada limited liability company

                                     By Its Member:

                                     Metro One, LLC
                                     a Nevada limited liability company

                                     By:  /s/ Brett Torino
                                        ----------------------------------------
                                         Brett Torino, Manager

STATE OF NEVADA   )
                  ) ss.
COUNTY OF CLARK   )

         This instrument was acknowledged before me on December 28, 2001 by
Brett Torino as Manager of Metro One LLC, a Nevada limited liability company.

                                     /s/ Linda Ann Thomas
                                     -------------------------------------------
                                     NOTARY PUBLIC
                                     My Commission Expires  11/26/2002
                                                            --------------------

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