Document:

Exhibit 10.1

OFFER TO PURCHASE
REAL ESTATE, ACCEPTANCE AND LEASE

This Offer To Purchase Real Estate, Acceptance And Lease (“Offer”) will
memorialize prior discussions and confirm mutual understanding of the terms and
conditions pursuant to which Diamond Jo, LLC, or its affiliate (“Diamond Jo”)
agrees to (1) purchase the Dubuque County Historical Society’s (the “Historical
Society”) 2.4 acre tract (the “Expansion Tract”) within the Ice Harbor
contiguous to Diamond Jo’s real estate (the “Purchase”) and (2) lease to the
Historical Society all of its interest in the Portside Building in Dubuque,
Iowa (the “Portside Building”) on terms set forth in this Offer (the “Lease”).
In this Offer, Diamond Jo and the Historical Society are sometimes called
singularly a “Party” and collectively the “Parties;” and the Purchase and the
Lease set forth herein are sometimes called the “Transactions”.

The Parties agree as
follows:

1.             THE
TRANSACTIONS.  The Lease shall be the
Ground Lease attached hereto as Exhibit A. 
The Historical Society agrees to sell, free and clear of all liens and
encumbrances, to Diamond Jo (the “Expansion Tract”). The closing of the
Transactions (the “Closing”) will occur as soon as possible after satisfaction
of the contingencies described below.

2.             PURCHASE PRICE. 
The purchase price for the Expansion Tract shall be its appraised value,
but not to exceed Two Million and no/100 U.S. Dollars ($2,000,000) payable in
readily available funds (the “Purchase Price”). Diamond Jo shall be entitled to
select the appraiser for purposes of appraising the Expansion Tract, the cost
of which shall be born by Diamond Jo.  As
non-refundable earnest money, Diamond Jo agrees to make monthly payments of ten
thousand dollars ($10,000) which will be 
applied to the Purchase Price at Closing.

3.             CHARITABLE CONTRIBUTIONS. 
Diamond Jo will make a charitable contribution to the Historical Society
of the difference, if any, between the Purchase Price and Two Million Dollars
($2,000,000) payable at Closing. 
Additionally, Diamond Jo will execute at Closing a binding pledge
agreement whereby it agrees to make a charitable contribution of One Million
Dollars ($1,000,000) to the Historical Society payable in ten (10) annual
installments of One Hundred Thousand Dollars ($100,000), the first of said
installments being due on the anniversary of the Closing, with each future
installment becoming due on each yearly anniversary of the Closing.  If at any time the Historical Society ceases
its current museum operations in the Ice Harbor District or ceases to be an

 

organization exempt from
federal income tax under Internal Revenue Code Section 501(c)(3) for reasons
within its control, Diamond Jo will be relieved of its obligations under this
paragraph.  In the event Diamond Jo sells
all or substantially all of its assets, the remaining installments of the
charitable contributions shall be accelerated and immediately due and payable,
unless at such time Diamond Jo obtains a binding written assumption of said
obligation from the purchaser of said assets.

4.                                   CONTINGENCIES.  This Offer shall be subject to the following
contingencies, which shall be deemed waived or satisfied upon the Closing:

(a)           Iowa Racing and Gaming Commission shall approve the
Transactions including Diamond Jo’s financing, construction and operation of a
moored barge facility (as that term is defined under Iowa Code §99F.1(17) and
Iowa Administrative Code §491-5.6) in the Ice Harbor on Diamond Jo’s real
estate and/or the Expansion Tract (the “Moored Barge Facility”).  Such approval shall not impose any materially
burdensome requirements regarding the Transactions or the Moored Barge Facility
and shall not be the subject of any challenge (by judicial or administrative
proceedings or otherwise).

(b)           Diamond Jo’s satisfactory completion of its due diligence
of the Expansion Tract.

5.             PARKING.  The parties acknowledge that they have
reviewed a document entitled “Revised Ice Harbor Parking Agreement for Ice
Harbor Urban Renewal District” (hereinafter the “Parking Agreement”).  The parties acknowledge that the Expansion
Tract is subject to the Parking Agreement. 
Diamond Jo acknowledges that it is the Historical Society’s successor
under the Parking Agreement and that it will uphold all of the Historical
Society’s obligations thereunder with respect to the Expansion Tract,
including, but not limited to, the obligation to make the Expansion Tract
available for parking on a nonexclusive, first come-first serve basis to the
general public, unless and until Diamond Jo can get the other parties to the
parking Agreement to release it from said obligation.

6.
            EXISTING DIAMOND JO
VESSEL/SHOWBOAT.   Diamond Jo will, at
the option of the Historical Society, transfer all of its right, title and
interest in the existing Diamond Jo vessel thirty (30) days after Diamond Jo
commences operation of the Moored Barge Facility.  The Historical Society must exercise the
option of accepting title to the existing Diamond Jo vessel within 3 months of
the Commencement Date of the Ground Lease.

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7.
            COSTS.  Except as otherwise provided herein, Diamond
Jo and the Historical Society will be responsible for and bear all of their
respective costs and expenses incurred with respect to the Transactions
contemplated hereby.

8.             ABSTRACT.  At least thirty (30) days prior to Closing
the Parties shall furnish to each other satisfactory evidence of title which
shall be an Abstract of Title updated and prepared in accord with title
standards of the Iowa State Bar Association, showing good and marketable title
to the real estate to be in the name of the appropriate party conveying title
(or in the name of Diamond Jo for the purposes of the Lease), free and clear of
all liens and encumbrances, except for real estate taxes and assessments not
yet delinquent.  Conveyance of title of
the Expansion Tract shall be by Warranty Deed.

9.             PROPERTY TAXES. 
Diamond Jo will be responsible for all property taxes on the properties
covered by this Offer that are attributable to any fiscal year in which Diamond
Jo held title to the property.  The
Historical Society will make reasonable efforts to obtain a property tax
exemption pro rated for any portion of a fiscal year during which it has an
ownership or possessory interest in any such property.

10.           ENVIRONMENTAL. 
Diamond Jo will assume all responsibility for environmental conditions
of the Portside Building and will indemnify The Historical Society for any
liability which arises within five (5) years of Closing.  Further, Diamond Jo agrees to defend, indemnify
and hold the Historical Society harmless from 
any obligation to indemnify Harbor Community Investment LLC for the
environmental condition of the Expansion Tract.

11.
          TAX AND ACCOUNTING.  Diamond Jo reserves the right to modify any of
the transactions contemplated by this Offer in such manner as Diamond Jo deems
necessary or desirable for it to maximize favorable tax and accounting
treatment of such transactions; provided, however, that Diamond Jo shall not be
entitled to modify in any material respect the amount or timing of any payment
obligations described in this Offer without the consent of the Historical
Society.

12.           RELIANCE.  This Offer
is solely for the benefit of the Parties and may not be relied upon by any
other person or entity, and nothing in this Offer is intended to confer any
rights upon, nor does this Offer create third-party beneficiary status in favor
of, any other person or entity as to the matters set forth herein.  This Offer may be assignable by either Party,
provided, however, that if the Historical Society or any assignee thereof
assigns this Offer to any entity that is not a 501(c)(3) organization or not
affiliated with the Historical Society, then Diamond Jo shall not be required
to make any charitable contributions as contemplated by this Offer, but the other
obligations of the Parties hereunder shall not be affected.

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13.           COUNTERPARTS.  This
Offer may be executed in one or more counterparts, each of which will be deemed
to be an original of this Offer and all of which, when taken together, will be
deemed to constitute one and the same agreement.

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IN WITNESS WHEREOF, the
parties hereto have caused this Agreement to be executed by their authorized
persons as of the date set forth below.

	
  DIAMOND JO, LLC.

  	
   

  	
  DUBUQUE COUNTY HISTORICAL

  
	
   

  	
   

  	
   

  	
  SOCIETY

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
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 5Exhibit 10.2

CLOSING AGREEMENT

THIS AGREEMENT, made this                          day of                                    ,
2006, by and between Diamond Jo, LLC., or its affiliates (“Diamond Jo”) and the
Dubuque County Historical Society (the “Historical Society”).

WHEREAS, the parties have entered an Offer to
Purchase Real Estate, Acceptance and Lease dated even date herewith (the “Offer”
with other defined terms referenced in the Offer similarly defined below).

WHEREAS, the parties desire to supplement the Offer
and provide for the consummation of the Transactions provided for under the
Offer.

NOW THEREFORE, in consideration of the mutual
promises and covenants herein contained, the parties agree as follows:

1.   The
Closing of the Transactions will occur as soon as possible after the
satisfaction of the contingencies described in Section 4 of the Offer, but no
later than twelve  (12) months after the
acceptance of the Offer.  For the
purposes of Section 4, the development plan of the museum and theatre shall be
substantially similar to the plan presented in The Historical Society’s Vision
Iowa application.

2.  The Historical Society is
party to an agreement with the City of Dubuque concerning the development of
property commonly known as The Adams Company property, adjacent to the
Expansion Lot.  Diamond Jo will defend
(including conducting all negotiations) and indemnify The Historical Society
against any legal liability it may incur in connection with the abandonment or
alteration of its agreement with the City of Dubuque, included, but not limited
to, penalties associated with the cancellation of a roofing contract with
Tricon in the amount of $414,000 and costs of demolition of the property if
required by the EDA or the City of Dubuque. 
Diamond Jo’s costs under this paragraph shall be limited to $600,000.  In the event the Historical Society later
utilizes the Adams Company Property and enjoys an economic benefit from such
use, the Historical Society will reimburse Diamond Jo for its costs incurred
under this paragraph and the non-refundable deposit of $10,000 per month to the
extent of such benefit.  Except as herein
provided, any monies paid under this paragraph will be non-refundable,
regardless of whether the Closing occurs.

3.  Diamond Jo
agrees to provide such additional non-exclusive parking for use by the
Historical Society as may be required by the City of Dubuque for the operation
of the Historical Society’s proposed development as set forth in the Vision
Iowa Plan and its current operation as it has existed from July, 2003 to
September, 2006.

 

IN WITNESS WHEREOF, the parties hereto have caused
this Agreement to be executed by their authorized persons as of the date set
forth below.

 

 

	
  DIAMOND JO, LLC.

  	
   

  	
  DUBUQUE COUNTY HISTORICAL

  
	
   

  	
   

  	
   

  	
  SOCIETY

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
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