Document:

exv10w12xfy

 

 10.12(f)

FOURTH AMENDMENT TO DOCKAGE AGREEMENT

     THIS FOURTH AMENDMENT TO DOCKAGE AGREEMENT (hereinafter “Fourth Amendment”) is made and
entered into on this the 17th day of June, 2002, by and between THE GREENVILLE YACHT CLUB, a
Mississippi corporation (hereinafter “Yacht Club”), and JMBS CASINO LLC, a Mississippi limited
liability company (“JMBS”).

WITNESSETH:

     WHEREAS, on or about December 29, 1992, the Yacht Club and Cotton Club of Greenville, Inc.
(hereinafter “Cotton Club”) entered into that certain Dockage Agreement (hereinafter “Original
Agreement”) and a related letter agreement; and

     WHEREAS, the Yacht Club and Cotton Club entered into Agreements dated April 2, 1993 and
September 27, 1993 related to the Original Agreement; and

     WHEREAS, on or about July 27, 1995, the Yacht Club and Cotton Club entered into a Second
Amendment to the Original Agreement (hereinafter “Second Amendment”), a memorandum of which is
filed in Book 1983, Page 649, of the Washington County, Mississippi records; and

     WHEREAS, by Assignment of Agreements dated December 11, 1997 and recorded at book 2000, page
312, of the Washington County, Mississippi records, Cotton Club (which changed its corporate name
to Jubilation Lakeshore, Inc.) assigned its rights in the Original Agreement, as amended, to Alpha
Gulf Coast, Inc; and

     WHEREAS, on or about December 22, 1997, the Yacht Club and Alpha Gulf Coast, Inc. entered into
that certain Third Amendment to Dockage Agreement (the Original Agreement, as amended by the letter
agreement, Agreements, and

 

 

Amendments referred to above; is hereinafter referred to collectively as the
“Amended Dockage Agreement”); and

     WHEREAS, Alpha Gulf Coast, Inc. assigned its rights under the Amended Dockage Agreement
to Greenville Casino Partners, L.P., by virtue of an Assignment of Yacht Club Dockage
Agreement and License Agreement dated March 2, 1998, recorded in Book 1990, Page 555, of the
Washington County, Mississippi records; and

     WHEREAS, Greenville Casino Partners, L.P. assigned its rights under the Amended Dockage
Agreement to JMBS, by virtue of an Assignment of Dockage Agreement dated March 14, 2002,
recorded in Book 2218, Page 372, of the Washington County, Mississippi records; and

     WHEREAS, the Yacht Club, JMBS, and Greenville Casino Partners, L.P., entered into a
Consent Agreement dated February 22, 2002 related to the assignment to JMBS; and

     WHEREAS, the Yacht Club and JMBS desire to further amend the Amended Dockage Agreement.

     NOW, THEREFORE, in consideration of the premises and the respective mutual agreements,
covenants, representations and warranties contained herein and in the Amended Dockage
Agreement, the sufficiency of which is hereby acknowledged, the Amended Dockage Agreement is
further modified, altered and changed in the following respects only, and the parties agree
as follows:

     1. JMBS hereby notifies the Yacht Club, and the Yacht Club acknowledges receipt of such
notice and waives any further notice requirements under Section 6 of the Original Agreement, of the
exercise by JMBS of the third option to extend the term of the Amended

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Dockage Agreement, the term of which shall begin at 12:01 a.m. (Central Standard Time) on
December 29, 2002, and shall expire at 11:59:59 p.m. on August 31, 2010 (the “Third Option
Term”). During the Third Option Term JMBS shall pay to the Yacht Club dockage fees as
provided in the Agreement, and under Section 7 during the Third Option Term such dockage
fees shall be $390,000 per annum, prorated on a daily basis for any year less than 365 days.

     2. Section 9 of the Original Agreement is hereby amended in its entirety to read as follows;

Yacht Club further agrees that so long as Cotton Club is not in default of this
Agreement (Cotton Club shall not be deemed to be in default unless Yacht Club
has given Cotton Club written notice of such default and Cotton Club has not
cured such default within thirty days after receipt of such notice), Yacht Club
will not allow any vessel not owned/operated/chartered by Cotton Club which is
primarily engaged in the business of gaming to tie up at its dock or otherwise
occupy any waterfront space in which Yacht Club has any rights, title or
interest. Notwithstanding anything in this Dockage Agreement to the contrary,
Cotton Club has the right, but not the obligation, under this Dockage Agreement
to tie up a vessel or vessels primarily engaged in the business of gaming at
Yacht Club’s dock. Accordingly, no removal by Cotton Club of any vessel or
vessels tied up at the Yacht Club’s dock shall affect the Yacht Club’s
obligations or Cotton Club’s rights under the first sentence of this Section 9.

     3. The substance (but not the title) of Section 28 of the Original Agreement is
deleted and the following inserted in lieu thereof:

Except as otherwise expressly provided herein, all notices and other
communications provided for hereunder shall be in writing (including
telecopier communication) and mailed, telecopied or delivered:

	 	 	 
	If to Yacht Club:

	 	Greenville Yacht Club
	 

	 	P.O. Box 417
	 

	 	Greenville, MS 38702-0417
	 

	 	ATTN: Marcus E. Hooker, Commodore
	 

	 	Fax: (662) 334-1871

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	With copies to:

	 	Joel J. Henderson, Esq.
	 

	 	Henderson Dantone, P.A.
	 

	 	241 Main
	 

	 	P.O. Box 2778
	 

	 	Greenville, MS 39702-0778
	 

	 	Fax: (662) 378-3413
	 
	 	 
	If to Cotton Club:

	 	JMBS Casino LLC
	 

	 	242 South Walnut Street
	 

	 	Greenville, MS 38701
	 

	 	ATTN: Joseph A. Yung, Manager
	 

	 	Fax: (662) 335-2700
	 
	 	 
	With a copy to:

	 	Andrew R. Berger, Esq.
	 

	 	Katz, Teller, Brant & Hild
	 

	 	255 E. Fifth Street, Suite 2400
	 

	 	Cincinnati, Ohio 45202-4787
	 

	 	Fax: (513) 721-7120

or, as to Yacht Club or Cotton Club, at such other address which shall be
designated by such party in a written notice to the other party hereto. All such
notices and communications addressed to Yacht Club or Cotton Club shall, if sent
through the United States Mail, be effective three days after deposited in the
United States Mail, certified receipt, return receipt requested, or if sent by
telecopy, be effective when so telecopied, or if sent by hand delivery, be
effective on the same day so delivered.

     4. The amendments and agreements stated herein take effect immediately.

     5. JMBS and the Yacht Club agree that, except as specifically modified herein, the Amended
Dockage Agreement remains in full force and effect.

     6. This Fourth Amendment may be executed in multiple originals. Likewise, this Fourth
Amendment may be executed in multiple counterparts which, when taken together, shall constitute a
single agreement.

     7. JMBS agrees to reimburse Yacht Club for its reasonable attorneys fees in
connection with Yacht Club’s review of the Reaffirmation of Consent Agreement and Memorandum
of Agreement by the Yacht Club in favor of Bank of America, N.A.

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     IN WITNESS WHEREOF the parties have executed this Fourth Amendment to Dockage Agreement as of
the day and year first above written.

	 	 	 	 	 
	 	JMBS CASINO LLC

 	 
	 	By:  	/s/ Joseph A. Yung
 	 
	 	 	Joseph A. Yung, Manager 	 
	 	 	 	 
	 
	 	THE GREENVILLE YACHT CLUB

 	 
	 	By:  	/s/ Marcus E. Hooker
 	 
	 	 	Marcus E. Hooker, Commodore 	 
	 	 	 	 
	 

	 	 	 	 	 
	ATTEST

 	 	 
	/s/ Illegible
 	 	 
	Secretary 	 	 
	 	 	 

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EXHIBIT
10.13

LEASE AGREEMENT

     This Lease is entered into on November 7, 2006 by and between the City of Greenville,
Mississippi, a municipal corporation, Lessor, acting by and through The City Council of
Greenville, and JMBS Casino, LLC (“JMBS Casino”), a Mississippi limited liability corporation,
with its principal place of business in Greenville, Mississippi,
Lessee.

WITNESSETH:

1.

     The City of Greenville, Mississippi, is a municipality in which there is situated a harbor
that is a port of entry. The said City owns the land described in Paragraph 2, below. Said land is
situated within reasonable and practical proximity to said harbor and/or port. The City has
determined that the lease of said land to JMBS Casino, upon the terms and conditions and with the
safeguards herein stated, is needful for the convenient use of the same in the aid of commerce and
for industrial use, and that said terms, conditions and safeguards are such as will best promote
and protect the public interest. The terms and conditions, and the monetary rental herein stated,
have been found by the City to be adequate and have been approved by the City in a Resolution
authorizing the same. A copy of this Lease Agreement is attached to said Resolution and is
incorporated into said Resolution by reference.

2.

      Wherefore, premises considered, Lessor hereby leases to Lessee and Lessee hereby leases
from Lesser upon the terms and conditions and rentals hereinafter set

 

 

forth that certain property located in the City of Greenville, Washington County,
Mississippi, as more fully described as follows (together, the “Property”):

Tract A

Moorage, dockage and berthing rights upon a strip of 560.0 feet in width as
described thusly:

Commencing at the Northeast comer of the Reserve Addition as the same appears of
record in Deed Book “Y” Page 574 of the Land Records of Washington County,
Mississippi, which comer is also the Southwest comer of the intersection of Walnut
and Main Streets; thence along the south right-of-way line of Main Street Extended,
North 55 degrees 30 minutes West 528.00 feet to the point of beginning, said point
being the south end of the property herein leased; thence North 34 degrees 30 East
560.0 feet to the north end of the property herein leased. This 560.0 feet strip
shall extend in a westerly direction into Lake Ferguson for an adequate distance
from the water’s edge as it rises and falls to properly moor, dock and/or berth the
JMBS Casino facilities and support vessels.

Tract B

Moorage, dockage and berthing rights upon a strip 85 feet in width on Lake Ferguson
fronting on the Greenville City waterfront, the north line of said strip being
contiguous with the south line of the present lease granted by the City of
Greenville to the Greenville Yacht Club; the east line being the water’s edge of
Lake Ferguson as it rises and falls; the south line being 85 feet south of and
parallel to the aforementioned Greenville Yacht Club south lease line; and said
strip shall extend in a westerly direction into Lake Ferguson for an adequate
distance from the water’s edge of Lake Ferguson, as it rises and falls, to properly
moor, dock and/or berth the JMBS Casino’s gaming casino ship, support vessels and
facilities.

Tract C

A tract of land 210 feet wide, the south line of which shall be the north edge of
the paved City waterfront, the east line of which is the west edge of the access
concrete sidewalk into Schelben Park, the north line of which is 210 feet north of
and parallel to the north edge of the concrete City waterfront, and the west line of
which is the water’s edge of Lake Ferguson, as it rises and falls, said tract of
land being shown as “Area 2” on the map or plat attached hereto and made a part
hereof by reference as if fully set out herein.

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3.

     Lessor further grants to Lessee the right and permission to place a gaming vessel onto
the Property, and to construct, attach and maintain one or more suitable ingress and egress
bridges, or ramps, and utility lines and facilities, between JMBS Casino’s floating facilities
and the Greenville City waterfront, as well as the right to construct, install and maintain
mooring dolphins. Further, JMBS Casino may construct, attach and/or maintain any item that would
be ancillary to the use of the floating casino facility.

4.

     Except for the obligations which will begin earlier, as provided in paragraphs 6, 10, 11 and
12, below, the term of this Lease shall commence on the 1St day of September, 2010, and
end at midnight on the 31st day of August, 2040.

5.

     As rental for said Property, Lessee hereby agrees to pay Lessor the sum of $750,000.00 per
year, payable at the rate of $62,500.00 monthly in advance on the 1st day of September,
2010 and on the 1st day of each month thereafter during the term of this Lease. The leasehold shall
be reappraised at five-year intervals to review the rental amount to determine whether it continues
to meet fair market value as required by Mississippi law. Such reappraisal shall be conducted in
accordance with the requirements of Miss. Code Ann. §21-17-1 (as amended). Lessor agrees that, in
the event of a market down turn, Lessor will negotiate in good faith a decrease in any rental
amount exceeding $750,000.00. In no event, however, shall the rental amount during

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the term of this Lease Agreement be less than $750,000.00 per year, nor shall there be imposed
any retroactive adjustments in the rental amount.

6.

     As of the date of the execution of this Lease, Lessee, as a material part of the
consideration herein, hereby waives all claims against Lessor for damages to goods, equipment or
merchandise or other items of personal property, upon or about said Property, or the City-owned
waterfront parking lot located immediately east and south of said property, and for injuries,
including death, to persons in or about said Property, or parking lot, from any cause arising at
any time, except as is caused by the gross negligence and wanton or willful misconduct of Lessor.
Lessee hereby agrees to hold Lessor exempt and harmless from any loss, damage, expense or injury,
including death, to any person, or to the goods, equipment, merchandise or property of any person
or persons arising from the use of the Property by Lessee, unless caused by the gross negligence
or wanton or willful misconduct of Lessor. It is specifically agreed that, from the date of
execution of this lease, and except as caused by the gross negligence and wanton or willful
misconduct of Lessor, JMBS Casino shall defend and indemnify the City from any and all claims of
whatsoever nature, made by Casino patrons or Casino employees, whether arriving at or leaving the
Casino, arising out of any condition of the Property or of the City-owned parking lot described
above.

     Lessee further agrees that, from the date of execution of this Lease, to insure the City’s
defense and indemnity as described above, it will at all times at its own expense, carry and
maintain public liability insurance on the above Property in the limits of not less than
$1,000,000.00, or the maximum exposure to the City under the Mississippi

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Tort Claims Act, whichever sum may be greater, with Lessor named as an additional assured therein.
Certificates of such insurance shall be filed with Lessor. Each provision of this paragraph 6
shall become effective upon the execution of the Lease.

7.

     The Lessee shall not sublease said Property, or any portion thereof, without first obtaining
the written consent of the Lessor, which consent will not be unreasonably withheld. Notwithstanding
the preceding restriction, Lessee shall not need Lessor’s consent to sublease to an affiliate,
subsidiary or any entity under the common control of Lessee or to any
party purchasing all or
substantially all of the assets or membership interest/stock of Lessee. Lessee hereby agrees and
obligates itself in the use and occupancy of the above described Property to conform to and abide
by any rules, regulations, restrictions or ordinances that are now or may hereafter be imposed or
promulgated by Lessor, the Greenville Port Commission, the Board of Mississippi Levee Commissioners
and/or the United States Corps of Engineers. Nothing contained herein, however, shall prevent
Lessee from exercising any right of appeal, or any other recourse that Lessee may possess under
applicable law, with regard to such rules, regulations, restrictions or Ordinances. Lessee further
agrees that no illegal activity will be conducted or permitted in or upon the above Property or in
or upon the JMBS Casino facility. It is further understood and agreed that this Lease is made
subject to any rights of way or easements of the Board of Mississippi Levee Commissioners in, or,
and over said property.

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8.

     Any notice(s) hereunder shall be in writing, and if to the Lessee, shall be addressed as follows:

JMBS Casino, LLC

207 Grandview Drive

Ft. Mitchell, KY 41017

Attn: Joe Yung

and if to the City of Greenville, shall be addressed as follows:

Mayor

City of Greenville

Post Office Box 897

Greenville, MS 38702-089

9.

     Upon the termination of this Lease Agreement, any and all improvements made by JMBS
Casino upon the Property may, at the option of the City, become the sole property of City (except
for the gaming vessel, trade dress signage or any other items desired by Lessee); however, City,
at its option, may require JMBS Casino to remove same at its sole cost and expense.

10.

     Immediately upon the execution of this Lease, Lessee shall begin making repairs and/or
improvements to the City waterfront parking lot which is adjacent to the Property. JMBS Casino
shall expend no less than $200,000.00 in accomplishing this work. Such repairs/improvements shall
be made with the direct input of the City and, to the extent necessary, the Mississippi Board of
Levee Commissioners or the United States Corps of Engineers.

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11.

     For the consideration stated above, the City agrees that as of the date of execution of
this Lease and during the term of this Lease and any renewal thereafter no other gaming, gambling,
slot machines, or other related activities which may or could or do compete with Lessee’s business
activity will be allowed on any property owned or leased by the City or in which the City may have
an interest and that is located within the City limits of Greenville, Mississippi. The City will
not provide access, ancillary parking, or any other support over or from any property owned or
leased by the City or in which the City has an interest, which is not developed for a public
purpose as of the date of execution of this Lease, to property owned by, leased to, or in which any
person or entity who operates gaming, gambling, slot machines or otherwise competes with Lessee’s
business has an interest.

12.

     In the event of breach of this Lease by either party, the non-breaching party shall be
entitled to all equitable and legal remedies including but not limited to injunctive relief and
compensatory damages, attorney’s fees, expenses and costs of court.

13.

     As of the date of the execution of this Lease, Lessee shall begin preparations to remove the
currently unused Las Vegas Casino vessel from its site south of the leasehold described above. The
removal shall be completed as quickly as is practicable but, in any event, shall be completed no
later than ninety (90) days after the date of execution of this Lease.

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     At the date of the commencement of the term of this Lease, all leases covering the former
Las Vegas site at the waterfront shall terminate, and Lessee shall have no further obligation
thereunder.

14.

     Lessor hereby represents that, to the best of its knowledge, information and belief, (a)
Lessor is the sole owner of fee simple title to the Property and has the right to enter into this
Lease, no other person or entity’s permission or consent thereto being required; (b) Lessor is the
sole owner of fee simple title to the parking lot which is adjacent to the Property; and (c) the
Property is free from any hazardous materials. During the term of the Lease and any renewals
thereof, Lessee’s patrons and employees shall have the right, in common with the rest of the
public, to park on such parking lot free of cost subject to parking regulations that apply to the
public at large. Lessor represents, warrants and covenants that: (a) no other person or entity has
any right or ability, under a lease, license other agreement, or otherwise, to conduct gaming,
gambling, slot machines, or other related activities which may or could or do compete with Lessee’s
business activity on any property owned or leased or in which the City may have an interest and
that is located within the City limits of Greenville, Mississippi; (b) Lessee, on paying the rent
herein provided and on performance of all other terms and conditions of this Lease, shall at all
times during the term hereof, peacefully hold and enjoy the Property and all rights, privileges and
appurtenances incident thereto; (c) the person executing this Lease on behalf of Lessor has
received all approvals necessary to authorize such execution; (d) the Property is not subject to
any mortgage, or deed of trust or similar encumbrance; and (e) the Property is not currently and
shall

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not at any time during the term of the Lease, as it may be renewed, be subject to real property
taxes. Lessor’s representations, warranties and covenants shall survive termination or expiration
of this Lease.

15.

     Lessee agrees and acknowledges that, so long as Lessee leases any portion of City-owned
property, it will not discriminate against any person or persons on the basis of race, color,
religion, sex, or national origin. Lessor acknowledges that Lessee shall have the right to enforce
its own non-discriminatory rules and regulations relating to the gaming business, including but
not limited to “self exclusion” rules and any and all rules necessary for the safe and reasonable
operation of Lessee’s business.

16.

     The parties agree that time shall be of the essence under this Lease.

     Neither Lessor nor Lessee shall record or file this Lease with any governmental authority or
agency, unless such recording or filing is required by law. Notwithstanding the foregoing, within
ten (10) days after request of either party, Lessor and Lessee shall execute and record in the
Land Records of Washington County, Mississippi, a memorandum of the Lease in a mutually agreeable
form, including a description of the Property which is subject to the Lease and the length of the
term.

     From time to time within ten (10) days after written request by Lessee, Lessor shall complete
fully, execute and provide to Lessee, an estoppel certificate certifying that: (i) this Lease is
unmodified and in full force and effect (or if there have been modifications, that the same is in
full force and effect as modified and stating the

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modifications); (ii) the then-current rental amount, and the date to which rent has been
paid; (iii) that Lessee is not in default in performance of any covenant, agreement or condition
contained in this Lease (or if so, specifying each such default); and (iv) any other matter
reasonably requested by Lessee.

     EXECUTED, this the 1st day of November, 2006.

	 	 	 	 	 
	 	 	JMBS CASINO, LLC
	 
	 	 	 	 
	 

	 	By: 	 	/s/ Joe Yung
	 

	 	 	 	 
	 

	 	 	 	Joe Yung, MANAGER

	 	 	 	 	 
	 	 	CITY OF GREENVILLE, MISSISSIPPI
	 
	 	 	 	 
	 

	 	By:	 	/s/ Heather McTeer Hudson
	 

	 	 	 	 
	 

	 	 	 	Heather McTeer Hudson, Mayor

ATTEST:

	 	 	 
	/s/ Tommie G. Jefcoat
 

Tommie G. Jefcoat, City Clerk

	 	 

STATE OF KUNTUCKY

COUNTY OF KENTAX

     PERSONALLY APPEARED BEFORE ME, the undersigned authority in and for
the county and state aforesaid, the within named JOE YUNG, Manager of
JMBS CASINO, LLC, a Mississippi limited liability company, who acknowledged that for
and on behalf of said limited liability company, and as its act and deed he signed and
delivered the above and foregoing Lease Agreement on the day and year therein
mentioned for the purposes therein stated, after first being authorized so to do.

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     GIVEN UNDER MY HAND AND OFFICIAL SEAL, this the 1st day of
November, 2006.

	 	 	 
	 

	 	/s/ Michelle Stallmeyer
	 

	 	 
	 

	 	Notary

My commission expires:

MICHELLE STALLMEYER

Notary Public, Kentucky State at Large

My Commission Expires Oct. 24, 2010

STATE OF MISSISSIPPI

COUNTY OF WASHINGTON

     PERSONALLY APPEARED BEFORE ME, the undersigned authority in and for said county and
state, HEATHER MCTEER HUDSON and TOMMIE G. JEFCOAT, who severally acknowledged that they are
the Mayor and City Clerk, respectively, of the City of Greenville, a municipal corporation,
and that for and on behalf of said municipal corporation and as its act and deed, they signed,
sealed and delivered the foregoing instrument on the day and year therein mentioned, they
having been first duly authorized so to do.

     GIVEN UNDER MY HAND AND OFFICIAL SEAL, this, the 8th day of
October, 2006.

	 	 	 
	 

	 	/s/ [ILLEGIBLE]
	 

	 	 
	 

	 	Notary

My commission expires:

(STAMP)

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